BLACKROCK Ltd DURATION INCOME TRUST

Regulatory Filings • Jan 26, 2012

N-Q 1 i00027_blw-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: John M. Perlowski, Chief Executive Officer, BlackRock Limited Duration Income Trust, 55 East 52 nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 08/31/2012

Date of reporting period: 11/30/2011

Item 1 – Schedule of Investments

insert

Schedule of Investments November 30, 2011 (Unaudited) BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Asset-Backed Securities	Par (000)		Value
Asset-Backed
Securities — 5.9%
321 Henderson Receivables I LLC, Series 2010-3A, Class A, 3.82%, 12/15/48 (a)	USD	4,759	$ 4,771,334
ARES CLO Funds, Series 2005- 10A, Class B, 0.74%, 9/18/17 (a)(b)		1,500	1,338,120
Ballyrock CDO Ltd., Series 2006- 1A, Class B, 0.86%, 8/28/19 (a)(b)		1,500	1,177,500
CSAM Funding, Series 2A, Class B1, 7.05%, 10/15/16		750	731,250
Canaras Summit CLO Ltd., Series 2007-1A, Class B, 0.83%, 6/19/21 (a)(b)		1,735	1,376,809
Capital One Multi-Asset Execution Trust, Series 4-3C, 6.63%, 4/19/17 (b)	GBP	2,650	4,210,463
Conseco Financial Corp., Series 1995-5, Class M1, 7.65%, 9/15/26 (b)	USD	1,123	1,155,611
Countrywide Asset-Backed Certificates (b):
Series 2007-6, Class 2A1, 0.36%, 9/25/37		112	110,016
Series 2007-7, Class 2A2, 0.42%, 10/25/47		3,230	2,489,054
Series 2007-10, Class 2A1, 0.31%, 6/25/47		1,607	1,542,293
Series 2007-12, Class 2A1, 0.61%, 8/25/47		1,817	1,695,557
Gannett Peak CLO Ltd., Series 2006-1X, Class A2, 0.78%, 10/27/20 (b)		1,330	984,200
GSAA Trust, Series 2007-3, Class 1A2, 0.43%, 3/25/47 (b)		3,270	1,248,684
Portola CLO Ltd., Series 2007-1X, Class B1, 1.91%, 11/15/21 (b)		1,770	1,467,861
SLC Student Loan Trust, Series 2006-A, Class A4, 0.52%, 1/15/19 (b)		1,506	1,474,831
Santander Consumer Acquired Receivables Trust, Series 2011-S1A, Class D, 3.15%, 8/15/16 (a)		2,990	2,963,536
Santander Drive Auto Receivables Trust (a):
Series 2011-S1A, Class D, 3.10%, 5/15/17		1,611	1,604,129
Series 2011-S2A, Class B, 2.06%, 6/15/17		844	841,856

Asset-Backed Securities	Par (000)		Value
Asset-Backed
Securities (concluded)
Santander Drive Auto Receivables Trust(a) (concluded):
Series 2011-S2A, Class C, 2.86%, 6/15/17	USD	874	$ 865,570
Spirit Issuer Plc, Series A2, 2.02%, 12/28/31 (b)	GBP	1,800	2,202,736
T2 Income Fund CLO Ltd., Series 2007-1A, Class B, 1.00%, 7/15/19 (a)(b)	USD	1,515	1,353,213
			35,604,623
Interest Only Asset-Backed Securities — 0.3%
Sterling Bank Trust, Series 2004-2, Class Note, 2.08%, 3/30/30 (a)		12,647	984,078
Sterling Coofs Trust, Series 1, 2.36%, 4/15/29		11,284	885,058
			1,869,136
Total
Asset-Backed Securities – 6.2%			37,473,759

Common Stocks (c)
Auto Components — 1.2%
Delphi Debtor-in-Possession Holding Co. LLP, Class B Membership Interest	114,746	2,331,526
Delphi Debtor-in-Possession Holding Co. LLP, Class B Membership Interest	267,741	5,300,734
		7,632,260
Construction & Engineering — 0.0%
USI United Subcontractors	6,116	42,809
Diversified Financial Services — 0.5%
Kcad Holdings I Ltd.	254,615,286	2,874,607
Hotels, Restaurants & Leisure — 0.1%
BLB Worldwide Holdings, Inc.	51,947	305,189
Travelport Worldwide Ltd.	176,501	88,250
		393,439
Metals & Mining — 0.0%
Euramax International	234	64,268
Software — 0.1%
Bankruptcy Management Solutions, Inc.	880	4
HMH Holdings/EduMedia	238,664	357,996
		358,000
Total Common Stocks – 1.9%		11,365,383

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

EUR	Euro
GBP	British Pound
GO	General Obligation Bonds
USD	US Dollar

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 1

Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Corporate Bonds	Par (000)		Value
Aerospace & Defense — 0.3%
Kratos Defense & Security Solutions, Inc., 10.00%, 6/01/17	USD	1,966	$ 1,980,745
Airlines — 1.5%
American Airlines Pass-Through Trust, Series 2011-2, Class A, 8.63%, 4/15/23 (d)		898	862,080
American Airlines, Inc., 10.50%, 10/15/12 (c)(e)		2,890	2,579,325
Continental Airlines, Inc., 6.75%, 9/15/15 (a)(d)		1,350	1,312,875
Delta Air Lines, Inc., Series B, 9.75%, 12/17/16 (d)		330	349,571
United Air Lines, Inc., 12.75%, 7/15/12 (d)		2,455	2,553,408
US Airways Pass-Through Trust, 10.88%, 10/22/14		1,625	1,592,500
			9,249,759
Auto Components — 0.4%
B-Corp Merger Sub, Inc., 8.25%, 6/01/19 (a)		240	218,400
Delphi Corp., 6.13%, 5/15/21 (a)(d)		780	785,850
Titan International, Inc., 7.88%, 10/01/17		1,330	1,381,538
			2,385,788
Beverages — 0.3%
Crown European Holdings SA:
7.13%, 8/15/18	EUR	657	882,810
7.13%, 8/15/18 (a)		716	962,089
			1,844,899
Building Products — 0.4%
Building Materials Corp. of America (a)(d):
7.00%, 2/15/20	USD	1,345	1,392,075
6.75%, 5/01/21		1,120	1,114,400
Momentive Performance Materials, Inc., 9.00%, 1/15/21		270	192,375
			2,698,850
Capital Markets — 1.0%
American Capital Ltd., 7.96%, 12/31/13 (d)(f)		1,675	1,683,040
E*Trade Financial Corp.:
12.50%, 11/30/17 (g)		2,515	2,841,950
3.82%, 8/31/19 (a)(h)(i)		249	220,988
SteelRiver Transmission Co. LLC, 4.71%, 6/30/17 (a)(d)		1,264	1,291,381
			6,037,359
Chemicals — 2.1%
American Pacific Corp., 9.00%, 2/01/15		1,100	1,065,625

Corporate Bonds	Par (000)		Value
Chemicals (concluded)
Celanese US Holdings LLC, 5.88%, 6/15/21 (d)	USD	805	$ 819,087
Hexion US Finance Corp., 9.00%, 11/15/20		735	576,975
Kinove German Bondco GmbH, 9.63%, 6/15/18 (a)		1,000	905,000
Lyondell Chemical Co., 11.00%, 5/01/18		1,899	2,045,648
LyondellBasell Industries NV, 6.00%, 11/15/21 (a)		200	204,000
Nova Chemicals Corp., 8.38%, 11/01/16		5,500	5,940,000
Solutia, Inc., 7.88%, 3/15/20		1,155	1,230,075
			12,786,410
Commercial Banks — 1.8%
CIT Group, Inc., 5.25%, 4/01/14 (a)(d)		5,500	5,390,000
Regions Financial Corp.:
6.38%, 5/15/12 (d)		4,590	4,601,475
4.88%, 4/26/13		907	884,325
			10,875,800
Commercial Services & Supplies — 0.8%
ACCO Brands Corp., 10.63%, 3/15/15 (d)		1,425	1,578,187
ARAMARK Corp., 8.50%, 2/01/15		980	1,004,500
Brickman Group Holdings, Inc., 9.13%, 11/01/18 (a)		163	145,070
Iron Mountain, Inc., 7.75%, 10/01/19		760	784,700
Mobile Mini, Inc., 7.88%, 12/01/20		915	915,000
West Corp., 8.63%, 10/01/18		165	164,588
			4,592,045
Communications Equipment — 0.2%
Avaya, Inc., 9.75%, 11/01/15		510	399,075
EH Holding Corp., 6.50%, 6/15/19 (a)		850	830,875
			1,229,950
Consumer Finance — 0.8%
Ford Motor Credit Co. LLC:
7.80%, 6/01/12 (d)		1,665	1,715,260
7.00%, 4/15/15		400	430,596
6.63%, 8/15/17 (d)		1,066	1,143,517
Hyundai Capital America, 3.75%, 4/06/16 (a)(d)		1,285	1,283,728
			4,573,101
Containers & Packaging — 0.9%
Ardagh Packaging Finance Plc:
7.38%, 10/15/17	EUR	100	129,331
7.38%, 10/15/17 (a)		587	759,173
Berry Plastics Corp., 8.25%, 11/15/15 (d)	USD	1,445	1,531,700
Graphic Packaging International, Inc., 9.50%, 6/15/17		510	555,900

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 2

Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Corporate Bonds	Par (000)		Value
Containers & Packaging (concluded)
Pregis Corp., 12.38%, 10/15/13	USD	610	$ 567,300
Sealed Air Corp., 8.38%, 9/15/21 (a)		295	314,913
Smurfit Kappa Acquisitions (a):
7.25%, 11/15/17	EUR	520	712,698
7.75%, 11/15/19		726	985,281
			5,556,296
Diversified Financial Services — 4.1%
Ally Financial, Inc.:
8.30%, 2/12/15 (d)	USD	2,460	2,490,750
7.50%, 9/15/20 (d)		1,630	1,574,988
8.00%, 11/01/31		2,240	2,128,000
8.00%, 11/01/31		1,100	1,013,819
Citigroup, Inc., 4.75%, 5/19/15 (d)		3,000	3,015,684
FCE Bank Plc, 4.75%, 1/19/15	EUR	816	1,052,600
JPMorgan Chase & Co., 3.40%, 6/24/15 (d)	USD	6,000	6,097,674
Reynolds Group Issuer, Inc.:
8.75%, 10/15/16 (a)(d)		2,125	2,194,063
8.75%, 10/15/16	EUR	340	447,721
7.13%, 4/15/19 (a)(d)	USD	1,990	1,945,225
7.88%, 8/15/19 (a)		865	869,325
6.88%, 2/15/21 (a)(d)		1,475	1,408,625
8.25%, 2/15/21 (a)		445	378,250
SLM Corp., Series A, 5.00%, 10/01/13		150	149,979
WMG Acquisition Corp., 9.50%, 6/15/16 (a)		280	294,000
			25,060,703
Diversified Telecommunication Services — 2.8%
ITC Deltacom, Inc., 10.50%, 4/01/16		1,350	1,392,188
Level 3 Escrow, Inc., 8.13%, 7/01/19 (a)		2,533	2,393,685
Level 3 Financing, Inc.:
4.20%, 2/15/15 (b)		1,725	1,541,719
8.75%, 2/15/17		895	890,525
Qwest Communications International, Inc. (d):
7.50%, 2/15/14		610	613,813
8.00%, 10/01/15		2,500	2,668,750
Series B, 7.50%, 2/15/14		3,470	3,491,687
Qwest Corp., 8.38%, 5/01/16 (d)		2,590	2,936,412
TW Telecom Holdings, Inc., 8.00%, 3/01/18		470	493,500
Windstream Corp., 8.13%, 8/01/13		590	623,925
			17,046,204
Electronic Equipment, Instruments & Components —
1.2%
Agilent Technologies, Inc., 4.45%, 9/14/12 (d)		7,325	7,484,267
Energy Equipment & Services — 1.1%
Compagnie Generale de Geophysique - Veritas, 7.75%, 5/15/17		330	328,350

| Corporate
Bonds | Par (000) | | Value |
| --- | --- | --- | --- |
| Energy Equipment & Services (concluded) | | | |
| Frac Tech Services LLC, 7.63%, 11/15/18 (a)(d) | USD | 1,690 | $ 1,702,675 |
| Key Energy Services, Inc., 6.75%, 3/01/21 (d) | | 1,040 | 1,028,300 |
| Oil States International, Inc., 6.50%, 6/01/19 | | 465 | 467,325 |
| Peabody Energy Corp., 6.25%, 11/15/21 (a) | | 3,080 | 3,103,100 |
| SunCoke Energy, Inc., 7.63%, 8/01/19 (a) | | 260 | 254,800 |
| | | | 6,884,550 |
| Gas Utilities — 0.5% | | | |
| Florida Gas Transmission Co. LLC, 4.00%, 7/15/15 (a)(d) | | 2,000 | 2,109,670 |
| Targa Resources Partners LP, 6.88%, 2/01/21 (a)(d) | | 690 | 690,000 |
| | | | 2,799,670 |
| Health Care Equipment & Supplies — 1.1% | | | |
| CareFusion Corp., 5.13%, 8/01/14 (d) | | 3,000 | 3,245,517 |
| DJO Finance LLC: | | | |
| 10.88%, 11/15/14 (d) | | 2,625 | 2,474,062 |
| 7.75%, 4/15/18 | | 540 | 433,350 |
| Teleflex, Inc., 6.88%, 6/01/19 | | 675 | 682,594 |
| | | | 6,835,523 |
| Health Care Providers & Services — 2.3% | | | |
| Aviv Healthcare Properties LP, 7.75%, 2/15/19 | | 645 | 609,525 |
| HCA, Inc.: | | | |
| 6.50%, 2/15/20 | | 2,845 | 2,830,775 |
| 7.25%, 9/15/20 (d) | | 1,575 | 1,618,313 |
| Omnicare, Inc., 7.75%, 6/01/20 | | 1,295 | 1,364,606 |
| Tenet Healthcare Corp., 10.00%, 5/01/18 (d) | | 6,742 | 7,584,750 |
| | | | 14,007,969 |
| Health Care Technology — 0.8% | | | |
| IMS Health, Inc., 12.50%, 3/01/18 (a) | | 4,300 | 4,794,500 |
| Hotels, Restaurants & Leisure — 2.9% | | | |
| Enterprise Inns Plc: | | | |
| 6.50%, 12/06/18 | GBP | 2,232 | 2,407,478 |
| 6.88%, 2/15/21 | | 2,070 | 2,110,956 |
| MGM Resorts International: | | | |
| 10.38%, 5/15/14 | USD | 1,135 | 1,271,200 |
| 11.13%, 11/15/17 | | 1,100 | 1,230,625 |
| Punch Taverns Finance B, Ltd., Series A7, 4.77%, 6/30/33 | GBP | 1,295 | 1,417,364 |
| Spirit Issuer Plc (b): | | | |
| 1.16%, 12/28/28 | | 3,325 | 3,547,284 |
| 5.47%, 12/28/34 | | 4,500 | 4,765,536 |
| Travelport LLC, 6.37%, 12/01/16 (b) | USD | 926 | 680,341 |

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 3

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Corporate Bonds	Par (000)		Value
Hotels, Restaurants & Leisure (concluded)
Tropicana Entertainment LLC, Series WI, 9.63%, 12/15/14 (c)(e)	USD	375	$ 37
			17,430,821
Household Durables — 0.8%
Beazer Homes USA, Inc., 12.00%, 10/15/17		3,800	3,952,000
Berkline/Benchcraft LLC, 4.50%, 11/03/12 (c)(i)		200	—
Standard Pacific Corp., 8.38%, 1/15/21		860	793,350
			4,745,350
Independent Power Producers & Energy Traders —
2.4%
AES Corp.:
7.75%, 10/15/15		2,440	2,604,700
9.75%, 4/15/16		710	802,300
7.38%, 7/01/21 (a)		440	458,700
Calpine Corp. (a):
7.25%, 10/15/17		2,150	2,193,000
7.50%, 2/15/21		1,020	1,040,400
Energy Future Holdings Corp., 10.00%, 1/15/20 (d)		3,870	3,966,750
Energy Future Intermediate Holding Co. LLC, 10.00%, 12/01/20		2,720	2,801,600
NRG Energy, Inc., 7.63%, 1/15/18		710	699,350
			14,566,800
Industrial Conglomerates — 1.6%
Sequa Corp. (a):
11.75%, 12/01/15		2,950	3,119,625
13.50%, 12/01/15		5,870	6,266,224
			9,385,849
Insurance — 1.3%
Allied World Assurance Co. Holdings, Ltd., 7.50%, 8/01/16 (d)		3,000	3,373,446
CNO Financial Group, Inc., 9.00%, 1/15/18 (a)		2,353	2,470,650
Forethought Financial Group, Inc., 8.63%, 4/15/21 (a)(d)		750	749,022
Genworth Financial, Inc., 7.63%, 9/24/21 (d)		990	898,021
MPL 2 Acquisition Canco, Inc., 9.88%, 8/15/18 (a)		595	523,600
			8,014,739
IT Services — 0.5%
Eagle Parent Canada, Inc., 8.63%, 5/01/19 (a)		1,260	1,168,650
First Data Corp. (a):
7.38%, 6/15/19		1,405	1,320,700
8.25%, 1/15/21		95	82,175
12.63%, 1/15/21		793	654,225
			3,225,750

Corporate Bonds	Par (000)		Value
Machinery — 0.2%
AGY Holding Corp., 11.00%, 11/15/14	USD	1,500	$ 945,000
Navistar International Corp., 8.25%, 11/01/21		400	417,000
			1,362,000
Media — 5.4%
AMC Networks, Inc., 7.75%, 7/15/21 (a)		525	555,188
CCH II LLC, 13.50%, 11/30/16 (d)		4,106	4,732,209
CCO Holdings LLC (d):
7.25%, 10/30/17		720	735,300
7.88%, 4/30/18		1,525	1,580,281
Cengage Learning Acquisitions, Inc., 10.50%, 1/15/15 (a)		260	188,500
Checkout Holding Corp., 10.98%, 11/15/15 (a)(h)		1,570	777,150
Clear Channel Worldwide Holdings, Inc.:
9.25%, 12/15/17		933	977,318
Series B, 9.25%, 12/15/17 (d)		5,272	5,548,780
DIRECTV Holdings LLC, 3.13%, 2/15/16 (d)		3,000	3,043,728
DISH DBS Corp.:
7.00%, 10/01/13 (d)		1,450	1,518,875
7.13%, 2/01/16		200	205,500
6.75%, 6/01/21		660	643,500
Intelsat Luxemburg SA, 11.50%, 2/04/17 (g)		280	256,900
Interactive Data Corp., 10.25%, 8/01/18		2,210	2,364,700
Kabel BW Erste Beteiligungs GmbH, 7.50%, 3/15/19 (a)		1,440	1,440,000
NAI Entertainment Holdings LLC, 8.25%, 12/15/17 (a)(d)		1,445	1,506,412
Nielsen Finance LLC, 7.75%, 10/15/18		1,400	1,480,500
ProtoStar I Ltd., 18.00%, 10/15/12 (a)(c)(e)(i)		3,454	1,727
Unitymedia Hessen GmbH & Co. KG, 8.13%, 12/01/17 (a)(d)		4,090	4,222,925
Virgin Media Secured Finance Plc, 6.50%, 1/15/18 (d)		1,000	1,055,000
			32,834,493
Metals & Mining — 1.8%
Freeport-McMoRan Copper & Gold, Inc., 8.38%, 4/01/17 (d)		3,000	3,191,250
New World Resources NV, 7.88%, 5/01/18	EUR	995	1,230,023
Novelis, Inc., 8.75%, 12/15/20 (d)	USD	3,875	4,088,125
Xstrata Canada Financial Corp., 2.85%, 11/10/14 (a)(d)		2,450	2,471,430
			10,980,828
Multiline Retail — 0.4%
Dollar General Corp., 11.88%, 7/15/17 (d)(g)		2,458	2,716,090

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 4

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Corporate Bonds	Par (000)		Value
Oil, Gas
& Consumable Fuels — 5.6%
Alpha Natural Resources,
Inc.:
6.00%, 6/01/19	USD	300	$ 286,500
6.25%, 6/01/21		200	191,000
Anadarko Petroleum Corp., 5.95%, 9/15/16		719	804,092
Arch Coal, Inc. (a):
7.00%, 6/15/19		305	297,375
7.25%, 6/15/21		990	960,300
BP Capital Markets Plc, 5.25%, 11/07/13 (d)		6,000	6,441,996
Berry Petroleum Co., 8.25%, 11/01/16		550	566,500
Chesapeake Oilfield Operating LLC, 6.63%, 11/15/19 (a)		365	359,981
Coffeyville Resources LLC, 9.00%, 4/01/15 (a)(d)		634	675,210
Consol Energy, Inc., 8.25%, 4/01/20 (d)		2,150	2,311,250
Crosstex Energy LP, 8.88%, 2/15/18		135	143,775
Denbury Resources, Inc.
(d):
8.25%, 2/15/20		971	1,054,749
6.38%, 8/15/21		810	826,200
El Paso Corp., 7.00%, 6/15/17		2,265	2,462,046
Forest Oil Corp., 8.50%, 2/15/14		255	274,125
Linn Energy LLC:
8.63%, 4/15/20		1,000	1,045,000
7.75%, 2/01/21 (a)		1,470	1,470,000
Niska Gas Storage US LLC, 8.88%, 3/15/18		660	643,500
OGX Petroleo e Gas Participacoes SA, 8.50%, 6/01/18 (a)		5,045	4,792,750
Oasis Petroleum, Inc.:
7.25%, 2/01/19 (a)		475	484,500
6.50%, 11/01/21		410	398,725
Petrohawk Energy Corp. (d):
10.50%, 8/01/14		840	935,550
7.88%, 6/01/15		1,130	1,203,450
7.25%, 8/15/18		740	828,800
Plains Exploration &
Production Co.:
7.75%, 6/15/15		750	780,938
6.75%, 2/01/22		665	678,300
Range Resources Corp., 5.75%, 6/01/21 (d)		1,735	1,852,112
SandRidge Energy, Inc., 7.50%, 3/15/21		1,160	1,061,400
			33,830,124
Paper
& Forest Products — 0.5%
Longview Fibre Paper &
Packaging, Inc., 8.00%, 6/01/16 (a)		395	396,975
NewPage Corp., 11.38%, 12/31/14 (c)(d)(e)		3,445	2,402,888
			2,799,863

Corporate Bonds	Par (000)		Value
Pharmaceuticals
— 0.4%
Valeant Pharmaceuticals International, 6.50%, 7/15/16 (a)(d)	USD	2,310	$ 2,234,925
Real
Estate Investment Trusts (REITs) — 0.5%
FelCor Lodging LP, 6.75%, 6/01/19 (a)		1,610	1,497,300
Ventas Realty LP/Ventas Capital Corp., 4.75%, 6/01/21 (d)		1,300	1,250,020
			2,747,320
Real
Estate Management & Development — 1.4%
Realogy Corp.:
11.50%, 4/15/17		265	202,063
12.00%, 4/15/17		225	168,750
7.88%, 2/15/19 (a)		3,020	2,597,200
Shea Homes LP, 8.63%, 5/15/19 (a)		1,165	1,065,975
The Unique Pub Finance Co.
Plc:
Series A3, 6.54%, 3/30/21	GBP	1,700	1,840,320
Series A4, 5.66%, 6/30/27		509	487,128
Series M, 7.40%, 3/28/24		2,750	1,898,370
			8,259,806
Road &
Rail — 1.4%
Asciano Finance Ltd., 3.13%, 9/23/15 (a)(d)	USD	3,400	3,307,177
Avis Budget Car Rental LLC, 8.25%, 1/15/19		205	197,313
Florida East Coast Railway Corp., 8.13%, 2/01/17 (a)		530	528,012
The Hertz Corp. (a):
7.50%, 10/15/18		635	636,587
6.75%, 4/15/19		1,030	999,100
7.38%, 1/15/21		2,585	2,559,150
			8,227,339
Semiconductors
& Semiconductor Equipment — 0.5%
National Semiconductor Corp., 6.15%, 6/15/12 (d)		3,000	3,086,721
Tobacco — 0.5%
Reynolds American, Inc., 7.63%, 6/01/16 (d)		2,500	2,975,962
Transportation
Infrastructure — 0.1%
Aguila 3 SA, 7.88%, 1/31/18 (a)		498	473,100
Wireless Telecommunication Services — 2.3%
Cricket Communications, Inc., 7.75%, 5/15/16 (d)		2,250	2,244,375
Crown Castle Towers LLC, 4.52%, 1/15/35 (a)(d)		3,000	3,135,186
Digicel Group Ltd. (a):
8.88%, 1/15/15		720	709,200
9.13%, 1/15/15 (g)		2,267	2,232,995
8.25%, 9/01/17		1,335	1,314,975
Sprint Capital Corp.:
8.38%, 3/15/12 (d)		925	941,187
6.88%, 11/15/28		640	446,400

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 5

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Corporate Bonds	Par (000)		Value
Wireless
Telecommunication Services (concluded)
Sprint Nextel Corp., 9.00%, 11/15/18 (a)	USD	2,680	$ 2,700,100
			13,724,418
Total
Corporate Bonds – 54.9%			332,346,686

Floating Rate Loan Interests (b)
Aerospace
& Defense — 0.2%
TransDigm, Inc., Term Loan (First Lien), 4.00%, 2/14/17		1,489	1,473,327
Airlines — 0.2%
Delta Air Lines, Inc., Credit New Term Loan B, 5.50%, 4/20/17		1,397	1,328,770
Auto Components — 1.1%
Allison Transmission, Inc., Term Loan, 2.75%, 8/07/14		4,693	4,521,743
Autoparts Holdings, Ltd.:
First
Lien Term Loan, 6.50%, 7/28/17		1,000	999,070
Second
Lien Term Loan, 10.50%, 1/29/18		1,500	1,440,000
			6,960,813
Beverages — 0.0%
Le-Nature’s, Inc, Tranche B Term Loan, 3/01/11 (i)		1,000	100
Building Products — 1.5%
CPG International I, Inc., Term Loan B, 6.00%, 2/18/17		993	927,987
Goodman Global, Inc.:
Initial
Term Loan (First Lien), 5.75%, 10/28/16		4,421	4,406,912
Term
Loan (Second Lien), 9.00%, 10/30/17		1,473	1,472,109
Momentive Performance Materials (Blitz 06-103 GmbH), Tranche B-2B Term Loan, 4.70%, 5/05/15	EUR	1,520	1,891,576
United Subcontractors, Inc., Term Loan (First Lien), 4.37%, 6/30/15	USD	145	123,157
			8,821,741
Capital Markets — 0.8%
HarbourVest Partners, Term Loan (First Lien), 6.25%, 12/16/16		2,426	2,413,830
Marsico Parent Co. LLC, Term Loan, 5.25% – 5.44%, 12/14/14		367	138,905
Nuveen Investments, Inc. (First Lien):
Extended
Term Loan, 3.37%, 5/12/17		1,137	1,076,281
Extended
Term Loan, 3.42%, 5/13/17		790	773,213

Floating Rate Loan Interests (b)	Par (000)		Value
Capital
Markets (concluded)
Nuveen Investments, Inc. (First Lien) (concluded):
Non-Extended Term Loan, 5.87% – 6.00%, 11/13/14	USD	198	$ 186,472
			4,588,701
Chemicals — 1.9%
Chemtura Corp., Exit Term Loan B, 5.50%, 8/27/16		1,100	1,098,625
Gentek, Inc., Term Loan B, 5.00% – 5.75%, 10/06/15		1,074	1,059,670
MDI Holdings, LLC, Tranche C Term Loan, 3.38%, 4/11/14	EUR	460	595,206
Nexeo Solutions LLC, Term Loan B, 5.00%, 9/08/17	USD	1,294	1,241,760
PQ Corp., Original Term Loan (First Lien), 3.51% – 3.68%, 7/30/14		1,423	1,334,069
Styron Sarl, LLC, Term Loan B, 6.00%, 8/02/17		2,281	1,962,589
Tronox Worldwide LLC, Exit Term Loan, 7.00%, 10/15/15		2,630	2,626,022
Univar, Inc., Term Loan B, 5.00%, 6/30/17		1,724	1,661,746
			11,579,687
Commercial Services & Supplies — 1.9%
Adesa, Inc. (KAR Holdings, Inc.), Term Loan B, 5.00%, 5/19/17		1,496	1,475,382
Altegrity, Inc., Tranche D Term Loan, 7.75%, 2/20/15		3,718	3,699,429
AWAS Finance Luxembourg Sarl., Term Loan B, 5.25%, 6/10/16		1,147	1,133,796
Delos Aircraft, Inc., Term Loan B2, 7.00%, 3/17/16		1,454	1,455,300
Synagro Technologies, Inc., Term Loan B, 2.25% – 2.26%, 4/02/14		1,144	964,878
Volume Services America, Inc. (Centerplate), Term Loan B, 10.50% – 10.75%, 9/16/16		2,574	2,532,173
			11,260,958
Communications Equipment — 0.4%
Avaya, Inc., Term Loan B, 3.26%, 10/24/14		1,211	1,124,687
CommScope, Inc., Term Loan B, 5.00%, 1/14/18		1,244	1,237,531
			2,362,218
Construction & Engineering — 0.6%
Safway Services, LLC, First Out Tranche Loan, 9.00%, 12/16/17		3,750	3,750,000
Consumer Finance — 0.3%
Springleaf Financial Funding Co., Term Loan, 5.50%, 5/10/17		2,355	2,041,502

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 6

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Floating Rate Loan Interests (b)	Par (000)		Value
Containers & Packaging — 0.1%
Sealed Air Corp., Term Loan, 4.75%, 10/03/18	USD	612	$ 616,970
Diversified Consumer Services — 1.8%
Coinmach Service Corp., Term Loan, 3.25 – 3.32%, 11/20/14		4,583	4,074,584
Laureate Education Inc., Extended Term Loan, 5.25%, 8/15/18		4,588	4,274,164
ServiceMaster Co.:
Closing
Date Term Loan, 2.75% - 2.83%, 7/24/14		2,505	2,370,306
Delayed
Draw Term Loan, 2.76%, 7/24/14		250	236,047
			10,955,101
Diversified Financial Services — 0.6%
Reynolds Group Holdings, Inc., Tranche C Term Loan, 5.25% - 6.50%, 8/09/18		3,500	3,437,000
Diversified Telecommunication Services — 1.5%
Hawaiian Telcom Communications, Inc., Term Loan, 9.00%, 11/01/15		2,167	2,178,835
Level 3 Financing, Inc.:
Incremental
Tranche A Term Loan, 2.65%, 3/13/14		1,150	1,079,563
Term
Loan B2, 5.75%, 9/03/18		3,000	2,902,500
Term
Loan B3, 5.75%, 8/31/18		2,800	2,709,000
US Telepacific Corp., New Term Loan B, 5.75%, 2/23/17		500	472,375
			9,342,273
Electric Utilities — 0.1%
TPF Generation Holdings LLC:
Synthetic
Letter of Credit Deposit (First Lien), 2.37%, 12/13/13		151	143,392
Synthetic
Revolving Deposit, 2.37%, 12/15/11		47	44,951
Term
Loan (First Lien), 2.37%, 12/13/13		257	244,368
			432,711
Electronic Equipment, Instruments & Components —
0.8%
CDW LLC, Non-Extended Term Loan, 3.75%, 10/10/14		3,012	2,892,376
Sensata Technologies Finance Company, LLC, Term Loan, 4.00%, 5/11/18		1,696	1,671,721
			4,564,097
Energy Equipment & Services — 1.7%
CCS Corp., Tranche B Term Loan, 3.37%, 11/14/14		1,644	1,499,180
Floating Rate Loan Interests (b)	Par (000)		Value
Energy Equipment & Services (concluded)
Dynegy Holdings, Inc.:
Coal
Co. Term Loan, 9.25%, 8/04/16	USD	2,332	$ 2,327,826
Gas
Co. Term Loan, 9.25%, 8/04/16		4,268	4,298,815
MEG Energy Corp., Tranche B Term Loan, 4.00%, 3/16/18		2,000	1,977,860
			10,103,681
Food & Staples Retailing — 0.1%
US Foodservice, Inc., Term Loan B, 2.75 – 2.76%, 7/03/14		694	630,352
Food Products — 1.4%
Advance Pierre Foods, Term Loan (Second Lien):
7.00%, 9/30/16		4,059	4,033,631
11.25%, 9/29/17		1,300	1,292,954
Del Monte Corp., Term Loan B, 4.50%, 3/08/18		1,994	1,883,858
Pinnacle Foods Finance LLC, Tranche D Term Loan, 6.00%, 4/02/14		1,198	1,198,136
Solvest, Ltd. (Dole):
Tranche
B-1 Term Loan, 5.00% – 6.00%, 7/06/18		98	96,815
Tranche
C-1 Term Loan, 5.00% – 6.00%, 7/06/18		181	179,798
			8,685,192
Health Care Equipment & Supplies — 0.3%
Biomet, Inc., Term Loan B, 3.26 – 3.36%, 3/25/15		369	355,506
Iasis Healthcare LLC, Term Loan, 5.00%, 5/03/18		1,087	1,044,559
Immucor, Inc., Term Loan B, 7.25%, 8/17/18		300	301,050
			1,701,115
Health Care Providers & Services — 3.2%
Ardent Health Services, Term Loan (First Lien), 6.50%, 9/15/15		1	1,282
CHS/Community Health Systems, Inc.:
Delayed
Draw Term Loan, 2.51%, 7/25/14		116	111,591
Non-Extended
Term Loan, 2.51% – 2.77%, 7/25/14		2,253	2,172,102
ConvaTec, Inc., Dollar Term Loan, 5.75%, 12/22/16		1,290	1,263,155
DaVita, Inc., Tranche B Term Loan, 4.50%, 10/20/16		1,985	1,975,075
Emergency Medical Services, Term Loan, 5.25% – 6.00%, 5/25/18		1,244	1,204,883
Harden Healthcare, Inc.:
Tranche
A Additional Term Loan, 7.75%, 3/02/15		3,548	3,476,676
Tranche
A Term Loan, 8.50%, 3/02/15		589	576,812

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 7

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

| Floating
Rate Loan Interests (b) | Par (000) | | Value |
| --- | --- | --- | --- |
| Health Care Providers & Services (concluded) | | | |
| HCA, Inc., Tranche B-1 Term Loan, 3.62%, 5/01/18 | USD | 340 | $ 321,348 |
| Health Management Associates, New Term Loan B, 3.36%, 11/16/18 | | 1,030 | 1,025,282 |
| inVentiv Health, Inc.: | | | |
| Incremental
Term Loan B3, 6.75%, 5/15/18 | | 998 | 975,056 |
| Term
Loan B, 6.50%, 8/04/16 | | 2,210 | 2,158,520 |
| Medpace, Inc., Term Loan, 6.50% – 7.25%, 6/16/17 | | 2,843 | 2,714,946 |
| Renal Advantage Holdings, Inc., Tranche B Term Loan, 5.75%, 12/16/16 | | 1,390 | 1,386,026 |
| | | | 19,362,754 |
| Health Care Technology — 0.5% | | | |
| IMS Health, Inc., Tranche B Dollar Term Loan, 4.50%, 8/25/17 | | 1,835 | 1,829,255 |
| Kinetic Concepts, Inc., Term Loan B, 7.00%, 5/04/18 | | 620 | 622,908 |
| MedAssets, Inc., Term Loan B, 5.25%, 11/16/16 | | 819 | 809,835 |
| | | | 3,261,998 |
| Hotels, Restaurants & Leisure — 2.2% | | | |
| Caesars Entertainment Operating Co., Inc.: | | | |
| Incremental
Term Loan B4, 9.50%, 10/31/16 | | 1,240 | 1,221,275 |
| Term
Loan B1, 3.42%, 1/28/15 | | 449 | 382,642 |
| Term
Loan B2, 3.26% – 3.42%, 1/28/15 | | 500 | 426,900 |
| Term
Loan B3, 3.32% – 3.42%, 1/28/15 | | 6,439 | 5,493,103 |
| Dunkin’ Brands, Inc., New Term Loan B, 4.00%, 11/23/17 | | 1,634 | 1,607,311 |
| OSI Restaurant Partners LLC, Pre- Funded RC Loan, 0.16% - 2.75%, 6/14/13 | | 32 | 30,509 |
| SeaWorld Parks & Entertainment, Inc., Term Loan B, 4.00%, 8/17/17 | | 358 | 355,829 |
| Six Flags Theme Parks, Inc., Tranche B Term Loan (First Lien), 5.25% – 6.00%, 6/30/16 | | 1,958 | 1,947,169 |
| Travelport LLC: | | | |
| Extended
Term Loan Tranche A, 6.00%, 9/28/12 | | 419 | 209,071 |
| Extended
Term Loan Tranche B, 13.87%, 12/01/16 | | 1,270 | 232,857 |
| Floating
Rate Loan Interests (b) | Par (000) | | Value |
| Hotels, Restaurants & Leisure (concluded) | | | |
| Twin River Worldwide Holdings, Inc., Term Loan, 8.50%, 11/05/15 | USD | 1,310 | $ 1,293,479 |
| | | | 13,200,145 |
| Household Durables — 0.0% | | | |
| Berkline/Benchcraft LLC, Term Loan, 14.00%, 11/03/13 (c)(e) | | 150 | 7,483 |
| Independent Power Producers & Energy Traders —
0.5% | | | |
| The AES Corp., US Term Loan, 4.75%, 6/01/18 | | 1,493 | 1,475,709 |
| Texas Competitive Electric Holdings Co., LLC (TXU), Extended Term Loan, 4.75%, 10/10/17 | | 2,843 | 1,850,871 |
| | | | 3,326,580 |
| Industrial Conglomerates — 0.3% | | | |
| Sequa Corp.: | | | |
| Incremental
Term Loan, 7.00%, 12/03/14 | | 340 | 339,150 |
| Term
Loan, 3.63% - 3.70%, 12/03/14 | | 1,824 | 1,757,730 |
| | | | 2,096,880 |
| Internet Software & Services — 0.1% | | | |
| Web.com Group, Inc., Term Loan B, 7.00%, 10/27/17 | | 1,000 | 882,500 |
| IT Services — 2.0% | | | |
| Ceridian Corp., US Term Loan, 3.26% – 3.38%, 11/10/14 | | 1,366 | 1,211,428 |
| First Data Corp.: | | | |
| Extended
Term Loan B, 4.26%, 3/23/18 | | 4,689 | 3,914,734 |
| Initial
Tranche B-1 Term Loan, 3.01%, 9/24/14 | | 860 | 761,139 |
| Initial
Tranche B-3 Term Loan, 3.01%, 9/24/14 | | 109 | 96,107 |
| infoGROUP, Inc., Term Loan, 5.75%, 5/22/18 | | 1,061 | 1,015,817 |
| NeuStar, Inc., Term Loan B, 5.00%, 11/08/18 | | 2,055 | 2,053,253 |
| TransUnion LLC, Replacement Term Loan, 4.75%, 2/12/18 | | 3,255 | 3,239,119 |
| | | | 12,291,597 |
| Machinery — 0.6% | | | |
| Terex Corp.: | | | |
| Term Loan, 6.03%, 4/28/17 | EUR | 310 | 408,216 |
| Term Loan B, 5.50%, 4/28/17 | USD | 1,000 | 997,500 |
| Tomkins Plc, Term Loan B, 4.25%, 9/21/16 | | 2,163 | 2,145,037 |
| | | | 3,550,753 |
| Media — 6.3% | | | |
| Affinion Group, Inc., Tranche B Term Loan, 5.00%, 10/10/16 | | 1,478 | 1,347,128 |

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 8

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

| Floating
Rate Loan Interests (b) | Par (000) | | Value |
| --- | --- | --- | --- |
| Media (concluded) | | | |
| AMC Networks, Inc., Term Loan B, 4.00%, 12/31/18 | USD | 2,195 | $ 2,176,220 |
| Capsugel Healthcare Ltd., Term Loan, 5.25%, 8/01/18 | | 1,400 | 1,398,684 |
| Cengage Learning Acquisitions, Inc. (Thomson Learning), Tranche 1 Incremental Term Loan, 7.50%, 7/03/14 | | 2,041 | 1,881,570 |
| Charter Communications Operating, LLC: | | | |
| Term Loan B, 7.25%, 3/06/14 | | 64 | 63,479 |
| Term Loan C, 3.62%, 9/06/16 | | 3,051 | 2,993,919 |
| Clear Channel Communications, Inc., Term Loan B, 3.91%, 1/28/16 | | 2,385 | 1,774,583 |
| Cumulus Media, Inc., Term Loan, 5.75%, 9/17/18 | | 1,500 | 1,459,380 |
| HMH Publishing Co., Ltd., Tranche A Term Loan, 6.44%, 6/12/14 | | 3,200 | 2,200,204 |
| Hubbard Broadcasting, Term Loan B (Second Lien), 5.25%, 4/28/17 | | 898 | 882,039 |
| Intelsat Jackson Holdings SA, Tranche B Term Loan, 5.25%, 4/02/18 | | 5,473 | 5,399,552 |
| Interactive Data Corp., New Term Loan B, 4.50%, 2/12/18 | | 2,388 | 2,340,240 |
| Lavena Holding 4 GmbH (Prosiebensat.1 Media AG): | | | |
| Facility B1, 4.20%, 3/06/15 | EUR | 304 | 312,648 |
| Facility C1, 4.45%, 3/04/16 | | 304 | 314,689 |
| Second Lien Term Loan, 5.58%, 9/02/16 | | 904 | 746,581 |
| Mediacom Illinois, LLC, Tranche D Term Loan, 5.50%, 3/31/17 | USD | 980 | 962,850 |
| Newsday LLC, Fixed Rate Term Loan, 10.50%, 8/01/13 | | 4,505 | 4,634,519 |
| Sunshine Acquisition Ltd., Term Facility, 5.50%, 6/01/12 | | 1,976 | 1,947,991 |
| Univision Communications, Inc., Extended First Lien Term Loan, 4.51%, 3/31/17 | | 2,290 | 2,048,995 |
| UPC Broadband Holding B.V., Term Loan U, 5.37%, 12/29/17 | EUR | 692 | 871,206 |
| UPC Financing Partnership, New Term Loan, 4.75%, 12/29/17 | USD | 805 | 785,881 |
| WC Luxco Sarl, Term Loan B3, 4.25%, 3/15/18 | | 625 | 615,265 |
| Weather Channel, Term Loan B, 4.25%, 2/13/17 | | 1,118 | 1,112,154 |
| | | | 38,269,777 |
| Metals & Mining — 0.8% | | | |
| Novelis, Inc., Term Loan, 3.75%, 3/10/17 | | 3,325 | 3,265,293 |
| Floating Rate Loan Interests (b) | Par (000) | | Value |
| Metals & Mining (concluded) | | | |
| Walter Energy, Inc., Term Loan B, 4.00%, 4/02/18 | USD | 1,712 | $ 1,679,111 |
| | | | 4,944,404 |
| Multi-Utilities — 0.1% | | | |
| FirstLight Power Resources, Inc., Term B Advance (First Lien), 2.81%, 11/01/13 | | 375 | 360,362 |
| Mach Gen, LLC, Synthetic Letter of Credit Loan (First Lien), 2.37%, 2/22/13 | | 69 | 62,087 |
| | | | 422,449 |
| Multiline Retail — 0.6% | | | |
| Hema Holding BV: | | | |
| Facility B, 3.36%, 7/06/15 | EUR | 338 | 404,443 |
| Facility C, 4.11%, 7/05/16 | | 338 | 406,716 |
| Facility D (Second Lien), 6.36%, 1/05/17 | | 2,600 | 2,853,134 |
| | | | 3,664,293 |
| Oil, Gas & Consumable Fuels — 1.0% | | | |
| Gibson Energy, Term Loan B, 5.75%, 6/15/18 | USD | 1,496 | 1,490,639 |
| Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15 | | 4,316 | 4,294,558 |
| | | | 5,785,197 |
| Paper & Forest Products — 0.3% | | | |
| NewPage Corp., Term Loan, 8.00%, 3/07/13 | | 1,450 | 1,455,438 |
| Verso Paper Finance Holdings LLC, Term Loan, 6.68% - 7.43%, 2/01/13 (g) | | 698 | 348,990 |
| | | | 1,804,428 |
| Pharmaceuticals — 0.7% | | | |
| Aptalis Pharma, Inc., Term Loan B, 5.50%, 2/10/17 | | 1,489 | 1,416,174 |
| Pharmaceutical Products Development, Term Loan B, 6.25%, 11/19/18 | | 2,465 | 1,217,574 |
| Warner Chilcott Corp.: | | | |
| Term Loan B-1, 4.25%, 3/15/18 | | 910 | 894,931 |
| Term Loan B-2, 4.25%, 3/15/18 | | 455 | 447,466 |
| | | | 3,976,145 |
| Professional Services — 0.5% | | | |
| Emdeon Business Services LLC, Term Loan B, 6.75%, 11/02/18 | | 1,000 | 1,002,850 |

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 9

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

| Floating
Rate Loan Interests (b) | Par (000) | | Value |
| --- | --- | --- | --- |
| Professional Services (concluded) | | | |
| Fifth Third Processing Solutions LLC, Term Loan B (First Lien), 4.50%, 11/03/16 | USD | 1,985 | $ 1,973,452 |
| | | | 2,976,302 |
| Real Estate Investment Trusts (REITs) —
0.7% | | | |
| istar Financial, Inc., Term Loan (Second Lien), 5.00%, 6/28/13 | | 4,399 | 4,340,030 |
| Real Estate Management & Development —
1.3% | | | |
| Pivotal Promontory LLC, Term Loan (Second Lien), 11.50%, 8/31/11 (c)(e) | | 750 | 1 |
| Realogy Corp.: | | | |
| Delayed Draw Term Loan, 3.44%, 10/10/13 | | 3,785 | 3,500,519 |
| Extended Term Loan B, 4.69%, 10/10/16 | | 4,729 | 4,184,823 |
| | | | 7,685,343 |
| Semiconductors & Semiconductor
Equipment — 0.3% | | | |
| Freescale Semiconductor, Inc., Extended Term Loan B, 4.50%, 12/01/16 | | 1,053 | 993,566 |
| NXP B.V., Incremental Term Loan, 1.00%, 12/12/17 | | 590 | 566,034 |
| | | | 1,559,600 |
| Software — 0.0% | | | |
| Bankruptcy Management Solutions, Inc., Term Loan B, 7.50%, 8/20/14 | | 719 | 158,272 |
| Specialty Retail — 1.7% | | | |
| Academy Ltd., Term Loan, 6.00%, 8/03/18 | | 1,800 | 1,767,006 |
| Burlington Coat Factory Warehouse Corp., Term Loan B, 6.25%, 2/23/17 | | 593 | 575,797 |
| General Nutrition Centers, Inc., Term Loan B, 4.25%, 3/02/18 | | 1,875 | 1,831,256 |
| Michaels Stores, Inc.: | | | |
| Term Loan B-1, 2.63% - 2.69%, 10/31/13 | | 1,870 | 1,816,477 |
| Term Loan B-2, 4.88% - 4.94%, 7/31/16 | | 1,098 | 1,067,688 |
| Petco Animal Supplies, Inc., Term Loan B, 4.50%, 11/24/17 | | 1,478 | 1,433,175 |
| Toys ‘R’ Us Delaware, Inc., Initial Loan, 6.00%, 9/01/16 | | 1,883 | 1,856,444 |
| | | | 10,347,843 |
| Trading Companies & Distributors — 0.0% | | | |
| Beacon Sales Acquisition, Inc., Term Loan B, 2.25% - 4.00%, 9/30/13 | | 121 | 116,456 |
| Wireless Telecommunication Services — 1.6% | | | |
| Digicel International Finance Ltd., US Term Loan (Non-Rollover), 2.88%, 3/30/12 | | 169 | 167,792 |
| Floating Rate Loan Interests (b) | Par (000) | | Value |
| Wireless Telecommunication Services (concluded) | | | |
| MetroPCS Wireless, Inc., Term Loan B, 4.00% - 4.07%, 3/16/18 | USD | 1,040 | $ 1,006,615 |
| Vodafone Americas Finance 2, Inc., Initial Loan, 6.88%, 8/11/15 | | 8,295 | 8,274,290 |
| | | | 9,448,697 |
| Total Floating Rate Loan Interests – 42.6% | | | 258,116,235 |
| Non-Agency
Mortgage-Backed Securities | | | |
| Collateralized Mortgage Obligations — 5.0% | | | |
| Adjustable Rate Mortgage Trust, Series 2007-1, Class 3A21, 5.67%, 3/25/37 (b) | | 2,367 | 2,048,923 |
| Citicorp Mortgage Securities, Inc., Series 2006-2, Class 1A7, 5.75%, 4/25/36 | | 1,584 | 1,569,996 |
| Countrywide Alternative Loan Trust, Series 2005-54CB, Class 3A4, 5.50%, 11/25/35 | | 7,403 | 5,296,228 |
| Countrywide Home Loan Mortgage Pass-Through Trust: | | | |
| Series 2005-17, Class 1A6, 5.50%, 9/25/35 | | 2,869 | 2,675,779 |
| Series 2006-17, Class A2, 6.00%, 12/25/36 | | 5,067 | 4,274,510 |
| Series 2007-16, Class A1, 6.50%, 10/25/37 | | 2,717 | 2,309,694 |
| Series 2007-HY5, Class 3A1, 5.87%, 9/25/37 (b) | | 3,183 | 2,326,462 |
| Credit Suisse Mortgage Capital Certificates, Series 2006-C5, Class AM, 5.34%, 12/15/39 | | 1,440 | 1,249,799 |
| GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3, 2.73%, 10/25/35 (b) | | 2,634 | 1,878,232 |
| Harborview Mortgage Loan Trust, Series 2005-8, Class 1A2A, 0.58%, 9/19/35 (b) | | 3,916 | 2,286,960 |
| Morgan Stanley Reremic Trust, Series 2010-R4, Class 4A, 0.49%, 2/26/37 (a)(b) | | 2,730 | 2,604,647 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR2, Class 2A1, 2.72%, 3/25/35 (b) | | 2,300 | 1,930,278 |
| | | | 30,451,508 |
| Commercial Mortgage-Backed Securities —
10.1% | | | |
| Banc of America Commercial Mortgage, Inc. (b): | | | |
| Series 2007-3, Class A2, 5.62%, 6/10/49 | | 1,964 | 1,982,707 |
| Series 2007-4, Class A4, 5.72%, 2/10/51 | | 2,150 | 2,294,108 |

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 10

Schedule of Investments (continued)
(Percentages
shown are based on Net Assets)

| Non-Agency
Mortgage-Backed Securities | Par (000) | | Value |
| --- | --- | --- | --- |
| Commercial Mortgage-Backed Securities
(continued) | | | |
| Centre Parcs Mortgage Finance Plc, Series 2007-1, Class A2, 3.00%, 10/10/18 (b) | GBP | 1,943 | $ 2,866,095 |
| Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A2B, 5.21%, 12/11/49 | USD | 1,334 | 1,347,756 |
| Credit Suisse Mortgage Capital Certificates (b): | | | |
| Series 2007-C2, Class A2, 5.45%, 1/15/49 | | 1,792 | 1,792,222 |
| Series 2007-C3, Class A2, 5.71%, 6/15/39 | | 3,392 | 3,421,402 |
| Series 2007-C4, Class A3, 5.79%, 9/15/39 | | 2,815 | 2,922,567 |
| Series 2007-C5, Class AAB, 5.62%, 9/15/40 | | 2,085 | 2,197,488 |
| Extended Stay America Trust, Series 2010-ESHA, Class C, 4.86%, 11/05/27 (a) | | 2,320 | 2,317,406 |
| First Union Commercial Mortgage Securities, Inc., Series 1997-C2, Class G, 7.50%, 11/18/29 (b) | | 3,310 | 3,556,006 |
| GS Mortgage Securities Corp. II, Series 2006-GG6, Class AM, 5.62%, 4/10/38 (b) | | 3,680 | 3,527,114 |
| Greenwich Capital Commercial Funding Corp.: | | | |
| Series 2006-GG7, Class AM, 5.88%, 7/10/38 (b) | | 1,610 | 1,598,101 |
| Series 2007-GG9, Class A4, 5.44%, 3/10/39 | | 2,110 | 2,227,369 |
| JPMorgan Chase Commercial Mortgage Securities Corp.: | | | |
| Series 2004-LN2, Class A2, 5.12%, 7/15/41 | | 2,315 | 2,454,481 |
| Series 2007-CB18, Class A4, 5.44%, 6/12/47 | | 2,110 | 2,232,405 |
| Series 2007-CB19, Class A4, 5.74%, 2/12/49 (b) | | 2,140 | 2,309,030 |
| LB-UBS Commercial Mortgage Trust, Series 2007-C6, Class A4, 5.86%, 7/15/40 (b) | | 3,395 | 3,634,100 |
| Morgan Stanley Capital I, Series 2007-IQ15, Class A2, 5.84%, 6/11/49 (b) | | 2,007 | 2,036,025 |
| Wachovia Bank Commercial Mortgage Trust (b): | | | |
| Series 2007-C33, Class A2, 5.85%, 2/15/51 | | 13,935 | 14,060,028 |
| Non-Agency
Mortgage-Backed Securities | Par (000) | | Value |
| Commercial Mortgage-Backed Securities
(concluded) | | | |
| Wachovia Bank Commercial Mortgage Trust (b) (concluded): | | | |
| Series 2007-C33, Class A4, 5.90%, 2/15/51 | USD | 2,030 | $ 2,152,943 |
| | | | 60,929,353 |
| Total Non-Agency Mortgage-Backed Securities
– 15.1% | | | 91,380,861 |
| Other Interests (j) | Beneficial Interest (000) | | |
| Auto Components — 0.0% | | | |
| Lear Corp. Escrow | | 1,000 | 10,000 |
| Diversified Financial Services — 0.2% | | | |
| BLW JGW SPV, LLC (J.G. Wentworth LLC Preferred Equity Interests) (c)(k) | | 1 | 1,450,307 |
| Health Care Providers & Services — 0.0% | | | |
| Critical Care Systems International, Inc. | | 8 | 763 |
| Household Durables — 0.0% | | | |
| Berkline Benchcraft Equity LLC | | 3 | — |
| Total Other Interests – 0.2% | | | 1,461,070 |
| Preferred Securities | | | |
| Preferred Stocks | Shares | | |
| Auto Components — 0.1% | | | |
| Dana Holding Corp. (a)(c)(i) | | 6,000 | 665,250 |
| Total Preferred Stocks – 0.1% | | | 665,250 |
| Trust Preferreds | | | |
| Diversified Financial Services — 0.2% | | | |
| GMAC Capital Trust I, Series 2, 8.13%, 2/15/40 | | 69,470 | 1,319,930 |
| Total Trust Preferreds – 0.2% | | | 1,319,930 |
| Total Preferred Securities – 0.3% | | | 1,985,180 |

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 11

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Taxable Municipal Bonds	Par (000)		Value
State of California, GO:
5.25%, 4/01/14	USD	1,075	$ 1,148,971
5.10%, 8/01/14		2,225	2,336,138
Various
Purpose 3, Mandatory Put Bonds, 5.65%, 4/01/39 (b)		455	480,248
State of Illinois, GO,
3.32%, 1/01/13		5,075	5,157,621
Total Taxable Municipal Bonds – 1.5%			9,122,978
US Government Sponsored Agency Securities
Interest Only Collateralized Mortgage Obligations — 0.4%
Fannie Mae Mortgage-Backed Securities, Series 2010-126, Class UI, 5.50%, 10/25/40		13,872	2,435,090
Mortgage-Backed Securities — 11.0%
Fannie Mae Mortgage-Backed Securities (d):
3.50%, 8/01/26 - 9/01/26		27,468	28,568,229
5.00%, 7/01/20 - 8/01/23		16,155	17,442,811
Freddie Mac Mortgage-Backed Securities, 4.50%, 4/01/25 (d)		19,452	20,893,171
			66,904,211
Total US
Government Sponsored Agency Securities – 11.4%			69,339,301
US Treasury Obligations
US Treasury Notes:
0.38%, 7/31/13		145	145,334
1.50%, 7/31/16 (d)		1,505	1,548,621
1.00%, 8/31/16		470	472,497
Total US Treasury Obligations – 0.4%			2,166,452
Warrants
(l)	Shares
Media —
0.1%
Cumulus Media, Inc. (Expires 3/26/19)		114,267	330,004
Software — 0.0%
Bankruptcy Management Solutions, Inc. (Expires 9/29/17)		435	5
Warrants
(l)	Shares		Value
Software (concluded)
HMH Holdings/EduMedia (Expires 3/09/17)		209,988	$ 2
			7
Total Warrants – 0.1%			330,011
Total
Long-Term Investments (Cost – $844,644,234) – 134.6%			815,087,916
Short-Term
Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.13% (m)(n)		346,143	346,143
Total
Short-Term Securities (Cost – $346,143) – 0.1%			346,143
Options
Purchased	Contracts
Over-the-Counter Call Options — 0.0%
Marsico Parent Superholdco LLC, Strike Price USD 942.86, Expires 12/21/19, Broker Goldman Sachs Bank USA		46	—
Total
Options Purchased (Cost – $44,978) – 0.0%		46	—
Total
Investments Before Outstanding Options Written (Cost – $845,044,020*) – 134.7%			815,434,059
Options
Written		Notional Amount (000)
Over-the-Counter Put Swaptions — 0.0%
Sold credit default protection on Dow Jones CDX North America Investment Grade Series 16, Strike Price USD 120.00, Expires 12/21/11, Broker Morgan Stanley Capital Services, Inc.	USD	7,700	(37,883	)
Total
Options Written (Premiums Received – $30,030) – 0.0%			(37,883	)
Total
Investments, Net of Outstanding Options Written — 134.7%			815,396,176
Liabilities in Excess of Other Assets – (34.7)%			(210,196,925	)
Net Assets – 100.0%			$ 605,199,251

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 12

Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)

• The cost and unrealized appreciation (depreciation) of investments as of November 30, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized
appreciation	$ 15,892,933
Gross unrealized
depreciation	(43,038,064	)
Net unrealized depreciation	$ (27,145,131	)

| (a) | Security exempt from
registration pursuant to Rule 144A under the Securities Act of 1933. These
securities may be resold in transactions exempt from registration to
qualified institutional investors. |
| --- | --- |
| (b) | Variable rate security.
Rate shown is as of report date. |
| (c) | Non-income producing
security. |
| (d) | All or a portion of
security has been pledged as collateral in connection with open reverse
repurchase agreements. |
| (e) | Issuer filed for bankruptcy
and/or is in default of interest payments. |
| (f) | Represents a step-down bond
that pays an initial coupon rate for the first period and then a lower coupon
rate for the following periods. Rate shown is as of report date. |
| (g) | Represents a
payment-in-kind security which may pay interest/dividends in additional
par/shares. |
| (h) | Represents a zero-coupon
bond. Rate shown reflects the current yield as of report date. |
| (i) | Convertible security. |
| (j) | Other interests represent
beneficial interests in liquidation trusts and other reorganization or
private entities. |
| (k) | Wholly owned subsidiary. |
| (l) | 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, if any. |
| (m) | Investments in companies
considered to be an affiliate of the Trust during the period, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as
follows: |

| Affiliate | Shares Held at August 31, 2011 | Net
Activity | Shares Held at November 30, 2011 | Income |
| --- | --- | --- | --- | --- |
| BlackRock Liquidity | | | | |
| Funds, TempFund, | | | | |
| Institutional Class | 5,229,778 | (4,883,635) | 346,143 | $ 1,203 |

| (n) | Represents the current
yield as of report date. |
| --- | --- |
| • | 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 rating group indexes, and/or as defined by Trust management. These
definitions may not apply for purposes of this report, which may combine such
industry sub-classifications for reporting ease. |

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 13

Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)

• Financial futures contracts purchased as of November 30, 2011 were as follows:

| Contracts — 12 | 90-Day
Eurodollar | Chicago
Mercantile Exchange | December
2011 | Notional Value — $ 2,984,025 | Unrealized Appreciation (Depreciation) — $ (108 |
| --- | --- | --- | --- | --- | --- |
| 12 | 90-Day
Eurodollar | Chicago
Mercantile Exchange | March
2012 | $ 2,982,000 | 3,117 |
| 8 | 90-Day
Eurodollar | Chicago
Mercantile Exchange | June
2012 | $ 1,987,200 | 6,878 |
| 8 | 90-Day
Eurodollar | Chicago
Mercantile Exchange | September
2012 | $ 1,986,900 | 12,978 |
| 8 | 90-Day
Eurodollar | Chicago
Mercantile Exchange | March
2013 | $ 1,986,400 | 23,678 |
| 6 | 90-Day
Eurodollar | Chicago
Mercantile Exchange | June
2013 | $ 1,489,200 | 21,283 |
| 6 | 90-Day
Eurodollar | Chicago
Mercantile Exchange | September
2013 | $ 1,488,300 | 24,059 |
| 6 | 90-Day
Eurodollar | Chicago
Mercantile Exchange | December
2013 | $ 1,486,800 | 26,233 |
| 6 | 90-Day
Eurodollar | Chicago
Mercantile Exchange | March
2014 | $ 1,484,850 | 27,584 |
| Total | | | | | $ 145,702 |

• Foreign currency exchange contracts as of November 30, 2011 were as follows:

| Currency
Purchased — GBP | 2,735,000 | USD | 4,328,516 | Citibank
NA | 1/18/12 | Unrealized Appreciation (Depreciation) — $ (39,405 | ) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| GBP | 152,000 | USD | 241,570 | Deutsche
Bank AG | 1/18/12 | (3,199 | ) |
| USD | 33,056,564 | GBP | 21,210,500 | Citibank
NA | 1/18/12 | (206,391 | ) |
| EUR | 215,000 | USD | 292,496 | Deutsche
Bank AG | 1/25/12 | (3,460 | ) |
| EUR | 505,000 | USD | 685,731 | Royal
Bank of Scotland Plc | 1/25/12 | (6,832 | ) |
| USD | 16,887,750 | EUR | 12,282,000 | Citibank
NA | 1/25/12 | 376,391 | |
| USD | 79,223 | EUR | 57,000 | Royal
Bank of Scotland Plc | 1/25/12 | 2,595 | |
| Total | | | | | | $ 119,699 | |

• Credit default swaps on single-name issues - sold protection outstanding as of November 30, 2011 were as follows:

| Issuer — Aviva USA Corp. | 1.00% | Deutsche
Bank AG | 5/25/12 | BBB+ | Notional Amount (000) 2 — $ 4,700 | Unrealized Depreciation — $ (5,528 | ) |
| --- | --- | --- | --- | --- | --- | --- | --- |

| 1 | Using Standard and Poor’s
rating. |
| --- | --- |
| 2 | The maximum potential
amount the Trust may be required to pay should a negative credit event take
place as defined under the terms of agreement. |

• Credit default swaps on traded indexes - buy protection outstanding as of November 30, 2011 were as follows:

| Index — Dow Jones CDX North America Investment Grade Index Series 16 | 1.00% | Morgan
Stanley & Co., Inc. | 6/20/16 | Notional Amount (000) — $ 7,700 | Unrealized Appreciation — $ 120,107 |
| --- | --- | --- | --- | --- | --- |

• Reverse repurchase agreements outstanding as of November 30, 2011 were as follows:

| Counterparty — Deutsche Bank NA | 0.55% | 7/18/11 | Open | Net
Closing Amount — $ 19,859,123 | Face Amount — $ 19,818,550 |
| --- | --- | --- | --- | --- | --- |
| Deutsche Bank, NA | 0.55% | 8/15/11 | Open | 10,628,935 | 10,611,750 |
| UBS Securities LLC | 0.55% | 10/04/11 | Open | 3,393,529 | 3,390,625 |
| Deutsche Bank, NA | 0.55% | 10/05/11 | Open | 3,689,028 | 3,685,875 |

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 14

Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)

• Reverse repurchase agreements outstanding as of November 30, 2011 were as follows (concluded):

| Counterparty | Interest Rate | Trade Date | Maturity Date 1 | Net
Closing Amount | Face Amount |
| --- | --- | --- | --- | --- | --- |
| Barclays Capital, Inc. | 0.40% | 10/06/11 | Open | $ 2,570,320 | $ 2,568,750 |
| Credit Suisse Securities (USA) LLC | 0.40% | 10/06/11 | Open | 3,507,004 | 3,504,862 |
| Deutsche Bank, NA | 0.35% | 10/06/11 | Open | 3,331,781 | 3,330,000 |
| Deutsche Bank, NA | 0.55% | 10/06/11 | Open | 6,267,762 | 6,262,500 |
| Barclays Capital, Inc. | 0.40% | 10/12/11 | Open | 2,952,857 | 2,951,250 |
| BNP Paribas | 0.55% | 10/12/11 | Open | 1,311,576 | 1,310,615 |
| Credit Suisse Securities (USA) LLC | 0.45% | 10/12/11 | Open | 4,282,797 | 4,280,175 |
| Credit Suisse Securities (USA) LLC | 0.55% | 10/12/11 | Open | 7,637,228 | 7,631,515 |
| Deutsche Bank, NA | 0.55% | 10/12/11 | Open | 3,155,172 | 3,152,812 |
| Credit Suisse Securities (USA) LLC | 0.55% | 10/13/11 | Open | 2,603,712 | 2,601,844 |
| UBS Securities LLC | 0.35% | 10/13/11 | Open | 2,617,121 | 2,615,900 |
| Credit Suisse Securities (USA) LLC | 0.55% | 10/14/11 | Open | 313,657 | 313,432 |
| Deutsche Bank, NA | 0.58% | 10/14/11 | Open | 4,534,321 | 4,530,890 |
| Barclays Capital, Inc. | 0.40% | 10/25/11 | Open | 3,150,510 | 3,149,250 |
| Credit Suisse Securities (USA) LLC | 0.55% | 10/25/11 | Open | 9,597,483 | 9,592,207 |
| Deutsche Bank, NA | 0.38% | 10/25/11 | Open | 3,012,394 | 3,011,250 |
| Barclays Capital, Inc. | 0.40% | 10/26/11 | Open | 24,508,433 | 24,498,906 |
| Credit Suisse Securities (USA) LLC | 0.55% | 10/27/11 | Open | 1,002,921 | 1,002,400 |
| UBS Securities LLC | 0.54% | 11/08/11 | Open | 1,846,564 | 1,845,983 |
| Deutsche Bank, NA | (5.50%) | 11/14/11 | Open | 2,233,776 | 2,239,250 |
| Credit Suisse Securities (USA) LLC | 0.23% | 11/16/11 | 12/15/11 | 65,098,207 | 65,104,861 |
| Credit Suisse Securities (USA) LLC | 0.40% | 11/16/11 | Open | 2,360,180 | 2,359,000 |
| Credit Suisse Securities (USA) LLC | 0.50% | 11/16/11 | Open | 3,778,873 | 3,778,138 |
| Credit Suisse Securities (USA) LLC | 0.55% | 11/16/11 | Open | 9,933,961 | 9,931,837 |
| Deutsche Bank, NA | 0.14% | 11/23/11 | Open | 475,297 | 475,288 |
| Deutsche Bank, NA | 0.14% | 11/28/11 | Open | 1,435,186 | 1,435,175 |
| Barclays Capital, Inc. | 0.40% | 11/30/11 | Open | 2,339,750 | 2,339,750 |
| UBS Securities LLC | 0.40% | 11/30/11 | Open | 2,897,750 | 2,897,750 |
| Total | | | | $ 216,333,396 | $ 216,210,330 |

1 Certain agreements have no stated maturity and can be terminated by either party at any time.

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 15

Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)

•
•	Level 1 —
unadjusted price quotations in active markets/exchanges for identical assets
and liabilities
•	Level 2 —
other observable inputs (including, but not limited to: quoted prices for
similar assets or liabilities in markets that are active, quoted prices for
identical or 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
circumstances, to the extent observable inputs are not available (including
the Trust’s own assumptions used in determining the fair value of investments
and derivative financial instruments)
Changes in
valuation techniques may result in transfers in or out of an assigned level
within the disclosure hierarchy. The categorization of a value determined for
investments and derivative financial instruments is based on the pricing
transparency of the investment and derivative financial instrument and does
not necessarily correspond to the Trust’s perceived risk of investing in
those securities. For information about the Trust’s policy regarding
valuation of investments and derivative financial instruments and other
significant accounting policies, please refer to the Trust’s most recent
financial statements as contained in its annual report.
The
following tables summarize the inputs used as of November 30, 2011 in
determining the fair valuation of the Trust’s investments and derivative
financial instruments:

| Valuation
Inputs | Level 1 | Level 2 | Level 3 | Total |
| --- | --- | --- | --- | --- |
| Assets: | | | | |
| Investments: | | | | |
| Long Term Investments: | | | | |
| Asset-Backed Securities | — | $ 26,572,850 | $ 10,900,909 | $ 37,473,759 |
| Common Stocks | — | 500,520 | 10,864,863 | 11,365,383 |
| Corporate Bonds | — | 332,344,922 | 1,764 | 332,346,686 |
| Floating Rate Loan Interests | — | 224,593,576 | 33,522,659 | 258,116,235 |
| Non-Agency Mortgage- Backed Securities | — | 88,776,214 | 2,604,647 | 91,380,861 |
| Other Interests | — | — | 1,461,070 | 1,461,070 |
| Preferred Securities | $ 1,319,930 | 665,250 | — | 1,985,180 |
| Taxable Municipal Bonds | — | 9,122,978 | — | 9,122,978 |
| US Government Sponsored Agency Securities | — | 69,339,301 | — | 69,339,301 |
| US Treasury Obligations | — | 2,166,452 | — | 2,166,452 |
| Warrants | — | 330,004 | 7 | 330,011 |
| Short-Term Securities | 346,143 | — | — | 346,143 |
| Total | $ 1,666,073 | $ 754,412,067 | $ 59,355,919 | $ 815,434,059 |

| Valuation
Inputs | Level 1 | | | Level 3 | | Total | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Derivative
Financial Instruments 1 | | | | | | | |
| Assets: | | | | | | | |
| Foreign currency exchange contracts | — | $ 378,986 | | — | | $ 378,986 | |
| Interest rate contracts | $ 145,810 | — | | — | | 145,810 | |
| Credit contracts | — | 120,107 | | — | | 120,107 | |
| Liabilities: | | | | | | | |
| Foreign currency exchange contracts | — | (259,287 | ) | — | | (259,287 | ) |
| Interest rate contracts | (108 | ) | | — | | (108 | ) |
| Credit contracts | — | (37,883 | ) | $ (5,528 | ) | (43,411 | ) |
| Total | $ 145,702 | $ 201,923 | | $ (5,528 | ) | $ 342,097 | |

1 Derivative financial instruments are swaps, financial futures contracts, foreign currency exchange contracts and options. Swaps, financial futures contracts and foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options are shown at value.

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 16

Schedule of Investments (concluded) BlackRock Limited Duration Income Trust (BLW)

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Asset- Backed Securities											Warrants
Assets:
Balance, as of August 31, 2011	$ 11,549,300	$	3,358,522	$	186,065	$	38,869,232	$	2,829,283	$	1,441,471	$ 292,017	$	384,565	$	58,910,455
Accrued discounts/premiums	(65,812	)	—		704		84,412		1,884		—	—		—		21,188
Net realized gain (loss)	30		—		66,012		28,571		16,990		—	—		452,430		564,033
Net change in unrealized appreciation/depreciation 2	(89,224	)	5,182,235		(57,017	)	(851,617	)	(26,579	)	9,766	—		(384,565	)	3,782,999
Purchases	—		2,373,031		—		990,998		—		9,833	—		—		3,373,862
Sales	(493,385	)	—		(194,000	)	(1,197,381	)	(216,931	)	—	—		(452,430	)	(2,554,127	)
Transfers in 3	—		—		—		8,380,313		—		—	—		—		8,380,313
Transfers out 3	—		(48,925	)	—		(12,781,869	)	—		—	(292,010	)	—		(13,122,804	)
Balance, as of November 30, 2011	$ 10,900,909	$	10,864,863	$	1,764	$	33,522,659	$	2,604,647	$	1,461,070	$ 7		—	$	59,355,919

| | The change
in the unrealized appreciation/depreciation on the securities still held on
November 30, 2011 was $4,224,581. |
| --- | --- |
| 3 | The Trust’s
policy is to recognize transfers in and transfers out as of the beginning of
the period of the event or the change in circumstances that caused the
transfer. |
| The
following table is a reconciliation of Level 3 derivative financial
instruments for which significant unobservable inputs were used to determine
fair value: | |

	Credit Contracts
Liabilities:
Balance, as
of August 31, 2011	$ (3,846	)
Accrued
discounts/premiums	7,543
Net realized
gain (loss)	—
Net change in unrealized appreciation/depreciation 4	(1,682	)
Purchases	—
Issuances 5	—
Sales	—
Settlements 6	(7,543	)
Transfers in 7	—
Transfers
out 7	—
Balance, as of November 30, 2011	$ (5,528	)

| 4 | The change
in unrealized appreciation/depreciation
on derivative financial instruments still held on November 30, 2011 was
$(1,682). |
| --- | --- |
| 5 | Issuances
represent upfront cash received on certain derivative financial instruments. |
| 6 | Settlements
represent periodic contractual cash flows and/or cash flows to terminate
certain derivative financial instruments. |
| 7 | The Trust’s
policy is to recognize transfers in and transfers out as of the beginning of
the period of the event or the change in circumstances that caused the
transfer. |
| A
reconciliation of Level 3 investments and derivative financial instruments is
presented when the Trust had a significant amount of Level 3 investments and
derivative financial instruments at the beginning and/or end of the period in
relation to net assets. | |

BLACKROCK LIMITED DURATION INCOME TRUST NOVEMBER 30, 2011 17

end

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/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Limited Duration Income Trust
	Date: January 23, 2012
	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/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Limited Duration Income Trust
	Date: January 23, 2012
	By:	/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Limited Duration Income Trust
	Date: January 23, 2012