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, 2006
Date of reporting period:         January 31, 2006

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
JANUARY 31, 2006 (unaudited)

BlackRock Limited Duration Income Trust (BLW)

   
Principal
       
   
Amount
       
Rating1            
(000)
           Description  
Value
   
  LONG-TERM INVESTMENTS—138.1%    
   
  Corporate Bonds—58.9%    
   
  Aerospace & Defense—2.7%    
NR  
$ 1,560
  AAR Corp., 8.39%, 5/15/11   $ 1,575,600
NR  
2,134
  Aero Invest, 10.634%, 3/22/15 (Norway)   2,758,994
   
  BE Aerospace, Inc.,    
BB-  
305
     8.50%, 10/01/10   327,113
B  
715
     8.875%, 5/01/11   748,962
B  
310
  DRS Technologies, Inc., 7.625%, 2/01/18   313,875
NR  
4,750
  Raytheon Co., 7.00%, 5/15/06   4,797,500
BB  
5,350
  Sequa Corp., 8.875%, 4/01/08   5,671,000
B-  
2,755
  Transdigm, Inc., 8.375%, 7/15/11   2,892,750
   
      19,085,794
   
  Automotive—2.2%    
BB+  
570
  ArvinMeritor, Inc., 8.75%, 3/01/12   565,725
A3  
7,500
 2 DaimlerChrysler NA Holding Corp., 4.05%, 6/04/08   7,286,925
B-  
470
  Goodyear Tire & Rubber Co., 7.857%, 8/15/11   461,775
CCC+  
1,825
 2,3 Metaldyne Corp., 10.00%, 11/01/13   1,674,438
   
  Navistar Intl. Corp.,    
BB-  
1,590
     7.50%, 6/15/11   1,574,100
BB-  
530
     Ser. B, 6.25%, 3/01/12   495,550
B  
450
  Tenneco, Inc., 8.625%, 11/15/14   450,000
BB-  
2,629
  TRW Automotive, Inc., 9.375%, 2/15/13   2,859,037
   
      15,367,550
   
  Basic Materials—4.8%    
B-  
350
3,4 BCI US Finance Corp./Borden 2 Nova Scotia Finance ULC, 10.10%, 7/15/10   356,125
B-  
4,250
  Caraustar Industries, Inc., 9.875%, 4/01/11   4,489,062
B+  
740
  Donohue Forest Products, 7.625%, 5/15/07 (Canada)   762,200
   
  Huntsman LLC,    
B  
3103
     11.50%, 7/15/12   355,725
BB-  
1,950
     11.625%, 10/15/10   2,232,750
BB  
300
  IMC Global, Inc., 10.875%, 6/01/08   333,750
CCC+  
2,625
3,4 Innophos, Inc., 9.625%, 8/15/14   2,690,625
Baa3  
5,000
  Ipsco, Inc., 8.75%, 6/01/13 (Canada)   5,475,000
   
  Lyondell Chemical Co.,    
BB+  
560
     10.50%, 6/01/13   634,200
BB+  
3,750
     11.125%, 7/15/12   4,218,750
BB+  
750
     Ser. A, 9.625%, 5/01/07   784,688
B-  
215
  Nalco Co., 8.875%, 11/15/13   225,750
   
  NewPage Corp.,    
B3  
500
     10.00%, 5/01/12   508,750
B3  
1,500
2,3    10.93%, 5/01/12   1,522,500
   
  Rhodia SA,    
CCC+  
921
     8.875%, 6/01/11 (France)   946,328
B3  
81
     10.25%, 6/01/10 (France)   89,910
   
  Rockwood Specialties Group, Inc.,    
B-  
450
     7.50%, 11/15/14   447,750
B-  
3,645
     10.625%, 5/15/11   3,982,162
BBB-  
105
  Southern Copper Corp., 6.375%, 7/27/15   103,861
BB  
3,250
  US Steel LLC, 10.75%, 8/01/08   3,607,500
   
      33,767,386
   
  Building & Development—1.1%    
B-  
350
4 Ahern Rentals, Inc., 9.25%, 8/15/13   367,500
B2  
750
4 Compression Polymers Corp., 10.50%, 7/01/13   738,750
BBB-  
3,000
2 DR Horton, Inc., 5.875%, 7/01/13   2,913,321
   
  Goodman Global Holding Co., Inc.,    
B-  
375
3,4    7.491%, 6/15/12   373,125
B-  
3,170
4    7.875%, 12/15/12   2,995,650

1

BlackRock Limited Duration Income Trust (BLW) (continued)

   
Principal
       
   
Amount
       
Rating1            
(000)
          
Description
 
Value
   
  Building & Development—(cont’d)    
B  
$    550
  North American Energy Partners, Inc., 9.00%, 6/01/10 (Canada)   $ 583,000
   
      7,971,346
   
  Conglomerates—1.1%    
Baa3  
7,500
2 Tyco Intl. Group SA, 6.125%, 11/01/08 (Luxembourg)   7,672,875
   
  Consumer Products—6.1%    
B3  
300
  ALH Finance LLC, 8.50%, 1/15/13   287,625
B+  
5,000
  Cenveo Corp., 9.625%, 3/15/12   5,375,000
CCC+  
1,610
3 Duane Reade, Inc., 8.991%, 12/15/10   1,541,575
B3  
1,505
  Finlay Fine Jewelry Corp., 8.375%, 6/01/12   1,339,450
B2  
2,140
  Gold Kist, Inc., 10.25%, 3/15/14   2,375,400
B+  
5,000
  Group 1 Automotive, Inc., 8.25%, 8/15/13   4,875,000
BBB-  
4,400
  JC Penney Co., Inc., 8.00%, 3/01/10   4,807,000
B-  
3,345
4 Knowledge Learning Corp., Inc., 7.75%, 2/01/15   3,211,200
B-  
1,550
  Lazydays RV Center, Inc., 11.75%, 5/15/12   1,565,500
B  
2,075
3 Levi Strauss & Co., 9.28%, 4/01/12   2,126,875
B3  
4,605
2 Movie Gallery, Inc., 11.00%, 5/01/12   3,453,750
B2  
223
4 Neiman-Marcus Group, Inc., 9.00%, 10/15/15   231,363
BB-  
600
  Quiksilver, Inc., 6.875%, 4/15/15   579,000
   
  Rite Aid Corp.,    
B-  
375
3,4    6.125%, 12/15/08   364,687
BB-  
5,000
     8.125%, 5/01/10   5,112,500
B1  
2,500
  Sheridan Group, Inc., 10.25%, 8/15/11   2,571,875
B  
3,500
  Sonic Automotive, Inc., 8.625%, 8/15/13   3,438,750
   
      43,256,550
   
  Containers & Packaging—0.7%    
B1  
1,400
4 Crown Americas LLC and Crown Americas Capital Corp., 7.75%, 11/15/15   1,449,000
CCC+  
785
  Graham Packaging Co., Inc., 8.50%, 10/15/12   785,000
CCC+  
1,395
4 Pregis Corp., 12.375%, 10/15/13   1,415,925
B+  
1,500
  Stone-Container Enterprises, Inc., 9.75%, 2/01/11   1,516,875
   
      5,166,800
   
  Ecological Services & Equipment—0.3%    
B  
2,000
  Casella Waste Systems, Inc., 9.75%, 2/01/13   2,105,000
   
  Energy—6.9%    
BB+  
5,500
 4 AES Corp., 8.75%, 5/15/13   5,967,500
   
  ANR Pipeline Co.,    
B  
460
     7.375%, 2/15/24   485,300
B  
1,780
     9.625%, 11/01/21   2,242,800
B2  
1,540
  Aquila Finance Corp., 7.75%, 6/15/11 (Canada)   1,584,275
B  
810
 4 Chaparral Energy, Inc., 8.50%, 12/01/15   852,525
   
  Chesapeake Energy Corp.,    
BB  
100
 4    6.875%, 11/15/20   101,500
BB  
4,000
     7.50%, 9/15/13   4,250,000
B-  
1,095
  Clayton Williams Energy, Inc., 7.75%, 8/01/13   1,075,837
   
  CMS Energy Corp.,    
BB-  
150
     7.50%, 1/15/09   154,688
BB-  
220
     8.50%, 4/15/11   238,975
BB-  
460
     9.875%, 10/15/07   492,200
BB-  
750
  Compagnie Generale de Geophysique SA, 7.50%, 5/15/15 (France)   778,125
B  
525
4 Compton Petroleum Finance Corp., 7.625%, 12/01/13 (Canada)   530,250
B+  
2,350
4 Dynegy Holdings, Inc., 10.125%, 7/15/13   2,655,500
   
  El Paso Corp.,    
B-  
400
     7.80%, 8/01/31   419,000
B-  
525
4    9.625%, 5/15/12   594,563
B-  
225
4    10.75%, 10/01/10   255,375
B  
400
3 El Paso Natural Gas Co., 8.375%, 6/15/32   465,000
B  
170
  Encore Acquisition Co., 7.25%, 12/01/17   171,275
B  
260
  Exco Resources, Inc., 7.25%, 1/15/11   263,900

2

BlackRock Limited Duration Income Trust (BLW) (continued)    
 
   
Principal
       
   
Amount
       
Rating1            
(000)
          
Description
 
Value
   
  Energy—(cont’d)    
   
  Hilcorp Energy I LP/Hilcorp Finance Corp.,    
B  
$    430
4    7.75%, 11/01/15   $ 434,300
B  
2,434
4    10.50%, 9/01/10   2,695,655
B-  
725
  KCS Energy, Inc., 7.125%, 4/01/12   726,812
   
  Midwest Generation LLC,    
B+  
4,506
     8.56%, 1/02/16   4,945,418
B+  
1,315
     Ser. A, 8.30%, 7/02/09   1,367,600
   
  Mirant Americas Generation LLC,    
B  
175
     8.30%, 5/01/11   179,813
B  
480
3    8.50%, 10/01/21   490,800
B  
680
     9.125%, 5/01/31   725,900
B2  
500
  Mission Energy Holdings Co., 13.50%, 7/15/08   578,750
   
  NRG Energy, Inc.,    
B1  
210
     7.25%, 2/01/14   213,413
B1  
1,250
     7.375%, 2/01/16   1,273,437
B-  
450
4 Ocean Rig AS, 8.375%, 7/01/13 (Norway)   479,250
B2  
580
  Orion Power Holdings, Inc., 12.00%, 5/01/10   656,850
B  
110
  Range Resources Corp., 6.375%, 3/15/15   110,000
   
  Reliant Energy, Inc.,    
BB-  
1,595
     6.75%, 12/15/14   1,379,675
BB-  
170
     9.25%, 7/15/10   168,725
B  
5,000
  Swift Energy Co., 9.375%, 5/01/12   5,400,000
B2  
1,475
4 Targa Resources, Inc., 8.50%, 11/01/13   1,534,000
BB+  
100
  Transcontinental Gas Pipe Line Corp., 7.25%, 12/01/26   108,750
B-  
500
4 Verasun Energy Corp., 9.875%, 12/15/12   512,500
B2  
190
4 Whiting Petroleum Corp., 7.00%, 2/01/14   190,950
BB  
1,000
  Williams Cos., Inc., 7.125%, 9/01/11   1,047,500
   
      48,798,686
   
  Entertainment & Leisure—1.3%    
B3  
700
4 AMC Entertainment, Inc., 11.00%, 2/01/16   698,250
B3  
1,880
4 Greektown Holdings LLC, 10.75%, 12/01/13   1,865,900
Ba3  
5,425
2 MGM Mirage, 9.75%, 6/01/07   5,696,250
B  
250
  Poster Financial Group, Inc., 8.75%, 12/01/11   260,625
B+  
460
4 San Pasqual Casino, 8.00%, 9/15/13   468,050
B+  
400
  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625%, 12/01/14   390,000
   
      9,379,075
   
  Financial Institutions—8.0%    
BB  
1,480
  American Real Estate Partners LP/American Real Estate Finance Corp., 7.125%, 2/15/13   1,498,500
B  
2,333
  BCP Crystal US Holdings Corp., 9.625%, 6/15/14   2,595,463
B-  
240
4 Borden US Finance Corp./Nova Scotia Finance ULC, 9.00%, 7/15/14   241,200
BB  
3,360
  Crum & Forster Holdings Corp., 10.375%, 6/15/13   3,553,200
B+  
465
4 E*Trade Financial Corp., 7.375%, 9/15/13   475,463
BB  
1,000
2 Fairfax Financial Holdings Ltd., 7.75%, 4/26/12 (Canada)   945,000
   
  Ford Motor Credit Co.,    
BB+  
500
     7.25%, 10/25/11   458,910
BB+  
7,500
2    7.375%, 2/01/11   6,953,167
   
  General Motors Acceptance Corp.,    
BB  
3,000
2,3    5.50%, 1/16/07   2,928,750
BB  
7,500
2    6.875%, 8/28/12   7,133,625
B-  
900
  K&F Acquisition, Inc., 7.75%, 11/15/14   911,250
Baa2  
5,000
4 Kazkommerts Intl. BV, 10.125%, 5/08/07 (Netherlands)   5,275,000
BBB  
200
3 Marsh & McLennan Cos., Inc., 4.72%, 7/13/07   199,230
B-  
2,460
4 Nell AF, 8.375%, 8/15/15 (Luxembourg)   2,487,675
   
  Rainbow National Services LLC,    
B2  
925
4    8.75%, 9/01/12   989,750
B3  
4,985
4    10.375%, 9/01/14   5,595,662
Caa1  
2,175
  Standard Aero Holdings, Inc., 8.25%, 9/01/14   1,783,500
NR  
6,857
3 Structured Asset Receivable Trust, 1.649%, 1/21/10   6,867,826
B-  
220
3 Universal City Florida Holding Co. I/II, 9.43%, 5/01/10   221,100

3

BlackRock Limited Duration Income Trust (BLW) (continued)

   
Principal
       
   
Amount
       
Rating1            
(000)
          
Description
 
Value
        Financial Institutions—(cont’d)    
BB-   $ 4,425   Western Financial Bank, 9.625%, 5/15/12   $ 4,933,875
            56,048,146
        Health Care—2.7%    
B-   5,000   Concentra Operating Corp., 9.50%, 8/15/10   5,175,000
Ca   55 3,5 Curative Health Services, Inc., 10.75%, 5/01/11   35,750
B   1,345   Elan Finance PLC/Elan Finance Corp., 7.75%, 11/15/11 (Ireland)   1,272,706
B   1,750 3 Insight Health Services Corp., 9.93%, 11/01/11   1,645,000
B-   3,000   Norcross Safety Products LLC/Norcross Capital Corp., 9.875%, 8/15/11   3,112,500
B3   1,290   Select Medical Corp., 7.625%, 2/01/15   1,148,100
B   4,500   United Surgical Partners Intl., Inc., 10.00%, 12/15/11   4,826,250
B-   1,880   Universal Hospital Services, Inc., 10.125%, 11/01/11   1,955,200
            19,170,506
        Industrials—3.4%    
B-   6,220 2 DI Finance/DynCorp. Intl., 9.50%, 2/15/13   6,406,600
B-   2,665   ERICO Intl. Corp., 8.875%, 3/01/12   2,731,625
B-   4,000 3 Fasten Tech, Inc., 11.50%, 5/01/11   3,930,000
CCC+   1,670 4 Hydrochem Industrial Services, 9.25%, 2/15/13   1,615,725
B-   1,880   NationsRent Cos., Inc., 9.50%, 5/01/15   1,992,800
CCC+   1,955   Park-Ohio Industries, Inc., 8.375%, 11/15/14   1,720,400
B3   2,240 4 Sunstate Equipment Co. LLC, 10.50%, 4/01/13   2,335,200
CCC+   1,415   Trimas Corp., 9.875%, 6/15/12   1,216,900
Caa1   2,000   United Rentals NA, Inc., 7.00%, 2/15/14   1,890,000
            23,839,250
        Media—7.1%    
B-   740   Allbritton Communications Co., 7.75%, 12/15/12   742,775
CCC   900   American Media Operations, Inc., 10.25%, 5/01/09   828,000
BB-   600 3 Cablevision Systems Corp., 8.716%, 4/01/09   614,250
CCC+   3,500   CBD Media Inc., 8.625%, 6/01/11   3,535,000
Caa1   1,790 4 CCH II LLC/CCH II Cap. Corp., 10.25%, 9/15/10   1,758,675
Caa1   880   Charter Communications Holdings II, LLC/Charter Communications Holdings II Cap. Corp.,    
           10.25%, 9/15/10   864,600
BBB+   6,685 2 Comcast Cable Communications, Inc., 6.875%, 6/15/09   7,000,164
BB-   6,000 2 CSC Holdings, Inc., 7.875%, 12/15/07   6,105,000
B   1,300   Dex Media West LLC/Dex Media Finance Co., 9.875%, 8/15/13   1,436,500
        Echostar DBS Corp.,    
BB-   2,000      5.75%, 10/01/08   1,975,000
BB-   5,100 3    7.78%, 10/01/08   5,233,875
B-   5,000   Houghton Mifflin Co., 9.875%, 2/01/13   5,425,000
B2   810 4 Network Communications, Inc., 10.75%, 12/01/13   822,150
B3   1,190   Nexstar Finance, Inc., 7.00%, 1/15/14   1,102,237
B2   2,000 3,4 Paxson Communications Corp., 7.777%, 1/15/12   1,990,000
        Primedia, Inc.,    
B2   400      8.00%, 5/15/13   348,000
B2   1,200 3    10.124%, 5/15/10   1,161,000
B   4,000 4 RH Donnelley Corp., 8.875%, 1/15/16   4,040,000
B2   2,000   Salem Communications Corp., 7.75%, 12/15/10   2,055,000
CCC+   300 4 Unity Media GmbH, 10.375%, 2/15/15 (Germany)   312,375
Caa1   865   Vertis, Inc., 10.875%, 6/15/09   845,538
Caa2   2,135   Young Broadcasting, Inc., 10.00%, 3/01/11   1,921,500
            50,116,639
        Real Estate—1.1%    
BB   5,860 2 American Real Estate Partners, 8.125%, 6/01/11   6,123,700
BB+   2,000   Rouse Co., 5.375%, 11/26/13   1,886,640
            8,010,340
        Technology—2.9%    
CCC+   1,958   Amkor Tech. Inc., 7.75%, 5/15/13   1,727,935
B+   1,965   Celestica, Inc., 7.625%, 7/01/13 (Canada)   1,930,613
BB+   2,012   Flextronics Intl. Ltd., 6.50%, 5/15/13 (Singapore)   2,022,060
B+   430 4 Hynix Semiconductor, Inc., 9.875%, 7/01/12 (South Korea)   471,388

4

BlackRock Limited Duration Income Trust (BLW) (continued)

   
Principal
       
   
Amount
       
Rating1            
(000)
          
Description
 
Value
   
  Technology—(cont’d)    
BB-  
$ 3,830
  Lucent Technologies, Inc., 6.50%, 1/15/28   $ 3,169,325
   
  MagnaChip Semiconductor SA/Magna Semiconductor Finance Co.,    
Ba3  
500
 3    7.741%, 12/15/11 (Luxembourg)   502,500
B2  
410
     8.00%, 12/15/14 (Luxembourg)   394,625
CCC+  
260
 4 SS&C Technologies, Inc., 11.75%, 12/01/13   270,725
BB  
200
  STATS ChipPAC Ltd., 7.50%, 7/19/10 (Singapore)   203,000
   
  Sungard Data Systems, Inc.,    
B-  
1,900
 4    9.125%, 8/15/13   1,976,000
B-  
500
3,4    9.431%, 8/15/13   519,375
B-  
1,830
 4    10.25%, 8/15/15   1,843,725
B  
3,515
  Superior Essex Communications LLC/Essex Group, Inc., 9.00%, 4/15/12   3,523,787
B-  
1,440
  UGS Corp., 10.00%, 6/01/12   1,558,800
   
      20,113,858
   
  Telecommunications—5.1%    
CCC  
770
 4 Centennial Communications Corp., 10.00%, 1/01/13   793,100
BB-  
920
  Cincinnati Bell, Inc., 7.25%, 7/15/13   966,000
A-  
5,000
 2,3 Deutsche Telekom Intl. Finance BV, 8.00%, 6/15/10 (Netherlands)   5,538,300
B3  
860
 3,4 Hawaiian Telcom Communications, Inc., 9.948%, 5/01/13   849,250
   
  Intelsat Ltd.,    
Caa1  
800
     5.25%, 11/01/08 (Bermuda)   737,000
B2  
460
3,4    8.50%, 1/15/13 (Bermuda)   460,575
B2  
2,250
 3,4    8.875%, 1/15/15 (Bermuda)   2,269,687
B2  
2,360
3,4    9.609%, 1/15/12 (Bermuda)   2,407,200
BB-  
120
  Lucent Technologies, Inc., 6.45%, 3/15/29   101,400
B2  
300
  Nortel Networks Corp., 6.875%, 9/01/23 (Canada)   271,500
B1  
2,737
  PanAmSat Corp., 9.00%, 8/15/14   2,887,535
BB  
4,000
 3 Qwest Communications Intl., Inc, 8.249%, 2/15/09   4,050,000
   
  Qwest Corp.,    
BB+  
2,500
4    7.741%, 6/15/13   2,681,250
BB+  
1,000
     7.875%, 9/01/11   1,060,000
BB+  
6,000
 2,3    8.875%, 3/15/12   6,637,500
BB+  
460
  Rogers Wireless, Inc., 7.25%, 12/15/12 (Canada)   487,600
Caa1  
2,030
  Rural Cellular Corp., 9.875%, 2/01/10   2,182,250
B+  
1,500
4 Wind Acquisition Finance SA, 10.75%, 12/01/15 (Luxembourg)   1,608,750
   
      35,988,897
   
  Transportation—1.4%    
BB-  
520
  American Airlines, Inc., 7.324%, 4/15/11   496,600
B  
1,715
  CHC Helicopter Corp., 7.375%, 5/01/14 (Canada)   1,745,013
BB-  
2,230
 4 Hertz Corp., 8.875%, 1/01/14   2,302,475
B3  
111
  Horizon Lines LLC, 9.00%, 11/01/12   117,244
B+  
360
  OMI Corp., 7.625%, 12/01/13   368,100
BB+  
1,650
  Overseas Shipholding Group, Inc., 8.75%, 12/01/13   1,839,750
B  
2,795
  Sea Containers Ltd., 10.50%, 5/15/12 (Bermuda)   2,788,012
   
      9,657,194
   
  Total Corporate Bonds   415,515,892
   
  Bank Loans—45.2%    
   
  Aerospace & Defense—0.8%    
   
983
  Arinc, Inc., Term Loan B, LIBOR + 2.00%, 3/10/11   994,781
   
968
  Camp Acquisition Co., Term Loan A, LIBOR + 3.25%, 8/30/11   970,162
   
1,985
  Dyncorp International LLC, Term Loan B, LIBOR + 2.75%, 2/11/11   2,001,541
   
1,461
  Transdigm, Inc., Term Loan, LIBOR + 2.25%, 4/12/11   1,477,910
   
      5,444,394
   
  Automotive—1.4%    
   
1,227
  Dayco Products, LLC, Term Loan B, LIBOR + 3.00%, 6/23/11   1,237,603
   
  Goodyear Tire & Rubber Co. (The),    
   
500
     Term Loan, LIBOR + 2.75%, 4/30/10   504,687
   
2,000
     Term Loan, LIBOR + 3.50%, 4/01/11   2,003,500
   
750
  IAP Worldwide Services, Inc., Term Loan, LIBOR, 12/30/12   757,031
   
997
  Metaldyne Co. LLC, Term Loan D, LIBOR + 4.50%, 12/31/09   1,005,589

5

BlackRock Limited Duration Income Trust (BLW) (continued)

Principal        
Amount        
(000)
           Description  
Value
    Automotive—(cont’d)    
$ 1,000   Polar Corp., Term Loan, LIBOR, 5/30/10   $ 1,015,000
500   Precision Parts Intl., Term Loan B, LIBOR + 3.75%, 10/15/11   501,250
517   Tenneco Automotive, Inc., Term Loan B-1, LIBOR + 2.25%, 12/12/10   523,642
2,475   TRW Automotive Acquisitions Corp., Term Loan B, LIBOR + 1.50%, 6/30/12   2,472,938
        10,021,240
    Basic Materials—4.1%    
    Basell NV,    
500      Term Loan B2, LIBOR + 2.50%, 9/07/13   506,875
500      Term Loan C2, LIBOR + 3.00%, 9/07/14   506,875
995   Berry Plastics Corp., Term Loan, LIBOR + 2.00%, 12/02/11   1,007,437
956   Boise Cascade Corp., Term Loan D, PRIME + 0.50%, 10/29/11   967,922
2,195   Celanese, Ag, Term Loan, LIBOR + 2.00%, 4/06/11   2,218,528
3,000   Cognis Deutschland, Term Loan, LIBOR + 4.75%, 11/15/13   3,061,500
1,000   Compass Minerals, Term Loan, LIBOR + 1.50%, 12/22/12   1,005,313
4,343   Huntsman International, LLC, Term Loan B, LIBOR + 1.75%, 8/16/12   4,364,517
    Ineos Group, Ltd.,    
2,500      Term Loan B2, LIBOR + 2.75%, 12/16/13   2,506,250
2,500      Term Loan C2, LIBOR + 3.25%, 12/16/14   2,518,750
1,759      Term Loan, LIBOR, 12/16/06   1,749,996
2,055   Invista, B.V., Term Loan B-1, LIBOR + 1.75%, 4/29/11   2,075,100
2,497   Nalco Co., Term Loan B, LIBOR + 2.00%, 11/01/10   2,526,722
496   PQ Corp., Term Loan, LIBOR + 2.00%, 2/28/12   502,040
    Rockwood Specialties Group, Inc.,    
5      Term Loan, LIBOR + 2.00%, 8/15/12   5,058
990      Term Loan E, LIBOR + 2.00%, 8/15/12   1,001,447
    SP Newsprint,    
1,611      Term Loan B, LIBOR + 2.25%, 1/09/10   1,631,250
623      Term Loan, LIBOR + 2.25%, 1/08/10   630,703
        28,786,283
    Building & Development—0.8%    
242   Atrium Companies, Inc., Term Loan, PRIME + 1.75%, 12/28/11   240,490
1,500   Custom Building Products, Inc., Term Loan, LIBOR + 5.00%, 4/29/12   1,485,000
250   Euramax International, Inc., Term Loan, LIBOR + 7.00%, 6/29/13   234,375
1,250   Harmon Koval, Term Loan, 3.25%, 11/18/07   1,240,625
494   Nortek, Inc., Term Loan B, LIBOR + 2.25%, 8/24/11   497,299
1,250   Professional Service, Inc., Term Loan B, LIBOR + 3.00%, 10/31/12   1,253,125
975   Rhodes Ranch, Term Loan, LIBOR + 3.25%, 11/15/10   979,875
        5,930,789
    Conglomerates—3.5%    
    Atlantis Plastics, Inc.,    
498      Term Loan, LIBOR + 2.75%, 9/30/11   500,609
995      Term Loan, LIBOR + 7.25%, 3/11/05   997,488
1,980   Colfax Corp., Term Loan B, LIBOR + 2.00%, 5/30/09   1,998,589
3,116   Fidelity National Information Solutions, Inc., Term Loan B, LIBOR + 1.75%, 3/09/13   3,132,553
500   Gentek, Inc., Term Loan, LIBOR + 5.75%, 3/15/12   497,250
1,478   Honeywell Security, Term Loan B, LIBOR + 3.25%, 6/28/10   1,484,904
    Invensys Intl. Holdings, Ltd.,    
1,000      Term Loan, LIBOR, 3/05/09   970,000
1,121      Term Loan B1, LIBOR + 3.50%, 9/05/09   1,131,723
4,250      Term Loan, LIBOR + 4.75%, 11/30/09   4,335,000
    Jarden Corp.,    
1,216      Term Loan B2, LIBOR + 1.75%, 1/24/12   1,220,563
1,048      Term Loan, LIBOR + 2.00%, 1/15/12   1,055,442
997   Mueller Group, Inc., Term Loan B, LIBOR + 2.25%, 9/30/12   1,008,366
417   Penn Engineering & Manufacturing, Term Loan, LIBOR + 2.50%, 4/30/11   421,105
1,377   Sensus Metering Systems, Inc., Term Loan B1, LIBOR + 2.50%, 12/30/09   1,385,836
874   St. John Knits International, Inc., Term Loan B, LIBOR + 2.50%, 3/30/12   884,673
2,488   Sungard Data Systems, Inc., Term Loan B, LIBOR + 2.50%, 1/05/13   2,511,338
994   Visant Holding Corp., Term Loan C, LIBOR + 2.25%, 10/15/11   1,006,161
        24,541,600

6

BlackRock Limited Duration Income Trust (BLW) (continued)

Principal
       
Amount
       
(000)
           Description  
Value
  Consumer Products—8.0%    
$ 1,000
  24 Hour Fitness Worldwide, Inc., Term Loan B, LIBOR + 3.00%, 6/08/12   $ 1,011,667
466
  Adams Outdoor Advertising, L.P., Term Loan, LIBOR + 2.00%, 10/18/12   472,347
1,053
  Alimentation Couche-Tard, Inc., Term Loan, LIBOR + 1.75%, 12/17/10   1,063,644
498
  Arby’s Restaurant Group, Inc., Term Loan B, LIBOR + 2.25%, 7/25/12   500,254
  Berkline Bench Craft,    
950
     Term Loan B, LIBOR + 3.75%, 11/03/11   883,500
1,000
     Term Loan, LIBOR + 10.0%, 4/30/12   750,000
1,000
  Bolthouse Farms, Inc., Term Loan, LIBOR + 2.50%, 12/16/12   1,012,917
500
  Buffets, Inc., Term Loan, LIBOR + 0.10%, 6/28/09   502,500
498
  Burger King Corp., Term Loan B, LIBOR + 1.75%, 6/30/12   502,061
744
  Central Garden & Pet Co., Term Loan, LIBOR + 1.75%, 5/31/09   746,187
498
  Chiquita Brands International, Inc., Term Loan C, LIBOR + 2.50%, 6/28/12   502,475
859
  CKE Restaurants, Inc., Term Loan, LIBOR + 2.00%, 5/01/10   866,198
  Coinmach Corp.,    
596
     Term Loan, 1.25%, 12/19/12   605,190
404
     Term Loan, LIBOR + 2.50%, 12/19/12   409,393
  Commonwealth Brands Inc.,    
19
     Term Loan, LIBOR + 2.25%, 12/15/12   19,157
1,731
     Term Loan, LIBOR + 2.25%, 12/22/12   1,749,218
1,000
  Denny’s Corp., Term Loan, LIBOR + 5.13%, 9/30/10   1,027,500
548
  Dole Food Co., Inc., Term Loan B, LIBOR + 1.50%, 4/18/12   549,263
495
  Douglas Dynamics, LLC, Term Loan, LIBOR + 1.75%, 12/16/10   497,479
2,901
  Dr. Pepper Bottling Co. Of Texas, Inc., Term Loan B, LIBOR + 2.00%, 12/19/10   2,938,009
  Eastman Kodak Co.,    
368
     Term Loan, TBD   367,417
882
     Term Loan B-2, 1.50%, 10/18/12   886,655
1,500
  Eight O’Clock Coffee, Term Loan B, LIBOR + 3.00%, 11/14/11   1,515,000
993
  Eye Care Centers Of America, Inc., Term Loan, LIBOR + 3.00%, 2/16/12   1,003,666
1,000
  Hertz Corp., Term Loan, LIBOR + 2.25%, 12/21/12   1,013,523
792
  Keystone Foods Holdings, LLC, Term Loan, LIBOR + 1.75%, 6/30/11   800,639
499
  Knoll, Inc., Term Loan, LIBOR + 2.00%, 10/15/12   504,673
892
  Language Line, Inc., Term Loan B, LIBOR + 4.25%, 6/14/11   895,489
1,653
  Le-Natures, Inc., Term Loan B, LIBOR + 3.00%, 5/30/10   1,657,526
500
  MD Beauty, Inc., Term Loan, LIBOR + 7.00%, 7/10/13   501,250
2,738
  Michael Foods, Inc., Term Loan B-1, LIBOR + 2.00%, 11/30/10   2,770,202
995
  Movie Gallery, Inc., Term Loan B, LIBOR + 3.75%, 4/30/11   947,027
1,661
  Neiman-Marcus Group, Inc., Term Loan, LIBOR + 2.50%, 4/15/13   1,677,687
1,990
  New Page, Term Loan B, LIBOR + 3.00%, 4/30/12   2,009,900
938
  Nice Pak Products, Term Loan, LIBOR + 3.50%, 6/15/10   944,531
  Olympus Cable Holdings, LLC,    
2,000
     Term Loan A, PRIME + 1.25%, 6/30/10   1,938,750
3,500
     Term Loan B, PRIME + 2.00%, 9/30/10   3,403,750
  Oriental Trading Co., Inc.,    
500
     Term Loan, LIBOR + 4.75%, 1/08/11   501,667
2,596
     Term Loan B, LIBOR + 2.25%, 6/30/09   2,604,555
2,970
  OSI Group LLC, Term Loan B, LIBOR + 2.00%, 9/15/11   3,002,174
750
  Pantry, Inc. (The), Term Loan, LIBOR + 1.75%, 12/29/11   757,969
951
  PBM Products, LLC, Term Loan B, LIBOR + 3.00%, 7/31/11   960,174
794
  Pierre Foods, Inc., Term Loan B, LIBOR + 1.75%, 7/15/10   803,101
750
  Pivotal Promontory, LLC, Term Loan, LIBOR + 6.50%, 9/15/11   750,000
1,474
  Prestige Brands Holdings, Inc., Term Loan B, LIBOR + 2.25%, 4/07/11   1,484,803
3,461
  R.H. Donnelley, Inc., Term Loan D, LIBOR + 1.75%, 12/31/11   3,483,926
398
  Sealy Mattress Co., Term Loan D, LIBOR + 1.75%, 8/06/12   402,212
600
  Synventive Acquisition, Inc., Term Loan, LIBOR + 14.0%, 2/17/14   588,000
500
  Travelcenters of America, Inc., Term Loan B, LIBOR + 1.75%, 11/30/11   504,750
961
  Tupperware Corp., Term Loan, LIBOR + 1.50%, 11/07/12   959,688
      56,249,663
  Containers & Packaging—1.9%    
735
  Bway Corp., Term Loan, LIBOR + 2.00%, 6/30/11   742,932
349
  Flexsol Packaging Corp., Term Loan, LIBOR + 3.25%, 11/30/11   347,862

7

BlackRock Limited Duration Income Trust (BLW) (continued)

Principal        
Amount        
(000)
           Description  
Value
    Containers & Packaging—(cont’d)    
    Graham Packaging Company, L.P.,    
$ 1,980      Term Loan B, LIBOR + 2.25%, 10/07/11   $ 2,002,982
2,000      Term Loan C, LIBOR + 4.25%, 4/07/12   2,040,834
1,324   Graphic Packaging International, Inc., Term Loan C, LIBOR + 2.50%, 6/30/10   1,343,489
    Owens-Illinois Group, Inc.,    
3,170      Term Loan A1, LIBOR + 2.75%, 6/30/07   3,177,950
589      Term Loan C1, LIBOR + 1.75%, 3/15/08   590,955
500   Ranpak Corp., Term Loan B, LIBOR + 2.50%, 12/31/11   502,813
568   Smurfit-Stone Container Corp., Term Loan, LIBOR -0.10%, 11/15/10   572,683
1,965   Solo Cup, Inc., Term Loan, LIBOR + 2.50%, 2/27/11   1,980,557
        13,303,057
    Ecological Services & Equipment—0.6%    
    Allied Waste North America, Inc.,    
1,003      Term Loan A, LIBOR + 2.00%, 1/15/12   1,011,155
2,584      Term Loan, LIBOR + 2.00%, 1/15/12   2,602,700
500   Envirosolutions, Inc., Term Loan, LIBOR + 3.50%, 7/07/12   507,500
        4,121,355
    Energy—4.0%    
429   AES Corp., Term Loan, LIBOR + 1.75%, 4/30/08   432,536
748   Boart Longyear Co., CND Term Loan, LIBOR + 3.00%, 11/30/12   757,477
2   Calpine Corp., Term Loan, LIBOR + 5.75%, 7/16/07   1,751
995   Cellnet Technology, Inc., Term Loan B, LIBOR + 3.00%, 4/26/12   1,007,437
1,496   Coffeyville Resources, LLC, Term Loan, LIBOR + 2.50%, 6/24/12   1,513,265
561   Cogentrix Delaware Holdings, Inc., Term Loan, LIBOR + 1.75%, 4/14/12   566,965
249   Complete Production Services, Inc., Term Loan B, LIBOR, 9/12/12   251,947
988   El Paso Corp., Term Loan, 0.50%, 11/30/07   993,946
3,549   Exco Holdings, Inc., Term Loan, 10.0%, 7/03/06   3,526,620
1,500   Key Energy Services, Term Loan B, LIBOR + 3.25%, 8/15/12   1,519,999
500   MGG Holdings, Term Loan, LIBOR + 2.00%, 12/15/10   504,375
6,000   NRG Energy Term., Term Loan, TBD   6,058,050
1,000   Petro Geological Services, Term Loan B, LIBOR, 12/31/12   1,011,875
500   Petrohawk, Term Loan, LIBOR + 4.50%, 7/31/10   502,500
293   Pike Electric, Inc., Term Loan B, LIBOR + 1.75%, 6/30/12   296,069
4,008   Reliant Energy Resources Corp., Term Loan, LIBOR + 2.38%, 4/30/10   3,994,632
    Semcrude, L.P.,    
295      US Term Loan, LIBOR + 2.25%, 2/28/11   297,933
695      CND Term Loan, LIBOR + 2.25%, 2/28/11   701,698
1,000   Targa Resources Asst. Sale, Term Loan, LIBOR + 2.25%, 10/31/07   1,001,250
500   Texas Genco, LLC, Term Loan, LIBOR, 12/14/11   499,375
500   Trout Coal Holdings, LLC, Term Loan, LIBOR + 6.50%, 3/31/12   497,500
993   Universal Compression, Inc., Term Loan, LIBOR + 1.50%, 1/15/15   1,001,186
    Wolf Hollow I LP,    
500      Term Loan, LIBOR, 6/15/12   504,375
500      Term Loan B, LIBOR, 6/15/12   504,375
        27,947,136
    Entertainment & Leisure—2.6%    
985   Boyd Gaming Corp., Term Loan B, LIBOR + 1.50%, 6/30/11   994,234
3,245   CCM Merger, Inc., Term Loan, LIBOR + 2.00%, 7/13/12   3,260,412
2,000   Greektown Casino, LLC, Term Loan B, LIBOR + 2.50%, 12/03/12   2,025,000
491   Green Valley Ranch Gaming, LLC, Term Loan B, LIBOR + 2.00%, 12/17/11   496,814
501   Hit Entertainment, Ltd., Term Loan, LIBOR + 2.25%, 3/20/12   500,875
1,238   Isle Of Capri Casinos, Inc., Term Loan, LIBOR + 1.75%, 2/04/11   1,251,112
5,000   Metro-Goldwyn-Mayer Studios, Inc., Term Loan B, LIBOR + 2.25%, 4/15/12   5,048,295
1,995   Penn National Gaming, Term Loan B, LIBOR + 1.75%, 5/31/12   2,018,691
497   Volume Svcs. America, Inc., Term Loan, LIBOR + 3.25%, 10/15/10   500,603
1,099   Wyndham International, Inc., Term Loan E, LIBOR + 4.50%, 9/11/07   1,154,318
1,000   Wynn Las Vegas, LLC, Term Loan, LIBOR + 2.13%, 12/31/11   1,009,000
497   Yellowstone Mountain Club, Term Loan, LIBOR + 2.38%, 10/15/10   499,319
        18,758,673

8

BlackRock Limited Duration Income Trust (BLW) (continued)

Principal
       
Amount
       
(000)
           Description  
Value
  Financial Institutions—1.2%    
$    750
  Ameritrade, Term Loan, TBD   $ 753,562
1,185
  Arias Acquisitions, Inc., Term Loan, LIBOR + 3.75%, 7/26/11   1,180,556
956
  CCC Information Services, Inc., Term Loan B, LIBOR + 2.75%, 8/20/10   955,563
1,297
  Global Cash Access, LLC, Term Loan, LIBOR + 2.25%, 3/10/10   1,311,994
  N.E.W. Holdings I, LLC,    
904
     Term Loan, LIBOR + 3.25% 7/15/11   913,362
250
     Term Loan, LIBOR + 7.00%, 7/15/12   253,750
2,000
  Nasdaq Stock Market, Inc., Term Loan B, LIBOR + 1.50%, 12/15/11   2,015,000
456
  Universal American Financial Corp., Term Loan, LIBOR + 2.25%, 5/25/09   457,391
978
  USI Holdings Corp., Term Loan, LIBOR + 2.50%, 7/30/08   979,333
      8,820,511
  Health Care—3.9%    
181
  Ameripath, Inc., Term Loan, TBD   181,849
1,500
  CCS Med., Term Loan B, LIBOR + 3.25%, 9/30/12   1,480,000
201
  Colgate Medical, Ltd., Term Loan B, LIBOR + 2.00%, 12/30/08   201,891
2,963
  Community Health Systems, Inc., Term Loan, LIBOR + 1.75%, 8/19/11   2,999,531
2,494
  Concentra Operating Corp., Term Loan B, LIBOR + 2.00%, 9/30/11   2,522,845
1,917
  Davita, Inc., Term Loan B, LIBOR + 2.25%, 10/05/12   1,943,120
912
  Duloxetine Royalty Sub., Term Loan, LIBOR + 4.50%, 10/15/13   912,310
  HealthSouth Corp.,    
638
     Term Loan, LIBOR + 2.50%, 2/28/10   639,094
2,351
     Term Loan, LIBOR + 2.50%, 6/14/07   2,356,564
2,000
     Term Loan, LIBOR + 5.00%, 6/15/10   2,013,334
985
  IASIS Healthcare Corp., Term Loan B, LIBOR + 2.25%, 6/22/11   997,108
2,905
  Jean Coutu Group, Inc., Term Loan B, LIBOR + 2.25%, 6/30/11   2,939,220
734
  Kinetic Concepts, Inc., Term Loan B-2, LIBOR + 1.75%, 8/05/10   741,441
993
  Select Med. Corp., Term Loan B, PRIME + 0.75%, 2/28/12   981,472
500
  Triumph Healthcare Second Holdings, Inc., Term Loan, LIBOR + 8.50%, 9/15/12   470,000
998
  Vanguard Hlth. Holding Co. II, Term Loan, LIBOR + 2.25%, 9/30/11   1,009,553
  Warner Chilcott Corp.,    
530
     Term Loan, 1.38%, 1/18/11   531,707
2,167
     Term Loan B, LIBOR + 2.75%, 1/18/11   2,174,375
873
     Term Loan C, LIBOR + 2.75%, 1/18/11   876,167
403
     Term Loan D, LIBOR + 2.75%, 1/18/11   404,764
985
  Wellcare Holdings, LLC, Term Loan, LIBOR + 2.50%, 5/13/09   989,309
      27,365,654
  Industrials—1.6%    
1,000
  Acosta, Inc., Term Loan, LIBOR + 2.25%, 12/06/12   1,010,000
213
  Alderwoods Group, Inc., Term Loan B2, LIBOR + 2.00%, 9/29/09   215,146
3,190
  Buhrmann U.S., Inc., Term Loan D-1, LIBOR + 1.75%, 12/31/10   3,232,703
719
  Novelis, Inc., CND Term Loan B, LIBOR + 1.75%, 12/30/11   727,098
625
  QTC Acquisition, Inc., Term Loan, LIBOR + 6.50%, 5/04/13   623,438
491
  Roller Bearing Co. of America, Term Loan B, PRIME + 2.50%, 7/30/11   493,287
1,752
  Trimas Corp., Term Loan B, LIBOR + 3.75%, 12/31/09   1,760,927
1,801
  United Rentals NA, Inc., Term Loan B, LIBOR + 2.25%, 2/12/11   1,819,637
1,649
  Worldspan, L.P., Term Loan, LIBOR + 2.75%, 6/30/07   1,624,156
      11,506,392
  Media—5.6%    
1,737
  American Lawyers Media, Inc., Term Loan, LIBOR + 2.50%, 3/05/10   1,733,257
4,000
  Century Cable Holdings, LLC, Term Loan, PRIME + 2.00%, 6/30/09   3,888,332
3,443
  Charter Communications Operating, LLC, Term Loan B, LIBOR + 3.25%, 4/27/11   3,465,934
  Dex Media West, LLC,    
1,000
     Term Loan B1, 0.50%, 3/09/10   1,004,792
3,514
     Term Loan B, LIBOR + 1.75%, 3/09/10   3,542,955
2,333
  DirecTV Holdings, LLC, Term Loan B, LIBOR + 1.50%, 4/13/13   2,355,939
2,004
  Emmis Communications Co., Term Loan B, LIBOR + 1.75%, 11/10/11   2,011,341
2,574
  Insight Midwest Holdings, LLC, Term Loan C, LIBOR + 2.00%, 12/31/09   2,607,908
248
  Masonite International Corp., US Term Loan, LIBOR + 2.00%, 3/31/13   241,636

9

BlackRock Limited Duration Income Trust (BLW) (continued)

Principal
       
Amount
       
(000)
           Description  
Value
  Media—(cont’d)    
$ 1,985
  Mediacom Communications Corp., Term Loan C, LIBOR + 2.00%, 9/30/10   $ 2,010,122
1,980
  Mediacom Illinois, LLC, Term Loan, TBD   2,004,750
1,941
  Mission Broadcasting, Inc., Term Loan B, LIBOR + 1.75%, 8/14/12   1,948,330
500
  NEP Supershooters, L.P., Term Loan, LIBOR + 8.00%, 8/01/11   495,000
1,976
  Nexstar Broadcasting, Inc., Term Loan B, LIBOR + 1.75%, 8/14/12   1,983,303
3,000
  NTL Investment Holding Ltd., Term Loan B, LIBOR + 3.00%, 4/13/12   3,007,500
750
  Puerto Rico Cable Acquisition Co., Term Loan, LIBOR + 6.25%, 7/31/11   759,375
2,500
  Raycom Media, Inc., Term Loan B, LIBOR + 1.75%, 4/01/12   2,500,000
2,000
  UPC Distribution Corp., Term Loan H, LIBOR + 2.75%, 10/30/12   2,020,714
1,963
  WMG Acquisition Corp., Term Loan, LIBOR + 2.00%, 4/08/11   1,979,740
      39,560,928
  Publishing—0.1%    
750
  Endurance Business Media, Term Loan B, LIBOR + 2.25%, 3/08/12   755,625
  Real Estate—1.3%    
  General Growth Properties, Inc.,    
1,697
     Term Loan A, LIBOR + 1.75%, 11/12/07   1,697,573
1,948
     Term Loan B, LIBOR + 2.00%, 11/12/08   1,951,157
  Kyle Acquisition Group, LLC,    
431
     Term Loan B, LIBOR + 2.00%, 7/31/08   433,504
300
     Term Loan, LIBOR + 2.00%, 7/31/10   301,500
1,000
  Landsource Communities Development, LLC, Term Loan B, LIBOR + 2.50%, 3/31/10   1,008,125
248
  Masonite Intl. Corp., CND Term Loan, LIBOR + 2.00%, 3/31/13   241,225
  Ply Gem Industries, Inc.,    
1,853
     Term Loan B, LIBOR + 2.50%, 10/01/11   1,864,256
61
     CND Term Loan, LIBOR + 2.50%, 3/15/10   61,665
710
  Stewart Enterprises, Inc., Term Loan B, LIBOR + 1.75%, 11/30/11   716,460
1,000
  Williams Scotsman, Inc., Term Loan B, LIBOR + 2.25%, 6/30/10   1,012,083
      9,287,548
  Technology—0.4%    
412
  Coinstar, Inc., Term Loan, LIBOR + 2.25%, 7/07/11   414,099
496
  Federal IT Systems, Inc., Term Loan, LIBOR + 2.75%, 4/01/11   500,282
1,438
  Verifone, Inc., Term Loan B, LIBOR + 2.00%, 6/30/11   1,453,733
235
  Westcom Corp., Term Loan B, LIBOR + 2.75%, 12/31/10   235,178
      2,603,292
  Telecommunications—3.1%    
250
  AAT Communications Corp., Term Loan, LIBOR + 1.75%, 7/27/12   252,031
1,000
  Alaska Communications Systems Holdings, Inc., Term Loan, LIBOR + 2.00%, 1/31/12   1,009,250
1,000
  Atlantic Broadband Finance, LLC, Term Loan B1, LIBOR + 2.75%, 8/04/12   1,015,625
1,377
  Centennial Cellular Operating Co., Term Loan, LIBOR + 2.25%, 2/09/11   1,394,519
1,481
  Consolidated Communications, Inc., Term Loan D, LIBOR + 1.75%, 10/14/11   1,495,445
500
  Country Road Communications, LLC, Term Loan, LIBOR, 7/15/13   506,250
750
  Fairpoint Communications, Inc., Term Loan, LIBOR + 1.75%, 2/15/12   751,125
990
  Intelsat Zeus, Ltd., Term Loan, 0.75%, 7/28/11   998,663
2,000
  Iowa Telecommunications Services, Inc., Term Loan B, LIBOR + 1.75%, 11/23/11   2,019,000
  IPC Acquisition Corp.,    
998
     Term Loan, LIBOR + 2.75%, 8/05/11   1,006,852
500
     Term Loan, LIBOR + 7.25%, 8/05/12   489,167
1,000
  Madison River Capital, LLC, Term Loan B-1, LIBOR + 2.50%, 7/31/12   1,008,750
2,500
  Nextel Partners Operating Corp., Term Loan D, LIBOR + 1.50%, 5/31/12   2,500,000
  Ntelos, Inc.,    
1,493
     Term Loan, LIBOR + 2.50%, 2/24/10   1,504,813
750
     Term Loan, LIBOR + 5.00%, 2/24/12   757,031
2,000
  Qwest Corp., Term Loan A, LIBOR + 4.75%, 6/30/07   2,045,500
1,000
  Triple Crown Media, Inc., Term Loan, LIBOR + 3.25%, 12/30/12   1,000,000
1,933
  Valor Telecommunication Enterprises II, LLC, Term Loan B, LIBOR + 1.75%, 2/28/12   1,937,563
      21,691,584

10

BlackRock Limited Duration Income Trust (BLW) (continued)

   
Principal
       
   
Amount
       
Rating1            
(000)
           Description  
Value
        Transportation—0.3%    
    $     500   Delta Air Lines, Inc., Term Loan B, LIBOR + 6.50%, 3/16/08   $ 518,250
    822   Sirva Worldwide, Inc., Term Loan, LIBOR + 4.00%, 11/30/10   786,845
    628   Transport Industries, LP, Term Loan B, LIBOR + 2.50%, 9/30/11   631,815
            1,936,910
        Total Bank Loans   318,632,634
        Mortgage Pass-Through Securities—21.1%    
        Federal National Mortgage Assoc.,    
    911 2    5.00%, 8/01/20   899,774
    39      5.00%, 7/01/20   38,628
    1,651      5.50%, 11/01/33   1,636,644
    9,036 2    5.50%, 10/01/33   8,958,869
    17,000 2    7.25%, 1/15/10   18,478,150
    120,700      TBA, 5.00%, 2/16/21   119,191,250
        Total Mortgage Pass-Through Securities   149,203,315
        Interest Only Asset-Backed Securities—1.2%    
        Sterling Coofs Trust,    
NR   53,986 3    Ser. 1, 2.362%, 4/15/29   4,386,324
NR   54,298      Ser. 2, 1.00%, 3/30/30   4,072,330
        Total Interest Only Asset-Backed Securities   8,458,654
        Asset-Backed Securities—1.9%    
AAA   2,080 2 Citibank Credit Card Issuance Trust, 2.50%, 4/07/08   2,072,013
AAA   3,766 2 Honda Auto Receivables Class A3, 2.30%, 10/18/07   3,731,734
AAA   7,910 2 MBNA Credit Card Master Note Trust, 5.75%, 10/15/08   7,934,837
        Total Asset-Backed Securities   13,738,584
        Collateralized Mortgage Obligatons—2.0%    
        GSR Mortgage Loan Trust,    
AAA   7,300 3    Ser. 10, Class 2A1, 4.475%, 10/25/33   7,051,195
AAA   7,320 3    Ser. 13, Class 1A1, 4.505%, 10/25/33   7,043,572
        Total Collateralized Mortgage Obligatons   14,094,767
        U.S. Government and Agency Securities—5.3%    
        U.S. Treasury Notes,    
    20,425 2    3.375%, 9/15/09   19,790,344
    10,000 2    3.75%, 3/31/07   9,903,100
    6,000 2    3.875%, 5/15/09   5,886,540
    1,815 2    4.25%, 8/15/15   1,774,453
        Total U.S. Government and Agency Securities   37,354,437
        Foreign Government Bonds—2.5%    
BB-   952   Bolivarian Republic of Venezuela, 12/18/07   947,557
BB   5,000   Republic of Colombia, 9.75%, 4/23/09   5,610,000
BB   5,000   Republic of Peru, 9.125%, 2/21/12   5,775,000
BB-   5,000   Republic of Turkey, 11.375%, 11/27/06   5,250,000
        Total Foreign Government Bonds   17,582,557
   
Units
       
        Warrants—0.0%    
NR   10 6 Reliant Resources, Inc., Expires 8/25/08, strike price $0.001, 1 share for 1 warrant   50,737
        Total Long-Term Investments (cost $970,764,000)   974,631,577

11

BlackRock Limited Duration Income Trust (BLW) (continued)

Principal          
Amount          
(000)           
Description
  Value  
    SHORT-TERM INVESTMENT—0.2%      
    U.S. Government and Agency Zero Coupon Security—0.2%      
$1,500
 7 Federal Home Loan Bank Discount Notes, 4.341%, 2/01/06 (cost $1,500,000)  
$ 1,500,000
  
    Total investments—138.3% (cost $972,264,0008)  
$ 976,131,577
  
    Liabilities in excess of other assets (including $157,089,893 in reverse repurchase agreements payable  
 
       and $119,606,157 in dollar roll payable)—(38.3)%  
(270,422,973
)
    Net Assets—100%  
$ 705,708,604
  

1   Using the higher of Standard & Poor’s, Moody’s Investor Service or Fitch’s rating.
2 Entire or partial principal amount pledged as collateral for reverse repurchase agreements.
3 Rate shown is interest rate as of January 31, 2006.
4 Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of January 31, 2006, the Trust held 11.4% of its net assets, with a current market value of $80,422,393, in securities restricted as to resale.
5 Issuer is in default and/or bankruptcy.
6 Non-income producing security.
7 Rate shown is the yield to maturity as of January 31, 2006.
8 Cost for Federal income tax purposes is $972,470,863. The net unrealized appreciaton on a tax basis is $3,660,714, consisting of $13,640,971 gross unrealized appreciation and $9,980,257 gross unrealized depreciation.
 
  A category in the Corporate Bonds and Bank Loans sections may contain multiple industries as defined by the SEC’s Standard Industry Codes.
 
 
KEY TO ABBREVIATIONS

TBA – To Be Announced
TBD – To Be Determined

12

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 its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

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

Item 3. Exhibits.

Separate certifications of the 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 and Principal Financial Officer
Date: March 31, 2006

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

By:      /s/ Robert S. Kapito                                                                  
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: March 31, 2006

By:      /s/ Henry Gabbay                                                                      
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: March 31, 2006