Regulatory Filings • Apr 1, 2006
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Download Source FileN-Q 1 c41106_nq.htm 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: 811-21349
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: 888-825-2257
Date of fiscal year end: October 31, 2006 Date of reporting period: January 31, 2006
Item 1. Schedule of Investments.
The Registrants 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:
PORTFOLIO OF INVESTMENTS JANUARY 31, 2006 (unaudited)
BlackRock Limited Duration Income Trust (BLW)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| LONG-TERM INVESTMENTS138.1% | ||||
| Corporate Bonds58.9% | ||||
| Aerospace & Defense2.7% | ||||
| NR | $ 1,560 | AAR Corp., 8.39%, 5/15/11 | $ 1,575,600 | |
| NR | 2,134 | Aero Invest, 10.634%, 3/22/15 (Norway) | 2,758,994 | |
| BE Aerospace, Inc., | ||||
| BB- | 305 | 8.50%, 10/01/10 | 327,113 | |
| B | 715 | 8.875%, 5/01/11 | 748,962 | |
| B | 310 | DRS Technologies, Inc., 7.625%, 2/01/18 | 313,875 | |
| NR | 4,750 | Raytheon Co., 7.00%, 5/15/06 | 4,797,500 | |
| BB | 5,350 | Sequa Corp., 8.875%, 4/01/08 | 5,671,000 | |
| B- | 2,755 | Transdigm, Inc., 8.375%, 7/15/11 | 2,892,750 | |
| 19,085,794 | ||||
| Automotive2.2% | ||||
| BB+ | 570 | ArvinMeritor, Inc., 8.75%, 3/01/12 | 565,725 | |
| A3 | 7,500 | 2 | DaimlerChrysler NA Holding Corp., 4.05%, 6/04/08 | 7,286,925 |
| B- | 470 | Goodyear Tire & Rubber Co., 7.857%, 8/15/11 | 461,775 | |
| CCC+ | 1,825 | 2,3 | Metaldyne Corp., 10.00%, 11/01/13 | 1,674,438 |
| Navistar Intl. Corp., | ||||
| BB- | 1,590 | 7.50%, 6/15/11 | 1,574,100 | |
| BB- | 530 | Ser. B, 6.25%, 3/01/12 | 495,550 | |
| B | 450 | Tenneco, Inc., 8.625%, 11/15/14 | 450,000 | |
| BB- | 2,629 | TRW Automotive, Inc., 9.375%, 2/15/13 | 2,859,037 | |
| 15,367,550 | ||||
| Basic Materials4.8% | ||||
| B- | 350 | 3,4 | BCI US Finance Corp./Borden 2 Nova Scotia Finance ULC, 10.10%, 7/15/10 | 356,125 |
| B- | 4,250 | Caraustar Industries, Inc., 9.875%, 4/01/11 | 4,489,062 | |
| B+ | 740 | Donohue Forest Products, 7.625%, 5/15/07 (Canada) | 762,200 | |
| Huntsman LLC, | ||||
| B | 310 3 | 11.50%, 7/15/12 | 355,725 | |
| BB- | 1,950 | 11.625%, 10/15/10 | 2,232,750 | |
| BB | 300 | IMC Global, Inc., 10.875%, 6/01/08 | 333,750 | |
| CCC+ | 2,625 | 3,4 | Innophos, Inc., 9.625%, 8/15/14 | 2,690,625 |
| Baa3 | 5,000 | Ipsco, Inc., 8.75%, 6/01/13 (Canada) | 5,475,000 | |
| Lyondell Chemical Co., | ||||
| BB+ | 560 | 10.50%, 6/01/13 | 634,200 | |
| BB+ | 3,750 | 11.125%, 7/15/12 | 4,218,750 | |
| BB+ | 750 | Ser. A, 9.625%, 5/01/07 | 784,688 | |
| B- | 215 | Nalco Co., 8.875%, 11/15/13 | 225,750 | |
| NewPage Corp., | ||||
| B3 | 500 | 10.00%, 5/01/12 | 508,750 | |
| B3 | 1,500 | 2,3 | 10.93%, 5/01/12 | 1,522,500 |
| Rhodia SA, | ||||
| CCC+ | 921 | 8.875%, 6/01/11 (France) | 946,328 | |
| B3 | 81 | 10.25%, 6/01/10 (France) | 89,910 | |
| Rockwood Specialties Group, Inc., | ||||
| B- | 450 | 7.50%, 11/15/14 | 447,750 | |
| B- | 3,645 | 10.625%, 5/15/11 | 3,982,162 | |
| BBB- | 105 | Southern Copper Corp., 6.375%, 7/27/15 | 103,861 | |
| BB | 3,250 | US Steel LLC, 10.75%, 8/01/08 | 3,607,500 | |
| 33,767,386 | ||||
| Building & Development1.1% | ||||
| B- | 350 | 4 | Ahern Rentals, Inc., 9.25%, 8/15/13 | 367,500 |
| B2 | 750 | 4 | Compression Polymers Corp., 10.50%, 7/01/13 | 738,750 |
| BBB- | 3,000 | 2 | DR Horton, Inc., 5.875%, 7/01/13 | 2,913,321 |
| Goodman Global Holding Co., Inc., | ||||
| B- | 375 | 3,4 | 7.491%, 6/15/12 | 373,125 |
| B- | 3,170 | 4 | 7.875%, 12/15/12 | 2,995,650 |
1
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| Building & Development(contd) | ||||
| B | $ 550 | North American Energy Partners, Inc., 9.00%, 6/01/10 (Canada) | $ 583,000 | |
| 7,971,346 | ||||
| Conglomerates1.1% | ||||
| Baa3 | 7,500 | 2 | Tyco Intl. Group SA, 6.125%, 11/01/08 (Luxembourg) | 7,672,875 |
| Consumer Products6.1% | ||||
| B3 | 300 | ALH Finance LLC, 8.50%, 1/15/13 | 287,625 | |
| B+ | 5,000 | Cenveo Corp., 9.625%, 3/15/12 | 5,375,000 | |
| CCC+ | 1,610 | 3 | Duane Reade, Inc., 8.991%, 12/15/10 | 1,541,575 |
| B3 | 1,505 | Finlay Fine Jewelry Corp., 8.375%, 6/01/12 | 1,339,450 | |
| B2 | 2,140 | Gold Kist, Inc., 10.25%, 3/15/14 | 2,375,400 | |
| B+ | 5,000 | Group 1 Automotive, Inc., 8.25%, 8/15/13 | 4,875,000 | |
| BBB- | 4,400 | JC Penney Co., Inc., 8.00%, 3/01/10 | 4,807,000 | |
| B- | 3,345 | 4 | Knowledge Learning Corp., Inc., 7.75%, 2/01/15 | 3,211,200 |
| B- | 1,550 | Lazydays RV Center, Inc., 11.75%, 5/15/12 | 1,565,500 | |
| B | 2,075 | 3 | Levi Strauss & Co., 9.28%, 4/01/12 | 2,126,875 |
| B3 | 4,605 | 2 | Movie Gallery, Inc., 11.00%, 5/01/12 | 3,453,750 |
| B2 | 223 | 4 | Neiman-Marcus Group, Inc., 9.00%, 10/15/15 | 231,363 |
| BB- | 600 | Quiksilver, Inc., 6.875%, 4/15/15 | 579,000 | |
| Rite Aid Corp., | ||||
| B- | 375 | 3,4 | 6.125%, 12/15/08 | 364,687 |
| BB- | 5,000 | 8.125%, 5/01/10 | 5,112,500 | |
| B1 | 2,500 | Sheridan Group, Inc., 10.25%, 8/15/11 | 2,571,875 | |
| B | 3,500 | Sonic Automotive, Inc., 8.625%, 8/15/13 | 3,438,750 | |
| 43,256,550 | ||||
| Containers & Packaging0.7% | ||||
| B1 | 1,400 | 4 | Crown Americas LLC and Crown Americas Capital Corp., 7.75%, 11/15/15 | 1,449,000 |
| CCC+ | 785 | Graham Packaging Co., Inc., 8.50%, 10/15/12 | 785,000 | |
| CCC+ | 1,395 | 4 | Pregis Corp., 12.375%, 10/15/13 | 1,415,925 |
| B+ | 1,500 | Stone-Container Enterprises, Inc., 9.75%, 2/01/11 | 1,516,875 | |
| 5,166,800 | ||||
| Ecological Services & Equipment0.3% | ||||
| B | 2,000 | Casella Waste Systems, Inc., 9.75%, 2/01/13 | 2,105,000 | |
| Energy6.9% | ||||
| BB+ | 5,500 | 4 | AES Corp., 8.75%, 5/15/13 | 5,967,500 |
| ANR Pipeline Co., | ||||
| B | 460 | 7.375%, 2/15/24 | 485,300 | |
| B | 1,780 | 9.625%, 11/01/21 | 2,242,800 | |
| B2 | 1,540 | Aquila Finance Corp., 7.75%, 6/15/11 (Canada) | 1,584,275 | |
| B | 810 | 4 | Chaparral Energy, Inc., 8.50%, 12/01/15 | 852,525 |
| Chesapeake Energy Corp., | ||||
| BB | 100 | 4 | 6.875%, 11/15/20 | 101,500 |
| BB | 4,000 | 7.50%, 9/15/13 | 4,250,000 | |
| B- | 1,095 | Clayton Williams Energy, Inc., 7.75%, 8/01/13 | 1,075,837 | |
| CMS Energy Corp., | ||||
| BB- | 150 | 7.50%, 1/15/09 | 154,688 | |
| BB- | 220 | 8.50%, 4/15/11 | 238,975 | |
| BB- | 460 | 9.875%, 10/15/07 | 492,200 | |
| BB- | 750 | Compagnie Generale de Geophysique SA, 7.50%, 5/15/15 (France) | 778,125 | |
| B | 525 | 4 | Compton Petroleum Finance Corp., 7.625%, 12/01/13 (Canada) | 530,250 |
| B+ | 2,350 | 4 | Dynegy Holdings, Inc., 10.125%, 7/15/13 | 2,655,500 |
| El Paso Corp., | ||||
| B- | 400 | 7.80%, 8/01/31 | 419,000 | |
| B- | 525 | 4 | 9.625%, 5/15/12 | 594,563 |
| B- | 225 | 4 | 10.75%, 10/01/10 | 255,375 |
| B | 400 | 3 | El Paso Natural Gas Co., 8.375%, 6/15/32 | 465,000 |
| B | 170 | Encore Acquisition Co., 7.25%, 12/01/17 | 171,275 | |
| B | 260 | Exco Resources, Inc., 7.25%, 1/15/11 | 263,900 |
2
| BlackRock Limited Duration Income Trust (BLW) (continued) | ||||
|---|---|---|---|---|
| Principal | ||||
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| Energy(contd) | ||||
| Hilcorp Energy I LP/Hilcorp Finance Corp., | ||||
| B | $ 430 | 4 | 7.75%, 11/01/15 | $ 434,300 |
| B | 2,434 | 4 | 10.50%, 9/01/10 | 2,695,655 |
| B- | 725 | KCS Energy, Inc., 7.125%, 4/01/12 | 726,812 | |
| Midwest Generation LLC, | ||||
| B+ | 4,506 | 8.56%, 1/02/16 | 4,945,418 | |
| B+ | 1,315 | Ser. A, 8.30%, 7/02/09 | 1,367,600 | |
| Mirant Americas Generation LLC, | ||||
| B | 175 | 8.30%, 5/01/11 | 179,813 | |
| B | 480 | 3 | 8.50%, 10/01/21 | 490,800 |
| B | 680 | 9.125%, 5/01/31 | 725,900 | |
| B2 | 500 | Mission Energy Holdings Co., 13.50%, 7/15/08 | 578,750 | |
| NRG Energy, Inc., | ||||
| B1 | 210 | 7.25%, 2/01/14 | 213,413 | |
| B1 | 1,250 | 7.375%, 2/01/16 | 1,273,437 | |
| B- | 450 | 4 | Ocean Rig AS, 8.375%, 7/01/13 (Norway) | 479,250 |
| B2 | 580 | Orion Power Holdings, Inc., 12.00%, 5/01/10 | 656,850 | |
| B | 110 | Range Resources Corp., 6.375%, 3/15/15 | 110,000 | |
| Reliant Energy, Inc., | ||||
| BB- | 1,595 | 6.75%, 12/15/14 | 1,379,675 | |
| BB- | 170 | 9.25%, 7/15/10 | 168,725 | |
| B | 5,000 | Swift Energy Co., 9.375%, 5/01/12 | 5,400,000 | |
| B2 | 1,475 | 4 | Targa Resources, Inc., 8.50%, 11/01/13 | 1,534,000 |
| BB+ | 100 | Transcontinental Gas Pipe Line Corp., 7.25%, 12/01/26 | 108,750 | |
| B- | 500 | 4 | Verasun Energy Corp., 9.875%, 12/15/12 | 512,500 |
| B2 | 190 | 4 | Whiting Petroleum Corp., 7.00%, 2/01/14 | 190,950 |
| BB | 1,000 | Williams Cos., Inc., 7.125%, 9/01/11 | 1,047,500 | |
| 48,798,686 | ||||
| Entertainment & Leisure1.3% | ||||
| B3 | 700 | 4 | AMC Entertainment, Inc., 11.00%, 2/01/16 | 698,250 |
| B3 | 1,880 | 4 | Greektown Holdings LLC, 10.75%, 12/01/13 | 1,865,900 |
| Ba3 | 5,425 | 2 | MGM Mirage, 9.75%, 6/01/07 | 5,696,250 |
| B | 250 | Poster Financial Group, Inc., 8.75%, 12/01/11 | 260,625 | |
| B+ | 460 | 4 | San Pasqual Casino, 8.00%, 9/15/13 | 468,050 |
| B+ | 400 | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625%, 12/01/14 | 390,000 | |
| 9,379,075 | ||||
| Financial Institutions8.0% | ||||
| BB | 1,480 | American Real Estate Partners LP/American Real Estate Finance Corp., 7.125%, 2/15/13 | 1,498,500 | |
| B | 2,333 | BCP Crystal US Holdings Corp., 9.625%, 6/15/14 | 2,595,463 | |
| B- | 240 | 4 | Borden US Finance Corp./Nova Scotia Finance ULC, 9.00%, 7/15/14 | 241,200 |
| BB | 3,360 | Crum & Forster Holdings Corp., 10.375%, 6/15/13 | 3,553,200 | |
| B+ | 465 | 4 | E*Trade Financial Corp., 7.375%, 9/15/13 | 475,463 |
| BB | 1,000 | 2 | Fairfax Financial Holdings Ltd., 7.75%, 4/26/12 (Canada) | 945,000 |
| Ford Motor Credit Co., | ||||
| BB+ | 500 | 7.25%, 10/25/11 | 458,910 | |
| BB+ | 7,500 | 2 | 7.375%, 2/01/11 | 6,953,167 |
| General Motors Acceptance Corp., | ||||
| BB | 3,000 | 2,3 | 5.50%, 1/16/07 | 2,928,750 |
| BB | 7,500 | 2 | 6.875%, 8/28/12 | 7,133,625 |
| B- | 900 | K&F Acquisition, Inc., 7.75%, 11/15/14 | 911,250 | |
| Baa2 | 5,000 | 4 | Kazkommerts Intl. BV, 10.125%, 5/08/07 (Netherlands) | 5,275,000 |
| BBB | 200 | 3 | Marsh & McLennan Cos., Inc., 4.72%, 7/13/07 | 199,230 |
| B- | 2,460 | 4 | Nell AF, 8.375%, 8/15/15 (Luxembourg) | 2,487,675 |
| Rainbow National Services LLC, | ||||
| B2 | 925 | 4 | 8.75%, 9/01/12 | 989,750 |
| B3 | 4,985 | 4 | 10.375%, 9/01/14 | 5,595,662 |
| Caa1 | 2,175 | Standard Aero Holdings, Inc., 8.25%, 9/01/14 | 1,783,500 | |
| NR | 6,857 | 3 | Structured Asset Receivable Trust, 1.649%, 1/21/10 | 6,867,826 |
| B- | 220 | 3 | Universal City Florida Holding Co. I/II, 9.43%, 5/01/10 | 221,100 |
3
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| Financial Institutions(contd) | ||||
| BB- | $ 4,425 | Western Financial Bank, 9.625%, 5/15/12 | $ 4,933,875 | |
| 56,048,146 | ||||
| Health Care2.7% | ||||
| B- | 5,000 | Concentra Operating Corp., 9.50%, 8/15/10 | 5,175,000 | |
| Ca | 55 | 3,5 | Curative Health Services, Inc., 10.75%, 5/01/11 | 35,750 |
| B | 1,345 | Elan Finance PLC/Elan Finance Corp., 7.75%, 11/15/11 (Ireland) | 1,272,706 | |
| B | 1,750 | 3 | Insight Health Services Corp., 9.93%, 11/01/11 | 1,645,000 |
| B- | 3,000 | Norcross Safety Products LLC/Norcross Capital Corp., 9.875%, 8/15/11 | 3,112,500 | |
| B3 | 1,290 | Select Medical Corp., 7.625%, 2/01/15 | 1,148,100 | |
| B | 4,500 | United Surgical Partners Intl., Inc., 10.00%, 12/15/11 | 4,826,250 | |
| B- | 1,880 | Universal Hospital Services, Inc., 10.125%, 11/01/11 | 1,955,200 | |
| 19,170,506 | ||||
| Industrials3.4% | ||||
| B- | 6,220 | 2 | DI Finance/DynCorp. Intl., 9.50%, 2/15/13 | 6,406,600 |
| B- | 2,665 | ERICO Intl. Corp., 8.875%, 3/01/12 | 2,731,625 | |
| B- | 4,000 | 3 | Fasten Tech, Inc., 11.50%, 5/01/11 | 3,930,000 |
| CCC+ | 1,670 | 4 | Hydrochem Industrial Services, 9.25%, 2/15/13 | 1,615,725 |
| B- | 1,880 | NationsRent Cos., Inc., 9.50%, 5/01/15 | 1,992,800 | |
| CCC+ | 1,955 | Park-Ohio Industries, Inc., 8.375%, 11/15/14 | 1,720,400 | |
| B3 | 2,240 | 4 | Sunstate Equipment Co. LLC, 10.50%, 4/01/13 | 2,335,200 |
| CCC+ | 1,415 | Trimas Corp., 9.875%, 6/15/12 | 1,216,900 | |
| Caa1 | 2,000 | United Rentals NA, Inc., 7.00%, 2/15/14 | 1,890,000 | |
| 23,839,250 | ||||
| Media7.1% | ||||
| B- | 740 | Allbritton Communications Co., 7.75%, 12/15/12 | 742,775 | |
| CCC | 900 | American Media Operations, Inc., 10.25%, 5/01/09 | 828,000 | |
| BB- | 600 | 3 | Cablevision Systems Corp., 8.716%, 4/01/09 | 614,250 |
| CCC+ | 3,500 | CBD Media Inc., 8.625%, 6/01/11 | 3,535,000 | |
| Caa1 | 1,790 | 4 | CCH II LLC/CCH II Cap. Corp., 10.25%, 9/15/10 | 1,758,675 |
| Caa1 | 880 | Charter Communications Holdings II, LLC/Charter Communications Holdings II Cap. Corp., | ||
| 10.25%, 9/15/10 | 864,600 | |||
| BBB+ | 6,685 | 2 | Comcast Cable Communications, Inc., 6.875%, 6/15/09 | 7,000,164 |
| BB- | 6,000 | 2 | CSC Holdings, Inc., 7.875%, 12/15/07 | 6,105,000 |
| B | 1,300 | Dex Media West LLC/Dex Media Finance Co., 9.875%, 8/15/13 | 1,436,500 | |
| Echostar DBS Corp., | ||||
| BB- | 2,000 | 5.75%, 10/01/08 | 1,975,000 | |
| BB- | 5,100 | 3 | 7.78%, 10/01/08 | 5,233,875 |
| B- | 5,000 | Houghton Mifflin Co., 9.875%, 2/01/13 | 5,425,000 | |
| B2 | 810 | 4 | Network Communications, Inc., 10.75%, 12/01/13 | 822,150 |
| B3 | 1,190 | Nexstar Finance, Inc., 7.00%, 1/15/14 | 1,102,237 | |
| B2 | 2,000 | 3,4 | Paxson Communications Corp., 7.777%, 1/15/12 | 1,990,000 |
| Primedia, Inc., | ||||
| B2 | 400 | 8.00%, 5/15/13 | 348,000 | |
| B2 | 1,200 | 3 | 10.124%, 5/15/10 | 1,161,000 |
| B | 4,000 | 4 | RH Donnelley Corp., 8.875%, 1/15/16 | 4,040,000 |
| B2 | 2,000 | Salem Communications Corp., 7.75%, 12/15/10 | 2,055,000 | |
| CCC+ | 300 | 4 | Unity Media GmbH, 10.375%, 2/15/15 (Germany) | 312,375 |
| Caa1 | 865 | Vertis, Inc., 10.875%, 6/15/09 | 845,538 | |
| Caa2 | 2,135 | Young Broadcasting, Inc., 10.00%, 3/01/11 | 1,921,500 | |
| 50,116,639 | ||||
| Real Estate1.1% | ||||
| BB | 5,860 | 2 | American Real Estate Partners, 8.125%, 6/01/11 | 6,123,700 |
| BB+ | 2,000 | Rouse Co., 5.375%, 11/26/13 | 1,886,640 | |
| 8,010,340 | ||||
| Technology2.9% | ||||
| CCC+ | 1,958 | Amkor Tech. Inc., 7.75%, 5/15/13 | 1,727,935 | |
| B+ | 1,965 | Celestica, Inc., 7.625%, 7/01/13 (Canada) | 1,930,613 | |
| BB+ | 2,012 | Flextronics Intl. Ltd., 6.50%, 5/15/13 (Singapore) | 2,022,060 | |
| B+ | 430 | 4 | Hynix Semiconductor, Inc., 9.875%, 7/01/12 (South Korea) | 471,388 |
4
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| Technology(contd) | ||||
| BB- | $ 3,830 | Lucent Technologies, Inc., 6.50%, 1/15/28 | $ 3,169,325 | |
| MagnaChip Semiconductor SA/Magna Semiconductor Finance Co., | ||||
| Ba3 | 500 | 3 | 7.741%, 12/15/11 (Luxembourg) | 502,500 |
| B2 | 410 | 8.00%, 12/15/14 (Luxembourg) | 394,625 | |
| CCC+ | 260 | 4 | SS&C Technologies, Inc., 11.75%, 12/01/13 | 270,725 |
| BB | 200 | STATS ChipPAC Ltd., 7.50%, 7/19/10 (Singapore) | 203,000 | |
| Sungard Data Systems, Inc., | ||||
| B- | 1,900 | 4 | 9.125%, 8/15/13 | 1,976,000 |
| B- | 500 | 3,4 | 9.431%, 8/15/13 | 519,375 |
| B- | 1,830 | 4 | 10.25%, 8/15/15 | 1,843,725 |
| B | 3,515 | Superior Essex Communications LLC/Essex Group, Inc., 9.00%, 4/15/12 | 3,523,787 | |
| B- | 1,440 | UGS Corp., 10.00%, 6/01/12 | 1,558,800 | |
| 20,113,858 | ||||
| Telecommunications5.1% | ||||
| CCC | 770 | 4 | Centennial Communications Corp., 10.00%, 1/01/13 | 793,100 |
| BB- | 920 | Cincinnati Bell, Inc., 7.25%, 7/15/13 | 966,000 | |
| A- | 5,000 | 2,3 | Deutsche Telekom Intl. Finance BV, 8.00%, 6/15/10 (Netherlands) | 5,538,300 |
| B3 | 860 | 3,4 | Hawaiian Telcom Communications, Inc., 9.948%, 5/01/13 | 849,250 |
| Intelsat Ltd., | ||||
| Caa1 | 800 | 5.25%, 11/01/08 (Bermuda) | 737,000 | |
| B2 | 460 | 3,4 | 8.50%, 1/15/13 (Bermuda) | 460,575 |
| B2 | 2,250 | 3,4 | 8.875%, 1/15/15 (Bermuda) | 2,269,687 |
| B2 | 2,360 | 3,4 | 9.609%, 1/15/12 (Bermuda) | 2,407,200 |
| BB- | 120 | Lucent Technologies, Inc., 6.45%, 3/15/29 | 101,400 | |
| B2 | 300 | Nortel Networks Corp., 6.875%, 9/01/23 (Canada) | 271,500 | |
| B1 | 2,737 | PanAmSat Corp., 9.00%, 8/15/14 | 2,887,535 | |
| BB | 4,000 | 3 | Qwest Communications Intl., Inc, 8.249%, 2/15/09 | 4,050,000 |
| Qwest Corp., | ||||
| BB+ | 2,500 | 4 | 7.741%, 6/15/13 | 2,681,250 |
| BB+ | 1,000 | 7.875%, 9/01/11 | 1,060,000 | |
| BB+ | 6,000 | 2,3 | 8.875%, 3/15/12 | 6,637,500 |
| BB+ | 460 | Rogers Wireless, Inc., 7.25%, 12/15/12 (Canada) | 487,600 | |
| Caa1 | 2,030 | Rural Cellular Corp., 9.875%, 2/01/10 | 2,182,250 | |
| B+ | 1,500 | 4 | Wind Acquisition Finance SA, 10.75%, 12/01/15 (Luxembourg) | 1,608,750 |
| 35,988,897 | ||||
| Transportation1.4% | ||||
| BB- | 520 | American Airlines, Inc., 7.324%, 4/15/11 | 496,600 | |
| B | 1,715 | CHC Helicopter Corp., 7.375%, 5/01/14 (Canada) | 1,745,013 | |
| BB- | 2,230 | 4 | Hertz Corp., 8.875%, 1/01/14 | 2,302,475 |
| B3 | 111 | Horizon Lines LLC, 9.00%, 11/01/12 | 117,244 | |
| B+ | 360 | OMI Corp., 7.625%, 12/01/13 | 368,100 | |
| BB+ | 1,650 | Overseas Shipholding Group, Inc., 8.75%, 12/01/13 | 1,839,750 | |
| B | 2,795 | Sea Containers Ltd., 10.50%, 5/15/12 (Bermuda) | 2,788,012 | |
| 9,657,194 | ||||
| Total Corporate Bonds | 415,515,892 | |||
| Bank Loans45.2% | ||||
| Aerospace & Defense0.8% | ||||
| 983 | Arinc, Inc., Term Loan B, LIBOR + 2.00%, 3/10/11 | 994,781 | ||
| 968 | Camp Acquisition Co., Term Loan A, LIBOR + 3.25%, 8/30/11 | 970,162 | ||
| 1,985 | Dyncorp International LLC, Term Loan B, LIBOR + 2.75%, 2/11/11 | 2,001,541 | ||
| 1,461 | Transdigm, Inc., Term Loan, LIBOR + 2.25%, 4/12/11 | 1,477,910 | ||
| 5,444,394 | ||||
| Automotive1.4% | ||||
| 1,227 | Dayco Products, LLC, Term Loan B, LIBOR + 3.00%, 6/23/11 | 1,237,603 | ||
| Goodyear Tire & Rubber Co. (The), | ||||
| 500 | Term Loan, LIBOR + 2.75%, 4/30/10 | 504,687 | ||
| 2,000 | Term Loan, LIBOR + 3.50%, 4/01/11 | 2,003,500 | ||
| 750 | IAP Worldwide Services, Inc., Term Loan, LIBOR, 12/30/12 | 757,031 | ||
| 997 | Metaldyne Co. LLC, Term Loan D, LIBOR + 4.50%, 12/31/09 | 1,005,589 |
5
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | ||
|---|---|---|
| Amount | ||
| (000) | Description | Value |
| Automotive(contd) | ||
| $ 1,000 | Polar Corp., Term Loan, LIBOR, 5/30/10 | $ 1,015,000 |
| 500 | Precision Parts Intl., Term Loan B, LIBOR + 3.75%, 10/15/11 | 501,250 |
| 517 | Tenneco Automotive, Inc., Term Loan B-1, LIBOR + 2.25%, 12/12/10 | 523,642 |
| 2,475 | TRW Automotive Acquisitions Corp., Term Loan B, LIBOR + 1.50%, 6/30/12 | 2,472,938 |
| 10,021,240 | ||
| Basic Materials4.1% | ||
| Basell NV, | ||
| 500 | Term Loan B2, LIBOR + 2.50%, 9/07/13 | 506,875 |
| 500 | Term Loan C2, LIBOR + 3.00%, 9/07/14 | 506,875 |
| 995 | Berry Plastics Corp., Term Loan, LIBOR + 2.00%, 12/02/11 | 1,007,437 |
| 956 | Boise Cascade Corp., Term Loan D, PRIME + 0.50%, 10/29/11 | 967,922 |
| 2,195 | Celanese, Ag, Term Loan, LIBOR + 2.00%, 4/06/11 | 2,218,528 |
| 3,000 | Cognis Deutschland, Term Loan, LIBOR + 4.75%, 11/15/13 | 3,061,500 |
| 1,000 | Compass Minerals, Term Loan, LIBOR + 1.50%, 12/22/12 | 1,005,313 |
| 4,343 | Huntsman International, LLC, Term Loan B, LIBOR + 1.75%, 8/16/12 | 4,364,517 |
| Ineos Group, Ltd., | ||
| 2,500 | Term Loan B2, LIBOR + 2.75%, 12/16/13 | 2,506,250 |
| 2,500 | Term Loan C2, LIBOR + 3.25%, 12/16/14 | 2,518,750 |
| 1,759 | Term Loan, LIBOR, 12/16/06 | 1,749,996 |
| 2,055 | Invista, B.V., Term Loan B-1, LIBOR + 1.75%, 4/29/11 | 2,075,100 |
| 2,497 | Nalco Co., Term Loan B, LIBOR + 2.00%, 11/01/10 | 2,526,722 |
| 496 | PQ Corp., Term Loan, LIBOR + 2.00%, 2/28/12 | 502,040 |
| Rockwood Specialties Group, Inc., | ||
| 5 | Term Loan, LIBOR + 2.00%, 8/15/12 | 5,058 |
| 990 | Term Loan E, LIBOR + 2.00%, 8/15/12 | 1,001,447 |
| SP Newsprint, | ||
| 1,611 | Term Loan B, LIBOR + 2.25%, 1/09/10 | 1,631,250 |
| 623 | Term Loan, LIBOR + 2.25%, 1/08/10 | 630,703 |
| 28,786,283 | ||
| Building & Development0.8% | ||
| 242 | Atrium Companies, Inc., Term Loan, PRIME + 1.75%, 12/28/11 | 240,490 |
| 1,500 | Custom Building Products, Inc., Term Loan, LIBOR + 5.00%, 4/29/12 | 1,485,000 |
| 250 | Euramax International, Inc., Term Loan, LIBOR + 7.00%, 6/29/13 | 234,375 |
| 1,250 | Harmon Koval, Term Loan, 3.25%, 11/18/07 | 1,240,625 |
| 494 | Nortek, Inc., Term Loan B, LIBOR + 2.25%, 8/24/11 | 497,299 |
| 1,250 | Professional Service, Inc., Term Loan B, LIBOR + 3.00%, 10/31/12 | 1,253,125 |
| 975 | Rhodes Ranch, Term Loan, LIBOR + 3.25%, 11/15/10 | 979,875 |
| 5,930,789 | ||
| Conglomerates3.5% | ||
| Atlantis Plastics, Inc., | ||
| 498 | Term Loan, LIBOR + 2.75%, 9/30/11 | 500,609 |
| 995 | Term Loan, LIBOR + 7.25%, 3/11/05 | 997,488 |
| 1,980 | Colfax Corp., Term Loan B, LIBOR + 2.00%, 5/30/09 | 1,998,589 |
| 3,116 | Fidelity National Information Solutions, Inc., Term Loan B, LIBOR + 1.75%, 3/09/13 | 3,132,553 |
| 500 | Gentek, Inc., Term Loan, LIBOR + 5.75%, 3/15/12 | 497,250 |
| 1,478 | Honeywell Security, Term Loan B, LIBOR + 3.25%, 6/28/10 | 1,484,904 |
| Invensys Intl. Holdings, Ltd., | ||
| 1,000 | Term Loan, LIBOR, 3/05/09 | 970,000 |
| 1,121 | Term Loan B1, LIBOR + 3.50%, 9/05/09 | 1,131,723 |
| 4,250 | Term Loan, LIBOR + 4.75%, 11/30/09 | 4,335,000 |
| Jarden Corp., | ||
| 1,216 | Term Loan B2, LIBOR + 1.75%, 1/24/12 | 1,220,563 |
| 1,048 | Term Loan, LIBOR + 2.00%, 1/15/12 | 1,055,442 |
| 997 | Mueller Group, Inc., Term Loan B, LIBOR + 2.25%, 9/30/12 | 1,008,366 |
| 417 | Penn Engineering & Manufacturing, Term Loan, LIBOR + 2.50%, 4/30/11 | 421,105 |
| 1,377 | Sensus Metering Systems, Inc., Term Loan B1, LIBOR + 2.50%, 12/30/09 | 1,385,836 |
| 874 | St. John Knits International, Inc., Term Loan B, LIBOR + 2.50%, 3/30/12 | 884,673 |
| 2,488 | Sungard Data Systems, Inc., Term Loan B, LIBOR + 2.50%, 1/05/13 | 2,511,338 |
| 994 | Visant Holding Corp., Term Loan C, LIBOR + 2.25%, 10/15/11 | 1,006,161 |
| 24,541,600 |
6
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | ||
|---|---|---|
| Amount | ||
| (000) | Description | Value |
| Consumer Products8.0% | ||
| $ 1,000 | 24 Hour Fitness Worldwide, Inc., Term Loan B, LIBOR + 3.00%, 6/08/12 | $ 1,011,667 |
| 466 | Adams Outdoor Advertising, L.P., Term Loan, LIBOR + 2.00%, 10/18/12 | 472,347 |
| 1,053 | Alimentation Couche-Tard, Inc., Term Loan, LIBOR + 1.75%, 12/17/10 | 1,063,644 |
| 498 | Arbys Restaurant Group, Inc., Term Loan B, LIBOR + 2.25%, 7/25/12 | 500,254 |
| Berkline Bench Craft, | ||
| 950 | Term Loan B, LIBOR + 3.75%, 11/03/11 | 883,500 |
| 1,000 | Term Loan, LIBOR + 10.0%, 4/30/12 | 750,000 |
| 1,000 | Bolthouse Farms, Inc., Term Loan, LIBOR + 2.50%, 12/16/12 | 1,012,917 |
| 500 | Buffets, Inc., Term Loan, LIBOR + 0.10%, 6/28/09 | 502,500 |
| 498 | Burger King Corp., Term Loan B, LIBOR + 1.75%, 6/30/12 | 502,061 |
| 744 | Central Garden & Pet Co., Term Loan, LIBOR + 1.75%, 5/31/09 | 746,187 |
| 498 | Chiquita Brands International, Inc., Term Loan C, LIBOR + 2.50%, 6/28/12 | 502,475 |
| 859 | CKE Restaurants, Inc., Term Loan, LIBOR + 2.00%, 5/01/10 | 866,198 |
| Coinmach Corp., | ||
| 596 | Term Loan, 1.25%, 12/19/12 | 605,190 |
| 404 | Term Loan, LIBOR + 2.50%, 12/19/12 | 409,393 |
| Commonwealth Brands Inc., | ||
| 19 | Term Loan, LIBOR + 2.25%, 12/15/12 | 19,157 |
| 1,731 | Term Loan, LIBOR + 2.25%, 12/22/12 | 1,749,218 |
| 1,000 | Dennys Corp., Term Loan, LIBOR + 5.13%, 9/30/10 | 1,027,500 |
| 548 | Dole Food Co., Inc., Term Loan B, LIBOR + 1.50%, 4/18/12 | 549,263 |
| 495 | Douglas Dynamics, LLC, Term Loan, LIBOR + 1.75%, 12/16/10 | 497,479 |
| 2,901 | Dr. Pepper Bottling Co. Of Texas, Inc., Term Loan B, LIBOR + 2.00%, 12/19/10 | 2,938,009 |
| Eastman Kodak Co., | ||
| 368 | Term Loan, TBD | 367,417 |
| 882 | Term Loan B-2, 1.50%, 10/18/12 | 886,655 |
| 1,500 | Eight OClock Coffee, Term Loan B, LIBOR + 3.00%, 11/14/11 | 1,515,000 |
| 993 | Eye Care Centers Of America, Inc., Term Loan, LIBOR + 3.00%, 2/16/12 | 1,003,666 |
| 1,000 | Hertz Corp., Term Loan, LIBOR + 2.25%, 12/21/12 | 1,013,523 |
| 792 | Keystone Foods Holdings, LLC, Term Loan, LIBOR + 1.75%, 6/30/11 | 800,639 |
| 499 | Knoll, Inc., Term Loan, LIBOR + 2.00%, 10/15/12 | 504,673 |
| 892 | Language Line, Inc., Term Loan B, LIBOR + 4.25%, 6/14/11 | 895,489 |
| 1,653 | Le-Natures, Inc., Term Loan B, LIBOR + 3.00%, 5/30/10 | 1,657,526 |
| 500 | MD Beauty, Inc., Term Loan, LIBOR + 7.00%, 7/10/13 | 501,250 |
| 2,738 | Michael Foods, Inc., Term Loan B-1, LIBOR + 2.00%, 11/30/10 | 2,770,202 |
| 995 | Movie Gallery, Inc., Term Loan B, LIBOR + 3.75%, 4/30/11 | 947,027 |
| 1,661 | Neiman-Marcus Group, Inc., Term Loan, LIBOR + 2.50%, 4/15/13 | 1,677,687 |
| 1,990 | New Page, Term Loan B, LIBOR + 3.00%, 4/30/12 | 2,009,900 |
| 938 | Nice Pak Products, Term Loan, LIBOR + 3.50%, 6/15/10 | 944,531 |
| Olympus Cable Holdings, LLC, | ||
| 2,000 | Term Loan A, PRIME + 1.25%, 6/30/10 | 1,938,750 |
| 3,500 | Term Loan B, PRIME + 2.00%, 9/30/10 | 3,403,750 |
| Oriental Trading Co., Inc., | ||
| 500 | Term Loan, LIBOR + 4.75%, 1/08/11 | 501,667 |
| 2,596 | Term Loan B, LIBOR + 2.25%, 6/30/09 | 2,604,555 |
| 2,970 | OSI Group LLC, Term Loan B, LIBOR + 2.00%, 9/15/11 | 3,002,174 |
| 750 | Pantry, Inc. (The), Term Loan, LIBOR + 1.75%, 12/29/11 | 757,969 |
| 951 | PBM Products, LLC, Term Loan B, LIBOR + 3.00%, 7/31/11 | 960,174 |
| 794 | Pierre Foods, Inc., Term Loan B, LIBOR + 1.75%, 7/15/10 | 803,101 |
| 750 | Pivotal Promontory, LLC, Term Loan, LIBOR + 6.50%, 9/15/11 | 750,000 |
| 1,474 | Prestige Brands Holdings, Inc., Term Loan B, LIBOR + 2.25%, 4/07/11 | 1,484,803 |
| 3,461 | R.H. Donnelley, Inc., Term Loan D, LIBOR + 1.75%, 12/31/11 | 3,483,926 |
| 398 | Sealy Mattress Co., Term Loan D, LIBOR + 1.75%, 8/06/12 | 402,212 |
| 600 | Synventive Acquisition, Inc., Term Loan, LIBOR + 14.0%, 2/17/14 | 588,000 |
| 500 | Travelcenters of America, Inc., Term Loan B, LIBOR + 1.75%, 11/30/11 | 504,750 |
| 961 | Tupperware Corp., Term Loan, LIBOR + 1.50%, 11/07/12 | 959,688 |
| 56,249,663 | ||
| Containers & Packaging1.9% | ||
| 735 | Bway Corp., Term Loan, LIBOR + 2.00%, 6/30/11 | 742,932 |
| 349 | Flexsol Packaging Corp., Term Loan, LIBOR + 3.25%, 11/30/11 | 347,862 |
7
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | ||
|---|---|---|
| Amount | ||
| (000) | Description | Value |
| Containers & Packaging(contd) | ||
| Graham Packaging Company, L.P., | ||
| $ 1,980 | Term Loan B, LIBOR + 2.25%, 10/07/11 | $ 2,002,982 |
| 2,000 | Term Loan C, LIBOR + 4.25%, 4/07/12 | 2,040,834 |
| 1,324 | Graphic Packaging International, Inc., Term Loan C, LIBOR + 2.50%, 6/30/10 | 1,343,489 |
| Owens-Illinois Group, Inc., | ||
| 3,170 | Term Loan A1, LIBOR + 2.75%, 6/30/07 | 3,177,950 |
| 589 | Term Loan C1, LIBOR + 1.75%, 3/15/08 | 590,955 |
| 500 | Ranpak Corp., Term Loan B, LIBOR + 2.50%, 12/31/11 | 502,813 |
| 568 | Smurfit-Stone Container Corp., Term Loan, LIBOR -0.10%, 11/15/10 | 572,683 |
| 1,965 | Solo Cup, Inc., Term Loan, LIBOR + 2.50%, 2/27/11 | 1,980,557 |
| 13,303,057 | ||
| Ecological Services & Equipment0.6% | ||
| Allied Waste North America, Inc., | ||
| 1,003 | Term Loan A, LIBOR + 2.00%, 1/15/12 | 1,011,155 |
| 2,584 | Term Loan, LIBOR + 2.00%, 1/15/12 | 2,602,700 |
| 500 | Envirosolutions, Inc., Term Loan, LIBOR + 3.50%, 7/07/12 | 507,500 |
| 4,121,355 | ||
| Energy4.0% | ||
| 429 | AES Corp., Term Loan, LIBOR + 1.75%, 4/30/08 | 432,536 |
| 748 | Boart Longyear Co., CND Term Loan, LIBOR + 3.00%, 11/30/12 | 757,477 |
| 2 | Calpine Corp., Term Loan, LIBOR + 5.75%, 7/16/07 | 1,751 |
| 995 | Cellnet Technology, Inc., Term Loan B, LIBOR + 3.00%, 4/26/12 | 1,007,437 |
| 1,496 | Coffeyville Resources, LLC, Term Loan, LIBOR + 2.50%, 6/24/12 | 1,513,265 |
| 561 | Cogentrix Delaware Holdings, Inc., Term Loan, LIBOR + 1.75%, 4/14/12 | 566,965 |
| 249 | Complete Production Services, Inc., Term Loan B, LIBOR, 9/12/12 | 251,947 |
| 988 | El Paso Corp., Term Loan, 0.50%, 11/30/07 | 993,946 |
| 3,549 | Exco Holdings, Inc., Term Loan, 10.0%, 7/03/06 | 3,526,620 |
| 1,500 | Key Energy Services, Term Loan B, LIBOR + 3.25%, 8/15/12 | 1,519,999 |
| 500 | MGG Holdings, Term Loan, LIBOR + 2.00%, 12/15/10 | 504,375 |
| 6,000 | NRG Energy Term., Term Loan, TBD | 6,058,050 |
| 1,000 | Petro Geological Services, Term Loan B, LIBOR, 12/31/12 | 1,011,875 |
| 500 | Petrohawk, Term Loan, LIBOR + 4.50%, 7/31/10 | 502,500 |
| 293 | Pike Electric, Inc., Term Loan B, LIBOR + 1.75%, 6/30/12 | 296,069 |
| 4,008 | Reliant Energy Resources Corp., Term Loan, LIBOR + 2.38%, 4/30/10 | 3,994,632 |
| Semcrude, L.P., | ||
| 295 | US Term Loan, LIBOR + 2.25%, 2/28/11 | 297,933 |
| 695 | CND Term Loan, LIBOR + 2.25%, 2/28/11 | 701,698 |
| 1,000 | Targa Resources Asst. Sale, Term Loan, LIBOR + 2.25%, 10/31/07 | 1,001,250 |
| 500 | Texas Genco, LLC, Term Loan, LIBOR, 12/14/11 | 499,375 |
| 500 | Trout Coal Holdings, LLC, Term Loan, LIBOR + 6.50%, 3/31/12 | 497,500 |
| 993 | Universal Compression, Inc., Term Loan, LIBOR + 1.50%, 1/15/15 | 1,001,186 |
| Wolf Hollow I LP, | ||
| 500 | Term Loan, LIBOR, 6/15/12 | 504,375 |
| 500 | Term Loan B, LIBOR, 6/15/12 | 504,375 |
| 27,947,136 | ||
| Entertainment & Leisure2.6% | ||
| 985 | Boyd Gaming Corp., Term Loan B, LIBOR + 1.50%, 6/30/11 | 994,234 |
| 3,245 | CCM Merger, Inc., Term Loan, LIBOR + 2.00%, 7/13/12 | 3,260,412 |
| 2,000 | Greektown Casino, LLC, Term Loan B, LIBOR + 2.50%, 12/03/12 | 2,025,000 |
| 491 | Green Valley Ranch Gaming, LLC, Term Loan B, LIBOR + 2.00%, 12/17/11 | 496,814 |
| 501 | Hit Entertainment, Ltd., Term Loan, LIBOR + 2.25%, 3/20/12 | 500,875 |
| 1,238 | Isle Of Capri Casinos, Inc., Term Loan, LIBOR + 1.75%, 2/04/11 | 1,251,112 |
| 5,000 | Metro-Goldwyn-Mayer Studios, Inc., Term Loan B, LIBOR + 2.25%, 4/15/12 | 5,048,295 |
| 1,995 | Penn National Gaming, Term Loan B, LIBOR + 1.75%, 5/31/12 | 2,018,691 |
| 497 | Volume Svcs. America, Inc., Term Loan, LIBOR + 3.25%, 10/15/10 | 500,603 |
| 1,099 | Wyndham International, Inc., Term Loan E, LIBOR + 4.50%, 9/11/07 | 1,154,318 |
| 1,000 | Wynn Las Vegas, LLC, Term Loan, LIBOR + 2.13%, 12/31/11 | 1,009,000 |
| 497 | Yellowstone Mountain Club, Term Loan, LIBOR + 2.38%, 10/15/10 | 499,319 |
| 18,758,673 |
8
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | ||
|---|---|---|
| Amount | ||
| (000) | Description | Value |
| Financial Institutions1.2% | ||
| $ 750 | Ameritrade, Term Loan, TBD | $ 753,562 |
| 1,185 | Arias Acquisitions, Inc., Term Loan, LIBOR + 3.75%, 7/26/11 | 1,180,556 |
| 956 | CCC Information Services, Inc., Term Loan B, LIBOR + 2.75%, 8/20/10 | 955,563 |
| 1,297 | Global Cash Access, LLC, Term Loan, LIBOR + 2.25%, 3/10/10 | 1,311,994 |
| N.E.W. Holdings I, LLC, | ||
| 904 | Term Loan, LIBOR + 3.25% 7/15/11 | 913,362 |
| 250 | Term Loan, LIBOR + 7.00%, 7/15/12 | 253,750 |
| 2,000 | Nasdaq Stock Market, Inc., Term Loan B, LIBOR + 1.50%, 12/15/11 | 2,015,000 |
| 456 | Universal American Financial Corp., Term Loan, LIBOR + 2.25%, 5/25/09 | 457,391 |
| 978 | USI Holdings Corp., Term Loan, LIBOR + 2.50%, 7/30/08 | 979,333 |
| 8,820,511 | ||
| Health Care3.9% | ||
| 181 | Ameripath, Inc., Term Loan, TBD | 181,849 |
| 1,500 | CCS Med., Term Loan B, LIBOR + 3.25%, 9/30/12 | 1,480,000 |
| 201 | Colgate Medical, Ltd., Term Loan B, LIBOR + 2.00%, 12/30/08 | 201,891 |
| 2,963 | Community Health Systems, Inc., Term Loan, LIBOR + 1.75%, 8/19/11 | 2,999,531 |
| 2,494 | Concentra Operating Corp., Term Loan B, LIBOR + 2.00%, 9/30/11 | 2,522,845 |
| 1,917 | Davita, Inc., Term Loan B, LIBOR + 2.25%, 10/05/12 | 1,943,120 |
| 912 | Duloxetine Royalty Sub., Term Loan, LIBOR + 4.50%, 10/15/13 | 912,310 |
| HealthSouth Corp., | ||
| 638 | Term Loan, LIBOR + 2.50%, 2/28/10 | 639,094 |
| 2,351 | Term Loan, LIBOR + 2.50%, 6/14/07 | 2,356,564 |
| 2,000 | Term Loan, LIBOR + 5.00%, 6/15/10 | 2,013,334 |
| 985 | IASIS Healthcare Corp., Term Loan B, LIBOR + 2.25%, 6/22/11 | 997,108 |
| 2,905 | Jean Coutu Group, Inc., Term Loan B, LIBOR + 2.25%, 6/30/11 | 2,939,220 |
| 734 | Kinetic Concepts, Inc., Term Loan B-2, LIBOR + 1.75%, 8/05/10 | 741,441 |
| 993 | Select Med. Corp., Term Loan B, PRIME + 0.75%, 2/28/12 | 981,472 |
| 500 | Triumph Healthcare Second Holdings, Inc., Term Loan, LIBOR + 8.50%, 9/15/12 | 470,000 |
| 998 | Vanguard Hlth. Holding Co. II, Term Loan, LIBOR + 2.25%, 9/30/11 | 1,009,553 |
| Warner Chilcott Corp., | ||
| 530 | Term Loan, 1.38%, 1/18/11 | 531,707 |
| 2,167 | Term Loan B, LIBOR + 2.75%, 1/18/11 | 2,174,375 |
| 873 | Term Loan C, LIBOR + 2.75%, 1/18/11 | 876,167 |
| 403 | Term Loan D, LIBOR + 2.75%, 1/18/11 | 404,764 |
| 985 | Wellcare Holdings, LLC, Term Loan, LIBOR + 2.50%, 5/13/09 | 989,309 |
| 27,365,654 | ||
| Industrials1.6% | ||
| 1,000 | Acosta, Inc., Term Loan, LIBOR + 2.25%, 12/06/12 | 1,010,000 |
| 213 | Alderwoods Group, Inc., Term Loan B2, LIBOR + 2.00%, 9/29/09 | 215,146 |
| 3,190 | Buhrmann U.S., Inc., Term Loan D-1, LIBOR + 1.75%, 12/31/10 | 3,232,703 |
| 719 | Novelis, Inc., CND Term Loan B, LIBOR + 1.75%, 12/30/11 | 727,098 |
| 625 | QTC Acquisition, Inc., Term Loan, LIBOR + 6.50%, 5/04/13 | 623,438 |
| 491 | Roller Bearing Co. of America, Term Loan B, PRIME + 2.50%, 7/30/11 | 493,287 |
| 1,752 | Trimas Corp., Term Loan B, LIBOR + 3.75%, 12/31/09 | 1,760,927 |
| 1,801 | United Rentals NA, Inc., Term Loan B, LIBOR + 2.25%, 2/12/11 | 1,819,637 |
| 1,649 | Worldspan, L.P., Term Loan, LIBOR + 2.75%, 6/30/07 | 1,624,156 |
| 11,506,392 | ||
| Media5.6% | ||
| 1,737 | American Lawyers Media, Inc., Term Loan, LIBOR + 2.50%, 3/05/10 | 1,733,257 |
| 4,000 | Century Cable Holdings, LLC, Term Loan, PRIME + 2.00%, 6/30/09 | 3,888,332 |
| 3,443 | Charter Communications Operating, LLC, Term Loan B, LIBOR + 3.25%, 4/27/11 | 3,465,934 |
| Dex Media West, LLC, | ||
| 1,000 | Term Loan B1, 0.50%, 3/09/10 | 1,004,792 |
| 3,514 | Term Loan B, LIBOR + 1.75%, 3/09/10 | 3,542,955 |
| 2,333 | DirecTV Holdings, LLC, Term Loan B, LIBOR + 1.50%, 4/13/13 | 2,355,939 |
| 2,004 | Emmis Communications Co., Term Loan B, LIBOR + 1.75%, 11/10/11 | 2,011,341 |
| 2,574 | Insight Midwest Holdings, LLC, Term Loan C, LIBOR + 2.00%, 12/31/09 | 2,607,908 |
| 248 | Masonite International Corp., US Term Loan, LIBOR + 2.00%, 3/31/13 | 241,636 |
9
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | ||
|---|---|---|
| Amount | ||
| (000) | Description | Value |
| Media(contd) | ||
| $ 1,985 | Mediacom Communications Corp., Term Loan C, LIBOR + 2.00%, 9/30/10 | $ 2,010,122 |
| 1,980 | Mediacom Illinois, LLC, Term Loan, TBD | 2,004,750 |
| 1,941 | Mission Broadcasting, Inc., Term Loan B, LIBOR + 1.75%, 8/14/12 | 1,948,330 |
| 500 | NEP Supershooters, L.P., Term Loan, LIBOR + 8.00%, 8/01/11 | 495,000 |
| 1,976 | Nexstar Broadcasting, Inc., Term Loan B, LIBOR + 1.75%, 8/14/12 | 1,983,303 |
| 3,000 | NTL Investment Holding Ltd., Term Loan B, LIBOR + 3.00%, 4/13/12 | 3,007,500 |
| 750 | Puerto Rico Cable Acquisition Co., Term Loan, LIBOR + 6.25%, 7/31/11 | 759,375 |
| 2,500 | Raycom Media, Inc., Term Loan B, LIBOR + 1.75%, 4/01/12 | 2,500,000 |
| 2,000 | UPC Distribution Corp., Term Loan H, LIBOR + 2.75%, 10/30/12 | 2,020,714 |
| 1,963 | WMG Acquisition Corp., Term Loan, LIBOR + 2.00%, 4/08/11 | 1,979,740 |
| 39,560,928 | ||
| Publishing0.1% | ||
| 750 | Endurance Business Media, Term Loan B, LIBOR + 2.25%, 3/08/12 | 755,625 |
| Real Estate1.3% | ||
| General Growth Properties, Inc., | ||
| 1,697 | Term Loan A, LIBOR + 1.75%, 11/12/07 | 1,697,573 |
| 1,948 | Term Loan B, LIBOR + 2.00%, 11/12/08 | 1,951,157 |
| Kyle Acquisition Group, LLC, | ||
| 431 | Term Loan B, LIBOR + 2.00%, 7/31/08 | 433,504 |
| 300 | Term Loan, LIBOR + 2.00%, 7/31/10 | 301,500 |
| 1,000 | Landsource Communities Development, LLC, Term Loan B, LIBOR + 2.50%, 3/31/10 | 1,008,125 |
| 248 | Masonite Intl. Corp., CND Term Loan, LIBOR + 2.00%, 3/31/13 | 241,225 |
| Ply Gem Industries, Inc., | ||
| 1,853 | Term Loan B, LIBOR + 2.50%, 10/01/11 | 1,864,256 |
| 61 | CND Term Loan, LIBOR + 2.50%, 3/15/10 | 61,665 |
| 710 | Stewart Enterprises, Inc., Term Loan B, LIBOR + 1.75%, 11/30/11 | 716,460 |
| 1,000 | Williams Scotsman, Inc., Term Loan B, LIBOR + 2.25%, 6/30/10 | 1,012,083 |
| 9,287,548 | ||
| Technology0.4% | ||
| 412 | Coinstar, Inc., Term Loan, LIBOR + 2.25%, 7/07/11 | 414,099 |
| 496 | Federal IT Systems, Inc., Term Loan, LIBOR + 2.75%, 4/01/11 | 500,282 |
| 1,438 | Verifone, Inc., Term Loan B, LIBOR + 2.00%, 6/30/11 | 1,453,733 |
| 235 | Westcom Corp., Term Loan B, LIBOR + 2.75%, 12/31/10 | 235,178 |
| 2,603,292 | ||
| Telecommunications3.1% | ||
| 250 | AAT Communications Corp., Term Loan, LIBOR + 1.75%, 7/27/12 | 252,031 |
| 1,000 | Alaska Communications Systems Holdings, Inc., Term Loan, LIBOR + 2.00%, 1/31/12 | 1,009,250 |
| 1,000 | Atlantic Broadband Finance, LLC, Term Loan B1, LIBOR + 2.75%, 8/04/12 | 1,015,625 |
| 1,377 | Centennial Cellular Operating Co., Term Loan, LIBOR + 2.25%, 2/09/11 | 1,394,519 |
| 1,481 | Consolidated Communications, Inc., Term Loan D, LIBOR + 1.75%, 10/14/11 | 1,495,445 |
| 500 | Country Road Communications, LLC, Term Loan, LIBOR, 7/15/13 | 506,250 |
| 750 | Fairpoint Communications, Inc., Term Loan, LIBOR + 1.75%, 2/15/12 | 751,125 |
| 990 | Intelsat Zeus, Ltd., Term Loan, 0.75%, 7/28/11 | 998,663 |
| 2,000 | Iowa Telecommunications Services, Inc., Term Loan B, LIBOR + 1.75%, 11/23/11 | 2,019,000 |
| IPC Acquisition Corp., | ||
| 998 | Term Loan, LIBOR + 2.75%, 8/05/11 | 1,006,852 |
| 500 | Term Loan, LIBOR + 7.25%, 8/05/12 | 489,167 |
| 1,000 | Madison River Capital, LLC, Term Loan B-1, LIBOR + 2.50%, 7/31/12 | 1,008,750 |
| 2,500 | Nextel Partners Operating Corp., Term Loan D, LIBOR + 1.50%, 5/31/12 | 2,500,000 |
| Ntelos, Inc., | ||
| 1,493 | Term Loan, LIBOR + 2.50%, 2/24/10 | 1,504,813 |
| 750 | Term Loan, LIBOR + 5.00%, 2/24/12 | 757,031 |
| 2,000 | Qwest Corp., Term Loan A, LIBOR + 4.75%, 6/30/07 | 2,045,500 |
| 1,000 | Triple Crown Media, Inc., Term Loan, LIBOR + 3.25%, 12/30/12 | 1,000,000 |
| 1,933 | Valor Telecommunication Enterprises II, LLC, Term Loan B, LIBOR + 1.75%, 2/28/12 | 1,937,563 |
| 21,691,584 |
10
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| Transportation0.3% | ||||
| $ 500 | Delta Air Lines, Inc., Term Loan B, LIBOR + 6.50%, 3/16/08 | $ 518,250 | ||
| 822 | Sirva Worldwide, Inc., Term Loan, LIBOR + 4.00%, 11/30/10 | 786,845 | ||
| 628 | Transport Industries, LP, Term Loan B, LIBOR + 2.50%, 9/30/11 | 631,815 | ||
| 1,936,910 | ||||
| Total Bank Loans | 318,632,634 | |||
| Mortgage Pass-Through Securities21.1% | ||||
| Federal National Mortgage Assoc., | ||||
| 911 | 2 | 5.00%, 8/01/20 | 899,774 | |
| 39 | 5.00%, 7/01/20 | 38,628 | ||
| 1,651 | 5.50%, 11/01/33 | 1,636,644 | ||
| 9,036 | 2 | 5.50%, 10/01/33 | 8,958,869 | |
| 17,000 | 2 | 7.25%, 1/15/10 | 18,478,150 | |
| 120,700 | TBA, 5.00%, 2/16/21 | 119,191,250 | ||
| Total Mortgage Pass-Through Securities | 149,203,315 | |||
| Interest Only Asset-Backed Securities1.2% | ||||
| Sterling Coofs Trust, | ||||
| NR | 53,986 | 3 | Ser. 1, 2.362%, 4/15/29 | 4,386,324 |
| NR | 54,298 | Ser. 2, 1.00%, 3/30/30 | 4,072,330 | |
| Total Interest Only Asset-Backed Securities | 8,458,654 | |||
| Asset-Backed Securities1.9% | ||||
| AAA | 2,080 | 2 | Citibank Credit Card Issuance Trust, 2.50%, 4/07/08 | 2,072,013 |
| AAA | 3,766 | 2 | Honda Auto Receivables Class A3, 2.30%, 10/18/07 | 3,731,734 |
| AAA | 7,910 | 2 | MBNA Credit Card Master Note Trust, 5.75%, 10/15/08 | 7,934,837 |
| Total Asset-Backed Securities | 13,738,584 | |||
| Collateralized Mortgage Obligatons2.0% | ||||
| GSR Mortgage Loan Trust, | ||||
| AAA | 7,300 | 3 | Ser. 10, Class 2A1, 4.475%, 10/25/33 | 7,051,195 |
| AAA | 7,320 | 3 | Ser. 13, Class 1A1, 4.505%, 10/25/33 | 7,043,572 |
| Total Collateralized Mortgage Obligatons | 14,094,767 | |||
| U.S. Government and Agency Securities5.3% | ||||
| U.S. Treasury Notes, | ||||
| 20,425 | 2 | 3.375%, 9/15/09 | 19,790,344 | |
| 10,000 | 2 | 3.75%, 3/31/07 | 9,903,100 | |
| 6,000 | 2 | 3.875%, 5/15/09 | 5,886,540 | |
| 1,815 | 2 | 4.25%, 8/15/15 | 1,774,453 | |
| Total U.S. Government and Agency Securities | 37,354,437 | |||
| Foreign Government Bonds2.5% | ||||
| BB- | 952 | Bolivarian Republic of Venezuela, 12/18/07 | 947,557 | |
| BB | 5,000 | Republic of Colombia, 9.75%, 4/23/09 | 5,610,000 | |
| BB | 5,000 | Republic of Peru, 9.125%, 2/21/12 | 5,775,000 | |
| BB- | 5,000 | Republic of Turkey, 11.375%, 11/27/06 | 5,250,000 | |
| Total Foreign Government Bonds | 17,582,557 | |||
| Units | ||||
| Warrants0.0% | ||||
| NR | 10 | 6 | Reliant Resources, Inc., Expires 8/25/08, strike price $0.001, 1 share for 1 warrant | 50,737 |
| Total Long-Term Investments (cost $970,764,000) | 974,631,577 |
11
BlackRock Limited Duration Income Trust (BLW) (continued)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| (000) | Description | Value | ||
| SHORT-TERM INVESTMENT0.2% | ||||
| U.S. Government and Agency Zero Coupon Security0.2% | ||||
| $1,500 | 7 | Federal Home Loan Bank Discount Notes, 4.341%, 2/01/06 (cost $1,500,000) | $ 1,500,000 | |
| Total investments138.3% (cost $972,264,000 8 ) | $ 976,131,577 | |||
| Liabilities in excess of other assets (including $157,089,893 in reverse repurchase agreements payable | ||||
| and $119,606,157 in dollar roll payable)(38.3)% | (270,422,973 | ) | ||
| Net Assets100% | $ 705,708,604 |
| 1 | Using the higher of Standard & Poors, Moodys Investor Service or Fitchs rating. |
|---|---|
| 2 | Entire or partial principal amount pledged as collateral for reverse repurchase agreements. |
| 3 | Rate shown is interest rate as of January 31, 2006. |
| 4 | Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of January 31, 2006, the Trust |
| held 11.4% of its net assets, with a current market value of $80,422,393, in securities restricted as to resale. | |
| 5 | Issuer is in default and/or bankruptcy. |
| 6 | Non-income producing security. |
| 7 | Rate shown is the yield to maturity as of January 31, 2006. |
| 8 | Cost for Federal income tax purposes is $972,470,863. The net unrealized appreciaton on a tax basis is $3,660,714, consisting of $13,640,971 gross unrealized appreciation and $9,980,257 gross unrealized |
| depreciation. | |
| A category in the Corporate Bonds and Bank Loans sections may contain multiple industries as defined by the SECs Standard Industry Codes. |
KEY TO ABBREVIATIONS TBA To Be Announced TBD To Be Determined
12
Item 2. Controls and Procedures.
(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 Registrants 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 Registrants management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(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.
Item 3. Exhibits.
Separate certifications of the Registrants Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.
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 and Principal Financial Officer Date: March 31, 2006
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: President and Principal Executive Officer Date: March 31, 2006 By: /s/ Henry Gabbay Name: Henry Gabbay Title: Treasurer and Principal Financial Officer Date: March 31, 2006
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