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BLACKROCK Ltd DURATION INCOME TRUST

Regulatory Filings • Jan 28, 2009

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N-Q 1 c56190_nq.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21349 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

Registrant’s telephone number, including area code: (800) 882-0052, Option 4 Date of fiscal year end: 08/31/2008 Date of reporting period: 09/01/2008 – 11/30/2008

Item 1 – Schedule of Investments

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Asset-Backed Securities Par — (000) Value
Sterling Bank Trust Series 2004-2 Class Note, 2.081%,
3/30/30 (a) USD 20,726 $ 1,204,698
Sterling Coofs Trust Series 1, 2.362%, 4/15/29 (a) 16,267 1,092,974
Total Asset-Backed Securities - 0.5% 2,297,672
Industry Corporate Bonds
Aerospace & Defense - 0.2% DRS Technologies, Inc., 6.875%, 11/01/13 330 327,525
DRS Technologies, Inc., 7.625%, 2/01/18 310 307,675
Hexcel Corp., 6.75%, 2/01/15 300 228,000
863,200
Air Freight & Logistics - 0.1% Park-Ohio Industries, Inc., 8.375%, 11/15/14 905 371,050
Airlines - 0.1% American Airlines, Inc. Series 99-1, 7.324%, 4/15/11 520 457,600
Auto Components - 0.1% Allison Transmission, Inc., 11%, 11/01/15 (b) 135 66,150
Allison Transmission, Inc., 11.25%, 11/01/15 (b)(c) 435 176,175
Lear Corp., 8.75%, 12/01/16 1,065 228,975
471,300
Automobiles - 0.0% Ford Capital BV, 9.50%, 6/01/10 500 180,000
Building Products - 0.2% CPG International I, Inc., 10.50%, 7/01/13 750 420,000
Momentive Performance Materials, Inc., 11.50%,
12/01/16 1,850 490,250
910,250
Capital Markets - 0.8% E*Trade Financial Corp., 12.50%, 11/30/17 (b) 2,500 1,637,500
Marsico Parent Co., LLC, 10.625%, 1/15/16 (b) 2,651 1,196,264
Marsico Parent Holdco, LLC, 12.50%, 7/15/16 (b)(c) 1,007 454,550
Marsico Parent Superholdco, LLC, 14.50%, 1/15/18 (b)(c) 682 307,954
3,596,268
Chemicals - 0.9% American Pacific Corp., 9%, 2/01/15 1,100 957,000
Ames True Temper, Inc., 8.753%, 1/15/12 (d) 2,085 1,084,200
Innophos, Inc., 8.875%, 8/15/14 2,225 1,891,250
Key Plastics LLC, 11.75%, 3/15/13 (b)(e)(f)(g) 980 49,000
Terra Capital, Inc. Series B, 7%, 2/01/17 115 83,088
4,064,538
Commercial Services & Supplies - Casella Waste Systems, Inc., 9.75%, 2/01/13 2,000 1,740,000
1.2% DI Finance Series B, 9.50%, 2/15/13 2,538 2,157,300
Waste Services, Inc., 9.50%, 4/15/14 2,065 1,569,400
5,466,700
Communications Equipment - 0.1% Nortel Networks Ltd., 9.003%, 7/15/11 (d) 1,970 640,250
Containers & Packaging - 0.7% Berry Plastics Holding Corp., 5.871%, 9/15/14 (d) 510 239,700
Berry Plastics Holding Corp., 8.875%, 9/15/14 465 246,450
Crown Americas LLC, 7.75%, 11/15/15 885 800,925
Impress Holdings BV, 7.878%, 9/15/13 (b)(d) 1,370 825,425
Pregis Corp., 12.375%, 10/15/13 2,020 1,111,000
3,223,500
Diversified Financial Services - Ford Motor Credit Co. LLC, 9.203%, 4/15/09 (d) 60 47,250
1.1% Ford Motor Credit Co. LLC, 7.375%, 2/01/11 2,800 1,279,275
Ford Motor Credit Co. LLC, 7.569%, 1/13/12 (d) 565 248,600
Ford Motor Credit Co. LLC, 7.80%, 6/01/12 1,665 718,129
GMAC LLC, 6.875%, 8/28/12 2,735 957,439

1

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Industry Corporate Bonds Par — (000) Value
Structured Asset Repackaged Trust, 4.919%,
1/21/10 USD 2,577 $ 1,752,399
5,003,092
Diversified Telecommunication Cincinnati Bell, Inc., 7.25%, 7/15/13 1,420 1,164,400
Services - 3.5% Deutsche Telekom International Finance BV, 8%, 6/15/10 5,000 5,025,940
Qwest Communications International, Inc., 5.649%,
2/15/09 (d) 1,364 1,350,360
Qwest Communications International, Inc., 7.50%,
2/15/14 610 396,500
Qwest Communications International, Inc., Series B,
7.50%, 2/15/14 2,985 1,940,250
Qwest Corp., 5.246%, 6/15/13 (d) 3,000 2,100,000
Wind Acquisition Finance SA, 10.75%, 12/01/15 (b) 1,500 1,230,000
Windstream Corp., 8.125%, 8/01/13 2,340 1,930,500
Windstream Corp., 8.625%, 8/01/16 1,060 826,800
15,964,750
Electric Utilities - 0.6% Edison Mission Energy, 7.50%, 6/15/13 590 480,850
Elwood Energy LLC, 8.159%, 7/05/26 149 108,755
Midwest Generation LLC Series B, 8.56%, 1/02/16 2,676 2,381,226
2,970,831
Electronic Equipment & Sanmina-SCI Corp., 6.75%, 3/01/13 315 157,500
Instruments - 0.3% Sanmina-SCI Corp., 8.125%, 3/01/16 2,560 1,152,000
1,309,500
Energy Equipment & Services - Compagnie Generale de Geophysique-Veritas,
0.1% 7.50%, 5/15/15 255 165,750
Compagnie Generale de Geophysique-Veritas,
7.75%, 5/15/17 420 257,775
North American Energy Partners, Inc., 8.75%, 12/01/11 270 202,500
626,025
Food & Staples Retailing - 0.3% Rite Aid Corp., 7.50%, 3/01/17 2,355 1,342,350
Gas Utilities - 0.1% Targa Resources, Inc., 8.50%, 11/01/13 725 398,750
Health Care Equipment & Supplies Biomet, Inc., 10%, 10/15/17 500 450,000
- 1.3% Biomet, Inc., 10.375%, 10/15/17 (c) 500 395,000
Biomet, Inc., 11.625%, 10/15/17 670 502,500
DJO Finance LLC, 10.875%, 11/15/14 6,420 4,686,600
6,034,100
Health Care Providers & Services - Tenet Healthcare Corp., 6.50%, 6/01/12 1,985 1,449,050
0.5% Viant Holdings, Inc., 10.125%, 7/15/17 (b) 2,948 884,400
2,333,450
Hotels, Restaurants & Leisure - American Real Estate Partners LP, 8.125%, 6/01/12 5,860 3,992,125
1.5% American Real Estate Partners LP, 7.125%, 2/15/13 1,480 891,700
Greektown Holdings, LLC, 10.75%, 12/01/13 (b)(f)(g) 1,344 275,520
Harrah's Operating Co., Inc., 10.75%, 2/01/16 (b) 5,695 1,267,138
Harrah's Operating Co., Inc., 10.75%, 2/01/18 (b)(c) 1,790 159,957
Tropicana Entertainment LLC, 9.625%,
12/15/14 (f)(g) 375 13,125
Wynn Las Vegas LLC, 6.625%, 12/01/14 100 70,750
6,670,315

2

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Industry Corporate Bonds Par — (000) Value
Household Durables - 0.0% Berkline/BenchCraft, LLC, 4.50%,
11/03/12 (c)(f)(g)(h) USD 200 0
IT Services - 1.2% First Data Corp., 9.875%, 9/24/15 270 $ 155,250
iPayment, Inc., 9.75%, 5/15/14 950 646,000
iPayment Investors LP, 12.75%, 7/15/14 (b)(c) 4,205 4,129,089
SunGard Data Systems, Inc., 9.125%, 8/15/13 790 612,250
5,542,589
Independent Power Producers & The AES Corp., 8.75%, 5/15/13 (b) 2,803 2,466,640
Energy Traders - 0.7% NRG Energy, Inc., 7.25%, 2/01/14 210 171,150
NRG Energy, Inc., 7.375%, 2/01/16 595 483,438
3,121,228
Industrial Conglomerates - 0.8% Sequa Corp., 11.75%, 12/01/15 (b) 3,210 1,412,400
Sequa Corp., 13.50%, 12/01/15 (b)(c) 4,972 2,119,459
3,531,859
Machinery - 0.8% AGY Holding Corp., 11%, 11/15/14 1,700 1,020,000
Accuride Corp., 8.50%, 2/01/15 850 306,000
Sunstate Equipment Co. LLC, 10.50%, 4/01/13 (b) 3,125 1,781,250
Synventive Molding Solutions Sub-Series A, 14%, 1/14/11 673 282,546
Terex Corp., 8%, 11/15/17 405 289,575
3,679,371
Marine - 0.1% Navios Maritime Holdings, Inc., 9.50%, 12/15/14 676 405,600
Media - 5.8% Affinion Group, Inc., 10.125%, 10/15/13 2,825 1,935,125
CMP Susquehanna Corp., 9.875%, 5/15/14 2,425 430,437
Cablevision Systems Corp. Series B, 8.334%, 4/01/09 (d) 800 782,000
Charter Communications Holdings II, LLC, 10.25%,
9/15/10 2,555 1,296,662
Charter Communications Holdings II, LLC, Series B,
10.25%, 9/15/10 865 410,875
Comcast Cable Communications LLC, 6.875%,
6/15/09 6,685 6,641,668
DirecTV Holdings LLC, 8.375%, 3/15/13 500 460,000
EchoStar DBS Corp., 7%, 10/01/13 200 150,000
EchoStar DBS Corp., 7.125%, 2/01/16 200 142,000
Local Insight Regatta Holdings, Inc., 11%, 12/01/17 1,575 740,250
Network Communications, Inc., 10.75%, 12/01/13 1,520 501,600
Nielsen Finance LLC, 10%, 8/01/14 3,825 2,754,000
ProtoStar I Ltd., 10.50%, 10/15/12 (b)(d)(i) 3,370 2,527,397
R.H. Donnelley Corp., 11.75%, 5/15/15 (b) 152 40,280
Rainbow National Services LLC, 8.75%, 9/01/12 (b) 925 814,000
Rainbow National Services LLC, 10.375%, 9/01/14 (b) 3,134 2,710,910
Salem Communications Corp., 7.75%, 12/15/10 2,000 1,240,000
Sinclair Broadcast Group, Inc. Class A, 4.875%,
7/15/18 (i)(j) 460 246,100
TL Acquisitions, Inc., 10.50%, 1/15/15 (b) 5,355 2,891,700
26,715,004
Metals & Mining - 1.1% AK Steel Corp., 7.75%, 6/15/12 2,200 1,545,500
Freeport-McMoRan Copper & Gold, Inc., 7.084%,
4/01/15 (d) 1,495 897,000

3

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Industry Corporate Bonds Par — (000) Value
Freeport-McMoRan Copper & Gold, Inc., 8.375%,
4/01/17 USD 3,495 $ 2,481,450
4,923,950
Multiline Retail - 0.9% JC Penny Corp. Inc., 8%, 3/01/10 4,400 3,983,778
Neiman Marcus Group, Inc., 9%, 10/15/15 (c) 73 31,025
4,014,803
Oil, Gas & Consumable Fuels - Berry Petroleum Co., 8.25%, 11/01/16 550 346,500
1.8% Chaparral Energy, Inc., 8.50%, 12/01/15 1,210 447,700
Chesapeake Energy Corp., 6.375%, 6/15/15 650 455,000
Compton Petroleum Finance Corp., 7.625%, 12/01/13 700 287,000
EXCO Resources, Inc., 7.25%, 1/15/11 495 381,150
Encore Acquisition Co., 6%, 7/15/15 250 165,000
OPTI Canada, Inc., 8.25%, 12/15/14 1,990 776,100
Overseas Shipholding Group, Inc., 8.75%, 12/01/13 1,650 1,315,875
Sabine Pass LNG LP, 7.50%, 11/30/16 1,515 1,045,350
SandRidge Energy, Inc., 7.508%, 4/01/14 (d) 1,500 1,001,450
SandRidge Energy, Inc., 8.625%, 4/01/15 (c) 1,500 948,750
Whiting Petroleum Corp., 7.25%, 5/01/12 160 121,600
Whiting Petroleum Corp., 7.25%, 5/01/13 1,390 986,900
8,278,375
Paper & Forest Products - 0.4% Bowater, Inc., 4.996%, 3/15/10 (d) 670 221,100
Domtar Corp., 7.875%, 10/15/11 140 114,100
Domtar Corp., 7.125%, 8/15/15 300 204,000
NewPage Corp., 9.443%, 5/01/12 (d) 1,500 787,500
NewPage Corp., 10%, 5/01/12 665 359,100
1,685,800
Professional Services - 0.1% FTI Consulting, Inc., 7.75%, 10/01/16 350 301,000
Real Estate Investment Trusts Rouse Co. LP, 5.375%, 11/26/13 2,000 440,000
(REITs) - 0.1%
Software - 0.0% BMS Holdings, Inc., 10.595%, 2/15/12 (b)(c)(d) 516 195,980
Specialty Retail - 1.6% AutoNation, Inc., 6.753%, 4/15/13 (d) 365 231,775
AutoNation, Inc., 7%, 4/15/14 690 448,500
General Nutrition Centers, Inc., 7.584%, 3/15/14 (c)(d) 2,250 1,282,500
General Nutrition Centers, Inc., 10.75%, 3/15/15 1,880 1,081,000
Group 1 Automotive, Inc., 8.25%, 8/15/13 5,000 3,050,000
Lazy Days' R.V. Center, Inc., 11.75%, 5/15/12 1,454 225,370
Sonic Automotive, Inc. Series B, 8.625%, 8/15/13 3,500 1,260,000
7,579,145
Textiles, Apparel & Luxury Goods - Quiksilver, Inc., 6.875%, 4/15/15 575 212,750
0.0%
Tobacco - 0.2% Reynolds American, Inc., 7.625%, 6/01/16 1,000 790,358
Wireless Telecommunication Cricket Communications, Inc., 9.375%, 11/01/14 270 214,312
Services - 1.1% Digicel Group Ltd., 8.875%, 1/15/15 (b) 1,120 576,800
Digicel Group Ltd., 9.125%, 1/15/15 (b)(c) 2,467 1,245,835
MetroPCS Wireless, Inc., 9.25%, 11/01/14 360 295,200
Nordic Telephone Co. Holdings ApS, 8.875%, 5/01/16 (b) 3,850 2,791,250
5,123,397
Total Corporate Bonds - 30.4% 139,439,028

4

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Foreign Government Obligations Par — (000) Value
Colombia Government International Bond, 9.75%,
4/23/09 USD 5,000 $ 5,125,000
Peru Government International Bond, 8.375%, 5/03/16 4,871 4,980,598
Turkey Government International Bond, 7%, 9/26/16 5,093 4,329,050
Total Foreign Government Obligations - 3.2% 14,434,648
U.S.
Government Agency Mortgage-Backed Securities
Fannie Mae Guaranteed Pass-Through Certificates:
5.00%, 12/15/23 (k) 121,000 122,361,250
5.50%, 12/01/28 - 11/01/33 (l) 7,567 7,712,004
Total U.S. Government Agency Mortgage-Backed Securities - 28.3% 130,073,254
Industry Floating Rate Loan Interests
Aerospace & Defense - 1.0% Avio Holding SpA Term Loan B, 3.556%, 9/25/14 1,000 648,000
Avio Holding SpA Term Loan C, 4.181%, 9/25/15 1,000 648,000
Hawker Beechcraft Acquisition Co. LLC Letter of
Credit, 5.762%, 3/26/14 255 133,890
Hawker Beechcraft Acquisition Co. LLC Term Loan,
5.762%, 3/26/14 4,569 2,395,553
IAP Worldwide Services, Inc. First Lien Term Loan,
9.063%, 12/31/12 585 360,079
Wesco Aircraft Hardware Corp. First Lien Term Loan,
3.69%, 9/25/13 486 372,792
4,558,314
Airlines - 0.2% US Airways Group, Inc. Term Loan, 5.719%, 3/23/14 2,220 1,022,310
Auto Components - 0.8% Allison Transmission, Inc. Term Loan, 4.38% - 5.57%,
8/07/14 4,053 2,414,600
Dana Holding Corp. Term Advance, 6.75% - 8.05%,
1/31/15 892 529,292
Dayco Products LLC - (Mark IV Industries, Inc.)
Replacement B Term Loan, 7.65% - 8.48%, 6/01/11 854 238,996
Metaldyne Co. LLC Initial Tranche B Term Loan,
7.875%, 1/11/14 667 226,754
Metaldyne Co. LLC Letter of Credit Deposit Funded
Tranche, 8.313% - 9.22%, 1/11/12 98 33,346
Ralleyparts LLC (Motorsport Aftermarket) Group
Tranche B Term Loan, 6.26%, 11/03/13 491 270,188
3,713,176
Beverages - 0.1% Culligan International Co. Second Lien Term Loan,
9.184% - 9.711%, 5/25/13 EUR 1,500 343,036
Le-Nature's, Inc. Term Loan B, 9.50%,
12/28/12 (f)(g) USD 1,000 186,667
529,703
Biotechnology - 0.2% Talecris Biotherapeutics, Holdings Corp. First Lien
Term Loan, 4.91% - 5.64%, 12/06/13 992 870,852
Building Products - 1.3% Armstrong World Industries Tranche B Term Loan,
3.164%, 10/02/13 194 160,071
Building Material Corp. of America Term Loan
Advance, 6.50% - 6.625%, 2/22/14 2,880 1,775,117

5

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Industry Floating Rate Loan Interests Par — (000) Value
Custom Building Products Second Lien Term Loan,
8%, 4/29/12 USD 1,500 $ 870,000
Financiere (Lafarge Roofing) SA, Term Loan B1
and B2, 7.267%, 5/01/15 EUR 1,021 454,435
Financiere (Lafarge Roofing) SA, Term Loan B4,
5.887%, 5/01/15 USD 278 100,566
Financiere (Lafarge Roofing) SA, Term Loan C1
and C2, 7.517%, 5/01/16 EUR 1,019 453,520
Financiere (Lafarge Roofing) SA, Term Loan C4,
6.139%, 5/01/16 USD 285 102,985
Momentive Performance Materials, Inc. Tranche B-1,
3.688%, 12/04/13 967 656,800
Momentive Performance Materials, Inc. Tranche B-2,
6.754%, 12/04/13 EUR 1,000 800,417
United Subcontractors Inc. Tranche B Term Loan,
6.14% - 9.34%, 12/27/12 USD 1,816 726,376
6,100,287
Capital Markets - 0.2% Marsico Parent Co., LLC Term Loan, 4.438% - 7.75%,
11/14/14 496 330,006
Nuveen Investments, Inc. Term Loan B, 4.436% -
6.769%, 11/13/14 1,500 684,644
1,014,650
Chemicals - 3.9% Brenntag Holdings GMBH & Co. KG Second Lien
Facility 2, 7.071%, 7/17/15 500 305,625
Brenntag Holdings GMBH & Co. KG Second Lien Term
Loan, 9.421%, 3/15/16 EUR 385 297,175
Brenntag Holdings GMBH & Co. KG Second Lien Term
Loan, 9.421%, 3/21/16 115 88,740
Brenntag Holdings Term Loan Facility B6A and B6B,
7.163%, 11/24/37 500 504,571
Cognis Deutschland, Facility A (German), 6.958%,
11/17/13 803 651,122
Cognis Deutschland, Facility B (French), 6.958%,
11/16/13 197 155,237
Edwards (Cayman Islands II) Ltd. First Lien Term
Loan, 3.436%, 5/23/14 USD 494 320,937
ElectricInvest Holding Co. Ltd., Junior, 7.687%,
12/21/12 GBP 900 1,068,100
ElectricInvest Holding Co. Ltd., Junior, 7.928%,
4/20/12 EUR 894 870,467
Flint Group Term Loan B, 6.126%, 5/30/15 USD 2,000 905,000
Huish Detergents, Inc. Term Loan Tranche B, 5.77%,
4/26/14 1,247 970,459
ISP Chemco LLC Term Loan, 2.938% - 3.688%, 6/04/14 1,481 1,096,125
Ineos U.S. Finance Group Plc Term Loan Facility A4,
5.727% - 5.952%, 2/20/13 1,016 558,551

6

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Industry Floating Rate Loan Interests Par — (000) Value
Ineos U.S. Finance Group Plc Term Loan Facility B2,
5.727% - 5.952%, 2/20/15 USD 1,648 $ 787,875
Ineos U.S. Finance Group Plc Term Loan Facility C2,
6.227% - 6.452%, 2/20/14 1,648 807,443
Invista Canada Co. Term Loan B1, 3.186%, 4/29/11 1,270 1,003,572
Invista Canada Co. Term Loan B2, 3.186%, 4/29/11 372 293,856
Lucite International Finance Plc, 13.968%,
7/03/14 (c) EUR 1,144 993,316
PQ Corp. First Lien Term Loan, 6.72% - 7.02%, USD
5/29/16 3,990 2,468,813
PQ Corp. Second Lien Term Loan, 9.97%, 5/29/15 3,250 1,543,750
Rockwood Specialties Group, Inc. Tranche E Term
Loan, 3.546%, 12/13/12 965 772,804
Solutia, Inc. Term Loan, 8.50%, 2/28/14 1,746 1,278,654
17,742,192
Commercial Services & Supplies - ARAMARK Corp. Letter of Credit, 5.637%, 1/26/14 185 146,269
1.8% ARAMARK Corp. Term Loan B, 5.637%, 1/26/14 2,907 2,302,375
Brickman Group Holdings, Inc. Term Loan Tranche B,
3.436%, 1/23/14 1,231 738,750
EnviroSolutions Term Loan, 12.042%, 7/01/12 502 326,174
Kion Group GmbH Term Loan B, 5.112%, 3/04/15 250 146,389
Kion Group GmbH Term Loan C, 5.618%, 3/04/16 250 146,000
Language Line Services Term Loan B1, 7.02%, 11/14/11 718 603,497
Sirva Second Lien Facility Loan, 12%, 5/15/15 239 35,809
Synagro Technologies, Inc.
Term Loan, 4.24% - 5.77%,
4/01/14 2,736 1,833,218
West Corp. Term Loan B2, 3.774% - 5.594%, 10/31/13 2,948 1,829,362
8,107,843
Communications Equipment - 0.2% SafeNet, Inc. Term Loan B, 7.75%, 4/12/14 1,975 1,027,000
Computers & Peripherals - 0.5% Dealer Computer Services (Reynolds and Reynolds)
Term Loan, 3.436%, 10/31/12 1,385 824,035
Intergraph Corp. Initial Term Loan, First Lien 4.196%,
5/15/14 1,431 1,098,165
Intergraph Corp. Second Lien Term Loan, 8.196%,
11/17/14 750 573,750
2,495,950
Construction & Engineering - 0.2% Brand Energy & Infrastructure Services, Inc. First Lien
Term Loan B, 4.625% - 6.063%, 1/31/14 992 669,725
Brand Energy & Infrastructure
Services, Inc. Second Lien
Term Loan, 8.25% - 8.375%, 2/15/15 500 392,500
1,062,225
Containers & Packaging - 1.2% Atlantis Plastics Second Lien Term Loan, 12.25%,
3/22/12 (f)(g) 250 12,500
Consolidated Container Co. LLC Second Lien Term
Loan, 7.123% - 8.106%, 7/14/14 350 61,250

7

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Industry Floating Rate Loan Interests Par — (000) Value
Graham Packaging Co. LP New Term Loan E,
4.438% - 6.131%, 9/30/11 USD 1,589 $ 1,206,237
Graphic Packaging International Corp. Incremental
Term Loan, 4.161% - 7.50%, 5/16/14 2,340 1,804,097
Mivisa Envases SAU Term Loan B1 and B2, 7.376%,
6/03/15 EUR 1,000 897,822
Smurfit-Stone Container Enterprises, Inc. Deposit
Account, 5.926%, 11/01/10 USD 568 421,319
Solo Cup Co. Term B1 Loan, 4.92% - 6.72%, 2/27/11 1,198 980,008
5,383,233
Distributors - 0.2% Keystone Automotive Operations, Inc. Term Loan,
5.268% - 6.50%, 1/12/12 1,430 714,996
Diversified Consumer Services - Coinmach Corp. Term Loan, 4.46% - 5.22%, 11/15/14 4,726 3,544,643
0.8%
Diversified Financial Services - JG Wentworth LLC First Lien Term Loan, 6.012%,
0.4% 4/03/14 4,400 1,430,000
Professional Services First Lien Term Loan, 5.97%,
10/31/12 677 588,859
2,018,859
Diversified Telecommunication BMC Ireland Holdings (Eircom) Term Loan B, 6.379%,
Services - 1.4% 8/14/14 EUR 1,970 1,820,534
BMC Ireland Holdings (Eircom) Term Loan C, 6.629%,
8/14/13 1,970 1,820,737
Hawaiian Telcom Communications, Inc.
Term Loan C, 6.262%, 6/01/14 USD 1,898 756,115
Time Warner Telecom Holdings, Inc. Term Loan B,
4.20%, 2/23/14 2,018 1,576,594
Wind Telecomunicazion SpA Term Loan A1,
5.024% - 6.973%, 9/22/12 EUR 424 442,242
6,416,222
Electric Utilities - 0.2% TPF Generation Holdings LLC First Lien Letter of
Credit, 5.762%, 11/28/13 USD 151 126,330
TPF Generation Holdings LLC First Lien Term Loan,
5.762%, 11/28/13 717 601,393
TPF Generation Holdings LLC Revolving Credit,
5.762%, 11/28/13 47 39,602
767,325
Electrical Equipment - 0.4% Electrical Components International Holdings
Second Lien Term Loan, 12.73%, 5/05/14 500 200,000
Generac Acquisition Corp., First Lien Term Loan,
6.65%, 11/10/13 1,479 881,518
Sensus Metering Systems, Inc. New Term Loan B-1,
4.153% - 5%, 12/17/10 1,057 898,044
1,979,562
Electronic Equipment & Flextronics International Ltd. Closing Date Loan,
Instruments - 0.9% 6.133% - 6.40%, 10/01/14 3,099 2,145,908

8

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Industry Floating Rate Loan Interests Par — (000) Value
Flextronics International Ltd. Closing Date Loan,
6.133% - 7.068%, 10/01/14 USD 750 $ 505,114
Flextronics International Ltd. Delay Draw Term
Loan A Closing Date, 7.069%, 10/05/14 1,106 744,721
Matinvest (Deutsch Connectors)
Term Loan B2, 5.384%,
7/27/14 491 348,335
Matinvest (Deutsch Connectors) Term Loan C2,
5.634%, 7/27/15 851 604,352
4,348,430
Energy Equipment & Services - Dresser, Inc. Term Loan B, 3.686% - 4.486%, 5/15/14 3,432 2,338,301
0.9% MEG Energy Corp. Initial Term Loan, 5.77%, 3/23/13 488 326,625
Trinidad U.S.A. Partnership LP Term Loan, 5.35%,
4/15/11 1,461 1,315,125
3,980,051
Food & Staples Retailing - 1.3% AB Acquisition Term Loan B, 6.101%, 7/09/15 GBP 4,000 4,336,994
Advantage Sales & Marketing, Inc. Term Loan, 4.59%
- 5.77%, 4/15/13 USD 972 621,884
DS Waters of America Term Loan B, 4.50%, 3/31/12 500 300,000
WM Bolthouse Farms, Inc. First Lien Term Loan,
6.188%, 11/29/12 972 753,687
6,012,565
Food Products - 1.2% Dole Food Co., Inc. Linked Deposit, 6.819%, 4/12/13 280 196,582
Dole Food Co., Inc. Term Loan B, 3.50% - 5%, 4/12/13 496 348,424
Dole Food Co., Inc. Term Loan C, 3.50% - 6.81%, 4/12/13 1,847 1,298,126
Michael Foods Term Loan B-1, 3.923% - 5.194%, 11/21/10 2,167 1,906,758
Sturm Foods, Inc. First Lien Term Loan, 5.875% - 6%,
1/22/14 1,351 779,970
Sturm Foods, Inc. Initial First Lien Term Loan, 6%,
1/22/14 (c) 500 288,750
Sturm Foods, Inc. Second Lien Term Loan, 9.50%,
11/12/37 500 232,500
Wrigley Co. Term Loan B, 7.75%, 8/11/14 550 510,937
5,562,047
Health Care Equipment & Biomet, Inc. Term Loan B, 6.762%, 3/25/15 4,455 3,615,513
Supplies - 1.3% DJO Finance LLC Term Loan, 4.436%, 11/20/13 2,481 1,860,937
Select Medical Term Loan B, 3.399% - 5%, 2/24/12 965 717,316
6,193,766
Health Care Providers & Services - CCS Medical First Lien Term Loan (Chronic Care), 7.02%,
2.5% 8/01/12 837 421,485
Cardinal Health Euro Term Loan, 7.392%, 11/19/37 EUR 1,975 1,806,655
Community Health Systems, Inc. Term Loan, 4.018% -
5.973%, 7/25/14 USD 8,188 5,996,535
HCA, Inc. Term Loan B, 6.012%, 11/15/12 1,250 934,505
Health Management Associates, Inc. Term Loan B,
5.512%, 2/28/14 884 591,492
HealthSouth Corp. Term Loan, 4.27%, 3/12/13 766 600,752

9

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Industry Floating Rate Loan Interests Par — (000) Value
Surgical Care Affiliates LLC Term Loan B, 5.762%,
6/29/14 USD 1,982 $ 1,149,814
11,501,238
Health Care Technology - 0.3% Sunquest Holdings, Inc. (Misys Hospital Systems)
Term Loan, 6.05% - 6.96%, 10/11/14 1,489 1,176,113
Hotels, Restaurants & Leisure - CCM Merger Inc. (MotorCity Casion) Term Loan B,
1.8% 4.169% - 5.476%, 7/26/12 1,613 725,787
Green Valley Ranch Gaming LLC First Lien Term
Loan, 4.388% - 4.75%, 2/26/14 474 213,443
Green Valley Ranch Gaming LLC Second Lien, 6%,
2/26/14 1,500 105,000
Harrah's Operating Co., Inc. Term Loan B1, 6.535% -
6.762%, 1/28/15 553 323,170
Harrah's Operating Co., Inc. Term Loan B2, 6.535% -
6.762%, 1/28/15 697 406,582
Harrah's Operating Co., Inc. Term Loan B3, 4.436% -
6.762%, 1/28/15 808 470,863
OSI Restaurant Partners, Inc.
Incremental Term Loan,
5.25%, 5/15/14 402 175,447
OSI Restaurant Partners, Inc. Revolving Credit,
5.069%, 5/15/14 39 17,037
Prefunded Penn National Gaming, Inc. Term Loan B,
4.14% - 5.29%, 10/03/12 4,035 3,285,134
QCE LLC First Lien Term Loan, 5.813%, 5/05/13 1,955 1,075,250
Travelport LLC (Travelport, Inc.) Term Loan, 8.936%,
3/20/12 (c) 4,362 1,134,182
Wembley, Inc. First Lien Term Loan, 4.25% - 7.47%,
8/12/12 493 258,618
8,190,513
Household Durables - 0.5% Berkline Corp. Term Loan B, 6.578%, 11/10/11 (h) 95 4,735
Jarden Corp. Term Loan B3, 6.262%, 1/24/12 992 775,610
Simmons Co. Tranche B Term Loan, 4.875% - 6.375%,
12/19/11 1,250 787,500
The Yankee Candle Co., Inc. Term Loan B, 3.42% -
5.77%, 2/06/14 1,000 537,500
2,105,345
Household Products - 0.1% Central Garden & Pet Term Loan New Tranche B,
4.62% - 4.76%, 9/30/12 1,079 701,231
IT Services - 2.5% Affiliated Computer Services Term Loan, 5.259%,
3/20/13 729 600,953
Amadeus Global Travel Distribution SA Term
Loan B-3, 6.481%, 6/30/13 EUR 307 181,301
Amadeus Global Travel Distribution SA Term
Loan B-4, 6.481%, 6/30/13 186 109,791
Amadeus Global Travel Distribution SA Term
Loan C-3, 6.981%, 6/30/14 307 181,301

10

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Industry Floating Rate Loan Interests Par — (000) Value
Amadeus Global Travel Distribution SA Term
Loan C-4, 6.981%, 6/30/14 EUR 186 $ 109,791
Audio Visual Services Group, Inc. Second Lien Term
Loan, 9.27%, 8/28/13 USD 1,000 325,000
Ceridian Corp. U.S. Term Loan, 6%, 11/09/14 3,500 2,520,000
First Data Corp. Term Loan B1, 4.149% - 6.512%,
9/24/14 3,692 2,496,446
First Data Corp. Term Loan B2, 4.149% - 6.512%,
9/24/14 1,247 843,183
First Data Corp. Term Loan B3, 5.947% - 6.512%,
9/24/14 848 572,305
RedPrairie Corp. Term Loan, 5.188% - 6%, 7/17/12 687 515,212
SunGard Data Systems, Inc.
(Solar Capital Corp.) New
U.S. Term Loan, 3.518% - 4.138%, 2/28/14 2,918 2,035,856
Verifone, Inc. Term Loan, 4.19% - 6.03%, 2/28/13 925 777,000
11,268,139
Independent Power Producers & The AES Corp. Term Loan, 5.0625% - 5.10%, 8/10/11 429 341,429
Energy Traders - 1.9% Dynegy, Inc. Line of Credit, 2.94%, 4/02/13 1,000 737,083
Texas Competitive Electric Holdings Co. LLC (TXU)
Term Loan B-2, 5.268% - 7.262%, 10/10/14 4,220 2,852,720
Texas Competitive Electric Holdings Co. LLC (TXU)
Term Loan B-3, 5.268% - 7.262%, 10/10/14 7,288 4,917,462
8,848,694
Insurance - 0.3% Conseco New Term Loan, 3.768%, 10/10/13 735 470,410
Sedgwick Claims Management Service, Inc. Term
Loan B, 6.012%, 3/03/13 1,067 779,073
1,249,483
Leisure Equipment & Products - 24 Hour Fitness Worldwide, Inc. Tranche B Term Loan,
0.1% 3.94% - 6.71%, 6/08/12 975 624,000
Life Sciences Tools & Services - Invitrogen Term Loan B, 6%, 6/11/15 2,250 2,046,094
0.6% Quintiles Transnational First Lien Term Loan B4,
5.77%, 3/21/13 975 755,625
2,801,719
Machinery - 1.4% Big Dumpster (Wastequip) Delay Draw Term Loan,
6.012%, 1/17/13 287 166,535
Big Dumpster (Wastequip) Term Loan B, 6.012%,
1/17/13 682 395,521
Blount, Inc. Term Loan B, 4.50%, 8/09/10 724 615,264
LN Acquisition Corp. (Lincoln Industrials) Second Lien
Initial Term Loan, 8.75%, 12/18/14 1,500 1,095,000
NACCO Materials Handling Group
Term Loan, 4.418% -
5.118%, 3/21/13 489 263,925
Navistar International Corp. Advance Term Loan,
6.421%, 1/19/12 2,750 1,485,000
Navistar International Corp. Revolving Credit,
6.421% - 7.033%, 1/19/12 1,000 540,000

11

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Industry Floating Rate Loan Interests Par — (000) Value
OshKosh Truck Corp. Term Loan B, 2.93% - 4.62%,
12/06/13 USD 2,225 $ 1,396,982
Standard Steel Delay Draw Term Loan, 3.94%, 79 55,804
6/21/12
Standard Steel Initial Term Loan, 6.27%, 6/21/12 390 276,898
Trimas Corp. Term Loan B, 4.276% - 5.629%, 8/02/13 398 246,838
Trimas Corp. Trance B-1, 6.026%, 8/02/11 94 58,125
6,595,892
Marine - 0.3% Delphi Acquisition Holding Facility B1 and B2 -
Assignment, 6.012%, 4/26/15 1,000 600,000
Delphi Acquisition Holding Facility C1 and C2 -
Assignment, 6.637%, 4/26/16 1,000 600,000
1,200,000
Media - 13.1% Acosta, Inc. Term Loan, 5.37%, 2/28/14 977 650,037
Affinion Group, Inc. Term Loan, 9.868%, 1/31/12 500 200,000
Affinion Group, Inc. Term Loan, 9.868%, 3/01/12 500 200,000
Alix Partners Trance C Term Loan, 5% - 6.75%,
10/30/13 1,446 1,185,752
Alpha Topco (Formula One Group) Facility D (Second
Lien), 6.634%, 12/31/13 1,000 652,000
Alpha Topco (Formula One Group) Term Loan B1,
5.368%, 1/05/14 857 558,857
Alpha Topco (Formula One Group) Term Loan B2,
5.368%, 7/05/14 589 326,071
Atlantic Broadband Finance Term Loan B2, 6.02%,
2/27/14 978 879,853
Cablevision Systems Corp. Incremental Term Loan,
4.569%, 3/23/13 2,903 2,402,673
Catalina Marketing Group Initial Term Loan, 6.762%,
10/01/14 3,470 2,246,809
Cengage Learning Inc. Tranche 1 Term Loan, 7.50%,
7/05/14 3,741 3,142,125
Cequel Communications LLC Term Loan, 4.235% - 5%,
11/05/13 7,397 4,927,522
Charter Communications, Inc.
Replacement Term Loan,
5.47% - 5.50%, 11/23/37 3,960 2,661,466
Cinemark Term Loan B, 3.16% - 4.93%, 10/05/13 1,102 830,025
Clarke American Corp. Term Loan B, 6.262% -
6.383%, 12/31/14 3,393 1,882,872
Dex Media West Term Loan B, 7% - 7.77%, 10/24/14 2,250 1,102,500
Discovery Communications Term Loan B, 5.762%,
5/14/14 1,484 1,199,349
Education Media and Publishing Mezzanine Loan,
13.017%, 11/14/14 8,894 5,336,410
GateHouse Media Operating, Inc. Delay Draw Term
Loan, 5%, 9/15/14 497 114,208

12

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Floating Rate Loan Interests Par — (000) Value
Getty Images, Inc. Initial Term Loan, 8.053%,
6/30/15 USD 750 $ 640,313
Gray Communications, Inc. Delay Draw Term Loan B,
4.25% - 5.65%, 9/18/14 1,774 762,793
HIT Entertainment Ltd. Second Lien Term Loan,
8.21%, 2/24/13 1,000 450,000
HIT Entertainment Ltd. Term Loan, 4.71%, 8/31/12 1,268 634,015
Hanley-Wood LLC Term Loan, 3.873% - 6.012%,
3/08/14 1,489 707,156
Insight Midwest Holdings LLC Term Loan B, 4.85%,
4/06/14 3,550 2,758,858
Intelsat (PanAmSat Corp.) Term Loan B2A, 6.65%,
1/03/14 592 454,072
Intelsat (PanAmSat Corp.) Term Loan B2B, 6.65%,
1/03/14 592 454,210
Intelsat (PanAmSat Corp.) Term Loan B2C, 6.65%,
1/03/14 592 454,072
Knology, Inc. Term Loan, 6.40%, 5/11/10 494 296,250
Lavena Holdings (ProSiebenSat 1 Media AG)
Facility B1, 7.776%, 6/30/16 EUR 337 39,225
Lavena Holdings (ProSiebenSat 1 Media AG) Term
Loan C1, 7.526% - 7.776%, 6/30/15 337 39,225
Lavena Holdings (ProSiebenSat 1 Media AG) Term
Loan D, 8.145% - 8.542%, 12/28/16 904 48,253
MCC Iowa LLC (Mediacom Broadband Group) Term USD
Loan D-1, 2.84%, 1/31/15 1,965 1,383,360
Mediacom LLC Term Loan C, 2.59%, 1/31/15 1,940 1,329,200
Metro-Goldwyn-Mayer, Inc. Term Loan B, 7.012%,
3/15/12 3,880 1,740,501
Mission Broadcasting, Inc. Term Loan B, 5.512%,
10/01/12 1,888 1,038,146
Multicultural Radio Broadcasting, Inc. Term Loan,
4.973%, 12/15/12 338 236,600
NTL Cable Plc. (Virgin) B1 and B2 Facility, 8.147%,
11/19/37 GBP 1,256 1,439,334
NTL Cable Plc. (Virgin) C Facility, 8.743%, 7/17/13 2,000 1,759,405
NV Broadcasting First Lien Term Loan, 5.82%,
10/21/13 USD 824 411,774
Newsday LLC Fixed Rate, 9.75%, 7/02/13 1,500 1,245,000
Nexstar Broadcasting Group Term Loan B, 5.512%,
10/01/12 1,786 982,415
Nielsen Finance LLC Dollar Term Loan, 3.768% -
4.388%, 8/15/13 4,230 2,801,732
Parkin Broadcasting (NV Broadcasting) Term Loan,
5.82%, 10/21/13 169 84,466
Penton Media First Lien Term Loan, 3.686% - 5.67%,
2/01/13 1,108 526,359

13

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Industry Floating Rate Loan Interests Par — (000) Value
Penton Media Second Lien Term Loan, 8.42%,
2/01/14 USD 1,000 $ 400,000
Puerto Rico (Choice Cable) Second Lien Term Loan,
11.313%, 1/28/12 692 380,769
San Juan Cable First Lien Term Loan, 9.62%, 10/26/12 1,769 1,026,058
Stile (ClientLogic Holding Corp.) U.S. Term Loan,
4.546% - 6.789%, 1/30/14 911 500,864
Telecommunications Management LLC Multi Draw
Term Loan, 6.618%, 6/30/13 234 187,242
Telecommunications Management LLC Term Loan,
6.618%, 6/30/13 929 742,900
United Pan Europe Communications Term Loan M,
6.481%, 11/19/37 EUR 1,413 1,196,951
United Pan Europe Communications Term Loan N,
4.60%, 12/31/14 USD 2,000 1,412,000
Yell Group Plc Term Loan B2, 7.504%, 4/30/11 EUR 1,500 1,294,447
60,356,494
Metals & Mining - 0.2% Compass Minerals Group, Inc. Term Loan, 2.90% -
5.27%, 12/22/12 USD 778 688,965
Euramax International Domestic Loan (Second Lien),
11%, 6/29/13 167 58,487
Euramax International European Loan (Second Lien),
11%, 6/21/13 83 29,013
776,465
Multi-Utilities - 0.7% Coleto Creek Letter of Credit, 6.512%, 7/31/13 127 88,747
Coleto Creek Synthetic LC First Lien Term Loan,
6.512%, 7/31/13 1,803 1,256,001
MACH Gen LLC First Lien Term Loan B, 4.196%, 2/22/14 667 604,773
MACH Gen LLC Letter of Credit First Lien, 5.762%,
2/12/13 70 63,773
NE Energy First Lien Term Loan B, 5.75%, 10/31/13 1,230 904,368
NE Energy Letter of Credit, 6.313%, 10/31/13 159 116,524
3,034,186
Multiline Retail - 0.3% Neiman Marcus Group, Inc. Term Loan, 4.565%, 4/06/13 1,940 1,212,421
Oil, Gas & Consumable Fuels - Abbot Group Plc Bridge Loan, 14.50%, 3/15/18 (h) 3,029 2,968,859
1.4% Big West Oil & Gas Delayed Advance Term Loan,
5.25%, 5/15/14 550 302,500
Big West Oil & Gas Initial Term Advance, 5.25%,
5/15/14 438 240,625
CR Gas Storage Bridge Loan, 4.843%, 5/08/11 29 22,532
CR Gas Storage Canadian Term Loan B, 4.847%, 5/08/13 454 353,892
CR Gas Storage Delay Draw Term Loan B, 4.844%,
5/08/13 51 39,564
CR Gas Storage U.S. Term Loan, 4.847%, 5/08/13 75 58,406
Coffeyville Resources LLC Funded Letter of Credit,
6.633%, 12/21/13 243 178,378

14

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Industry Floating Rate Loan Interests Par — (000) Value
Coffeyville Resources LLC Term Loan D, 5.75% -
6.633%, 12/28/13 USD 785 $ 575,958
Drummond Oil Term Advance, 2.649%, 2/15/12 1,350 1,309,500
Western Refining Co. LP Term Loan, 9.25%, 5/30/14 917 518,085
6,568,299
Paper & Forest Products - 2.1% Boise Cascade Holdings LLC First Lien Tranche B Term
Loan, 7.50%, 2/05/15 1,244 1,007,437
Georgia-Pacific Corp. Add on Term Loan B2, 4.238% -
6.048%, 3/08/13 2,371 1,818,996
Georgia-Pacific Corp. Term Loan B, 4.551% - 4.868%,
12/22/12 5,684 4,361,124
NewPage Corp. Tem Loan, 7%, 12/21/14 2,485 1,823,369
Verso Paper Holdings LLC Term Loan, 10.012%, 2/01/13 560 426,534
9,437,460
Personal Products - 0.6% American Safety Razor Co. Second Lien Term Loan,
9.37% - 9.47%, 1/25/14 2,500 1,750,000
Prestige Brands Term Loan B, 3.686% - 6.012%, 10/06/10 1,095 870,777
2,620,777
Real Estate Management & Enclave Term Loan B, 6.14%, 3/01/12 3,000 1,964,700
Development - 1.1% Georgian Towers Term Loan B5, 6.14%, 3/01/12 3,000 2,038,461
Pivotal Promontory Second Lien Term Loan, 11.50%,
8/11/11 (f)(g) 750 75,000
Realogy Corp. Term Loan B, 5.706%, 9/22/14 1,481 847,090
4,925,251
Road & Rail - 0.3% Rail America, Inc. Canadian Term Loan, 7.883%, 6/30/09 91 74,784
Rail America, Inc. U.S. Term Loan, 7.883%, 6/30/09 1,409 1,155,216
1,230,000
Software - 0.2% Bankruptcy Management Solutions, Inc. First Lien Term
Loan, 5.96%, 7/06/12 980 725,200
CCC Information Services, Inc. Term Loan, 6.02%,
2/10/13 413 310,139
1,035,339
Specialty Retail - 0.9% ADESA, Inc. Initial Term Loan, 6.02%, 10/20/13 1,679 996,271
Burlington Coat Factory Warehouse Corp. Term Loan,
4.45%, 5/28/13 586 253,625
Eye Care Centers of America,
Inc. Term Loan, 3.94% -
5.31%, 3/01/12 530 434,278
Orchard Supply Hardware Note Participation B,
7.01%, 12/21/13 1,500 900,000
Rent-A-Center Term Loan B, 3.16% - 4.82%, 6/30/12 795 596,342
Sensata Technologies U.S. Term Loan, 5.115% -
5.258%, 4/27/13 1,925 1,109,061
4,289,577
Textiles, Apparel & Luxury Hanesbrands, Inc. First Lien Term Loan, 4.75% -
Goods - 0.3% 5.266%, 9/05/13 1,000 795,938
Renfro Corp. Delayed Draw Tranche
B, 5.42% - 7.02%,
10/05/13 462 184,652

15

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Industry Floating Rate Loan Interests Par — (000) Value
St. John Knits, Inc. Term Loan B, 4.395%, 8/24/13 USD 660 $ 462,130
1,442,720
Trading Companies & Beacon Sales Co. Term Loan B, 5.769% - 6.053%,
Distributors - 0.2% 11/02/13 1,225 735,000
Wireless Telecommunication Alltel Corp. Term Loan B2, 5.316%, 5/16/15 1,739 1,647,054
Services - 2.3% Alltel Corp. Term Loan B3, 5.50%, 5/16/15 5,206 4,962,144
Cellular South Term Loan B, 5.258%, 5/16/14 500 420,000
Cellular South Term Loan B, 4.50% - 5.258%, 5/29/14 1,481 1,244,250
Cricket Communications, Inc. Term Loan B, 7.262%,
6/16/13 948 772,867
NTELOS Inc. B-1 Facility, 3.69%, 8/14/11 1,682 1,417,454
10,463,769
Total Floating Rate Loan Interests - 56.6% 259,556,326
U.S. Government & Agency Obligations
Fannie Mae, 7.25%, 1/15/10 17,000 17,991,389
U.S. Treasury Notes, 3.375%, 12/15/08 (m) 17,000 17,018,598
U.S. Treasury Notes, 3.875%, 5/15/09 (l)(m) 6,000 6,089,532
U.S. Treasury Notes, 3.375%, 9/15/09 (m) 3,425 3,491,359
U.S. Treasury Notes, 4.25%, 8/15/15 (m) 1,815 2,035,920
Total U.S. Government & Agency Obligations - 10.2% 46,626,798
Common Stocks Shares
Capital Markets - 0.0% E*Trade Financial Corp. (g) 121,011 163,365
Commercial Services & Supplies - Sirva Common Stock (g) 1,109 16,635
0.0%
Total Common Stocks - 0.0% 180,000
Preferred Stocks
Capital Markets - 0.0% Marsico Parent Superholdco, LLC, 16.75% (b) 177 92,040
Total Preferred Stocks - 0.0% 92,040
Warrants (n)
Machinery - 0.0% Synventive Molding Solutions (expires 1/15/13) 1 0
Total Warrants - 0.0% 0
Beneficial
Interest
Other Interests (o) (000)
Health Care Providers & Services - Critical Care Systems International, Inc. (h) USD 8 2,547
0.0%
Household Durables - 0.0% Berkline Benchcraft Equity LLC (h) 3 0
Total Other Interests - 0.0% 2,547
Total Long-Term Investments
(Cost - $809,227,759) - 129.2% 592,702,313
Options Purchased Contracts
Call Options Marsico Parent Superholdco LLC, expiring December 2009
at $942.86 46 66,700
Total Options Purchased (Cost - $44,978) - 0.0% 66,700
Total Investments (Cost - $809,272,737*) - 129.2% 592,769,013
Liabilities in Excess of Other Assets - (29.2)% (133,911,697)
Net Assets - 100.0% $ 458,857,316

16

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited)
  • The cost and unrealized appreciation (depreciation) of investments as of November 30, 2008, as computed for federal income tax purposes, were as follows:
Aggregate cost $
Gross unrealized appreciation $ 2,867,135
Gross unrealized depreciation (219,479,156 )
Net unrealized depreciation $ (216,612,021 )
(a) Represents the interest only portion of a mortgage-backed security and has either a nominal or a notional amount of principal.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c) Represents a payment-in-kind security which may pay interest/dividends in additional par/shares.
(d) Variable rate security. Rate shown is as of report date.
(e) Represents a zero-coupon bond. Rate shown is as of report date.
(f) Issuer filed for bankruptcy and/or is in default of interest payments.
(g) Non-income producing security.
(h) Security is fair valued.
(i) Convertible security.
(j) Represents a step bond. Rate shown is as of report date.
(k) 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.
(l) All or a portion of security has been pledged as collateral in connection with financial futures contracts and/or swaps.
(m) All or a portion of security has been pledged as collateral for reverse repurchase agreements.
(n) 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.
(o) Other interests represent beneficial interest in liquidation trusts and other reorganization entities and are non- income producing.
  • 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 industry sub-classification for reporting ease.
  • Financial futures contracts purchased as of November 30, 2008 were as follows:
Contracts Issue Expiration — Date Value Unrealized — Appreciation
62 5-Year
U.S. Treasury Bond December
2008 $ 6,943,455 $ 455,858
  • Foreign currency exchange contracts as of November 30, 2008 were as follows:
Settlement Appreciation
Currency
Purchased Currency
Sold Date (Depreciation)
USD 15,543,237 EUR 12,310,500 12/10/08 $ (93,166 )
USD 8,953,203 GBP 5,663,000 12/10/08 244,134
Total $ 150,968

17

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited)
  • Credit default swaps on traded indexes - sold protection outstanding as of November 30, 2008 were as follows:
Pay Fixed Notional — Amount Unrealized — Appreciation
Issuer Rate Counterparty Expiration (000) (1) (Depreciation)
LCDX Index 3.25% JPMorgan Chase
Bank N.A. June 2013 USD 2,250 $ 41,023
LCDX
Corp. 5.75% Deutsche
Bank AG September
2013 USD
3,000 (583,607 )
Total $ (542,584 )

(1) The maximum potential amount the Fund may receive should a negative credit event take place as defined under the terms of the agreement.

  • Reverse repurchase agreements outstanding as of November 30, 2008 were as follows:
Counterparty Interest — Rate Trade — Date Maturity — Date Amount Amount
JPMorgan Chase 0.15% 9/15/08 Open $ 1,931,325 $ 1,930,706
JPMorgan Chase 1.50% 9/15/08 Open 17,267,724 17,212,500
JPMorgan Chase 0.50% 11/25/08 Open 3,515,199 3,514,906
JPMorgan
Chase 0.55% 11/28/08 12/05/08 609,815 609,750
Total $ 23,324,063 $ 23,267,862
  • Currency Abbreviations:
EUR Euro
GBP British Pound
USD U.S. Dollar

18

BlackRock Limited Duration Income Trust
Schedule of Investments November 30, 2008 (Unaudited)

  • Effective September 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

  • Level 1 - price quotations in active markets/exchanges for identical securities

  • Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs)
  • Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust's own assumption used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust's policy regarding valuation of investments and other significant accounting policies, please refer to the Trust's most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of November 30, 2008 in determining the fair valuation of the Trust's investments:

Valuation — Inputs Securities Instruments*
Level 1 $ 122,524,615 $ 455,858
Level 2 400,352,138 (324,916 )
Level
3 69,825,560 -
Total $ 592,702,313 $ 130,942
  • Other financial instruments are foreign currency exchange contracts, futures, swaps and options.

The following is a reconciliation of investments for unobservable inputs (Level 3) used in determining fair value:
Securities
Balance, as of September 1, 2008 $ 27,082,546
Accrued discounts/premiums 52,514
Realized gain (loss) (1,621,068 )
Change in unrealized appreciation (depreciation) (29,504,009 )
Net purchases (sales) (1,891,647 )
Net transfers in/out of Level 3 75,707,224
Balance, as of November 30, 2008 $ 69,825,560

19

Item 2 – Controls and Procedures
2(a) – The registrant’s principal executive and principal financial officers or persons performing similar
functions have concluded that the registrant’s 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 registrant’s internal control over financial reporting
(as defined in Rule 30a-3(d) under the 1940 Act) 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
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: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
BlackRock Limited Duration Income Trust
Date: January 20, 2009
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/ Donald C. Burke
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock Limited Duration Income Trust
Date: January 20, 2009
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Limited Duration Income Trust
Date: January 20, 2009

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