Regulatory Filings • Mar 31, 2008
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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
Name of Fund: BlackRock Limited Duration Income Trust (BLW)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Limited Duration Income Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 10/31/2008 Date of reporting period: 11/01/2007 01/31/2008
Item 1 Schedule of Investments
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Face — Amount | Asset-Backed Securities+ | Value | ||
|---|---|---|---|---|
| USD | 26,968,718 | Sterling Bank Trust Series 2004-2 Class NOTE, | ||
| 2.081% due 3/30/2030 (i) | $ 674,218 | |||
| 21,937,457 | Sterling Coofs Trust Series 1, 2.362% due 4/15/2029 (i) | 946,053 | ||
| Total Asset-Backed Securities | ||||
| (Cost - $7,085,927) - 0.3% | 1,620,271 | |||
| U.S. Government & Agency Obligations | ||||
| 17,000,000 | Fannie Mae, 7.25% due 1/15/2010 (m) | 18,457,529 | ||
| U.S. Treasury Notes: | ||||
| 17,000,000 | 3.375% due 12/15/2008 (m) | 17,179,299 | ||
| 6,000,000 | 3.875% due 5/15/2009 (l)(m) | 6,128,904 | ||
| 3,425,000 | 3.375% due 9/15/2009 (m) | 3,490,825 | ||
| 1,815,000 | 4.25% due 8/15/2015 (m) | 1,919,787 | ||
| Total U.S. Government & Agency Obligations | ||||
| (Cost - $46,283,579) - 7.3% | 47,176,344 | |||
| U.S. Government Agency Mortgage-Backed Securities+ | ||||
| Fannie Mae Guaranteed Pass-Through Certificates: | ||||
| 121,000,000 | 5.00% due 2/15/2023 (h) | 122,625,998 | ||
| 8,395,092 | 5.50% due 12/01/2028 - 11/01/2033 (l)(m) | 8,523,985 | ||
| Total U.S. Government Agency Mortgage-Backed | ||||
| Securities (Cost - $130,441,458) - 20.4% | 131,149,983 | |||
| Industry | Floating Rate Loan Interests++ | |||
| Aerospace & Defense - 1.1% | 1,745,684 | DynCorp Term Loan C, 6.875% due 6/28/2012 | 1,626,396 | |
| 391,516 | Hawker Beechcraft Acquisition Co. LLC Letter of | |||
| Credit, 6.93% due 3/31/2014 | 357,748 | |||
| 4,592,306 | Hawker Beechcraft Acquisition Co. LLC Term Loan | |||
| B, 6.83% due 3/31/2014 | 4,196,220 | |||
| 635,759 | IAP Worldwide Services Inc. Term Loan, 11.125% | |||
| due 12/31/2012 | 553,111 | |||
| 486,250 | Wesco Aircraft Hardware Corp. First Lien Term | |||
| Loan, 7.08% due 9/25/2013 | 465,584 | |||
| 7,199,059 | ||||
| Airlines - 0.6% | 3,000,000 | US Airways Group, Inc. Term Loan B, 5.785% | ||
| due 3/22/2014 | 2,615,625 | |||
| 1,613,750 | United Air Lines, Inc. Term Loan B, 6.00% - 7.13% | |||
| due 1/30/2014 | 1,445,820 | |||
| 4,061,445 | ||||
| Auto Components - 0.7% | 2,750,000 | Allison Transmission Term Loan B, 5.92% | ||
| due 8/07/2014 | 2,398,883 | |||
| 863,110 | Mark IV Industries First Lien Term Loan, | |||
| 7.41% - 9.66% due 6/01/2011 | 704,514 | |||
| 98,077 | Metaldyne Corp. Letter of Credit, 3.90% - 8.25% | |||
| due 1/15/2012 | 83,856 | |||
| 666,923 | Metaldyne Term Loan B, 8.25% due 1/11/2014 | 570,219 | ||
| 495,000 | Motorsport Aftermarket Group Term Loan B, 7.33% | |||
| due 11/03/2013 | 455,400 | |||
| 4,212,872 | ||||
| Beverages - 0.3% | EUR | 1,500,000 | Culligan International Second Lien Term Loan, | |
| 8.989% - 9.56% due 5/25/2013 | 1,271,130 | |||
| USD | 1,000,000 | Le-Nature's, Inc. Term Loan B, 10.25% | ||
| due 12/28/2012 (e) | 511,250 | |||
| 1,782,380 | ||||
| Building Products - 1.2% | 195,510 | Armstrong World Term Loan B, 5.739% | ||
| due 10/02/2013 | 189,156 |
1
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | Face — Amount | Floating Rate Loan Interests++ | Value | |
|---|---|---|---|---|
| USD | 2,475,094 | Building Material Corp. of America First Lien Term | ||
| Loan, 6.688% due 2/22/2014 | $ 1,976,538 | |||
| 1,490,000 | Custom Building Products Second Lien Term Loan, | |||
| 9.718% due 4/29/2012 | 1,326,100 | |||
| EUR | 1,020,730 | Lafarge Roofing SA Term Loan B, 6.89% | ||
| due 5/01/2015 | 1,069,379 | |||
| USD | 278,063 | Lafarge Roofing SA Term Loan B, 6.955% | ||
| due 5/01/2015 | 201,596 | |||
| EUR | 1,018,674 | Lafarge Roofing SA Term Loan C, 7.14% | ||
| due 5/01/2016 | 1,073,889 | |||
| USD | 284,751 | Lafarge Roofing SA Term Loan C, 7.205% | ||
| due 5/01/2016 | 207,868 | |||
| 242,918 | Masonite International Term Loan, 5.331% - 6.83% | |||
| due 4/06/2013 | 207,916 | |||
| 243,332 | Masonite International Term Loan B, 5.331% - 6.83% | |||
| due 4/06/2013 | 208,270 | |||
| 1,817,627 | United Subcontractors Inc. First Lien Term Loan, 7.566% | |||
| due 12/27/2012 | 1,490,454 | |||
| 7,951,166 | ||||
| Capital Markets - 0.1% | 500,000 | Marsico Parent Company, LLC Term Loan B, 8.125% | ||
| due 11/14/2014 | 480,000 | |||
| Chemicals - 3.5% | EUR | 500,000 | Brenntag AG Term Loan B, 6.655% due 11/24/2037 | 686,803 |
| 1,000,000 | Cognis Deutschland Term Loan B, 6.948% | |||
| due 11/16/2013 | 1,309,536 | |||
| USD | 2,000,000 | Flint Group Term Loan B, 7.39% due 5/30/2015 | 1,853,500 | |
| 4,516,463 | Huntsman ICI Holdings Term Loan B, 5.035% | |||
| due 8/16/2012 | 4,269,314 | |||
| 1,492,500 | ISP Chemco Term Loan B, 6.438% - 6.938% | |||
| due 5/25/2014 | 1,385,227 | |||
| 1,152,115 | Ineos Group Plc Term Loan A, 7.36% due 2/20/2013 | 1,026,823 | ||
| 1,665,110 | Ineos Group Plc Term Loan B, 7.451% due 2/20/2015 | 1,533,982 | ||
| 1,732,500 | Ineos Group Plc Term Loan C, 7.86% - 7.951% | |||
| due 2/20/2014 | 1,596,066 | |||
| 1,280,142 | Invista Term Loan B-1, 6.33% due 4/29/2011 | 1,217,201 | ||
| 678,570 | Invista Term Loan B-2, 6.33% due 4/29/2011 | 645,207 | ||
| EUR | 1,032,477 | Lucite International Finance Plc Payment In | ||
| Kind, 13.411% due 7/03/2014 | 1,419,861 | |||
| USD | 1,562,087 | Nalco Co. Tranche B Term Loan, 5.08% - 6.48% | ||
| due 11/04/2010 | 1,519,130 | |||
| 975,000 | Rockwood Specialties Group, Inc. Tranche D Term | |||
| Loan, 6.46% due 12/10/2012 | 923,000 | |||
| EUR | 595,770 | Viridian Group Plc Term Loan, 8.608% due 4/20/2012 | 806,016 | |
| GBP | 1,197,885 | Viridian Group Plc Term Loan, 8.234% - 10.309% | ||
| due 12/21/2012 | 2,131,934 | |||
| 22,323,600 | ||||
| Commercial Services & | USD | 158,019 | Aramark Corp. Letter of Credit, 6.845% due 1/30/2014 | 145,259 |
| Supplies - 2.3% | 2,487,331 | Aramark Corp. Term Loan B, 6.705% due 1/30/2014 | 2,286,479 | |
| 1,240,625 | Brickman Group, Inc. Term Loan, 7.143% | |||
| due 1/30/2014 | 1,141,375 | |||
| 500,000 | EnviroSolutions Term Loan B, 8.349% - 9.278% | |||
| due 7/01/2012 | 470,000 |
2
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | Face — Amount | Floating Rate Loan Interests++ | Value |
|---|---|---|---|
| USD | 167,105 | Euramax International Plc Second Lien Term | |
| Loan, 12.646% due 6/29/2013 | $ 120,984 | ||
| 82,895 | Euramax International Plc Second Lien Term | ||
| Loan, 12.646% due 11/12/2037 | 49,737 | ||
| 1,492,500 | Jason, Inc. Term Loan B, 6.523% due 4/30/2010 | 1,402,950 | |
| 1,123,200 | John Maneely Co. Term Loan B, 7.693% - 8.13% | ||
| due 12/15/2013 | 953,115 | ||
| 250,000 | Kion GmbH Term Loan B, 6.751% due 3/04/2015 | 228,625 | |
| 250,000 | Kion GmbH Term Loan C, 7.251% due 3/04/2016 | 227,500 | |
| 769,056 | Language Line Services Term Loan B1, 8.34% | ||
| due 11/14/2011 | 738,294 | ||
| 3,650,000 | Service Master Bridge Loan, 9.59% due 6/19/2008 | 3,061,438 | |
| 644,164 | Sirva Worldwide Tranche B Term Loan, 11.93% | ||
| due 12/01/2010 | 321,008 | ||
| 1,198,637 | Thermo Fluids, Inc. Term Loan, 8.34% - 8.46% | ||
| due 6/27/2013 | 1,024,834 | ||
| 2,962,575 | West Corp. Term Loan, 5.66% - 7.428% | ||
| due 10/31/2013 | 2,725,569 | ||
| 14,897,167 | |||
| Communications Equipment - 1.0% | 5,245,625 | Alltel Corp. Term Loan B3, 6.773% due 5/18/2015 | 4,766,232 |
| 1,990,000 | SafeNet, Inc. First Lien Term Loan, 7.127% | ||
| due 4/12/2014 | 1,751,200 | ||
| 6,517,432 | |||
| Computers & Peripherals - 0.6% | 750,000 | Intergraph Corp. Second Lien Term Loan, 11.062% | |
| due 11/17/2014 | 729,375 | ||
| 418,690 | Intergraph Corp. Term Loan, 6.845% - 7.081% | ||
| due 5/15/2014 | 398,803 | ||
| 1,853,049 | Reynolds and Reynolds Co. First Lien Term Loan, | ||
| 6.843% due 10/31/2012 | 1,695,540 | ||
| 1,250,000 | Reynolds and Reynolds Co. Second Lien Term | ||
| Loan, 10.343% due 10/31/2013 | 1,193,750 | ||
| 4,017,468 | |||
| Construction Materials - 0.1% | 483,750 | Nortek, Inc. Term Loan, 7.10% due 8/27/2011 | 442,631 |
| Containers & Packaging - 1.8% | 250,000 | Atlantis Plastics Term Loan C, 13.98% due 3/22/2012 | 175,000 |
| 363,636 | Bluegrass Container Co. Delay Draw Term Loan, | ||
| 9.293% due 6/30/2013 | 359,636 | ||
| 340,273 | Bluegrass Container Co. Delay Draw Term Loan 2, | ||
| 6.543% - 7.08% due 6/30/2013 | 328,971 | ||
| 1,137,227 | Bluegrass Container Co. First Lien Term Loan, | ||
| 6.543% - 7.08% due 6/30/2013 | 1,099,455 | ||
| 1,136,364 | Bluegrass Container Co. Second Lien Term Loan, | ||
| 9.293% due 6/30/2013 | 1,123,864 | ||
| 992,500 | Consolidated Container Co. LLC First Lien Term | ||
| Loan, 7.23% due 4/15/2014 | 802,684 | ||
| 350,000 | Consolidated Container Co. LLC Second Lien Term | ||
| Loan, 10.345% - 10.48% due 10/15/2014 | 203,000 | ||
| 4,962,500 | Graham Packaging Co. LP Term Loan B, | ||
| 6.813% - 7.75% due 4/15/2011 | 4,577,906 | ||
| EUR | 1,000,000 | Mivisa Envases SAU Term Loan B, 7.087% | |
| due 6/03/2015 | 1,358,473 |
3
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | Face — Amount | Floating Rate Loan Interests++ | Value | |
|---|---|---|---|---|
| USD | 567,645 | Smurfit-Stone Container Corp. Deposit Account, | ||
| 6.70% due 11/01/2010 | $ 540,524 | |||
| 1,226,615 | Solo Cup Co. Term Loan, 8.13% - 8.54% | |||
| due 2/27/2011 | 1,180,179 | |||
| 11,749,692 | ||||
| Distributors - 0.5% | 332,184 | Buhrmann USA, Inc. Term Loan C, 6.966% - 6.983% | ||
| due 12/23/2010 | 323,880 | |||
| 1,503,600 | Buhrmann USA, Inc. Term Loan D, 6.99% - 7.01% | |||
| due 11/23/2010 | 1,466,010 | |||
| 1,485,000 | Keystone Automotive Operations, Inc. Term Loan | |||
| B, 7.451% - 8.396% due 1/15/2012 | 1,282,050 | |||
| 3,071,940 | ||||
| Diversified Financial | 1,407,143 | BNY ConvergEx Group First Lien Term Loan, | ||
| Services - 0.9% | 7.83% - 9.25% due 8/01/2013 | 1,305,125 | ||
| 4,000,000 | JG Wentworth Manufacturing First Lien Term Loan, | |||
| 7.093% due 4/03/2014 | 3,420,000 | |||
| 400,000 | JG Wentworth Manufacturing Term Loan B, 7.093% | |||
| due 4/15/2014 | 342,000 | |||
| 752,055 | Professional Services Term Loan, 7.60% | |||
| due 10/31/2012 | 737,014 | |||
| 5,804,139 | ||||
| Diversified Telecommunication | 500,000 | Country Road Communications Second Lien Term | ||
| Services - 1.4% | Loan, 12.59% due 7/15/2013 | 492,500 | ||
| EUR | 2,000,000 | Eircom Group Plc Term Loan B, 6.625% due 8/14/2014 | 2,734,912 | |
| 2,000,000 | Eircom Group Plc Term Loan C, 6.875% due 8/14/2013 | 2,751,751 | ||
| USD | 2,000,000 | Iowa Telecom Term Loan B, 6.60% - 7.23% | ||
| due 11/23/2011 | 1,883,750 | |||
| EUR | 653,637 | Wind Telecomunicazione Spa Term Loan A, | ||
| 6.202% - 6.722% due 9/22/2012 | 935,727 | |||
| 8,798,640 | ||||
| Electric Utilities - 0.1% | USD | 762,973 | TPF Generation Holdings LLC First Lien Term Loan, | |
| 6.83% due 11/28/2013 | 680,000 | |||
| 150,543 | TPF Generation Holdings LLC Letter of Credit, | |||
| 6.93% due 11/28/2013 | 134,171 | |||
| 47,192 | TPF Generation Holdings LLC Revolving Credit, | |||
| 6.93% due 11/28/2013 | 42,060 | |||
| 856,231 | ||||
| Electrical Equipment - 0.4% | 500,000 | Electrical Components International Holdings | ||
| Second Lien Term Loan, 11.37% due 5/05/2014 | 410,000 | |||
| 980,000 | Generac Power Systems, Inc. First Lien Term Loan, | |||
| 7.203% due 11/15/2013 | 816,200 | |||
| 500,000 | Generac Power Systems, Inc. Second Lien Term | |||
| Loan, 10.703% due 5/10/2014 | 368,215 | |||
| 1,121,739 | Sensus Metering Systems, Inc. Term Loan B-1, | |||
| 5.926% - 7.04% due 12/17/2010 | 1,065,652 | |||
| 72,880 | Sensus Metering Systems, Inc. Term Loan B-2, | |||
| 6.718% - 6.901% due 12/19/2010 | 69,236 | |||
| 2,729,303 | ||||
| Electronic Equipment & | 890,625 | Flextronics International Ltd. Delay Draw Term | ||
| Instruments - 0.6% | Loan, 7.455% due 10/05/2014 | 862,793 |
4
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | Face — Amount | Floating Rate Loan Interests++ | Value |
|---|---|---|---|
| USD | 3,099,375 | Flextronics International Ltd. Term Loan B, | |
| 7.394% - 7.395% due 10/05/2012 | $ 3,006,393 | ||
| 3,869,186 | |||
| Energy Equipment & Services - | 3,473,173 | Dresser, Inc. First Lien Term Loan, 7.345% - 7.449% | |
| 0.8% | due 5/15/2014 | 3,095,466 | |
| 491,250 | MEG Energy Corp. Term Loan B, 6.83% | ||
| due 4/03/2013 | 464,477 | ||
| 1,473,750 | Trinidad Energy Services Term Loan, 7.131% | ||
| due 4/15/2011 | 1,429,537 | ||
| 4,989,480 | |||
| Food & Staples Retailing - 1.8% | 66,667 | Advance Food Co. Term Loan, 6.13% due 3/31/2014 | 59,333 |
| 771,944 | Advance Food Co. Term Loan B, 6.58% | ||
| due 3/31/2014 | 687,031 | ||
| 981,084 | Advantage Sales & Marketing Term Loan B, | ||
| 6.42% - 6.85% due 4/15/2013 | 906,276 | ||
| 980,000 | Bolthouse Farms, Inc. First Lien Term Loan, 7% | ||
| due 11/29/2012 | 922,425 | ||
| 500,000 | DS Waters LP Term Loan B, 9.225% due 3/31/2012 | 472,500 | |
| 279,689 | Dole Food Co., Inc. Letter of Credit, 6.507% | ||
| due 4/12/2013 | 253,608 | ||
| 618,288 | Dole Food Co., Inc. Term Loan B, 6.00% - 8.25% | ||
| due 4/12/2013 | 560,633 | ||
| 2,060,961 | Dole Food Co., Inc. Term Loan C, 6.313% - 8.25% | ||
| due 3/31/2013 | 1,868,776 | ||
| 1,933,061 | Eight O'Clock Coffee First Lien Term Loan, 7.625% | ||
| due 7/21/2012 | 1,855,739 | ||
| 495,000 | McJunkin Corp. Term Loan B, 8.08% due 1/30/2014 | 484,172 | |
| 1,160,833 | The Pantry Term Loan B, 6.60% due 4/25/2014 | 1,056,358 | |
| 591,248 | Pierre Foods, Inc. Term Loan B, 8.88% | ||
| due 6/30/2010 | 545,426 | ||
| 1,364,688 | Sturm Foods, Inc. First Lien Term Loan, 7.563% | ||
| due 1/22/2014 | 1,109,945 | ||
| 500,000 | Sturm Foods, Inc. First Lien Term Loan, 7.563% | ||
| due 1/30/2014 (j) | 406,667 | ||
| 500,000 | Sturm Foods, Inc. Second Lien Term Loan, 11.06% | ||
| due 11/12/2037 | 396,667 | ||
| 11,585,556 | |||
| Food Products - 1.1% | 434,303 | Chiquita Brands International Term Loan C, 6.313% | |
| due 6/28/2012 | 420,840 | ||
| 1,937,500 | Jetro Holdings, Inc. Term Loan, 7.19% due 5/11/2014 | 1,845,469 | |
| 2,166,771 | Michael Foods Term Loan B, 6.91% due 11/21/2010 | 2,118,019 | |
| 2,902,500 | OSI Industries Term Loan B, 6.843% due 9/02/2011 | 2,721,093 | |
| 7,105,421 | |||
| Health Care Equipment & | 4,488,750 | Biomet, Inc. Term Loan B, 7.858% due 12/28/2014 | 4,348,988 |
| Supplies - 1.2% | 2,500,000 | ReAble Therapeutics Finance LLC Term Loan, | |
| 7.83% due 5/14/2014 | 2,439,583 | ||
| 972,500 | Select Medical Term Loan B, 6.83% - 8.25% | ||
| due 2/24/2012 | 901,184 | ||
| 7,689,755 |
5
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | Face — Amount | Floating Rate Loan Interests++ | Value | |
|---|---|---|---|---|
| Health Care Providers & | USD | 1,000,000 | Aearo Technologies Second Lien Term Loan, | |
| Services - 2.6% | 10.33% due 5/23/2014 | $ 995,000 | ||
| 856,860 | CCS Medical First Lien Term Loan, 8.10% | |||
| due 10/31/2012 | 810,804 | |||
| 7,842,614 | Community Health Term Loan B, 7.331% | |||
| due 7/25/2014 | 7,213,699 | |||
| 1,985,000 | Health Management Associates, Inc. Term Loan B, | |||
| 6.58% - 6.595% due 1/15/2014 | 1,739,356 | |||
| 841,729 | HealthSouth Corp. Term Loan B, 6.92% - 7.35% | |||
| due 3/12/2014 | 784,211 | |||
| EUR | 1,995,000 | PTS Cardinal Health Term Loan B, 6.976% | ||
| due 11/19/2037 | 2,728,692 | |||
| USD | 997,494 | Surgical Care Affiliates Term Loan B, 7.08% | ||
| due 12/26/2014 | 1,737,820 | |||
| 977,724 | Vanguard Health Systems Term Loan B, 7.095% | |||
| due 9/23/2011 | 902,765 | |||
| 16,912,347 | ||||
| Health Care Technology - 0.2% | 1,500,000 | Misys Hospital Systems, Inc. Term Loan B, 8.22% | ||
| due 10/11/2014 | 1,462,500 | |||
| Hotels, Restaurants & | 446,371 | Arby's Restaurant Group Term Loan B, 7.00% - 7.095% | ||
| Leisure - 3.3% | due 7/31/2012 | 425,447 | ||
| 2,202,870 | Cracker Barrel Term Loan B, 6.40% due 4/27/2013 | 2,059,683 | ||
| 1,667,717 | Greektown Casino Term Loan B, 7.188% | |||
| due 12/01/2012 | 1,550,977 | |||
| 478,068 | Green Valley Ranch Gaming LLC Term Loan, | |||
| 6.843% - 7.081% due 1/29/2012 | 420,700 | |||
| 1,500,000 | Green Valley Ranch Gaming LLC Term Loan, 8.331% | |||
| due 8/30/2014 | 1,245,000 | |||
| 700,000 | Harrah's Entertainment, Inc. Term Loan B2, 6.244% | |||
| due 1/29/2015 | 642,542 | |||
| 500,000 | Harrah's Entertainment, Inc. Term Loan B3, | |||
| 6.244% due 1/29/2015 | 460,000 | |||
| 550,000 | Harrah's Operating Term Loan B, 6.244% | |||
| due 1/31/2015 | 505,313 | |||
| 2,288,500 | Las Vegas Sands LLC Term Loan B, 6.58% | |||
| due 5/04/2014 | 2,021,986 | |||
| 1,687,447 | MotorCity Casino Term Loan B, 6.843% - 7.151% | |||
| due 7/21/2012 | 1,569,326 | |||
| 75,188 | OSI Restaurant Partners, Inc. Revolving Credit, | |||
| 7.128% due 5/15/2014 | 63,048 | |||
| 889,514 | OSI Restaurant Partners, Inc. Term Loan B, 7.125% | |||
| due 5/15/2014 | 745,895 | |||
| 4,066,681 | Penn National Gaming Term Loan B, 6.58% - 6.76% | |||
| due 10/03/2012 | 3,956,372 | |||
| 1,970,000 | QCE LLC First Lien Term Loan, 7.00% - 7.125% | |||
| due 5/05/2013 | 1,760,688 | |||
| 3,991,370 | Travelport, Inc. Payment In Kind Term | |||
| Loan, 11.83% due 3/20/2012 (j) | 3,362,729 | |||
| 28,997 | Travelport, Inc. Standby Letter of Credit, 7.08% | |||
| due 8/31/2013 | 26,623 | |||
| 144,516 | Travelport, Inc. Term Loan B, 7.08% due 8/31/2013 | 132,683 |
6
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | Face — Amount | Floating Rate Loan Interests++ | Value |
|---|---|---|---|
| USD | 492,437 | Wembley, Inc. First Lien Term Loan, 7.35% - 7.97% | |
| due 8/12/2012 | $ 438,269 | ||
| 21,387,281 | |||
| Household Durables - 0.1% | 94,702 | Berkline Corp. First Lien Term Loan, 8.49% | |
| due 11/10/2011 | 56,821 | ||
| 1,005,050 | Berkline Corp. Second Lien Term Loan, 14.25% | ||
| due 5/11/2012 | 50,252 | ||
| 385,203 | Visant Holding Corp. Term Loan C, 6.718% | ||
| due 10/04/2011 | 376,215 | ||
| 483,288 | |||
| Household Products - 0.1% | 1,087,115 | Central Garden & Pet Term Loan B, 6.03% - 6.35% | |
| due 9/30/2012 | 940,355 | ||
| IT Services - 2.1% | 735,000 | Affiliated Computer Services Term Loan B, 5.285% | |
| due 3/20/2013 | 702,040 | ||
| 4,000,000 | Alliance Data Systems Term Loan, 6.114% | ||
| due 12/15/2014 | 3,720,000 | ||
| 1,000,000 | Audio Visual Services Corp. Second Lien Term | ||
| Loan, 10.35% due 9/15/2014 | 920,000 | ||
| 250,000 | Emdeon Business Services Second Lien Term Loan, | ||
| 9.83% due 5/16/2013 | 238,750 | ||
| 4,738,125 | First Data Corp. Term Loan B, 7.58% - 7.634% | ||
| due 9/24/2014 | 4,266,468 | ||
| 692,221 | RedPrairie Corp. First Lien Term Loan, | ||
| 8.063% - 9.25% due 7/17/2012 | 643,765 | ||
| 2,437,875 | SunGard Data Systems, Inc. Term Loan B, 6.898% | ||
| due 2/28/2014 | 2,254,274 | ||
| 940,000 | Verifone, Inc. Term Loan B, 6.71% due 2/28/2013 | 902,400 | |
| 13,647,697 | |||
| Independent Power Producers & | 428,571 | The AES Corp. Term Loan, 7.00% - 7.19% | |
| Energy Traders - 2.2% | due 4/30/2008 | 409,018 | |
| 2,992,500 | TXU Corp. Term Loan B-2, 8.396% due 10/14/2029 | 2,746,298 | |
| 11,970,000 | TXU Corp. Term Loan B-3, 8.396% due 10/10/2014 | 11,030,080 | |
| 14,185,396 | |||
| Industrial Conglomerates - 0.1% | 93,750 | Trimas Corp. Letter of Credit, 6.85% due 8/02/2011 | 91,875 |
| 401,172 | Trimas Corp. Term Loan B, 5.516% due 8/02/2013 | 393,148 | |
| 485,023 | |||
| Insurance - 0.3% | 740,631 | Conseco Term Loan B, 6.845% due 10/10/2013 | 665,334 |
| 1,107,854 | Sedgwick Claims Management Service, Inc. Term | ||
| Loan B, 7.08% due 3/03/2013 | 1,049,692 | ||
| 1,715,026 | |||
| Internet & Catalog Retail - 0.2% | 650,752 | FTD Flowers Term Loan, 6.595% due 7/28/2013 | 642,618 |
| 960,610 | Oriental Trading First Lien Term Loan, 7.10% - 7.34% | ||
| due 7/31/2013 | 845,337 | ||
| 1,487,955 | |||
| Leisure Equipment & Products - 0.1% | 985,000 | 24 Hour Fitness Term Loan B, 7.19% - 7.35% | |
| due 6/08/2012 | 886,500 | ||
| Life Sciences Tools & Services - 0.2% | 982,500 | Quintiles Transnational Term Loan B, 6.83% | |
| due 3/21/2013 | 941,972 | ||
| 250,000 | Quintiles Transnational Term Loan C, 8.83% | ||
| due 3/21/2014 | 239,375 | ||
| 1,181,347 | |||
| Machinery - 2.4% | 735,439 | Blount, Inc. US Term Loan B, 6.381% due 8/09/2010 | 709,699 |
7
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | Face — Amount | Floating Rate Loan Interests++ | Value |
|---|---|---|---|
| USD | 995,000 | Bucyrus International Term Loan, 6.229% - 6.624% | |
| due 5/04/2014 | $ 945,250 | ||
| 1,940,979 | Colfax Corp. Term Loan B, 7.125% due 12/19/2011 | 1,902,159 | |
| GBP | 1,000,000 | Invensys Plc, 8.405% due 12/09/2010 | 1,938,832 |
| USD | 1,000,000 | Invensys Plc Term Loan A, 6.90% due 12/15/2010 | 969,167 |
| 1,500,000 | Lincoln Industrial Second Lien Term Loan, 10.87% | ||
| due 12/18/2014 | 1,470,000 | ||
| 492,500 | NACCO Materials Handling Group Term Loan B, | ||
| 6.74% - 6.87% due 3/21/2013 | 453,100 | ||
| 1,000,000 | Navistar International Transportation Corp. | ||
| Revolving Credit, 8.23% - 8.324% due 6/30/2012 | 900,000 | ||
| 2,750,000 | Navistar International Transportation Corp. Term | ||
| Loan, 8.23% due 6/30/2012 | 2,475,000 | ||
| 2,468,750 | OshKosh Truck Corp. Term Loan B, 6.90% | ||
| due 11/30/2013 | 2,277,982 | ||
| 82,917 | Standard Steel Delay Draw Term Loan, 5.79% - 6.44% | ||
| due 6/21/2012 | 80,015 | ||
| 410,417 | Standard Steel First Lien Term Loan, 7.33% | ||
| due 6/21/2012 | 396,052 | ||
| 621,458 | Synventive Molding Solutions Mezzanine, | ||
| due 11/23/2037 (e) | 279,656 | ||
| 289,305 | Wastequip Delay Draw Term Loan, 7.08% | ||
| due 1/17/2013 | 258,928 | ||
| 687,100 | Wastequip Term Loan B, 7.08% due 1/17/2013 | 614,954 | |
| 15,670,794 | |||
| Marine - 0.4% | 1,488,759 | Dockwise Shipping BV Term Loan B, 7.205% | |
| due 4/26/2015 | 1,414,321 | ||
| 1,488,759 | Dockwise Shipping BV Term Loan C, 7.205% - 7.705% | ||
| due 4/26/2016 | 1,421,765 | ||
| 2,836,086 | |||
| Media - 15.9% | 985,000 | Acosta, Inc. Term Loan, 7.10% due 2/28/2014 | 914,408 |
| 500,000 | Affinion Group, Inc. Term Loan, 11.678% | ||
| due 1/31/2012 | 420,000 | ||
| 500,000 | Affinion Group, Inc. Term Loan, 11.68% | ||
| due 3/01/2012 | 420,000 | ||
| 1,485,000 | Alix Partners Term Loan B, 6.38% due 10/30/2013 | 1,427,456 | |
| 985,058 | Atlantic Broadband Finance Term Loan B, 7.08% | ||
| due 2/27/2014 | 934,985 | ||
| 711,964 | CMP Susquehanna Corp. Term Loan B, 5.989% - 6.875% | ||
| due 6/07/2013 | 624,749 | ||
| 3,930,000 | Cablevision Systems Corp. Term Loan B, 6.896% | ||
| due 3/23/2013 | 3,606,828 | ||
| 1,995,000 | Catalina Marketing Group Term Loan, 7.83% | ||
| due 10/01/2014 | 1,818,776 | ||
| 6,451,250 | Cequel Communications LLC Term Loan B, | ||
| 6.646% - 8.25% due 11/05/2013 | 5,588,395 | ||
| 6,000,000 | Charter Communications Term Loan B, 6.99% | ||
| due 11/23/2037 | 5,221,152 | ||
| 750,000 | Choice Cable Second Lien Term Loan, 12.375% | ||
| due 1/28/2012 | 630,000 | ||
| 1,106,605 | Cinemark Term Loan, 6.07% - 6.98% due 10/05/2013 | 1,007,183 |
8
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | Face — Amount | Floating Rate Loan Interests++ | Value |
|---|---|---|---|
| USD | 2,290,495 | Clarke American Corp. Term Loan B, 7.33% - 7.70% | |
| due 3/12/2013 | $ 1,861,027 | ||
| 973,460 | ClientLogic Holding Corp. Term Loan B, | ||
| 7.345% - 7.46% due 1/30/2014 | 863,946 | ||
| 1,307,343 | DIRECTV Holdings LLC Tranche B Term Loan, | ||
| 6.355% due 4/13/2013 | 1,276,112 | ||
| 617,737 | Dex Media West LLC Term Loan B, 6.33% - 6.38% | ||
| due 3/09/2010 | 597,403 | ||
| 2,457,874 | Dex Media West LLC Term Loan B-1, 5.48% - 6.65% | ||
| due 3/09/2010 | 2,372,232 | ||
| 995,000 | Discovery Communications Term Loan B, 6.83% | ||
| due 5/15/2013 | 942,763 | ||
| 8,500,000 | Education Media and Publishing Second Lien Term | ||
| Loan, 13.641% due 11/14/2014 | 8,075,000 | ||
| 642,857 | Formula One Group Second Lien Term Loan, 7.093% | ||
| due 7/05/2014 | 573,750 | ||
| 1,000,000 | Formula One Group Term Loan B, 8.218% | ||
| due 12/31/2013 | 926,875 | ||
| 857,143 | Formula One Group Term Loan B, 7.093% | ||
| due 1/05/2014 | 794,464 | ||
| 591,667 | GateHouse Media Operating, Inc. Delay Draw Term | ||
| Loan, 6.45% - 7.07% due 9/15/2014 | 463,867 | ||
| 1,000,000 | GateHouse Media Operating, Inc. Term Loan B, | ||
| 7.07% due 9/15/2014 | 784,000 | ||
| 2,000,000 | Gray Communications Systems, Inc. First Lien Delay | ||
| Draw Term Loan, 6.21% due 9/18/2014 | 1,787,500 | ||
| 487,512 | HIT Entertainment Ltd. First Lien Term Loan, 6.60% | ||
| due 8/31/2012 | 438,761 | ||
| 1,492,500 | Hanley-Wood LLC Term Loan B, 6.305% - 6.979% | ||
| due 3/07/2014 | 1,160,419 | ||
| 4,477,500 | Idearc, Inc. Term Loan B, 6.83% due 11/15/2014 | 4,070,455 | |
| 2,700,000 | Insight Midwest Holdings LLC Term Loan B, 6.48% | ||
| due 4/06/2014 | 2,460,750 | ||
| 1,000,000 | Intelsat Ltd. Term Loan B, 5.644% due 1/31/2014 | 974,583 | |
| 496,250 | Knology, Inc. First Lien Term Loan, 6.953% | ||
| due 5/11/2010 | 446,625 | ||
| 1,980,000 | Mediacom Communications Term Loan D, | ||
| 5.13% - 5.74% due 1/31/2015 | 1,743,107 | ||
| 1,955,250 | Mediacom LLC Term Loan C, 5.13% - 6.60% | ||
| due 1/31/2015 | 1,722,714 | ||
| 4,912,500 | Metro-Goldwyn-Mayer Studios, Inc. Term Loan B, | ||
| 8.108% due 4/30/2011 | 4,347,563 | ||
| 356,000 | Multicultural Radio Broadcasting Inc. Term Loan, | ||
| 7.901% due 12/15/2012 | 345,320 | ||
| GBP | 2,000,000 | NTL Cable Plc Second Lien Term Loan, 8.905% | |
| due 7/17/2013 | 3,586,013 | ||
| 913,855 | NTL Cable Plc Term Loan, 8.283% due 11/19/2037 | 1,662,777 | |
| USD | 456,928 | NTL Cable Plc Term Loan B, 6.055% due 1/10/2013 | 428,370 |
| 1,000,000 | National Cinemedia LLC Term Loan B, 6.87% | ||
| due 2/28/2015 | 906,563 |
9
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | Face — Amount | Floating Rate Loan Interests++ | Value |
|---|---|---|---|
| USD | 300,000 | New Wave Communications Delay Draw Term Loan, | |
| 8.345% - 10% due 6/30/2013 | $ 285,000 | ||
| 935,750 | New Wave Communications Term Loan B, 8.345% | ||
| due 6/30/2013 | 888,963 | ||
| 1,902,132 | Nexstar Broadcasting Group Term Loan, 6.58% | ||
| due 10/01/2012 | 1,711,919 | ||
| 1,801,065 | Nexstar Broadcasting Group Term Loan B, 6.58% | ||
| due 10/01/2012 | 1,620,958 | ||
| 3,456,260 | Nielsen Finance LLC Term Loan B, 6.661% - 7.146% | ||
| due 8/15/2013 | 3,182,638 | ||
| 2,972,475 | PanAmSat Corp. Term Loan B, 6.60% due 1/19/2014 | 2,583,931 | |
| 1,116,563 | Penton Media Term Loan, 5.535% - 7.23% | ||
| due 2/15/2013 | 983,971 | ||
| 1,000,000 | Penton Media Term Loan, 9.98% due 2/15/2014 | 835,000 | |
| EUR | 432,414 | ProSiebenSat 1 Media AG Mezzanine Term Loan, | |
| 7.075% due 6/28/2017 | 452,152 | ||
| 1,432,414 | ProSiebenSat 1 Media AG Second Lien Term Loan, | ||
| 2.625% - 8.45% due 12/28/2016 | 1,511,996 | ||
| 67,586 | ProSiebenSat.1 Media AG Term Loan B, 6.504% | ||
| due 6/30/2015 | 86,055 | ||
| 67,586 | ProSiebenSat.1 Media AG Term Loan B, 6.504% | ||
| due 6/30/2016 | 76,918 | ||
| USD | 995,000 | RCN Corp. Term Loan B, 7.125% due 5/25/2014 | 917,266 |
| 2,749,638 | RH Donnelley, Inc. Term Loan D-2, 6.39% - 7.22% | ||
| due 8/30/2011 | 2,602,532 | ||
| 1,591,605 | San Juan Cable First Lien Term Loan, 11.97% | ||
| due 10/26/2012 | 1,426,476 | ||
| 3,500,000 | United Pan Europe Communications Term Loan N, | ||
| 6.381% due 11/19/2037 | 3,130,313 | ||
| 201,342 | Univision Communications, Inc. Delay Draw Term | ||
| Loan, 7.21% due 9/30/2014 | 165,101 | ||
| 6,117,597 | Univision Communications, Inc. First Lien Term | ||
| Loan, 7.095% - 7.253% due 3/31/2016 | 5,735,247 | ||
| 1,000,000 | Univision Communications, Inc. Second Lien Term Loan, | ||
| 7.345% due 3/15/2009 | 937,500 | ||
| 1,916,081 | Warner Music Group Term Loan B, 5.718% - 7.081% | ||
| due 2/28/2011 | 1,781,955 | ||
| EUR | 1,500,000 | Yell Group Plc Term Loan B, 6.438% due 4/21/2008 | 2,065,586 |
| USD | 1,000,000 | Yell Group Plc Term Loan B, 6.845% due 8/09/2013 | 935,000 |
| 102,143,368 | |||
| Metals & Mining - 0.1% | 784,495 | Compass Minerals Group, Inc. Term Loan, | |
| 6.33% - 6.59% due 12/22/2012 | 756,057 | ||
| Multi-Utilities - 0.9% | 496,250 | Brand Energy & Infrastructure Services, Inc. Term | |
| Loan B, 7.125% - 7.313% due 2/15/2014 | 460,272 | ||
| 500,000 | Brand Energy & Infrastructure Services, Inc. Term | ||
| Loan B, 11.063% - 11.19% due 2/15/2015 | 450,000 | ||
| 127,389 | Coleto Creek Letter of Credit, 7.948% due 7/31/2013 | 119,427 | |
| 1,821,972 | Coleto Creek Term Loan B, 7.58% due 7/31/2013 | 1,708,098 | |
| 70,313 | MACH Gen LLC Letter of Credit, 6.83% | ||
| due 2/22/2014 | 62,930 | ||
| 672,891 | MACH Gen LLC Term Loan, 7% due 2/22/2014 | 602,237 | |
| 158,537 | NE Energy Letter of Credit, 7.375% due 10/03/2013 | 144,268 |
10
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | Face — Amount | Floating Rate Loan Interests++ | Value |
|---|---|---|---|
| USD | 1,290,497 | NE Energy Term Loan B, 7.43% due 10/31/2013 | $ 1,180,805 |
| 469,160 | Wolf Hollow I LP First Lien Term Loan, 7.08% | ||
| due 6/22/2012 | 426,935 | ||
| 400,000 | Wolf Hollow I LP Letter of Credit, 7.095% | ||
| due 6/22/2012 | 364,000 | ||
| 100,000 | Wolf Hollow I LP Revolving Credit, 7.095% - 7.278% | ||
| due 6/22/2012 | 89,000 | ||
| 5,607,972 | |||
| Multiline Retail - 0.2% | 1,439,873 | Neiman Marcus Group, Inc. Term Loan, | |
| 6.29% - 6.90% due 4/06/2013 | 1,318,738 | ||
| Oil, Gas & Consumable Fuels - 1.1% | 445,000 | Big West Oil & Gas Term Loan B, 7.095% | |
| due 5/15/2014 | 418,300 | ||
| 75,040 | CR Gas Storage Bridge Loan, 6.741% due 5/08/2011 | 70,538 | |
| 51,660 | CR Gas Storage Delay Draw Term Loan, 6.808% | ||
| due 5/08/2013 | 48,560 | ||
| 461,205 | CR Gas Storage Term Loan, 7.323% due 5/08/2013 | 433,533 | |
| 76,263 | CR Gas Storage Term Loan B, 7.323% due 5/08/2013 | 71,687 | |
| 243,243 | Coffeyville Resources LLC Letter of Credit, 7.979% | ||
| due 12/21/2013 | 231,993 | ||
| 791,317 | Coffeyville Resources LLC Term Loan D, | ||
| 7.479% - 9.00% due 12/28/2013 | 754,719 | ||
| 1,575,000 | Drummond Oil Term Loan B, 5.469% due 2/15/2012 | 1,543,500 | |
| 1,500,000 | SandRidge Energy, Inc. Term Loan, 8.625% | ||
| due 3/01/2015 | 1,481,250 | ||
| 1,500,000 | SandRidge Energy, Inc. Term Loan B, 8.354% | ||
| due 3/01/2014 | 1,425,000 | ||
| 923,929 | Western Refining Term Loan B, 6.595% | ||
| due 5/30/2014 | 841,545 | ||
| 7,320,625 | |||
| Paper & Forest Products - 2.2% | 995,000 | Appleton Papers, Inc. Term Loan B, 6.293% - 6.65% | |
| due 6/05/2014 | 912,912 | ||
| 30,611 | Cenveo, Inc. Delay Draw Term Loan, 6.66% | ||
| due 9/07/2013 | 28,201 | ||
| 921,153 | Cenveo, Inc. Term Loan C, 6.66% due 9/07/2013 | 848,612 | |
| 2,441,094 | Georgia-Pacific Corp. First Lien Term Loan B, | ||
| 6.58% - 6.896% due 2/14/2013 | 2,249,295 | ||
| 3,500,000 | Georgia Pacific Corp. Term Loan B, 6.58% - 7.474% | ||
| due 11/22/2012 | 3,225,002 | ||
| 2,493,703 | Georgia Pacific Corp. Term Loan B-2, 6.58% - 6.896% | ||
| due 3/08/2013 | 2,297,770 | ||
| 2,000,000 | NewPage Corp. Tem Loan B, 8.688% due 12/07/2014 | 1,936,666 | |
| 1,611,111 | SP Newsprint Co. Tranche B-1 Credit Linked | ||
| Deposit, 8.595% due 1/09/2010 | 1,433,889 | ||
| 1,250,000 | Verso Paper Holdings LLC Term Loan B, 11.161% | ||
| due 2/01/2013 | 1,143,750 | ||
| 14,076,097 | |||
| Personal Products - 0.4% | 750,000 | American Safety Razor Co. Second Lien Term Loan, | |
| 11.69% due 1/25/2014 | 735,000 | ||
| 363,748 | Bare Escentuals Beauty, Inc. First Lien Term Loan, | ||
| 6.57% due 2/18/2012 | 348,289 |
11
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | Face — Amount | Floating Rate Loan Interests++ | Value |
|---|---|---|---|
| USD | 1,268,556 | Prestige Brands Term Loan B-1, 6.968% - 7.093% | |
| due 10/06/2010 | $ 1,226,535 | ||
| 2,309,824 | |||
| Pharmaceuticals - 0.5% | 1,492,500 | Pharmaceutical Technologies & Services (PTS) Term | |
| Loan, 7.08% due 4/15/2014 | 1,317,131 | ||
| 1,494,283 | Warner Chilcott Term Loan B, 6.845% - 7.198% | ||
| due 1/18/2012 | 1,418,324 | ||
| 513,971 | Warner Chilcott Term Loan C, 6.83% - 6.84% | ||
| due 1/30/2013 | 487,845 | ||
| 3,223,300 | |||
| Real Estate Management & | 3,000,000 | Enclave Term Loan B, 6.14% due 3/01/2012 | 2,848,428 |
| Development - 1.2% | 3,000,000 | Georgian Towers Term Loan, 6.14% due 3/01/2012 | 2,736,438 |
| 750,000 | Pivotal Promontory Second Lien Term Loan, 12.75% | ||
| due 8/11/2011 (e) | 187,500 | ||
| 1,492,500 | Realogy Corp. Term Loan B, 7.505% due 9/22/2014 | 1,248,103 | |
| 411,467 | Yellowstone Club Term Loan B, 7.22% | ||
| due 10/15/2010 | 367,234 | ||
| 7,387,703 | |||
| Road & Rail - 0.7% | 1,750,000 | Rail America, Inc. Term Loan, 7.12% due 10/15/2008 | 1,706,250 |
| 3,976,744 | Swift Transportation Co., Inc. Term Loan B, 7.94% | ||
| due 5/15/2014 | 3,045,939 | ||
| 4,752,189 | |||
| Semiconductors & Semiconductor | 986,875 | Marvell Technology Group Term Loan B, 7.33% | |
| Equipment - 0.2% | due 11/08/2009 | 927,663 | |
| Software - 0.2% | 987,500 | Bankruptcy Management Solutions, Inc. First Lien | |
| Term Loan, 7.60% due 7/06/2012 | 886,281 | ||
| 413,519 | CCC Information Services, Inc. Term Loan B, 7.36% | ||
| due 2/10/2013 | 401,113 | ||
| 1,287,394 | |||
| Specialty Retail - 1.2% | 1,745,614 | ADESA, Inc. Term Loan B, 7.08% due 10/30/2013 | 1,522,113 |
| 586,040 | Burlington Coat Factory Warehouse Corp. Term | ||
| Loan B, 7.32% due 4/15/2013 | 501,715 | ||
| 1,241,880 | Claire's Stores Term Loan B, 7.58% - 7.595% | ||
| due 5/24/2014 | 1,009,648 | ||
| 660,946 | Eye Care Centers of America, Inc. Term Loan, | ||
| 7.35% - 7.93% due 3/01/2012 | 647,727 | ||
| 1,500,000 | Orchard Supply Hardware Term Loan B, 7.542% | ||
| due 12/21/2013 | 1,260,000 | ||
| 396,000 | Petco Animal Supplies Term Loan B, 7.08% - 7.21% | ||
| due 3/22/2013 | 365,310 | ||
| 918,503 | Rent-A-Center Term Loan B, 5.74% - 7.27% | ||
| due 6/30/2012 | 833,542 | ||
| 1,940,227 | Sensata Technologies Term Loan B, 6.76% | ||
| due 4/27/2013 | 1,730,267 | ||
| 7,870,322 | |||
| Textiles, Apparel & Luxury | 992,500 | David's Bridal, Inc. Term Loan B, 6.58% | |
| Goods - 0.4% | due 1/30/2014 | 908,138 | |
| 494,669 | Renfro Corp. Term Loan B, 8.08% - 8.31% | ||
| due 10/05/2013 | 445,202 | ||
| 698,281 | St. John Knits, Inc. Term Loan B, 7.843% | ||
| due 8/24/2013 | 684,316 |
12
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | Face — Amount | Floating Rate Loan Interests++ | Value |
|---|---|---|---|
| USD | 296,806 | Warnaco, Inc. Term Loan, 5.871% - 6.70% | |
| due 1/31/2013 | $ 290,127 | ||
| 2,327,783 | |||
| Trading Companies & | 1,234,375 | Beacon Sales Co. Term Loan B, 6.729% - 7.081% | |
| Distributors - 0.2% | due 10/31/2013 | 1,110,938 | |
| 466,513 | United Rentals, Inc. Term Loan, 7.11% due 2/14/2011 | 445,520 | |
| 1,556,458 | |||
| Wireless Telecommunication | 1,492,750 | Cellular South Term Loan B, 4.744% - 7.00% | |
| Services - 0.6% | due 5/16/2014 | 1,418,112 | |
| 609,626 | NG Wireless First Lien Term Loan, 7.593% -7.595% | ||
| due 11/12/2037 | 591,337 | ||
| 1,695,485 | NTELOS Inc. Term Loan B, 7.10% due 8/14/2011 | 1,634,024 | |
| 3,643,473 | |||
| Total Floating Rate Loan Interests | |||
| (Cost - $436,751,787) - 62.4% | 401,925,124 | ||
| Corporate | |||
| Bonds | |||
| Aerospace & Defense - 0.5% | 1,715,000 | CHC Helicopter Corp., 7.375% due 5/01/2014 | 1,582,087 |
| 330,000 | DRS Technologies, Inc., 6.875% due 11/01/2013 | 323,400 | |
| 310,000 | DRS Technologies, Inc., 7.625% due 2/01/2018 | 306,125 | |
| 650,000 | Hexcel Corp., 6.75% due 2/01/2015 | 627,250 | |
| 570,000 | TransDigm, Inc., 7.75% due 7/15/2014 | 572,850 | |
| 3,411,712 | |||
| Air Freight & Logistics - 0.1% | 905,000 | Park-Ohio Industries, Inc., 8.375% due 11/15/2014 | 735,312 |
| Airlines - 0.1% | 520,000 | American Airlines, Inc. Series 99-1, 7.324% | |
| due 4/15/2011 | 509,600 | ||
| Auto Components - 0.4% | 825,000 | Allison Transmission, 11.25% due 11/01/2015 (c)(j) | 641,236 |
| 1,575,000 | Lear Corp., 8.75% due 12/01/2016 | 1,401,750 | |
| 1,000,000 | Metaldyne Corp., 10% due 11/01/2013 (m) | 720,000 | |
| 2,762,986 | |||
| Automobiles - 1.2% | 7,500,000 | DaimlerChrysler NA Holding Corp., 4.05% | |
| due 6/04/2008 (m) | 7,510,747 | ||
| 500,000 | Ford Capital BV, 9.50% due 6/01/2010 | 460,000 | |
| 7,970,747 | |||
| Building Products - 0.7% | 750,000 | CPG International I, Inc., 10.50% due 7/01/2013 | 667,500 |
| 269,000 | Goodman Global Holding Co., Inc., 7.991% | ||
| due 6/15/2012 (a) | 271,690 | ||
| 1,475,000 | Goodman Global Holding Co., Inc., 7.875% | ||
| due 12/15/2012 | 1,595,360 | ||
| 2,590,000 | Momentive Performance Materials, Inc., 11.50% | ||
| due 12/01/2016 | 2,023,437 | ||
| 4,557,987 | |||
| Capital Markets - 1.0% | 2,500,000 | E*Trade Financial Corp., 12.50% due 11/30/2017 (c) | 2,387,500 |
| 2,651,000 | Marsico Parent Co., LLC, 10.625% due 1/15/2016 (c) | 2,664,255 | |
| 909,000 | Marsico Parent Holdco, LLC, 12.50% due 7/15/2016 (c)(j) | 913,545 | |
| 606,000 | Marsico Parent Superholdco, LLC, 14.50% | ||
| due 1/15/2018 (c)(j) | 574,254 | ||
| 6,539,554 | |||
| Chemicals - 1.5% | 1,100,000 | American Pacific Corp., 9% due 2/01/2015 | 1,083,500 |
| 2,085,000 | Ames True Temper, Inc., 8.258% due 1/15/2012 (a) | 1,688,850 | |
| 120,000 | Chemtura Corp., 6.875% due 6/01/2016 | 109,200 | |
| 310,000 | Huntsman LLC, 11.50% due 7/15/2012 | 328,600 | |
| EUR | 1,490,000 | Ineos Group Holdings Plc, 7.875% due 2/15/2016 (c) | 1,583,857 |
| USD | 2,090,000 | Ineos Group Holdings Plc, 8.50% due 2/15/2016 (c) | 1,630,200 |
13
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | Face — Amount | Corporate
Bonds | Value |
| --- | --- | --- | --- |
| USD | 2,225,000 | Innophos, Inc., 8.875% due 8/15/2014 | $ 2,186,062 |
| | 980,000 | Key Plastics LLC, 11.75% due 3/15/2013 (c) | 735,000 |
| | 500,000 | NOVA Chemicals Corp., 7.863% due 11/15/2013 (a) | 425,000 |
| | 115,000 | Terra Capital, Inc. Series B, 7% due 2/01/2017 | 112,987 |
| | | | 9,883,256 |
| Commercial Services & | 2,000,000 | Casella Waste Systems, Inc., 9.75% due 2/01/2013 | 1,995,000 |
| Supplies - 2.2% | 5,236,000 | DI Finance Series B, 9.50% due 2/15/2013 (m) | 5,458,530 |
| | 350,000 | FTI Consulting, Inc., 7.75% due 10/01/2016 | 362,250 |
| | 990,000 | Sally Holdings LLC, 10.50% due 11/15/2016 | 878,625 |
| | 2,065,000 | Waste Services, Inc., 9.50% due 4/15/2014 | 1,920,450 |
| | 3,595,000 | West Corp., 11% due 10/15/2016 | 3,271,450 |
| | | | 13,886,305 |
| Communications Equipment - 0.5% | 3,300,000 | Nortel Networks Ltd., 8.508% due 7/15/2011 (a) | 3,069,000 |
| Containers & Packaging - 1.0% | 835,000 | Berry Plastics Holding Corp., 8.866% due 9/15/2014 (a) | 684,700 |
| | 1,210,000 | Berry Plastics Holding Corp., 8.875% due 9/15/2014 | 1,073,875 |
| | 885,000 | Crown Americas LLC, 7.75% due 11/15/2015 | 900,487 |
| | 585,000 | Graham Packaging Co. LP, 8.50% due 10/15/2012 | 514,800 |
| | 1,370,000 | Impress Holdings BV, 7.383% due 9/15/2013 (a)(c) | 1,260,400 |
| | 2,020,000 | Pregis Corp., 12.375% due 10/15/2013 | 2,030,100 |
| | | | 6,464,362 |
| Diversified Financial | 2,800,000 | Ford Motor Credit Co., 7.375% due 2/01/2011 (m) | 2,557,313 |
| Services - 1.7% | 565,000 | Ford Motor Credit Co. LLC, 7.127% due 1/13/2012 (a) | 475,924 |
| | 60,000 | Ford Motor Credit Co. LLC, 8.708% due 4/15/2012 (a) | 58,656 |
| | 1,665,000 | Ford Motor Credit Co. LLC, 7.80% due 6/01/2012 | 1,474,734 |
| | 2,735,000 | General Motors Acceptance Corp., 6.875% | |
| | | due 8/28/2012 (m) | 2,322,149 |
| | 4,409,688 | Structured Asset Repackaged Trust, 5.806% | |
| | | due 1/21/2010 | 4,365,591 |
| | | | 11,254,367 |
| Diversified Telecommunication | 1,420,000 | Cincinnati Bell, Inc., 7.25% due 7/15/2013 | 1,420,000 |
| Services - 3.0% | 5,000,000 | Deutsche Telekom International Finance BV, 8% | |
| | | due 6/15/2010 (m) | 5,391,275 |
| | 1,364,000 | Qwest Communications International, Inc., 6.565% | |
| | | due 2/15/2009 (a) | 1,357,180 |
| | 3,595,000 | Qwest Communications International, Inc., 7.50% | |
| | | due 2/15/2014 | 3,559,050 |
| | 2,500,000 | Qwest Corp., 8.241% due 6/15/2013 (a)(m) | 2,437,500 |
| | 1,500,000 | Wind Acquisition Finance SA, 10.75% | |
| | | due 12/01/2015 (c) | 1,590,000 |
| | 2,340,000 | Windstream Corp., 8.125% due 8/01/2013 (m) | 2,398,500 |
| | 1,060,000 | Windstream Corp., 8.625% due 8/01/2016 | 1,097,100 |
| | | | 19,250,605 |
| Electric Utilities - 0.8% | 590,000 | Edison Mission Energy, 7.50% due 6/15/2013 | 603,275 |
| | 151,376 | Elwood Energy LLC, 8.159% due 7/05/2026 (k) | 149,431 |
| | 4,324,265 | Midwest Generation LLC Series B, 8.56% | |
| | | due 1/02/2016 (k)(m) | 4,653,990 |
| | | | 5,406,696 |
| Electrical Equipment - 0.5% | 3,765,000 | Superior Essex Communications LLC, 9% | |
| | | due 4/15/2012 | 3,539,100 |
14
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | | Face — Amount | Corporate
Bonds | Value |
| --- | --- | --- | --- | --- |
| Electronic Equipment & | USD | 315,000 | Sanmina-SCI Corp., 6.75% due 3/01/2013 | $ 272,475 |
| Instruments - 0.4% | | 2,560,000 | Sanmina-SCI Corp., 8.125% due 3/01/2016 (m) | 2,233,600 |
| | | | | 2,506,075 |
| Energy Equipment & Services - 0.4% | | 255,000 | Compagnie Generale de Geophysique-Veritas, 7.50% | |
| | | | due 5/15/2015 | 251,175 |
| | | 420,000 | Compagnie Generale de Geophysique-Veritas, 7.75% | |
| | | | due 5/15/2017 | 415,800 |
| | | 380,000 | Grant Prideco, Inc. Series B, 6.125% due 8/15/2015 (m) | 388,550 |
| | | 270,000 | North American Energy Partners, Inc., 8.75% | |
| | | | due 12/01/2011 | 263,250 |
| | | 1,240,000 | SemGroup LP, 8.75% due 11/15/2015 (c) | 1,159,400 |
| | | | | 2,478,175 |
| Food & Staples Retailing - 1.2% | | 5,000,000 | Rite Aid Corp., 8.125% due 5/01/2010 (m) | 4,818,750 |
| | | 3,440,000 | Rite Aid Corp., 7.50% due 3/01/2017 (m) | 2,949,800 |
| | | | | 7,768,550 |
| Gas Utilities - 0.2% | | 400,000 | El Paso Natural Gas Co., 8.375% due 6/15/2032 | 466,326 |
| | | 725,000 | Targa Resources, Inc., 8.50% due 11/01/2013 | 683,312 |
| | | | | 1,149,638 |
| Health Care Equipment & | | 670,000 | Biomet, Inc., 11.625% due 10/15/2017 (c) | 654,088 |
| Supplies - 1.7% | | 500,000 | LVB Acquisition Merger Sub, Inc., 10% | |
| | | | due 10/15/2017 (c) | 515,000 |
| | | 500,000 | LVB Acquisition Merger Sub, Inc., 10.375% | |
| | | | due 10/15/2017 (c)(j) | 479,186 |
| | | 3,000,000 | Norcross Safety Products LLC Series B, 9.875% | |
| | | | due 8/15/2011 | 3,090,000 |
| | | 6,420,000 | ReAble Therapeutics Finance LLC, 10.875% | |
| | | | due 11/15/2014 (c) | 6,099,000 |
| | | | | 10,837,274 |
| Health Care Providers & | | 1,985,000 | Tenet Healthcare Corp., 6.50% due 6/01/2012 | 1,741,837 |
| Services - 0.7% | | 2,948,000 | Viant Holdings, Inc., 10.125% due 7/15/2017 (c) | 2,476,320 |
| | | | | 4,218,157 |
| Hotels, Restaurants & | | 5,860,000 | American Real Estate Partners LP, 8.125% | |
| Leisure - 2.5% | | | due 6/01/2012 (m) | 5,742,800 |
| | | 1,480,000 | American Real Estate Partners LP, 7.125% | |
| | | | due 2/15/2013 (m) | 1,372,700 |
| | | 1,430,000 | Greektown Holdings, LLC, 10.75% due 12/01/2013 (c) | 1,365,650 |
| | | 5,695,000 | Harrah's Operating Co., Inc., 10.75% due 2/01/2016 (c) | 5,153,975 |
| | | 1,790,000 | Harrah's Operating Co., Inc., 10.75% due 2/01/2018 (c)(j) | 1,521,500 |
| | | 1,350,000 | Tropicana Entertainment LLC Series WI, 9.625% | |
| | | | due 12/15/2014 | 816,750 |
| | | 220,000 | Universal City Florida Holding Co. I, 7.989% | |
| | | | due 5/01/2010 (a) | 212,300 |
| | | 100,000 | Wynn Las Vegas LLC, 6.625% due 12/01/2014 | 96,375 |
| | | | | 16,282,050 |
| Household Durables - 0.4% | | 3,000,000 | DR Horton, Inc., 5.875% due 7/01/2013 (m) | 2,730,000 |
| IT Services - 1.0% | | 950,000 | iPayment, Inc., 9.75% due 5/15/2014 | 878,750 |
| | | 3,953,423 | iPayment Investors LP, 12.75% due 7/15/2014 (c)(j) | 3,865,639 |
| | | 790,000 | SunGard Data Systems, Inc., 9.125% due 8/15/2013 | 801,850 |
| | | 642,000 | SunGard Data Systems, Inc., 10.25% due 8/15/2015 | 642,000 |
| | | | | 6,188,239 |
| Independent Power Producers & | | 3,428,000 | The AES Corp., 8.75% due 5/15/2013 (c) | 3,582,260 |
| Energy Traders - 0.9% | | 210,000 | NRG Energy, Inc., 7.25% due 2/01/2014 | 204,487 |
15
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | Face — Amount | Corporate
Bonds | Value |
| --- | --- | --- | --- |
| USD | 1,185,000 | NRG Energy, Inc., 7.375% due 2/01/2016 | $ 1,145,006 |
| | 580,000 | Orion Power Holdings, Inc., 12% due 5/01/2010 | 630,750 |
| | | | 5,562,503 |
| Leisure Equipment & Products - 0.1% | 575,000 | Quiksilver, Inc., 6.875% due 4/15/2015 | 445,625 |
| Machinery - 1.5% | 1,700,000 | AGY Holding Corp., 11% due 11/15/2014 (c) | 1,598,000 |
| | 850,000 | Accuride Corp., 8.50% due 2/01/2015 | 671,500 |
| | 2,000,000 | RBS Global, Inc., 9.50% due 8/01/2014 | 1,805,000 |
| | 1,430,000 | RBS Global, Inc., 11.75% due 8/01/2016 | 1,215,500 |
| | 3,125,000 | Sunstate Equipment Co. LLC, 10.50% due 4/01/2013 (c) | 2,562,500 |
| | 2,000,000 | Terex Corp., 8% due 11/15/2017 | 1,965,000 |
| | | | 9,817,500 |
| Marine - 0.2% | 1,225,000 | Navios Maritime Holdings, Inc., 9.50% | |
| | | due 12/15/2014 | 1,176,000 |
| Media - 10.6% | 1,975,000 | Affinion Group, Inc., 10.125% due 10/15/2013 | 1,955,250 |
| | 850,000 | Affinion Group, Inc., 11.50% due 10/15/2015 | 786,250 |
| | 420,000 | American Media Operations, Inc. Series B, 10.25% | |
| | | due 5/01/2009 | 312,900 |
| | 2,425,000 | CMP Susquehanna Corp., 9.875% due 5/15/2014 | 1,673,250 |
| | 800,000 | Cablevision Systems Corp. Series B, 9.644% | |
| | | due 4/01/2009 (a) | 800,000 |
| | 2,415,000 | Charter Communications Holdings I, LLC, 11% | |
| | | due 10/01/2015 | 1,729,744 |
| | 2,895,000 | Charter Communications Holdings II, LLC, 10.25% | |
| | | due 9/15/2010 | 2,738,687 |
| | 6,685,000 | Comcast Cable Communications LLC, 6.875% | |
| | | due 6/15/2009 (m) | 6,922,578 |
| | 1,650,000 | Dex Media West LLC, 9.875% due 8/15/2013 | 1,683,000 |
| | 500,000 | DirecTV Holdings LLC, 8.375% due 3/15/2013 | 516,875 |
| | 2,800,000 | Echostar DBS Corp., 5.75% due 10/01/2008 | 2,800,000 |
| | 1,330,000 | Echostar DBS Corp., 7% due 10/01/2013 | 1,333,325 |
| | 200,000 | Echostar DBS Corp., 7.125% due 2/01/2016 | 199,750 |
| | 2,525,000 | Idearc, Inc., 8% due 11/15/2016 | 2,259,875 |
| | 2,815,000 | Intelsat Bermuda Ltd., 10.829% due 6/15/2013 (a) | 2,878,337 |
| | 345,000 | Intelsat Bermuda Ltd., 7.581% due 1/15/2015 (a) | 345,000 |
| | 1,800,000 | Intelsat Bermuda Ltd., 9.25% due 6/15/2016 | 1,795,500 |
| | 2,495,000 | Intelsat Corp., 9% due 6/15/2016 | 2,476,288 |
| | 1,340,000 | Intelsat Subsidiary Holding Co. Ltd., 8.625% | |
| | | due 1/15/2015 | 1,334,975 |
| | 1,520,000 | Network Communications, Inc., 10.75% | |
| | | due 12/01/2013 | 1,402,200 |
| | 4,340,000 | Nielsen Finance LLC, 10% due 8/01/2014 | 4,383,400 |
| | 1,841,000 | PanAmSat Corp., 9% due 8/15/2014 | 1,827,192 |
| | 2,000,000 | Paxson Communications Corp., 7.508% | |
| | | due 1/15/2012 (a)(c) | 1,800,000 |
| | 3,287,252 | ProtoStar I Ltd., 12.50% due 10/15/2012 (a)(b)(c) | 3,451,615 |
| | 3,465,000 | R.H. Donnelley Corp. Series A-3, 8.875% | |
| | | due 1/15/2016 | 2,971,237 |
| | 925,000 | Rainbow National Services LLC, 8.75% | |
| | | due 9/01/2012 (c) | 935,406 |
| | 3,134,000 | Rainbow National Services LLC, 10.375% | |
| | | due 9/01/2014 (c) | 3,329,875 |
16
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | Face — Amount | Corporate
Bonds | Value |
| --- | --- | --- | --- |
| USD | 2,000,000 | Salem Communications Corp., 7.75% due 12/15/2010 | $ 1,977,500 |
| | 460,000 | Sinclair Broadcast Group, Inc. Class A, 4.875% | |
| | | due 7/15/2018 (b)(n) | 414,575 |
| | 185,000 | Sirius Satellite Radio, Inc., 9.625% due 8/01/2013 | 158,175 |
| | 4,500,000 | TL Acquisitions, Inc., 10.50% due 1/15/2015 (c) | 4,095,000 |
| | 2,390,000 | Vertis, Inc., 9.75% due 4/01/2009 | 2,043,450 |
| | 1,575,000 | Windstream Regatta Holdings, Inc., 11% | |
| | | due 12/01/2017 (c) | 1,433,250 |
| | 4,342,000 | Young Broadcasting, Inc., 10% due 3/01/2011 | 3,234,790 |
| | | | 67,999,249 |
| Metals & Mining - 1.2% | 2,200,000 | AK Steel Corp., 7.75% due 6/15/2012 (m) | 2,189,000 |
| | 1,915,000 | Freeport-McMoRan Copper & Gold, Inc., 8.394% | |
| | | due 4/01/2015 (a) | 1,879,094 |
| | 3,670,000 | Freeport-McMoRan Copper & Gold, Inc., 8.375% | |
| | | due 4/01/2017 (m) | 3,899,375 |
| | | | 7,967,469 |
| Multiline Retail - 0.7% | 4,400,000 | JC Penny Corp. Inc., 8% due 3/01/2010 (m) | 4,623,815 |
| | 73,000 | Neiman Marcus Group, Inc., 9% due 10/15/2015 (j) | 72,764 |
| | | | 4,696,579 |
| Oil, Gas & Consumable Fuels - 1.8% | 550,000 | Berry Petroleum Co., 8.25% due 11/01/2016 | 558,250 |
| | 1,210,000 | Chaparral Energy, Inc., 8.50% due 12/01/2015 | 1,010,350 |
| | 650,000 | Chesapeake Energy Corp., 6.375% due 6/15/2015 | 630,500 |
| | 100,000 | Chesapeake Energy Corp., 6.875% due 11/15/2020 | 96,500 |
| | 700,000 | Compton Petroleum Finance Corp., 7.625% | |
| | | due 12/01/2013 | 647,500 |
| | 495,000 | EXCO Resources, Inc., 7.25% due 1/15/2011 | 472,725 |
| | 1,599,518 | East Cameron Gas Co., 11.25% due 7/09/2019 | 1,167,648 |
| | 250,000 | Encore Acquisition Co., 6% due 7/15/2015 | 225,625 |
| | 200,000 | Encore Acquisition Co., 7.25% due 12/01/2017 | 192,500 |
| | 70,000 | KCS Energy, Inc., 7.125% due 4/01/2012 | 66,500 |
| | 1,990,000 | OPTI Canada, Inc., 8.25% due 12/15/2014 (c)(m) | 1,950,200 |
| | 1,650,000 | Overseas Shipholding Group, Inc., 8.75% | |
| | | due 12/01/2013 | 1,724,250 |
| | 1,515,000 | Sabine Pass LNG LP, 7.50% due 11/30/2016 | 1,420,312 |
| | 160,000 | Whiting Petroleum Corp., 7.25% due 5/01/2012 | 158,400 |
| | 1,390,000 | Whiting Petroleum Corp., 7.25% due 5/01/2013 | 1,369,150 |
| | | | 11,690,410 |
| Paper & Forest Products - 0.6% | 1,215,000 | Abitibi-Consolidated, Inc., 6% due 6/20/2013 | 826,200 |
| | 670,000 | Bowater, Inc., 7.991% due 3/15/2010 (a) | 529,300 |
| | 140,000 | Domtar Corp., 7.875% due 10/15/2011 | 142,100 |
| | 300,000 | Domtar Corp., 7.125% due 8/15/2015 | 288,750 |
| | 1,500,000 | NewPage Corp., 9.489% due 5/01/2012 (m) | 1,470,000 |
| | 665,000 | NewPage Corp., 10% due 5/01/2012 | 661,675 |
| | 200,000 | NewPage Corp., 12% due 5/01/2013 | 198,000 |
| | | | 4,116,025 |
| Real Estate Investment Trusts | 2,000,000 | Rouse Co. LP, 5.375% due 11/26/2013 (m) | 1,759,010 |
| (REITs) - 0.3% | | | |
| Road & Rail - 0.1% | 130,000 | Avis Budget Car Rental LLC, 5.565% due 5/15/2014 (a) | 110,500 |
| | 318,000 | Britannia Bulk Plc, 11% due 12/01/2011 | 317,205 |
| | | | 427,705 |
| Semiconductors & Semiconductor | 2,063,000 | Amkor Technology, Inc., 7.75% due 5/15/2013 | 1,846,385 |
| Equipment - 0.7% | 490,000 | Amkor Technology, Inc., 9.25% due 6/01/2016 | 461,212 |
17
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | Face — Amount | Corporate
Bonds | Value |
| --- | --- | --- | --- |
| USD | 3,015,000 | Freescale Semiconductor, Inc., 9.125% | |
| | | due 12/15/2014 (j) | $ 2,283,862 |
| | | | 4,591,459 |
| Software - 0.1% | 839,252 | BMS Holdings, Inc., 12.40% due 2/15/2012 (a)(c)(j) | 772,275 |
| Specialty Retail - 2.8% | 690,000 | Autonation, Inc., 6.258% due 4/15/2013 (a) | 577,875 |
| | 690,000 | Autonation, Inc., 7% due 4/15/2014 | 614,100 |
| | 2,250,000 | General Nutrition Centers, Inc., 10.009% | |
| | | due 3/15/2014 (j) | 1,845,000 |
| | 1,880,000 | General Nutrition Centers, Inc., 10.75% due 3/15/2015 | 1,513,400 |
| | 5,000,000 | Group 1 Automotive, Inc., 8.25% due 8/15/2013 (m) | 4,700,000 |
| | 1,475,000 | Lazy Days' R.V. Center, Inc., 11.75% due 5/15/2012 | 1,150,500 |
| | 2,210,000 | Michaels Stores, Inc., 10% due 11/01/2014 | 1,966,900 |
| | 2,570,000 | Michaels Stores, Inc., 11.375% due 11/01/2016 | 2,081,700 |
| | 3,500,000 | Sonic Automotive, Inc. Series B, 8.625% | |
| | | due 8/15/2013 | 3,290,000 |
| | | | 17,739,475 |
| Tobacco - 0.2% | 1,000,000 | Reynolds American, Inc., 7.625% due 6/01/2016 (m) | 1,059,054 |
| Wireless Telecommunication | 270,000 | Cricket Communications, Inc., 9.375% due 11/01/2014 | 245,700 |
| Services - 1.2% | 1,120,000 | Digicel Group Ltd., 8.875% due 1/15/2015 (c) | 988,400 |
| | 2,597,019 | Digicel Group Ltd., 9.125% due 1/15/2015 (c)(j) | 2,251,585 |
| | 500,000 | MetroPCS Wireless, Inc., 9.25% due 11/01/2014 | 460,000 |
| | 3,850,000 | Nordic Telephone Co. Holdings ApS, 8.875% | |
| | | due 5/01/2016 (c)(m) | 3,907,750 |
| | | | 7,853,435 |
| | | Total Corporate Bonds | |
| | | (Cost - $320,736,571) - 46.7% | 301,073,520 |
| | | Foreign Government Obligations | |
| | 5,000,000 | Colombia Government International Bond, 9.75% | |
| | | due 4/23/2009 (m) | 5,325,000 |
| | 4,871,000 | Peru Government International Bond, 8.375% | |
| | | due 5/03/2016 (m) | 5,806,232 |
| | 5,093,000 | Turkey Government International Bond, 7% | |
| | | due 9/26/2016 (m) | 5,411,312 |
| | | Total Foreign Government Obligations | |
| | | (Cost - $15,850,713) - 2.6% | 16,542,544 |
| | Shares | | |
| | Held | Common Stocks | |
| Capital Markets - 0.1% | 121,011 | E*Trade Financial Corp. (d) | 601,425 |
| | | Total Common Stocks (Cost - $0) - 0.1% | 601,425 |
| | | Preferred
Stocks | |
| Capital Markets - 0.0% | 177 | Marsico Parent Superholdco, LLC, 16.75% (c) | 167,721 |
| Electrical Equipment - 0.0% | 125,000 | Superior Essex Holding Corp. Series A, 9.50% | 93,750 |
| | | Total Preferred Stocks (Cost - $286,886) - 0.0% | 261,471 |
18
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Industry | | Shares — Held | Warrants
(f) | Value |
| --- | --- | --- | --- | --- |
| Electric Utilities - 0.0% | | 1,839 | Reliant Resources (expires 10/25/2008) | $ 34,941 |
| | | | Total Warrants (Cost - $0) - 0.0% | 34,941 |
| | | Beneficial | | |
| | | Interest | Other Interests (g) | |
| Health Care Providers & | USD | 7,579 | Critical Care Systems International, Inc. | 2,547 |
| Services - 0.0% | | | | |
| | | | Total Other Interests (Cost - $0) - 0.0% | 2,547 |
| | | Face | | |
| | | Amount | Short-Term Securities | |
| | USD | 1,300,000 | Federal Home Loan Bank, 1.35% due 2/01/2008 | 1,300,000 |
| | | | Total Short-Term Securities | |
| | | | (Cost - $1,300,000) - 0.2% | 1,300,000 |
| | | Number of | | |
| | | Contracts | Options Purchased | |
| Call Options Purchased | | -* | Marsico Parent Superholdco LLC, expiring | |
| | | | December 2009 at USD 942.86 | 45,203 |
| | | | Total Options Purchased | |
| | | | (Premiums Paid - $44,978) - 0.0% | 45,203 |
| | | | Total Investments (Cost - $958,781,899) - 140.0% | 901,733,373 |
| | | | Liabilities in Excess of Other Assets - (40.0%) | (257,765,456) |
| | | | Net Assets - 100.0% | $ 643,967,917 |
| + | Asset-Backed and Mortgage-Backed Securities are
subject to principal paydowns. As a result of
the prepayments or refinancings of the underlying instruments, the average
life may be substantially less than the original
maturity. |
| --- | --- |
| ++ | Floating rate corporate debt in which the Trust
invests generally pay interest at rates that are periodically determined
by reference to a base lending rate plus a premium. These base lending
rates are generally (i) the lending rate
offered by one or more major European banks, such as LIBOR (London InterBank
Offered Rate), (ii) the prime rate offered
by one or more major U.S. banks or (iii) the certificate of deposit rate. |
| * | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2008, as computed for federal income tax purposes, were as follows: |
| Aggregate cost | $ | |
|---|---|---|
| Gross unrealized appreciation | $ 5,797,358 | |
| Gross unrealized depreciation | (62,972,853 | ) |
| Net unrealized depreciation | $ (57,175,495 | ) |
| ** | Amount is less than 1 contract. |
|---|---|
| (a) | Floating rate security. |
| (b) | Convertible security. |
| (c) | The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933. |
| (d) | Non-income producing security. |
| (e) | Non-income producing security; issuer filed for bankruptcy or is in default of interest payments. |
| (f) | Warrants entitle the Trust to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain |
| conditions until the expiration date. | |
| (g) | Other interests represent beneficial interest in liquidation trusts and other reorganization entities and are non- income producing. |
19
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| (h) | Represents or includes a "to-be-announced" transaction. The Trust has committed to purchasing securities for which all specific information is not available at this time. |
|---|---|
| (i) | Represents the interest only portion of an asset-backed security and has either a nominal or notional amount of principal. |
| (j) | Represents a pay-in-kind security which may pay interest/dividends in additional face/shares. |
| (k) | Subject to principal paydowns. |
| (l) | All or portion of security held as collateral in connection with open financial futures contracts. |
| (m) | All or a portion of security held as collateral in connection with reverse repurchase agreements. Reverse repurchase agreements outstanding as of January 31, 2008 were as follows: |
| Counterparty | Interest — Rate | Trade
Date | Maturity
Date | Net Closing — Amount | Face
Amount |
| --- | --- | --- | --- | --- | --- |
| Barclays Capital, Inc. | 4.86024% | 5/01/07 | TBD | $ 4,896,159 | $ 4,709,751 |
| Barclays Capital, Inc. | 5.00547% | 5/01/07 | TBD | $ 5,075,554 | $ 4,876,875 |
| Barclays Capital, Inc. | 5.01202% | 5/01/07 | TBD | $ 4,841,636 | $ 4,651,875 |
| Barclays Capital, Inc. | 5.01202% | 5/01/07 | TBD | $ 4,571,160 | $ 4,392,000 |
| Barclays Capital, Inc. | 5.01208% | 5/01/07 | TBD | $ 4,958,727 | $ 4,764,375 |
| Barclays Capital, Inc. | 5.01373% | 5/01/07 | TBD | $ 3,136,885 | $ 3,013,900 |
| Barclays Capital, Inc. | 4.97704% | 5/17/07 | TBD | $ 3,134,614 | $ 3,019,000 |
| Barclays Capital, Inc. | 4.88881% | 11/13/07 | TBD | $ 782,191 | $ 759,000 |
| Credit Suisse Securities | | | | | |
| (USA) LLC | 4.80% | 11/13/07 | TBD | $ 2,262,601 | $ 2,238,721 |
| Credit Suisse Securities | | | | | |
| (USA) LLC | 4.80% | 11/13/07 | TBD | $ 7,428,307 | $ 7,349,908 |
| Credit Suisse Securities | | | | | |
| (USA) LLC | 4.80% | 11/13/07 | TBD | $ 4,603,210 | $ 4,554,628 |
| Credit Suisse Securities | | | | | |
| (USA) LLC | 4.80% | 11/13/07 | TBD | $ 2,643,937 | $ 2,616,033 |
| Credit Suisse Securities | | | | | |
| (USA) LLC | 4.80% | 11/13/07 | TBD | $ 5,445,909 | $ 5,388,432 |
| Credit Suisse Securities | | | | | |
| (USA) LLC | 4.90% | 11/13/07 | TBD | $ 2,279,065 | $ 2,254,516 |
| Credit Suisse Securities | | | | | |
| (USA) LLC | 4.90% | 11/13/07 | TBD | $ 1,447,631 | $ 1,432,037 |
| Credit Suisse Securities | | | | | |
| (USA) LLC | 4.90% | 11/13/07 | TBD | $ 1,750,661 | $ 1,731,803 |
| Credit Suisse Securities | | | | | |
| (USA) LLC | 4.90% | 11/13/07 | TBD | $ 5,291,882 | $ 5,234,880 |
| Credit Suisse Securities | | | | | |
| (USA) LLC | 4.90% | 11/13/07 | TBD | $ 1,471,487 | $ 1,455,637 |
| Credit Suisse Securities | | | | | |
| (USA) LLC | 4.68% | 12/05/07 | TBD | $ 11,761,266 | $ 11,673,250 |
| Credit Suisse Securities | | | | | |
| (USA) LLC | 4.50% | 12/11/07 | TBD | $ 3,799,940 | $ 3,775,400 |
| Credit Suisse Securities | | | | | |
| (USA) LLC | 3.29% | 1/29/08 | 2/12/08 | $ 1,476,752 | $ 1,475,000 |
20
| BlackRock Limited Duration Income Trust | |
|---|---|
| Schedule of Investments as of January 31, 2008 (Unaudited) | (in U.S. dollars) |
| Counterparty | Interest — Rate | Trade
Date | Maturity
Date | Net Closing — Amount | Face
Amount |
| --- | --- | --- | --- | --- | --- |
| Lehman Brothers, Inc. | 1.50% | 9/06/06 | TBD | $ 906,981 | $ 888,000 |
| Lehman Brothers, Inc. | 5.50% | 11/27/06 | TBD | $ 355,942 | $ 334,000 |
| Lehman Brothers, Inc. | 5.18% | 1/09/07 | TBD | $ 3,534,850 | $ 3,347,938 |
| Lehman Brothers, Inc. | 3.25% | 1/09/07 | TBD | $ 1,477,958 | $ 1,384,000 |
| Lehman Brothers, Inc. | 5.22% | 1/11/07 | TBD | $ 17,522,736 | $ 16,596,250 |
| Lehman Brothers, Inc. | 5.15% | 2/12/07 | TBD | $ 1,873,544 | $ 1,783,238 |
| Lehman Brothers, Inc. | 5.25% | 2/28/07 | TBD | $ 721,912 | $ 688,000 |
| Lehman Brothers, Inc. | 5.25% | 2/28/07 | TBD | $ 5,492,587 | $ 5,235,294 |
| Lehman Brothers, Inc. | 4.30% | 12/12/07 | TBD | $ 3,275,834 | $ 3,256,000 |
| Lehman Brothers, Inc. | 4.75% | 12/14/07 | TBD | $ 1,995,690 | $ 1,983,650 |
| Lehman Brothers, Inc. | 5.00% | 12/14/07 | TBD | $ 2,164,632 | $ 2,150,000 |
| Lehman Brothers, Inc. | 5.00% | 12/14/07 | TBD | $ 5,218,273 | $ 5,183,000 |
| Lehman Brothers, Inc. | 5.25% | 12/18/07 | TBD | $ 679,430 | $ 675,000 |
| Lehman Brothers, Inc. | 5.00% | 12/21/07 | TBD | $ 608,328 | $ 604,800 |
| Lehman Brothers, Inc. | 5.00% | 12/21/07 | TBD | $ 1,994,039 | $ 1,982,475 |
| Lehman Brothers, Inc. | 5.00% | 12/24/07 | TBD | $ 1,429,703 | $ 1,422,000 |
| Lehman Brothers, Inc. | 5.00% | 12/26/07 | TBD | $ 3,631,355 | $ 3,612,789 |
| Lehman
Brothers, Inc. | 5.00% | 12/27/07 | TBD | $ 1,699,872 | $ 1,691,415 |
| Total | | | | $ 137,643,240 | $ 134,184,870 |
| (n) | Represents a step bond. |
|---|---|
| | Forward foreign exchange contracts as of January |
| 31, 2008 were as follows: |
| Foreign Currency | Foreign Currency | Settlement | Unrealized | |
|---|---|---|---|---|
| Purchased | Sold | Date | Depreciation | |
| USD 28,117,220 | EUR 19,179,550 | 4/23/2008 | $ (321,357) | |
| USD 10,207,084 | GBP 5,195,000 | 4/23/2008 | (68,854) | |
| Total Unrealized Depreciation | ||||
| on Forward Foreign Exchange Contracts | $ (390,211) | |||
| | For Trust compliance | |||
| purposes, the Trust's industry classifications refer to any one or more | ||||
| of the industry sub-classifications used | ||||
| by one or more widely recognized market indexes or ratings group indexes, | ||||
| and/or as defined by Trust management. | ||||
| This definition may not apply for purposes of this report, which may combine | ||||
| such industry sub-classifications for | ||||
| reporting ease. Industries are shown as a percent of net assets. | ||||
| | Financial futures | |||
| contracts sold as of January 31, 2008 were as follows: |
| Number of | Expiration | Face | Unrealized | ||
|---|---|---|---|---|---|
| Contracts | Issue | Date | Value | Appreciation | |
| 76 | 5-Year | ||||
| U.S. Treasury Bond | March | ||||
| 2008 | $8,396,386 | $191,614 | |||
| | Swaps | ||||
| outstanding as of January 31, 2008 were as follows: |
| Notional | Unrealized | |
|---|---|---|
| Amount | Appreciation | |
| Sold credit default protection on LCDX.NA.9.V1 | ||
| and receive 2.25% | ||
| Broker, JPMorgan Chase | ||
| Expires December 2012 | $3,500,000 | $ - |
| |
|---|
| EUR Euro |
| GBP British Pound |
| USD U.S. Dollar |
| TBD To be determined |
21
Item 2 Controls and Procedures
2(a) The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3 Exhibits
Certifications Attached hereto
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.
BlackRock Limited Duration Income Trust
| By: |
|---|
| Donald C. Burke |
| Chief Executive |
| Officer of |
| BlackRock Limited |
| Duration Income Trust |
Date: March 24, 2008
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: |
|---|
| Donald C. Burke |
| Chief Executive |
| Officer (principal executive officer) of |
| BlackRock Limited |
| Duration Income Trust |
Date: March 24, 2008
| By: |
|---|
| Neal J. Andrews |
| Chief Financial |
| Officer (principal financial officer) of |
| BlackRock Limited |
| Duration Income Trust |
Date: March 24, 2008
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