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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000930413-06-002621.txt : 20060331
<SEC-HEADER>0000930413-06-002621.hdr.sgml : 20060331
<ACCEPTANCE-DATETIME>20060331170853
ACCESSION NUMBER:		0000930413-06-002621
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060131
FILED AS OF DATE:		20060331
DATE AS OF CHANGE:		20060331
EFFECTIVENESS DATE:		20060331

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:		06729905

	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>c41106_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>
</center>
<P align="center"> <B><FONT size=4 face="serif">FORM N-Q </FONT></B></P>
<center>
  <B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B><BR>
  <B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B>
</center>
<P> <FONT face="serif">Investment Company Act file number:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-21349&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>
<P align="center"> <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 valign="bottom">
    <TD width=50% align=center>
      <center>
        <FONT face="serif">100 Bellevue Parkway, Wilmington, DE</FONT>&nbsp;
    </center></TD>
    <TD width=50% align=center>
      <center>
        <FONT face="serif">19809</FONT>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD>
      <HR align="center" size=1 noshade>
    </TD>
    <TD>
      <HR align="center" size=1 noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <center>
        <FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
    </center></TD>
    <TD align=right>
      <center>
        <FONT face="serif">(Zip code)</FONT>&nbsp;
    </center></TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT face="serif">Robert S. Kapito, President </FONT><BR>
  <FONT face="sans-serif">BlackRock Limited Duration Income Trust</FONT><BR>
  <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;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;</u> </FONT><BR>
  <FONT face="serif">(Name and address of agent for service) </FONT>
</center>
<P> <FONT face="serif">Registrant's telephone number, including area code:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></P>
<FONT face="serif">Date of fiscal year end:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October
31, 2006</FONT></U><FONT face="serif"> </FONT><BR>
<FONT face="serif">Date of reporting period:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January
31, 2006</FONT></U><BR>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P> <B><FONT face="serif">Item 1. Schedule of Investments.</FONT></B></P>
<P><FONT face="serif">The Registrant&#146;s unaudited schedule of investments
    as of the close of the reporting period pursuant to Rule 30b1-5 under the
    Investment Company Act of 1940 is as follows: </FONT></P>
<p>
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS</FONT></B><BR>
<B><FONT face="serif">JANUARY 31, 2006 (unaudited)</FONT></B><BR>
<P>
<B><FONT size=2 face="serif">BlackRock Limited Duration Income Trust (BLW)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=5% align=center>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
    </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center>
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
    </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Description</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
            </center></TD>
</TR>
<TR>
        <TD colspan=7>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

    <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;138.1%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Corporate Bonds&#151;58.9%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

    <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Aerospace &amp; Defense&#151;2.7%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">NR</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
      <div align="right"><FONT size=2 face="serif">&#36; 1,560</FONT>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">AAR Corp., 8.39%, 5/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36; 1,575,600</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">NR</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,134</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Aero Invest, 10.634%, 3/22/15 (Norway)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,758,994</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BE Aerospace, Inc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">305</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.50%, 10/01/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">327,113</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">715</FONT>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.875%, 5/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">748,962</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">310</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">DRS Technologies, Inc., 7.625%, 2/01/18</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">313,875</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">NR</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">4,750</FONT>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Raytheon Co., 7.00%, 5/15/06</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,797,500</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">5,350</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Sequa Corp., 8.875%, 4/01/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,671,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,755</FONT>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Transdigm, Inc., 8.375%, 7/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,892,750</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

    <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">19,085,794</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
    <HR noshade size=1> </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Automotive&#151;2.2%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">570</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">ArvinMeritor, Inc., 8.75%, 3/01/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">565,725</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">A3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">7,500</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">DaimlerChrysler NA Holding Corp., 4.05%, 6/04/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,286,925</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">470</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Goodyear Tire &amp; Rubber Co., 7.857%, 8/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">461,775</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">CCC+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,825</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">2,3</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Metaldyne Corp., 10.00%, 11/01/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,674,438</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

    <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Navistar Intl. Corp.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,590</FONT>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.50%, 6/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,574,100</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">530</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. B, 6.25%, 3/01/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">495,550</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">450</FONT>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Tenneco, Inc., 8.625%, 11/15/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">450,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,629</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">TRW Automotive, Inc., 9.375%, 2/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,859,037</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
    <HR noshade size=1> </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15,367,550</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

    <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Basic Materials&#151;4.8%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">350</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCI US Finance Corp./Borden 2 Nova Scotia Finance ULC, 10.10%, 7/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">356,125</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">4,250</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Caraustar Industries, Inc., 9.875%, 4/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,489,062</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">740</FONT>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Donohue Forest Products, 7.625%, 5/15/07 (Canada)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">762,200</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

    <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Huntsman LLC,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">310</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">11.50%, 7/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">355,725</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,950</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">11.625%, 10/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,232,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">300</FONT>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">IMC Global, Inc., 10.875%, 6/01/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">333,750</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">CCC+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,625</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Innophos, Inc., 9.625%, 8/15/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,690,625</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">Baa3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">5,000</FONT>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Ipsco, Inc., 8.75%, 6/01/13 (Canada)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,475,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

    <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Lyondell Chemical Co.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">560</FONT>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.50%, 6/01/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">634,200</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">3,750</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">11.125%, 7/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,218,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">750</FONT>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 9.625%, 5/01/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">784,688</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">215</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Nalco Co., 8.875%, 11/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">225,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">NewPage Corp.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">500</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.00%, 5/01/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">508,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,500</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">2,3</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.93%, 5/01/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,522,500</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

    <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Rhodia SA,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">CCC+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">921</FONT>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.875%, 6/01/11 (France)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">946,328</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">81</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.25%, 6/01/10 (France)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">89,910</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Rockwood Specialties Group, Inc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">450</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.50%, 11/15/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">447,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">3,645</FONT>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.625%, 5/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,982,162</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BBB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">105</FONT>
    </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Southern Copper Corp., 6.375%, 7/27/15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">103,861</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">3,250</FONT>
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">US Steel LLC, 10.75%, 8/01/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,607,500</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

    <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">33,767,386</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
    <HR noshade size=1> </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Building &amp; Development&#151;1.1%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">350</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Ahern Rentals, Inc., 9.25%, 8/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">367,500</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">750</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Compression Polymers Corp., 10.50%, 7/01/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">738,750</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BBB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">3,000</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">DR Horton, Inc., 5.875%, 7/01/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,913,321</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Goodman Global Holding Co., Inc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">375</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.491%, 6/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">373,125</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">3,170</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.875%, 12/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,995,650</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=3 face="serif">1</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">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=5% align=center>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
    </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=76% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center>
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
    </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left> <center>
          <B><FONT size=2
face="serif">Description</FONT></B>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
            </center></TD>
</TR>
<TR>
        <TD colspan=7>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Building &amp; Development&#151;(cont&#146;d)</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
      <div align="right"><FONT size=2 face="serif">&#36; &nbsp;&nbsp;&nbsp;550</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">North American Energy Partners, Inc., 9.00%, 6/01/10 (Canada)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36; 583,000</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,971,346</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Conglomerates&#151;1.1%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">Baa3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">7,500</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Tyco Intl. Group SA, 6.125%, 11/01/08 (Luxembourg)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,672,875</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Consumer Products&#151;6.1%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">300</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">ALH Finance LLC, 8.50%, 1/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">287,625</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">5,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Cenveo Corp., 9.625%, 3/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,375,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">CCC+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,610</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Duane Reade, Inc., 8.991%, 12/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,541,575</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,505</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Finlay Fine Jewelry Corp., 8.375%, 6/01/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,339,450</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,140</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Gold Kist, Inc., 10.25%, 3/15/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,375,400</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">5,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Group 1 Automotive, Inc., 8.25%, 8/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,875,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BBB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">4,400</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">JC Penney Co., Inc., 8.00%, 3/01/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,807,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">3,345</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Knowledge Learning Corp., Inc., 7.75%, 2/01/15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,211,200</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,550</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Lazydays RV Center, Inc., 11.75%, 5/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,565,500</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,075</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Levi Strauss &amp; Co., 9.28%, 4/01/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,126,875</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">4,605</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Movie Gallery, Inc., 11.00%, 5/01/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,453,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">223</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Neiman-Marcus Group, Inc., 9.00%, 10/15/15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">231,363</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">600</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Quiksilver, Inc., 6.875%, 4/15/15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">579,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Rite Aid Corp.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">375</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.125%, 12/15/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">364,687</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">5,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.125%, 5/01/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,112,500</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B1</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Sheridan Group, Inc., 10.25%, 8/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,571,875</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">3,500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Sonic Automotive, Inc., 8.625%, 8/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,438,750</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">43,256,550</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Containers &amp; Packaging&#151;0.7%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B1</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,400</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Crown Americas LLC and Crown Americas Capital Corp., 7.75%, 11/15/15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,449,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">CCC+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">785</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Graham Packaging Co., Inc., 8.50%, 10/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">785,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">CCC+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,395</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Pregis Corp., 12.375%, 10/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,415,925</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Stone-Container Enterprises, Inc., 9.75%, 2/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,516,875</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,166,800</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Ecological Services &amp; Equipment&#151;0.3%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Casella Waste Systems, Inc., 9.75%, 2/01/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,105,000</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Energy&#151;6.9%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">5,500</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">AES Corp., 8.75%, 5/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,967,500</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">ANR Pipeline Co.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">460</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.375%, 2/15/24</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">485,300</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,780</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.625%, 11/01/21</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,242,800</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,540</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Aquila Finance Corp., 7.75%, 6/15/11 (Canada)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,584,275</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">810</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Chaparral Energy, Inc., 8.50%, 12/01/15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">852,525</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Chesapeake Energy Corp.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">100</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.875%, 11/15/20</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">101,500</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">4,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.50%, 9/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,250,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,095</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Clayton Williams Energy, Inc., 7.75%, 8/01/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,075,837</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">CMS Energy Corp.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">150</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.50%, 1/15/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">154,688</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">220</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.50%, 4/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">238,975</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">460</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.875%, 10/15/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">492,200</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">750</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Compagnie Generale de Geophysique SA, 7.50%, 5/15/15 (France)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">778,125</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">525</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Compton Petroleum Finance Corp., 7.625%, 12/01/13 (Canada)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">530,250</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,350</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Dynegy Holdings, Inc., 10.125%, 7/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,655,500</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">El Paso Corp.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">400</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.80%, 8/01/31</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">419,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">525</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.625%, 5/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">594,563</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">225</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.75%, 10/01/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">255,375</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">400</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">El Paso Natural Gas Co., 8.375%, 6/15/32</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">465,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">170</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Encore Acquisition Co., 7.25%, 12/01/17</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">171,275</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">260</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Exco Resources, Inc., 7.25%, 1/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">263,900</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=3 face="serif">2</FONT></P>

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

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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan=5 align=left>
<B><FONT size=2 face="serif">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=5% align=center>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
    </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=76% align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center>
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
    </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left> <center>
          <B><FONT size=2
face="serif">Description</FONT></B>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
            </center></TD>
</TR>
<TR>
        <TD colspan=7>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Energy&#151;(cont&#146;d)</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Hilcorp Energy I LP/Hilcorp Finance Corp.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">&#36; &nbsp;&nbsp;&nbsp;430</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.75%, 11/01/15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36; 434,300</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,434</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.50%, 9/01/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,695,655</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">725</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">KCS Energy, Inc., 7.125%, 4/01/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">726,812</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Midwest Generation LLC,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">4,506</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.56%, 1/02/16</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,945,418</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,315</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 8.30%, 7/02/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,367,600</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Mirant Americas Generation LLC,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">175</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.30%, 5/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">179,813</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">480</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.50%, 10/01/21</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">490,800</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">680</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.125%, 5/01/31</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">725,900</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Mission Energy Holdings Co., 13.50%, 7/15/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">578,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">NRG Energy, Inc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B1</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">210</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.25%, 2/01/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">213,413</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B1</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,250</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.375%, 2/01/16</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,273,437</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">450</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Ocean Rig AS, 8.375%, 7/01/13 (Norway)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">479,250</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">580</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Orion Power Holdings, Inc., 12.00%, 5/01/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">656,850</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">110</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Range Resources Corp., 6.375%, 3/15/15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">110,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Reliant Energy, Inc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,595</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.75%, 12/15/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,379,675</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">170</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.25%, 7/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">168,725</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">5,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Swift Energy Co., 9.375%, 5/01/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,400,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,475</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Targa Resources, Inc., 8.50%, 11/01/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,534,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">100</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Transcontinental Gas Pipe Line Corp., 7.25%, 12/01/26</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">108,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">500</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Verasun Energy Corp., 9.875%, 12/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">512,500</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">190</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Whiting Petroleum Corp., 7.00%, 2/01/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">190,950</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Williams Cos., Inc., 7.125%, 9/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,047,500</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">48,798,686</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Entertainment &amp; Leisure&#151;1.3%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">700</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">AMC Entertainment, Inc., 11.00%, 2/01/16</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">698,250</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,880</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Greektown Holdings LLC, 10.75%, 12/01/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,865,900</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">Ba3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">5,425</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">MGM Mirage, 9.75%, 6/01/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,696,250</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">250</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Poster Financial Group, Inc., 8.75%, 12/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">260,625</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">460</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">San Pasqual Casino, 8.00%, 9/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">468,050</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">400</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625%, 12/01/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">390,000</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,379,075</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Financial Institutions&#151;8.0%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,480</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">American Real Estate Partners LP/American Real Estate Finance Corp., 7.125%, 2/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,498,500</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,333</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCP Crystal US Holdings Corp., 9.625%, 6/15/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,595,463</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">240</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Borden US Finance Corp./Nova Scotia Finance ULC, 9.00%, 7/15/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">241,200</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">3,360</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Crum &amp; Forster Holdings Corp., 10.375%, 6/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,553,200</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">465</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">E*Trade Financial Corp., 7.375%, 9/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">475,463</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,000</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Fairfax Financial Holdings Ltd., 7.75%, 4/26/12 (Canada)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">945,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Ford Motor Credit Co.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.25%, 10/25/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">458,910</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">7,500</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.375%, 2/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,953,167</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">General Motors Acceptance Corp.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">3,000</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">2,3</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.50%, 1/16/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,928,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">7,500</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.875%, 8/28/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,133,625</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">900</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">K&amp;F Acquisition, Inc., 7.75%, 11/15/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">911,250</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">Baa2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">5,000</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Kazkommerts Intl. BV, 10.125%, 5/08/07 (Netherlands)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,275,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BBB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">200</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Marsh &amp; McLennan Cos., Inc., 4.72%, 7/13/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">199,230</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,460</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Nell AF, 8.375%, 8/15/15 (Luxembourg)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,487,675</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Rainbow National Services LLC,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">925</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.75%, 9/01/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">989,750</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">4,985</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.375%, 9/01/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,595,662</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">Caa1</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,175</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Standard Aero Holdings, Inc., 8.25%, 9/01/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,783,500</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">NR</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">6,857</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Structured Asset Receivable Trust, 1.649%, 1/21/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,867,826</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">220</FONT>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Universal City Florida Holding Co. I/II, 9.43%, 5/01/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">221,100</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=3 face="serif">3</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">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=5% align=center>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
            </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
            </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left> <center>
          <B><FONT size=2
face="serif">Description</FONT></B>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
            </center></TD>
</TR>
<TR>
        <TD colspan=7>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Financial Institutions&#151;(cont&#146;d)</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36; 4,425</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Western Financial Bank, 9.625%, 5/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36; 4,933,875</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">56,048,146</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Health Care&#151;2.7%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Concentra Operating Corp., 9.50%, 8/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,175,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">Ca</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">55</FONT>
        </TD>
        <TD><SUP><FONT size=2 face="serif">3,5</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Curative Health Services, Inc., 10.75%, 5/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">35,750</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,345</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Elan Finance PLC/Elan Finance Corp., 7.75%, 11/15/11 (Ireland)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,272,706</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,750</FONT>
        </TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Insight Health Services Corp., 9.93%, 11/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,645,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Norcross Safety Products LLC/Norcross Capital Corp., 9.875%, 8/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,112,500</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,290</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Select Medical Corp., 7.625%, 2/01/15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,148,100</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">United Surgical Partners Intl., Inc., 10.00%, 12/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,826,250</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,880</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Universal Hospital Services, Inc., 10.125%, 11/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,955,200</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">19,170,506</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Industrials&#151;3.4%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,220</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">DI Finance/DynCorp. Intl., 9.50%, 2/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,406,600</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,665</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">ERICO Intl. Corp., 8.875%, 3/01/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,731,625</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,000</FONT><SUP></SUP>
        </TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Fasten Tech, Inc., 11.50%, 5/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,930,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">CCC+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,670</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Hydrochem Industrial Services, 9.25%, 2/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,615,725</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,880</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">NationsRent Cos., Inc., 9.50%, 5/01/15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,992,800</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">CCC+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,955</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Park-Ohio Industries, Inc., 8.375%, 11/15/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,720,400</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,240</FONT><SUP></SUP>
        </TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Sunstate Equipment Co. LLC, 10.50%, 4/01/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,335,200</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">CCC+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,415</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Trimas Corp., 9.875%, 6/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,216,900</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">Caa1</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">United Rentals NA, Inc., 7.00%, 2/15/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,890,000</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">23,839,250</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Media&#151;7.1%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">740</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Allbritton Communications Co., 7.75%, 12/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">742,775</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">CCC</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">900</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">American Media Operations, Inc., 10.25%, 5/01/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">828,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">600</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Cablevision Systems Corp., 8.716%, 4/01/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">614,250</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">CCC+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">CBD Media Inc., 8.625%, 6/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,535,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">Caa1</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,790</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">CCH II LLC/CCH II Cap. Corp., 10.25%, 9/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,758,675</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">Caa1</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">880</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Charter Communications Holdings II, LLC/Charter Communications Holdings II Cap. Corp.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.25%, 9/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">864,600</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BBB+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,685</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Comcast Cable Communications, Inc., 6.875%, 6/15/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,000,164</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,000</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">CSC Holdings, Inc., 7.875%, 12/15/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,105,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,300</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Dex Media West LLC/Dex Media Finance Co., 9.875%, 8/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,436,500</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Echostar DBS Corp.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.75%, 10/01/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,975,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,100</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.78%, 10/01/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,233,875</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Houghton Mifflin Co., 9.875%, 2/01/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,425,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">810</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Network Communications, Inc., 10.75%, 12/01/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">822,150</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,190</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Nexstar Finance, Inc., 7.00%, 1/15/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,102,237</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,000</FONT><SUP></SUP>
        </TD>
        <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Paxson Communications Corp., 7.777%, 1/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,990,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Primedia, Inc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">400</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.00%, 5/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">348,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,200</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.124%, 5/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,161,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,000</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RH Donnelley Corp., 8.875%, 1/15/16</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,040,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Salem Communications Corp., 7.75%, 12/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,055,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">CCC+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">300</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Unity Media GmbH, 10.375%, 2/15/15 (Germany)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">312,375</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">Caa1</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">865</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Vertis, Inc., 10.875%, 6/15/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">845,538</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">Caa2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,135</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Young Broadcasting, Inc., 10.00%, 3/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,921,500</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">50,116,639</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Real Estate&#151;1.1%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,860</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">American Real Estate Partners, 8.125%, 6/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,123,700</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Rouse Co., 5.375%, 11/26/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,886,640</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,010,340</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Technology&#151;2.9%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">CCC+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,958</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Amkor Tech. Inc., 7.75%, 5/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,727,935</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,965</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Celestica, Inc., 7.625%, 7/01/13 (Canada)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,930,613</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,012</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Flextronics Intl. Ltd., 6.50%, 5/15/13 (Singapore)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,022,060</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">430</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Hynix Semiconductor, Inc., 9.875%, 7/01/12 (South Korea)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">471,388</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=3 face="serif">4</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">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=5% align=center>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
    </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center>
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
    </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left> <center>
          <B><FONT size=2
face="serif">Description</FONT></B>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
            </center></TD>
</TR>
<TR>
        <TD colspan=7>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Technology&#151;(cont&#146;d)</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left nowrap>
      <div align="right"><FONT size=2 face="serif">&#36; 3,830</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Lucent Technologies, Inc., 6.50%, 1/15/28</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36; 3,169,325</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">MagnaChip Semiconductor SA/Magna Semiconductor Finance Co.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">Ba3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">500</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.741%, 12/15/11 (Luxembourg)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">502,500</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">410</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.00%, 12/15/14 (Luxembourg)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">394,625</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">CCC+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">260</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">SS&amp;C Technologies, Inc., 11.75%, 12/01/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">270,725</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">200</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">STATS ChipPAC Ltd., 7.50%, 7/19/10 (Singapore)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">203,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Sungard Data Systems, Inc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,900</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.125%, 8/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,976,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">500</FONT><SUP></SUP>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.431%, 8/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">519,375</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,830</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.25%, 8/15/15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,843,725</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">3,515</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Superior Essex Communications LLC/Essex Group, Inc., 9.00%, 4/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,523,787</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,440</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">UGS Corp., 10.00%, 6/01/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,558,800</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">20,113,858</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Telecommunications&#151;5.1%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">CCC</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">770</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Centennial Communications Corp., 10.00%, 1/01/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">793,100</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">920</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Cincinnati Bell, Inc., 7.25%, 7/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">966,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">A-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">5,000</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">2,3</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Deutsche Telekom Intl. Finance BV, 8.00%, 6/15/10 (Netherlands)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,538,300</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">860</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Hawaiian Telcom Communications, Inc., 9.948%, 5/01/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">849,250</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Intelsat Ltd.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">Caa1</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">800</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.25%, 11/01/08 (Bermuda)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">737,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">460</FONT><SUP></SUP>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.50%, 1/15/13 (Bermuda)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">460,575</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,250</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.875%, 1/15/15 (Bermuda)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,269,687</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,360</FONT><SUP></SUP>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.609%, 1/15/12 (Bermuda)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,407,200</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">120</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Lucent Technologies, Inc., 6.45%, 3/15/29</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">101,400</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">300</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Nortel Networks Corp., 6.875%, 9/01/23 (Canada)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">271,500</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B1</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,737</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">PanAmSat Corp., 9.00%, 8/15/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,887,535</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">4,000</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Qwest Communications Intl., Inc, 8.249%, 2/15/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,050,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Qwest Corp.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,500</FONT><SUP></SUP>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.741%, 6/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,681,250</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.875%, 9/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,060,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">6,000</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">2,3</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.875%, 3/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,637,500</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">460</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Rogers Wireless, Inc., 7.25%, 12/15/12 (Canada)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">487,600</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">Caa1</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,030</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Rural Cellular Corp., 9.875%, 2/01/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,182,250</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,500</FONT><SUP></SUP>
            </div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Wind Acquisition Finance SA, 10.75%, 12/01/15 (Luxembourg)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,608,750</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">35,988,897</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Transportation&#151;1.4%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">520</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">American Airlines, Inc., 7.324%, 4/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">496,600</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,715</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">CHC Helicopter Corp., 7.375%, 5/01/14 (Canada)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,745,013</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,230</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Hertz Corp., 8.875%, 1/01/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,302,475</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">B3</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">111</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Horizon Lines LLC, 9.00%, 11/01/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">117,244</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">360</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">OMI Corp., 7.625%, 12/01/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">368,100</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB+</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,650</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Overseas Shipholding Group, Inc., 8.75%, 12/01/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,839,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">B</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,795</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Sea Containers Ltd., 10.50%, 5/15/12 (Bermuda)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,788,012</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,657,194</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Total Corporate Bonds</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">415,515,892</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="7" align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Bank Loans&#151;45.2%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Aerospace &amp; Defense&#151;0.8%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">983</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Arinc, Inc., Term Loan B, LIBOR + 2.00%, 3/10/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">994,781</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">968</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Camp Acquisition Co., Term Loan A, LIBOR + 3.25%, 8/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">970,162</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,985</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Dyncorp International LLC, Term Loan B, LIBOR + 2.75%, 2/11/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,001,541</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,461</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Transdigm, Inc., Term Loan, LIBOR + 2.25%, 4/12/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,477,910</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,444,394</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Automotive&#151;1.4%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,227</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Dayco Products, LLC, Term Loan B, LIBOR + 3.00%, 6/23/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,237,603</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Goodyear Tire &amp; Rubber Co. (The),</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 2.75%, 4/30/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">504,687</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 3.50%, 4/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,003,500</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">750</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">IAP Worldwide Services, Inc., Term Loan, LIBOR, 12/30/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">757,031</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">997</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Metaldyne Co. LLC, Term Loan D, LIBOR + 4.50%, 12/31/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,005,589</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=3 face="serif">5</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">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=center>
<B><FONT size=2 face="serif">Principal</FONT></B>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=84% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><FONT size=2 face="serif">Amount</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
            </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Description</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
            </center></TD>
</TR>
<TR>
        <TD colspan=5>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Automotive&#151;(cont&#146;d)</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36; 1,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Polar Corp., Term Loan, LIBOR, 5/30/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36; 1,015,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Precision Parts Intl., Term Loan B, LIBOR + 3.75%, 10/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">501,250</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">517</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Tenneco Automotive, Inc., Term Loan B-1, LIBOR + 2.25%, 12/12/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">523,642</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">2,475</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">TRW Automotive Acquisitions Corp., Term Loan B, LIBOR + 1.50%, 6/30/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,472,938</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=5>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,021,240</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Basic Materials&#151;4.1%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Basell NV,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B2, LIBOR + 2.50%, 9/07/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">506,875</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan C2, LIBOR + 3.00%, 9/07/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">506,875</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">995</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Berry Plastics Corp., Term Loan, LIBOR + 2.00%, 12/02/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,007,437</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">956</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Boise Cascade Corp., Term Loan D, PRIME + 0.50%, 10/29/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">967,922</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">2,195</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Celanese, Ag, Term Loan, LIBOR + 2.00%, 4/06/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,218,528</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">3,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Cognis Deutschland, Term Loan, LIBOR + 4.75%, 11/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,061,500</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">1,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Compass Minerals, Term Loan, LIBOR + 1.50%, 12/22/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,005,313</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">4,343</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Huntsman International, LLC, Term Loan B, LIBOR + 1.75%, 8/16/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,364,517</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Ineos Group, Ltd.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">2,500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B2, LIBOR + 2.75%, 12/16/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,506,250</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">2,500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan C2, LIBOR + 3.25%, 12/16/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,518,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">1,759</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR, 12/16/06</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,749,996</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">2,055</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Invista, B.V., Term Loan B-1, LIBOR + 1.75%, 4/29/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,075,100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">2,497</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Nalco Co., Term Loan B, LIBOR + 2.00%, 11/01/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,526,722</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">496</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">PQ Corp., Term Loan, LIBOR + 2.00%, 2/28/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">502,040</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Rockwood Specialties Group, Inc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 2.00%, 8/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,058</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">990</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan E, LIBOR + 2.00%, 8/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,001,447</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">SP Newsprint,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">1,611</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B, LIBOR + 2.25%, 1/09/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,631,250</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">623</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 2.25%, 1/08/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">630,703</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=5>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">28,786,283</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Building &amp; Development&#151;0.8%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">242</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Atrium Companies, Inc., Term Loan, PRIME + 1.75%, 12/28/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">240,490</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">1,500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Custom Building Products, Inc., Term Loan, LIBOR + 5.00%, 4/29/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,485,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">250</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Euramax International, Inc., Term Loan, LIBOR + 7.00%, 6/29/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">234,375</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">1,250</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Harmon Koval, Term Loan, 3.25%, 11/18/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,240,625</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">494</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Nortek, Inc., Term Loan B, LIBOR + 2.25%, 8/24/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">497,299</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">1,250</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Professional Service, Inc., Term Loan B, LIBOR + 3.00%, 10/31/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,253,125</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">975</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Rhodes Ranch, Term Loan, LIBOR + 3.25%, 11/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">979,875</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,930,789</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=5>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Conglomerates&#151;3.5%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Atlantis Plastics, Inc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">498</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 2.75%, 9/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">500,609</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">995</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 7.25%, 3/11/05</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">997,488</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">1,980</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Colfax Corp., Term Loan B, LIBOR + 2.00%, 5/30/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,998,589</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">3,116</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Fidelity National Information Solutions, Inc., Term Loan B, LIBOR + 1.75%, 3/09/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,132,553</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Gentek, Inc., Term Loan, LIBOR + 5.75%, 3/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">497,250</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">1,478</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Honeywell Security, Term Loan B, LIBOR + 3.25%, 6/28/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,484,904</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Invensys Intl. Holdings, Ltd.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">1,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR, 3/05/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">970,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">1,121</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B1, LIBOR + 3.50%, 9/05/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,131,723</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">4,250</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 4.75%, 11/30/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,335,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Jarden Corp.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">1,216</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B2, LIBOR + 1.75%, 1/24/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,220,563</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">1,048</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 2.00%, 1/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,055,442</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">997</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Mueller Group, Inc., Term Loan B, LIBOR + 2.25%, 9/30/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,008,366</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">417</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Penn Engineering &amp; Manufacturing, Term Loan, LIBOR + 2.50%, 4/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">421,105</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">1,377</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Sensus Metering Systems, Inc., Term Loan B1, LIBOR + 2.50%, 12/30/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,385,836</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">874</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">St. John Knits International, Inc., Term Loan B, LIBOR + 2.50%, 3/30/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">884,673</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">2,488</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Sungard Data Systems, Inc., Term Loan B, LIBOR + 2.50%, 1/05/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,511,338</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">994</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Visant Holding Corp., Term Loan C, LIBOR + 2.25%, 10/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,006,161</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">24,541,600</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=5>
      <HR noshade size=1>
        </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=3 face="serif">6</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">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=center>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
    </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=84% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
    </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Description</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
            </center></TD>
</TR>
<TR>
        <TD colspan=5>
<HR align="right" size=1 noshade>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Consumer Products&#151;8.0%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <div align="right"><FONT size=2 face="serif">&#36; 1,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">24 Hour Fitness Worldwide, Inc., Term Loan B, LIBOR + 3.00%, 6/08/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36; 1,011,667</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">466</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Adams Outdoor Advertising, L.P., Term Loan, LIBOR + 2.00%, 10/18/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">472,347</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,053</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Alimentation Couche-Tard, Inc., Term Loan, LIBOR + 1.75%, 12/17/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,063,644</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">498</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Arby&#146;s Restaurant Group, Inc., Term Loan B, LIBOR + 2.25%, 7/25/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">500,254</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Berkline Bench Craft,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">950</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B, LIBOR + 3.75%, 11/03/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">883,500</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 10.0%, 4/30/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">750,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Bolthouse Farms, Inc., Term Loan, LIBOR + 2.50%, 12/16/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,012,917</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Buffets, Inc., Term Loan, LIBOR + 0.10%, 6/28/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">502,500</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">498</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Burger King Corp., Term Loan B, LIBOR + 1.75%, 6/30/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">502,061</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">744</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Central Garden &amp; Pet Co., Term Loan, LIBOR + 1.75%, 5/31/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">746,187</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">498</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Chiquita Brands International, Inc., Term Loan C, LIBOR + 2.50%, 6/28/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">502,475</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">859</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">CKE Restaurants, Inc., Term Loan, LIBOR + 2.00%, 5/01/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">866,198</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Coinmach Corp.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">596</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, 1.25%, 12/19/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">605,190</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">404</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 2.50%, 12/19/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">409,393</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Commonwealth Brands Inc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">19</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 2.25%, 12/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">19,157</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,731</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 2.25%, 12/22/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,749,218</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Denny&#146;s Corp., Term Loan, LIBOR + 5.13%, 9/30/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,027,500</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">548</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Dole Food Co., Inc., Term Loan B, LIBOR + 1.50%, 4/18/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">549,263</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">495</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Douglas Dynamics, LLC, Term Loan, LIBOR + 1.75%, 12/16/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">497,479</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,901</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Dr. Pepper Bottling Co. Of Texas, Inc., Term Loan B, LIBOR + 2.00%, 12/19/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,938,009</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Eastman Kodak Co.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">368</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, TBD</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">367,417</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">882</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B-2, 1.50%, 10/18/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">886,655</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Eight O&#146;Clock Coffee, Term Loan B, LIBOR + 3.00%, 11/14/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,515,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">993</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Eye Care Centers Of America, Inc., Term Loan, LIBOR + 3.00%, 2/16/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,003,666</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Hertz Corp., Term Loan, LIBOR + 2.25%, 12/21/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,013,523</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">792</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Keystone Foods Holdings, LLC, Term Loan, LIBOR + 1.75%, 6/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">800,639</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">499</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Knoll, Inc., Term Loan, LIBOR + 2.00%, 10/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">504,673</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">892</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Language Line, Inc., Term Loan B, LIBOR + 4.25%, 6/14/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">895,489</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,653</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Le-Natures, Inc., Term Loan B, LIBOR + 3.00%, 5/30/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,657,526</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">MD Beauty, Inc., Term Loan, LIBOR + 7.00%, 7/10/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">501,250</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,738</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Michael Foods, Inc., Term Loan B-1, LIBOR + 2.00%, 11/30/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,770,202</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">995</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Movie Gallery, Inc., Term Loan B, LIBOR + 3.75%, 4/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">947,027</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,661</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Neiman-Marcus Group, Inc., Term Loan, LIBOR + 2.50%, 4/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,677,687</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,990</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">New Page, Term Loan B, LIBOR + 3.00%, 4/30/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,009,900</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">938</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Nice Pak Products, Term Loan, LIBOR + 3.50%, 6/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">944,531</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Olympus Cable Holdings, LLC,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan A, PRIME + 1.25%, 6/30/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,938,750</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">3,500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B, PRIME + 2.00%, 9/30/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,403,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Oriental Trading Co., Inc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 4.75%, 1/08/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">501,667</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,596</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B, LIBOR + 2.25%, 6/30/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,604,555</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,970</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">OSI Group LLC, Term Loan B, LIBOR + 2.00%, 9/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,002,174</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">750</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Pantry, Inc. (The), Term Loan, LIBOR + 1.75%, 12/29/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">757,969</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">951</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">PBM Products, LLC, Term Loan B, LIBOR + 3.00%, 7/31/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">960,174</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">794</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Pierre Foods, Inc., Term Loan B, LIBOR + 1.75%, 7/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">803,101</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">750</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Pivotal Promontory, LLC, Term Loan, LIBOR + 6.50%, 9/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">750,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,474</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Prestige Brands Holdings, Inc., Term Loan B, LIBOR + 2.25%, 4/07/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,484,803</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">3,461</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">R.H. Donnelley, Inc., Term Loan D, LIBOR + 1.75%, 12/31/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,483,926</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">398</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Sealy Mattress Co., Term Loan D, LIBOR + 1.75%, 8/06/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">402,212</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">600</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Synventive Acquisition, Inc., Term Loan, LIBOR + 14.0%, 2/17/14</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">588,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Travelcenters of America, Inc., Term Loan B, LIBOR + 1.75%, 11/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">504,750</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">961</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Tupperware Corp., Term Loan, LIBOR + 1.50%, 11/07/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">959,688</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">56,249,663</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Containers &amp; Packaging&#151;1.9%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">735</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Bway Corp., Term Loan, LIBOR + 2.00%, 6/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">742,932</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">349</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Flexsol Packaging Corp., Term Loan, LIBOR + 3.25%, 11/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">347,862</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=3 face="serif">7</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">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=center>
<B><FONT size=2 face="serif">Principal</FONT></B>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=84% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><FONT size=2 face="serif">Amount</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
            </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Description</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
            </center></TD>
</TR>
<TR>
        <TD colspan=5>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Containers &amp; Packaging&#151;(cont&#146;d)</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Graham Packaging Company, L.P.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">&#36; 1,980</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B, LIBOR + 2.25%, 10/07/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36; 2,002,982</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">2,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan C, LIBOR + 4.25%, 4/07/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,040,834</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">1,324</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Graphic Packaging International, Inc., Term Loan C, LIBOR + 2.50%, 6/30/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,343,489</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Owens-Illinois Group, Inc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">3,170</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan A1, LIBOR + 2.75%, 6/30/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,177,950</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">589</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan C1, LIBOR + 1.75%, 3/15/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">590,955</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Ranpak Corp., Term Loan B, LIBOR + 2.50%, 12/31/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">502,813</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">568</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Smurfit-Stone Container Corp., Term Loan, LIBOR -0.10%, 11/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">572,683</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">1,965</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Solo Cup, Inc., Term Loan, LIBOR + 2.50%, 2/27/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,980,557</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=5>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,303,057</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Ecological Services &amp; Equipment&#151;0.6%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Allied Waste North America, Inc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">1,003</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan A, LIBOR + 2.00%, 1/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,011,155</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">2,584</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 2.00%, 1/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,602,700</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Envirosolutions, Inc., Term Loan, LIBOR + 3.50%, 7/07/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">507,500</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=5>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,121,355</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Energy&#151;4.0%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">429</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">AES Corp., Term Loan, LIBOR + 1.75%, 4/30/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">432,536</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">748</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Boart Longyear Co., CND Term Loan, LIBOR + 3.00%, 11/30/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">757,477</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Calpine Corp., Term Loan, LIBOR + 5.75%, 7/16/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,751</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">995</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Cellnet Technology, Inc., Term Loan B, LIBOR + 3.00%, 4/26/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,007,437</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">1,496</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Coffeyville Resources, LLC, Term Loan, LIBOR + 2.50%, 6/24/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,513,265</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">561</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Cogentrix Delaware Holdings, Inc., Term Loan, LIBOR + 1.75%, 4/14/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">566,965</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">249</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Complete Production Services, Inc., Term Loan B, LIBOR, 9/12/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">251,947</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">988</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">El Paso Corp., Term Loan, 0.50%, 11/30/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">993,946</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">3,549</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Exco Holdings, Inc., Term Loan, 10.0%, 7/03/06</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,526,620</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">1,500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Key Energy Services, Term Loan B, LIBOR + 3.25%, 8/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,519,999</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">MGG Holdings, Term Loan, LIBOR + 2.00%, 12/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">504,375</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">6,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">NRG Energy Term., Term Loan, TBD</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,058,050</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">1,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Petro Geological Services, Term Loan B, LIBOR, 12/31/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,011,875</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Petrohawk, Term Loan, LIBOR + 4.50%, 7/31/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">502,500</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">293</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Pike Electric, Inc., Term Loan B, LIBOR + 1.75%, 6/30/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">296,069</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">4,008</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Reliant Energy Resources Corp., Term Loan, LIBOR + 2.38%, 4/30/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,994,632</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Semcrude, L.P.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">295</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">US Term Loan, LIBOR + 2.25%, 2/28/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">297,933</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">695</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">CND Term Loan, LIBOR + 2.25%, 2/28/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">701,698</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">1,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Targa Resources Asst. Sale, Term Loan, LIBOR + 2.25%, 10/31/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,001,250</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Texas Genco, LLC, Term Loan, LIBOR, 12/14/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">499,375</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Trout Coal Holdings, LLC, Term Loan, LIBOR + 6.50%, 3/31/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">497,500</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">993</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Universal Compression, Inc., Term Loan, LIBOR + 1.50%, 1/15/15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,001,186</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Wolf Hollow I LP,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR, 6/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">504,375</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B, LIBOR, 6/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">504,375</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=5>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">27,947,136</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Entertainment &amp; Leisure&#151;2.6%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">985</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Boyd Gaming Corp., Term Loan B, LIBOR + 1.50%, 6/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">994,234</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">3,245</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">CCM Merger, Inc., Term Loan, LIBOR + 2.00%, 7/13/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,260,412</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">2,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Greektown Casino, LLC, Term Loan B, LIBOR + 2.50%, 12/03/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,025,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">491</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Green Valley Ranch Gaming, LLC, Term Loan B, LIBOR + 2.00%, 12/17/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">496,814</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">501</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Hit Entertainment, Ltd., Term Loan, LIBOR + 2.25%, 3/20/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">500,875</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">1,238</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Isle Of Capri Casinos, Inc., Term Loan, LIBOR + 1.75%, 2/04/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,251,112</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">5,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Metro-Goldwyn-Mayer Studios, Inc., Term Loan B, LIBOR + 2.25%, 4/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,048,295</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">1,995</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Penn National Gaming, Term Loan B, LIBOR + 1.75%, 5/31/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,018,691</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">497</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Volume Svcs. America, Inc., Term Loan, LIBOR + 3.25%, 10/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">500,603</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">1,099</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Wyndham International, Inc., Term Loan E, LIBOR + 4.50%, 9/11/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,154,318</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
<FONT size=2 face="serif">1,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Wynn Las Vegas, LLC, Term Loan, LIBOR + 2.13%, 12/31/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,009,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=right>
<FONT size=2 face="serif">497</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Yellowstone Mountain Club, Term Loan, LIBOR + 2.38%, 10/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">499,319</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=5>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">18,758,673</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
      <HR noshade size=1>
        </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=3 face="serif">8</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">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=center>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
    </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=85% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
    </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Description</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
            </center></TD>
</TR>
<TR>
        <TD colspan=5>
<HR align="right" size=1 noshade>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Financial Institutions&#151;1.2%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="right"><FONT size=2 face="serif">&#36; &nbsp;&nbsp;&nbsp;750</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Ameritrade, Term Loan, TBD</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36; 753,562</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,185</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Arias Acquisitions, Inc., Term Loan, LIBOR + 3.75%, 7/26/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,180,556</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">956</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">CCC Information Services, Inc., Term Loan B, LIBOR + 2.75%, 8/20/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">955,563</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,297</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Global Cash Access, LLC, Term Loan, LIBOR + 2.25%, 3/10/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,311,994</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">N.E.W. Holdings I, LLC,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">904</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 3.25% 7/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">913,362</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">250</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 7.00%, 7/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">253,750</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Nasdaq Stock Market, Inc., Term Loan B, LIBOR + 1.50%, 12/15/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,015,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">456</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Universal American Financial Corp., Term Loan, LIBOR + 2.25%, 5/25/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">457,391</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">978</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">USI Holdings Corp., Term Loan, LIBOR + 2.50%, 7/30/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">979,333</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,820,511</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Health Care&#151;3.9%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">181</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Ameripath, Inc., Term Loan, TBD</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">181,849</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">CCS Med., Term Loan B, LIBOR + 3.25%, 9/30/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,480,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">201</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Colgate Medical, Ltd., Term Loan B, LIBOR + 2.00%, 12/30/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">201,891</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,963</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Community Health Systems, Inc., Term Loan, LIBOR + 1.75%, 8/19/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,999,531</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,494</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Concentra Operating Corp., Term Loan B, LIBOR + 2.00%, 9/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,522,845</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,917</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Davita, Inc., Term Loan B, LIBOR + 2.25%, 10/05/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,943,120</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">912</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Duloxetine Royalty Sub., Term Loan, LIBOR + 4.50%, 10/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">912,310</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">HealthSouth Corp.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">638</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 2.50%, 2/28/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">639,094</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,351</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 2.50%, 6/14/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,356,564</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 5.00%, 6/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,013,334</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">985</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">IASIS Healthcare Corp., Term Loan B, LIBOR + 2.25%, 6/22/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">997,108</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,905</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Jean Coutu Group, Inc., Term Loan B, LIBOR + 2.25%, 6/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,939,220</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">734</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Kinetic Concepts, Inc., Term Loan B-2, LIBOR + 1.75%, 8/05/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">741,441</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">993</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Select Med. Corp., Term Loan B, PRIME + 0.75%, 2/28/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">981,472</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Triumph Healthcare Second Holdings, Inc., Term Loan, LIBOR + 8.50%, 9/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">470,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">998</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Vanguard Hlth. Holding Co. II, Term Loan, LIBOR + 2.25%, 9/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,009,553</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Warner Chilcott Corp.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">530</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, 1.38%, 1/18/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">531,707</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,167</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B, LIBOR + 2.75%, 1/18/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,174,375</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">873</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan C, LIBOR + 2.75%, 1/18/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">876,167</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">403</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan D, LIBOR + 2.75%, 1/18/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">404,764</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">985</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Wellcare Holdings, LLC, Term Loan, LIBOR + 2.50%, 5/13/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">989,309</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">27,365,654</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Industrials&#151;1.6%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Acosta, Inc., Term Loan, LIBOR + 2.25%, 12/06/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,010,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">213</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Alderwoods Group, Inc., Term Loan B2, LIBOR + 2.00%, 9/29/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">215,146</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">3,190</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Buhrmann U.S., Inc., Term Loan D-1, LIBOR + 1.75%, 12/31/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,232,703</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">719</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Novelis, Inc., CND Term Loan B, LIBOR + 1.75%, 12/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">727,098</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">625</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">QTC Acquisition, Inc., Term Loan, LIBOR + 6.50%, 5/04/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">623,438</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">491</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Roller Bearing Co. of America, Term Loan B, PRIME + 2.50%, 7/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">493,287</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,752</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Trimas Corp., Term Loan B, LIBOR + 3.75%, 12/31/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,760,927</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,801</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">United Rentals NA, Inc., Term Loan B, LIBOR + 2.25%, 2/12/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,819,637</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,649</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Worldspan, L.P., Term Loan, LIBOR + 2.75%, 6/30/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,624,156</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,506,392</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Media&#151;5.6%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,737</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">American Lawyers Media, Inc., Term Loan, LIBOR + 2.50%, 3/05/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,733,257</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">4,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Century Cable Holdings, LLC, Term Loan, PRIME + 2.00%, 6/30/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,888,332</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">3,443</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Charter Communications Operating, LLC, Term Loan B, LIBOR + 3.25%, 4/27/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,465,934</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Dex Media West, LLC,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B1, 0.50%, 3/09/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,004,792</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">3,514</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B, LIBOR + 1.75%, 3/09/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,542,955</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,333</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">DirecTV Holdings, LLC, Term Loan B, LIBOR + 1.50%, 4/13/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,355,939</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,004</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Emmis Communications Co., Term Loan B, LIBOR + 1.75%, 11/10/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,011,341</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,574</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Insight Midwest Holdings, LLC, Term Loan C, LIBOR + 2.00%, 12/31/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,607,908</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">248</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Masonite International Corp., US Term Loan, LIBOR + 2.00%, 3/31/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">241,636</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=3 face="serif">9</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">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=center>
      <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
    </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=84% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
    </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Description</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
            </center></TD>
</TR>
<TR>
        <TD colspan=5>
<HR align="right" size=1 noshade>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Media&#151;(cont&#146;d)</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
      <div align="right"><FONT size=2 face="serif">&#36; 1,985</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Mediacom Communications Corp., Term Loan C, LIBOR + 2.00%, 9/30/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36; 2,010,122</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,980</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Mediacom Illinois, LLC, Term Loan, TBD</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,004,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,941</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Mission Broadcasting, Inc., Term Loan B, LIBOR + 1.75%, 8/14/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,948,330</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">NEP Supershooters, L.P., Term Loan, LIBOR + 8.00%, 8/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">495,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,976</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Nexstar Broadcasting, Inc., Term Loan B, LIBOR + 1.75%, 8/14/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,983,303</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">3,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">NTL Investment Holding Ltd., Term Loan B, LIBOR + 3.00%, 4/13/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,007,500</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">750</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Puerto Rico Cable Acquisition Co., Term Loan, LIBOR + 6.25%, 7/31/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">759,375</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Raycom Media, Inc., Term Loan B, LIBOR + 1.75%, 4/01/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,500,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">UPC Distribution Corp., Term Loan H, LIBOR + 2.75%, 10/30/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,020,714</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,963</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">WMG Acquisition Corp., Term Loan, LIBOR + 2.00%, 4/08/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,979,740</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">39,560,928</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Publishing&#151;0.1%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">750</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Endurance Business Media, Term Loan B, LIBOR + 2.25%, 3/08/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">755,625</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Real Estate&#151;1.3%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">General Growth Properties, Inc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,697</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan A, LIBOR + 1.75%, 11/12/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,697,573</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,948</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B, LIBOR + 2.00%, 11/12/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,951,157</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Kyle Acquisition Group, LLC,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">431</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B, LIBOR + 2.00%, 7/31/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">433,504</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">300</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 2.00%, 7/31/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">301,500</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Landsource Communities Development, LLC, Term Loan B, LIBOR + 2.50%, 3/31/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,008,125</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">248</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Masonite Intl. Corp., CND Term Loan, LIBOR + 2.00%, 3/31/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">241,225</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Ply Gem Industries, Inc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,853</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan B, LIBOR + 2.50%, 10/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,864,256</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">61</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">CND Term Loan, LIBOR + 2.50%, 3/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">61,665</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">710</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Stewart Enterprises, Inc., Term Loan B, LIBOR + 1.75%, 11/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">716,460</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Williams Scotsman, Inc., Term Loan B, LIBOR + 2.25%, 6/30/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,012,083</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,287,548</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Technology&#151;0.4%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">412</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Coinstar, Inc., Term Loan, LIBOR + 2.25%, 7/07/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">414,099</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">496</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Federal IT Systems, Inc., Term Loan, LIBOR + 2.75%, 4/01/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">500,282</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,438</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Verifone, Inc., Term Loan B, LIBOR + 2.00%, 6/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,453,733</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">235</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Westcom Corp., Term Loan B, LIBOR + 2.75%, 12/31/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">235,178</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,603,292</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Telecommunications&#151;3.1%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">250</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">AAT Communications Corp., Term Loan, LIBOR + 1.75%, 7/27/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">252,031</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Alaska Communications Systems Holdings, Inc., Term Loan, LIBOR + 2.00%, 1/31/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,009,250</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Atlantic Broadband Finance, LLC, Term Loan B1, LIBOR + 2.75%, 8/04/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,015,625</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,377</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Centennial Cellular Operating Co., Term Loan, LIBOR + 2.25%, 2/09/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,394,519</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,481</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Consolidated Communications, Inc., Term Loan D, LIBOR + 1.75%, 10/14/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,495,445</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Country Road Communications, LLC, Term Loan, LIBOR, 7/15/13</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">506,250</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">750</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Fairpoint Communications, Inc., Term Loan, LIBOR + 1.75%, 2/15/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">751,125</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">990</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Intelsat Zeus, Ltd., Term Loan, 0.75%, 7/28/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">998,663</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Iowa Telecommunications Services, Inc., Term Loan B, LIBOR + 1.75%, 11/23/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,019,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">IPC Acquisition Corp.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">998</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 2.75%, 8/05/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,006,852</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 7.25%, 8/05/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">489,167</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Madison River Capital, LLC, Term Loan B-1, LIBOR + 2.50%, 7/31/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,008,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,500</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Nextel Partners Operating Corp., Term Loan D, LIBOR + 1.50%, 5/31/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,500,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Ntelos, Inc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,493</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 2.50%, 2/24/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,504,813</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">750</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Term Loan, LIBOR + 5.00%, 2/24/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">757,031</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">2,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Qwest Corp., Term Loan A, LIBOR + 4.75%, 6/30/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,045,500</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,000</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Triple Crown Media, Inc., Term Loan, LIBOR + 3.25%, 12/30/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">1,933</FONT>
            </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Valor Telecommunication Enterprises II, LLC, Term Loan B, LIBOR + 1.75%, 2/28/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,937,563</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>

          <div align="right"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">21,691,584</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=5>
          <div align="right"></div>
      <HR noshade size=1>       </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=3 face="serif">10</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">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=5% align=left> <center>
    <B><FONT size=2 face="serif">Principal</FONT></B>     </center></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">Amount</FONT></B>
            </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
            </center></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Description</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
            </center></TD>
</TR>
<TR>
        <TD colspan=7>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Transportation&#151;0.3%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Delta Air Lines, Inc., Term Loan B, LIBOR + 6.50%, 3/16/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=2 face="serif">&#36; 518,250</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">822</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Sirva Worldwide, Inc., Term Loan, LIBOR + 4.00%, 11/30/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">786,845</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">628</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Transport Industries, LP, Term Loan B, LIBOR + 2.50%, 9/30/11</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">631,815</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,936,910</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Total Bank Loans</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">318,632,634</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="7" align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Mortgage Pass-Through Securities&#151;21.1%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Federal National Mortgage Assoc.,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">911</FONT><SUP></SUP>
        </TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.00%, 8/01/20</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">899,774</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">39</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.00%, 7/01/20</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">38,628</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,651</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.50%, 11/01/33</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,636,644</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,036</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.50%, 10/01/33</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,958,869</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">17,000</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.25%, 1/15/10</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">18,478,150</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">120,700</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">TBA, 5.00%, 2/16/21</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">119,191,250</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="7" align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Total Mortgage Pass-Through Securities</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">149,203,315</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD colspan="7" align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Interest Only Asset-Backed Securities&#151;1.2%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Sterling Coofs Trust,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">NR</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">53,986</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. 1, 2.362%, 4/15/29</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,386,324</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">NR</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">54,298</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. 2, 1.00%, 3/30/30</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,072,330</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Total Interest Only Asset-Backed Securities</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,458,654</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Asset-Backed Securities&#151;1.9%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">AAA</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,080</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Citibank Credit Card Issuance Trust, 2.50%, 4/07/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,072,013</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">AAA</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,766</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Honda Auto Receivables Class A3, 2.30%, 10/18/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,731,734</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">AAA</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,910</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">MBNA Credit Card Master Note Trust, 5.75%, 10/15/08</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,934,837</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Total Asset-Backed Securities</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,738,584</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Collateralized Mortgage Obligatons&#151;2.0%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">GSR Mortgage Loan Trust,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">AAA</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,300</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. 10, Class 2A1, 4.475%, 10/25/33</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,051,195</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">AAA</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,320</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. 13, Class 1A1, 4.505%, 10/25/33</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,043,572</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Total Collateralized Mortgage Obligatons</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,094,767</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">U.S. Government and Agency Securities&#151;5.3%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">U.S. Treasury Notes,</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">20,425</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">3.375%, 9/15/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">19,790,344</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,000</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">3.75%, 3/31/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,903,100</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,000</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">3.875%, 5/15/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,886,540</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,815</FONT></TD>
        <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">4.25%, 8/15/15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,774,453</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Total U.S. Government and Agency Securities</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">37,354,437</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Foreign Government Bonds&#151;2.5%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">952</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Bolivarian Republic of Venezuela, 12/18/07</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">947,557</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Republic of Colombia, 9.75%, 4/23/09</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,610,000</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
<FONT size=2 face="serif">BB</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Republic of Peru, 9.125%, 2/21/12</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,775,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">BB-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,000</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Republic of Turkey, 11.375%, 11/27/06</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,250,000</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Total Foreign Government Bonds</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">17,582,557</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan="7">
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><center>
    <B><font size="2" face="serif">Units</font></B>
  </center></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="7" align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Warrants&#151;0.0%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">NR</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10</FONT><SUP></SUP>
        </TD>
        <TD><SUP><FONT size=2 face="serif">6</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Reliant Resources, Inc., Expires 8/25/08, strike price &#36;0.001, 1 share for 1 warrant</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">50,737</FONT>
        </TD>
</TR>
<TR>
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Total Long-Term Investments </FONT></B><FONT size=2 face="serif">(cost &#36;970,764,000)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">974,631,577</FONT>
        </TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=7>
      <HR noshade size=1>
        </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=3 face="serif">11</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">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=center>
<B><FONT size=2 face="serif">Principal</FONT></B>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=83% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>&nbsp;

        </TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><FONT size=2 face="serif">Amount</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><FONT size=2 face="serif">(000)</FONT></B>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD align=left> <center>
          <B><FONT size=2
face="serif">Description</FONT></B>
    </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">Value</FONT></B>
        </TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=6>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENT&#151;0.2%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">U.S. Government and Agency Zero Coupon Security&#151;0.2%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">&#36;1,500</FONT></div></TD>
        <TD><SUP><FONT size=2 face="serif">7</FONT></SUP>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Federal Home Loan Bank Discount Notes, 4.341%, 2/01/06 (cost &#36;1,500,000)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">&#36; 1,500,000</FONT></div></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=6>
      <HR align="right" size=1 noshade>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Total investments&#151;138.3% </FONT></B><FONT size=2 face="serif">(cost &#36;972,264,000</FONT><SUP><FONT size=2 face="serif">8</FONT></SUP><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=2 face="serif">&#36; 976,131,577</FONT></div></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Liabilities in excess of other assets (including &#36;157,089,893 in reverse repurchase agreements payable</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

          <div align="right"></div></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">and &#36;119,606,157 in dollar roll payable)&#151;(38.3)%</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=2 face="serif">(270,422,973</FONT></div></TD>
    <TD align=center><div align="left"><U><FONT size=2 face="serif"></FONT></U><FONT size=2 face="serif">)</FONT></div></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom" bgcolor="#DDDDDD">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">Net Assets&#151;100%</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="right"><FONT size=2 face="serif">&#36; 705,708,604</FONT></div></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR bgcolor="#DDDDDD">
        <TD colspan=6 nowrap>
      <hr noshade size=3>       </TD>
  </TR>
</TABLE>
<BR>
<hr align="left" noshade width="100" size="1">

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">1&nbsp;&nbsp;</FONT></SUP></TD>
        <TD>
<FONT size=2 face="serif">Using the higher of Standard &amp; Poor&#146;s, Moody&#146;s Investor Service or Fitch&#146;s rating.</FONT>  </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">2</FONT></SUP></TD>
        <TD>
<FONT size=2 face="serif">Entire or partial principal amount pledged as collateral for reverse repurchase agreements.</FONT>    </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">3</FONT></SUP></TD>
        <TD>
<FONT size=2 face="serif">Rate shown is interest rate as of January 31, 2006.</FONT>    </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">4</FONT></SUP></TD>
        <TD>
<FONT size=2 face="serif">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 January 31, 2006, the Trust
held 11.4% of its net assets, with a current market value of &#36;80,422,393, in securities restricted as to resale.</FONT>     </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">5</FONT></SUP></TD>
        <TD>
<FONT size=2 face="serif">Issuer is in default and/or bankruptcy.</FONT>        </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">6</FONT></SUP></TD>
        <TD>
<FONT size=2 face="serif">Non-income producing security.</FONT> </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">7</FONT></SUP></TD>
        <TD>
<FONT size=2 face="serif">Rate shown is the yield to maturity as of January 31, 2006.</FONT>    </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">8</FONT></SUP></TD>
        <TD>
<FONT size=2 face="serif">Cost for Federal income tax purposes is &#36;972,470,863. The net unrealized appreciaton on a tax basis is &#36;3,660,714, consisting of &#36;13,640,971 gross unrealized appreciation and &#36;9,980,257 gross unrealized
depreciation.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD>
<FONT size=2 face="serif">A category in the Corporate Bonds and Bank Loans sections may contain multiple industries as defined by the SEC&#146;s Standard Industry Codes.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD colspan=2>&nbsp;</TD>
</TR>
</TABLE>
<div nowrap style="border:1px solid #000000; padding:5px; margin-left:35%; margin-right:35%"><center>
  <B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B><br>
  <br>
  <FONT size=2 face="serif">TBA &#150; To Be Announced</FONT><BR>
  <FONT size=2 face="serif">TBD &#150; To Be Determined</FONT><BR>
</center></div>
<P align="center">
<FONT size=3 face="serif">12</FONT></P>
<HR noshade size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<P>
<B><FONT face="serif">Item 2. Controls and Procedures.</FONT></B></P>
<P><FONT 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 its principal executive and principal financial officers,
  as appropriate to allow timely decisions regarding required disclosure. </FONT></P>
<P>
<FONT 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>
<B><FONT face="serif">Item 3. Exhibits.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">Separate certifications of the Registrant&#146;s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT. </FONT></P>

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

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


<P align="center">
<B><FONT face="serif">SIGNATURES</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif"> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</FONT></P>
<P>
<FONT face="serif">(Registrant)</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Limited Duration Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>
<FONT face="serif">By:<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
</FONT><FONT face="serif">Name: Henry Gabbay </FONT><BR>
<FONT face="serif">Title: Treasurer and Principal Financial Officer </FONT><BR>
<FONT face="serif">Date: March 31, 2006 </FONT><BR>
<P>
<FONT face="serif"> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the
dates indicated. </FONT></P>
<FONT face="serif">By:<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT><BR>
<FONT face="serif">Name: Robert S. Kapito </FONT><BR>
<FONT face="serif">Title: President and Principal Executive Officer </FONT><BR>
<FONT face="serif">Date: March 31, 2006 </FONT><br>
<BR>
<FONT face="serif">By:<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT><BR>
<FONT face="serif">Name: Henry Gabbay </FONT><BR>
<FONT face="serif">Title: Treasurer and Principal Financial Officer </FONT><BR>
<FONT face="serif">Date: March 31, 2006 </FONT><BR>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c41106_ex99-cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
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<BODY bgcolor="#ffffff">


<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<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>

<P>
<FONT face="serif">5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. </FONT></P>
<P>
<FONT face="serif">Date: March 31, 2006 </FONT></P>
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      <FONT face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
      Robert S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
      Robert S. Kapito </FONT><BR>
        <FONT face="serif">President and Principal Executive Officer </FONT>
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<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER </FONT></B></P>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<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>

<P>
<FONT face="serif">5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. </FONT></P>
<P>
<FONT face="serif">Date: March 31, 2006 </FONT></P>
<FONT face="serif"> </FONT>
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        <FONT face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Henry
        Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
        </FONT><FONT face="serif">Henry Gabbay </FONT><BR>
        <FONT face="serif">Treasurer and Principal Financial Officer </FONT>
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