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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000930413-07-002999.txt : 20070329
<SEC-HEADER>0000930413-07-002999.hdr.sgml : 20070329
<ACCEPTANCE-DATETIME>20070329151446
ACCESSION NUMBER:		0000930413-07-002999
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070131
FILED AS OF DATE:		20070329
DATE AS OF CHANGE:		20070329
EFFECTIVENESS DATE:		20070329

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:		07727426

	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>c47533_nq.htm
<TEXT>

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

<BODY bgcolor="#ffffff">


<P align="center">
<FONT face="serif">UNITED STATES </FONT><BR>
<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
<FONT face="serif">Washington, D.C. 20549 </FONT><BR>
<BR>
<B><FONT size=4 face="serif">FORM N-Q </FONT></B><BR>
<BR>
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B><BR>
<B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P>
<FONT face="serif">Investment Company Act file number:__</FONT><U><FONT face="serif">811-21349</FONT></U><FONT face="serif">______ </FONT><BR>
</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center" style="border-bottom:1px solid #000000;"><font face="serif">BlackRock Limited Duration Income Trust</font></td>
  </tr>
  <tr>
    <td><center>
      <font face="serif">(Exact name of registrant as specified in charter) </font>
    </center></td>
  </tr>
</table>
<br>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=54% style="border-bottom:1px solid #000000;"><center>
   <FONT face="serif">100 Bellevue Parkway, Wilmington, DE</FONT>&nbsp;
  </center></TD>
  <TD width=32%><div style="border-bottom:1px solid #000000">&nbsp;</div>
  </TD>
  <TD align=left width=13% style="border-bottom:1px solid #000000;"><center>
   <FONT face="serif">19809</FONT>&nbsp;
  </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=54%>
    <center>
      <FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
    </center></TD>
  <TD width=32%>&nbsp;
  </TD>
  <TD align=left width=13%>
    <center>
      <FONT face="serif">(Zip code)</FONT>&nbsp;
    </center></TD>
</TR>
</TABLE>
<BR>
<div style="border-bottom:1px solid #000000">
  <center>
      <font face="serif"> Robert S. Kapito,
      President </font><br>
    <font face="sans-serif"><b>BlackRock Limited Duration Income Trust</b></font><br>
    <font face="serif"> 40 East 52nd Street, New York, NY 10022 </font>
  </center>
</div>
<div align="center"><FONT face="serif">(Name
    and address of agent for service) </FONT></div>
<P>
  <FONT face="serif">Registrant's telephone number, including area code:_</FONT><U><FONT face="serif">888-825-2257</FONT></U><FONT face="serif">__________________ </FONT><BR>
  <BR>
  <FONT face="serif">Date of fiscal year end:___</FONT><U><FONT face="serif">October 31, 2007</FONT></U><FONT face="serif"> </FONT><BR>
  <FONT face="serif">Date of reporting period:__</FONT><U><FONT face="serif">January 31, 2007</FONT></U></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">
<B><FONT face="serif">Item 1. Schedule of Investments.</FONT></B><FONT face="serif"> </FONT></P>
<P align="left">
<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 align="left">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited) </FONT></B><BR>
<B><FONT face="serif">JANUARY 31, 2007 </FONT></B><BR>
<B><FONT face="serif">BlackRock Limited Duration Income Trust (BLW)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="4%" align=left nowrap>&nbsp;

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

  </TD>
  <TD width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="1%" align=left></TD>
  <TD width="8%" align=left>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" 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>
  <TD align=left>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=right style="border-bottom:1px solid #000000;">
    <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
      </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Description</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=left style="border-bottom:1px solid #000000;">
    <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;145.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Corporate Bonds&#151;61.9%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Aerospace &amp; Defense&#151;1.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right><FONT size=2 face="serif">&nbsp;&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 1,560</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">2,3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">AAR Corp., Ser. A2, 8.39%, 5/15/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left><FONT size=2 face="serif">&#36;&nbsp;</FONT></TD>
  <TD align=right>
<FONT size=2 face="serif"> 1,575,600</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">680</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Argo-Tech Corp., 9.25%, 6/01/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">736,100</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">745</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Bombardier, Inc., 8.00%, 11/15/14 (Canada)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">772,938</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,676</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">DI Finance/DynCorp Intl., Ser. B, 9.50%, 2/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">5,959,800</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">330</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.875%, 11/01/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">326,700</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">310</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.625%, 2/01/18</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">315,425</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">755</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Sequa Corp., 9.00%, 8/01/09</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">800,300</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Aerospace &amp; Defense</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10,486,863</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">690</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.00%, 4/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">693,450</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">690</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.36%, 4/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">695,175</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">130</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 7.874%, 5/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">129,025</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,500</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </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>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">7,344,675</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,225</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Lear Corp., Ser. B, 8.75%, 12/01/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">2,219,438</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Metaldyne Corp., 11.00%, 11/01/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Sonic Automotive, Inc., Ser. B, 8.625%, 8/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">3,640,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,629</FONT>
  </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 style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,813,030</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Automotive</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18,534,792</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,905</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Abitibi-Consolidated, Inc., 6.00%, 6/20/13 (Canada)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,662,113</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">AK Steel Corp., 7.75%, 6/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">2,227,500</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,100</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">American Pacific Corp., 9.00%, 2/01/15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,100,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">670</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Bowater, Inc., 8.36%, 3/15/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">676,700</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">120</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Chemtura Corp., 6.875%, 6/01/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">116,400</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">CPG Intl. I, Inc., 10.50%, 7/01/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">781,875</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Domtar, Inc. (Canada)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.125%, 8/15/15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">296,250</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">140</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.875%, 10/15/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">145,950</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">740</FONT>
  </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>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">740,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,950</FONT>
  </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>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">2,125,500</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">310</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">12.00%, 7/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">351,850</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Ineos Group Holdings Plc (United Kingdom)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,490</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.875%, 2/07/16 (EUR)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,830,326</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,885</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.50%, 2/15/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">2,762,387</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,225</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Innophos, Inc., 8.875%, 8/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">2,297,312</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.00%, 9/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,144,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,835</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.25%, 9/15/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,945,100</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">560</FONT>
  </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>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">618,100</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,020</FONT>
  </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>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">3,250,275</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">765</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Millennium America, Inc., 9.25%, 6/15/08</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">794,644</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">215</FONT>
  </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>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">228,169</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">810</FONT>
  </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>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">882,900</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,500</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4,5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">11.61%, 5/01/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,642,500</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">12.00%, 5/01/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">327,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Nova Chemicals Corp. (Canada)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.50%, 1/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">189,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,690</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.502%, 11/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">2,676,550</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">CCC+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,020</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Pregis Corp., 12.375%, 10/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">2,222,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">81</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Rhodia S.A., 10.25%, 6/01/10 (France)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">92,340</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">730</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Terra Capital, Inc., 7.00%, 2/01/17</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">719,963</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">1 </FONT></P>

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



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


<P align="left">
<B><FONT face="serif">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="4%" align=left nowrap>&nbsp;

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

  </TD>
  <TD width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="1%" align=left>&nbsp;</TD>
  <TD width="8%" align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;</TD>
  <TD colspan="2">
    <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>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" style="border-bottom:1px solid #000000;">
    <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
      </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=left style="border-bottom:1px solid #000000;">
    <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Basic Materials&#151;(cont'd)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B-</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD align="right"><FONT size=2 face="serif">&nbsp;&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 60</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Verso Paper Holdings LLC/Verson Paper, Inc., 11.375%, 8/01/16</FONT>
  </TD>
  <TD>&nbsp;</FONT>
  </TD>
  <TD align=left style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">&#36;&nbsp;</FONT></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif"> 63,600</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Basic Materials</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">33,910,304</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Building &amp; Development&#151;0.9%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB-</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,970,336</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B-</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.875%, 12/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,010,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B1</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">269</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.36%, 6/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">272,363</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">890</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Nortek, Inc., 8.50%, 9/01/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">885,550</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">270</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">North American Energy Partners, Inc., 8.75%, 12/01/11 (Canada)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">270,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Building &amp; Development</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,408,249</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Business Equipment &amp; Services&#151;0.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Ba2</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">350</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">FTI Consulting, Inc., 7.75%, 10/01/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">361,375</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Commercial Services&#151;0.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B2</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,050</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Education Management LLC/Education Management Corp., 8.75%, 6/01/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,102,500</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B-</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">750</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">NCO Group, Inc., 10.244%, 11/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">750,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">875</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Quebecor World, Inc., 9.75%, 1/15/15 (Canada)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">913,281</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Commercial Services</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,765,781</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa3</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,500</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Tyco Intl. Group S.A., 6.125%, 11/01/08 (Luxembourg)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,583,430</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Consumer Products&#151;4.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">300</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">300,750</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">CCC+</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,085</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Ames True Temper, Inc., 9.36%, 1/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,126,700</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B-</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,108</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,052,600</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Ba3</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,150,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,400</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,690,981</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B-</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,505</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Lazy Days RV Center, Inc., 11.75%, 5/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,463,612</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,075</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Levi Strauss &amp; Co., 10.11%, 4/01/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,126,875</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B2</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,210</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.00%, 11/01/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,348,125</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Caa1</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,496</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">11.375%, 11/01/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,682,931</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B2</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">223</FONT>
  </TD>
  <TD>&nbsp;
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">244,185</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">210</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Nutro Products, Inc., 9.40%, 10/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">216,825</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">600</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">586,500</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB+</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Reynolds American, Inc., 7.625%, 6/01/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,057,971</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Rite Aid Corp., 8.125%, 5/01/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,112,500</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">CCC</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,345</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Spectrum Brands, Inc., 7.375%, 2/01/15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,173,512</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,450</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 style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,407,125</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Consumer Products</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">32,741,192</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Containers &amp; Packaging&#151;1.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Berry Plastics Holding Corp.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B2</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,210</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.875%, 9/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,249,325</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B2</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">835</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.235%, 9/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">857,962</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">885</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Crown Americas LLC/Crown Americas Capital Corp., 7.75%, 11/15/15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">915,975</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">CCC+</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">585</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">593,775</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B1</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,370</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Impress Holdings BV, 8.585%, 9/15/13 (Netherlands)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,373,028</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,114</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Smurfit-Stone Container Enterprises, Inc., 9.75%, 2/01/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,182,705</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Containers &amp; Packaging</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,172,770</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,100,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Caa1</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,065</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Waste Services, Inc., 9.50%, 4/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,147,600</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Ecological Services &amp; Equipment</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,247,600</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Energy&#151;7.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB+</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,500</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3,5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">AES Corp., 8.75%, 5/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,864,375</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">460</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">517,642</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">980</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,303,930</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">550</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Berry Petroleum Co., 8.25%, 11/01/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">541,750</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">CCC+</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,210</FONT>
  </TD>
  <TD>&nbsp;
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,194,875</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">2 </FONT></P>

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



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


<P align="left">
<B><FONT face="serif">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="4%" align=left nowrap>&nbsp;

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

  </TD>
  <TD width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="1%" align=left>&nbsp;</TD>
  <TD width="8%" align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" 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>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=right style="border-bottom:1px solid #000000;">
    <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
      </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
 <center>
   <B><FONT size=2 face="serif">Description</FONT></B>
  </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=left style="border-bottom:1px solid #000000;"> <center>
      <B><FONT size=2 face="serif">Value</FONT></B>
  </center></TD>
  </TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

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

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

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

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right><FONT size=2 face="serif">&nbsp;&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 650</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.375%, 6/15/15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right><div align="left"><FONT size=2 face="serif">&#36;&nbsp;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 630,500</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.875%, 11/15/20</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">96,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,100,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">ChipPAC, Inc., 2.50%, 6/01/08</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">213,500</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Ba3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">150</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">CMS Energy Corp., 7.50%, 1/15/09</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">153,750</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Ba3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">255</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Compagnie Generale de Geophysique S.A., 7.50%, 5/15/15 (France)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">255,638</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">925</FONT>
  </TD>
  <TD>&nbsp;
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">883,375</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">CCC+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,640</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">East Cameron Gas Co., 11.25%, 7/09/19 (Cayman Islands)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,574,400</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">590</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Edison Mission Energy, 7.50%, 6/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">612,125</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">400</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">427,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">525</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.625%, 5/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">594,563</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">225</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.75%, 10/01/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">254,250</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Ba1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">El Paso Natural Gas Co., 8.875%, 6/15/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">480,307</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Ba1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">161</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Elwood Energy LLC, 8.159%, 7/05/26</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">170,118</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Encore Acquisition Co.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.00%, 7/15/15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">225,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.25%, 12/01/17</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">190,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">495</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">502,425</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">380</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Grant Prideco, Inc., Ser. B, 6.125%, 8/15/15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">363,850</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,434</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Hilcorp Energy I LP/Hilcorp Finance Corp., 10.50%, 9/01/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,607,422</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">895</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">854,725</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Ba2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,324</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Midwest Generation LLC, Ser. B, 8.56%, 1/02/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,756,692</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Caa1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">625</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">637,500</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Caa1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">480</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.50%, 10/01/21</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">487,200</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Caa1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">295</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">314,913</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">548,125</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">210</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">210,525</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,185</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,186,481</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,990</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">OPTI, Inc., 8.25%, 12/15/14 (Canada)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,079,550</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">580</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">665,550</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,035</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,019,475</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">170</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">178,500</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,515</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Sabine Pass LNG LP, 7.50%, 11/30/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,488,487</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,240</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">SemGroup LP, 8.75%, 11/15/15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,243,100</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">1,890</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Stone Energy Corp., 8.11%, 7/15/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,887,637</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,250,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">725</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">726,812</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">100</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">105,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,040</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Utilicorp Finance Corp., 7.75%, 6/15/11 (Canada)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,101,716</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,550</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Whiting Petroleum Corp., 7.25%, 5/01/12-5/01/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,538,375</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.125%, 9/01/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,037,500</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">635</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.75%, 3/15/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">722,313</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Energy</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">51,796,971</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Entertainment &amp; Leisure&#151;1.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

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

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

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.50%, 2/01/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">501,250</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">505</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">11.00%, 2/01/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">570,650</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">370</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Cinemark, Inc., Zero Coupon, 3/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">326,525</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">CCC+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,430</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,530,100</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,425</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">MGM Mirage, 9.75%, 6/01/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,474,781</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">250</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">260,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Caa1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,090</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">TDS Investor, 9.875%, 9/01/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,184,050</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">100</FONT>
  </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 style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">99,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Entertainment &amp; Leisure</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9,946,356</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">3 </FONT></P>

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



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


<P align="left">
<B><FONT face="serif">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td width=4% align=left nowrap>&nbsp; </td>
    <td width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
    <td colspan="2" align=center>
      <center>
        <b><font size=2 face="serif">Principal</font></b>
      </center></td>
    <td width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
    <td width=75% align=left>&nbsp; </td>
    <td width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
    <td width=1% align=left>&nbsp;</td>
    <td width=8% align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td colspan="2" 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>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap style="border-bottom:1px solid #000000;">
      <center>
        <b><font size=2 face="serif">Rating</font></b><b><sup><font size=2 face="serif">1</font></sup></b>
    </center></td>
    <td style="border-bottom:1px solid #000000;">&nbsp; </td>
    <td colspan="2" align=left style="border-bottom:1px solid #000000;">
      <center>
        <b><font size=2 face="serif">(000)</font></b>
      </center></td>
    <td style="border-bottom:1px solid #000000;">&nbsp; </td>
    <td align=left style="border-bottom:1px solid #000000;">
        <center>
          <b><font size=2 face="serif">Description</font></b>
      </center></td>
    <td style="border-bottom:1px solid #000000;">&nbsp; </td>
    <td colspan="2" align=left style="border-bottom:1px solid #000000;"><center>
      <b><font size=2 face="serif">Value</font></b>
    </center></td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td width="1%" align=left>&nbsp;</td>
    <td width="5%" align=left nowrap> <div align="right"></div></td>
    <td>&nbsp; </td>
    <td align=left> <b><font size=2 face="serif">Financial Institutions&#151;8.4%</font></b> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap> <div align="right"></div></td>
    <td>&nbsp; </td>
    <td align=left> <font size=2 face="serif">American Real Estate Partners LP/American Real Estate Finance Corp.,</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">BB+</font> </td>
    <td>&nbsp; </td>
    <td align=left><font size=2 face="serif">&nbsp;&#36;</font></td>
    <td align=left nowrap> <div align="right"><font size=2 face="serif"> 1,480</font> </div></td>
    <td><sup><font size=2 face="serif">5</font></sup>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<font size=2 face="serif">7.125%, 2/15/13</font> </td>
    <td>&nbsp; </td>
    <td align=left><font size=2 face="serif">&#36;&nbsp;</font></td>
    <td align=right nowrap> <font size=2 face="serif"> 1,465,200</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">BB+</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">5,860</font> </div></td>
    <td><sup><font size=2 face="serif">5</font></sup>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<font size=2 face="serif">8.125%, 6/01/11</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">6,021,150</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">B</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">1,733</font> </div></td>
    <td>&nbsp; </td>
    <td align=left> <font size=2 face="serif">BCP Crystal US Holdings Corp., 9.625%, 6/15/14 (Luxembourg)</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">1,914,965</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">BB</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">3,010</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>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">3,250,800</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap> <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>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">BB-</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">2,800</font> </div></td>
    <td>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<font size=2 face="serif">7.375%, 2/01/11</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">2,765,465</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">BB-</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">940</font> </div></td>
    <td><sup><font size=2 face="serif">4&nbsp;</font></sup></td>
    <td align=left> &nbsp; &nbsp;<font size=2 face="serif">8.11%, 1/13/12</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">943,863</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">BB-</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <div align="right"><font size=2 face="serif">60</font> </div></td>
    <td><sup><font size=2 face="serif">4</font></sup>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<font size=2 face="serif">9.81%, 4/15/12</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">65,049</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">BB+</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">2,735</font> </div></td>
    <td>&nbsp; </td>
    <td align=left> <font size=2 face="serif">General Motors Acceptance Corp., 6.875%, 8/28/12</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">2,779,553</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">CCC+</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">950</font> </div></td>
    <td><sup><font size=2 face="serif">3,4</font></sup>&nbsp; </td>
    <td align=left> <font size=2 face="serif">iPayment, Inc., 9.75%, 5/15/14</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">978,500</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">NR</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">3,494</font> </div></td>
    <td>&nbsp; </td>
    <td align=left> <font size=2 face="serif">iPayment Investors LP, 11.625%, 7/15/14</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">3,528,683</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B-</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <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>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">924,750</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">Baa1</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=right nowrap>
    <font size=2 face="serif">5,000</font></td>
    <td><sup><font size=2 face="serif">3,5</font></sup>&nbsp; </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>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">5,045,000</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">BBB</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">200</font> </div></td>
    <td><sup><font size=2 face="serif">4</font></sup>&nbsp; </td>
    <td align=left> <font size=2 face="serif">Marsh &amp; McLennan Cos., Inc., 5.50%, 7/13/07</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">200,009</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap> <div align="right"></div></td>
    <td>&nbsp; </td>
    <td align=left> <font size=2 face="serif">Momentive Performance Materials, Inc.,</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B-</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">3,430</font> </div></td>
    <td><sup><font size=2 face="serif">3</font></sup>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<font size=2 face="serif">10.125%, 12/01/14</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">3,541,475</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">CCC+</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">1,125</font> </div></td>
    <td><sup><font size=2 face="serif">3</font></sup>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<font size=2 face="serif">11.50%, 12/01/16</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">1,136,250</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B+</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">2,460</font> </div></td>
    <td><sup><font size=2 face="serif">3</font></sup>&nbsp; </td>
    <td align=left> <font size=2 face="serif">Nell AF SARL, 8.375%, 8/15/15 (Luxembourg)</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">2,539,950</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap> <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>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B+</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">925</font> </div></td>
    <td><sup><font size=2 face="serif">3</font></sup>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<font size=2 face="serif">8.75%, 9/01/12</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">985,125</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">B+</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">4,835</font> </div></td>
    <td><sup><font size=2 face="serif">3,5</font></sup>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<font size=2 face="serif">10.375%, 9/01/14</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">5,439,375</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B-</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">1,915</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>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">1,943,725</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">AA+</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">5,509</font> </div></td>
    <td><sup><font size=2 face="serif">6</font></sup>&nbsp; </td>
    <td align=left> <font size=2 face="serif">Structured Asset Receivable Trust, 5.114%, 1/21/10</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">5,509,139</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B-</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">220</font> </div></td>
    <td><sup><font size=2 face="serif">4</font></sup>&nbsp; </td>
    <td align=left> <font size=2 face="serif">Universal City Florida Holding Co. I/II, 10.11%, 5/01/10</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">227,150</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">Aa3</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">4,425</font> </div></td>
    <td><sup><font size=2 face="serif">5</font></sup>&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>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">4,808,723</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B3</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">2,930</font> </div></td>
    <td><sup><font size=2 face="serif">3</font></sup>&nbsp; </td>
    <td align=left> <font size=2 face="serif">Wimar Opco LLC/Wimar Opco Finance Corp., 9.625%, 12/15/14</font> </td>
    <td>&nbsp; </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">2,911,688</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap> <div align="right"></div></td>
    <td>&nbsp; </td>
    <td align=left> <font size=2 face="serif">Total Financial Institutions</font> </td>
    <td>&nbsp; </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">58,925,587</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap> <div align="right"></div></td>
    <td>&nbsp; </td>
    <td align=left> <b><font size=2 face="serif">Health Care&#151;2.3%</font></b> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">B2</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">160</font> </div></td>
    <td><sup><font size=2 face="serif">3</font></sup>&nbsp; </td>
    <td align=left> <font size=2 face="serif">Angiotech Pharmaceuticals, Inc., 7.75%, 4/01/14 (Canada)</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">147,200</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B-</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>

    <td nowrap align="right"><font size=2 face="serif">5,000</font></td>
    <td><sup><font size=2 face="serif">5</font></sup>&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>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">5,262,500</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap> <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>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">CCC+</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">2,460</font> </div></td>
    <td><sup><font size=2 face="serif">3</font></sup>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<font size=2 face="serif">10.75%, 6/15/16</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">2,702,925</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">CCC+</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">1,740</font> </div></td>
    <td><sup><font size=2 face="serif">3,4</font></sup>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<font size=2 face="serif">11.354%, 6/15/14</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">1,911,825</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B2</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">3,000</font> </div></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>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">3,195,000</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">B-</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">1,145</font> </div></td>
    <td>&nbsp; </td>
    <td align=left> <font size=2 face="serif">Tenet Healthcare Corp., 6.875%, 11/15/31</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">895,962</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B-</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align="right"><font size=2 face="serif">1,830</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 style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">1,944,375</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap> <div align="right"></div></td>
    <td>&nbsp; </td>
    <td align=left> <font size=2 face="serif">Total Health Care</font> </td>
    <td>&nbsp; </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">16,059,787</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap> <div align="right"></div></td>
    <td>&nbsp; </td>
    <td align=left> <b><font size=2 face="serif">Industrials&#151;2.4%</font></b> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">B2</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">1,700</font> </div></td>
    <td><sup><font size=2 face="serif">3</font></sup>&nbsp; </td>
    <td align=left> <font size=2 face="serif">AGY Holding Corp., 11.00%, 11/15/14</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">1,753,125</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">500</font> </div></td>
    <td>&nbsp; </td>
    <td align=left> <font size=2 face="serif">Baldor Electric Co., 8.625%, 2/15/17</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">516,875</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">B-</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">4,000</font> </div></td>
    <td><sup><font size=2 face="serif">5</font></sup>&nbsp; </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>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">4,240,000</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">650</font> </div></td>
    <td>&nbsp; </td>
    <td align=left> <font size=2 face="serif">Hexcel Corp., 6.75%, 2/01/15</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">635,375</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">B-</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">905</font> </div></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>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">871,063</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">CCC+</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">950</font> </div></td>
    <td>&nbsp; </td>
    <td align=left> <font size=2 face="serif">Polypore, Inc., 8.75%, 5/15/12</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">969,000</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap> <div align="right"></div></td>
    <td>&nbsp; </td>
    <td align=left> <font size=2 face="serif">RBS Global, Inc./Rexnord Corp.,</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B3</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">2,000</font> </div></td>
    <td><sup><font size=2 face="serif">3</font></sup>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<font size=2 face="serif">9.50%, 8/01/14</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">2,070,000</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">CCC+</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">1,090</font> </div></td>
    <td><sup><font size=2 face="serif">3</font></sup>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<font size=2 face="serif">11.75%, 8/01/16</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">1,152,675</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B-</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">3,125</font> </div></td>
    <td><sup><font size=2 face="serif">3</font></sup>&nbsp; </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>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">3,312,500</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">B3</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">1,415</font> </div></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 style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">1,418,537</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap> <div align="right"></div></td>
    <td>&nbsp; </td>
    <td align=left> <font size=2 face="serif">Total Industrials</font> </td>
    <td>&nbsp; </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">16,939,150</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap> <div align="right"></div></td>
    <td>&nbsp; </td>
    <td align=left> <b><font size=2 face="serif">Media&#151;9.0%</font></b> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap> <div align="right"></div></td>
    <td>&nbsp; </td>
    <td align=left> <font size=2 face="serif">Affinion Group, Inc.,</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">B2</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">1,975</font> </div></td>
    <td>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<font size=2 face="serif">10.125%, 10/15/13</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">2,123,125</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B-</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">850</font> </div></td>
    <td>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<font size=2 face="serif">11.50%, 10/15/15</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">913,750</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">Caa2</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">1,870</font> </div></td>
    <td>&nbsp; </td>
    <td align=left> <font size=2 face="serif">American Media Operations, Inc., Ser. B, 10.25%, 5/01/09</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">1,795,200</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B+</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">800</font> </div></td>
    <td><sup><font size=2 face="serif">4</font></sup>&nbsp; </td>
    <td align=left> <font size=2 face="serif">Cablevision Systems Corp., Ser. B, 9.87%, 4/01/09</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">848,000</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">B2</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">520</font> </div></td>
    <td>&nbsp; </td>
    <td align=left> <font size=2 face="serif">CanWest MediaWorks, Inc., 8.00%, 9/15/12 (Canada)</font> </td>
    <td>&nbsp; </td>
    <td align=right>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">539,500</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">B3</font> </td>
    <td>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left nowrap>
    <div align="right"><font size=2 face="serif">3,500</font> </div></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>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">3,605,000</font> </td>
  </tr>
</table>
<BR>
<P align="center">
<FONT size=2 face="serif">4 </FONT></P>

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



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


<P align="left">
<B><FONT face="serif">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="4%" align=left nowrap>&nbsp;
  </TD>
  <TD width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD colspan="2" align=right>
    <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
  <TD width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width="75%" align=left>&nbsp;
  </TD>
  <TD width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="1%" align=left>&nbsp;</TD>
  <TD width="8%" align=left nowrap>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" 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>
  <TD align=left nowrap>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=right style="border-bottom:1px solid #000000;">
    <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
      </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left style="border-bottom:1px solid #000000;"> <center>
    <B><FONT size=2 face="serif">Description</FONT></B>
  </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=left style="border-bottom:1px solid #000000;">
    <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

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

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">CCC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right><FONT size=2 face="serif">&nbsp;&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 2,255</FONT>
  </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=left><FONT size=2 face="serif">&#36;&nbsp;</FONT></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 2,342,381</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">CCC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">865</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. B, 10.25%, 9/15/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">896,356</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,425</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">CMP Susquehanna Corp., 9.875%, 5/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,485,625</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,685</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,902,644</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,605</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Dex Media West LLC/Dex Media Finance Co., Ser. B, 9.875%, 8/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,745,865</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">DirecTV Holdings LLC/DirecTV Financing Co., 8.375%, 3/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">523,125</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,800</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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,782,500</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,330</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.00%, 10/01/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,331,663</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.125%, 2/01/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">200,750</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,525</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Idearc, Inc., 8.00%, 11/15/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,569,187</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">CCC+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">300</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Iesy Repository GMBH, 10.375%, 2/15/15 (Germany)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">297,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">740</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">LIN Television Corp., 6.50%, 5/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">714,100</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">820</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">MediaNews Group, Inc., 6.875%, 10/01/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">746,200</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,105</FONT>
  </TD>
  <TD>&nbsp;
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,170,781</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,790</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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,664,450</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Nielsen Finance LLC/Nielsen Finance Co.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">CCC+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,400</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Zero Coupon, 8/01/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">981,750</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,340</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3,5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.00%, 8/01/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,730,600</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Paxson Communications Corp., 8.61%, 1/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,060,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,900</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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,828,750</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">520</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.875%, 5/15/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">527,800</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,260</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">RH Donnelley Corp., Ser. A-3, 8.875%, 1/15/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,462,350</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,032,500</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">460</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Sinclair Broadcast Group, Inc., 4.875%, 7/15/18</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">427,800</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Caa1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">260</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Sirius Satellite Radio, Inc., 9.625%, 8/01/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">258,700</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,390</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.75%, 4/01/09</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,446,763</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Caa1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">865</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. B, 10.875%, 6/15/09</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">877,975</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Caa1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,442</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 style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,375,370</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Media</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">63,207,560</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&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 style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,866,740</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Advanced Micro Devices, Inc., 7.75%, 11/01/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">204,500</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">CCC+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,063</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Amkor Technology, Inc., 7.75%, 5/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,944,377</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,869,206</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">720</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Conexant Systems, Inc., 9.126%, 11/15/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">736,200</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,460</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.125%, 12/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,425,875</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">600</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.244%, 12/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">597,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">865</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.125%, 12/15/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">860,675</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">430</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">477,300</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,700</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">NXP BV/NXP Funding LLC, 9.50%, 10/15/15 (Netherlands)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,791,125</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">CCC+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">160</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Open Solutions, Inc., 9.75%, 2/01/15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">163,800</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">850</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Sanmina-SCI Corp., 8.125%, 3/01/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">809,625</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">815</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Sensata Technologies BV, 8.00%, 5/01/14 (Netherlands)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">800,738</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">590</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.125%, 8/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">620,975</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,810</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.973%, 8/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,886,925</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,600</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.25%, 8/15/15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,795,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,765</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,849,712</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Caa1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">872</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">UGS Capital Corp. II, 10.38%, 6/01/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">889,319</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">B3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,780</FONT>
  </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 style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,949,100</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Technology</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">28,671,452</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Telecommunications&#151;8.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,420</FONT>
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,476,800</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">CCC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,830</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Cricket Communications, Inc., 9.375%, 11/01/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,932,937</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </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>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,385,630</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">5 </FONT></P>

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



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


<P align="left">
<B><FONT face="serif">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=5% align=left nowrap>

    <center>
    </center></TD>
  <TD width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD colspan="2" align=right>
    <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
  <TD width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=74% align=left>&nbsp;

  </TD>
  <TD width=2% align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width=1% align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

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

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=right style="border-bottom:1px solid #000000;">
    <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
      </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left style="border-bottom:1px solid #000000;"><center>
    <B><FONT size=2 face="serif">Description</FONT></B>
  </center></TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=left style="border-bottom:1px solid #000000;"><center>
      <B><FONT size=2 face="serif">Value</FONT></B>
  </center></TD>
  </TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">B3</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right><FONT size=2 face="serif">&nbsp;&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 860</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Hawaiian Telcom Communications, Inc., Ser. B, 10.889%, 5/01/13</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left><FONT size=2 face="serif">&#36;&nbsp;</FONT></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 883,650</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Intelsat Ltd. (Bermuda)</FONT>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">B</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">700</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.872%, 1/15/15</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">712,075</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">BB-</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,800</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.25%, 6/15/16</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,975,500</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">B</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">630</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">11.25%, 6/15/16</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">711,900</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">B</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,815</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">11.354%, 6/15/13</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,005,012</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Intelsat Subsidiary Holding Co. Ltd. (Bermuda)</FONT>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">BB-</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,470</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.625%, 1/15/15</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,563,713</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">BB-</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">815</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.252%, 1/15/12</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">823,150</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">Ba3</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">65</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.45%, 3/15/29</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">59,150</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">Ba3</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,210</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.50%, 1/15/28</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,101,100</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">B+</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,850</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Nordic Telephone Co. Holdings ApS, 8.875%, 5/01/16 (Denmark)</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,138,750</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">B-</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Nortel Networks Corp., 6.875%, 9/01/23 (Canada)</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">176,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Nortel Networks Ltd. (Canada)</FONT>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">B-</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,220</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.61%, 7/15/11</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,358,750</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">B-</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">465</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.125%, 7/15/13</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">509,175</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">B</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,517</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.00%, 8/15/14</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,789,567</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">B</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,495</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.00%, 6/15/16</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,716,431</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">NR</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,170</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3,4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">ProtoStar I Ltd., 12.50%, 10/15/12 (Bermuda)</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,265,100</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">BB+</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4,5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Qwest Communications Intl., Inc., 8.874%, 2/15/09</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,050,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

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

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">BBB-</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.875%, 9/01/11</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,062,500</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">BBB-</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,500</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.61%, 6/15/13</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,725,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">BBB-</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,675</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">9.125%, 3/15/12</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,079,250</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">BB+</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">460</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Rogers Wireless, Inc., 7.25%, 12/15/12 (Canada)</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">484,150</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">B-</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,695</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3,5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">West Corp., 11.00%, 10/15/16</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,789,325</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">BB</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,500</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Wind Acquisition Finance S.A., 10.75%, 12/01/15 (Luxembourg)</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,728,750</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

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

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">BB+</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,340</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.125%, 8/01/13</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,518,425</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">BB+</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,310</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">8.625%, 8/01/16</FONT>
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,429,538</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Telecommunications</FONT>
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">57,451,328</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Transportation&#151;1.0%</FONT></B>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">BB-</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">520</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">American Airlines, Inc., Ser. 99-1, 7.324%, 4/15/11</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">528,450</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">B-</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">490</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Britannia Bulk Plc, 11.00%, 12/01/11 (United Kingdom)</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">465,500</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">B1</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,715</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">CHC Helicopter Corp., 7.375%, 5/01/14 (Canada)</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,669,981</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">B3</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">111</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Horizon Lines LLC, 9.00%, 11/01/12</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">116,828</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">B</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,150</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Navios Maritime Holdings, Inc., 9.50%, 12/15/14 (Marshall Islands)</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,187,625</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
    <center>
      <FONT size=2 face="serif">BB+</FONT>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,650</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Overseas Shipholding Group, Inc., 8.75%, 12/01/13</FONT>
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,806,750</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Transportation</FONT>
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,775,134</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Corporate Bonds</FONT>
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">435,852,422</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Bank Loans&#151;52.8%</FONT></B>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Aerospace &amp; Defense&#151;0.7%</FONT></B>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

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

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">973</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Arinc, Inc., Loan B, LIBOR + 2.00%, 2/15/11</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">974,931</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">842</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Camp Acquisition Co., Loan A, LIBOR + 3.00%, 8/30/11</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">842,370</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,965</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">DI Finance/DynCorp Intl., Loan B, LIBOR + 2.25%, 1/31/11</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,977,281</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

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

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

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

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, + 0.50%, 6/16/12</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">29,836</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">471</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.50%, 6/16/12</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">472,665</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Wesco Aircraft Hardware Corp., LIBOR + 2.25%, 9/29/13</FONT>
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">503,437</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Aerospace &amp; Defense</FONT>
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,800,520</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Automotive&#151;3.3%</FONT></B>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">General Motors Corp., Loan B, LIBOR + 2.375%, 11/17/13</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,021,750</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Goodyear Tire &amp; Rubber Co.,</FONT>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.75%, 4/01/10</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">505,104</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 3.50%, 4/01/11</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,025,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">743</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">IAP Worldwide Services, Inc., LIBOR + 4.25%, 12/31/12</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">741,108</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Keystone Automotive Industries, Inc., Loan B, LIBOR, 1/15/12</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,502,813</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">449</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Lear Corp., LIBOR + 2.50%, 3/23/12</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">452,669</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <center>
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">995</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Mark IV Industries, Inc., LIBOR + 2.50%, 6/30/11</FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">995,933</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">6 </FONT></P>

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



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


<P align="left">
<B><FONT face="serif">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="4%" align=center nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width="2%" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="2" align=center>
    <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
  <TD width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="75%" align=left>&nbsp;

  </TD>
  <TD width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="1%" align=left>&nbsp;</TD>
  <TD width="8%" align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD colspan="2" 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>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right style="border-bottom:1px solid #000000;">
    <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
      </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left style="border-bottom:1px solid #000000;"><center>
    <B><FONT size=2 face="serif">Description</FONT></B>
  </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=left style="border-bottom:1px solid #000000;"><center>
      <B><FONT size=2 face="serif">Value</FONT></B>
  </center></TD>
  </TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="1%" align=left>&nbsp;</TD>
  <TD width="5%" align=left nowrap>&nbsp;

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

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

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><FONT size=2 face="serif">&nbsp;&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 41</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">0.50%, 1/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right><div align="left"><FONT size=2 face="serif">&#36;&nbsp;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 41,121</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">98</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 4.50%, 1/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">98,690</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">711</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR, 1/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">715,502</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Motorsport Aftermarket Group, Inc., LIBOR, 11/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Navistar Intl. Corp., TBD, 1/30/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,814,455</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Oshkosh Truck Corp., Loan B, LIBOR + 2.00%, 11/30/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,513,170</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">997</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Rent-A-Center, Inc., Loan B, LIBOR + 1.75%, 6/30/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">999,364</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Reynolds &amp; Reynolds Co.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.50%, 10/31/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,015,358</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 5.50%, 10/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,271,094</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">517</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Tenneco Automotive, Inc., Loan B1, LIBOR + 2.00%, 12/12/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">519,508</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,450</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">TRW Automotive Acquisitions Corp., Loan B, LIBOR + 1.50%, 6/30/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,446,555</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Automotive</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">23,179,194</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Basic Materials&#151;4.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Basell N.V.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">417</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B2, LIBOR + 2.25%, 9/30/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">420,443</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">83</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B4, LIBOR + 2.25%, 8/01/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">84,115</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">83</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan C4, LIBOR + 3.00%, 8/01/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">84,089</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">417</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan C2, LIBOR + 3.00%, 9/30/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">420,573</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">810</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Boise Cascade Corp., Loan D, LIBOR + 1.75%, 10/31/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">813,921</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Brenntag Group, Loan B6, LIBOR + 2.25%, 9/15/14 (EUR)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">659,355</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,040</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Celanese AG, LIBOR + 1.75%, 6/03/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,054,078</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Cognis Deutschland, Loan B, LIBOR + 4.75%, 11/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,054,642</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">876</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Compass Minerals Group, Inc., LIBOR + 1.50%, 12/31/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">878,001</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,209</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Huntsman Intl. LLC, Loan B, LIBOR + 1.75%, 8/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,224,764</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Ineos Group Holdings Plc,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan A4, LIBOR + 2.25%, 12/16/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,506,375</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,565</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B2, LIBOR + 2.25%, 12/16/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,582,281</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan C2, LIBOR + 2.75%, 12/16/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,769,323</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Invista BV,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,293</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B1, LIBOR + 1.50%, 4/30/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,294,821</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">685</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B2, LIBOR + 1.50%, 4/30/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">685,494</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">694</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">ISP Chemco, Inc., LIBOR + 2.00%, 2/28/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">698,775</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,242</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">John Maneely Co., Loan B, LIBOR + 3.25%, 12/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,244,081</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,104</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Nalco Co., Loan B, LIBOR + 1.75%, 11/01/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,116,597</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">491</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">PQ Corp., LIBOR + 2.00%, 2/28/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">492,887</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">985</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Rockwood Specialties Group, Inc., Loan E, LIBOR + 2.00%, 8/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">990,725</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,611</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">SP Newsprint, Loan B, LIBOR + 2.25%, 1/09/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,615,139</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">663</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan J, LIBOR, 12/31/13 (EUR)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">868,185</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan J2, LIBOR + 2.00%, 3/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,002,955</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan K, LIBOR, 3/31/13 (EUR)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">982,647</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan K2, LIBOR + 2.00%, 12/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,002,955</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Basic Materials</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">29,547,221</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Building &amp; Development&#151;1.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">499</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Armstrong World Industries, Inc., LIBOR + 1.75%, 10/12/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500,122</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,247</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Beacon Roofing Supply, Inc., Loan B, LIBOR + 2.00%, 10/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,249,992</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Custom Building Products, Inc., LIBOR + 5.00%, 4/30/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,486,250</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Euramax Intl., Inc., LIBOR + 7.00% , 7/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">245,625</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Harmon Koval, 4.00%, 11/18/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,496,250</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">423</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Maxim Crane Works LP, LIBOR + 2.00%, 1/28/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">422,989</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">498</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Nacco Industries, Inc., LIBOR + 2.00%, 3/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">498,122</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">489</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Nortek, Inc., Loan B, LIBOR + 3.00%, 8/24/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">488,994</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,489</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Ply Gem Industries, Inc., LIBOR + 3.00% , 8/15/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,503,637</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">875</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Rhodes Ranch, LIBOR + 3.25%, 11/15/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">869,531</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,980</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">United Subcontractors, Inc., LIBOR + 2.75%, 12/31/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,931,737</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Building &amp; Development</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10,693,249</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&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>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">985</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 4.00%, 9/30/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">977,612</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">498</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 9.00%, 9/30/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">490,038</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">897</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Blount Intl., Loan B, LIBOR + 1.75%, 8/15/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">898,312</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">7 </FONT></P>

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



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


<P align="left">
<B><FONT face="serif">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="5%" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width="2%" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="2" align=center>
    <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
  <TD width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="74%" align=left>&nbsp;

  </TD>
  <TD width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="1%" align=left>&nbsp;</TD>
  <TD width="8%" align=left>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD colspan="2" 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>
  <TD align=left>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right style="border-bottom:1px solid #000000;">
    <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
      </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Description</FONT></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=left style="border-bottom:1px solid #000000;"><center>
      <B><FONT size=2 face="serif">Value</FONT></B>
  </center></TD>
  </TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="1%" align=left>&nbsp;</TD>
  <TD width="5%" align=left>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><FONT size=2 face="serif">&nbsp;&#36;</FONT></TD>
  <TD align=right>
<FONT size=2 face="serif"> 1,961</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Colfax Corp., Loan B, LIBOR + 2.25%, 11/30/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right><div align="left"><FONT size=2 face="serif">&#36;&nbsp;</FONT></div></TD>
  <TD align=right>
<FONT size=2 face="serif"> 1,972,838</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">419</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">GenTek, Inc., LIBOR + 4.25%, 3/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">420,088</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <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">Loan A, LIBOR + 2.00%, 12/15/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,006,250</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <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">Loan B, LIBOR + 2.13%, 12/15/10 (GBP)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,967,154</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <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>
  <TD align=left>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">259</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 1.75%, 1/24/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">259,158</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">462</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B3, LIBOR + 1.75%, 1/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">462,128</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">754</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Mueller Group, Inc., Loan B, LIBOR + 2.00%, 9/30/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">758,041</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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">Sensus Metering Systems, Inc., Loan B1, LIBOR + 2.00%, 12/30/09</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,337,896</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">722</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">St. John Knits Intl., Inc., Loan B, LIBOR + 4.25%, 3/30/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">716,675</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Conglomerates</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11,266,190</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Consumer Products&#151;8.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">993</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">24 Hour Fitness Worldwide, Inc., Loan B, LIBOR + 2.50%, 6/30/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">997,463</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Aearo Technologies, Inc., LIBOR + 6.50%, 9/30/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,011,250</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">American Safety Razor Co., LIBOR + 6.25%, 2/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">759,375</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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">Aramark Corp., TBD, 1/30/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">3,031,875</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">451</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Arby's Restaurant Group, Inc., Loan B, LIBOR + 2.25%, 7/31/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">455,320</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">472</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Bare Escentuals Beauty, Inc., LIBOR + 2.50%, 2/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">474,248</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">94</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">7</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, PRIME + 2.75%, 10/31/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">61,117</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">7</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">PRIME + 7.00%, 4/30/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">100,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Brickman Group Ltd., TBD, 1/30/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,253,125</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,327</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Burger King Corp., Loan B1, LIBOR + 1.50%, 2/28/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,327,509</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,024</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Burlington Coat Factory Warehouse Corp., Loan B, LIBOR + 2.25%, 4/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,014,934</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">494</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Centerplate, Inc., LIBOR + 3.25%, 10/15/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">494,660</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,098</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Central Garden &amp; Pet Co., Loan B, LIBOR + 1.50%, 9/30/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,097,722</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">995</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Cenveo Corp., LIBOR + 2.00%, 6/30/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">997,488</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">493</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Chiquita Brands Intl., Inc., Loan C, LIBOR + 3.00%, 7/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">499,272</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">995</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Coinmach Corp., Loan B-1, LIBOR + 2.50% , 12/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,004,057</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,613</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Commonwealth Brands, Inc., LIBOR + 2.25%, 12/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,628,795</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">2,221</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Cracker Barrel, Loan B, LIBOR + 1.50%, 5/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">2,223,073</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">David's Bridal, Inc., TBD, 1/30/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">998,750</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,046</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan C, TBD, 4/30/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,042,378</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">3,486</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">TBD, 3/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">3,474,592</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">468</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">TBD, 4/12/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">466,780</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">430</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Douglas Dynamics LLC, LIBOR + 1.75%, 12/16/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">427,564</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">477</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B1, LIBOR + 2.25%, 10/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">478,064</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">365</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B2, LIBOR + 2.25%, 10/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">365,296</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,995</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Eight O'Clock Coffee, LIBOR + 2.75%, 11/14/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,994,987</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">713</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">FTD, Inc., LIBOR, 8/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">715,354</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">350</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Gold Toe, LIBOR + 6.00%, 4/30/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">356,125</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">644</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Hertz Corp., LIBOR + 2.00%, 12/31/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">647,571</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">830</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Language Line, Inc., Loan B1, LIBOR + 3.25%, 6/14/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">836,584</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">7</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Le-Natures, Inc., Loan B, LIBOR + 4.00%, 9/30/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">472,500</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,080</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Maidenform, Inc., LIBOR + 1.75%, 5/14/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,083,057</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">2,725</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Michael Foods, Inc., Loan B1, LIBOR + 2.00%, 11/30/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">2,732,511</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">640</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Movie Gallery, Inc., Loan B, LIBOR + 5.25%, 4/30/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">632,847</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,506</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Neiman-Marcus Group, Inc., LIBOR + 2.25%, 4/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,521,569</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,394</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">New Page, Loan B, LIBOR + 2.25%, 4/30/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,408,057</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">468</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Nice Pak Products, LIBOR + 3.75%, 6/15/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">469,647</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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">Loan A, PRIME + 1.25%, 6/30/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,941,250</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">3,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, PRIME + 2.00%, 9/30/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">3,405,937</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Orchard Supply Hardware Stores Corp., Loan B2, LIBOR + 2.45%, 12/09/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,500,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">995</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Oriental Trading Co., LIBOR + 2.75%, 1/30/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">996,244</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">OSI Group LLC,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,467</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.00%, 9/15/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,465,333</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,466</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.00%, 9/15/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">1,465,334</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">PETCO Animal Supplies, Inc., LIBOR + 2.75%, 10/31/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">404,333</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">602</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Pierre Foods, Inc., Loan B, LIBOR + 2.25%, 7/15/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">604,299</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Pivotal Promontory LLC, LIBOR + 6.50%, 9/15/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>
<FONT size=2 face="serif">720,000</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">8 </FONT></P>

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



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


<P align="left">
<B><FONT face="serif">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=5% align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width=2% align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="2" align=center>
    <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
  <TD width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=74% align=left>&nbsp;

  </TD>
  <TD width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=1% align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD colspan="2" 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>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right style="border-bottom:1px solid #000000;">
    <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
      </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left style="border-bottom:1px solid #000000;"><center>
    <B><FONT size=2 face="serif">Description</FONT></B>
  </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=left style="border-bottom:1px solid #000000;"><center>
      <B><FONT size=2 face="serif">Value</FONT></B>
  </center></TD>
  </TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="1%" align=left>&nbsp;</TD>
  <TD width="5%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Consumer Products&#151;(cont'd)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><FONT size=2 face="serif">&nbsp;&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 1,459</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Prestige Brands Holdings, Inc., Loan B, LIBOR + 2.25%, 4/07/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right><div align="left"><FONT size=2 face="serif">&#36;&nbsp;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 1,467,867</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,990</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Quiznos Corp., LIBOR + 2.25%, 5/01/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,994,975</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,945</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Sturm Foods, Inc., LIBOR + 2.00%, 5/31/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,957,383</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,489</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">SUPERVALU, Inc., Loan B, LIBOR + 1.75%, 6/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,494,668</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">609</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">7</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Synventive Acquisition, Inc., LIBOR + 14.0%, 2/17/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">228,405</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">TravelCenters of America, Inc.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">246</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 1.75%, 6/30/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">245,942</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">249</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 1.75%, 11/30/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">248,439</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">864</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Tupperware Corp., LIBOR + 1.50%, 11/07/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">860,668</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">357</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Warnaco, Inc., Loan B, LIBOR + 1.50%, 1/31/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">356,468</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">451</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.25%, 4/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">448,619</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 6.50%, 10/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">742,500</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Consumer Products</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">61,104,180</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Containers &amp; Packaging&#151;1.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Bluegrass Container Co. LLC,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">344</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.25%, 6/30/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">347,250</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,498</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 5.00%, 12/30/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,520,343</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,149</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.25%, 6/30/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,160,548</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Covalence Specialty Materials Corp., LIBOR + 3.25%, 8/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">199,125</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Georgia-Pacific Corp.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,487</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.00%, 2/28/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,500,206</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">988</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.00%, 2/28/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">989,019</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Graham Packaging Co., Inc.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,960</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.25%, 10/01/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,975,751</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,429</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan C, LIBOR + 4.25%, 4/01/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,441,786</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,260</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Graphic Packaging Intl., Inc., Loan C, LIBOR + 2.50%, 8/08/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,272,495</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">568</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Smurfit-Stone Container Enterprises, Inc., LIBOR + 2.35%, 11/15/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">572,676</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,945</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Solo Cup, Inc., LIBOR + 3.50%, 2/27/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,973,568</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Containers &amp; Packaging</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12,952,767</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Ecological Services &amp; Equipment&#151;0.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Envirosolutions, Inc., LIBOR + 3.50%, 7/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">504,688</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

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

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">429</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">AES Corp., LIBOR + 1.75%, 4/30/08</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">429,107</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Boart Longyear Co., LIBOR + 7.00%, 10/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">493,437</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Coffeyville Resources LLC,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">243</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR, 12/21/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">244,459</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,257</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan D, LIBOR + 3.00%, 12/21/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,263,041</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Coleto Creek Power,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">127</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.75%, 7/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">127,442</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,863</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.75%, 7/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,864,025</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Exco Resources, Inc., LIBOR + 5.50%, 10/31/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,009,375</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Generac Power Systems, Inc.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.50%, 11/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,002,500</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 6.00%, 5/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">497,500</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,485</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Key Energy Services, Inc., Loan C, LIBOR + 2.50%, 8/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,492,425</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">962</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">LSP General Finance Co. LLC, LIBOR + 1.75% , 4/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">962,998</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">496</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Meg Energy Corp., Loan B, LIBOR + 2.00%, 4/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">497,801</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Northeast Energy,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">159</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.50%, 10/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">160,162</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 4.50%, 10/31/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">253,437</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,341</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.50%, 10/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,355,213</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,417</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">NRG Energy, Inc., LIBOR + 2.00% , 1/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,462,870</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">287</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Petro Geological Services, Loan B, LIBOR + 2.50%, 12/31/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">288,194</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Plum Point Energy Associates,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">194</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 3.75%, 3/14/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">195,986</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">670</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 3.25%, 3/14/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">675,738</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">83</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Regency Gas, LIBOR + 2.50%, 8/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">83,620</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">975</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">SemCrude LP, LIBOR + 2.25% , 2/28/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">983,271</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,489</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Trinidad Energy Services Income Trust, LIBOR + 2.50%, 4/15/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,492,472</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">9 </FONT></P>

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

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

<P align="left">
<B><FONT face="serif">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=5% align=center nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width=2% align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="2" align=center>
    <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
  <TD width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=74% align=left>&nbsp;

  </TD>
  <TD width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=1% align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=center nowrap>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD colspan="2" 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>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right style="border-bottom:1px solid #000000;">
    <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
      </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left style="border-bottom:1px solid #000000;"><center>
    <B><FONT size=2 face="serif">Description</FONT></B>
  </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=left style="border-bottom:1px solid #000000;"><center>
      <B><FONT size=2 face="serif">Value</FONT></B>
  </center></TD>
  </TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="1%" align=left>&nbsp;</TD>
  <TD width="5%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Energy&#151;(cont'd)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&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>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><FONT size=2 face="serif">&nbsp;&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.25%, 6/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right><div align="left"><FONT size=2 face="serif">&#36;&nbsp;</FONT></div></TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif"> 392,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.25%, 6/22/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">98,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">474</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.25%, 6/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">464,676</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Energy</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">21,789,749</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Entertainment &amp; Leisure&#151;2.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,212</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">CCM Merger, Inc., Loan B, LIBOR + 2.00%, 7/31/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">3,216,413</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,122</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Cinemark, Inc., Loan B, LIBOR + 2.00%, 10/05/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,132,358</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Edge Las Vegas, LIBOR + 3.50%, 6/15/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">500,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">938</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Fairmont Hotels &amp; Resorts, Inc., Loan B, LIBOR + 3.25%, 7/15/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">942,598</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,995</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Greektown Holdings LLC, Loan B, LIBOR + 2.50%, 12/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">2,009,963</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">495</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Hit Entertainment Ltd., LIBOR + 2.25%, 8/31/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">498,094</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,963</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Metro-Goldwyn-Mayer Studios, Inc., Loan B, LIBOR + 3.25%, 4/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">4,969,477</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,478</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Penn National Gaming, Inc., Loan B, LIBOR + 1.75%, 5/31/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,486,015</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Time Warner, Inc., Loan B, LIBOR + 2.25%, 10/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">755,625</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">324</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Travelport, Inc., LIBOR + 2.50% , 8/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">326,196</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">497</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Wembley, Inc., LIBOR + 2.50%, 8/31/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">503,381</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,099</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Wyndham Intl., Inc., Loan E, LIBOR + 4.50%, 9/11/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,104,847</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">467</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Yellowstone Mountain Club, LIBOR + 2.38%, 10/15/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">462,964</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Entertainment &amp; Leisure</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">17,907,931</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Financial Institutions&#151;4.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">993</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Advantage Sales &amp; Marketing, Inc., LIBOR + 2.00%, 4/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">994,584</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Alix Partners, LIBOR + 2.50%, 10/30/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,515,937</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">440</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Ameritrade, Loan B, LIBOR + 1.50%, 1/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">440,338</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">969</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Arias Acquisitions, Inc., LIBOR + 3.75%, 7/30/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">925,217</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Asurion Corp.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,050</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 3.00%, 8/30/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,054,204</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 6.25%, 2/28/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">507,500</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">998</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Bankruptcy Management, LIBOR + 2.75%, 6/30/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,003,734</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">963</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Billing Services Group, LIBOR + 2.50%, 5/05/12 (EUR)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,254,474</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">929</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">BNY Convergex Group LLC, LIBOR + 3.00%, 8/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">932,054</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">499</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Brock Holdings, LIBOR + 2.50%, 8/30/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">498,750</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">495</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">CCC Information Services Group, Inc., Loan B, LIBOR + 2.50%, 2/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">496,609</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">7</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Century Corp., PRIME + 2.00%, 12/31/09</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">3,900,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,247</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Charter Mac, Loan B, LIBOR + 2.50%, 8/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,251,551</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">748</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Conseco, Inc., LIBOR + 2.00%, 9/30/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">751,398</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">GS Holdings Corp.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">91</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 1.75%, 5/15/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">90,966</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">654</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 1.75%, 5/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">654,306</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">872</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Jostens, Inc., Loan C, LIBOR + 2.00%, 10/15/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">875,302</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">906</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Lucite Intl. Finance Plc, LIBOR + 9.00%, 7/15/14 (EUR)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,160,683</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">691</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">N.E.W. Holdings I LLC, LIBOR + 2.75%, 8/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">693,138</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Nasdaq Stock Market, Inc.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">564</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan C, LIBOR + 1.75%, 4/18/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">565,902</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">974</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 1.75%, 4/18/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">976,143</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">858</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Professional Service, Inc., Loan B, LIBOR + 2.75%, 10/31/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">858,885</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">499</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Renfro Corp., LIBOR + 3.25%, 9/30/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">499,052</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,119</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Sedgewick Claims Management Services, Inc., Loan B, LIBOR + 2.25%, 2/28/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,120,251</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Targa Resources, Inc., LIBOR + 2.25%, 10/31/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">999,844</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">TPF Generation Holdings LLC, LIBOR + 2.00%, 12/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,005,893</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">TPG Springs,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">997</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.75%, 3/22/13 (GBP)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,946,575</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">997</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan C, LIBOR + 3.25%, 3/22/14 (GBP)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,952,287</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">995</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">TransFirst Holdings, Inc., Loan B, LIBOR + 2.50%, 8/09/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,002,462</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">431</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Universal American Financial Corp., LIBOR + 2.25%, 5/25/09</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">432,328</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">903</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">USI Holdings Corp., Loan B, LIBOR + 2.25%, 7/30/08</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">902,847</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">746</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Vertellus, LIBOR + 3.25%, 7/08/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">746,250</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Financial Institutions</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">32,009,464</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Health Care&#151;3.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">367</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">CCS Medical, Loan B, LIBOR + 3.25%, 10/31/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">362,217</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,933</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Community Health Systems, Inc., LIBOR + 1.75%, 8/15/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">2,936,166</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">10 </FONT></P>

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



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


<P align="left">
<B><FONT face="serif">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=5% align=center nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width=2% align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="2" align=center>
    <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
  <TD width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=74% align=left>&nbsp;

  </TD>
  <TD width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width=1%>&nbsp;
  </TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=center nowrap>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD colspan="2" 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>&nbsp;
  </TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right style="border-bottom:1px solid #000000;">
    <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
      </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Description</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" style="border-bottom:1px solid #000000;">
  &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Value</FONT></B>
  </TD>
  </TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="1%" align=left>&nbsp;</TD>
  <TD width="5%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Health Care&#151;(cont'd)</FONT></B>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><FONT size=2 face="serif">&nbsp;&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 2,214</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Concentra Operating Corp., Loan B, LIBOR + 2.00%, 9/30/11</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD><div align="left"><FONT size=2 face="serif">&#36;&nbsp;</FONT>
  </div></TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif"> 2,219,692</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,652</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Davita, Inc., Loan B, LIBOR + 2.00%, 6/30/12</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,662,952</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">335</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Duloxetine Royalty, LIBOR + 4.50%, 10/15/13</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">334,513</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Emdeon Business Services, LLC,</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.50%, 11/30/13</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,255,729</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR, 5/30/14</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">253,281</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">848</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Eye Care Centers of America, Inc., LIBOR + 2.50%, 2/28/12</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">847,944</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">498</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Global Healthcare Exchange LLC, Loan B, LIBOR + 2.25%, 3/15/13</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">498,744</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,990</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">HealthSouth Corp., Loan B, LIBOR + 3.25%, 3/15/13</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">2,008,035</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">975</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">IASIS Healthcare Corp., Loan B, LIBOR + 2.25%, 6/30/11</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">984,019</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,193</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Jean Coutu Group, Inc., Loan B, LIBOR + 2.50%, 6/30/11</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">2,195,349</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">448</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Multiplan, Inc., LIBOR + 2.50%, 4/15/13</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">448,613</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">494</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">National Renal Institutes, Inc., Loan B, LIBOR + 2.25%, 4/15/13</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">495,001</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Quintiles Transnational Corp.,</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">993</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.00%, 3/31/13</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">992,190</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 4.00%, 3/31/14</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">252,708</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">983</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Select Medical Corp., Loan B, LIBOR + 1.75%, 2/28/12</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">978,928</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">988</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Vanguard Health Holding Co. II LLC, LIBOR + 2.25%, 9/30/11</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">994,557</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Warner Chilcott Corp.,</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,803</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.00%, 1/18/11</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,810,822</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">583</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.00%, 1/18/11</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">585,690</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">439</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.00%, 1/18/12</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">440,640</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">978</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Wellcare Holdings LLC, LIBOR + 2.50%, 5/13/09</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">979,333</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Health Care</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">23,537,123</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Industrials&#151;1.6%</FONT></B>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">998</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Acosta, Inc., LIBOR + 2.75%, 8/15/13</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,006,228</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">499</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Applied Systems, Inc., Loan B, LIBOR + 2.75%, 9/30/13</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">500,620</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">990</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Bolthouse Farms, Inc., LIBOR + 2.25%, 12/01/12</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">992,475</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Buhrmann U.S., Inc.,</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan D, LIBOR + 1.75%, 12/30/10</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">500,313</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,264</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan D1, LIBOR + 1.75%, 12/30/10</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">2,265,054</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,900</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Drummond Co., Inc., LIBOR + 1.50%, 2/15/12</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,852,500</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Novelis, Inc.,</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">199</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.25%, 1/13/10</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">199,278</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">346</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.25%, 12/30/11</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">346,115</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">625</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">QTC Acquisition, Inc., LIBOR + 6.50%, 5/04/13</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">626,563</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Standard Steel LLC,</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">83</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">1.00%, 7/15/12</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">83,958</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">415</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.50%, 7/15/12</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">417,693</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,281</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Thermo Fluids, Inc., Loan B, LIBOR + 3.00%, 8/15/11</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,284,084</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Trimas Corp.,</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">94</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.75%, 7/31/11</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">94,805</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">405</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.75%, 7/31/13</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">409,793</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">471</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">United Rentals NA, Inc., LIBOR + 2.00%, 2/12/11</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">475,583</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Industrials</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11,055,062</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Media&#151;8.4%</FONT></B>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Affinion Group, Inc., TBD, 3/01/12</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">500,625</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">American Lawyers Media, Inc.,</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,706</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.50%, 3/15/10</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,705,832</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,995</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 5.75%, 3/07/11</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,995,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,970</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Cablevision Systems Corp., LIBOR + 1.75%, 3/31/13</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">3,979,596</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Cequel Communications LLC, LIBOR + 2.25%, 11/01/13</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">5,531,365</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Charter Communications Holdings LLC/Charter Communication Holdings Capital Corp., LIBOR + 2.63%,</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">4/28/13</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">3,529,533</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">719</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">CMP Susquehanna Corp., Loan B, LIBOR + 2.00%, 5/05/12</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">723,601</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Dex Media West LLC/Dex Media Finance Co.,</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,139</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B1, 0.375%, 9/01/09</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">3,136,174</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">789</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B2, LIBOR + 1.50%, 9/09/10</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">788,837</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,321</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">DirecTV Holdings LLC/DirecTV Financing Co., Loan B, LIBOR + 1.50%, 3/06/10</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,324,654</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,224</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">GateHouse Media, Inc., LIBOR + 2.25%, 12/15/13</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,225,214</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">German Media Partners LP, LIBOR + 4.00%, 6/06/13 (EUR)</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">5,207,965</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Idearc, Inc., Loan B, LIBOR + 2.00%, 11/15/14</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">3,021,750</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">496</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Liberty Cablevision of Puerto Rico Ltd., LIBOR + 2.25%, 2/15/13</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">497,801</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">11 </FONT></P>

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



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


<P align="left">
<B><FONT face="serif">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=5% align=center nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width=2% align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="2" align=center>
    <center>
        <B><FONT size=2 face="serif">Principal</FONT></B>
      </center></TD>
  <TD width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=74% align=left>&nbsp;

  </TD>
  <TD width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=1% align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=center nowrap>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD colspan="2" 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>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=right style="border-bottom:1px solid #000000;">
    <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
      </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=left style="border-bottom:1px solid #000000;"> &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Value</FONT></B>  </TD>
  </TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="1%" align=left>&nbsp;</TD>
  <TD width="5%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Media&#151;(cont'd)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><FONT size=2 face="serif">&nbsp;&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Mediacom Broadband LLC, Loan D, LIBOR + 1.75%, 1/31/15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right><div align="left"><FONT size=2 face="serif">&#36;&nbsp;</FONT></div></TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif"> 1,996,250</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,975</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Mediacom Illinois LLC, Loan C, LIBOR + 1.75%, 1/15/15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,976,059</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,922</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Mission Broadcasting, Inc., Loan B, LIBOR + 1.75%, 8/14/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,917,389</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Multicultural Radio Broadcasting, Inc., LIBOR + 2.75%, 12/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">400,750</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">NEP Supershooters LP, LIBOR + 8.00%, 8/01/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">500,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">New Wave Communications,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">945</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 3.25%, 6/20/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">945,250</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">TBD, 6/20/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">300,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,821</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Nexstar Finance, Inc., Loan B, LIBOR + 1.75%, 8/14/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,816,891</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,491</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Nielsen Finance LLC/Nielsen Finance Co., Loan B, LIBOR + 2.25%, 8/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">3,517,235</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">484</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">NTL Investment Holding Ltd., Loan B4, LIBOR + 2.00%, 9/03/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">486,356</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">746</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">PAETEC Communications, Inc., Loan B, LIBOR + 3.50%, 6/30/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">749,048</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Persona Communications, Inc., LIBOR + 6.00%, 4/30/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,006,250</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">496</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Prism Business Media, Inc., Loan B, PRIME + 1.25%, 10/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">496,026</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Puerto Rico Cable Acquisition Co., LIBOR + 6.25%, 7/31/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">755,625</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,327</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">RH Donnelley Corp., Loan D2, LIBOR + 1.50%, 12/31/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">3,321,111</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Wide Open West Finance LLC, Loan B, LIBOR + 2.25%, 4/30/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">502,500</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,939</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">WMG Acquisition Corp., LIBOR + 2.00%, 4/08/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,948,293</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Yell Group Plc,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.00% , 2/15/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,007,604</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.00% , 2/15/13 (EUR)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,976,351</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Media</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">58,786,935</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Real Estate&#151;0.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Foster Wheeler Ltd., LIBOR - 0.10%, 9/15/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">2,261,250</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">270</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Kyle Acquisition Group LLC, Loan B, LIBOR + 3.50%, 7/31/08</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">272,369</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">LandSource Communities Development LLC, Loan B, LIBOR + 2.50%, 3/31/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">997,500</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">491</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Masonite Intl. Corp., LIBOR + 2.00% , 3/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">488,563</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">600</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Stewart Enterprises, Inc., Loan B, LIBOR + 1.75%, 11/30/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">601,107</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Williams Scotsman, Inc., Loan B, LIBOR + 1.50%, 6/30/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">996,875</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Real Estate</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,617,664</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Technology&#151;1.9%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">743</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Affiliated Computer Services, Inc., Loan B, LIBOR + 2.00%, 3/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">747,192</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">374</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Coinstar, Inc., LIBOR + 2.25%, 7/15/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">375,307</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Electrical Components Intl. Holdings Co., LIBOR + 6.50%, 5/19/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">502,500</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Intergraph Corp.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.50%, 5/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">504,062</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR, 11/15/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">766,875</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">997</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Marvell Technology Group Ltd., Loan B, LIBOR + 2.00%, 11/06/09</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">996,875</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,292</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Nuance Communications, Inc., LIBOR + 1.75%, 12/29/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,290,939</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">699</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">RedPrairie Corp., Loan B, LIBOR, 7/31/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">698,374</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,488</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Sensata Technologies BV, Loan B, LIBOR + 1.75%, 4/30/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">2,479,261</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,463</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">SunGard Data Systems, Inc., Loan B, LIBOR + 2.50%, 1/05/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">2,483,855</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Verifone, Inc., LIBOR + 1.75%, 2/28/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">2,005,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">198</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Westcom Corp., Loan B, LIBOR + 2.75%, 12/31/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">198,122</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Technology</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13,048,362</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Telecommunications&#151;4.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">American Cellular Corp.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">375</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">1.25%, 8/15/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">375,703</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">125</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LIBOR + 2.25%, 8/15/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">125,781</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">993</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Atlantic Broadband Finance LLC, Loan B1, LIBOR + 2.75%, 1/30/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,006,149</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,481</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Consolidated Communications, Inc., Loan D, LIBOR + 2.00%, 4/07/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,485,879</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Country Road Communications LLC, LIBOR + 7.75%, 6/30/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">505,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Eircom Group Plc,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.38%, 9/15/15 (EUR)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">2,631,038</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan C, LIBOR, 9/15/14 (EUR)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">2,605,302</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">FairPoint Communications, Inc., LIBOR + 1.75%, 2/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">751,406</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Insight Midwest Holdings LLC,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, 0.25%, 4/06/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,007,500</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B, LIBOR + 2.25%, 4/03/14</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">3,022,500</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Iowa Telecommunications Services, Inc., Loan B, LIBOR + 1.75%, 11/30/11</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">2,007,500</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">748</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">IPC Acquisition Corp., LIBOR + 2.50%, 9/30/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">755,294</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">990</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Madison River Capital LLC, Loan B1, LIBOR + 2.25%, 7/31/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">991,405</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,730</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">NTELOS, Inc., LIBOR + 2.25%, 2/24/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,738,191</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">12 </FONT></P>

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



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


<P align="left">
<B><FONT face="serif">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="7%" align=center nowrap>&nbsp;
</TD>
  <TD width="2%" align=center nowrap>&nbsp;</TD>
  <TD colspan="2" align=center nowrap><center>
      <B><FONT size=2 face="serif">Principal</FONT></B>
  </center></TD>
  <TD width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=72% align=left>&nbsp;

  </TD>
  <TD width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=1% align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="2">
    <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>
  <TD width="8%" align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <center><B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B></center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" style="border-bottom:1px solid #000000;">
    <center>
        <B><FONT size=2 face="serif">(000)</FONT></B>
      </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Description</FONT></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=right style="border-bottom:1px solid #000000;">
    <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
      </center></TD>
  </TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Telecommunications&#151;(cont'd)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width="8%" align=left nowrap>&nbsp;

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

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">NTL Investment Holding Ltd.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width="8%" align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
  </TD>
  <TD>&nbsp;</TD>
  <TD><FONT size=2 face="serif">&nbsp;&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">968</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan B2, LIBOR + 2.13%, 9/03/12 (GBP)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right><div align="left"><FONT size=2 face="serif">&#36;&nbsp;</FONT></div></TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif"> 1,903,256</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Loan C, LIBOR + 2.75%, 3/03/13 (GBP)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">4,011,258</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">746</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Nuvox Communications, LIBOR + 5.00%, 5/15/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">744,385</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">West Corp., LIBOR + 2.75%, 10/31/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">3,019,689</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">832</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Wind Acquisition Finance S.A., Loan A1, LIBOR + 2.25%, 6/17/12 (EUR)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="8%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,084,939</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Telecommunications</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="8%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">29,772,175</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Transportation&#151;0.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width="8%" align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">875</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Delta Air Lines, Inc., Loan A, LIBOR + 2.75%, 4/15/08</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">879,862</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">653</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Sirva Worldwide, Inc., LIBOR + 6.25%, 11/30/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">616,543</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">995</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">UAL Corp., Loan B, LIBOR + 3.75%, 1/31/12</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">997,309</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,863</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Vanguard Car Rental Holdings, Inc., Loan B, LIBOR + 3.00%, 6/30/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="8%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,877,245</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Transportation</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="8%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,370,959</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Bank Loans</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="8%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">371,943,433</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Mortgage Pass-Through Securities&#151;20.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width="8%" align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&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>
  <TD width="8%" align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.50%, 12/01/28-11/01/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">1,281,730</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">8,025</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.50%, 2/01/32-10/01/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">7,915,278</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">17,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.25%, 1/15/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">17,994,857</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">121,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">TBA, 5.00%, 2/15/22</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="8%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">118,353,125</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&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 style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="8%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">145,544,990</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Non-Agency Multiple Class Mortgage Pass-Through Securities&#151;1.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width="8%" align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&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>
  <TD width="8%" align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,442</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. 10, Class 2A1, 4.474%, 10/25/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">6,168,481</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,577</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. 13, Class 1A1, 4.502%, 10/25/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="8%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,283,833</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Non-Agency Multiple Class Mortgage Pass-Through Securities</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="8%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12,452,314</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Interest Only Asset-Backed Securities&#151;0.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width="8%" align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&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>
  <TD width="8%" align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">31,758</FONT>
  </TD>
  <TD>&nbsp;
  </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>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">1,300,091</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">27,898</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. 2, 2.216%, 3/30/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="8%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">889,238</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&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 style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="8%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,189,329</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&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>
  <TD width="8%" align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&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>
  <TD width="8%" align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">20,425</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">3.375%, 12/15/08-9/15/09</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">19,835,194</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">3.75%, 3/31/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">9,977,340</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">3.875%, 5/15/09</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">5,867,814</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,815</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">4.25%, 8/15/15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="8%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,742,471</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&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 style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="8%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">37,422,819</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Foreign Government Bonds&#151;2.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width="8%" align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">476</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Bolivarian Republic of Venezuela, 6.25%, 12/18/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">476,129</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&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>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">5,427,500</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB+</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&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>&nbsp;</TD>
  <TD width="8%" align=right nowrap>
<FONT size=2 face="serif">5,730,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,093</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Turkey, 7.00%, 9/26/16</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="8%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,150,296</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&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 style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="8%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16,783,925</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">13 </FONT></P>

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



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


<P align="left">
<B><FONT face="serif">BlackRock Limited Duration Income Trust (BLW) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=5% align=center nowrap>&nbsp;</TD>
  <TD width=2% align=center>&nbsp;</TD>
  <TD colspan="2" align=center>
    <B><FONT size=2 face="serif">Units</FONT></B>  </TD>
  <TD width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=74% align=left>&nbsp;

  </TD>
  <TD width=2%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=1% align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=center style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="2" align=center style="border-bottom:1px solid #000000;">
    <B><FONT size=2 face="serif">(000)</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Description</FONT></B>
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=center style="border-bottom:1px solid #000000;">
    <B><FONT size=2 face="serif">Value</FONT></B>  </TD>
  </TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="1%" align=left>&nbsp;</TD>
  <TD width="5%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Warrant&#151;0.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">7,8</FONT></SUP>&nbsp;
  </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 style="border-bottom:1px solid #000000;"><div align="left"><FONT size=2 face="serif">&#36;&nbsp;</FONT></div></TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif"> 98,164</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=center nowrap>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD colspan="2" align=center style="border-bottom:1px solid #000000;">
    <B><FONT size=2 face="serif">Shares</FONT></B>  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Common Stock&#151;0.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,579</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">7,8</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Critical Care Systems Intl., Inc.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">60,632</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">Preferred Stock&#151;0.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">125,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Superior Essex Holding Corp., Ser. A, 9.50%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">102,500</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Long-Term Investments (cost &#36;1,016,786,568)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,022,450,528</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=center nowrap>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD colspan="2" align=center>
    <B><FONT size=2 face="serif">Principal</FONT></B>  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=center nowrap>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD colspan="2" 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 width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=center nowrap>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD colspan="2" align=center style="border-bottom:1px solid #000000;">
    <B><FONT size=2 face="serif">(000)</FONT></B>  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENT&#151;0.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<B><FONT size=2 face="serif">U.S. Government and Agency Discount Notes&#151;0.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=right nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><FONT size=2 face="serif">&nbsp;&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 6,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">9</FONT></SUP>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Federal Home Loan Bank Discount Notes, 4.951%, 2/01/07 (cost &#36;6,000,000)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,000,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Total Investments&#151;146.0% (cost &#36;1,022,786,568</FONT><SUP><FONT size=2 face="serif">10</FONT></SUP><FONT size=2 face="serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right><div align="left"><FONT size=2 face="serif">&#36;&nbsp;</FONT></div></TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">1,028,450,528</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">Liabilities in excess of other assets (including &#36;206,270,908 reverse repurchase agreements payable and</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width=8% align=left nowrap>&nbsp;

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

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left>
<FONT size=2 face="serif">&#36;137,755,569 payable for investments purchased)&#151;(46.0)%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(323,959,324)</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD width=5% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Net Assets&#151;100%</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right style="border-bottom:3px double #000000;"><div align="left"><FONT size=2 face="serif">&#36;&nbsp;</FONT></div></TD>
  <TD width=8% align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif"> 704,491,204</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>______________________</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Using the highest of Standard &amp; Poor's, Moody's Investor Service or Fitch's Ratings.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Security is fair valued.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3</FONT></TD>
  <TD width=100%>
<P align="left"><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,
2007, the Trust held 18.8% of its net assets, with a current market value of &#36;132,250,718, in securities restricted as to resale.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">4</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Variable rate security. Rate shown is interest rate as of January 31, 2007.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">5</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Entire or partial principal amount pledged as collateral for reverse repurchase agreements.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">6</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Illiquid security. As of January 31, 2007, the Trust held 0.8% of its net assets, with a current market value of &#36;5,509,139, in these securities.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">7</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Issuer is in default and/or bankruptcy.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">8</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Non-income producing security.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">9</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Rate shown is the yield to maturity as of the date of purchase.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Cost for federal income tax purposes is &#36;1,022,987,854. The net unrealized appreciation on a tax basis is &#36;5,462,674, consisting of &#36;17,610,649 gross unrealized appreciation and &#36;12,147,975
gross unrealized depreciation.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="left"><FONT size=2 face="serif">For Trust compliance purposes, the Trust's sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of
this report, which may combine sector and industry sub-classifications for reporting ease.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<br><center>
<DIV STYLE="BORDER:1PX SOLID BLACK; width:30%; padding:2%">
<TABLE width="96%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="serif">EUR &#151; Euro</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="serif">GBP &#151; British Pound</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="serif">LIBOR &#151; London Interbank Offered Rate</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="serif">PRIME &#151; Prime Rate</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="serif">TBA &#151; To Be Announced</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="serif">TBD &#151; To Be Determined</FONT>
  </TD>
</TR>
</TABLE>
</DIV></center><BR>
<P align="center">
<FONT size=2 face="serif">14 </FONT></P>

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

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

<P align="left">
<B><FONT face="serif">Item 2. Controls and Procedures.</FONT></B><FONT face="serif"> </FONT></P>
<P align="left">
<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 align="left">
<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 align="left">
<B><FONT face="serif">Item 3. Exhibits.</FONT></B><FONT face="serif"> </FONT></P>
<P align="left">
<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>

<center>
  <FONT size=2 face="serif">15</FONT>
</center>
<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 align="left">
<FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</FONT></P>
<table width="45%"  border="0" cellspacing="0" cellpadding="0">
  <tr align="left">
    <td width="23%" nowrap><font face="serif">(Registrant)</font></td>
    <td width="77%" nowrap style="border-bottom:1px solid #000000;"><font face="serif">BlackRock Limited Duration Income Trust</font></td>
  </tr>
</table>
<P align="left">  <FONT face="serif">By: <u>/s/ Donald C. Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: Donald C. Burke </FONT><BR>
  <FONT face="serif">Title: Treasurer and Principal Financial Officer </FONT><BR>
  <FONT face="serif">Date: March 28, 2007 </FONT></P>
<P align="left">
<FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the
dates indicated. </FONT></P>
<P align="left">
<FONT face="serif">By: <U>/s/ Robert S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 28, 2007 </FONT><BR>
<BR>
<FONT face="serif">By: <u>/s/ Donald C. Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: Donald C. Burke </FONT><BR>
<FONT face="serif">Title: Treasurer and Principal Financial Officer </FONT><BR>
<FONT face="serif">Date: March 28, 2007 </FONT></P>

<center>
  <FONT size=2 face="serif">16</FONT>
</center>
<HR noshade width="100%" size=4>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c47533_ex99-cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c47521_ex99-cert.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<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><BR>
<BR>
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
<FONT face="serif">I, Robert S. Kapito, certify that: </FONT></P>
<P align="left">
<FONT face="serif">1. I have reviewed this report on Form N-Q of </FONT><FONT face="serif">BlackRock Limited Duration Income Trust; </FONT></P>
<P align="left">
<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 align="left">
<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 align="left">
<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 align="left">
<FONT face="serif">(a)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P align="left">
<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 align="left">
<FONT face="serif">(c)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT face="serif">Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<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 align="left">
<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 align="left">
<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 align="left">
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. </FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=25%>
<FONT face="serif">Date: March 28, 2007</FONT>&nbsp;
  </TD>
  <TD width=26%>&nbsp;
  </TD>
  <TD align=left width=48% style="border-bottom:1px solid #000000;"><center>
    /s/ Robert S. Kapito

</center></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=25%>&nbsp;

  </TD>
  <TD width=26%>&nbsp;
  </TD>
  <TD align=center width=48%>
<FONT face="serif">Robert S. Kapito</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=25%>&nbsp;

  </TD>
  <TD width=26%>&nbsp;
  </TD>
  <TD align=center width=48%>
<FONT face="serif">President and Principal Executive Officer</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>

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



<P align="left" style="page-break-before:always"></P><PAGE>
<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></p>
<p align="center"><B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER </FONT></B><BR>
<BR>
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
<FONT face="serif">I, Donald C. Burke, certify that: </FONT></P>
<P align="left">
<FONT face="serif">1. I have reviewed this report on Form N-Q of </FONT><FONT face="serif">BlackRock Limited Duration Income Trust; </FONT></P>
<P align="left">
<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 align="left">
<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 align="left">
<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 align="left">
<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 align="left">
<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>
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<FONT face="serif">(c)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT face="serif">Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
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<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>
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<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>
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<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>
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<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>
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<FONT face="serif">Date:</FONT>&nbsp;
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<FONT face="serif">March 28, 2007</FONT>&nbsp;
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    /s/ Donald C. Burke

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<FONT face="serif">Donald C. Burke</FONT>&nbsp;
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<FONT face="serif">Treasurer and Principal Financial Officer</FONT>&nbsp;
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