Regulatory Filings • Sep 29, 2004
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
| Investment Company Act file number: | |
|---|---|
| BlackRock Limited Duration Income Trust | |
| (Exact name of registrant as specified in charter) | |
| 100 Bellevue Parkway, Wilmington, DE | 19809 |
| (Address of principal executive offices) | (Zip code) |
| Robert S. Kapito, President | |
| BlackRock Limited Duration Income Trust | |
| 40 East 52nd Street, New York, NY 10022 | |
| (Name and address of agent for service) |
| Registrant's telephone number, including area code: | |
|---|---|
| Date of fiscal year end: | October 31, 2004 |
| Date of reporting period: | July 31, 2004 |
Item 1. Schedule of Investments
The Trust's schedule of investments pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
PORTFOLIO OF INVESTMENTS July 31, 2004
BlackRock Limited Duration Income Trust (BLW)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| LONG-TERM INVESTMENTS145.6% | ||||
| Corporate Bonds62.9% | ||||
| Aero & Defense2.2% | ||||
| NR | $ 4,000 | Raytheon, 7.00%, 5/15/06 | $ 4,222,240 | |
| BB- | 5,000 | Sequa Corp., Ser. B, 8.875%, 4/01/08 | 5,350,000 | |
| B- | 5,885 | Transdigm, Inc., 8.375%, 7/15/11 | 6,208,675 | |
| 15,780,915 | ||||
| Automotive5.4% | ||||
| B3 | 5,000 | Advanced Accesory Systems LLC, Ser. | ||
| B, 10.75%, 6/15/11 | 5,000,000 | |||
| B2 | 2,750 | Collins & Aikman Products Co., | ||
| 10.75%, 12/31/11 | 2,777,500 | |||
| A3 | 7,500 | 2 | DaimlerChrysler NA Holding Corp., | |
| 4.05%, 6/04/08 | 7,431,225 | |||
| B+ | 3,000 | Dura Operating Corp., Ser. B, 8.625%, | ||
| 4/15/12 | 2,977,500 | |||
| A3 | 7,500 | 2 | Ford Motor Credit Co., 7.375%, 2/01/11 | 7,959,540 |
| A3 | 7,500 | General Motors Acceptance Corp., | ||
| 6.875%, 8/28/12 | 7,622,925 | |||
| BB- | 4,640 | TRW Automotive, Inc., 9.375%, 2/15/13 | 5,289,600 | |
| 39,058,290 | ||||
| Basic Material1.6% | ||||
| B2 | 2,000 | 3 | Gold Kist, Inc., 10.25%, 3/15/14 | 2,180,000 |
| BB | 5,000 | Ipsco, Inc., 8.75%, 6/01/13 | 5,600,000 | |
| BB- | 3,250 | United States Steel LLC, 10.75%, | ||
| 8/01/08 | 3,761,875 | |||
| 11,541,875 | ||||
| Building & Development0.4% | ||||
| B | 250 | Collins & Aikman Floorcovering, | ||
| Ser. B, 9.75%, 2/15/10 | 258,750 | |||
| BB+ | 3,000 | D.R. Horton, Inc., 5.875%, 7/01/13 | 2,921,250 | |
| 3,180,000 | ||||
| Chemical2.8% | ||||
| B- | 2,820 | 3 | BCP Caylux Holdings SCA, 9.625%, | |
| 6/15/14 (Luxembourg) | 2,925,750 | |||
| B | 2,500 | 3 | Huntsman Advanced Materials LLC, | |
| 11.00%, 7/15/10 | 2,831,250 | |||
| B | 3,000 | Huntsman LLC, 11.625%, 10/15/10 | 3,337,500 | |
| B+ | 5,000 | Lyondell Chemical Co., 11.125%, 7/15/12 | 5,550,000 | |
| B- | 5,000 | Rockwood Specialties Group, Inc., | ||
| 10.625%, 5/15/11 | 5,375,000 | |||
| 20,019,500 | ||||
| Conglomerates1.6% | ||||
| B | 3,000 | Trimas Corp., 9.875%, 6/15/12 | 3,180,000 | |
| BBB | 7,500 | 2 | Tyco Intl. Group SA, 6.125%, 11/01/08 | 8,048,475 |
| 11,228,475 | ||||
| Consumer Products2.7% | ||||
| B+ | 5,000 | Group 1 Automotive, Inc., 8.25%, | ||
| 8/15/13 | 5,175,000 | |||
| BB+ | 5,000 | JC Penney Co., Inc., 8.00%, 3/01/10 | 5,612,500 | |
| B+ | 5,000 | Rite Aid Corp., 8.125%, 5/01/10 | 5,212,500 | |
| B+ | 3,500 | Sonic Automotive, Inc., Ser. B, 8.625%, | ||
| 8/15/13 | 3,596,250 | |||
| 19,596,250 | ||||
| Containers & Glass1.3% | ||||
| B- | 4,980 | Graphic Packaging Intl., Inc., 9.50%, | ||
| 8/15/13 | 5,453,100 | |||
| B+ | 4,000 | Silgan Holdings, Inc., 6.75%, 11/15/13 | 3,940,000 | |
| 9,393,100 | ||||
| Ecological Services & Equipment2.3% | ||||
| B+ | 6,783 | 2 | Allied Waste NA, Inc., Ser. B, 10.00%, | |
| 8/01/09 | 7,139,108 | |||
| B | 2,000 | Casella Waste Systems, Inc., 9.75%, | ||
| 2/01/13 | 2,145,000 | |||
| B | 6,250 | 2 | National Waterworks, Inc., Ser. B, | |
| 10.50%, 12/01/12 | 7,046,875 | |||
| 16,330,983 |
1
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| Energy9.2% | ||||
| B+ | $ 5,500 | 2,3 | AES Corp., The, 8.75%, 5/15/13 | $ 6,008,750 |
| BB- | 5,290 | Chesapeake Energy Corp., 7.50%, 9/15/13 | 5,607,400 | |
| BB | 2,000 | Compagnie Generale de Geophysique | ||
| SA, 10.625%, 11/15/07 (France) | 2,127,500 | |||
| B | 5,000 | Dresser, Inc., 9.375%, 4/15/11 | 5,400,000 | |
| B | 4,475 | 2,3 | Dynegy Holdings, Inc., 10.125%, 7/15/13 | 4,922,500 |
| B- | 4,000 | El Paso Production Holding Co., 7.75%, | ||
| 6/01/13 | 3,820,000 | |||
| BB- | 2,160 | 3 | Gazprom, 9.625%, 3/01/13 (Russia) | 2,259,900 |
| CCC+ | 3,000 | 3 | Gemstone Investor Ltd., 7.71%, 10/31/04 | 3,030,000 |
| B+ | 2,950 | Hanover Equipment Trust, Ser. B, | ||
| 8.75%, 9/01/11 | 3,163,875 | |||
| B | 5,000 | 3 | Hilcorp Energy I LP, 10.50%, 9/01/10 | 5,500,000 |
| B+ | 2,000 | Massey Energy Corp., 6.95%, 3/01/07 | 2,070,000 | |
| B1 | 5,000 | Midwest Generation LLC, Ser. A, 8.30%, | ||
| 7/02/09 | 5,150,000 | |||
| B | 5,000 | Swift Energy Co., 9.375%, 5/01/12 | 5,375,000 | |
| BBB- | 5,000 | Westport Resources Corp., 8.25%, | ||
| 11/01/11 | 5,729,300 | |||
| Williams Cos, Inc., | ||||
| B+ | 1,000 | zero coupon, 3/15/12 | 1,092,500 | |
| B+ | 5,000 | 8.625%, 6/01/10 | 5,612,500 | |
| 66,869,225 | ||||
| Finance & Banking7.1% | ||||
| BB | 3,000 | Crum & Forster Holdings Corp., | ||
| 10.375%, 6/15/13 | 3,255,000 | |||
| JP Morgan HYDIB, | ||||
| Ba3 | 10,000 | 2,3 | 6.40%, 6/20/08 | 9,900,000 |
| B3 | 9,815 | 2,3 | 9.00%, 6/20/08 | 10,060,185 |
| Baa2 | 5,000 | 3 | Kazkommerts Intl. BV, 10.125%, 5/08/07 | |
| (Netherlands) | 5,525,000 | |||
| B1 | 4,500 | 3 | Sheridan Acquisition Corp., 10.25%, | |
| 8/15/11 | 4,775,625 | |||
| B+ | 5,000 | Southern Star Central Corp., 8.50%, | ||
| 8/01/10 | 5,425,000 | |||
| AAA | 7,894 | 2 | Structured Asset Receivable Trust, | |
| 2.13%, 1/21/10 | 7,867,209 | |||
| BB- | 4,215 | 2 | Western Financial Bank, 9.625%, 5/15/12 | 4,636,500 |
| 51,444,519 | ||||
| Forest Products2.5% | ||||
| B | 4,000 | Caraustar Industries, Inc., 9.875%, | ||
| 4/01/11 | 4,160,000 | |||
| BB+ | 5,685 | 2 | Georgia Pacific Corp., 8.875%, 2/01/10 | 6,495,113 |
| BBB | 7,500 | 2 | Weyerhaeuser Co., 5.25%, 12/15/09 | 7,686,330 |
| 18,341,443 | ||||
| Health Care4.3% | ||||
| A- | 4,000 | Alaris Med Systems Inc., 7.25%, 7/01/11 | 4,480,000 | |
| BB | 5,000 | Amerisourcebergen Corp., 8.125%, | ||
| 9/01/08 | 5,425,000 | |||
| B- | 5,000 | 2 | Concentra Operating Corp., 9.50%, | |
| 8/15/10 | 5,400,000 | |||
| B- | 370 | 3 | Curative Health Services, Inc., 10.75%, | |
| 5/01/11 | 334,850 | |||
| B- | 3,000 | Insight Health Services Corp., Ser. | ||
| B, 9.875%, 11/01/11 | 3,232,500 | |||
| B- | 3,000 | Norcross Safety Prods LLC, 9.875%, | ||
| 8/15/11 | 3,240,000 | |||
| Tenet Healthcare Corp., | ||||
| B- | 1,875 | 6.375%, 12/01/11 | 1,682,813 | |
| B- | 25 | 6.50%, 6/01/12 | 22,250 | |
| B- | 2,400 | 3 | 9.875%, 7/01/14 | 2,484,000 |
| B | 4,500 | United Surgical Partners Intl., | ||
| Inc., 10.00%, 12/15/11 | 5,107,500 | |||
| 31,408,913 | ||||
| Hotels & Casino2.6% | ||||
| B | 3,500 | Ameristar Casinos Inc., 10.75%, 2/15/09 | 3,937,500 | |
| B+ | 4,125 | Boyd Gaming Corp., 7.75%, 12/15/12 | 4,248,750 | |
| Ba3 | 2,671 | Host Marriot Corp., Ser. B, 7.875%, | ||
| 8/01/08 | 2,744,452 | |||
| B | 2,000 | John Q. Hammons Hotels LP, Ser. B, | ||
| 8.875%, 5/15/12 | 2,200,000 | |||
| Ba2 | 5,425 | MGM Mirage, 9.75%, 6/01/07 | 5,960,719 | |
| 19,091,421 |
2
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| Industrials1.8% | ||||
| B- | $ 4,000 | 3 | Fasten Tech Inc., 11.50%, 5/01/11 | $ 4,480,000 |
| B | 5,025 | Hexcel Corp., 9.875%, 10/01/08 | 5,502,375 | |
| B- | 3,000 | Williams Scotsman, Inc., 9.875%, | ||
| 6/01/07 | 2,970,000 | |||
| 12,952,375 | ||||
| Leisure0.5% | ||||
| BB+ | 3,500 | Royal Caribbean Cruises Ltd., 8.00%, | ||
| 5/15/10 (Liberia) | 3,797,500 | |||
| Media6.6% | ||||
| B1 | 2,500 | Alliance Atlantis Communications, | ||
| Inc., 13.00%, 12/15/09 (Canada) | 2,731,250 | |||
| B- | 3,500 | CBD Media Inc., 8.625%, 6/01/11 | 3,710,000 | |
| BB- | 5,000 | Cenveo Corp., 9.625%, 3/15/12 | 5,387,500 | |
| BBB | 6,685 | 2 | Comcast Cable Communications, 6.875%, | |
| 6/15/09 | 7,334,180 | |||
| BB- | 6,000 | 2 | CSC Holdings Inc., 7.875%, 12/15/07 | 6,300,000 |
| B | 2,000 | Dex Media East LLC, 12.125%, 11/15/12 | 2,370,000 | |
| BB- | 2,000 | Echostar Dbs Corporation, 5.75%, | ||
| 10/01/08 | 1,985,000 | |||
| B | 5,000 | Houghton Mifflin Company, 9.875%, | ||
| 2/01/13 | 5,137,500 | |||
| B- | 3,250 | Nextmedia Operating, Inc., 10.75%, | ||
| 7/01/11 | 3,648,125 | |||
| B+ | 2,500 | 3 | Paxson Communications Corp., 4.35%, | |
| 10/15/04 | 2,509,375 | |||
| B- | 4,650 | Salem Communications Corp., 7.75%, | ||
| 12/15/10 | 4,766,250 | |||
| B | 1,000 | Von Hoffman Corp., 10.25%, 3/15/09 | 1,090,000 | |
| CCC+ | 1,375 | WRC Media, Inc., 12.75%, 11/15/09 | 1,251,250 | |
| 48,220,430 | ||||
| Real Estate0.8% | ||||
| BB | 5,860 | 2,3 | American Real Estate Partners LP, | |
| 8.125%, 6/01/12 | 6,006,500 | |||
| Technology1.7% | ||||
| B1 | 2,708 | Amkor Tech. Inc., 7.75%, 5/15/13 | 2,308,570 | |
| B- | 2,500 | Chippac Int. Ltd., Ser. B, 12.75%, | ||
| 8/01/09 | 2,656,250 | |||
| Ba2 | 3,972 | Flextronics Intl Ltd., 6.50%, 5/15/13 | 3,892,560 | |
| BB+ | 3,500 | Unisys Corp., 6.875%, 3/15/10 | 3,552,500 | |
| 12,409,880 | ||||
| Telecommunication4.3% | ||||
| B- | 6,000 | ACC Escrow Corp., Ser. B, 10.00%, | ||
| 8/01/11 | 5,220,000 | |||
| A- | 5,000 | 2 | Deutsche Telekom Intl. Finance BV, | |
| 8.50%, 6/15/10 (Netherlands) | 5,893,100 | |||
| BB | 5,000 | 2 | Nextel Communications, Inc., 7.375%, | |
| 8/01/15 | 5,237,500 | |||
| B+ | 4,210 | 3 | PanAmSat Corp., 9.00%, 8/15/14 | 4,210,000 |
| B | 4,000 | Qwest Communications Intl., Inc., | ||
| 4.75%, 2/15/09 | 3,820,000 | |||
| BB- | 6,000 | 2,3 | Qwest Corp., 9.125%, 3/15/12 | 6,585,000 |
| 30,965,600 | ||||
| Transportation1.2% | ||||
| BB+ | 1,650 | Overseas Shipholding Group, Inc., | ||
| 8.75%, 12/01/13 | 1,782,000 | |||
| B | 3,720 | Railamerica Transportation Corp., | ||
| 12.875%, 8/15/10 | 4,240,800 | |||
| B | 3,015 | Sea Containers Ltd., 10.50%, 5/15/12 | ||
| (Bermuda) | 3,015,000 | |||
| 9,037,800 | ||||
| Total Corporate Bonds | 456,674,994 | |||
| Bank Loans46.0% | ||||
| Aero & Defense0.2% | ||||
| 1,484 | Transdigm, Inc., Term Loan, LIBOR | |||
| + 2.25%, 4/12/11 | 1,501,401 | |||
| Automotive1.7% | ||||
| 498 | CSK Auto, Inc., Term Loan B, LIBOR | |||
| + 2.25%, 6/18/09 | 503,719 | |||
| 1,250 | Dayco Products, LLC, Term Loan B, | |||
| LIBOR + 3.00%, 6/30/10 | 1,266,406 | |||
| 2,859 | EaglePicher Industries, Term Loan | |||
| B, LIBOR + 3.00%, 8/07/09 | 2,878,498 | |||
| 1,317 | Metaldyne Co. LLC, Term Loan D, LIBOR | |||
| + 4.25%, 12/31/09 | 1,315,721 | |||
| Tenneco Automotive, Inc., | ||||
| 446 | Term Loan B, LIBOR + 3.00%, 11/30/10 | 454,026 | ||
| 1,002 | Term Loan B1, LIBOR + 3.00%, 11/30/10 | 1,020,507 | ||
| 2,776 | TRW Automotive Aquisitions Corp., | |||
| Term Loan D1, LIBOR + 2.25%, 2/28/11 | 2,822,491 | |||
| 1,888 | Williams Scotsman, Inc., Term Loan | |||
| B, LIBOR + 3.00%, 12/31/08 | 1,911,353 | |||
| 12,172,721 |
3
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | |||
|---|---|---|---|
| Amount | |||
| Rating 1 | (000) | Description | Value |
| Basic | |||
| Material0.1% | |||
| $ 500 | Metokote | ||
| Corp., Term Loan B, LIBOR + 5.75%, 2/01/11 | $ 505,000 | ||
| Building | |||
| & Development0.7% | |||
| 1,474 | Associated | ||
| Materials, Inc., Term Loan, LIBOR + 2.75%, 8/20/10 | 1,485,965 | ||
| 998 | Builders | ||
| Firstsource, Inc., Term Loan A, LIBOR + 3.25%, 2/25/10 | 1,003,734 | ||
| 850 | Goodman | ||
| Global Holdings, Inc., Term Loan B, LIBOR + 2.00%, 11/30/09 | 860,094 | ||
| 1,000 | Landsource | ||
| Communities Development, LLC, Term Loan, LIBOR + 4.25%, 3/31/10 | 1,013,125 | ||
| Ply | |||
| Gem Industries, | |||
| 75 | CAD | ||
| Term Loan, LIBOR + 2.50%, 3/15/10 | 74,953 | ||
| 424 | USD | ||
| Term Loan, LIBOR + 2.50%, 10/01/11 | 424,732 | ||
| 4,862,603 | |||
| Chemical2.3% | |||
| Celanese, | |||
| 3,000 | Term | ||
| Loan B, LIBOR + 2.50%, 11/03/11 | 3,091,251 | ||
| 1,000 | Term | ||
| Loan C, LIBOR + 4.25%, 6/03/11 | 1,015,417 | ||
| 3,000 | Cognis, | ||
| Term Loan B, LIBOR + 4.75%, 11/15/13 | 2,981,250 | ||
| 1,750 | Huntsman | ||
| Intl. LLC, Term Loan B, LIBOR + 3.25%, 12/31/10 | 1,774,938 | ||
| 931 | INEOS | ||
| Group Holdings PLC, Term Loan C, LIBOR + 3.50%, 6/30/09 | 943,033 | ||
| 2,717 | Nalco | ||
| Chemical Co., Term Loan B, LIBOR + 2.50%, 11/01/10 | 2,756,001 | ||
| 2,485 | Rockwood | ||
| Specialties Group, Term Loan A, LIBOR + 8.00%, 1/31/06 | 2,475,060 | ||
| 1,000 | Term | ||
| Loan B, LIBOR + 2.25%, 8/15/12 | 1,000,000 | ||
| 993 | USI | ||
| Holdings Corp., Term Loan B, LIBOR + 2.50%, 7/30/08 | 1,001,184 | ||
| 17,038,134 | |||
| Conglomerates2.3% | |||
| Colfax | |||
| Corp., | |||
| 3,700 | Term | ||
| Loan B, LIBOR + 3.00%, 6/30/09 | 3,711,562 | ||
| 1,250 | Term | ||
| Loan C, LIBOR + 6.00%, 6/30/10 | 1,275,000 | ||
| Invesys | |||
| Intl. Holdings LTD., | |||
| 1,996 | Term | ||
| Loan, LIBOR + 3.50%, 8/30/09 | 2,025,783 | ||
| 4,250 | Term | ||
| Loan B, LIBOR + 4.75%, 11/30/09 | 4,356,250 | ||
| 748 | Precise | ||
| Technology, Inc., Term Loan A, LIBOR + 3.00%, 3/31/11 | 752,333 | ||
| 2,481 | Quintiles | ||
| Transnational Corp., Term Loan B, LIBOR + 4.25%, 9/25/09 | 2,518,469 | ||
| 1,985 | Trimas | ||
| Corp., Term Loan B, LIBOR + 3.50%, 12/31/09 | 1,996,771 | ||
| 16,636,168 | |||
| Consumer | |||
| Products6.9% | |||
| 1,066 | Alimentation | ||
| Couche Tard, Inc., Term Loan B, LIBOR + 2.25%, 12/31/10 | 1,078,953 | ||
| 500 | Buffets, | ||
| Inc., Term Loan LC, LIBOR + 3.60%, 6/28/09 | 507,500 | ||
| 1,735 | CKE | ||
| Restaurants, Term Loan, LIBOR + 3.00%, 5/17/09 | 1,760,584 | ||
| 500 | Coinstar, | ||
| Inc., Term Loan, LIBOR + 2.25%, 7/15/11 | 508,125 | ||
| 1,080 | Dole | ||
| Food Co., Inc., Term Loan D, LIBOR + 2.25%, 8/30/08 | 1,096,322 | ||
| 3,339 | Dr. | ||
| Pepper Bottling Company of Texas, Term Loan B, LIBOR + 2.50%, 12/30/10 | 3,373,096 | ||
| 1,463 | DS | ||
| Waters Enterprises LP, Term Loan B, LIBOR + 2.75%, 11/30/09 | 1,441,477 | ||
| 500 | Harbor | ||
| Freight Tools, Term Loan B, LIBOR + 3.00%, 7/30/10 | 505,000 | ||
| 1,985 | Jarden | ||
| Corp., Term Loan B, LIBOR + 2.25%, 4/30/08 | 2,004,850 | ||
| 2,586 | Jostens, | ||
| Inc., Term Loan B, LIBOR + 2.50%, 7/08/10 | 2,618,713 | ||
| 1,000 | Keystone | ||
| Foods, Term Loan, LIBOR + 2.50%, 6/30/11 | 1,010,000 | ||
| 4,000 | Kosa | ||
| BV, Term Loan B, LIBOR + 3.00%, 4/30/11 | 4,055,000 | ||
| 1,000 | Language | ||
| Line Inc., Term Loan, LIBOR + 2.25%, 6/14/11 | 1,010,000 | ||
| 1,674 | Le | ||
| Nature, Term Loan B, LIBOR + 4.00%, 5/30/10 | 1,693,212 | ||
| 1,514 | Meow | ||
| Mix Co., Term Loan B, LIBOR + 4.25%, 8/30/09 | 1,506,068 | ||
| 2,985 | Michael | ||
| Foods, Inc., Term Loan B, LIBOR + 2.50%, 11/30/10 | 3,027,909 | ||
| 1,000 | Nice | ||
| Pak Products, Term Loan, Prime + 2.50%, 6/15/10 | 1,010,000 | ||
| Olympus | |||
| Cable Holdings, LLC, | |||
| 2,000 | Term | ||
| Loan A, Prime + 1.25%, 6/30/10 | 1,916,786 | ||
| 3,500 | Term | ||
| Loan B, Prime + 2.00%, 9/30/10 | 3,376,250 | ||
| 2,818 | Oriental | ||
| Trading Co., Inc., Term Loan B, LIBOR + 2.75%, 6/30/09 | 2,840,462 | ||
| 1,977 | Pantry, | ||
| Inc., The, Term Loan, LIBOR, 2/18/11 | 2,003,993 | ||
| 1,000 | Pierre | ||
| Foods Inc., Term Loan B, LIBOR + 2.75%, 7/15/10 | 1,011,250 |
4
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | |||
|---|---|---|---|
| Amount | |||
| Rating 1 | (000) | Description | Value |
| Consumer Products(continued) | |||
| $ 1,496 | Prestige Brands Holdings, Inc., Term | ||
| Loan B, LIBOR + 4.25%, 4/07/11 | $ 1,517,447 | ||
| 3,829 | R.H. Donnelley, Inc., Term Loan B2, | ||
| LIBOR + 2.25%, 6/30/10 | 3,871,243 | ||
| 1,197 | Scotts Co., The, Term Loan B, LIBOR | ||
| + 2.00%, 10/30/10 | 1,202,558 | ||
| 973 | Sealy Mattress Co., Term Loan B, | ||
| LIBOR + 2.50%, 3/31/12 | 987,002 | ||
| 3,218 | Tempur Pedic, Term Loan B, LIBOR | ||
| + 3.00%, 8/13/09 | 3,249,675 | ||
| 50,183,475 | |||
| Containers & Glass3.7% | |||
| 1,000 | Bway Corp., Term Loan B, LIBOR + | ||
| 1.25%, 6/30/11 | 1,015,000 | ||
| 5,700 | Crown Cork & Seal Co., Inc., | ||
| Term Loan B1, LIBOR + 3.00%, 9/30/08 | 5,778,375 | ||
| 3,980 | Graphic Packaging Intl., Inc., Term | ||
| Loan B, LIBOR + 2.75%, 6/30/10 | 4,038,040 | ||
| Owens-Brockway Glass Container, Inc., | |||
| 8,500 | Term Loan A, LIBOR + 3.00%, 6/30/07 | 8,604,482 | |
| 1,000 | Term Loan C, LIBOR + 3.00%, 3/15/08 | 1,001,250 | |
| 952 | Term Loan C1, LIBOR + 3.00%, 3/15/08 | 965,476 | |
| 2,970 | Silgan Holdings, Inc., Term Loan | ||
| B, LIBOR + 1.75%, 11/30/08 | 2,999,624 | ||
| 494 | Sola International, Inc., Term Loan, | ||
| LIBOR + 3.00%, 11/30/09 | 500,539 | ||
| 1,995 | Solo Cup, Inc., Term Loan B, LIBOR, | ||
| 2/27/11 | 2,016,612 | ||
| 26,919,398 | |||
| Ecological Services & Equipment0.8% | |||
| Allied Waste NA, Inc., | |||
| 1,000 | Term Loan A, LIBOR + 2.75%, 1/15/10 | 1,015,417 | |
| 4,000 | Term Loan C, LIBOR + 2.75%, 1/15/10 | 4,053,572 | |
| 1,000 | Envirosolutions, Inc., Term Loan, | ||
| LIBOR + 4.00%, 2/28/09 | 1,000,000 | ||
| 6,068,989 | |||
| Electronics0.5% | |||
| 3,307 | Knowles Electronics, Inc., Term Loan | ||
| B, LIBOR + 5.00%, 6/29/07 | 3,323,564 | ||
| 487 | SGL Carbon LLC, Term Loan, LIBOR | ||
| + 3.00%, 6/30/09 | 486,984 | ||
| 3,810,548 | |||
| Energy3.9% | |||
| 429 | AES Corp., The, Term Loan, LIBOR | ||
| + 4.00%, 4/30/08 | 433,623 | ||
| 1,980 | Calpine Corp., Term Loan B, LIBOR | ||
| + 5.75%, 7/15/07 | 1,694,825 | ||
| 6,943 | Centerpoint Energy, Inc., Term Loan | ||
| B, LIBOR + 3.50%, 10/30/06 | 7,015,571 | ||
| 2,000 | Getty Petroleum, Inc., Term Loan, | ||
| LIBOR + 3.25%, 5/20/10 | 2,028,750 | ||
| Gulfterra Energy Partners, LP, | |||
| 1,990 | Term Loan B, LIBOR + 2.25%, 11/30/08 | 2,009,900 | |
| 500 | Term Loan B2, LIBOR + 2.25%, 10/11/07 | 505,000 | |
| 2,000 | La Grange Acquisition, LP, Term Loan, | ||
| LIBOR + 3.00%, 1/18/08 | 2,027,500 | ||
| 5,500 | Mission Energy Holdings Co., Term | ||
| Loan, LIBOR + 5.00%, 11/19/06 | 5,510,312 | ||
| 578 | NRG Energy, Inc., Term Loan, LIBOR | ||
| + 4.00%, 5/08/10 | 596,645 | ||
| 496 | Pike Electric, Term Loan, LIBOR + | ||
| 2.25%, 6/30/12 | 504,934 | ||
| 5,762 | Reliant Resources, Inc., Term Loan, | ||
| LIBOR, 3/15/07 | 5,746,316 | ||
| 28,073,376 | |||
| Finance & Banking0.8% | |||
| 1,000 | Conseco Inc., Term Loan, LIBOR + | ||
| 4.00%, 6/16/10 | 1,013,125 | ||
| 1,975 | Global Cash Access, LLC, Term Loan, | ||
| LIBOR + 2.75%, 3/15/10 | 2,004,625 | ||
| 2,000 | SBA Senior Finance, Inc., Term Loan, | ||
| LIBOR + 3.50%, 10/31/08 | 2,012,500 | ||
| 494 | Universal American Financial Corp., | ||
| Term Loan B, LIBOR + 2.25%, 5/25/09 | 493,750 | ||
| 5,524,000 | |||
| Forest Products1.7% | |||
| MDCP Acquisitions, | |||
| 4,000 | Term Loan B3, LIBOR + 2.75%, 12/31/08 | 4,018,752 | |
| 4,000 | Term Loan C3, LIBOR + 3.25%, 10/31/11 | 4,025,000 | |
| 1,493 | RLC Industries Co., Term Loan B, | ||
| LIBOR + 2.00%, 1/26/10 | 1,503,694 | ||
| SP Newsprint Co., Term Loan B, | |||
| 1,611 | LIBOR, 1/09/10 | 1,633,264 | |
| 876 | LIBOR + 3.00%, 1/08/10 | 888,439 | |
| 12,069,149 |
5
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | |||
|---|---|---|---|
| Amount | |||
| Rating 1 | (000) | Description | Value |
| Health Care3.8% | |||
| $ 211 | Ameripath, Inc., Term Loan C, LIBOR | ||
| + 3.00%, 3/20/10 | $ 211,662 | ||
| 746 | Atrium Companies, Inc., Term Loan | ||
| B, LIBOR + 2.75%, 11/19/08 | 754,024 | ||
| 3,960 | Community Health Systems, Inc., Term | ||
| Loan, LIBOR + 2.50%, 6/16/11 | 4,004,244 | ||
| 2,970 | Concentra Operating Corp., Term Loan | ||
| B, LIBOR + 3.75%, 8/13/09 | 3,008,363 | ||
| 2,738 | Connecticare, Inc., Term Loan B, | ||
| LIBOR + 3.75%, 10/31/09 | 2,751,187 | ||
| 2,968 | Davita, Inc., Term Loan B, LIBOR | ||
| + 2.00%, 6/23/09 | 2,994,175 | ||
| 488 | DJ Orthopedics LLC, Term Loan B, | ||
| LIBOR + 2.25%, 4/30/09 | 492,375 | ||
| 2,015 | Empi Corp., Term Loan B, LIBOR + | ||
| 3.00%, 11/30/09 | 2,018,772 | ||
| Fisher Scientific Intl., Inc., | |||
| 500 | Term Loan, LIBOR + 1.50%, 6/15/11 | 504,063 | |
| 1,109 | Term Loan C, LIBOR + 2.00%, 2/28/10 | 1,114,026 | |
| 1,000 | Iasis Healthcare Corp., Term Loan | ||
| B, LIBOR + 2.25%, 6/30/11 | 1,014,375 | ||
| 3,000 | Jean Coutu, Term Loan B, LIBOR + | ||
| 2.25%, 6/30/11 | 3,031,341 | ||
| 2,485 | Kinetic Concepts, Inc., Term Loan | ||
| B, LIBOR + 2.00%, 8/05/10 | 2,516,062 | ||
| 500 | Medical Device Manufacturing, Term | ||
| Loan, LIBOR + 3.00%, 6/29/10 | 506,250 | ||
| 1,425 | Orthofix Intl. NV, Term Loan B, LIBOR, | ||
| 1/09/09 | 1,437,469 | ||
| 1,000 | Wellcare Health Plans, Inc., Term | ||
| Loan B, LIBOR + 4.00%, 5/13/09 | 996,250 | ||
| 27,354,638 | |||
| Hotels & Casino0.9% | |||
| 1,000 | Boyd Gaming Corp., Term Loan B, LIBOR | ||
| + 1.75%, 5/14/11 | 1,011,563 | ||
| 2,940 | Greektown Casino, LLC, Term Loan | ||
| D, LIBOR + 3.50%, 9/01/04 - 9/30/04 | 2,941,287 | ||
| 498 | Green Valley Ranch Gaming, LLC, Term | ||
| Loan B, LIBOR, 12/01/10 | 502,475 | ||
| 2,418 | Marina District Finance Co., Inc., | ||
| Term Loan A, LIBOR + 2.75%, 12/01/07 | 2,438,926 | ||
| 6,894,251 | |||
| Industrials3.0% | |||
| 1,938 | Alderwoods Group, Inc., Term Loan | ||
| B, LIBOR + 2.75%, 9/30/08 | 1,965,672 | ||
| 998 | Arinc, Inc., Term Loan B, LIBOR + | ||
| 2.25%, 2/15/11 | 1,009,969 | ||
| 1,000 | Buhrmann Facility, Term Loan, LIBOR | ||
| + 2.50%, 12/30/10 | 1,013,750 | ||
| 2,239 | Buhrmann U.S., Inc., Term Loan B1, | ||
| LIBOR + 2.50%, 11/01/07 - 12/30/10 | 2,269,533 | ||
| 2,494 | Enersys, Inc., Term Loan A, LIBOR | ||
| + 2.50%, 3/15/11 | 2,531,156 | ||
| 3,000 | Exide Technologies, Term Loan, LIBOR | ||
| + 3.50%, 5/01/10 | 3,018,750 | ||
| 959 | Ionics, Inc., Term Loan, LIBOR + | ||
| 2.75%, 2/12/11 | 972,621 | ||
| 1,936 | New Flyer, Inc., Term Loan B, LIBOR | ||
| + 2.75%, 2/27/10 | 1,958,086 | ||
| 2,925 | Roper Industries, Inc., Term Loan | ||
| B, LIBOR + 2.00%, 12/26/08 | 2,963,999 | ||
| 1,493 | Sensus Metering Systems, Inc., Term | ||
| Loan B1, LIBOR + 3.00%, 12/30/09 | 1,508,047 | ||
| 1,829 | United Rentals NA, Inc., Term Loan, | ||
| LIBOR + 2.25%, 2/12/11 | 1,859,839 | ||
| 897 | Worldspan, LP, Term Loan, LIBOR + | ||
| 3.75%, 6/30/07 | 901,410 | ||
| 21,972,832 | |||
| Media7.6% | |||
| 500 | Adams Outdoor Advertising, LP, Term | ||
| Loan, LIBOR + 2.25%, 10/01/11 | 505,416 | ||
| Cinram International, Inc., | |||
| 5,644 | Term Loan B, LIBOR + 3.75%, 10/30/09 | 5,732,188 | |
| 1,474 | Term Loan C, LIBOR, 4/30/10 | 1,488,327 | |
| 2,521 | Dex Media East, LLC, Term Loan A, | ||
| LIBOR + 2.00%, 11/08/08 | 2,549,174 | ||
| Dex Media West, LLC, | |||
| 4,456 | Term Loan A, LIBOR + 2.25%, 9/01/09 | 4,536,783 | |
| 2,043 | Term Loan B, LIBOR + 2.75%, 9/10/09 | 2,068,924 | |
| 3,717 | DirecTV Holdings, LLC, Term Loan | ||
| B2, LIBOR + 2.25%, 2/13/10 | 3,764,020 | ||
| 4,500 | Echostar DBS Corp., Term Loan, LIBOR | ||
| + 2.25%, 4.85%, 10/01/08 | 4,680,000 | ||
| 3,000 | Emmis Communications, Term Loan B, | ||
| LIBOR, 5/15/12 | 3,030,000 | ||
| 1,750 | Freedom Communications Inc., Term | ||
| Loan B, LIBOR, 4/04/12 | 1,775,704 | ||
| Insight Midwest Holdings LLC, | |||
| 5,000 | Term Loan, LIBOR + 2.25%, 1/06/10 | 5,070,140 | |
| 970 | Term Loan B, LIBOR + 3.50%, 1/06/10 | 983,607 | |
| 2,000 | Lions Gate Entertainment, Inc., Term | ||
| Loan B, LIBOR + 3.25%, 12/31/08 | 2,012,500 | ||
| 4,000 | Mediacom Broadband Group, Term Loan | ||
| B, LIBOR + 2.50%, 9/30/10 | 4,035,000 | ||
| 1,990 | MediaNews Group, Inc., Term Loan | ||
| B, LIBOR + 2.00%, 12/30/10 | 2,014,045 | ||
| 4,000 | MGM, Inc., Term Loan B, LIBOR + 2.50%, | ||
| 4/30/11 | 4,017,000 |
6
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| Media(continued) | ||||
| $ 2,977 | Rainbow Media Group, Term Loan C, | |||
| LIBOR + 2.25%, 3/30/09 | $ 2,984,309 | |||
| 1,612 | Relizon Company, The, Term Loan B, | |||
| LIBOR + 3.00%, 2/15/11 | 1,616,344 | |||
| 1,995 | Warner Music Group, Term Loan, LIBOR, | |||
| 4/08/11 | 2,022,431 | |||
| 54,885,912 | ||||
| Real Estate0.2% | ||||
| 1,644 | Crescent Real Estate Equities LP, | |||
| Term Loan B, LIBOR + 2.25%, 2/25/07 | 1,657,246 | |||
| Technology0.3% | ||||
| 500 | Network Communications, Term Loan | |||
| B, LIBOR + 4.00%, 6/15/11 | 505,000 | |||
| 1,500 | Verifone Inc., Term Loan B1, LIBOR | |||
| + 2.50%, 6/30/11 | 1,518,750 | |||
| 2,023,750 | ||||
| Telecommunication4.0% | ||||
| 1,000 | Atlantic Broadband Finance LLC, Term | |||
| Loan B, LIBOR + 3.25%, 1/30/11 | 1,014,375 | |||
| 998 | Centennial Cellular Operating Co., | |||
| Term Loan B, LIBOR + 2.75%, 2/09/11 | 1,001,419 | |||
| 3,500 | Charter Communications Operating | |||
| LLC, Term Loan A, LIBOR + 3.25%, 4/30/11 | 3,447,063 | |||
| 1,500 | Consolidated Communications, Inc., | |||
| Term Loan B1, LIBOR + 2.75%, 4/07/12 | 1,526,250 | |||
| 4,466 | Crown Castle Operating Co., Term | |||
| Loan B, LIBOR + 3.50%, 4/30/10 | 4,471,833 | |||
| 3,980 | Nextel Finance Co., Term Loan E, | |||
| LIBOR + 2.25%, 12/15/10 | 4,005,587 | |||
| 2,500 | Nextel Partners, Term Loan C, LIBOR | |||
| + 2.50%, 5/18/11 | 2,538,125 | |||
| 5,000 | Qwest Corp., Term Loan A, LIBOR + | |||
| 4.75%, 6/30/07 | 5,178,125 | |||
| 1,712 | Valor Telecommunication Enterprises | |||
| II, LLC, Term Loan A, LIBOR + 2.50%, 8/31/07 | 1,712,819 | |||
| 4,000 | Western Wireless Corp., Term Loan | |||
| B, LIBOR + 3.00%, 5/30/11 | 4,055,000 | |||
| 28,950,596 | ||||
| Transportation0.6% | ||||
| 1,000 | Kenan Advantage Group Inc., Term | |||
| Loan, LIBOR + 3.50%, 10/30/10 | 1,010,000 | |||
| 1,953 | Sirva Worldwide, Inc., Term Loan | |||
| B, LIBOR + 2.50%, 11/30/10 | 1,965,147 | |||
| 750 | Transport Industries, LP, Term Loan, | |||
| LIBOR + 4.00%, 6/14/10 | 750,000 | |||
| 1,000 | Transwestern Pipeline Co., Term Loan, | |||
| LIBOR + 2.25%, 5/01/09 | 1,007,083 | |||
| 4,732,230 | ||||
| Total Bank Loans | 333,836,417 | |||
| Mortgage Pass-Throughs23.9% | ||||
| Federal National Mortgage Assoc., | ||||
| 8,951 | 4.327%, 12/01/33 | 8,998,784 | ||
| 6,254 | 4.415%, 1/01/34 | 6,448,205 | ||
| 121,700 | 5.00%, 12/01/99 | 122,574,780 | ||
| 17,000 | 2 | 7.25%, 1/15/10 | 19,457,690 | |
| 15,653 | TBA, 5.50%, 12/01/27 - 11/01/33 | 15,729,652 | ||
| Total Mortgage Pass-Throughs | 173,209,111 | |||
| Interest Only Asset-Backed Securities1.0% | ||||
| 77,407 | Sterling Coofs Trust, 2.362%, 4/15/29 | 6,894,086 | ||
| Interest Only Mortgage-Backed | ||||
| Securities0.5% | ||||
| 17,745 | Federal National Mortgage Assoc., | |||
| Ser. 64, Class QI, 1/25/33 | 3,673,962 | |||
| Commercial Mortgage-Backed Securities0.1% | ||||
| BB+ | 1,000 | 3 | Bear Stearns Commercial Mortgage | |
| Secs Inc., Class K, 3.88%, 5/14/16 | 999,700 | |||
| Asset-Backed Securities1.9% | ||||
| AAA | 6,900 | 2 | DaimlerChrysler Auto Trust, Ser. | |
| B, Class A3, 2.25%, 8/08/07 | 6,868,176 | |||
| AAA | 7,125 | Honda Auto Receivables, Class A3, | ||
| 2.30%, 10/18/07 | 7,084,478 | |||
| Total Asset-Backed Securities | 13,952,654 | |||
| Collateralized Mortgage Obligation | ||||
| Residuals2.5% | ||||
| GSR Mortgage Loan Trust, | ||||
| 9,299 | 2 | Ser. 10, Class 2A1, 10/25/33 | 9,091,642 | |
| 9,128 | 2 | Ser. 13, Class 1A1, 10/25/33 | 9,012,850 | |
| Total Collateralized Mortgage Obligation | ||||
| Residuals | 18,104,492 |
7
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| Foreign Government Bonds2.5% | ||||
| BB | $ 5,000 | Columbia Republic, 9.75%, 4/23/09 | $ 5,475,000 | |
| BB | 5,000 | 2 | Peru Republic, 9.125%, 2/21/12 | 5,225,000 |
| B2 | 1,667 | Republic of Venezuela, 2.75%, 12/18/07 | 1,609,315 | |
| B+ | 5,000 | Turkey Republic, 11.375%, 11/27/06 | 5,637,500 | |
| Total Foreign Government Bonds | 17,946,815 | |||
| U.S. Government Securities4.3% | ||||
| U.S. Treasury Notes, | ||||
| 17,000 | 3.375%, 12/15/08 | 16,880,490 | ||
| 6,000 | 2 | 3.875%, 5/15/09 | 6,055,320 | |
| 8,660 | 2 | 4.25%, 11/15/13 | 8,526,030 | |
| Total U.S. Government Securities | 31,461,840 | |||
| Total investments145.6% (cost $1,036,748,053) | 1,056,754,071 | |||
| Liabilities in excess of other assets(45.6)% | (331,068,618) | |||
| Net Assets100% | $ 725,685,453 |
| 1 | Using the higher of Standard &
Poors, Moodys Investors Service or Fitch Ratings ratings. |
| --- | --- |
| 2 | Entire or partial principal amount
pledged as collateral for reverse repurchase agreements or financial futures contracts. |
| 3 | Security is not registered under
the Securities Act of 1933. These securities may be resold in transactions in accordance
with Rule 144A under that Act, to qualified institutional buyers. As of July 31,
2004, the Trust held 12.1% of its net assets, with a current market value of $87,528,385,
in securities restricted as to resale. |
8
Item 2. Controls and Procedures
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrants disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 3. Exhibits.
(a) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
SIGNATURES
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.
(Registrant) BlackRock Limited Duration Income Trust
| By: | /s/ Henry Gabbay |
|---|---|
| Name: | Henry Gabbay |
| Title: | Treasurer |
| Date: | September 28, 2004 |
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.
| By: | /s/ Robert S. Kapito |
|---|---|
| Name: | Robert S. Kapito |
| Title: | Principal Executive Officer |
| Date: | September 28, 2004 |
| By: | /s/ Henry Gabbay |
|---|---|
| Name: | Henry Gabbay |
| Title: | Principal Financial Officer |
| Date: | September 28, 2004 |
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