Regulatory Filings • Mar 29, 2007
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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:__ 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, 2007 Date of reporting period:__ January 31, 2007
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 (unaudited) JANUARY 31, 2007 BlackRock Limited Duration Income Trust (BLW) (Percentage of Net Assets)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| LONG-TERM INVESTMENTS145.2% | ||||
| Corporate Bonds61.9% | ||||
| Aerospace & Defense1.5% | ||||
| NR | $ 1,560 | 2,3 | AAR Corp., Ser. A2, 8.39%, 5/15/11 | $ 1,575,600 |
| B | 680 | Argo-Tech Corp., 9.25%, 6/01/11 | 736,100 | |
| BB | 745 | 3 | Bombardier, Inc., 8.00%, 11/15/14 (Canada) | 772,938 |
| B | 5,676 | DI Finance/DynCorp Intl., Ser. B, 9.50%, 2/15/13 | 5,959,800 | |
| DRS Technologies, Inc., | ||||
| B | 330 | 6.875%, 11/01/13 | 326,700 | |
| B | 310 | 7.625%, 2/01/18 | 315,425 | |
| BB | 755 | Sequa Corp., 9.00%, 8/01/09 | 800,300 | |
| Total Aerospace & Defense | 10,486,863 | |||
| Automotive2.6% | ||||
| AutoNation, Inc., | ||||
| BB+ | 690 | 7.00%, 4/15/14 | 693,450 | |
| BB+ | 690 | 4 | 7.36%, 4/15/13 | 695,175 |
| BB- | 130 | 3,4 | Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 7.874%, 5/15/14 | 129,025 |
| BBB+ | 7,500 | 5 | DaimlerChrysler NA Holding Corp., 4.05%, 6/04/08 | 7,344,675 |
| B- | 2,225 | Lear Corp., Ser. B, 8.75%, 12/01/16 | 2,219,438 | |
| B3 | 1,000 | 5 | Metaldyne Corp., 11.00%, 11/01/13 | 1,000,000 |
| B1 | 3,500 | Sonic Automotive, Inc., Ser. B, 8.625%, 8/15/13 | 3,640,000 | |
| BB- | 2,629 | TRW Automotive, Inc., 9.375%, 2/15/13 | 2,813,030 | |
| Total Automotive | 18,534,792 | |||
| Basic Materials4.8% | ||||
| B+ | 1,905 | Abitibi-Consolidated, Inc., 6.00%, 6/20/13 (Canada) | 1,662,113 | |
| B+ | 2,200 | AK Steel Corp., 7.75%, 6/15/12 | 2,227,500 | |
| B | 1,100 | 3 | American Pacific Corp., 9.00%, 2/01/15 | 1,100,000 |
| B+ | 670 | 4 | Bowater, Inc., 8.36%, 3/15/10 | 676,700 |
| BB+ | 120 | Chemtura Corp., 6.875%, 6/01/16 | 116,400 | |
| B- | 750 | CPG Intl. I, Inc., 10.50%, 7/01/13 | 781,875 | |
| Domtar, Inc. (Canada) | ||||
| B+ | 300 | 7.125%, 8/15/15 | 296,250 | |
| B+ | 140 | 7.875%, 10/15/11 | 145,950 | |
| B+ | 740 | Donohue Forest Products, 7.625%, 5/15/07 (Canada) | 740,000 | |
| Huntsman LLC, | ||||
| BB- | 1,950 | 11.625%, 10/15/10 | 2,125,500 | |
| B | 310 | 12.00%, 7/15/12 | 351,850 | |
| Ineos Group Holdings Plc (United Kingdom) | ||||
| B+ | 1,490 | 7.875%, 2/07/16 (EUR) | 1,830,326 | |
| B+ | 2,885 | 3 | 8.50%, 2/15/16 | 2,762,387 |
| B3 | 2,225 | Innophos, Inc., 8.875%, 8/15/14 | 2,297,312 | |
| Lyondell Chemical Co., | ||||
| BB- | 1,100 | 8.00%, 9/15/14 | 1,144,000 | |
| BB- | 1,835 | 8.25%, 9/15/16 | 1,945,100 | |
| BB+ | 560 | 10.50%, 6/01/13 | 618,100 | |
| BB+ | 3,020 | 11.125%, 7/15/12 | 3,250,275 | |
| BB | 765 | Millennium America, Inc., 9.25%, 6/15/08 | 794,644 | |
| B- | 215 | Nalco Co., 8.875%, 11/15/13 | 228,169 | |
| NewPage Corp., | ||||
| B2 | 810 | 10.00%, 5/01/12 | 882,900 | |
| B2 | 1,500 | 4,5 | 11.61%, 5/01/12 | 1,642,500 |
| B3 | 300 | 12.00%, 5/01/13 | 327,000 | |
| Nova Chemicals Corp. (Canada) | ||||
| BB- | 200 | 6.50%, 1/15/12 | 189,000 | |
| BB- | 2,690 | 4 | 8.502%, 11/15/13 | 2,676,550 |
| CCC+ | 2,020 | 3 | Pregis Corp., 12.375%, 10/15/13 | 2,222,000 |
| B+ | 81 | Rhodia S.A., 10.25%, 6/01/10 (France) | 92,340 | |
| BB- | 730 | 3 | Terra Capital, Inc., 7.00%, 2/01/17 | 719,963 |
1
BlackRock Limited Duration Income Trust (BLW) (continued) (Percentage of Net Assets)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| Basic Materials(cont'd) | ||||
| B- | $ 60 | 3 | Verso Paper Holdings LLC/Verson Paper, Inc., 11.375%, 8/01/16 | $ 63,600 |
| Total Basic Materials | 33,910,304 | |||
| Building & Development0.9% | ||||
| BBB- | 3,000 | 5 | DR Horton, Inc., 5.875%, 7/01/13 | 2,970,336 |
| Goodman Global Holding Co., Inc., | ||||
| B- | 2,000 | 7.875%, 12/15/12 | 2,010,000 | |
| B1 | 269 | 5 | 8.36%, 6/15/12 | 272,363 |
| B3 | 890 | Nortek, Inc., 8.50%, 9/01/14 | 885,550 | |
| B3 | 270 | North American Energy Partners, Inc., 8.75%, 12/01/11 (Canada) | 270,000 | |
| Total Building & Development | 6,408,249 | |||
| Business Equipment & Services0.1% | ||||
| Ba2 | 350 | 3 | FTI Consulting, Inc., 7.75%, 10/01/16 | 361,375 |
| Commercial Services0.4% | ||||
| B2 | 1,050 | Education Management LLC/Education Management Corp., 8.75%, 6/01/14 | 1,102,500 | |
| B- | 750 | 3,4 | NCO Group, Inc., 10.244%, 11/15/13 | 750,000 |
| B+ | 875 | 3 | Quebecor World, Inc., 9.75%, 1/15/15 (Canada) | 913,281 |
| Total Commercial Services | 2,765,781 | |||
| Conglomerates1.1% | ||||
| Baa3 | 7,500 | 5 | Tyco Intl. Group S.A., 6.125%, 11/01/08 (Luxembourg) | 7,583,430 |
| Consumer Products4.6% | ||||
| B3 | 300 | ALH Finance LLC, 8.50%, 1/15/13 | 300,750 | |
| CCC+ | 2,085 | 4 | Ames True Temper, Inc., 9.36%, 1/15/12 | 2,126,700 |
| B- | 1,108 | Finlay Fine Jewelry Corp., 8.375%, 6/01/12 | 1,052,600 | |
| Ba3 | 5,000 | 5 | Group 1 Automotive, Inc., 8.25%, 8/15/13 | 5,150,000 |
| BBB | 4,400 | 5 | JC Penney Co., Inc., 8.00%, 3/01/10 | 4,690,981 |
| B- | 1,505 | Lazy Days RV Center, Inc., 11.75%, 5/15/12 | 1,463,612 | |
| B | 2,075 | 4 | Levi Strauss & Co., 10.11%, 4/01/12 | 2,126,875 |
| Michaels Stores, Inc., | ||||
| B2 | 2,210 | 3 | 10.00%, 11/01/14 | 2,348,125 |
| Caa1 | 2,496 | 3 | 11.375%, 11/01/16 | 2,682,931 |
| B2 | 223 | Neiman-Marcus Group, Inc., 9.00%, 10/15/15 | 244,185 | |
| B3 | 210 | 3,4 | Nutro Products, Inc., 9.40%, 10/15/13 | 216,825 |
| BB- | 600 | Quiksilver, Inc., 6.875%, 4/15/15 | 586,500 | |
| BB+ | 1,000 | Reynolds American, Inc., 7.625%, 6/01/16 | 1,057,971 | |
| B+ | 5,000 | 5 | Rite Aid Corp., 8.125%, 5/01/10 | 5,112,500 |
| CCC | 1,345 | Spectrum Brands, Inc., 7.375%, 2/01/15 | 1,173,512 | |
| B | 2,450 | United Rentals NA, Inc., 7.00%, 2/15/14 | 2,407,125 | |
| Total Consumer Products | 32,741,192 | |||
| Containers & Packaging1.0% | ||||
| Berry Plastics Holding Corp., | ||||
| B2 | 1,210 | 3 | 8.875%, 9/15/14 | 1,249,325 |
| B2 | 835 | 3,4 | 9.235%, 9/15/14 | 857,962 |
| B+ | 885 | Crown Americas LLC/Crown Americas Capital Corp., 7.75%, 11/15/15 | 915,975 | |
| CCC+ | 585 | Graham Packaging Co., Inc., 8.50%, 10/15/12 | 593,775 | |
| B1 | 1,370 | 3,4 | Impress Holdings BV, 8.585%, 9/15/13 (Netherlands) | 1,373,028 |
| B+ | 2,114 | Smurfit-Stone Container Enterprises, Inc., 9.75%, 2/01/11 | 2,182,705 | |
| Total Containers & Packaging | 7,172,770 | |||
| Ecological Services & Equipment0.6% | ||||
| B | 2,000 | Casella Waste Systems, Inc., 9.75%, 2/01/13 | 2,100,000 | |
| Caa1 | 2,065 | Waste Services, Inc., 9.50%, 4/15/14 | 2,147,600 | |
| Total Ecological Services & Equipment | 4,247,600 | |||
| Energy7.3% | ||||
| BB+ | 5,500 | 3,5 | AES Corp., 8.75%, 5/15/13 | 5,864,375 |
| ANR Pipeline Co., | ||||
| B+ | 460 | 7.375%, 2/15/24 | 517,642 | |
| B+ | 980 | 9.625%, 11/01/21 | 1,303,930 | |
| B | 550 | Berry Petroleum Co., 8.25%, 11/01/16 | 541,750 | |
| CCC+ | 1,210 | Chaparral Energy, Inc., 8.50%, 12/01/15 | 1,194,875 |
2
BlackRock Limited Duration Income Trust (BLW) (continued) (Percentage of Net Assets)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| Energy(cont'd) | ||||
| Chesapeake Energy Corp., | ||||
| BB | $ 650 | 6.375%, 6/15/15 | $ 630,500 | |
| BB | 100 | 6.875%, 11/15/20 | 96,000 | |
| BB | 4,000 | 5 | 7.50%, 9/15/13 | 4,100,000 |
| BB- | 200 | ChipPAC, Inc., 2.50%, 6/01/08 | 213,500 | |
| Ba3 | 150 | CMS Energy Corp., 7.50%, 1/15/09 | 153,750 | |
| Ba3 | 255 | Compagnie Generale de Geophysique S.A., 7.50%, 5/15/15 (France) | 255,638 | |
| B | 925 | Compton Petroleum Finance Corp., 7.625%, 12/01/13 (Canada) | 883,375 | |
| CCC+ | 1,640 | 2 | East Cameron Gas Co., 11.25%, 7/09/19 (Cayman Islands) | 1,574,400 |
| BB- | 590 | Edison Mission Energy, 7.50%, 6/15/13 | 612,125 | |
| El Paso Corp., | ||||
| B2 | 400 | 7.80%, 8/01/31 | 427,000 | |
| B2 | 525 | 9.625%, 5/15/12 | 594,563 | |
| B2 | 225 | 10.75%, 10/01/10 | 254,250 | |
| Ba1 | 400 | El Paso Natural Gas Co., 8.875%, 6/15/32 | 480,307 | |
| Ba1 | 161 | Elwood Energy LLC, 8.159%, 7/05/26 | 170,118 | |
| Encore Acquisition Co., | ||||
| B | 250 | 6.00%, 7/15/15 | 225,000 | |
| B | 200 | 7.25%, 12/01/17 | 190,000 | |
| B- | 495 | Exco Resources, Inc., 7.25%, 1/15/11 | 502,425 | |
| BB+ | 380 | 5 | Grant Prideco, Inc., Ser. B, 6.125%, 8/15/15 | 363,850 |
| B | 2,434 | 3 | Hilcorp Energy I LP/Hilcorp Finance Corp., 10.50%, 9/01/10 | 2,607,422 |
| B- | 895 | KCS Energy, Inc., 7.125%, 4/01/12 | 854,725 | |
| Ba2 | 4,324 | 5 | Midwest Generation LLC, Ser. B, 8.56%, 1/02/16 | 4,756,692 |
| Mirant Americas Generation LLC, | ||||
| Caa1 | 625 | 8.30%, 5/01/11 | 637,500 | |
| Caa1 | 480 | 8.50%, 10/01/21 | 487,200 | |
| Caa1 | 295 | 9.125%, 5/01/31 | 314,913 | |
| BB- | 500 | Mission Energy Holdings Co., 13.50%, 7/15/08 | 548,125 | |
| NRG Energy, Inc., | ||||
| B+ | 210 | 7.25%, 2/01/14 | 210,525 | |
| B+ | 1,185 | 7.375%, 2/01/16 | 1,186,481 | |
| BB | 1,990 | 3 | OPTI, Inc., 8.25%, 12/15/14 (Canada) | 2,079,550 |
| B2 | 580 | Orion Power Holdings, Inc., 12.00%, 5/01/10 | 665,550 | |
| Reliant Energy, Inc., | ||||
| B | 1,035 | 6.75%, 12/15/14 | 1,019,475 | |
| B | 170 | 9.25%, 7/15/10 | 178,500 | |
| BB | 1,515 | 3 | Sabine Pass LNG LP, 7.50%, 11/30/16 | 1,488,487 |
| B+ | 1,240 | 3 | SemGroup LP, 8.75%, 11/15/15 | 1,243,100 |
| B3 | 1,890 | 3,4 | Stone Energy Corp., 8.11%, 7/15/10 | 1,887,637 |
| B | 5,000 | 5 | Swift Energy Co., 9.375%, 5/01/12 | 5,250,000 |
| B3 | 725 | 3 | Targa Resources, Inc., 8.50%, 11/01/13 | 726,812 |
| BBB- | 100 | Transcontinental Gas Pipe Line Corp., 7.25%, 12/01/26 | 105,000 | |
| B+ | 1,040 | Utilicorp Finance Corp., 7.75%, 6/15/11 (Canada) | 1,101,716 | |
| B1 | 1,550 | Whiting Petroleum Corp., 7.25%, 5/01/12-5/01/13 | 1,538,375 | |
| Williams Cos., Inc., | ||||
| BB+ | 1,000 | 7.125%, 9/01/11 | 1,037,500 | |
| BB+ | 635 | 8.75%, 3/15/32 | 722,313 | |
| Total Energy | 51,796,971 | |||
| Entertainment & Leisure1.4% | ||||
| AMC Entertainment, Inc., | ||||
| B3 | 500 | 9.50%, 2/01/11 | 501,250 | |
| B3 | 505 | 11.00%, 2/01/16 | 570,650 | |
| B3 | 370 | Cinemark, Inc., Zero Coupon, 3/15/14 | 326,525 | |
| CCC+ | 1,430 | 3 | Greektown Holdings LLC, 10.75%, 12/01/13 | 1,530,100 |
| B+ | 4,425 | 5 | MGM Mirage, 9.75%, 6/01/07 | 4,474,781 |
| B3 | 250 | Poster Financial Group, Inc., 8.75%, 12/01/11 | 260,000 | |
| Caa1 | 2,090 | 3 | TDS Investor, 9.875%, 9/01/14 | 2,184,050 |
| BB- | 100 | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625%, 12/01/14 | 99,000 | |
| Total Entertainment & Leisure | 9,946,356 |
3
BlackRock Limited Duration Income Trust (BLW) (continued) (Percentage of Net Assets)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| Financial Institutions8.4% | ||||
| American Real Estate Partners LP/American Real Estate Finance Corp., | ||||
| BB+ | $ 1,480 | 5 | 7.125%, 2/15/13 | $ 1,465,200 |
| BB+ | 5,860 | 5 | 8.125%, 6/01/11 | 6,021,150 |
| B | 1,733 | BCP Crystal US Holdings Corp., 9.625%, 6/15/14 (Luxembourg) | 1,914,965 | |
| BB | 3,010 | Crum & Forster Holdings Corp., 10.375%, 6/15/13 | 3,250,800 | |
| Ford Motor Credit Co., | ||||
| BB- | 2,800 | 7.375%, 2/01/11 | 2,765,465 | |
| BB- | 940 | 4 | 8.11%, 1/13/12 | 943,863 |
| BB- | 60 | 4 | 9.81%, 4/15/12 | 65,049 |
| BB+ | 2,735 | General Motors Acceptance Corp., 6.875%, 8/28/12 | 2,779,553 | |
| CCC+ | 950 | 3,4 | iPayment, Inc., 9.75%, 5/15/14 | 978,500 |
| NR | 3,494 | iPayment Investors LP, 11.625%, 7/15/14 | 3,528,683 | |
| B- | 900 | K&F Acquisition, Inc., 7.75%, 11/15/14 | 924,750 | |
| Baa1 | 5,000 | 3,5 | Kazkommerts Intl. BV, 10.125%, 5/08/07 (Netherlands) | 5,045,000 |
| BBB | 200 | 4 | Marsh & McLennan Cos., Inc., 5.50%, 7/13/07 | 200,009 |
| Momentive Performance Materials, Inc., | ||||
| B- | 3,430 | 3 | 10.125%, 12/01/14 | 3,541,475 |
| CCC+ | 1,125 | 3 | 11.50%, 12/01/16 | 1,136,250 |
| B+ | 2,460 | 3 | Nell AF SARL, 8.375%, 8/15/15 (Luxembourg) | 2,539,950 |
| Rainbow National Services LLC, | ||||
| B+ | 925 | 3 | 8.75%, 9/01/12 | 985,125 |
| B+ | 4,835 | 3,5 | 10.375%, 9/01/14 | 5,439,375 |
| B- | 1,915 | Standard Aero Holdings, Inc., 8.25%, 9/01/14 | 1,943,725 | |
| AA+ | 5,509 | 6 | Structured Asset Receivable Trust, 5.114%, 1/21/10 | 5,509,139 |
| B- | 220 | 4 | Universal City Florida Holding Co. I/II, 10.11%, 5/01/10 | 227,150 |
| Aa3 | 4,425 | 5 | Western Financial Bank, 9.625%, 5/15/12 | 4,808,723 |
| B3 | 2,930 | 3 | Wimar Opco LLC/Wimar Opco Finance Corp., 9.625%, 12/15/14 | 2,911,688 |
| Total Financial Institutions | 58,925,587 | |||
| Health Care2.3% | ||||
| B2 | 160 | 3 | Angiotech Pharmaceuticals, Inc., 7.75%, 4/01/14 (Canada) | 147,200 |
| B- | 5,000 | 5 | Concentra Operating Corp., 9.50%, 8/15/10 | 5,262,500 |
| HealthSouth Corp., | ||||
| CCC+ | 2,460 | 3 | 10.75%, 6/15/16 | 2,702,925 |
| CCC+ | 1,740 | 3,4 | 11.354%, 6/15/14 | 1,911,825 |
| B2 | 3,000 | Norcross Safety Products LLC/Norcross Capital Corp., 9.875%, 8/15/11 | 3,195,000 | |
| B- | 1,145 | Tenet Healthcare Corp., 6.875%, 11/15/31 | 895,962 | |
| B- | 1,830 | Universal Hospital Services, Inc., 10.125%, 11/01/11 | 1,944,375 | |
| Total Health Care | 16,059,787 | |||
| Industrials2.4% | ||||
| B2 | 1,700 | 3 | AGY Holding Corp., 11.00%, 11/15/14 | 1,753,125 |
| B | 500 | Baldor Electric Co., 8.625%, 2/15/17 | 516,875 | |
| B- | 4,000 | 5 | Fasten Tech, Inc., 11.50%, 5/01/11 | 4,240,000 |
| B | 650 | Hexcel Corp., 6.75%, 2/01/15 | 635,375 | |
| B- | 905 | Park-Ohio Industries, Inc., 8.375%, 11/15/14 | 871,063 | |
| CCC+ | 950 | Polypore, Inc., 8.75%, 5/15/12 | 969,000 | |
| RBS Global, Inc./Rexnord Corp., | ||||
| B3 | 2,000 | 3 | 9.50%, 8/01/14 | 2,070,000 |
| CCC+ | 1,090 | 3 | 11.75%, 8/01/16 | 1,152,675 |
| B- | 3,125 | 3 | Sunstate Equipment Co. LLC, 10.50%, 4/01/13 | 3,312,500 |
| B3 | 1,415 | Trimas Corp., 9.875%, 6/15/12 | 1,418,537 | |
| Total Industrials | 16,939,150 | |||
| Media9.0% | ||||
| Affinion Group, Inc., | ||||
| B2 | 1,975 | 10.125%, 10/15/13 | 2,123,125 | |
| B- | 850 | 11.50%, 10/15/15 | 913,750 | |
| Caa2 | 1,870 | American Media Operations, Inc., Ser. B, 10.25%, 5/01/09 | 1,795,200 | |
| B+ | 800 | 4 | Cablevision Systems Corp., Ser. B, 9.87%, 4/01/09 | 848,000 |
| B2 | 520 | CanWest MediaWorks, Inc., 8.00%, 9/15/12 (Canada) | 539,500 | |
| B3 | 3,500 | CBD Media, Inc., 8.625%, 6/01/11 | 3,605,000 |
4
BlackRock Limited Duration Income Trust (BLW) (continued) (Percentage of Net Assets)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| Media(cont'd) | ||||
| Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp., | ||||
| CCC | $ 2,255 | 10.25%, 9/15/10 | $ 2,342,381 | |
| CCC | 865 | Ser. B, 10.25%, 9/15/10 | 896,356 | |
| B3 | 2,425 | 3 | CMP Susquehanna Corp., 9.875%, 5/15/14 | 2,485,625 |
| BBB+ | 6,685 | 5 | Comcast Cable Communications, Inc., 6.875%, 6/15/09 | 6,902,644 |
| B | 1,605 | Dex Media West LLC/Dex Media Finance Co., Ser. B, 9.875%, 8/15/13 | 1,745,865 | |
| BB | 500 | DirecTV Holdings LLC/DirecTV Financing Co., 8.375%, 3/15/13 | 523,125 | |
| Echostar DBS Corp., | ||||
| BB- | 2,800 | 5.75%, 10/01/08 | 2,782,500 | |
| BB- | 1,330 | 7.00%, 10/01/13 | 1,331,663 | |
| BB- | 200 | 7.125%, 2/01/16 | 200,750 | |
| B+ | 2,525 | 3 | Idearc, Inc., 8.00%, 11/15/16 | 2,569,187 |
| CCC+ | 300 | 3 | Iesy Repository GMBH, 10.375%, 2/15/15 (Germany) | 297,000 |
| B1 | 740 | LIN Television Corp., 6.50%, 5/15/13 | 714,100 | |
| B | 820 | MediaNews Group, Inc., 6.875%, 10/01/13 | 746,200 | |
| B2 | 2,105 | Network Communications, Inc., 10.75%, 12/01/13 | 2,170,781 | |
| B3 | 2,790 | Nexstar Finance, Inc., 7.00%, 1/15/14 | 2,664,450 | |
| Nielsen Finance LLC/Nielsen Finance Co., | ||||
| CCC+ | 1,400 | 3 | Zero Coupon, 8/01/16 | 981,750 |
| B3 | 4,340 | 3,5 | 10.00%, 8/01/14 | 4,730,600 |
| B1 | 2,000 | 3,4 | Paxson Communications Corp., 8.61%, 1/15/12 | 2,060,000 |
| Primedia, Inc., | ||||
| B2 | 1,900 | 8.00%, 5/15/13 | 1,828,750 | |
| B2 | 520 | 8.875%, 5/15/11 | 527,800 | |
| B | 4,260 | 5 | RH Donnelley Corp., Ser. A-3, 8.875%, 1/15/16 | 4,462,350 |
| B2 | 2,000 | Salem Communications Corp., 7.75%, 12/15/10 | 2,032,500 | |
| B | 460 | Sinclair Broadcast Group, Inc., 4.875%, 7/15/18 | 427,800 | |
| Caa1 | 260 | Sirius Satellite Radio, Inc., 9.625%, 8/01/13 | 258,700 | |
| Vertis, Inc., | ||||
| B1 | 2,390 | 9.75%, 4/01/09 | 2,446,763 | |
| Caa1 | 865 | Ser. B, 10.875%, 6/15/09 | 877,975 | |
| Caa1 | 4,442 | Young Broadcasting, Inc., 10.00%, 3/01/11 | 4,375,370 | |
| Total Media | 63,207,560 | |||
| Real Estate0.3% | ||||
| BB+ | 2,000 | 5 | Rouse Co., 5.375%, 11/26/13 | 1,866,740 |
| Technology4.1% | ||||
| BB- | 200 | Advanced Micro Devices, Inc., 7.75%, 11/01/12 | 204,500 | |
| CCC+ | 2,063 | Amkor Technology, Inc., 7.75%, 5/15/13 | 1,944,377 | |
| B+ | 1,965 | Celestica, Inc., 7.625%, 7/01/13 (Canada) | 1,869,206 | |
| B+ | 720 | 3,4 | Conexant Systems, Inc., 9.126%, 11/15/10 | 736,200 |
| Freescale Semiconductor, Inc., | ||||
| B | 5,460 | 3 | 9.125%, 12/15/14 | 5,425,875 |
| B1 | 600 | 3,4 | 9.244%, 12/15/14 | 597,000 |
| B | 865 | 3 | 10.125%, 12/15/16 | 860,675 |
| B+ | 430 | 3 | Hynix Semiconductor, Inc., 9.875%, 7/01/12 (South Korea) | 477,300 |
| B+ | 2,700 | 3 | NXP BV/NXP Funding LLC, 9.50%, 10/15/15 (Netherlands) | 2,791,125 |
| CCC+ | 160 | 3 | Open Solutions, Inc., 9.75%, 2/01/15 | 163,800 |
| B | 850 | Sanmina-SCI Corp., 8.125%, 3/01/16 | 809,625 | |
| B- | 815 | 3 | Sensata Technologies BV, 8.00%, 5/01/14 (Netherlands) | 800,738 |
| SunGard Data Systems, Inc., | ||||
| B- | 590 | 9.125%, 8/15/13 | 620,975 | |
| B- | 1,810 | 4 | 9.973%, 8/15/13 | 1,886,925 |
| B- | 2,600 | 10.25%, 8/15/15 | 2,795,000 | |
| B | 3,765 | Superior Essex Communications LLC/Essex Group, Inc., 9.00%, 4/15/12 | 3,849,712 | |
| Caa1 | 872 | 3 | UGS Capital Corp. II, 10.38%, 6/01/11 | 889,319 |
| B3 | 1,780 | UGS Corp., 10.00%, 6/01/12 | 1,949,100 | |
| Total Technology | 28,671,452 | |||
| Telecommunications8.1% | ||||
| BB- | 1,420 | Cincinnati Bell, Inc., 7.25%, 7/15/13 | 1,476,800 | |
| CCC | 1,830 | 3 | Cricket Communications, Inc., 9.375%, 11/01/14 | 1,932,937 |
| A- | 5,000 | 5 | Deutsche Telekom Intl. Finance BV, 8.00%, 6/15/10 (Netherlands) | 5,385,630 |
5
BlackRock Limited Duration Income Trust (BLW) (continued) (Percentage of Net Assets)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| Telecommunications(cont'd) | ||||
| B3 | $ 860 | 4 | Hawaiian Telcom Communications, Inc., Ser. B, 10.889%, 5/01/13 | $ 883,650 |
| Intelsat Ltd. (Bermuda) | ||||
| B | 700 | 3,4 | 8.872%, 1/15/15 | 712,075 |
| BB- | 1,800 | 3 | 9.25%, 6/15/16 | 1,975,500 |
| B | 630 | 3 | 11.25%, 6/15/16 | 711,900 |
| B | 2,815 | 3,4 | 11.354%, 6/15/13 | 3,005,012 |
| Intelsat Subsidiary Holding Co. Ltd. (Bermuda) | ||||
| BB- | 1,470 | 8.625%, 1/15/15 | 1,563,713 | |
| BB- | 815 | 4 | 10.252%, 1/15/12 | 823,150 |
| Lucent Technologies, Inc., | ||||
| Ba3 | 65 | 6.45%, 3/15/29 | 59,150 | |
| Ba3 | 1,210 | 6.50%, 1/15/28 | 1,101,100 | |
| B+ | 3,850 | 3 | Nordic Telephone Co. Holdings ApS, 8.875%, 5/01/16 (Denmark) | 4,138,750 |
| B- | 200 | Nortel Networks Corp., 6.875%, 9/01/23 (Canada) | 176,000 | |
| Nortel Networks Ltd. (Canada) | ||||
| B- | 2,220 | 3,4 | 9.61%, 7/15/11 | 2,358,750 |
| B- | 465 | 3 | 10.125%, 7/15/13 | 509,175 |
| PanAmSat Corp., | ||||
| B | 3,517 | 9.00%, 8/15/14 | 3,789,567 | |
| B | 2,495 | 3 | 9.00%, 6/15/16 | 2,716,431 |
| NR | 3,170 | 3,4 | ProtoStar I Ltd., 12.50%, 10/15/12 (Bermuda) | 3,265,100 |
| BB+ | 4,000 | 4,5 | Qwest Communications Intl., Inc., 8.874%, 2/15/09 | 4,050,000 |
| Qwest Corp., | ||||
| BBB- | 1,000 | 7.875%, 9/01/11 | 1,062,500 | |
| BBB- | 2,500 | 4 | 8.61%, 6/15/13 | 2,725,000 |
| BBB- | 3,675 | 5 | 9.125%, 3/15/12 | 4,079,250 |
| BB+ | 460 | Rogers Wireless, Inc., 7.25%, 12/15/12 (Canada) | 484,150 | |
| B- | 2,695 | 3,5 | West Corp., 11.00%, 10/15/16 | 2,789,325 |
| BB | 1,500 | 3 | Wind Acquisition Finance S.A., 10.75%, 12/01/15 (Luxembourg) | 1,728,750 |
| Windstream Corp., | ||||
| BB+ | 2,340 | 5 | 8.125%, 8/01/13 | 2,518,425 |
| BB+ | 1,310 | 8.625%, 8/01/16 | 1,429,538 | |
| Total Telecommunications | 57,451,328 | |||
| Transportation1.0% | ||||
| BB- | 520 | American Airlines, Inc., Ser. 99-1, 7.324%, 4/15/11 | 528,450 | |
| B- | 490 | 3 | Britannia Bulk Plc, 11.00%, 12/01/11 (United Kingdom) | 465,500 |
| B1 | 1,715 | CHC Helicopter Corp., 7.375%, 5/01/14 (Canada) | 1,669,981 | |
| B3 | 111 | Horizon Lines LLC, 9.00%, 11/01/12 | 116,828 | |
| B | 2,150 | 3 | Navios Maritime Holdings, Inc., 9.50%, 12/15/14 (Marshall Islands) | 2,187,625 |
| BB+ | 1,650 | 5 | Overseas Shipholding Group, Inc., 8.75%, 12/01/13 | 1,806,750 |
| Total Transportation | 6,775,134 | |||
| Total Corporate Bonds | 435,852,422 | |||
| Bank Loans52.8% | ||||
| Aerospace & Defense0.7% | ||||
| 973 | Arinc, Inc., Loan B, LIBOR + 2.00%, 2/15/11 | 974,931 | ||
| 842 | Camp Acquisition Co., Loan A, LIBOR + 3.00%, 8/30/11 | 842,370 | ||
| 1,965 | DI Finance/DynCorp Intl., Loan B, LIBOR + 2.25%, 1/31/11 | 1,977,281 | ||
| Primus Intl., Inc., | ||||
| 30 | Loan B, + 0.50%, 6/16/12 | 29,836 | ||
| 471 | Loan B, LIBOR + 2.50%, 6/16/12 | 472,665 | ||
| 500 | Wesco Aircraft Hardware Corp., LIBOR + 2.25%, 9/29/13 | 503,437 | ||
| Total Aerospace & Defense | 4,800,520 | |||
| Automotive3.3% | ||||
| 2,000 | General Motors Corp., Loan B, LIBOR + 2.375%, 11/17/13 | 2,021,750 | ||
| Goodyear Tire & Rubber Co., | ||||
| 500 | LIBOR + 2.75%, 4/01/10 | 505,104 | ||
| 2,000 | LIBOR + 3.50%, 4/01/11 | 2,025,000 | ||
| 743 | IAP Worldwide Services, Inc., LIBOR + 4.25%, 12/31/12 | 741,108 | ||
| 1,500 | Keystone Automotive Industries, Inc., Loan B, LIBOR, 1/15/12 | 1,502,813 | ||
| 449 | Lear Corp., LIBOR + 2.50%, 3/23/12 | 452,669 | ||
| 995 | Mark IV Industries, Inc., LIBOR + 2.50%, 6/30/11 | 995,933 |
6
BlackRock Limited Duration Income Trust (BLW) (continued) (Percentage of Net Assets)
| Principal | ||
|---|---|---|
| Amount | ||
| (000) | Description | Value |
| Automotive(cont'd) | ||
| Metaldyne Corp., | ||
| $ 41 | 0.50%, 1/15/14 | $ 41,121 |
| 98 | LIBOR + 4.50%, 1/15/12 | 98,690 |
| 711 | LIBOR, 1/15/14 | 715,502 |
| 500 | Motorsport Aftermarket Group, Inc., LIBOR, 11/15/13 | 500,000 |
| 3,750 | Navistar Intl. Corp., TBD, 1/30/12 | 3,814,455 |
| 2,500 | Oshkosh Truck Corp., Loan B, LIBOR + 2.00%, 11/30/13 | 2,513,170 |
| 997 | Rent-A-Center, Inc., Loan B, LIBOR + 1.75%, 6/30/12 | 999,364 |
| Reynolds & Reynolds Co., | ||
| 2,000 | LIBOR + 2.50%, 10/31/12 | 2,015,358 |
| 1,250 | LIBOR + 5.50%, 10/31/13 | 1,271,094 |
| 517 | Tenneco Automotive, Inc., Loan B1, LIBOR + 2.00%, 12/12/10 | 519,508 |
| 2,450 | TRW Automotive Acquisitions Corp., Loan B, LIBOR + 1.50%, 6/30/12 | 2,446,555 |
| Total Automotive | 23,179,194 | |
| Basic Materials4.2% | ||
| Basell N.V., | ||
| 417 | Loan B2, LIBOR + 2.25%, 9/30/13 | 420,443 |
| 83 | Loan B4, LIBOR + 2.25%, 8/01/14 | 84,115 |
| 83 | Loan C4, LIBOR + 3.00%, 8/01/13 | 84,089 |
| 417 | Loan C2, LIBOR + 3.00%, 9/30/14 | 420,573 |
| 810 | Boise Cascade Corp., Loan D, LIBOR + 1.75%, 10/31/11 | 813,921 |
| 500 | Brenntag Group, Loan B6, LIBOR + 2.25%, 9/15/14 (EUR) | 659,355 |
| 2,040 | Celanese AG, LIBOR + 1.75%, 6/03/11 | 2,054,078 |
| 3,000 | Cognis Deutschland, Loan B, LIBOR + 4.75%, 11/15/13 | 3,054,642 |
| 876 | Compass Minerals Group, Inc., LIBOR + 1.50%, 12/31/12 | 878,001 |
| 3,209 | Huntsman Intl. LLC, Loan B, LIBOR + 1.75%, 8/15/12 | 3,224,764 |
| Ineos Group Holdings Plc, | ||
| 1,500 | Loan A4, LIBOR + 2.25%, 12/16/12 | 1,506,375 |
| 1,565 | Loan B2, LIBOR + 2.25%, 12/16/13 | 1,582,281 |
| 1,750 | Loan C2, LIBOR + 2.75%, 12/16/14 | 1,769,323 |
| Invista BV, | ||
| 1,293 | Loan B1, LIBOR + 1.50%, 4/30/11 | 1,294,821 |
| 685 | Loan B2, LIBOR + 1.50%, 4/30/11 | 685,494 |
| 694 | ISP Chemco, Inc., LIBOR + 2.00%, 2/28/13 | 698,775 |
| 1,242 | John Maneely Co., Loan B, LIBOR + 3.25%, 12/15/13 | 1,244,081 |
| 2,104 | Nalco Co., Loan B, LIBOR + 1.75%, 11/01/10 | 2,116,597 |
| 491 | PQ Corp., LIBOR + 2.00%, 2/28/12 | 492,887 |
| 985 | Rockwood Specialties Group, Inc., Loan E, LIBOR + 2.00%, 8/15/12 | 990,725 |
| 1,611 | SP Newsprint, Loan B, LIBOR + 2.25%, 1/09/10 | 1,615,139 |
| UPC Technology Corp., | ||
| 663 | Loan J, LIBOR, 12/31/13 (EUR) | 868,185 |
| 1,000 | Loan J2, LIBOR + 2.00%, 3/31/13 | 1,002,955 |
| 750 | Loan K, LIBOR, 3/31/13 (EUR) | 982,647 |
| 1,000 | Loan K2, LIBOR + 2.00%, 12/31/13 | 1,002,955 |
| Total Basic Materials | 29,547,221 | |
| Building & Development1.5% | ||
| 499 | Armstrong World Industries, Inc., LIBOR + 1.75%, 10/12/13 | 500,122 |
| 1,247 | Beacon Roofing Supply, Inc., Loan B, LIBOR + 2.00%, 10/31/13 | 1,249,992 |
| 1,500 | Custom Building Products, Inc., LIBOR + 5.00%, 4/30/12 | 1,486,250 |
| 250 | Euramax Intl., Inc., LIBOR + 7.00% , 7/15/13 | 245,625 |
| 1,500 | Harmon Koval, 4.00%, 11/18/07 | 1,496,250 |
| 423 | Maxim Crane Works LP, LIBOR + 2.00%, 1/28/10 | 422,989 |
| 498 | Nacco Industries, Inc., LIBOR + 2.00%, 3/31/13 | 498,122 |
| 489 | Nortek, Inc., Loan B, LIBOR + 3.00%, 8/24/11 | 488,994 |
| 1,489 | Ply Gem Industries, Inc., LIBOR + 3.00% , 8/15/11 | 1,503,637 |
| 875 | Rhodes Ranch, LIBOR + 3.25%, 11/15/10 | 869,531 |
| 1,980 | United Subcontractors, Inc., LIBOR + 2.75%, 12/31/12 | 1,931,737 |
| Total Building & Development | 10,693,249 | |
| Conglomerates1.6% | ||
| Atlantis Plastics, Inc., | ||
| 985 | LIBOR + 4.00%, 9/30/11 | 977,612 |
| 498 | LIBOR + 9.00%, 9/30/11 | 490,038 |
| 897 | Blount Intl., Loan B, LIBOR + 1.75%, 8/15/10 | 898,312 |
7
BlackRock Limited Duration Income Trust (BLW) (continued) (Percentage of Net Assets)
| Principal | |||
|---|---|---|---|
| Amount | |||
| (000) | Description | Value | |
| Conglomerates(cont'd) | |||
| $ 1,961 | Colfax Corp., Loan B, LIBOR + 2.25%, 11/30/11 | $ 1,972,838 | |
| 419 | GenTek, Inc., LIBOR + 4.25%, 3/15/12 | 420,088 | |
| Invensys Plc, | |||
| 1,000 | Loan A, LIBOR + 2.00%, 12/15/10 | 1,006,250 | |
| 1,000 | Loan B, LIBOR + 2.13%, 12/15/10 (GBP) | 1,967,154 | |
| Jarden Corp., | |||
| 259 | LIBOR + 1.75%, 1/24/12 | 259,158 | |
| 462 | Loan B3, LIBOR + 1.75%, 1/15/12 | 462,128 | |
| 754 | Mueller Group, Inc., Loan B, LIBOR + 2.00%, 9/30/12 | 758,041 | |
| 1,345 | Sensus Metering Systems, Inc., Loan B1, LIBOR + 2.00%, 12/30/09 | 1,337,896 | |
| 722 | St. John Knits Intl., Inc., Loan B, LIBOR + 4.25%, 3/30/12 | 716,675 | |
| Total Conglomerates | 11,266,190 | ||
| Consumer Products8.7% | |||
| 993 | 24 Hour Fitness Worldwide, Inc., Loan B, LIBOR + 2.50%, 6/30/12 | 997,463 | |
| 1,000 | Aearo Technologies, Inc., LIBOR + 6.50%, 9/30/13 | 1,011,250 | |
| 750 | American Safety Razor Co., LIBOR + 6.25%, 2/15/14 | 759,375 | |
| 3,000 | Aramark Corp., TBD, 1/30/14 | 3,031,875 | |
| 451 | Arby's Restaurant Group, Inc., Loan B, LIBOR + 2.25%, 7/31/12 | 455,320 | |
| 472 | Bare Escentuals Beauty, Inc., LIBOR + 2.50%, 2/15/12 | 474,248 | |
| Berkline Bench Craft, | |||
| 94 | 7 | Loan B, PRIME + 2.75%, 10/31/11 | 61,117 |
| 1,000 | 7 | PRIME + 7.00%, 4/30/12 | 100,000 |
| 1,250 | Brickman Group Ltd., TBD, 1/30/14 | 1,253,125 | |
| 1,327 | Burger King Corp., Loan B1, LIBOR + 1.50%, 2/28/13 | 1,327,509 | |
| 1,024 | Burlington Coat Factory Warehouse Corp., Loan B, LIBOR + 2.25%, 4/15/13 | 1,014,934 | |
| 494 | Centerplate, Inc., LIBOR + 3.25%, 10/15/10 | 494,660 | |
| 1,098 | Central Garden & Pet Co., Loan B, LIBOR + 1.50%, 9/30/12 | 1,097,722 | |
| 995 | Cenveo Corp., LIBOR + 2.00%, 6/30/13 | 997,488 | |
| 493 | Chiquita Brands Intl., Inc., Loan C, LIBOR + 3.00%, 7/15/13 | 499,272 | |
| 995 | Coinmach Corp., Loan B-1, LIBOR + 2.50% , 12/15/12 | 1,004,057 | |
| 1,613 | Commonwealth Brands, Inc., LIBOR + 2.25%, 12/15/12 | 1,628,795 | |
| 2,221 | Cracker Barrel, Loan B, LIBOR + 1.50%, 5/15/13 | 2,223,073 | |
| 1,000 | David's Bridal, Inc., TBD, 1/30/14 | 998,750 | |
| Dole Food Co., Inc., | |||
| 1,046 | Loan C, TBD, 4/30/12 | 1,042,378 | |
| 3,486 | TBD, 3/31/13 | 3,474,592 | |
| 468 | TBD, 4/12/13 | 466,780 | |
| 430 | Douglas Dynamics LLC, LIBOR + 1.75%, 12/16/10 | 427,564 | |
| Eastman Kodak Co., | |||
| 477 | Loan B1, LIBOR + 2.25%, 10/15/12 | 478,064 | |
| 365 | Loan B2, LIBOR + 2.25%, 10/15/12 | 365,296 | |
| 1,995 | Eight O'Clock Coffee, LIBOR + 2.75%, 11/14/11 | 1,994,987 | |
| 713 | FTD, Inc., LIBOR, 8/15/13 | 715,354 | |
| 350 | Gold Toe, LIBOR + 6.00%, 4/30/14 | 356,125 | |
| 644 | Hertz Corp., LIBOR + 2.00%, 12/31/12 | 647,571 | |
| 830 | Language Line, Inc., Loan B1, LIBOR + 3.25%, 6/14/11 | 836,584 | |
| 1,000 | 7 | Le-Natures, Inc., Loan B, LIBOR + 4.00%, 9/30/11 | 472,500 |
| 1,080 | Maidenform, Inc., LIBOR + 1.75%, 5/14/10 | 1,083,057 | |
| 2,725 | Michael Foods, Inc., Loan B1, LIBOR + 2.00%, 11/30/10 | 2,732,511 | |
| 640 | Movie Gallery, Inc., Loan B, LIBOR + 5.25%, 4/30/11 | 632,847 | |
| 1,506 | Neiman-Marcus Group, Inc., LIBOR + 2.25%, 4/15/13 | 1,521,569 | |
| 1,394 | New Page, Loan B, LIBOR + 2.25%, 4/30/12 | 1,408,057 | |
| 468 | Nice Pak Products, LIBOR + 3.75%, 6/15/10 | 469,647 | |
| Olympus Cable Holdings LLC, | |||
| 2,000 | Loan A, PRIME + 1.25%, 6/30/10 | 1,941,250 | |
| 3,500 | Loan B, PRIME + 2.00%, 9/30/10 | 3,405,937 | |
| 1,500 | Orchard Supply Hardware Stores Corp., Loan B2, LIBOR + 2.45%, 12/09/07 | 1,500,000 | |
| 995 | Oriental Trading Co., LIBOR + 2.75%, 1/30/14 | 996,244 | |
| OSI Group LLC, | |||
| 1,467 | LIBOR + 2.00%, 9/15/11 | 1,465,333 | |
| 1,466 | Loan B, LIBOR + 2.00%, 9/15/11 | 1,465,334 | |
| 400 | PETCO Animal Supplies, Inc., LIBOR + 2.75%, 10/31/12 | 404,333 | |
| 602 | Pierre Foods, Inc., Loan B, LIBOR + 2.25%, 7/15/10 | 604,299 | |
| 750 | Pivotal Promontory LLC, LIBOR + 6.50%, 9/15/11 | 720,000 |
8
BlackRock Limited Duration Income Trust (BLW) (continued) (Percentage of Net Assets)
| Principal | |||
|---|---|---|---|
| Amount | |||
| (000) | Description | Value | |
| Consumer Products(cont'd) | |||
| $ 1,459 | Prestige Brands Holdings, Inc., Loan B, LIBOR + 2.25%, 4/07/11 | $ 1,467,867 | |
| 1,990 | Quiznos Corp., LIBOR + 2.25%, 5/01/12 | 1,994,975 | |
| 1,945 | Sturm Foods, Inc., LIBOR + 2.00%, 5/31/11 | 1,957,383 | |
| 1,489 | SUPERVALU, Inc., Loan B, LIBOR + 1.75%, 6/15/12 | 1,494,668 | |
| 609 | 7 | Synventive Acquisition, Inc., LIBOR + 14.0%, 2/17/14 | 228,405 |
| TravelCenters of America, Inc., | |||
| 246 | Loan B, LIBOR + 1.75%, 6/30/11 | 245,942 | |
| 249 | Loan B, LIBOR + 1.75%, 11/30/11 | 248,439 | |
| 864 | Tupperware Corp., LIBOR + 1.50%, 11/07/12 | 860,668 | |
| 357 | Warnaco, Inc., Loan B, LIBOR + 1.50%, 1/31/12 | 356,468 | |
| Waterpik Technologies, Inc., | |||
| 451 | LIBOR + 2.25%, 4/15/13 | 448,619 | |
| 750 | LIBOR + 6.50%, 10/15/13 | 742,500 | |
| Total Consumer Products | 61,104,180 | ||
| Containers & Packaging1.8% | |||
| Bluegrass Container Co. LLC, | |||
| 344 | LIBOR + 2.25%, 6/30/13 | 347,250 | |
| 1,498 | LIBOR + 5.00%, 12/30/13 | 1,520,343 | |
| 1,149 | Loan B, LIBOR + 2.25%, 6/30/13 | 1,160,548 | |
| 200 | Covalence Specialty Materials Corp., LIBOR + 3.25%, 8/15/13 | 199,125 | |
| Georgia-Pacific Corp., | |||
| 1,487 | LIBOR + 2.00%, 2/28/13 | 1,500,206 | |
| 988 | LIBOR + 2.00%, 2/28/14 | 989,019 | |
| Graham Packaging Co., Inc., | |||
| 1,960 | Loan B, LIBOR + 2.25%, 10/01/11 | 1,975,751 | |
| 1,429 | Loan C, LIBOR + 4.25%, 4/01/12 | 1,441,786 | |
| 1,260 | Graphic Packaging Intl., Inc., Loan C, LIBOR + 2.50%, 8/08/10 | 1,272,495 | |
| 568 | Smurfit-Stone Container Enterprises, Inc., LIBOR + 2.35%, 11/15/10 | 572,676 | |
| 1,945 | Solo Cup, Inc., LIBOR + 3.50%, 2/27/11 | 1,973,568 | |
| Total Containers & Packaging | 12,952,767 | ||
| Ecological Services & Equipment0.1% | |||
| 500 | Envirosolutions, Inc., LIBOR + 3.50%, 7/15/12 | 504,688 | |
| Energy3.1% | |||
| 429 | AES Corp., LIBOR + 1.75%, 4/30/08 | 429,107 | |
| 500 | Boart Longyear Co., LIBOR + 7.00%, 10/31/13 | 493,437 | |
| Coffeyville Resources LLC, | |||
| 243 | LIBOR, 12/21/13 | 244,459 | |
| 1,257 | Loan D, LIBOR + 3.00%, 12/21/13 | 1,263,041 | |
| Coleto Creek Power, | |||
| 127 | LIBOR + 2.75%, 7/31/13 | 127,442 | |
| 1,863 | Loan B, LIBOR + 2.75%, 7/31/13 | 1,864,025 | |
| 1,000 | Exco Resources, Inc., LIBOR + 5.50%, 10/31/11 | 1,009,375 | |
| Generac Power Systems, Inc., | |||
| 1,000 | LIBOR + 2.50%, 11/15/13 | 1,002,500 | |
| 500 | LIBOR + 6.00%, 5/15/14 | 497,500 | |
| 1,485 | Key Energy Services, Inc., Loan C, LIBOR + 2.50%, 8/15/12 | 1,492,425 | |
| 962 | LSP General Finance Co. LLC, LIBOR + 1.75% , 4/15/13 | 962,998 | |
| 496 | Meg Energy Corp., Loan B, LIBOR + 2.00%, 4/15/13 | 497,801 | |
| Northeast Energy, | |||
| 159 | LIBOR + 2.50%, 10/31/13 | 160,162 | |
| 250 | LIBOR + 4.50%, 10/31/14 | 253,437 | |
| 1,341 | Loan B, LIBOR + 2.50%, 10/31/13 | 1,355,213 | |
| 5,417 | NRG Energy, Inc., LIBOR + 2.00% , 1/31/13 | 5,462,870 | |
| 287 | Petro Geological Services, Loan B, LIBOR + 2.50%, 12/31/12 | 288,194 | |
| Plum Point Energy Associates, | |||
| 194 | LIBOR + 3.75%, 3/14/14 | 195,986 | |
| 670 | Loan B, LIBOR + 3.25%, 3/14/14 | 675,738 | |
| 83 | Regency Gas, LIBOR + 2.50%, 8/15/13 | 83,620 | |
| 975 | SemCrude LP, LIBOR + 2.25% , 2/28/11 | 983,271 | |
| 1,489 | Trinidad Energy Services Income Trust, LIBOR + 2.50%, 4/15/11 | 1,492,472 |
9
BlackRock Limited Duration Income Trust (BLW) (continued) (Percentage of Net Assets)
| Principal | |||
|---|---|---|---|
| Amount | |||
| (000) | Description | Value | |
| Energy(cont'd) | |||
| Wolf Hollow I LP, | |||
| $ 400 | LIBOR + 2.25%, 6/15/12 | $ 392,000 | |
| 100 | LIBOR + 2.25%, 6/22/12 | 98,000 | |
| 474 | Loan B, LIBOR + 2.25%, 6/15/12 | 464,676 | |
| Total Energy | 21,789,749 | ||
| Entertainment & Leisure2.5% | |||
| 3,212 | CCM Merger, Inc., Loan B, LIBOR + 2.00%, 7/31/12 | 3,216,413 | |
| 1,122 | Cinemark, Inc., Loan B, LIBOR + 2.00%, 10/05/13 | 1,132,358 | |
| 500 | Edge Las Vegas, LIBOR + 3.50%, 6/15/07 | 500,000 | |
| 938 | Fairmont Hotels & Resorts, Inc., Loan B, LIBOR + 3.25%, 7/15/11 | 942,598 | |
| 1,995 | Greektown Holdings LLC, Loan B, LIBOR + 2.50%, 12/15/12 | 2,009,963 | |
| 495 | Hit Entertainment Ltd., LIBOR + 2.25%, 8/31/12 | 498,094 | |
| 4,963 | Metro-Goldwyn-Mayer Studios, Inc., Loan B, LIBOR + 3.25%, 4/15/12 | 4,969,477 | |
| 1,478 | Penn National Gaming, Inc., Loan B, LIBOR + 1.75%, 5/31/12 | 1,486,015 | |
| 750 | Time Warner, Inc., Loan B, LIBOR + 2.25%, 10/31/13 | 755,625 | |
| 324 | Travelport, Inc., LIBOR + 2.50% , 8/31/13 | 326,196 | |
| 497 | Wembley, Inc., LIBOR + 2.50%, 8/31/11 | 503,381 | |
| 1,099 | Wyndham Intl., Inc., Loan E, LIBOR + 4.50%, 9/11/07 | 1,104,847 | |
| 467 | Yellowstone Mountain Club, LIBOR + 2.38%, 10/15/10 | 462,964 | |
| Total Entertainment & Leisure | 17,907,931 | ||
| Financial Institutions4.5% | |||
| 993 | Advantage Sales & Marketing, Inc., LIBOR + 2.00%, 4/15/13 | 994,584 | |
| 1,500 | Alix Partners, LIBOR + 2.50%, 10/30/13 | 1,515,937 | |
| 440 | Ameritrade, Loan B, LIBOR + 1.50%, 1/31/13 | 440,338 | |
| 969 | Arias Acquisitions, Inc., LIBOR + 3.75%, 7/30/11 | 925,217 | |
| Asurion Corp., | |||
| 1,050 | LIBOR + 3.00%, 8/30/12 | 1,054,204 | |
| 500 | LIBOR + 6.25%, 2/28/13 | 507,500 | |
| 998 | Bankruptcy Management, LIBOR + 2.75%, 6/30/11 | 1,003,734 | |
| 963 | Billing Services Group, LIBOR + 2.50%, 5/05/12 (EUR) | 1,254,474 | |
| 929 | BNY Convergex Group LLC, LIBOR + 3.00%, 8/31/13 | 932,054 | |
| 499 | Brock Holdings, LIBOR + 2.50%, 8/30/13 | 498,750 | |
| 495 | CCC Information Services Group, Inc., Loan B, LIBOR + 2.50%, 2/15/13 | 496,609 | |
| 4,000 | 7 | Century Corp., PRIME + 2.00%, 12/31/09 | 3,900,000 |
| 1,247 | Charter Mac, Loan B, LIBOR + 2.50%, 8/15/12 | 1,251,551 | |
| 748 | Conseco, Inc., LIBOR + 2.00%, 9/30/13 | 751,398 | |
| GS Holdings Corp., | |||
| 91 | LIBOR + 1.75%, 5/15/11 | 90,966 | |
| 654 | LIBOR + 1.75%, 5/15/13 | 654,306 | |
| 872 | Jostens, Inc., Loan C, LIBOR + 2.00%, 10/15/11 | 875,302 | |
| 906 | Lucite Intl. Finance Plc, LIBOR + 9.00%, 7/15/14 (EUR) | 1,160,683 | |
| 691 | N.E.W. Holdings I LLC, LIBOR + 2.75%, 8/31/13 | 693,138 | |
| Nasdaq Stock Market, Inc., | |||
| 564 | Loan C, LIBOR + 1.75%, 4/18/12 | 565,902 | |
| 974 | Loan B, LIBOR + 1.75%, 4/18/12 | 976,143 | |
| 858 | Professional Service, Inc., Loan B, LIBOR + 2.75%, 10/31/12 | 858,885 | |
| 499 | Renfro Corp., LIBOR + 3.25%, 9/30/13 | 499,052 | |
| 1,119 | Sedgewick Claims Management Services, Inc., Loan B, LIBOR + 2.25%, 2/28/13 | 1,120,251 | |
| 1,000 | Targa Resources, Inc., LIBOR + 2.25%, 10/31/07 | 999,844 | |
| 1,000 | TPF Generation Holdings LLC, LIBOR + 2.00%, 12/31/13 | 1,005,893 | |
| TPG Springs, | |||
| 997 | Loan B, LIBOR + 2.75%, 3/22/13 (GBP) | 1,946,575 | |
| 997 | Loan C, LIBOR + 3.25%, 3/22/14 (GBP) | 1,952,287 | |
| 995 | TransFirst Holdings, Inc., Loan B, LIBOR + 2.50%, 8/09/12 | 1,002,462 | |
| 431 | Universal American Financial Corp., LIBOR + 2.25%, 5/25/09 | 432,328 | |
| 903 | USI Holdings Corp., Loan B, LIBOR + 2.25%, 7/30/08 | 902,847 | |
| 746 | Vertellus, LIBOR + 3.25%, 7/08/13 | 746,250 | |
| Total Financial Institutions | 32,009,464 | ||
| Health Care3.3% | |||
| 367 | CCS Medical, Loan B, LIBOR + 3.25%, 10/31/12 | 362,217 | |
| 2,933 | Community Health Systems, Inc., LIBOR + 1.75%, 8/15/11 | 2,936,166 |
10
BlackRock Limited Duration Income Trust (BLW) (continued) (Percentage of Net Assets)
| Principal | ||
|---|---|---|
| Amount | ||
| (000) | Description | Value |
| Health Care(cont'd) | ||
| $ 2,214 | Concentra Operating Corp., Loan B, LIBOR + 2.00%, 9/30/11 | $ 2,219,692 |
| 1,652 | Davita, Inc., Loan B, LIBOR + 2.00%, 6/30/12 | 1,662,952 |
| 335 | Duloxetine Royalty, LIBOR + 4.50%, 10/15/13 | 334,513 |
| Emdeon Business Services, LLC, | ||
| 1,250 | Loan B, LIBOR + 2.50%, 11/30/13 | 1,255,729 |
| 250 | LIBOR, 5/30/14 | 253,281 |
| 848 | Eye Care Centers of America, Inc., LIBOR + 2.50%, 2/28/12 | 847,944 |
| 498 | Global Healthcare Exchange LLC, Loan B, LIBOR + 2.25%, 3/15/13 | 498,744 |
| 1,990 | HealthSouth Corp., Loan B, LIBOR + 3.25%, 3/15/13 | 2,008,035 |
| 975 | IASIS Healthcare Corp., Loan B, LIBOR + 2.25%, 6/30/11 | 984,019 |
| 2,193 | Jean Coutu Group, Inc., Loan B, LIBOR + 2.50%, 6/30/11 | 2,195,349 |
| 448 | Multiplan, Inc., LIBOR + 2.50%, 4/15/13 | 448,613 |
| 494 | National Renal Institutes, Inc., Loan B, LIBOR + 2.25%, 4/15/13 | 495,001 |
| Quintiles Transnational Corp., | ||
| 993 | LIBOR + 2.00%, 3/31/13 | 992,190 |
| 250 | LIBOR + 4.00%, 3/31/14 | 252,708 |
| 983 | Select Medical Corp., Loan B, LIBOR + 1.75%, 2/28/12 | 978,928 |
| 988 | Vanguard Health Holding Co. II LLC, LIBOR + 2.25%, 9/30/11 | 994,557 |
| Warner Chilcott Corp., | ||
| 1,803 | LIBOR + 2.00%, 1/18/11 | 1,810,822 |
| 583 | Loan B, LIBOR + 2.00%, 1/18/11 | 585,690 |
| 439 | Loan B, LIBOR + 2.00%, 1/18/12 | 440,640 |
| 978 | Wellcare Holdings LLC, LIBOR + 2.50%, 5/13/09 | 979,333 |
| Total Health Care | 23,537,123 | |
| Industrials1.6% | ||
| 998 | Acosta, Inc., LIBOR + 2.75%, 8/15/13 | 1,006,228 |
| 499 | Applied Systems, Inc., Loan B, LIBOR + 2.75%, 9/30/13 | 500,620 |
| 990 | Bolthouse Farms, Inc., LIBOR + 2.25%, 12/01/12 | 992,475 |
| Buhrmann U.S., Inc., | ||
| 500 | Loan D, LIBOR + 1.75%, 12/30/10 | 500,313 |
| 2,264 | Loan D1, LIBOR + 1.75%, 12/30/10 | 2,265,054 |
| 1,900 | Drummond Co., Inc., LIBOR + 1.50%, 2/15/12 | 1,852,500 |
| Novelis, Inc., | ||
| 199 | Loan B, LIBOR + 2.25%, 1/13/10 | 199,278 |
| 346 | Loan B, LIBOR + 2.25%, 12/30/11 | 346,115 |
| 625 | QTC Acquisition, Inc., LIBOR + 6.50%, 5/04/13 | 626,563 |
| Standard Steel LLC, | ||
| 83 | 1.00%, 7/15/12 | 83,958 |
| 415 | Loan B, LIBOR + 2.50%, 7/15/12 | 417,693 |
| 1,281 | Thermo Fluids, Inc., Loan B, LIBOR + 3.00%, 8/15/11 | 1,284,084 |
| Trimas Corp., | ||
| 94 | LIBOR + 2.75%, 7/31/11 | 94,805 |
| 405 | Loan B, LIBOR + 2.75%, 7/31/13 | 409,793 |
| 471 | United Rentals NA, Inc., LIBOR + 2.00%, 2/12/11 | 475,583 |
| Total Industrials | 11,055,062 | |
| Media8.4% | ||
| 500 | Affinion Group, Inc., TBD, 3/01/12 | 500,625 |
| American Lawyers Media, Inc., | ||
| 1,706 | LIBOR + 2.50%, 3/15/10 | 1,705,832 |
| 1,995 | LIBOR + 5.75%, 3/07/11 | 1,995,000 |
| 3,970 | Cablevision Systems Corp., LIBOR + 1.75%, 3/31/13 | 3,979,596 |
| 5,500 | Cequel Communications LLC, LIBOR + 2.25%, 11/01/13 | 5,531,365 |
| 3,500 | Charter Communications Holdings LLC/Charter Communication Holdings Capital Corp., LIBOR + 2.63%, | |
| 4/28/13 | 3,529,533 | |
| 719 | CMP Susquehanna Corp., Loan B, LIBOR + 2.00%, 5/05/12 | 723,601 |
| Dex Media West LLC/Dex Media Finance Co., | ||
| 3,139 | Loan B1, 0.375%, 9/01/09 | 3,136,174 |
| 789 | Loan B2, LIBOR + 1.50%, 9/09/10 | 788,837 |
| 1,321 | DirecTV Holdings LLC/DirecTV Financing Co., Loan B, LIBOR + 1.50%, 3/06/10 | 1,324,654 |
| 1,224 | GateHouse Media, Inc., LIBOR + 2.25%, 12/15/13 | 1,225,214 |
| 4,000 | German Media Partners LP, LIBOR + 4.00%, 6/06/13 (EUR) | 5,207,965 |
| 3,000 | Idearc, Inc., Loan B, LIBOR + 2.00%, 11/15/14 | 3,021,750 |
| 496 | Liberty Cablevision of Puerto Rico Ltd., LIBOR + 2.25%, 2/15/13 | 497,801 |
11
BlackRock Limited Duration Income Trust (BLW) (continued) (Percentage of Net Assets)
| Principal | ||
|---|---|---|
| Amount | ||
| (000) | Description | Value |
| Media(cont'd) | ||
| $ 2,000 | Mediacom Broadband LLC, Loan D, LIBOR + 1.75%, 1/31/15 | $ 1,996,250 |
| 1,975 | Mediacom Illinois LLC, Loan C, LIBOR + 1.75%, 1/15/15 | 1,976,059 |
| 1,922 | Mission Broadcasting, Inc., Loan B, LIBOR + 1.75%, 8/14/12 | 1,917,389 |
| 400 | Multicultural Radio Broadcasting, Inc., LIBOR + 2.75%, 12/15/12 | 400,750 |
| 500 | NEP Supershooters LP, LIBOR + 8.00%, 8/01/11 | 500,000 |
| New Wave Communications, | ||
| 945 | LIBOR + 3.25%, 6/20/13 | 945,250 |
| 300 | TBD, 6/20/13 | 300,000 |
| 1,821 | Nexstar Finance, Inc., Loan B, LIBOR + 1.75%, 8/14/12 | 1,816,891 |
| 3,491 | Nielsen Finance LLC/Nielsen Finance Co., Loan B, LIBOR + 2.25%, 8/15/13 | 3,517,235 |
| 484 | NTL Investment Holding Ltd., Loan B4, LIBOR + 2.00%, 9/03/12 | 486,356 |
| 746 | PAETEC Communications, Inc., Loan B, LIBOR + 3.50%, 6/30/12 | 749,048 |
| 1,000 | Persona Communications, Inc., LIBOR + 6.00%, 4/30/14 | 1,006,250 |
| 496 | Prism Business Media, Inc., Loan B, PRIME + 1.25%, 10/15/12 | 496,026 |
| 750 | Puerto Rico Cable Acquisition Co., LIBOR + 6.25%, 7/31/11 | 755,625 |
| 3,327 | RH Donnelley Corp., Loan D2, LIBOR + 1.50%, 12/31/11 | 3,321,111 |
| 500 | Wide Open West Finance LLC, Loan B, LIBOR + 2.25%, 4/30/13 | 502,500 |
| 1,939 | WMG Acquisition Corp., LIBOR + 2.00%, 4/08/11 | 1,948,293 |
| Yell Group Plc, | ||
| 1,000 | Loan B, LIBOR + 2.00% , 2/15/13 | 1,007,604 |
| 1,500 | Loan B, LIBOR + 2.00% , 2/15/13 (EUR) | 1,976,351 |
| Total Media | 58,786,935 | |
| Real Estate0.8% | ||
| 2,250 | Foster Wheeler Ltd., LIBOR - 0.10%, 9/15/11 | 2,261,250 |
| 270 | Kyle Acquisition Group LLC, Loan B, LIBOR + 3.50%, 7/31/08 | 272,369 |
| 1,000 | LandSource Communities Development LLC, Loan B, LIBOR + 2.50%, 3/31/10 | 997,500 |
| 491 | Masonite Intl. Corp., LIBOR + 2.00% , 3/31/13 | 488,563 |
| 600 | Stewart Enterprises, Inc., Loan B, LIBOR + 1.75%, 11/30/11 | 601,107 |
| 1,000 | Williams Scotsman, Inc., Loan B, LIBOR + 1.50%, 6/30/10 | 996,875 |
| Total Real Estate | 5,617,664 | |
| Technology1.9% | ||
| 743 | Affiliated Computer Services, Inc., Loan B, LIBOR + 2.00%, 3/31/13 | 747,192 |
| 374 | Coinstar, Inc., LIBOR + 2.25%, 7/15/11 | 375,307 |
| 500 | Electrical Components Intl. Holdings Co., LIBOR + 6.50%, 5/19/14 | 502,500 |
| Intergraph Corp., | ||
| 500 | LIBOR + 2.50%, 5/15/14 | 504,062 |
| 750 | LIBOR, 11/15/14 | 766,875 |
| 997 | Marvell Technology Group Ltd., Loan B, LIBOR + 2.00%, 11/06/09 | 996,875 |
| 1,292 | Nuance Communications, Inc., LIBOR + 1.75%, 12/29/13 | 1,290,939 |
| 699 | RedPrairie Corp., Loan B, LIBOR, 7/31/12 | 698,374 |
| 2,488 | Sensata Technologies BV, Loan B, LIBOR + 1.75%, 4/30/13 | 2,479,261 |
| 2,463 | SunGard Data Systems, Inc., Loan B, LIBOR + 2.50%, 1/05/13 | 2,483,855 |
| 2,000 | Verifone, Inc., LIBOR + 1.75%, 2/28/13 | 2,005,000 |
| 198 | Westcom Corp., Loan B, LIBOR + 2.75%, 12/31/10 | 198,122 |
| Total Technology | 13,048,362 | |
| Telecommunications4.2% | ||
| American Cellular Corp., | ||
| 375 | 1.25%, 8/15/07 | 375,703 |
| 125 | LIBOR + 2.25%, 8/15/07 | 125,781 |
| 993 | Atlantic Broadband Finance LLC, Loan B1, LIBOR + 2.75%, 1/30/11 | 1,006,149 |
| 1,481 | Consolidated Communications, Inc., Loan D, LIBOR + 2.00%, 4/07/12 | 1,485,879 |
| 500 | Country Road Communications LLC, LIBOR + 7.75%, 6/30/13 | 505,000 |
| Eircom Group Plc, | ||
| 2,000 | Loan B, LIBOR + 2.38%, 9/15/15 (EUR) | 2,631,038 |
| 2,000 | Loan C, LIBOR, 9/15/14 (EUR) | 2,605,302 |
| 750 | FairPoint Communications, Inc., LIBOR + 1.75%, 2/15/12 | 751,406 |
| Insight Midwest Holdings LLC, | ||
| 1,000 | Loan B, 0.25%, 4/06/14 | 1,007,500 |
| 3,000 | Loan B, LIBOR + 2.25%, 4/03/14 | 3,022,500 |
| 2,000 | Iowa Telecommunications Services, Inc., Loan B, LIBOR + 1.75%, 11/30/11 | 2,007,500 |
| 748 | IPC Acquisition Corp., LIBOR + 2.50%, 9/30/13 | 755,294 |
| 990 | Madison River Capital LLC, Loan B1, LIBOR + 2.25%, 7/31/12 | 991,405 |
| 1,730 | NTELOS, Inc., LIBOR + 2.25%, 2/24/10 | 1,738,191 |
12
BlackRock Limited Duration Income Trust (BLW) (continued) (Percentage of Net Assets)
| Principal | ||||
|---|---|---|---|---|
| Amount | ||||
| Rating 1 | (000) | Description | Value | |
| Telecommunications(cont'd) | ||||
| NTL Investment Holding Ltd., | ||||
| $ 968 | Loan B2, LIBOR + 2.13%, 9/03/12 (GBP) | $ 1,903,256 | ||
| 2,000 | Loan C, LIBOR + 2.75%, 3/03/13 (GBP) | 4,011,258 | ||
| 746 | Nuvox Communications, LIBOR + 5.00%, 5/15/12 | 744,385 | ||
| 3,000 | West Corp., LIBOR + 2.75%, 10/31/13 | 3,019,689 | ||
| 832 | Wind Acquisition Finance S.A., Loan A1, LIBOR + 2.25%, 6/17/12 (EUR) | 1,084,939 | ||
| Total Telecommunications | 29,772,175 | |||
| Transportation0.6% | ||||
| 875 | Delta Air Lines, Inc., Loan A, LIBOR + 2.75%, 4/15/08 | 879,862 | ||
| 653 | Sirva Worldwide, Inc., LIBOR + 6.25%, 11/30/10 | 616,543 | ||
| 995 | UAL Corp., Loan B, LIBOR + 3.75%, 1/31/12 | 997,309 | ||
| 1,863 | Vanguard Car Rental Holdings, Inc., Loan B, LIBOR + 3.00%, 6/30/13 | 1,877,245 | ||
| Total Transportation | 4,370,959 | |||
| Total Bank Loans | 371,943,433 | |||
| Mortgage Pass-Through Securities20.7% | ||||
| Federal National Mortgage Assoc., | ||||
| 1,300 | 5.50%, 12/01/28-11/01/33 | 1,281,730 | ||
| 8,025 | 5 | 5.50%, 2/01/32-10/01/33 | 7,915,278 | |
| 17,000 | 5 | 7.25%, 1/15/10 | 17,994,857 | |
| 121,000 | TBA, 5.00%, 2/15/22 | 118,353,125 | ||
| Total Mortgage Pass-Through Securities | 145,544,990 | |||
| Non-Agency Multiple Class Mortgage Pass-Through Securities1.8% | ||||
| GSR Mortgage Loan Trust, | ||||
| AAA | 6,442 | 4 | Ser. 10, Class 2A1, 4.474%, 10/25/33 | 6,168,481 |
| AAA | 6,577 | 4 | Ser. 13, Class 1A1, 4.502%, 10/25/33 | 6,283,833 |
| Total Non-Agency Multiple Class Mortgage Pass-Through Securities | 12,452,314 | |||
| Interest Only Asset-Backed Securities0.3% | ||||
| Sterling Coofs Trust, | ||||
| AAA | 31,758 | Ser. 1, 2.362%, 4/15/29 | 1,300,091 | |
| AAA | 27,898 | Ser. 2, 2.216%, 3/30/30 | 889,238 | |
| Total Interest Only Asset-Backed Securities | 2,189,329 | |||
| U.S. Government and Agency Securities5.3% | ||||
| U.S. Treasury Notes, | ||||
| 20,425 | 5 | 3.375%, 12/15/08-9/15/09 | 19,835,194 | |
| 10,000 | 5 | 3.75%, 3/31/07 | 9,977,340 | |
| 6,000 | 5 | 3.875%, 5/15/09 | 5,867,814 | |
| 1,815 | 5 | 4.25%, 8/15/15 | 1,742,471 | |
| Total U.S. Government and Agency Securities | 37,422,819 | |||
| Foreign Government Bonds2.4% | ||||
| BB- | 476 | Bolivarian Republic of Venezuela, 6.25%, 12/18/07 | 476,129 | |
| BB | 5,000 | 5 | Republic of Colombia, 9.75%, 4/23/09 | 5,427,500 |
| BB+ | 5,000 | 5 | Republic of Peru, 9.125%, 2/21/12 | 5,730,000 |
| BB- | 5,093 | 5 | Turkey, 7.00%, 9/26/16 | 5,150,296 |
| Total Foreign Government Bonds | 16,783,925 |
13
BlackRock Limited Duration Income Trust (BLW) (continued) (Percentage of Net Assets)
| Units — (000) | Description | Value | |
|---|---|---|---|
| Warrant0.0% | |||
| 10 | 7,8 | Reliant Resources, Inc., expires 8/25/08, strike price $0.001, 1 share for 1 warrant | $ 98,164 |
| Shares | |||
| Common Stock0.0% | |||
| 7,579 | 7,8 | Critical Care Systems Intl., Inc. | 60,632 |
| Preferred Stock0.0% | |||
| 125,000 | Superior Essex Holding Corp., Ser. A, 9.50% | 102,500 | |
| Total Long-Term Investments (cost $1,016,786,568) | 1,022,450,528 | ||
| Principal | |||
| Amount | |||
| (000) | |||
| SHORT-TERM INVESTMENT0.8% | |||
| U.S. Government and Agency Discount Notes0.8% | |||
| $ 6,000 | 9 | Federal Home Loan Bank Discount Notes, 4.951%, 2/01/07 (cost $6,000,000) | 6,000,000 |
| Total Investments146.0% (cost $1,022,786,568 10 ) | $ 1,028,450,528 | ||
| Liabilities in excess of other assets (including $206,270,908 reverse repurchase agreements payable and | |||
| $137,755,569 payable for investments purchased)(46.0)% | (323,959,324) | ||
| Net Assets100% | $ 704,491,204 |
| ____ | |
|---|---|
| 1 | Using the highest of Standard & Poor's, Moody's Investor Service or Fitch's Ratings. |
| 2 | Security is fair valued. |
| 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 January 31, |
| 2007, the Trust held 18.8% of its net assets, with a current market value of $132,250,718, in securities restricted as to resale. | |
| 4 | Variable rate security. Rate shown is interest rate as of January 31, 2007. |
| 5 | Entire or partial principal amount pledged as collateral for reverse repurchase agreements. |
| 6 | Illiquid security. As of January 31, 2007, the Trust held 0.8% of its net assets, with a current market value of $5,509,139, in these securities. |
| 7 | Issuer is in default and/or bankruptcy. |
| 8 | Non-income producing security. |
| 9 | Rate shown is the yield to maturity as of the date of purchase. |
| 10 | Cost for federal income tax purposes is $1,022,987,854. The net unrealized appreciation on a tax basis is $5,462,674, consisting of $17,610,649 gross unrealized appreciation and $12,147,975 |
| gross unrealized depreciation. | |
| 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. |
| KEY TO ABBREVIATIONS |
|---|
| EUR Euro |
| GBP British Pound |
| LIBOR London Interbank Offered Rate |
| PRIME Prime Rate |
| TBA To Be Announced |
| TBD To Be Determined |
14
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.
15
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/ Donald C. Burke Name: Donald C. Burke Title: Treasurer and Principal Financial Officer Date: March 28, 2007
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 28, 2007 By: /s/ Donald C. Burke Name: Donald C. Burke Title: Treasurer and Principal Financial Officer Date: March 28, 2007
16
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