UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:      811-21349                    

          BlackRock Limited Duration Income Trust          
(Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE  19809 
(Address of principal executive offices)  (Zip code) 

Robert S. Kapito, President

BlackRock Limited Duration Income Trust

                                                  40 East 52nd Street, New York, NY 10022                                             
(Name and address of agent for service)

Registrant's telephone number, including area code:      888-825-2257                    

Date of fiscal year end:      October 31, 2005                         

Date of reporting period:      July 31, 2005                         

Item 1. Schedule of Investments.

The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

 

PORTFOLIO OF INVESTMENTS

July 31, 2005

BlackRock Limited Duration Income Trust (BLW)

         
  Principal      
  Amount      
Rating1 (000)   Description Value
    LONG-TERM INVESTMENTS—144.9%
      Mortgage Pass-Through Securities—21.9%
      Federal National Mortgage Assoc.,
  $121,700       5.00%, 6/01/20 - 12/01/99 $  121,966,281
  17,000 2     7.25%, 1/15/10 18,944,460
  4,707 2     4.62%, 1/01/34, TBA 4,777,419
  12,210 2     5.50%, 12/01/28 - 11/01/33, TBA 12,279,593
      Total Mortgage Pass-Through Securities 157,967,753
      Interest Only Asset-Backed Securities—1.3%
      Sterling Coofs Trust,
  63,753 3     Ser. 1, 2.546%, 4/15/29 5,339,303
  54,298 3     Ser. 2, 2.02%, 3/30/30 4,208,074
      Total Interest Only Asset-Backed Securities 9,547,377
      Interest Only Mortgage-Backed Securities—0.4%
  15,660   Federal National Mortgage Assoc., Ser. 64, Class QI, 5.50%, 1/25/33 2,803,162
      Asset-Backed Securities—3.2%
AAA 2,080   Citibank Credit Card Issuance Trust, 2003 A5 Class A5 Note, 2.50%, 4/07/08 2,058,805
AAA 6,066 2 DaimlerChrysler Auto Trust, Ser. B, Class A3, 2.25%, 2/01/05 6,029,735
AAA 6,802 2 Honda Auto Receivables, Class A3, 2.30%, 10/18/07 6,733,818
AAA 7,910 2 MBNA Credit Card Master Note Trust, 2001 1 Note Class A, 5.75%, 10/15/08 8,012,751
      Total Asset-Backed Securities 22,835,109
      Collateralized Mortgage Obligation Securities—2.2%
      GSR Mortgage Loan Trust,
AAA 8,118 2     Ser. 10, Class 2A1, 4.48%, 10/25/33 7,797,513
AAA 7,937       Ser. 13, Class 1A1, 4.50%, 10/25/33 7,704,274
      Total Collateralized Mortgage Obligation Securities 15,501,787
      Corporate Bonds—62.8%
      Aerospace & Defense—2.6%
  1,560 3 AAR Corp., Ser. A2, 8.39%, 5/15/11 1,591,200
  2,020 3 Aero Invest 1 S.A., 10.635%, 9/01/05 2,453,794
B- 1,020   BE Aerospace, Inc., 8.875%, 5/01/11 1,060,800
  4,750   Raytheon Co., 7.00%, 5/15/06 4,965,251
BB- 5,350 2 Sequa Corp., Ser. B, 8.875%, 4/01/08 5,778,000
B- 2,755 2 Transdigm, Inc., 8.375%, 7/15/11 2,934,075
        18,783,120
      Automotive—3.2%
B- 1,140   Accuride Corp., 8.50%, 2/01/15 1,185,600
BB 345   ArvinMeritor, Inc., 8.75%, 3/01/12 371,738
B 270   Cooper-Standard Automotive, Inc., 7.00%, 12/15/12 259,200
A3 7,500 2 DaimlerChrysler NA Holding Corp., 4.05%, 6/04/08 7,351,425
Ca 375   Delphi Corp., 6.50%, 5/01/09 337,500
Ba1 7,500 2 General Motors Acceptance Corp., 6.875%, 8/28/12 7,129,125
B- 470   Goodyear Tire & Rubber Co., 7.857%, 8/15/11 470,588
CCC+ 1,105 3 Metaldyne Corp., 10.00%, 11/01/13 1,002,787
BB- 530 3 Navistar Intl. Corp., 6.25%, 3/01/12 519,400
BB- 3,729   TRW Automotive, Inc., 9.375%, 2/15/13 4,176,480
        22,803,843
      Basic Materials—6.0%
BB- 930   Abitibi-Consolidated, Inc., 8.375%, 4/01/15 (Canada) 969,525
B- 4,250   Caraustar Industries, Inc., 9.875%, 4/01/11 4,345,625
BB- 740   Donohue Forest Products, 7.625%, 5/15/07 (Canada) 756,650
Ba3 2,500   Huntsman Advanced Materials LLC, 11.00%, 7/15/10 2,837,500
      Huntsman LLC,
B 310       11.50%, 7/15/12 362,700
BB- 1,950       11.625%, 10/15/10 2,291,250

1

BlackRock Limited Duration Income Trust (BLW) (continued)

         
  Principal      
  Amount      
Rating1 (000)   Description Value
    Basic Materials—(continued)
BB $     300   IMC Global, Inc., Ser. B, 10.875%, 6/01/08 $        341,250
CCC+ 1,340 3 Innophos, Inc., 8.875%, 8/15/14 1,376,850
BB+ 5,000   Ipsco, Inc., 8.75%, 6/01/13 (Canada) 5,575,000
      Lyondell Chemical Co.,
BB- 560       10.50%, 6/01/13 648,900
BB- 4,500       11.125%, 7/15/12 5,130,000
B- 340   Nalco Co., 8.875%, 11/15/13 370,175
      NewPage Corp.,
B3 1,500 3     9.46%, 8/01/05 1,496,250
B3 500 3     10.00%, 5/01/12 503,750
B- 710 3 PQ Corp., 7.50%, 2/15/13 706,450
BB- 600 3 Quicksilver, Inc., 6.875%, 4/15/15 603,000
CCC+ 1,905   Rhodia SA, 8.875%, 6/01/11 (France) 1,857,375
      Rockwood Specialties Group, Inc.,
B- 450 3     7.50%, 11/15/14 451,125
B- 5,000       10.625%, 5/15/11 5,537,500
      Southern Peru Copper Corp.,
Ba1 210 3     6.375%, 7/27/15 209,859
BBB- 700 3     7.50%, 7/27/35 693,875
B3 2,650   Trimas Corp., 9.875%, 6/15/12 2,259,125
BB 3,250   United States Steel LLC, 10.75%, 8/01/08 3,652,188
        42,975,922
      Building & Development—1.1%
B2 750 3 Compression Polymers Corp., 10.50%, 7/01/13 757,500
BB+ 3,000   DR Horton, Inc., 5.875%, 7/01/13 2,978,508
      Goodman Global Holding Co., Inc.,
B- 375 3     6.41%, 6/15/12 375,000
B- 3,170 3     7.875%, 12/15/12 3,031,312
CCC+ 915   Nortek, Inc., 8.50%, 9/01/14 884,119
        8,026,439
      Conglomerates—1.1%
BB- 75   Stena AB, 7.00%, 12/01/16, (Sweden) 71,438
BBB+ 7,500 2 Tyco Intl. Group SA, 6.125%, 11/01/08 (Luxembourg) 7,823,325
        7,894,763
      Consumer Products—4.6%
B3 400   ALH Finance LLC/ALH Finance Corp., 8.50%, 1/15/13 380,000
B3 1,610 3 Duane Reade, Inc., 7.91%, 12/15/10 1,541,575
B+ 1,630   Finlay Fine Jewelry Corp., 8.375%, 6/01/12 1,532,200
B 2,140   Gold Kist, Inc., 10.25%, 3/15/14 2,428,900
B+ 5,000 3 Group 1 Automotive, Inc., 8.25%, 8/15/13 5,062,500
BB+ 4,400   JC Penney Co., Inc., 8.00%, 3/01/10 4,856,500
B- 1,550   Lazydays RV Center, Inc., 11.75%, 5/15/12 1,631,375
B- 2,075   Levi Strauss & Co., 8.254%, 4/01/12 2,080,187
B2 4,605 3 Movie Gallery, Inc., 11.00%, 5/01/12 4,766,175
      Rite Aid Corp.,
B- 375 3     6.125%, 6/15/05 356,250
B+ 5,000       8.125%, 5/01/10 5,156,250
B 3,500   Sonic Automotive, Inc., Ser. B, 8.625%, 8/15/13 3,605,000
        33,396,912
      Containers & Packaging—1.3%
      Graham Packaging Co., Inc.,
CCC+ 785 3     8.50%, 10/15/12 814,437
CCC+ 1,100 3     9.875%, 10/15/14 1,130,250
B- 5,000   Graphic Packaging Intl., Inc., 9.50%, 8/15/13 5,156,250
B3 1,935   Pliant Corp., 11.125%, 9/01/09 1,881,788
        8,982,725

2

BlackRock Limited Duration Income Trust (BLW) (continued)

  Principal      
  Amount      
Rating1 (000)   Description Value
    Ecological Services & Equipment—1.2%
B $ 2,000   Casella Waste Systems, Inc., 9.75%, 2/01/13 $      2,160,000
B- 5,350   National Waterworks, Inc., Ser. B, 10.50%, 12/01/12 6,259,500
        8,419,500
      Energy—7.2%
Ba3 5,500 2,3 AES Corp., 8.75%, 5/15/13 6,146,250
      ANR Pipeline Co.,
B1 460       7.375%, 2/15/24 483,575
B1 1,780       9.625%, 11/01/21 2,273,950
CCC 255   Calpine Energy Finance LLC, 8.50%, 5/01/08 (Canada) 184,875
B 700 3 Calpine Corp., 9.625%, 9/30/14 729,750
BB- 4,000   Chesapeake Energy Corp., 7.50%, 9/15/13 4,320,000
      CMS Energy Corp.,
B+ 150       7.50%, 1/15/09 158,250
B+ 460       9.875%, 10/15/07 504,850
      Coastal Corp.,
B- 400       7.42%, 2/15/37 368,000
B- 525       9.625%, 5/15/12 584,062
B- 225       10.75%, 10/01/10 248,625
BB- 750 3 Compagnie Generale de Geophysique SA, 7.50%, 5/15/15 (France) 783,750
B- 2,150 3 Dynegy Holdings, Inc., 10.125%, 7/15/13 2,445,625
B- 400   El Paso Corp., 7.80%, 8/01/31 400,000
B1 400   El Paso Natural Gas Co., 8.375%, 12/15/05 474,000
B 300   Exco Resources, Inc., 7.25%, 1/15/11 309,000
BB- 2,160 3 Gazprom, 9.625%, 3/01/13 (Germany) 2,624,400
B 5,000 3 Hilcorp Energy I LP/Hilcorp Finance Corp., 10.50%, 9/01/10 5,550,000
B- 725 3 KCS Energy, Inc., 7.125%, 4/01/12 743,125
      Midwest Generation LLC,
B+ 4,778       8.56%, 1/02/16 5,303,630
B+ 1,315       Ser. A, 8.30%, 7/02/09 1,393,900
B2 500   Mission Energy Holdings Co., 13.50%, 7/15/08 596,250
B 550 3 North American Energy Partners, Inc., 9.00%, 5/15/10 (Canada) 561,000
B- 450 3 Ocean Rig Norway AS, 8.375%, 7/01/13 (Norway) 470,250
B 580   Orion Power Holdings, Inc., 12.00%, 5/01/10 700,350
B 110   Range Resources Corp., 6.375%, 3/15/15 110,550
B+ 1,590   Reliant Energy, Inc., 6.75%, 12/15/14 1,562,175
B 5,000   Swift Energy Co., 9.375%, 5/01/12 5,450,000
Ba2 100   Transcontinental Gas Pipe Line Corp., 7.25%, 12/01/26 111,375
B2 3,440   Utilicorp Canada Finance Corp., 7.75%, 6/15/11 (Canada) 3,586,200
B2 600   Whiting Petroleum Corp., 7.25%, 5/01/13 607,500
B- 1,095 3 Williams Clayton Energy, Inc., 7.75%, 8/01/13 1,092,263
B+ 1,000   Williams Cos, Inc., 7.125%, 9/01/11 1,086,250
        51,963,780
      Entertainment & Leisure—1.2%
B 2,200   Hammons John Q. Hotels LP, Ser. B, 8.875%, 5/15/12 2,409,000
Ba3 5,425   MGM Mirage, 9.75%, 6/01/07 5,852,219
B 250   Poster Financial Group, Inc., 8.75%, 12/01/11 256,250
B+ 400   Wynn Las Vegas LLC, 6.625%, 12/01/14 389,500
        8,906,969
      Financial Institutions—6.9%
BB 1,480 3 American Real Estate Partners LP/American Real Estate Finance Corp., 7.125%, 2/15/13 1,480,000
B- 2,333   BCP Crystal US Holdings Corp., 9.625%, 6/15/14 2,647,955
BB 3,360   Crum & Forster Hldgs. Corp., 10.375%, 6/15/13 3,696,000
BB 1,000   Fairfax Financial Holdings Ltd., 7.75%, 4/26/12 (Canada) 967,500
      Ford Motor Credit Co.,
Baa3 500       7.25%, 10/25/11 493,445
Baa3 7,500 2     7.375%, 2/01/11 7,451,130
Ba1 3,000   General Motors Acceptance Corp., 4.509%, 1/16/07 2,946,660
B- 900   K&F Acquisition, Inc., 7.75%, 11/15/14 922,500
Baa2 5,000 3 Kazkommerts Intl. BV, 10.125%, 5/08/07 (Netherlands) 5,418,750

3

BlackRock Limited Duration Income Trust (BLW) (continued)

  Principal      
  Amount      
Rating1 (000)   Description Value
    Financial Institutions—(continued)
B- $     100 3 KRATON Polymers LLC, 8.125%, 1/15/14 $         97,000
BBB 200   Marsh & Mclennan Cos., Inc., 3.71%, 7/13/07 198,592
      Rainbow National Services LLC,
B+ 925 3     8.75%, 9/01/12 1,017,500
B+ 4,985       10.375%, 9/01/14 5,745,212
B1 2,500   Sheridan Acquisition Corp., 10.25%, 8/15/11 2,615,625
  7,409   Structured Asset Receivable Trust, 1.649%, 1/21/10 7,407,106
B- 1,160   UGS Corp., 10.00%, 6/01/12 1,293,400
B- 220   Universal City Florida Hldg. Co. I/II, 7.96%, 8/01/05 231,000
BB- 4,425 2 Western Financial Bank, 9.625%, 5/15/12 4,878,563
        49,507,938
      Forest Products—1.9%
BB+ 5,685 2 Georgia Pacific Corp., 8.875%, 2/01/10 6,388,519
BBB 7,500 2 Weyerhaeuser Co., 5.25%, 12/15/09 7,577,707
        13,966,226
      Health Care—3.4%
BB+ 5,000   Amerisourcebergen Corp., 8.125%, 9/01/08 5,412,500
B- 5,000   Concentra Operating Corp., 9.50%, 8/15/10 5,312,500
CCC 80   Curative Health Services, Inc., 10.75%, 5/01/11 62,800
B 1,505 3 Elan Finance Corp., 7.75%, 11/15/11 (Ireland) 1,305,587
B3 535   Insight Health Services Corp., Ser. B, 9.875%, 11/01/11 465,450
B- 3,000   Norcross Safety Products LLC/Norcross Cap. Corp., 9.875%, 8/15/11 3,172,500
      Tenet Healthcare Corp.,
B 340       6.375%, 12/01/11 324,700
B 1,470       9.875%, 7/01/14 1,572,900
B 4,500   United Surgical Partners Intl., Inc., 10.00%, 12/15/11 4,950,000
B- 1,880   Universal Hospital Services, Inc., 10.125%, 11/01/11 1,941,100
        24,520,037
      Industrials—4.2%
B 300 3 Ashtead Holdings PLC, 8.625%, 8/01/15 308,916
B+ 5,000   Cenveo Corp., 9.625%, 3/15/12 5,387,500
B- 5,685 2,3 DI Finance/DynCorp. Intl., 9.50%, 2/15/13 5,642,362
B- 2,665   ERICO Intl. Corp., 8.875%, 3/01/12 2,771,600
B- 4,000   Fasten Tech Inc., 11.50%, 5/01/11 4,360,000
B- 1,670 3 Hydrochem Industrial Services, 9.25%, 2/15/13 1,565,625
B- 2,835 3 Knowledge Learning Corp., Inc., 7.75%, 2/01/15 2,749,950
  1,880 3 Nationsrent Cos., Inc., 9.50%, 5/01/15 1,959,900
CCC+ 1,955 3 Park-Ohio Inds., Inc., 8.375%, 11/15/14 1,832,813
      Rural/Metro Corp.,
CCC+ 640 3     zero coupon, 3/15/16 348,800
CCC+ 700 3     9.875%, 3/15/15 698,250
B3 2,240 3 Sunstate Equipment Co. LLC, 10.50%, 4/01/13 2,301,600
        29,927,316
      Media—7.1%
  2,360 3 Cablecom SCA (Luxembourg) (EUR), 4.898%, 7/15/05 2,881,143
CCC+ 3,500 2 CBD Media, Inc., 8.625%, 6/01/11 3,657,500
CCC- 880   Charter Communications Hldgs. II LLC/Charter Communications Hldgs. II Cap. Corp., 10.25%, 9/15/10 910,800
BBB+ 6,685 2 Comcast Cable Communications, Inc., 6.875%, 6/15/09 7,186,776
BB- 6,000 2 CSC Holdings, Inc., 7.875%, 12/15/07 6,195,000
B 1,300   Dex Media East, LLC, 12.125%, 11/15/12 1,550,250
      Echostar DBS Corp.,
BB- 2,000       5.75%, 10/01/08 1,985,000
BB- 5,100       LIBOR + 2.25%, 6.754%, 10/01/08 5,214,750
B- 5,000   Houghton Mifflin Co., 9.875%, 2/01/13 5,462,500
CCC+ 300 3 Iesy Repository GMBH, 10.375%, 2/15/15 309,000
B- 760 3 Nexstar Finance, Inc., 7.00%, 1/15/14 710,600
B3 3,250   Nextmedia Operating, Inc., 10.75%, 7/01/11 3,534,375
B1 2,500 3 Paxson Communications Corp., 6.349%, 1/15/10 2,500,000

4

BlackRock Limited Duration Income Trust (BLW) (continued)

         
  Principal      
  Amount      
Rating1 (000)   Description Value
    Media—(continued)
B $     550 3 Penn National Gaming, Inc., 6.75%, 3/01/15 $        552,750
B2 2,000   Salem Communications Corp., 7.75%, 12/15/10 2,090,000
      Vertis, Inc.,
CCC 2,120       10.875%, 6/15/09 2,056,400
  465       13.50%, 12/07/09 358,050
B- 200 3 WMG Hldgs. Corp., 9.50%, 12/15/14 139,000
CCC 1,260   WRC Media, Inc./Weekly Reader Corp./JLC Learning Corp., 12.75%, 11/15/09 1,338,750
CCC 2,640   Young Broadcasting, Inc., 10.00%, 3/01/11 2,481,600
        51,114,244
      Real Estate—1.1%
BB 5,860 2 American Real Estate Partners LP, 8.125%, 6/01/12 6,182,300
BB+ 2,000   Rouse Co., 5.375%, 11/26/13 1,919,680
        8,101,980
      Technology—2.2%
B- 2,708   Amkor Tech. Inc., 7.75%, 5/15/13 2,342,420
Ba2 3,972   Flextronics Intl. Ltd., 6.50%, 5/15/13 (Singapore) 4,115,985
B+ 430 3 Hynix Semiconductor, Inc., 9.875%, 7/01/12 (South Korea) 467,625
Ba3 500 3 MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co., 6.66%, 9/15/05 (Luxembourg) 501,250
B1 485   Sanmina SCI Corp., 6.75%, 3/01/13 465,600
      Sungard Data Systems, Inc.,
B- 500       4.50%, 8/15/13 518,750
B- 1,900 3     9.125%, 8/15/13 1,983,220
B- 1,830 3     10.25%, 8/15/15 1,905,579
B 3,515   Superior Essex Communications LLC/Essex Group, Inc., 9.00%, 4/15/12 3,585,300
        15,885,729
      Telecommunications—5.5%
  1,145   Celestica, Inc., 7.625%, 7/01/13 1,163,606
B1 920   Cincinnati Bell, Inc., 7.25%, 7/15/13 980,950
A- 5,000 2 Deutsche Telekom Intl. Finance BV, 8.50%, 6/15/10 (Netherlands) 5,694,550
B- 860 3 Hawaiian Telcom Communications, Inc., 8.914%, 5/01/13 892,250
      Intelsat Ltd.,
B 800       5.25%, 11/01/08 (Bermuda) 760,000
B+ 1,390 3     8.25%, 1/15/13 (Bermuda) 1,452,550
B+ 2,250 3     8.625%, 1/15/15 (Bermuda) 2,396,250
B+ 1,700 3     8.695%, 1/15/12 (Bermuda) 1,734,000
B1 3,830   Lucent Technologies, Inc., 6.50%, 1/15/28 3,408,700
B+ 2,737   PanAmSat Corp., 9.00%, 8/15/14 3,024,385
B 4,000   Qwest Communications Intl., Inc., 7.268%, 8/15/05 4,010,000
      Qwest Corp.,
BB- 2,500 3     6.671%, 9/17/05 2,600,000
BB- 1,000       7.875%, 9/01/11 1,042,500
BB- 6,000 2     9.125%, 3/15/12 6,555,000
B 1,320   Qwest Services Corp., 13.50%, 12/15/10 1,519,650
BB 460   Rogers Wireless, Inc., 7.25%, 12/15/12 (Canada) 496,800
CCC 2,030   Rural Cellular Corp., 9.875%, 2/01/10 2,159,413
        39,890,604
      Transportation—1.0%
B 1,475 3 CHC Helicopter Corp., 7.375%, 5/01/14 (Canada) 1,493,438
B3 140 3 Horizon Lines LLC, 9.00%, 11/01/12 149,450
B+ 360   OMI Corp., 7.625%, 12/01/13 (Marshall Island) 366,750
BB+ 1,650   Overseas Shipholding Group, Inc., 8.75%, 12/01/13 1,848,000
B 3,015   Sea Containers Ltd., 10.50%, 5/15/12 (Bermuda) 3,143,137
B 165   Ultrapetrol Bahamas Ltd., 9.00%, 11/24/14 (Bahamas) 146,025
        7,146,800
      Total Corporate Bonds 452,214,847

5

BlackRock Limited Duration Income Trust (BLW) (continued)

  Principal      
  Amount      
Rating1 (000)   Description Value
      Bank Loans—44.4%
      Aerospace & Defense—0.6%
  $     984   Camp Acquisition Co., Term Loan A, LIBOR + 3.25%, 8/30/11 $        983,871
  1,995   Dyncorp International LLC, Loan Term B, LIBOR + 2.75%, 2/11/11 2,014,950
  1,469   Transdigm, Inc., Term Loan, LIBOR + 2.25%, 7/22/10 1,488,491
        4,487,312
      Automotive—1.4%
  493   CSK Automotive, Inc., Term Loan C, LIBOR + 2.00%, 6/18/09 495,270
  1,229   Dayco Products, LLC, Term Loan B, LIBOR + 3.00%, 6/23/11 1,236,032
      Goodyear Tire & Rubber Co.,  
  500       Term Loan - Second Lien, LIBOR + 2.75%, 4/30/10 503,125
  2,000       Term Loan - Third Lien, LIBOR + 3.50%, 4/01/11 1,984,286
  998   Hilite Intl., Term Loan B, LIBOR + 4.00%, 4/15/10 987,525
  999   Metaldyne Co. LLC, Term Loan D, LIBOR + 4.50%, 12/31/09 981,264
  1,000   Polar Corp., Term Loan, LIBOR, 6/15/2010 1,010,000
  517   Tenneco Automotive, Term Loan B, Libor + 2.25%, 12/12/10 522,910
  2,488   TRW Automotive Acquisitions Corp., Term Loan B, LIBOR + 1.50%, 6/30/12 2,510,820
        10,231,232
      Basic Materials—1.8%
  1,000   Berry Plastics Corp., Term Loan, LIBOR + 2.25%, 12/02/11 1,015,250
  1,260   Boise Cascade LLC, Term Loan D, LIBOR + 1.75%, 10/29/11 1,277,483
  2,208   Celanese, Term Loan - Dollar, LIBOR + 2.25%, 4/06/11 2,245,554
  286   Celenase, Term Loan, TBD, 288,828
  3,000   Cognis Deutschland, Term Loan, LIBOR + 4.75%, 11/15/13 3,054,375
  1,547   Huntsman Intl. LLC, Term Loan B, LIBOR + 2.25%, 12/31/10 1,547,322
  1,764   Huntsman LLC, Term Loan, LIBOR + 3.00%, 3/31/10 1,764,393
  499   PQ Corp., Term Loan, LIBOR + 2.00%, 2/11/12 504,049
  1,000   Rockwood Specialties Group, Inc., Term Loan D, LIBOR + 2.50%, 12/10/12 1,016,042
        12,713,296
      Beverage & Tobacco—0.1%
  500   Arbys Term B, Term Loan, LIBOR + 2.25%, 07/25/12 506,041
      Building & Development—1.1%
  243   Atrium Companies, Inc., Term Loan, LIBOR + 2.75%, 12/28/11 238,389
  1,500   Custom Building Products, Inc., Term Loan - Second Lien, LIBOR + 5.00%, 4/30/12 1,488,750
  250   Euramax International, Inc., Term Loan, LIBOR + 7.00%, 7/15/13 250,000
  519   Juno Lighting, Inc., Term Loan - Second Lien, LIBOR + 5.50%, 5/11/11 522,984
      Kyle Acquisitions,
  300       Term Loan, Prime, 7/20/10 304,125
  731       Term Loan A, Prime, 7/20/08 741,403
  1,000   Landsource Communities Development, LLC, Term Loan B, LIBOR + 2.50%, 3/31/10 1,001,250
      Nortek, Inc.,
  494       Term Loan B, LIBOR + 2.25%, 8/27/11 497,350
  3       Term Loan B, PRIME + 1.25%, 8/27/11 2,518
      Ply Gem Industries, Inc.,
  1,498       Term Loan B, LIBOR + 2.50%, 2/12/11 1,498,134
  419       USD Term Loan, LIBOR + 2.50%, 10/1/11 419,165
  62       CAD Term Loan, LIBOR + 2.50% 3/15/10 61,594
  1,000   Williams Scotsman, Term Loan B, Libor + 2.50%, 6/28/10 1,011,875
        8,037,537
      Chemical—0.7%
  920   INEOS Group Holdings PLC, Term Loan C, LIBOR + 3.50%, 4/26/09 923,325
  2,497   Nalco Chemical Co., Term Loan B, LIBOR + 2.00%, 11/04/10 2,536,868
  478   SGL Carbon LLC, Term Loan, LIBOR + 3.00%, 12/31/09 480,209
  983   USI Holdings Corp., Term Loan B, LIBOR + 2.50%, 8/11/08 984,342
        4,924,744

6

BlackRock Limited Duration Income Trust (BLW) (continued)

         
  Principal      
  Amount      
Rating1 (000)   Description Value
      Conglomerates—3.3%
      Atlantis Plastics, Inc.,
  $     498       Term Loan First Lien, LIBOR + 2.75%, 9/30/11 $        501,853
  1,000       Term Loan Second Lien, LIBOR + 7.25%, 9/30/11 1,000,000
  1,990   Colfax Corp., Term Loan B, LIBOR + 2.25%, 5/30/09 2,006,583
  3,133   Fidelity National Information Solutions, Inc., Term Loan B, LIBOR + 1.75%, 3/09/13 3,138,135
  500   Gentek, Inc., Term Loan, LIBOR + 5.75%, 3/15/12 472,500
  1,485   Honeywell Security Group, Term Loan B, LIBOR + 4.00%, 6/28/10 1,494,281
  1,500   IAP Acquisition Corp., Term Loan - First Lien, LIBOR + 2.75%, 3/01/11 1,520,625
      Invesys Intl. Holdings Ltd.,
  984       Loan Term - Revolver, LIBOR, 3/05/09 954,650
  4,250       Term Loan - Second Lien, LIBOR + 4.75%, 11/30/09 4,345,625
  1,977       Term Loan B1, LIBOR + 3.50%, 9/05/09 2,001,872
  500   Jarden Corporation, Term Loan B2, Libor, 1/24/12 502,250
  839   NDC Health Corp., Term Loan, LIBOR + 3.00%, 11/26/08 839,278
  500   Penn Engineering & Manufacturing, Term Loan, LIBOR, 5/25/11 502,500
  302   Precise Technology, Inc., Term Loan First Lien, LIBOR + 3.00%, 3/31/11 303,055
  1,247   Quintiles Transnational Corp., Term Loan B, LIBOR + 1.75%, 9/25/09 1,251,247
  998   St. John Knits, Term Loan B, Libor + 2.50%, 3/18/12 1,006,228
  1,965   Trimas Corp., Term Loan B, LIBOR + 3.50%, 12/31/09 1,977,729
        23,818,411
      Consumer Products—7.8%
  1,000   24 Hour Fitness Worlwide, Inc., Term Loan B, LIBOR + 3.00%, 6/08/12 1,014,375
  499   Adams Outdoor Advertising, L.P., Term Loan, LIBOR + 2.00%, 10/18/12 505,400
  1,055   Alimentation Couche Tard, Inc., Term Loan, LIBOR + 1.75%, 12/17/10 1,064,592
      Berkline/BenchCraft Holdings, LLC,
  988       Term Loan B, LIBOR + 3.00%, 11/3/11 989,969
  988       Term Loan Second Lien, LIBOR + 8.00%, 4/30/12 997,375
  500   Buffets, Inc., Term Loan LC, LIBOR + 1%, 6/28/09 501,250
  500   Burger King, Term Loan B, Libor + 1.75%, 6/20/12 507,604
  746   Central Garden Pet, Term Loan B, LIBOR + 1.75%, 5/31/09 753,680
  1000   Chiquita Brands International, Loan Term C, LIBOR + 2.50%, 06/28/2012 1,015,000
  1,065   CKE Restaurants, Inc., Term Loan, LIBOR + 2.00%, 5/01/10 1,073,307
  414   Coinstar, Inc., Term Loan, LIBOR + 2.25%, 7/07/11 418,787
  2,238   Delaware Laboratories, Inc., Term Loan, LIBOR + 3.00%, 07/27/11 2,218,543
  1,000   Denny’s Corp., Term Loan, LIBOR + 5.125%, 9/30/10 1,030,000
  496   Doane Pet Care Co., Term Loan, LIBOR + 4.00%, 11/05/09 504,107
  550   Dole Food Co., Inc., Term Loan B, LIBOR + 1.50%, 4/18/12 556,135
  498   Douglas Dynamics, Term Loan, LIBOR + 2.00%, 12/16/10 502,475
  3,054   Dr. Pepper Bottling Co. of Texas, Term Loan B, LIBOR + 2.00%, 12/19/10 3,094,153
  1,112   Jarden Corp., Term Loan, LIBOR + 2.00%, 8/15/11 1,120,298
  795   Keystone Foods Holdings, LLC, Term Loan, LIBOR + 1.75%, 6/16/11 803,415
      Knoll, Inc., Term Loan,
  826       LIBOR + 3.00%, 9/29/11 837,238
  9       Term loan, PRIME + 2.00%, 9/29/11 9,541
  2,653   Invista B.V., Term Loan B1, LIBOR + 2.25%, 4/30/11 2,691,957
  911   Language Line, Inc., Term Loan B, LIBOR + 4.25%, 6/10/11 921,084
  1,658   Le Nature, Inc., Term Loan B, LIBOR + 3.00%, 5/30/10 1,674,165
      Michael Foods, Inc., Term Loan - B,
  2515       LIBOR + 2.25%, 11/21/10 2,552,879
  223       PRIME + 1.25%, 11/21/10 226,449
  2,000   NewPage Corp., Term Loan B, LIBOR + 3.00%, 5/2/11 2,035,000
  963   Nice Pak Products, Inc., Term Loan, LIBOR + 3.50%, 6/15/10 967,312
      Olympus Cable Holdings, LLC,
  2,000       Term Loan A, Prime + 1.25%, 6/30/10 1,968,928
  3,500       Term Loan B, PRIME + 2.00%, 9/30/10 3,458,749
      Oriental Trading Co., Inc.,
  2,707       Term Loan B, LIBOR + 2.50%, 8/6/10 2,717,276
  463       Term Loan Second Lien, LIBOR + 4.75%, 1/08/11 464,662

7

BlackRock Limited Duration Income Trust (BLW) (continued)

         
  Principal      
  Amount      
Rating1 (000)   Description Value
      Consumer Products—(continued)
  $ 2,978   OSI Group LLC, Term Loan, LIBOR + 2.50%, 9/02/11 $      3,013,477
  1,768   Pantry, Inc., The, Term Loan B, LIBOR + 2.25%, 3/12/11 1,791,322
  1,500   PBM Products, Term Loan Term B, Libor + 3.00%, 7/26/11 1,500,000
  861   Pierre Foods, Inc., Term Loan B, LIBOR + 2.75%, 6/30/10 871,953
  1,481   Prestige Brands Holdings, Inc., Term Loan B, LIBOR + 2.25%, 4/06/11 1,493,593
  975   Propex Fabrics, Inc., Term Loan, LIBOR + 2.25%, 11/30/11 973,781
  3,478   R.H. Donnelley, Inc., Term Loan D, Libor + 1.75%, 6/30/11 3,522,635
  3,185   Tempur Pedic, Inc., Term Loan B, LIBOR + 2.25%, 6/30/09 3,210,878
  500   Travel Centers of America, Inc., Term Loan B, Libor + 1.75%, 12/01/11 505,313
        56,078,658
      Containers & Packaging—1.9%
  868   Bway Corp., Term Loan, LIBOR + 2.25%, 6/30/11 879,393
      FlexSol Packaging Corp.,
  358       Term Loan, LIBOR + 3.25%, 11/30/11 357,911
  1,000       Term Loan - Second Lien, LIBOR + 7.00%, 11/30/12 975,000
      Graham Packaging Co., Inc.,
  1,990       Term Loan B, LIBOR + 2.50%, 10/07/11 2,019,020
  2,000       Term Loan C, LIBOR + 4.25%, 4/07/12 2,055,000
  1,383   Graphic Packaging Intl., Inc., Term Loan C, LIBOR + 2.50%, 6/30/10 1,399,932
      Owens-Illinois Group, Inc.,
  3,170       Term Loan A, LIBOR + 2.75%, 4/01/07 3,192,479
  589       Term Loan C1, LIBOR + 1.75%, 4/01/08 592,796
  568   Smurfit Stone Container Corp., Term Loan, Libor + 2.10%, 11/01/11 576,042
  1,975   Solo Cup, Inc., Term Loan, LIBOR + 2.00%, 2/27/11 1,996,231
        14,043,804
      Ecological Services & Equipment—0.6%
  2,655   Allied Waste NA, Term Loan, LIBOR + 2.00%, 1/15/12 2,672,213
  1,014   Cerdit Link, LIBOR + @.00%, 1/15/12 1,019,215
  268   Envirosolutions, Inc., Term, Term Loan, LIBOR + 4.50%, 3/1/09 272,214
  232   Envirosolutions, Inc., Term Loan, LIBOR + 4.50%, 3/1/09 231,230
        4,194,872
      Energy—1.8%
  429   AES Corp.,, Term Loan, LIBOR + 1.75%, 4/30/08 433,714
  766   Calpine Corp., Term Loan, LIBOR + 5.75%, 7/16/07 641,985
  1,000   Cellnet Technology, Inc., Term Loan B, LIBOR + 3.00%, 4/26/12 997,500
  933   Cogentrix Delaware Holdings, Inc., Term Loan, LIBOR + 1.75%, 4/14/12 942,971
      El Paso Corp.,
  617       Term Loan B, LIBOR + 2.75%, 11/23/09 624640
  375       Letter of Credit, LIBOR + 2.77%, 11/30/07 379,336
  1,861   Getty Petroleum Marketing, Inc., Term Loan, LIBOR + 3.00%, 5/20/10 1,879,567
  1,000   Kerr-McGee Corp., Loan Term B, LIBOR + 2.50%, 5/24/11 1,016,364
  433   Pike Electric, Inc., Term Loan B, LIBOR + 2.25%, 7/01/12 437,667
  2,736   Reliant Energy, Inc., Term Loan, LIBOR + 2.375%, 4/30/10 2,766,606
      Semgroup LP, Term Loan,
  797       LIBOR + 2.50%, 3/16/11 805,215
  0       PRIME + 1.00%, 3/16/11 3
  700       CA Term Loan, LIBOR + 2.50% 3/16/11 707,438
  500   Trout Coal Holdings LLC, Term Loan - Second Lien, LIBOR + 5.00%, 3/15/12 500,625
  998   Universal Compression, Term Loan, Libor + 1.75%, 2/15/12 1,009,345
        13,142,976
      Entertainment & Leisure—1.6%
  990   Boyd Gaming Corp., Term Loan B, LIBOR + 1.50%, 6/30/11 999,075
  500   Country Road, Term Loan - Second Lien, LIBOR, 7/15/13 506,250
  985   Loews Cineplex Entertainment Corp., Term Loan B, LIBOR + 2.25%, 7/31/11 989,726
  5,000   MGM Studios, Inc., Term Loan B, LIBOR + 2.25%, 4/08/12 5,050,000
  2,000   Penn National Gaming, Term Loan, TBD, 2,029,688

8

BlackRock Limited Duration Income Trust (BLW) (continued)

  Principal      
  Amount      
Rating1 (000)   Description Value
      Entertainment & Leisure—(continued)
      Wyndham Intl., Inc.,
  $     912       Term Loan B, LIBOR + 3.25%, 5/10/11 $        915,383
  86       Term Loan CL, LIBOR + 3.25%, 5/10/11 86,422
  1,000   Wynn Las Vegas LLC/Wynn Las Vegas Cap. Corp., Term Loan, LIBOR + 2.125%, 12/14/11 1,009,500
        11,586,044
      Financial Institutions—1.0%
  956   CCC Information Services, Inc., Term Loan B, LIBOR + 2.75%, 8/20/10 965,119
  959   Conseco, Inc., Term Loan, LIBOR + 3.50%, 6/22/10 966,093
  1,607   Global Cash Access, LLC, Term Loan, LIBOR + 2.25%, 3/10/10 1,630,186
  1,980   SBA Senior Finance, Inc., Term Loan B, LIBOR + 2.25%, 10/31/08 2,001,449
  469   Universal American Financial Corp., Term Loan, LIBOR + 2.25%, 3/31/09 468,750
  1,425   Visant Holding Corp., Term Loan C, LIBOR + 2.25%, 10/04/11 1,445,306
        7,476,903
      Forest Products—1.0%
      MDCP Acquisitions,
  2,429       Term Loan B3, LIBOR + 2.75%, 12/31/08 2,426,858
  2,429       Term Loan C3, LIBOR + 2.75%, 10/31/11 2,429,394
      SP Newsprint Co.,
  1,611       Term Loan B L/C, LIBOR + 1.09875%, 1/09/08 1,633,264
  685       Term Loan, LIBOR + 2.25%, 1/08/10 694,137
        7,183,653
      Health Care—4.4%
  2,772   Accredo Health, Inc., Term Loan B, LIBOR + 1.75%, 4/30/11 2,772,314
  189   Ameripath, Inc., Term Loan, LIBOR + 3.25%, 3/27/10 190,361
  828   Colgate Medical, Ltd., Term Loan B, LIBOR + 2.00%, 12/30/08 835,140
  2,977   Community Health Systems, Inc., Term Loan, LIBOR + 1.75%, 8/19/11 3,014,099
  2,517   Concentra Operating Corp., Term Loan, LIBOR + 2.50%, 6/30/10 2,547,562
  2,000   Davita Corp., Inc., Term Loan, TBD, 2,030,278
  495   Fisher Scientific Intl., Inc., Term Loan B, LIBOR + 1.50%, 8/02/11 498,558
      HealthSouth Corp.,
  2,363       Term Loan, LIBOR + 2.50%, 6/14/07 2,390,555
  638       Letter of Credit, LIBOR + 2.25%, 2/28/10 645,070
  2,000       Term Loan - Senior, LIBOR + 5.00%, 6/15/10 2,025,000
  748   Healthtronics, Inc., Term Loan B, LIBOR + 1.75%, 3/24/11 753,736
  990   IASIS Healthcare Corp., Term Loan B, LIBOR + 2.25%, 6/30/11 1,001,668
  2,978   Jean Coutu Group, Inc., Term Loan B, LIBOR + 2.25%, 7/30/11 3,022,627
  776   Kinetic Concepts, Inc., Term Loan B2, LIBOR + 1.75%, 8/11/10 783,827
  495   Medical Device Manufacturing, Inc., Term Loan B, LIBOR + 2.25%, 6/29/10 497,166
  995   Pacificare Health Systems, Inc., Term Loan, LIBOR + 1.50%, 12/13/10 997,281
  998   Select Medial Corp., Term Loan B, LIBOR + 1.75%, 2/24/12 1,000,773
  1,493   Vanguard Health Systems, Term Loan, LIBOR + 3.25%, 9/30/11 1,514,887
      Warner Chilcott, Term Loan Delayed Draw,
  441       Unfunded + 1.375%, 1/31/06 444,951
  88       Unfunded + 1.375%, 6/30/06 89,196
  2,178       Term Loan B, LIBOR + 2.75%, 1/18/12 2,199,574
  878       Term Loan C, LIBOR + 2.75%, 1/18/12 886,321
  406       Term Loan D, LIBOR + 2.75%, 1/18/12 410,482
  990   Wellcare Holdings, Inc., Term Loan, LIBOR + 4.00%, 5/13/09 992,475
        31,543,901
      Home Furnishing—0.1%
  473   Sealy, Term Loan D, Libor + 1.75%, 4/06/12 476,706
      Hotels & Casino—0.8%
  2,820   Greektown Casino LLC, Term Loan D, LIBOR + 3.50%, 12/31/05 2,823,402
  494   Green Valley Ranch Gaming, LLC, Term Loan B, LIBOR + 2.00%, 12/24/10 499,324
  1,244   Isle of Capri, Loan Term, Libor + 1.75%, 2/04/11 1,255,799
  1,250   Motor City, Term Loan, TBD, 1,261,875
        5,840,400

9

BlackRock Limited Duration Income Trust (BLW) (continued)

  Principal      
  Amount      
Rating1 (000)   Description Value
      Industrials—1.6%
  $     251   Alderwoods Group, Inc., Term Loan B2, LIBOR + 2.00%, 9/29/09 $        253,705
  988   Arinc, Inc., Term Loan B, LIBOR + 2.00%, 3/10/11 1,001,078
  3,206   Buhrmann U.S., Inc., Term Loan C1, LIBOR + 2.50%, 12/30/10 3,260,470
      New Flyer, Inc.,
  381       Term Loan CL, LIBOR + 2.75%, 2/27/10 385,714
  970       Term Loan B, LIBOR + 2.75%, 2/27/10 980,479
  865   Novelis, Inc., Term B, LIBOR + 1.75%, 1/6/12 876,202
      Sensus Metering Systems, Inc.,
  1272       Term Loan B1, LIBOR + 2.50%, 12/17/10 1,281,277
  191       Term Loan B2, LIBOR + 2.50%, 12/17/10 192,192
  1,810   United Rentals NA, Inc., Term Loan B, LIBOR + 2.25%, 2/14/11 1,829,879
  1,756   Worldspan, LP, Term Loan, LIBOR + 2.75%, 2/16/10 1,711,667
        11,772,663
      Insurance—0.4%
  1,500   2 10 Hbw Term B, Loan Term, TBD, 1,503,750
  250   New Customer Co., 2nd Lien, Term Loan, LIBOR + 7.00%, 6/30/12 251,250
  1,000   New Customer Company 1St Lien, Loan Term, LIBOR + 2.00%, 7/08/11 1,012,500
        2,767,500
      Media—5.9%
  1,746   American Lawyers Media, Inc., Term Loan 1st Lien, LIBOR + 2.50%, 3/05/10 1,745,625
  4,000   Century TCI California LP, Term Loan, PRIME + 2.00%, 06/30/09 3,955,000
  3,461   Charter Communications Operating, LLC, Term Loan B, LIBOR + 3.25%, 4/27/11 3,443,702
  750   Choice Cable Term 2Nd, Term Loan, TBD, 755,625
  3,821   Dex Media West, LLC, Term Loan B, LIBOR + 1.75%, 3/09/10 3,870,051
  2,333   DirecTV Holdings, LLC, Term Loan B, LIBOR + 1.50%, 4/13/13 2,355,416
  2,985   Emmis Operating Co., Term Loan B, LIBOR + 1.75%, 11/10/11 3,013,731
  2,588   Insight Midwest, Term Loan C, LIBOR + 2.00%, 12/31/09 2,617,656
  2,000   Mediacom Communications Corp., Term Loan C, LIBOR + 2.00%, 2/01/14 2,021,944
  1,985   Mediacom Illinois LLC, Term Loan B, LIBOR + 2.25%, 3/31/13 2,011,190
  1,946   Mission Broadcasting, Inc., Term Loan B, LIBOR + 1.75%, 8/14/12 1,955,645
  500   NEP Supershooters 2Nd Lien, Term Loan, Libor + 8.00%, 2/01/11 492,500
  2,054   Nexstar Broadcasting, Inc., Term Loan, LIBOR + 1.75%, 8/14/12 2,064,355
  3,000   NTL Investment Holding Ltd., Term Loan B, LIBOR + 3.00%, 5/19/12 3,022,500
  2,500   Raycom Media, Inc., Term Loan B, LIBOR + 1.75%, 3/31/12 2,518,750
  1,267   Relizon Co., Term Loan, LIBOR + 3.00%, 2/20/11 1,269,029
  1,250   San Pascuale Band of Indians, Term Loan, LIBOR + 2.50%, 8/31/08 1,250,000
  2,000   UPC Distribution Corp., Term Loan, LIBOR + 2.75%, 09/30/12 2,012,222
  1,974   Warner Music Group, Corp., Term Loan B, LIBOR + 2.00%, 2/28/11 1,991,463
        42,366,404
      Oil & Gas Services—0.4%
  1,500   Coffeyville Term 1, Loan Term B, Libot + 2.50%, 6/24/12 1,525,000
  500   Magellan Midstream Term B, Loan Term, Libor, 7/15/12 507,500
  750   Petrohawk, Term Loan Second Lien, Prime + 3.50%, 7/31/10 752,813
        2,785,313
      Publishing—0.1%
  750   Endurance Business Media, Term Loan B, LIBOR + 2.75%, 3/08/12 760,312
      Real Estate—1.2%
  1,217   Crescent Real Estate Equities LP, Term Loan, LIBOR + 2.25%, 1/12/06 1,226,608
      General Growth Properties,
  1,890       Term Loan A, LIBOR + 2.25%, 11/12/07 1,906,433
  3,008       Term Loan B, LIBOR + 2.20%, 11/12/08 3,046,199
      Macerich Partnership, L.P., Term Loan,
  500       LIBOR + 1.60%, 4/25/06 500,000
  1,000       Prime + .5%, 4/25/10 1,002,500
      Masonite Intl.,
  250       Term Loan, Libor + 2.00%, 4/16/13 250,024
  249       Term Loan - Canadian, Libor + 2.00%, 4/16/13 249,599
  731   Stewart Enterprises, Term Loan B, LIBOR + 1.75%, 11/19/11 736,541
        8,917,904

10

BlackRock Limited Duration Income Trust (BLW) (continued)

         
  Principal      
  Amount      
Rating1 (000)   Description Value
    Retailers—0.1%
  $     998   Eye Care Centers, Term Loan B, LIBOR + 3.00%, 2/16/12 $      1,003,111
      Technology—0.8%
  499   Federal IT Systems, Inc., Term Loan, LIBOR + 2.75%, 4/30/11 503,426
  3,217   Knowles Electronics, Inc., Term Loan B2, LIBOR + 5.00%, 6/29/07 3,232,857
  1,484   Verifone, Inc., Term Loan B, LIBOR + 2.00%, 6/30/11 1,490,847
  247   Westcom Corp., Term Loan B, LIBOR + 2.75%, 12/16/10 248,271
        5,475,401
      Telecommunications—3.5%
  250   AAT Communications, Term Loan - First Lien, Libor + 1.75%, 7/27/12 253,125
  1,000   Alaska Communications Systems Holdings, Term Loan, LIBOR + 2.00%, 1/31/12 1,012,917
  1,000   Atlantic Broadband Finance, LLC, Term Loan B1, LIBOR + 2.75%, 8/4/12 1,013,750
  1,484   Centennial Cellular Operating Co., Term Loan, LIBOR + 2.25%, 2/09/11 1,505,721
  1,481   Consolidated Communications, Inc., Term Loan C, LIBOR + 2.25%, 10/14/11 1,499,766
  1,000   Fairpont Communications, Inc., Term Loan B, LIBOR + 2.00%, 2/08/12 1,012,000
  1,247   Freedom Communications, Inc., Term Loan B, LIBOR + 1.50%, 5/01/13 1,259,344
  995   Intelsat Bermuda, Ltd., Loan Term, LIBOR + 1.75%, 7/28/11 1,002,960
  2,000   Iowa Telecommunications Services, Inc., Term Loan B, LIBOR + 2.00%, 11/30/11 2,024,376
  1,000   Madison River Term B, Term Loan, Libor + 2.50%, 7/29/12 1,016,250
  2,500   Nextel Partners, Term Loan D, LIBOR + 1.50%, 5/31/12 2,514,375
  746   Ntelos, Inc., Term Loan First Lien, LIBOR + 2.50%, 8/25/11 746,810
  2,000   Qwest Corp., Term Loan A, LIBOR + 4.75%, 6/30/07 2,064,376
  2,000   Satbirds Finance, Term Loan, LIBOR + 4.25%, 10/15/13 2,418,870
  1,960   Valor Telecommunications, Term Loan B, LIBOR + 2.00%, 12/14/12 1,979,951
      Western Wireless Corp., Term Loan B,
  2,830       LIBOR + 3.00%, 5/30/11 2,832,861
  1,140       PRIME + 2.00%, 5/30/11 1,140,684
        25,298,136
      Transportation—0.4%
  990   Kenan Advantage Group, Inc., Term Loan, LIBOR + 3.50%, 6/30/10 999,900
  1,000   Sirva Worldwide, Inc., Term Loan, LIBOR + 3.00%, 12/1/10 958,750
  620   Transport Industries, LP, Term Loan B, LIBOR + 4.00%, 6/14/10 623,168
        2,581,818
      Total Bank Loans 320,015,051
      U.S. Government and Agency Securities—6.2%
      U.S. Treasury Notes,
  20,425 2     3.375%, 12/15/08 - 9/15/09 19,950,911
  10,000 2     3.75%, 3/31/07 9,960,900
  6,000 2     3.875%, 5/15/09 5,950,320
  8,660 2     4.25%, 11/15/13 8,664,070
      Total U.S. Government and Agency Securities 44,526,201
      Foreign Government Bonds—2.5%
B+ 1,190   Bolivarian Republic of Venezuela, 3.625%, 6/20/05 1,187,438
BB 5,000   Republic of Colombia, 9.75%, 4/23/09 5,675,000
BB 5,000   Republic of Peru, 9.125%, 2/21/12 5,897,500
BB- 5,000   Republic of Turkey, 11.375%, 11/27/06 5,437,500
      Total Foreign Government Bonds 18,197,438
      Warrants—0.0%
  10 4 Reliant Resources, Inc., Expires 8/25/08, strike price $0.001, 1 share for 1 warrant 81,319
      Total Long-Term Investments—144.9% (cost $1,031,048,1675) 1,043,690,044
      Liabilities in excess of other assets—(44.9)% (323,634,364)
      Net Assets—100% $  720,055,680

1   Using the higher of Standard & Poor’s, Moody’s Investor Service or Fitch Ratings.  
2   Entire or partial principal amount pledged as collateral for reverse repurchase agreements.  
3   Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of July 31, 2005, the Trust held 15.5% of it nets assets, with a current market value of $111,251,437, in securities restricted as to resale.  
4   Illiquid security.  
5   Cost for Federal income tax purposes is $1,031,157,480. The net unrealized appreciation on a tax basis is $12,532,564, consisting of $20,340,578 gross unrealized appreciation and $7,808,014 gross unrealized depreciation.  

11

Item 2. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management , including it principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications of the registrant’s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)          BlackRock Limited Duration Income Trust                                        

By: /s/ Henry Gabbay                                                  
Name: Henry Gabbay
Title: Treasurer
Date: September 28, 2005

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Robert S. Kapito                                                  
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: September 28, 2005

By: /s/ Henry Gabbay                                                  
Name: Henry Gabbay
Title: Principal Financial Officer
Date: September 28, 2005