Edgar Filing: BLACKROCK LTD DURATION INCOME TRUST

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: 08/31/2013

Date of reporting period: 11/30/2012

Item 1 – Schedule of Investments

Consolidated Schedule of Investments November 30, 2012 (Unaudited)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

				Par (000)		Value
Asset-Backed Securities

321 Henderson Receivables I LLC (a):
	Series 2010-2A, Class A, 4.07%, 1/15/48	USD	1,508		$		1,630,696
	Series 2010-3A, Class A, 3.82%, 12/15/48		4,249				4,524,432
AmeriCredit Automobile Receivables Trust:
	Series 2012-2, Class D, 3.38%, 4/09/18		1,990				2,062,539
	Series 2012-5, Class E, 3.29%, 5/08/20 (a)		1,480				1,480,306
Anchorage Capital CLO Ltd., Series 2012-1A, Class B, 1.00%, 1/13/25 (a)(b)(c)			4,000				3,780,000
Capital One Multi-Asset Execution Trust, Series 4-3C, 6.63%, 4/19/17 (b)		GBP	2,650				4,390,915
Carlyle Global Market Strategies, Series 2012-4A, Class D, 1.00%, 1/20/25 (a)(b)(c)		USD	800				773,456
CarMax Auto Owner Trust, Series 2012-3, Class D, 2.29%, 4/15/19			2,530				2,530,428
Conseco Financial Corp., Series 1995-5, Class M1, 7.65%, 9/15/26 (b)			467				473,654
Countrywide Asset-Backed Certificates (b):
	Series 2007-10, Class 2A1, 0.26%, 6/25/47		64				63,868
	Series 2007-12, Class 2A1, 0.56%, 8/25/47		861				851,919
	Series 2007-7, Class 2A2, 0.37%, 10/25/47		2,873				2,753,549
CSAM Funding, Series 2A, Class B1, 7.05%, 10/15/16 (a)			750				780,975
Ford Credit Floorplan Master Owner Trust:
	Series 2010-5, Class C, 2.07%, 9/15/15 (a)		890				896,298
	Series 2011-2, Class C, 2.37%, 9/15/15		1,125				1,127,688
	Series 2011-2, Class D, 2.86%, 9/15/15		1,145				1,147,683
Fraser Sullivan CLO Ltd., Series 2012-7A, Class C, 4.32%, 4/20/23 (a)(b)			1,090				1,026,442
Goldentree Loan Opportunities VI Ltd., Series 2012-6A, Class D, 4.53%, 4/17/22 (a)(b)			1,500				1,429,950
GSAA Trust, Series 2007-3, Class 1A2, 0.38%, 3/25/47 (b)			3,028				1,362,630
ING Investment Management (a)(b):
	Series 2012-2A, Class D, 4.99%, 10/15/22		1,800				1,737,000
				Par (000)		Value
Asset-Backed Securities

ING Investment Management (a)(b) (concluded):
	Series 2012-4A, Class C, 4.73%, 10/15/23	USD	800		$		770,720
Octagon Investment Partners Ltd., Series 2012-1A, Class C, 4.31%, 1/15/24 (a)(b)(c)			1,050				970,200
Santander Consumer Acquired Receivables Trust, Series 2011-S1A, Class D, 3.15%, 8/15/16 (a)			2,147				2,162,335
Santander Drive Auto Receivables Trust:
	Series 2011-S1A, Class D, 3.10%, 5/15/17 (a)		915				918,277
	Series 2011-S2A, Class B, 2.06%, 6/15/17 (a)		481				485,510
	Series 2011-S2A, Class C, 2.86%, 6/15/17 (a)		498				502,894
	Series 2012-3, Class D, 3.64%, 5/15/18		2,865				2,980,967
SLC Student Loan Trust, Series 2006-A, Class A4, 0.46%, 1/15/19 (b)			836				834,482
Spirit Issuer Plc, Series A2, 3.30%, 12/28/31 (b)		GBP	1,800				2,018,710
Sterling Bank Trust, Series 2004-2, Class Note, 2.08%, 3/30/30 (a)		USD	11,253				882,648
Sterling Coofs Trust, Series 1, 2.36%, 4/15/29 (a)			9,974				757,413
World Financial Network Credit Card Master Trust, Series 2012-C, Class B, 3.57%, 8/15/22			3,000				3,059,580

Total Asset-Backed Securities – 7.8%						51,168,164

				Shares
Common Stocks (d)

Auto Components — 0.3%
Delphi Automotive Plc			58,171				1,977,229

Construction & Engineering — 0.0%
USI United Subcontractors			6,454				12,908

Diversified Financial Services — 0.5%
Kcad Holdings I Ltd.		384,412,912					2,888,479

Hotels, Restaurants & Leisure — 0.1%
BLB Worldwide Holdings, Inc.			51,947				746,738
Travelport Worldwide Ltd.			176,501				22,945

							769,683

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 1

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

				Shares		Value
Common Stocks (d)

Metals & Mining — 0.0%
Euramax International			234		$		45,961

Software — 0.2%
Bankruptcy Management Solutions, Inc.			880				18
HMH Holdings/EduMedia			71,219				1,424,382

							1,424,400

Total Common Stocks – 1.1%						7,118,660

				Par (000)
Corporate Bonds

Aerospace & Defense — 0.5%
Huntington Ingalls Industries, Inc., 7.13%, 3/15/21 (e)		USD	650				702,813
Kratos Defense & Security Solutions, Inc., 10.00%, 6/01/17 (e)			1,966				2,142,940
Meccanica Holdings USA, Inc., 6.25%, 7/15/19 (a)(e)			559				542,450

							3,388,203

Airlines — 1.0%
American Airlines Pass-Through Trust, Series 2011-2, Class A, 8.63%, 4/15/23 (e)			539				549,469
Continental Airlines, Inc., 6.75%, 9/15/15 (a)(e)			1,350				1,415,812
Delta Air Lines Pass-Through Trust, Series 2009-1, Class B, 9.75%, 6/17/18 (e)			253				283,185
US Airways Pass-Through Trust (e):
	Series 2011-1, Class C, 10.88%, 10/22/14		1,333				1,383,416
	Series 2012-1, Class C, 9.13%, 10/01/15		2,706				2,814,240

							6,446,122

Auto Components — 1.4%
Continental Rubber of America Corp., 4.50%, 9/15/19 (a)			150				151,500
Icahn Enterprises LP (b)(f):
	4.00%, 8/15/13 (a)		4,500				4,528,350
	4.00%, 8/15/13		2,305				2,319,521
Jaguar Land Rover Plc, 8.25%, 3/15/20		GBP	554				976,351
Titan International, Inc., 7.88%, 10/01/17 (e)		USD	1,330				1,399,825

							9,375,547

				Par (000)		Value
Corporate Bonds

Beverages — 0.2%
Crown European Holdings SA:
	7.13%, 8/15/18 (a)	EUR	440		$		629,467
	7.13%, 8/15/18		324				463,516

							1,092,983

Building Products — 0.7%
Building Materials Corp. of America (a)(e):
	7.00%, 2/15/20	USD	1,345				1,466,050
	6.75%, 5/01/21		1,030				1,127,850
Momentive Performance Materials, Inc., 8.88%, 10/15/20 (a)			530				526,025
USG Corp., 9.75%, 1/15/18			1,390				1,549,850

							4,669,775

Capital Markets — 0.6%
E*Trade Financial Corp.:
	12.50%, 11/30/17		1,785				2,008,750
	1.74%, 8/31/19 (a)(f)(g)		249				221,610
Nuveen Investments, Inc., 9.13%, 10/15/17 (a)			431				427,767
SteelRiver Transmission Co. LLC, 4.71%, 6/30/17 (a)			1,183				1,233,858

							3,891,985

Chemicals — 2.7%
Ashland, Inc., 4.75%, 8/15/22 (a)(e)			675				693,563
Celanese US Holdings LLC:
	5.88%, 6/15/21 (e)		805				899,587
	4.63%, 11/15/22		360				371,700
Ciech Group Financing AB, 9.50%, 11/30/19		EUR	180				243,758
Hexion US Finance Corp., 6.63%, 4/15/20		USD	92				91,770
Huntsman International LLC:
	4.88%, 11/15/20 (a)		1,134				1,122,660
	8.63%, 3/15/21 (e)		655				741,787
INEOS Finance Plc, 7.50%, 5/01/20 (a)(e)			445				459,463
LyondellBasell Industries NV, 5.75%, 4/15/24 (e)			1,790				2,148,000
Nova Chemicals Corp., 8.38%, 11/01/16 (e)			5,500				6,022,500
Nufarm Australia Ltd., 6.38%, 10/15/19 (a)			320				331,200
Orion Engineered Carbons Bondco GmbH, 9.63%, 6/15/18 (a)			898				972,085
Rockwood Specialties Group, Inc., 4.63%, 10/15/20 (e)			1,330				1,359,925
Tronox Finance LLC, 6.38%, 8/15/20 (a)(e)			2,040				2,009,400

							17,467,398

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 2

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

				Par (000)		Value
Corporate Bonds

Commercial Banks — 4.3%
BNP Paribas SA, 2.38%, 9/14/17 (e)		USD	3,225		$		3,283,756
CIT Group, Inc. (e):
	5.25%, 4/01/14 (a)		3,614				3,740,490
	4.75%, 2/15/15 (a)		1,709				1,773,088
	5.00%, 5/15/17		890				932,275
	5.50%, 2/15/19 (a)		2,040				2,172,600
HSBC Bank Plc, 3.10%, 5/24/16 (a)(e)			2,560				2,722,857
HSBC Holdings Plc, 6.25%, 3/19/18		EUR	1,000				1,547,364
ING Bank NV, 2.00%, 9/25/15 (a)(e)		USD	3,245				3,265,129
Nordea Bank AB, 4.50%, 3/26/20		EUR	1,020				1,454,132
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.38%, 3/15/18 (a)(e)		USD	6,155				6,161,352
Regions Financial Corp., 4.88%, 4/26/13 (e)			907				919,471

							27,972,514

Commercial Services & Supplies — 1.1%
ADS Waste Holdings, Inc., 8.25%, 10/01/20 (a)			292				305,140
ARAMARK Holdings Corp., 8.63%, 5/01/16 (a)(h)			890				912,259
Brickman Group Holdings, Inc., 9.13%, 11/01/18 (a)			63				64,575
Catalent Pharma Solutions, Inc., 7.88%, 10/15/18 (a)			375				378,750
Clean Harbors, Inc.:
	5.25%, 8/01/20 (e)		607				623,692
	5.13%, 6/01/21 (a)		510				521,475
Covanta Holding Corp., 6.38%, 10/01/22 (e)			1,130				1,225,380
EC Finance Plc, 9.75%, 8/01/17		EUR	100				140,459
HDTFS, Inc. (a):
	5.88%, 10/15/20	USD	205				211,663
	6.25%, 10/15/22		605				626,931
Mead Products LLC/ACCO Brands Corp., 6.75%, 4/30/20 (a)			100				103,750
Mobile Mini, Inc., 7.88%, 12/01/20 (e)			915				993,919
Verisure Holding AB:
	8.75%, 9/01/18	EUR	526				728,556
	8.75%, 12/01/18		221				281,673
West Corp., 8.63%, 10/01/18		USD	165				170,363

							7,288,585

Communications Equipment — 1.6%
ADC Telecommunications, Inc., 3.50%, 7/15/15 (e)			6,670				6,673,335
Avaya, Inc., 9.75%, 11/01/15 (e)			510				404,175
Zayo Group LLC/Zayo Capital, Inc.:
	8.13%, 1/01/20 (e)		1,800				1,966,500
				Par (000)		Value
Corporate Bonds

Communications Equipment (concluded)
Zayo Group LLC/Zayo Capital, Inc. (concluded):
	10.13%, 7/01/20	USD	1,460		$		1,635,200

							10,679,210

Construction Materials — 0.8%
Buzzi Unicem SpA, 6.25%, 9/28/18		EUR	154				210,479
HD Supply, Inc. (a):
	8.13%, 4/15/19 (e)	USD	3,085				3,478,337
	11.50%, 7/15/20		1,385				1,513,113

							5,201,929

Consumer Finance — 1.7%
Ally Financial, Inc., 3.13%, 1/15/16 (a)			6,500				6,518,362
Ford Motor Credit Co. LLC (e):
	3.88%, 1/15/15		2,475				2,570,570
	7.00%, 4/15/15		400				444,386
Hyundai Capital America, 3.75%, 4/06/16 (a)(e)			1,285				1,365,630

							10,898,948

Containers & Packaging — 0.5%
Ardagh Packaging Finance Plc:
	7.38%, 10/15/17 (a)(e)		299				325,536
	7.38%, 10/15/17	EUR	200				277,797
	7.38%, 10/15/17 (a)		587				815,336
	7.38%, 10/15/17		100				138,899
Berry Plastics Corp.:
	4.27%, 9/15/14 (b)	USD	700				700,000
	8.25%, 11/15/15 (e)		490				512,050
	9.75%, 1/15/21		290				329,875
Beverage Packaging Holdings Luxembourg II SA, 8.00%, 12/15/16		EUR	274				358,133

							3,457,626

Distributors — 0.1%
VWR Funding, Inc., 7.25%, 9/15/17 (a)		USD	874				902,405

Diversified Consumer Services — 0.9%
313 Group, Inc. (a):
	6.38%, 12/01/19		566				557,510
	8.75%, 12/01/20		579				568,867
Laureate Education, Inc., 9.25%, 9/01/19 (a)			1,460				1,489,200
The Unique Pub Finance Co. Plc:
	Series A4, 5.66%, 6/30/27	GBP	1,686				2,350,067
	Series M, 7.40%, 3/28/24		742				945,093

							5,910,737

Diversified Financial Services — 5.7%
Aircastle Ltd., 6.25%, 12/01/19 (a)		USD	367				372,505

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 3

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

				Par (000)		Value
Corporate Bonds

Diversified Financial Services (concluded)
Ally Financial, Inc. (e):
	8.30%, 2/12/15	USD	2,460		$		2,749,050
	7.50%, 9/15/20		1,630				1,964,150
	8.00%, 11/01/31		2,050				2,603,500
Banque Paribas, 6.95%, 7/22/13 (e)			2,100				2,164,298
Citigroup, Inc., 5.95% (b)(i)			1,370				1,393,975
CNG Holdings, Inc., 9.38%, 5/15/20 (a)			700				712,250
Co-Operative Group Ltd., 5.63%, 7/08/20 (j)		GBP	300				497,083
DPL, Inc., 7.25%, 10/15/21 (e)		USD	255				269,025
Gala Group Finance Plc, 8.88%, 9/01/18		GBP	700				1,146,739
The Goldman Sachs Group, Inc. (e):
	6.00%, 5/01/14	USD	1,150				1,227,863
	5.13%, 1/15/15		3,515				3,780,885
	3.30%, 5/03/15		3,285				3,421,935
Intesa Sanpaolo SpA, 2.38%, 12/21/12 (e)			3,335				3,335,000
Leucadia National Corp., 8.13%, 9/15/15 (e)			1,870				2,113,100
Morgan Stanley, 5.30%, 3/01/13 (e)			825				834,112
Reynolds Group Issuer, Inc.:
	7.75%, 10/15/16	EUR	63				84,803
	7.13%, 4/15/19 (e)	USD	1,990				2,149,200
	9.00%, 4/15/19 (e)		180				185,400
	9.88%, 8/15/19		795				842,700
	5.75%, 10/15/20 (a)		1,800				1,840,500
	6.88%, 2/15/21 (e)		820				883,550
SLM Corp., Series A, 5.00%, 10/01/13 (e)			150				153,750
Spirit Issuer Plc, 5.86%, 12/28/21		GBP	1,570				2,288,993

							37,014,366

Diversified Telecommunication Services — 1.4%
ITC Deltacom, Inc., 10.50%, 4/01/16		USD	1,215				1,300,050
Level 3 Communications, Inc., 8.88%, 6/01/19 (a)			735				771,750
Level 3 Financing, Inc.:
	4.47%, 2/15/15 (b)		1,725				1,720,687
	8.13%, 7/01/19		3,083				3,298,810
	7.00%, 6/01/20 (a)		495				503,663
OTE Plc, 7.25%, 2/12/15 (j)		EUR	151				181,654
Telenet Finance V Luxembourg SCA:
	6.25%, 8/15/22		171				233,625
	6.75%, 8/15/24		397				545,362
Windstream Corp., 8.13%, 8/01/13 (e)		USD	590				613,600

							9,169,201

				Par (000)		Value
Corporate Bonds

Electric Utilities — 0.3%
Mirant Mid Atlantic Pass-Through Trust, Series B, 9.13%, 6/30/17 (e)		USD	677		$		739,239
Nisource Finance Corp. (e):
	6.40%, 3/15/18		440				531,030
	5.25%, 2/15/43		800				857,863

							2,128,132

Electrical Equipment — 0.2%
Belden, Inc., 5.50%, 9/01/22 (a)(e)			510				516,375
Pentair Finance SA, 1.88%, 9/15/17 (a)(e)			371				373,931
Techem GmbH, 6.13%, 10/01/19		EUR	300				412,600

							1,302,906

Energy Equipment & Services — 2.4%
Calfrac Holdings LP, 7.50%, 12/01/20 (a)(e)		USD	1,105				1,082,900
Compagnie Générale de Géophysique, Veritas (e):
	7.75%, 5/15/17		330				343,200
	6.50%, 6/01/21		2,115				2,220,750
FTS International Services LLC/FTS International Services, Inc., 8.13%, 11/15/18 (a)(e)			1,690				1,740,700
Gulfmark Offshore, Inc., 6.38%, 3/15/22 (a)(e)			185				188,700
Hornbeck Offshore Services, Inc., 5.88%, 4/01/20 (e)			375				384,375
Key Energy Services, Inc., 6.75%, 3/01/21 (e)			1,040				1,042,600
MEG Energy Corp., 6.38%, 1/30/23 (a)(e)			445				461,688
Oil States International, Inc., 6.50%, 6/01/19 (e)			725				770,312
Peabody Energy Corp., 6.25%, 11/15/21 (e)			2,085				2,163,187
Seadrill Ltd., 5.63%, 9/15/17 (a)			3,090				3,090,000
Transocean, Inc. (e):
	4.95%, 11/15/15		1,040				1,141,004
	5.05%, 12/15/16		180				200,382
	2.50%, 10/15/17		725				728,848
	6.00%, 3/15/18		230				268,039

							15,826,685

Food & Staples Retailing — 0.2%
Bakkavor Finance 2 Plc, 8.25%, 2/15/18		GBP	321				502,719
Rite Aid Corp., 9.25%, 3/15/20		USD	1,095				1,116,900

							1,619,619

Food Products — 0.4%
Constellation Brands, Inc., 6.00%, 5/01/22 (e)			660				754,875

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 4

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

				Par (000)		Value
Corporate Bonds

Food Products (concluded)
Post Holdings, Inc., 7.38%, 2/15/22 (a)(e)		USD	780		$		833,625
Smithfield Foods, Inc., 6.63%, 8/15/22 (e)			783				829,980

							2,418,480

Gas Utilities — 0.3%
Florida Gas Transmission Co. LLC, 4.00%, 7/15/15 (a)(e)			2,000				2,129,022

Health Care Equipment & Supplies — 1.5%
Biomet, Inc. (a):
	6.50%, 8/01/20		1,720				1,797,400
	6.50%, 10/01/20		1,445				1,430,550
CareFusion Corp., 5.13%, 8/01/14 (e)			3,000				3,197,004
DJO Finance LLC:
	8.75%, 3/15/18 (a)(e)		413				450,170
	7.75%, 4/15/18		540				503,550
	9.88%, 4/15/18 (a)		500				501,250
Fresenius Medical Care US Finance II, Inc., 5.63%, 7/31/19 (a)(e)			960				1,024,800
Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/01/19 (a)			210				197,400
Teleflex, Inc., 6.88%, 6/01/19 (e)			675				727,312

							9,829,436

Health Care Providers & Services — 3.2%
Aviv Healthcare Properties LP, 7.75%, 2/15/19 (e)			995				1,044,750
Care UK Health & Social Care Plc, 9.75%, 8/01/17		GBP	130				223,380
CHS/Community Health Systems, Inc.:
	5.13%, 8/15/18 (e)	USD	490				515,725
	7.13%, 7/15/20		471				498,083
Crown Newco 3 Plc, 7.00%, 2/15/18		GBP	541				910,102
DaVita HealthCare Partners, Inc., 5.75%, 8/15/22 (e)		USD	939				981,255
HCA, Inc. (e):
	6.50%, 2/15/20		1,895				2,127,137
	5.88%, 3/15/22		2,390				2,599,125
	4.75%, 5/01/23		1,410				1,424,100
Hologic, Inc., 6.25%, 8/01/20 (a)(e)			1,289				1,369,562
IASIS Healthcare LLC, 8.38%, 5/15/19			1,351				1,276,695
Omnicare, Inc., 7.75%, 6/01/20 (e)			1,135				1,255,594
Tenet Healthcare Corp.:
	10.00%, 5/01/18 (e)		2,152				2,453,280
	8.88%, 7/01/19 (e)		395				442,400
	6.75%, 2/01/20 (a)		475				481,531
	4.75%, 6/01/20 (a)(e)		738				743,535
				Par (000)		Value
Corporate Bonds

Health Care Providers & Services (concluded)
Vanguard Health Holding Co. II LLC, 7.75%, 2/01/19 (a)		USD	800		$		824,000
WellPoint, Inc., 1.25%, 9/10/15 (e)			1,430				1,442,766

							20,613,020

Health Care Technology — 0.8%
IMS Health, Inc., 12.50%, 3/01/18 (a)(e)			4,300				5,084,750

Hotels, Restaurants & Leisure — 3.4%
Affinity Gaming LLC/Affinity Gaming Finance Corp., 9.00%, 5/15/18 (a)			198				205,920
Caesars Entertainment Operating Co., Inc., 11.25%, 6/01/17			475				510,328
Caesars Operating Escrow LLC (a)(e):
	8.50%, 2/15/20		1,010				989,800
	9.00%, 2/15/20		1,358				1,358,000
Carlson Wagonlit BV, 6.88%, 6/15/19 (a)(e)			370				386,650
Choice Hotels International, Inc., 5.75%, 7/01/22 (e)			240				262,800
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18		EUR	355				440,919
Enterprise Inns Plc:
	6.50%, 12/06/18	GBP	2,232				3,287,059
	6.88%, 2/15/21		2,070				2,860,440
Gategroup Finance Luxembourg SA, 6.75%, 3/01/19		EUR	290				394,132
Spirit Issuer Plc:
	1.15%, 12/28/28	GBP	3,325				3,622,463
	5.47%, 12/28/34 (b)		4,500				5,623,549
Station Casinos LLC, 3.66%, 6/18/18		USD	440				372,900
Travelport LLC, 6.36%, 12/01/16 (a)(b)(e)(h)			977				723,126
Tropicana Entertainment LLC, 9.63%, 12/15/14 (d)(k)			375				—
Wynn Las Vegas LLC, 5.38%, 3/15/22 (e)			888				941,280

							21,979,366

Household Durables — 1.2%
Algeco Scotsman Global Finance Plc, 9.00%, 10/15/18		EUR	630				843,928
Beazer Homes USA, Inc., 6.63%, 4/15/18 (a)(e)		USD	910				969,150
K Hovnanian Enterprises, Inc., 7.25%, 10/15/20 (a)			2,130				2,284,425
Libbey Glass, Inc., 6.88%, 5/15/20 (a)(e)			250				267,500
Spie BondCo 3 SCA, 11.00%, 8/15/19		EUR	348				482,010

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 5

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

				Par (000)		Value
Corporate Bonds

Household Durables (concluded)
Standard Pacific Corp., 8.38%, 1/15/21 (e)		USD	2,400		$		2,748,000

							7,595,013

Household Products — 0.1%
Ontex IV SA, 9.00%, 4/15/19		EUR	253				335,620
Spectrum Brands Escrow Corp. (a):
	6.38%, 11/15/20	USD	250				259,375
	6.63%, 11/15/22		285				298,538

							893,533

Independent Power Producers & Energy Traders — 2.4%
The AES Corp. (e):
	7.75%, 10/15/15		1,730				1,941,925
	9.75%, 4/15/16		710				844,900
	7.38%, 7/01/21		185				204,888
Calpine Corp. (a)(e):
	7.25%, 10/15/17		365				390,550
	7.50%, 2/15/21		478				528,190
Energy Future Holdings Corp., 10.00%, 1/15/20 (e)			2,105				2,236,562
Energy Future Intermediate Holding Co. LLC:
	6.88%, 8/15/17 (a)		1,015				1,040,375
	10.00%, 12/01/20		4,415				4,922,725
GenOn REMA LLC (e):
	9.24%, 7/02/17		560				611,925
	Series C, 9.68%, 7/02/26		650				695,500
Laredo Petroleum, Inc.:
	9.50%, 2/15/19		630				705,600
	7.38%, 5/01/22		515				557,487
NRG Energy, Inc., 6.63%, 3/15/23 (a)(e)			790				817,650
QEP Resources, Inc., 5.38%, 10/01/22 (e)			476				502,180

							16,000,457

Industrial Conglomerates — 1.4%
Sequa Corp. (a):
	11.75%, 12/01/15		2,950				3,053,250
	13.50%, 12/01/15		5,870				6,104,799

							9,158,049

Insurance — 1.8%
Allied World Assurance Co. Holdings, Ltd., 7.50%, 8/01/16 (e)			3,000				3,549,264
American International Group, Inc., 3.00%, 3/20/15 (e)			3,120				3,242,073
CNH Capital LLC, 3.88%, 11/01/15 (a)(e)			1,320				1,354,650
CNO Financial Group, Inc., 6.38%, 10/01/20 (a)(e)			304				317,680
Forethought Financial Group, Inc., 8.63%, 4/15/21 (a)(e)			750				956,546
				Par (000)		Value
Corporate Bonds

Insurance (concluded)
Genworth Financial, Inc., 7.63%, 9/24/21 (e)		USD	990		$		1,069,413
MPL 2 Acquisition Canco, Inc., 9.88%, 8/15/18 (a)			595				554,838
Muenchener Rueckversicherungs AG, 6.00%, 5/26/41 (b)		EUR	400				585,342
TMF Group Holding B.V., 9.88%, 12/01/19 (c)			130				171,396

							11,801,202

IT Services — 1.2%
Ceridian Corp., 8.88%, 7/15/19 (a)		USD	1,395				1,492,650
Epicor Software Corp., 8.63%, 5/01/19			1,260				1,313,550
First Data Corp.:
	7.38%, 6/15/19 (a)(e)		1,175				1,207,313
	6.75%, 11/01/20 (a)(e)		1,235				1,244,262
	8.25%, 1/15/21 (a)		69				68,828
	12.63%, 1/15/21		1,018				1,071,445
SunGard Data Systems, Inc., 6.63%, 11/01/19 (a)			1,040				1,060,800
WMG Acquisition Corp., 6.00%, 1/15/21 (a)			265				271,625

							7,730,473

Machinery — 1.0%
Terex Corp., 6.00%, 5/15/21			1,205				1,250,187
UR Merger Sub Corp. (a)(e):
	5.75%, 7/15/18		1,244				1,340,410
	7.38%, 5/15/20		805				879,463
	7.63%, 4/15/22		2,518				2,788,685

							6,258,745

Media — 4.9%
AMC Networks, Inc., 7.75%, 7/15/21 (e)			865				981,775
Cengage Learning Acquisitions, Inc., 11.50%, 4/15/20 (a)(e)			1,000				830,000
Checkout Holding Corp., 14.28%, 11/15/15 (a)(g)			1,570				1,051,900
Clear Channel Communications, Inc., 9.00%, 12/15/19 (a)(e)			1,202				1,089,313
Clear Channel Worldwide Holdings, Inc.:
	6.50%, 11/15/22 (a)		965				960,175
	6.50%, 11/15/22 (a)		2,608				2,621,040
	Series B, 7.63%, 3/15/20 (e)		1,045				1,024,100
DIRECTV Holdings LLC, 3.13%, 2/15/16 (e)			3,000				3,153,093
DISH DBS Corp. (e):
	7.00%, 10/01/13		1,267				1,320,847
	7.13%, 2/01/16		200				224,250
	5.88%, 7/15/22		2,025				2,169,281
Intelsat Jackson Holdings SA, 7.25%, 10/15/20 (a)(e)			1,660				1,767,900

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 6

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

				Par (000)		Value
Corporate Bonds

Media (concluded)
Intelsat Luxembourg SA:
	11.25%, 2/04/17	USD	360		$		381,600
	11.50%, 2/04/17 (h)		280				297,150
Interactive Data Corp., 10.25%, 8/01/18 (e)			2,210				2,475,200
Lamar Media Corp., 5.88%, 2/01/22 (e)			675				718,031
NAI Entertainment Holdings LLC, 8.25%, 12/15/17 (a)(e)			1,301				1,437,605
Nara Cable Funding Ltd., 8.88%, 12/01/18		EUR	310				391,076
ProQuest LLC, 9.00%, 10/15/18 (a)		USD	600				552,000
ProtoStar I Ltd., 18.00%, 10/15/13 (a)(d)(f)(k)			3,454				1,727
Truven Health Analytics, Inc., 10.63%, 6/01/20 (a)			540				577,800
Unitymedia Hessen GmbH & Co. KG:
	8.13%, 12/01/17 (a)(e)		4,090				4,437,650
	7.50%, 3/15/19		1,440				1,577,596
	5.50%, 1/15/23 (a)(c)		720				720,000
Virgin Media Secured Finance Plc, 6.50%, 1/15/18 (e)			1,000				1,085,000

							31,846,109

Metals & Mining — 2.1%
ArcelorMittal, 9.50%, 2/15/15			1,240				1,381,179
Eco-Bat Finance Plc, 7.75%, 2/15/17		EUR	495				659,867
FMG Resources August 2006 Property Ltd. (a):
	6.38%, 2/01/16 (e)	USD	625				629,687
	6.88%, 4/01/22		155				151,125
Global Brass and Copper, Inc., 9.50%, 6/01/19 (a)			695				747,125
Kaiser Aluminum Corp., 8.25%, 6/01/20 (e)			510				558,450
New Gold, Inc. (a):
	7.00%, 4/15/20 (e)		175				185,937
	6.25%, 11/15/22		685				700,412
New World Resources NV, 7.88%, 5/01/18		EUR	494				656,928
Novelis, Inc., 8.75%, 12/15/20 (e)		USD	3,875				4,340,000
Perstorp Holding AB, 8.75%, 5/15/17 (a)			290				291,450
Schmolz + Bickenbach Luxembourg SA, 9.88%, 5/15/19		EUR	365				387,119
Steel Dynamics, Inc., 6.38%, 8/15/22 (a)(e)		USD	555				579,975
Xstrata Canada Financial Corp., 2.85%, 11/10/14 (a)(e)			2,450				2,512,691

							13,781,945

				Par (000)		Value
Corporate Bonds

Multiline Retail — 0.2%
Dollar General Corp., 4.13%, 7/15/17 (e)		USD	342		$		359,100
Dufry Finance SCA, 5.50%, 10/15/20 (a)(e)			706				725,415

							1,084,515

Oil, Gas & Consumable Fuels — 6.7%
Access Midstream Partners LP, 6.13%, 7/15/22 (e)			510				540,600
Berry Petroleum Co., 6.38%, 9/15/22 (e)			485				499,550
BP Capital Markets Plc, 5.25%, 11/07/13 (e)			6,000				6,261,786
CCS, Inc., 11.00%, 11/15/15 (a)			1,310				1,326,375
Chaparral Energy, Inc., 7.63%, 11/15/22			305				313,388
Chesapeake Energy Corp. (e):
	6.88%, 11/15/20		405				427,275
	6.13%, 2/15/21		620				627,750
Concho Resources, Inc., 5.50%, 10/01/22 (e)			560				578,200
CONSOL Energy, Inc., 8.25%, 4/01/20 (e)			1,890				2,017,575
Denbury Resources, Inc., 8.25%, 2/15/20			71				80,230
EP Energy LLC/Everest Acquisition Finance, Inc., 6.88%, 5/01/19 (e)			630				681,975
Halcon Resources Corp., 8.88%, 5/15/21 (a)			525				543,375
Holly Energy Partners LP, 6.50%, 3/01/20 (a)(e)			215				225,750
Kinder Morgan Energy Partners LP, 5.95%, 2/15/18 (e)			3,215				3,869,645
Kodiak Oil & Gas Corp., 8.13%, 12/01/19			865				942,850
Linn Energy LLC (e):
	6.25%, 11/01/19 (a)		1,170				1,174,387
	8.63%, 4/15/20		515				562,638
	7.75%, 2/01/21		695				733,225
MarkWest Energy Partners LP, 5.50%, 2/15/23 (e)			370				389,425
Newfield Exploration Co., 5.63%, 7/01/24 (e)			575				615,250
Oasis Petroleum, Inc.:
	7.25%, 2/01/19		380				404,700
	6.50%, 11/01/21		410				431,525
Offshore Group Investments Ltd., 11.50%, 8/01/15			1,045				1,149,500
OGX Petroleo e Gas Participacoes SA (a):
	8.50%, 6/01/18 (e)		875				761,250
	8.38%, 4/01/22		405				330,075
ONEOK Partners LP, 2.00%, 10/01/17 (e)			355				359,032

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 7

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

				Par (000)		Value
Corporate Bonds

Oil, Gas & Consumable Fuels (concluded)
PDC Energy, Inc., 7.75%, 10/15/22 (a)		USD	475		$		479,750
PetroBakken Energy Ltd., 8.63%, 2/01/20 (a)			1,760				1,760,000
Plains Exploration & Production Co., 6.88%, 2/15/23 (e)			1,240				1,277,200
Range Resources Corp. (e):
	5.75%, 6/01/21		1,235				1,312,187
	5.00%, 8/15/22		805				839,212
Ruby Pipeline LLC, 4.50%, 4/01/17 (a)(e)			1,215				1,308,534
Sabine Pass Liquified Natural Gas LP (e):
	7.50%, 11/30/16		4,110				4,438,800
	6.50%, 11/01/20 (a)		745				745,000
SandRidge Energy, Inc. (e):
	7.50%, 3/15/21		750				781,875
	8.13%, 10/15/22		290				310,300
	7.50%, 2/15/23		1,685				1,752,400
SESI LLC (e):
	6.38%, 5/01/19		755				804,075
	7.13%, 12/15/21		745				828,813
SM Energy Co. (e):
	6.50%, 11/15/21		605				638,275
	6.50%, 1/01/23		285				300,675
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.88%, 10/01/20 (a)			176				183,040

							43,607,467

Paper & Forest Products — 0.5%
Ainsworth Lumber Co. Ltd., 7.50%, 12/15/17 (a)			810				834,300
Longview Fibre Paper & Packaging, Inc., 8.00%, 6/01/16 (a)(e)			395				413,763
NewPage Corp., 11.38%, 12/31/14 (d)(k)			3,445				1,653,600
Sappi Papier Holding GmbH, 8.38%, 6/15/19 (a)(e)			305				323,300

							3,224,963

Pharmaceuticals — 0.2%
Mylan, Inc., 6.00%, 11/15/18 (a)			80				88,200
Valeant Pharmaceuticals International (a)(e):
	6.50%, 7/15/16		590				622,450
	6.38%, 10/15/20		915				972,188

							1,682,838

Real Estate Investment Trusts (REITs) — 0.4%
Felcor Lodging LP, 6.75%, 6/01/19			1,170				1,231,425
				Par (000)		Value
Corporate Bonds

Real Estate Investment Trusts (REITs) (concluded)
Ventas Realty LP/Ventas Capital Corp., 4.75%, 6/01/21 (e)		USD	1,300		$		1,444,366

							2,675,791

Real Estate Management & Development — 1.3%
Mattamy Group Corp., 6.50%, 11/15/20 (a)(e)			620				620,000
Punch Taverns Finance Plc, Series A2R, 6.82%, 7/15/20		GBP	1,173				1,831,715
Realogy Corp.:
	11.50%, 4/15/17	USD	215				232,737
	12.00%, 4/15/17		225				243,000
	7.88%, 2/15/19 (a)(e)		1,765				1,870,900
	7.63%, 1/15/20 (a)(e)		1,015				1,131,725
	9.00%, 1/15/20 (a)		435				482,850
Shea Homes LP, 8.63%, 5/15/19 (e)			1,750				1,925,000

							8,337,927

Road & Rail — 1.0%
Asciano Finance Ltd., 3.13%, 9/23/15 (a)(e)			3,400				3,460,554
The Hertz Corp.:
	7.50%, 10/15/18		540				591,300
	6.75%, 4/15/19		375				405,000
	6.75%, 4/15/19 (a)		405				437,400
	7.38%, 1/15/21 (e)		1,530				1,663,875

							6,558,129

Software — 0.5%
Infor US, Inc., 9.38%, 4/01/19			2,000				2,230,000
Nuance Communications, Inc., 5.38%, 8/15/20 (a)(e)			875				901,250

							3,131,250

Specialty Retail — 0.7%
Claire's Stores, Inc., 9.00%, 3/15/19 (a)(e)			1,034				1,099,917
Michaels Stores, Inc., 7.75%, 11/01/18 (a)			317				343,549
Party City Holdings, Inc., 8.88%, 8/01/20 (a)			599				634,940
Penske Automotive Group, Inc., 5.75%, 10/01/22 (a)			705				717,337
QVC, Inc., 5.13%, 7/02/22 (a)(e)			370				392,070
Sally Holdings LLC (e):
	6.88%, 11/15/19		920				1,023,500
	5.75%, 6/01/22		425				460,063

							4,671,376

Textiles, Apparel & Luxury Goods — 0.1%
Berkline/Benchcraft LLC, 4.50%, 11/03/13 (d)(k)			200				—
Levi Strauss & Co., 6.88%, 5/01/22 (e)			380				398,525

							398,525

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 8

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

				Par (000)		Value
Corporate Bonds

Tobacco — 0.5%
Reynolds American, Inc., 7.63%, 6/01/16 (e)		USD	2,500		$		2,999,415

Transportation Infrastructure — 0.8%
Aguila 3 SA, 7.88%, 1/31/18 (a)			498				527,880
Federal Express Corp. 2012 Pass Through Trust, 2.63%, 1/15/18 (a)(e)			1,468				1,482,612
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.13%, 5/11/15 (a)(e)			3,372				3,442,900

							5,453,392

Wireless Telecommunication Services — 2.5%
Cricket Communications, Inc., 7.75%, 5/15/16 (e)			2,250				2,379,375
Crown Castle International Corp., 5.25%, 1/15/23 (a)			725				757,625
Crown Castle Towers LLC, 4.52%, 1/15/35 (a)			3,000				3,170,886
Digicel Group Ltd. (a):
	8.25%, 9/01/17		1,335				1,431,787
	8.25%, 9/30/20		1,215				1,290,938
Sprint Capital Corp., 6.88%, 11/15/28 (e)			1,410				1,452,300
Sprint Nextel Corp. (a)(e):
	9.00%, 11/15/18		3,070				3,783,775
	7.00%, 3/01/20		1,510				1,747,825
Sunrise Communications International SA, 7.00%, 12/31/17		EUR	150				209,714

							16,224,225

Total Corporate Bonds – 69.4%						452,874,289

Floating Rate Loan Interests (b)

Aerospace & Defense — 0.2%
TransDigm, Inc., Term Loan B, 4.00%, 2/14/17		USD	1,155				1,158,987

Airlines — 0.1%
Delta Air Lines, Inc., Term Loan B, 5.50%, 4/20/17			688				690,760
US Airways Group, Inc., Term Loan, 2.71%, 3/21/14			145				141,774

							832,534

Auto Components — 1.6%
Autoparts Holdings Ltd.:
	First Lien Term Loan, 6.50%, 7/28/17		990				984,436
	Second Lien Term Loan, 10.50%, 1/29/18		1,500				1,399,995
				Par (000)		Value
Floating Rate Loan Interests (b)

Auto Components (concluded)
Federal-Mogul Corp.:
	Term Loan B, 2.15%, 12/29/14	USD	2,144		$		1,989,888
	Term Loan C, 2.15%, 12/28/15		350				324,852
FleetPride Corp., First Lien Term Loan, 11/20/19			915				913,289
The Goodyear Tire & Rubber Co., Second Lien Term Loan, 4.75%, 4/30/19			2,985				2,999,925
Schaeffler AG, Term Loan B, 1/27/15		EUR	675				860,314
Transtar Holding Co., First Lien Term Loan, 10/02/18		USD	1,285				1,291,425

							10,764,124

Beverages — 0.0%
Le-Nature's, Inc., Tranche B Term Loan, 3/01/11 (d)(f)(k)			1,000				100

Biotechnology — 0.2%
Grifols, Inc., Term Loan B, 4.50%, 6/01/17			1,073				1,084,215

Building Products — 0.6%
Armstrong World Industries, Inc., Term Loan B, 4.00%, 3/09/18			1,261				1,270,081
CPG International, Inc., Term Loan, 5.75%, 9/18/19			1,375				1,381,875
United Subcontractors, Inc., First Lien Term Loan, 4.37%, 6/30/15			160				150,519
Wilsonart International Holdings LLC, Term Loan B, 10/19/19			820				824,100

							3,626,575

Capital Markets — 0.6%
American Capital Holdings, Inc., Term Loan, 5.50%, 8/22/16			1,462				1,480,275
HarbourVest Partners LLC, Term Loan B, 11/21/17			970				971,212
Nuveen Investments, Inc.:
	Extended First Lien Term Loan, 5.81% - 5.86%, 5/13/17		198				197,576
	Extended Term Loan, 5.81% - 5.86%, 5/12/17		302				301,610
	Incremental Term Loan, 7.25%, 5/13/17		580				582,900
	Second Lien Term Loan, 2/28/19		675				685,125

							4,218,698

Chemicals — 1.6%
ADS Waste Holdings, Inc., Term Loan B, 5.25%, 10/09/19			1,625				1,642,062

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 9

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

				Par (000)		Value
Floating Rate Loan Interests (b)

Chemicals (concluded)
American Rock Salt Holdings LLC, Term Loan, 5.50%, 4/25/17		USD	1,229		$		1,213,717
Chemtura Corp., Exit Term Loan B, 5.50%, 8/27/16			1,005				1,016,939
Evergreen Acqco 1 LP, Term Loan, 5.00%, 7/09/19			783				783,625
General Chemical Corp., Term Loan, 5.00% - 5.75%, 10/06/15			111				110,588
INEOS US Finance LLC, 6 Year Term Loan, 6.50%, 5/04/18			2,072				2,095,307
MacDermid, Inc., Tranche C Term Loan, 2.30%, 4/11/14		EUR	435				560,881
Nexeo Solutions LLC, Term Loan B, 5.00%, 9/08/17		USD	1,281				1,255,287
Styron Sarl LLC, Term Loan B, 8.00%, 8/02/17			556				532,294
Tronox Pigments (Netherlands) BV:
	Delayed Draw Term Loan, 4.25%, 2/08/18		213				213,804
	Term Loan B, 4.25%, 2/08/18		780				783,949

							10,208,453

Commercial Banks — 0.3%
Everest Acquisition LLC, Term Loan B1, 5.00%, 5/24/18			1,690				1,705,497

Commercial Services & Supplies — 1.7%
ACCO Brands Corp., Term Loan B, 4.25%, 4/30/19			721				725,937
Altegrity, Inc.:
	Term Loan, 2.96%, 2/21/15		905				839,388
	Tranche D Term Loan, 7.75%, 2/20/15		1,386				1,385,051
AWAS Finance Luxembourg 2012 SA, Term Loan, 4.75%, 7/16/18			1,332				1,348,946
AWAS Finance Luxembourg Sarl, Term Loan B, 5.25%, 6/10/16			1,017				1,029,673
Delos Aircraft, Inc., Term Loan B2, 4.75%, 4/12/16			1,450				1,465,413
KAR Auction Services, Inc., Term Loan B, 5.00%, 5/19/17			1,480				1,489,011
Progressive Waste Solutions Ltd., Term Loan B, 3.50%, 10/24/19			785				790,888
Protection One, Inc., Term Loan, 5.75%, 3/21/19			826				830,665
West Corp., Term Loan B6, 5.75%, 6/29/18			1,292				1,311,139

							11,216,111

Communications Equipment — 1.8%
Avaya, Inc.:
	Extended Term Loan B3, 4.81%, 10/26/17		206				180,213
				Par (000)		Value
Floating Rate Loan Interests (b)

Communications Equipment (concluded)
Avaya, Inc. (concluded):
	Term Loan B1, 3.06%, 10/24/14	USD	1,386		$		1,305,484
CommScope, Inc., Term Loan, 4.25%, 1/12/18			1,231				1,236,643
Telesat Canada, Term Loan A, 4.39%, 3/28/17		CAD	3,500				3,382,494
Zayo Group LLC, Term Loan B, 5.25%, 7/02/19		USD	5,830				5,866,011

							11,970,845

Construction & Engineering — 0.6%
Safway Services LLC, First Out Term Loan, 9.00%, 12/16/17			3,750				3,750,000

Construction Materials — 0.4%
HD Supply, Inc., Senior Debt B, 7.25%, 10/12/17			2,334				2,394,698

Consumer Finance — 0.6%
FMG America Finance, Inc., Term Loan, 5.25%, 10/18/17			3,265				3,273,162
Springleaf Financial Funding Co.(FKA AGFS Funding Co.), Term Loan, 5.50%, 5/10/17			925				913,669

							4,186,831

Containers & Packaging — 0.1%
Sealed Air Corp., Term Loan, 10/03/18			525				528,938

Diversified Consumer Services — 0.9%
Coinmach Service Corp., Term Loan B, 3.21%, 11/20/14			3,286				3,178,929
Education Management LLC, Term Loan C3, 8.25%, 3/29/18			1,107				953,512
Laureate Education, Inc., Extended Term Loan, 5.25%, 6/18/18			947				938,118
ServiceMaster Co.:
	Non-Extended Delayed Draw, 2.71%, 7/24/14		102				101,166
	Non-Extended Term Loan, 2.71%, 7/24/14		1,009				1,005,099

							6,176,824

Diversified Financial Services — 1.5%
Residential Capital LLC, DIP Term Loan A1, 5.00%, 11/18/13			2,905				2,906,220
Reynolds Group Holdings Inc., Dollar Term Loan, 4.75%, 9/20/18			2,055				2,069,241
Telesat LLC, Term Loan B, 4.25%, 3/28/19			3,716				3,735,195
WMG Acquisition Corp., Term Loan, 5.25%, 10/25/18			930				936,687

							9,647,343

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 10

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

				Par (000)		Value
Floating Rate Loan Interests (b)

Diversified Telecommunication Services — 1.7%
Consolidated Communications, Inc., Term Loan B3, 11/29/18		USD	2,255		$		2,246,544
Hawaiian Telcom Communications, Inc., Term Loan B, 7.00%, 2/28/17			1,755				1,784,625
Level 3 Financing, Inc.:
	2016 Term Loan B, 4.75%, 2/01/16		765				765,000
	2019 Term Loan B, 5.25%, 8/01/19		625				628,906
	Term Loan, 4.75%, 8/01/19		5,080				5,105,400
US Telepacific Corp., Term Loan B, 5.75%, 2/23/17			495				488,890

							11,019,365

Electric Utilities — 0.0%
TPF Generation Holdings LLC, Synthetic Letter of Credit Deposit, First Lien, 2.36%, 12/13/13 (d)			47				47,015

Electronic Equipment, Instruments & Components — 0.1%
Sensata Technologies Finance Co. LLC, Term Loan, 4.00%, 5/11/18			569				569,872

Energy Equipment & Services — 1.4%
Dynegy Midwest Generation LLC, Coal Co. Term Loan, 9.25%, 8/04/16			2,017				2,081,730
Dynegy Power LLC, Gas Co. Term Loan, 9.25%, 8/04/16			3,255				3,388,788
MEG Energy Corp., Term Loan B, 4.00%, 3/16/18			1,980				1,988,415
Tervita Corp., Term Loan B, 3.21%, 11/14/14			1,825				1,790,909

							9,249,842

Food & Staples Retailing — 0.1%
Pilot Travel Centers LLC, Term Loan B2, 4.25%, 8/07/19			610				613,050
US Foods, Inc., Extended Term Loan B, 5.75%, 3/31/17			224				220,717

							833,767

Food Products — 0.5%
Advance Pierre Foods, Inc., Second Lien Term Loan, 5.75%, 7/10/17			785				792,261
Del Monte Foods Co., Term Loan, 4.50%, 3/08/18			918				918,595
Pinnacle Foods Finance LLC, Term Loan E, 4.75%, 10/17/18			1,127				1,131,745
Solvest Ltd. (Dole):
	Term Loan B-2, 5.00% - 6.00%, 7/06/18		97				96,729
				Par (000)		Value
Floating Rate Loan Interests (b)

Food Products (concluded)
Solvest Ltd. (Dole) (concluded):
	Term Loan C-2, 5.00% - 6.00%, 7/06/18	USD	173		$		173,095

							3,112,425

Health Care Equipment & Supplies — 1.6%
Bausch & Lomb, Inc., Term Loan B, 5.25%, 5/17/19			2,050				2,075,486
BSN Medical Acquisition Holding GmbH, Term Loan B, 5.00%, 7/27/19			700				701,400
DJO Finance LLC, Term Loan B3, 6.25%, 9/15/17			2,159				2,166,858
Hologic, Inc., Term Loan B, 4.50%, 8/01/19			2,439				2,462,252
Hupah Finance, Inc., Term Loan B, 6.25% - 7.25%, 1/21/19			995				1,003,706
Immucor, Inc., Term Loan B1, 5.75%, 8/17/18			644				650,554
Kinetic Concepts, Inc., Term Loan B1, 7.00%, 5/04/18			615				619,528
LHP Hospital Group, Inc., Term Loan, 9.00%, 7/03/18			858				864,284

							10,544,068

Health Care Providers & Services — 2.2%
Ardent Health Services, First Lien Term Loan, 9/15/15			1				1,283
Ardent Medical Services, Inc., Term Loan, 6.50%, 5/23/18			480				482,400
CHG Buyer Corp., First Lien Term Loan, 11/22/19			850				847,875
ConvaTec, Inc., Term Loan, 5.00%, 12/22/16			1,258				1,265,325
DaVita, Inc., Term Loan B, 4.50%, 10/20/16			1,965				1,974,825
Emergency Medical Services Corp., Term Loan, 5.25%, 5/25/18			279				281,813
Genesis Healthcare Corp., Term Loan B, 9/25/17			855				822,938
Harden Healthcare LLC:
	Add on Term Loan A, 7.75%, 3/02/15		2,990				2,897,976
	Term Loan A, 8.50%, 3/02/15		496				486,208
HCA, Inc., Extended Term Loan B3, 3.46%, 5/01/18			890				890,507
inVentiv Health, Inc.:
	Combined Term Loan, 6.50%, 8/04/16		102				95,835
	Incremental Term Loan B-3, 6.75%, 5/15/18		430				419,563
Medpace, Inc., Term Loan, 6.50% - 7.25%, 6/16/17			2,629				2,497,194

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 11

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

				Par (000)		Value
Floating Rate Loan Interests (b)

Health Care Providers & Services (concluded)
Sheridan Holdings, Inc., First Lien Term Loan, 6.00%, 6/29/18		USD	369		$		371,496
US Renal Care, Inc., First Lien Term Loan, 6.25%, 7/02/19			858				866,429

							14,201,667

Health Care Technology — 0.1%
IMS Health, Inc., Term Loan B, 4.50%, 8/25/17			899				905,133

Hotels, Restaurants & Leisure — 3.6%
Alpha D2 Ltd., Extended Term Loan B2, 6.00%, 4/29/19			1,677				1,696,018
Caesars Entertainment Operating Co., Inc.:
	Extended Term Loan B6, 5.46%, 1/26/18		579				518,461
	Incremental Term Loan B4, 9.50%, 10/31/16		867				884,130
	Term Loan B1, 3.21%, 1/28/15		2,310				2,237,812
	Term Loan B2, 3.21%, 1/28/15		1,990				1,927,812
Dunkin' Brands, Inc., Term Loan B2, 4.00%, 11/23/17			2,344				2,354,553
Harrah's Property Co., Mezzanine Term Loan, 2/13/13			3,246				2,725,109
Kronos, Inc., Second Lien Term Loan, 4/24/20			1,170				1,170,000
OSI Restaurant Partners, LLC, Term Loan B, 4.75%, 10/24/19			865				872,569
Sabre, Inc., Non-Extended Initial Term Loan, 2.21%, 9/30/14			159				158,422
SeaWorld Parks & Entertainment, Inc., Term Loan B, 4.00%, 8/17/17			827				832,662
Six Flags Theme Parks, Inc., Term Loan B, 4.25%, 12/20/18			705				707,517
Station Casinos, Inc.:
	2011 Term Loan B2, 4.21%, 6/17/16		2,355				2,255,902
	Term Loan B, 5.50%, 9/07/19		2,175				2,180,437
Travelport LLC:
	Extended Tranche A Term Loan, 6.31%, 12/01/16		450				134,988
	Extended Tranche B Term Loan, 13.81%, 12/01/16		1,479				110,895
Twin River Worldwide Holdings, Inc., Term Loan, 8.50%, 11/05/15			1,195				1,200,820
Wendy’s International, Inc., Term Loan B, 4.75%, 5/15/19			1,235				1,245,547

							23,213,654

				Par (000)		Value
Floating Rate Loan Interests (b)

Household Durables — 0.0%
Berkline/Benchcraft LLC, Term Loan B, 14.00%, 11/03/13 (d)(k)		USD	172		$		36,379

Household Products — 0.5%
Prestige Brands, Inc., Term Loan, 5.25% - 6.25%, 1/31/19			735				742,807
Spectrum Brands, Inc.:
	Term Loan, 11/06/19		1,210				1,217,562
	Term Loan, 11/06/19	CAD	1,075				1,082,197

							3,042,566

Independent Power Producers & Energy Traders — 0.4%
The AES Corp., Term Loan, 4.25%, 6/01/18		USD	1,156				1,165,898
Calpine Corp., Term Loan, 4.50%, 4/02/18			1,067				1,073,962
GenOn Energy, Inc., Term Loan B, 6.50%, 12/01/17			437				438,531

							2,678,391

Industrial Conglomerates — 0.2%
Sequa Corp., Term Loan, 3.46% - 3.61%, 12/03/14			1,344				1,338,926

Insurance — 0.8%
Asurion LLC, First Lien Term Loan, 5.50%, 5/24/18			1,512				1,524,403
CNO Financial Group, Inc.:
	Term Loan B-1, 4.25%, 9/28/16		1,045				1,047,613
	Term Loan B-2, 5.00%, 9/20/18		1,415				1,422,075
Cunningham Lindsey Group, Inc., Term Loan B, 10/29/19			930				932,325

							4,926,416

Internet Software & Services — 0.1%
Web.com Group, Inc., Term Loan B, 11.00%, 10/27/17			949				943,529

IT Services — 2.1%
Ceridian Corp., Extended Term Loan, 5.96%, 5/09/17			1,087				1,083,353
First Data Corp.:
	2018 Add-on Term Loan, 5.21%, 9/24/18		1,805				1,765,741
	Extended 2018 Term Loan B, 4.21%, 3/23/18		5,119				4,870,921
Genpact International, Inc., Term Loan B, 4.25%, 8/30/19			1,070				1,078,025
InfoGroup, Inc., Term Loan, 5.75%, 5/25/18			910				803,158
NeuStar, Inc., Term Loan B, 5.00%, 11/08/18			1,054				1,061,040

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 12

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

				Par (000)		Value
Floating Rate Loan Interests (b)

IT Services (concluded)
TransUnion LLC, Term Loan B, 5.50%, 2/12/18		USD	2,724		$		2,760,320

							13,422,558

Leisure Equipment & Products — 0.3%
Eastman Kodak Co., DIP Term Loan B, 8.50%, 7/19/13			1,454				1,451,849
FGI Operating Company LLC, Term Loan, 5.50% - 6.50%, 4/19/19			484				487,642

							1,939,491

Machinery — 1.0%
Intelligrated, Inc., First Lien Term Loan, 6.75%, 7/30/18			1,100				1,109,625
Rexnord Corp., Term Loan B, 4.50%, 4/02/18			1,477				1,488,225
Terex Corp., Term Loan B:
	4.50%, 4/28/17		990				998,355
	5.00%, 4/28/17	EUR	307				398,141
Wabash National Corp., Term Loan B, 6.00%, 5/02/19		USD	2,751				2,778,687

							6,773,033

Media — 5.7%
Affinion Group, Inc., Term Loan B, 6.50%, 7/16/15			517				476,319
AMC Networks, Inc., Term Loan B, 4.00%, 12/31/18			1,708				1,710,915
Capsugel Holdings US, Inc., Term Loan B, 4.75%, 8/01/18			646				650,996
Cengage Learning Acquisitions, Inc., Tranche 1 Incremental, 7.50%, 7/03/14			2,020				1,633,981
Charter Communications Operating LLC:
	Extended Term Loan C, 3.46%, 9/06/16		2,342				2,351,532
	Term Loan D, 4.00%, 5/15/19		912				918,934
Clear Channel Communications, Inc.:
	Term Loan A, 3.76%, 7/30/14		1,689				1,649,106
	Term Loan B, 3.86%, 1/29/16		712				577,593
	Term Loan C, 3.86%, 1/29/16		903				715,072
Cumulus Media, Inc., First Lien Term Loan, 5.75%, 9/17/18			1,488				1,493,125
EMI Music Publishing Ltd., Term Loan B, 5.50%, 6/29/18			768				775,372
Foxco Acquisition Sub LLC, Term Loan B, 5.50%, 7/14/17			1,760				1,779,800
Getty Images, Inc., Term Loan B, 4.75%, 10/18/19			1,820				1,826,315
				Par (000)		Value
Floating Rate Loan Interests (b)

Media (concluded)
Houghton Mifflin Harcourt Publishing Co., DIP Term Loan B, 7.25%, 6/01/18		USD	2,169		$		2,125,718
Hubbard Broadcasting, Term Loan B, 5.25%, 4/28/17			766				766,784
Intelsat Jackson Holdings SA, Tranche B Term Loan, 4.50%, 4/02/18			4,179				4,206,418
Interactive Data Corp., Term Loan B, 4.50%, 2/12/18			2,376				2,388,450
Kabel Deutschland GmbH, Term Loan F, 4.25%, 2/01/19			3,195				3,213,371
Lavena Holding 4 GmbH:
	Term Loan B, 2.95%, 3/06/15	EUR	304				369,761
	Term Loan C, 3.32%, 3/04/16		304				371,736
Lavena Holding 4 GmbH (Prosiebensat.1 Media AG), Second Lien Term Loan, 4.45%, 9/02/16			904				1,051,251
Sinclair Television Group, Inc., Term Loan B, 4.00%, 10/28/16		USD	1,216				1,218,076
Univision Communications, Inc., Extended Term Loan, 4.46%, 3/31/17			2,654				2,590,561
UPC Broadband Holding BV, Term Loan U, 4.11%, 12/29/17		EUR	97				125,782
UPC Financing Partnership, Term Loan T, 3.71%, 12/30/16		USD	355				353,150
WC Luxco Sarl, Term Loan B-3, 4.25%, 3/15/18			528				530,197
Weather Channel, Term Loan B, 4.25%, 2/13/17			522				526,295
WideOpenWest Finance LLC, First Lien Term Loan, 6.25%, 7/17/18			743				751,082

							37,147,692

Metals & Mining — 1.5%
Constellium Holdco BV, Term Loan B, 9.25%, 5/25/18			1,302				1,301,737
Metals USA, Inc., Term Loan, 11/15/19			1,155				1,143,450
Novelis, Inc.:
	Incremental Term Loan B2, 4.00%, 3/10/17		2,467				2,472,364
	Term Loan, 4.00%, 3/10/17		2,937				2,945,354
Walter Energy, Inc., Term Loan B, 5.75%, 4/02/18			298				298,749
Windsor Financing LLC, Term Loan B, 10/31/19			1,640				1,623,600

							9,785,254

Multiline Retail — 0.9%
99 Cents Only Stores, Term Loan, 5.25%, 1/11/19			908				916,776

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 13

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

				Par (000)		Value
Floating Rate Loan Interests (b)

Multiline Retail (concluded)
BJ's Wholesale Club, Inc.:
	First Lien Term Loan, 5.75%, 9/26/19	USD	595		$		601,610
	Second Lien Term Loan, 9.75%, 3/26/20		545				559,170
HEMA Holding BV:
	Second Lien Term Loan, 5.11%, 1/05/17	EUR	2,600				3,043,289
	Term Loan B, 2.11%, 7/06/15		334				406,284
	Term Loan C, 2.86%, 7/05/16		334				408,453

							5,935,582

Oil, Gas & Consumable Fuels — 1.9%
Chesapeake Energy Corp., Unsecured Term Loan, 5.75%, 12/01/17		USD	2,710				2,662,575
Gibson Energy ULC, Term Loan B, 4.75%, 6/15/18			1,233				1,245,658
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15			2,213				2,213,365
Plains Exploration & Production, 7-Year Term Loan B, 9/13/19			2,270				2,278,513
Samson Investment Co., Second Lien Term Loan, 6.00%, 9/25/18			740				744,625
Vantage Drilling Co., Term Loan, 10/26/17			3,450				3,398,250

							12,542,986

Paper & Forest Products — 0.3%
NewPage Corp., DIP Term Loan, 8.75%, 3/07/13			1,450				1,449,101
Verso Paper Finance Holdings LLC, Term Loan, 6.56% - 7.31%, 2/01/13 (h)			748				374,009

							1,823,110

Pharmaceuticals — 1.3%
Aptalis Pharma, Inc., Term Loan B, 5.50%, 2/10/17			1,474				1,473,293
Par Pharmaceutical Cos., Inc., Term Loan B, 5.00%, 9/30/19			1,975				1,968,423
Pharmaceutical Product Development, Inc., Term Loan B, 6.25%, 12/05/18			1,723				1,748,011
RPI Finance Trust, Incremental Tranche 2, 4.00%, 11/09/18			462				464,609
Valeant Pharmaceuticals International, Inc., Series C Tranche B, 9/27/19			1,120				1,123,360
Warner Chilcott Corp.:
	Incremental Term Loan B-1, 4.25%, 3/15/18		291				292,869
	Term Loan B-1, 4.25%, 3/15/18		767				771,196
				Par (000)		Value
Floating Rate Loan Interests (b)

Pharmaceuticals (concluded)
Warner Chilcott Corp. (concluded):
	Term Loan B-2, 4.25%, 3/15/18	USD	384		$		385,598

							8,227,359

Professional Services — 0.6%
Booz Allen Hamilton, Inc., Term Loan B, 4.50%, 7/31/19			1,390				1,400,717
Emdeon, Inc., Term Loan B1, 5.00%, 11/02/18			929				939,807
ON Assignment, Inc., Term Loan B, 5.00%, 5/15/19			586				588,726
Truven Health Analytics, Inc., Term Loan B, 5.75%, 6/06/19			1,187				1,186,728

							4,115,978

Real Estate Investment Trusts (REITs) — 0.5%
iStar Financial, Inc., Term Loan, 5.75%, 9/28/17			3,414				3,415,279

Real Estate Management & Development — 0.8%
Realogy Corp.:
	Extended Letter of Credit Loan, 4.46%, 10/10/16		114				113,739
	Extended Term Loan, 4.46%, 10/10/16		4,773				4,764,186
Stockbridge SBE Holdings LLC, Term Loan B, 13.00%, 5/02/17			425				419,687

							5,297,612

Road & Rail — 0.1%
Road Infrastructure Investment LLC, Term Loan B, 6.25%, 3/30/18			642				640,171

Semiconductors & Semiconductor Equipment — 0.2%
Freescale Semiconductor, Inc., Extended Term Loan B, 4.46%, 12/01/16			1,137				1,102,161
NXP BV, Term Loan A-2, 5.50%, 3/03/17			400				406,150

							1,508,311

Software — 1.2%
GCA Services Group, Inc.:
	Second Lien Term Loan, 11/01/20		700				693,000
	Term Loan B, 11/01/19		560				557,665
Infor US, Inc., Term Loan B2, 5.25%, 4/05/18			2,110				2,129,227
Sophia LP, Term Loan B, 6.25%, 7/19/18			903				912,942
SS&C Technologies, Inc.:
	Term Loan B-1, 5.00%, 6/07/19		1,292				1,305,848
	Term Loan B-2, 5.00%, 6/07/19		134				135,088

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 14

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

					Par (000)		Value
Floating Rate Loan Interests (b)

Software (concluded)
WaveDivision Holdings LLC, Term Loan B, 5.50%, 8/09/19		USD	1,770			$		1,792,125

								7,525,895

Specialty Retail — 1.5%
Academy Ltd., Term Loan, 4.75%, 8/03/18			1,787					1,790,966
Bass Pro Group LLC, Term Loan, 6.25%, 11/30/19			840					839,849
Burlington Coat Factory Warehouse Corp., Term Loan B1, 5.50%, 2/23/17			216					217,422
David's Bridal, Inc., Term Loan B, 5.00%, 10/11/19			955					950,225
Equinox Fitness Clubs, First Lien Term Loan, 11/16/19			1,140					1,137,150
Harbor Freight Tools USA, Inc., Term Loan B, 5.50%, 11/14/17			529					531,757
Party City Holdings Inc., Term Loan B, 5.75%, 7/26/19			1,285					1,296,244
PETCO Animal Supplies, Inc., Term Loan, 4.50%, 11/24/17			1,213					1,217,960
Toys ‘R’ Us Delaware, Inc.:
	Term Loan, 6.00%, 9/01/16		434					427,859
	Term Loan B3, 5.25%, 5/25/18		617					601,866
The Yankee Candle Co., Inc., Term Loan B, 5.25%, 4/02/19			662					667,604

								9,678,902

Textiles, Apparel & Luxury Goods — 0.3%
Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18			1,269					1,243,253
Wolverine Worldwide, Inc., Term Loan B, 4.00%, 7/31/19			771					775,053

								2,018,306

Thrifts & Mortgage Finance — 0.1%
Insight Global, Inc., First Lien Term Loan, 10/31/19			870					865,650

Wireless Telecommunication Services — 1.7%
Cricket Communications, Inc., Term Loan, 4.75%, 10/10/19			1,160					1,165,081
MetroPCS Wireless, Inc., Term Loan B-3, 4.00%, 3/16/18			1,029					1,030,718
Vodafone Americas Finance 2, Inc., Term Loan, 6.88%, 8/11/15 (h)			8,583					8,755,004

								10,950,803

Total Floating Rate Loan Interests – 48.1%							313,747,760

					Par (000)		Value
Municipal Bonds

State of California, GO:
	5.25%, 4/01/14	USD	1,075			$		1,138,586
	5.65%, 4/01/39 (b)		455					462,480
	Various Purpose 3, Mandatory Put Bonds, 5.10%, 8/01/14		1,350					1,411,520
State of Illinois, GO, 3.32%, 1/01/13				5,075			5,086,317

Total Municipal Bonds – 1.2%							8,098,903

Non-Agency Mortgage-Backed Securities

Collateralized Mortgage Obligations — 2.9%
Adjustable Rate Mortgage Trust, Series 2007-1, Class 3A21, 5.88%, 3/25/37 (b)			1,348					1,318,276
Countrywide Alternative Loan Trust, Series 2005-54CB, Class 3A4, 5.50%, 11/25/35			6,777					5,751,807
Countrywide Home Loan Mortgage Pass-Through Trust:
	Series 2005-17, Class 1A6, 5.50%, 9/25/35		2,078					2,027,060
	Series 2006-17, Class A2, 6.00%, 12/25/36		4,357					3,945,104
	Series 2007-HY5, Class 3A1, 5.68%, 9/25/37 (b)		2,764					2,466,630
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3, 2.96%, 10/25/35 (b)			2,352					1,983,450
Morgan Stanley Reremic Trust, Series 2010-R4, Class 4A, 0.47%, 2/26/37 (a)(b)			1,743					1,665,105

								19,157,432

Commercial Mortgage-Backed Securities — 8.3%
Banc of America Commercial Mortgage, Inc. (b):
	Series 2007-3, Class A2, 5.80%, 6/10/49		425					424,769
	Series 2007-4, Class A4, 5.92%, 2/10/51		2,150					2,549,857
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A2B, 5.21%, 12/11/49			285					289,083
Credit Suisse Mortgage Capital Certificates:
	Series 2006-C5, Class AM, 5.34%, 12/15/39		1,850					1,969,083
	Series 2007-C2, Class A2, 5.45%, 1/15/49 (b)		87					87,788
	Series 2007-C4, Class A3, 5.95%, 9/15/39 (b)		2,815					2,931,454

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 15

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

					Par (000)		Value
Non-Agency Mortgage-Backed Securities

Commercial Mortgage-Backed Securities (continued)
Credit Suisse Mortgage Capital Certificates (concluded):
	Series 2007-C5, Class AAB, 5.62%, 9/15/40 (b)	USD	2,051			$		2,186,405
Extended Stay America Trust, Series 2010-ESHA, Class C, 4.86%, 11/05/27 (a)			2,320					2,327,013
First Union Commercial Mortgage Securities, Inc., Series 1997-C2, Class G, 7.50%, 11/18/29 (b)			1,665					1,770,001
Greenwich Capital Commercial Funding Corp.:
	Series 2006-GG7, Class AM, 6.06%, 7/10/38 (b)		1,610					1,792,308
	Series 2007-GG9, Class A4, 5.44%, 3/10/39		2,110					2,433,556
GS Mortgage Securities Corp. II, Series 2006-GG6, Class AM, 5.62%, 4/10/38 (b)			3,680					4,043,050
JPMorgan Chase Commercial Mortgage Securities Corp.:
	Series 2004-LN2, Class A2, 5.12%, 7/15/41		2,315					2,448,691
	Series 2007-CB18, Class A4, 5.44%, 6/12/47		2,110					2,436,525
	Series 2007-CB19, Class A4, 5.92%, 2/12/49 (b)		2,140					2,515,228
LB-UBS Commercial Mortgage Trust, Series 2007-C6, Class A4, 5.86%, 7/15/40 (b)			4,745					5,675,599
Morgan Stanley Capital I (b):
	Series 2007-IQ15, Class A2, 6.04%, 6/11/49		1,719					1,746,961
	Series 2012-C4, Class XA, 2.88%, 3/15/45 (a)		15,521					2,301,012
Talisman Finance PLC, 0.39%, 10/22/16 (b)		EUR	2,268					2,661,755
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33 (b):
	Class A2, 6.08%, 2/15/51	USD	851					851,320
	Class A4, 6.12%, 2/15/51		2,030					2,402,509
WF-RBS Commercial Mortgage Trust:
	Series 2012-C8, Class B, 4.31%, 8/15/45		1,085					1,175,690
	Series 2012-C8, Class C, 5.04%, 8/15/45 (b)		1,395					1,507,776
	Series 2012-C9, Class XA, 2.45%, 11/15/45 (a)(b)		17,130					2,481,246
					Par (000)		Value
Non-Agency Mortgage-Backed Securities

Commercial Mortgage-Backed Securities (concluded)
Windermere CMBS PLC, Series XI-X, Class A, 0.78%, 4/24/17 (b)		GBP	1,819			$		2,783,794

								53,792,473

Total Non-Agency Mortgage-Backed Securities – 11.2%							72,949,905

Other Interests (l)					Beneficial Interest (000)
Auto Components — 0.0%
Lear Corp. Escrow			1,000					10,625

Diversified Financial Interests — 0.2%
J.G. Wentworth LLC Preferred Equity Interests (d)			1					1,598,297

Household Durables — 0.0%
Berkline Benchcraft Equity LLC			3					—

								1,608,922

Total Other Interests – 0.2%							1,608,922

Preferred Securities

Preferred Stocks – 0.1%					Shares

Auto Components — 0.1%
Dana Holding Corp., 4.00% (a)(f)				6,000				725,625

Trust Preferreds - 0.5%

Diversified Financial Services — 0.5%
GMAC Capital Trust I, Series 2, 8.13%, 2/15/40 (b)			116,120					3,013,133

Total Preferred Securities – 0.6%							3,738,758

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 16

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

				Par (000)		Value
US Government Sponsored Agency Securities

Collateralized Mortgage Obligations — 0.5%
Freddie Mac Mortgage-Backed Securities, Series 3986, Class M, 4.50%, 9/15/41		USD	3,107		$		3,328,554

Interest Only Collateralized Mortgage Obligations — 1.8%
Fannie Mae Mortgage-Backed Securities:
	Series 2010-126, Class UI, 5.50%, 10/25/40		11,405				1,761,941
	Series 2012-M9, Class X1, 4.25%, 12/25/17 (b)		21,151				3,601,005
Freddie Mac Mortgage-Backed Securities (b):
	Series K021, Class X1, 1.51%, 6/25/22		11,140				1,255,155
	Series K707, Class XI, 1.70%, 12/25/18		43,278				3,478,839
	Series K710, Class XI, 1.92%, 5/25/19		13,424				1,300,660

							11,397,600

Mortgage-Backed Securities — 6.2%
Fannie Mae Mortgage-Backed Securities (e):
	5.00%, 7/01/20 - 8/01/23		11,168				12,150,378
	3.50%, 8/01/26		11,505				12,386,456
Freddie Mac Mortgage-Backed Securities, 4.50%, 4/01/25 (e)			14,705				15,997,421

							40,534,255

Total US Government Sponsored Agency Securities – 8.5%						55,260,409

				Shares
Warrants (m)

Software — 0.0%
Bankruptcy Management Solutions, Inc. (Expires 9/28/17)			435				—
HMH Holdings/EduMedia (Issued/Exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)			3,100				—

Total Warrants – 0.0%						—

			Shares	Value
Total Long-Term Investments (Cost – $953,087,267) – 148.1%				$	966,565,770

Short-Term Securities

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.15% (n)(o)	4,951,071				4,951,071

Total Short-Term Securities (Cost – $4,951,071) – 0.8%				4,951,071

	Contracts
Options Purchased

Over-the-Counter Call Options — 0.0%

Marsico Parent Superholdco LLC, Strike Price USD 942.86, Expires 12/14/19, Broker Goldman Sachs Group, Inc.		46			1

Total Options Purchased (Cost – $44,978) – 0.0%				1

Total Investments (Cost - $958,083,316*) – 148.9%				971,516,842
Liabilities in Excess of Other Assets – (48.9)%				(319,202,471)

Net Assets – 100.0%				$	652,314,371


*	As of November 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
	Tax cost	$	956,844,163

	Gross unrealized appreciation	$	36,312,951
	Gross unrealized depreciation		(21,640,272)

	Net unrealized appreciation	$	14,672,679

(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. 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.

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 17

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

(c)	When-issued security. Unsettled when-issued transactions were as follows:

Counterparty		Value		Unrealized Appreciation
Deutsche Bank AG	$	970,200	$	—
Goldman Sachs Group, Inc.	$	171,396	$	2,325
JPMorgan Chase & Co.	$	4,500,000	$	—
Wells Fargo & Co.	$	773,456	$	12,456

(d)	Non-income producing security.
(e)	All or a portion of security has been pledged as collateral in connection with open reverse repurchase agreements.
(f)	Convertible security.
(g)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(h)	Represents a payment-in-kind security which may pay interest/dividends in additional par/shares.
(i)	Security is perpetual in nature and has no stated maturity date.
(j)	Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.
(k)	Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(l)	Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(m)	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 of the warrants, if any.
(n)	Represents the current yield as of report date.

(o)	Investments in issuers considered to be an affiliate of the Trust during the period ended November 30, 2012, 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, 2012	Net Activity	Shares Held at November 30, 2012		Income
BlackRock Liquidity Funds, TempFund, Institutional Class	2,323,267	2,627,804	4,951,071	$		2,321

Fund pays the fixed rate and receives the floating rate.

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:
CAD	Canadian Dollar
CNH	Chinese Renminbi (offshore)
DIP	Debtor-In-Possession
EBIDTA	Earnings Before Interest, Taxes, Depreciation and Amortization
EUR	Euro
FKA	Formerly Known As
GBP	British Pound
GO	General Obligation Bonds
LIBOR	London Interbank Offered Rate
TBA	To Be Announced
USD	US Dollar

•	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.

•	Reverse repurchase agreements outstanding as of November 30, 2012 were as follows:


Counterparty	Interest Rate	Trade Date	Maturity Date¹		Face Value				Face Value Including Accrued Interest

Barclays Capital, Inc.	0.60%	3/30/12	Open	$		1,368,400	$	1,374,010
Barclays Capital, Inc.	0.40%	4/03/12	Open			6,117,520		6,133,969
Barclays Capital, Inc.	0.60%	4/03/12	Open			3,308,826		3,322,171
Barclays Capital, Inc.	0.60%	4/04/12	Open			730,235		733,168
Barclays Capital, Inc.	0.35%	4/09/12	Open			3,569,655		3,577,845
UBS Securities, LLC	0.35%	4/12/12	Open			3,541,363		3,549,385
UBS Securities, LLC	0.25%	4/17/12	Open			1,031,063		1,032,695
Barclays Capital, Inc.	0.40%	4/18/12	Open			8,260,600		8,281,435
Barclays Capital, Inc.	0.60%	4/23/12	Open			1,081,088		1,085,088
Barclays Capital, Inc.	0.60%	4/30/12	Open			947,468		950,864
Deutsche Bank Securities, Inc.	0.50%	4/30/12	Open			1,416,620		1,420,850
UBS Securities, LLC	0.55%	4/30/12	Open			1,556,650		1,561,763
Barclays Capital, Inc.	0.65%	5/02/12	Open			2,160,413		2,168,721

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 18

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

•	Reverse repurchase agreements outstanding as of November 30, 2012 were as follows (continued):

Counterparty	Interest Rate	Trade Date	Maturity Date¹		Face Value				Face Value Including Accrued Interest

Barclays Capital, Inc.	0.60%	5/03/12	Open	$		673,035	$	675,413
Barclays Capital, Inc.	0.00%	5/03/12	Open			340,706		340,706
UBS Securities, LLC	0.34%	5/03/12	Open			3,198,769		3,205,173
Barclays Capital, Inc.	0.60%	5/07/12	Open			425,914		427,390
Barclays Capital, Inc.	0.40%	5/07/12	Open			2,403,144		2,408,698
Credit Suisse Securities (USA) LLC	0.35%	5/07/12	Open			3,097,381		3,103,645
UBS Securities, LLC	0.40%	5/07/12	Open			1,175,513		1,178,229
UBS Securities, LLC	0.00%	5/07/12	Open			503,750		503,750
Barclays Capital, Inc.	0.60%	5/08/12	Open			861,358		864,330
Credit Suisse Securities (USA) LLC	0.35%	5/08/12	Open			2,560,000		2,565,152
Credit Suisse Securities (USA) LLC	0.38%	5/08/12	Open			1,277,250		1,280,041
Credit Suisse Securities (USA) LLC	0.65%	5/08/12	Open			1,011,250		1,015,030
Credit Suisse Securities (USA) LLC	0.65%	5/10/12	Open			1,154,554		1,158,827
UBS Securities, LLC	0.00%	5/10/12	Open			459,375		459,375
UBS Securities, LLC	0.55%	5/10/12	Open			2,979,465		2,988,751
Credit Suisse Securities (USA) LLC	0.35%	5/11/12	Open			3,119,100		3,125,286
Credit Suisse Securities (USA) LLC	0.35%	5/14/12	Open			1,034,800		1,036,822
UBS Securities, LLC	0.65%	5/14/12	Open			789,074		791,938
Barclays Capital, Inc.	0.55%	5/18/12	Open			1,768,145		1,773,466
Credit Suisse Securities (USA) LLC	0.35%	5/18/12	Open			243,800		244,267
Credit Suisse Securities (USA) LLC	0.00%	5/18/12	Open			182,025		182,028
Barclays Capital, Inc.	0.60%	5/23/12	Open			636,862		638,900
Credit Suisse Securities (USA) LLC	0.60%	5/23/12	Open			386,750		387,988
Barclays Capital, Inc.	0.35%	6/05/12	Open			3,155,100		3,160,591
Barclays Capital, Inc.	0.55%	6/05/12	Open			1,103,926		1,106,945
Barclays Capital, Inc.	0.60%	6/05/12	Open			557,356		559,019
Credit Suisse Securities (USA) LLC	0.65%	6/05/12	Open			862,174		864,961
UBS Securities, LLC	0.54%	6/05/12	Open			726,512		728,463
UBS Securities, LLC	0.45%	6/05/12	Open			748,125		749,799
UBS Securities, LLC.	0.65%	6/05/12	Open			894,400		897,291
UBS Securities, LLC.	0.55%	6/05/12	Open			3,565,000		3,574,749
UBS Securities, LLC	0.65%	6/07/12	Open			1,115,100		1,118,663
UBS Securities, LLC	0.65%	6/13/12	Open			310,912		311,872
Barclays Capital, Inc.	0.60%	6/26/12	Open			1,347,675		1,351,224
Barclays Capital, Inc.	0.60%	6/28/12	Open			1,540,425		1,544,430
Barclays Capital, Inc.	0.35%	6/28/12	Open			1,109,750		1,111,433
Barclays Capital, Inc.	0.60%	6/29/12	Open			1,567,681		1,571,732
Barclays Capital, Inc.	0.60%	7/05/12	Open			1,627,580		1,631,624
Barclays Capital, Inc.	0.60%	7/10/12	Open			505,224		506,437
UBS Securities, LLC	0.65%	7/16/12	Open			334,400		335,233
Credit Suisse Securties (USA) LLC	0.35%	7/23/12	Open			1,764,037		1,766,284

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 19

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

•	Reverse repurchase agreements outstanding as of November 30, 2012 were as follows (continued):


Counterparty	Interest Rate	Trade Date	Maturity Date¹		Face Value				Face Value Including Accrued Interest

Credit Suisse Securties (USA) LLC	0.38%	7/25/12	Open	$		6,172,500	$	6,180,840
Credit Suisse Securties (USA) LLC	0.65%	7/31/12	Open			1,242,455		1,245,214
UBS Securities LLC	0.65%	8/01/12	Open			387,150		388,003
Credit Suisse Securties (USA) LLC	0.35%	8/02/12	Open			6,011,338		6,018,409
Barclays Capital, Inc.	0.60%	8/03/12	Open			2,944,835		2,950,725
Barclays Capital, Inc.	0.65%	8/03/12	Open			592,806		594,090
Credit Suisse Securties (USA) LLC	0.65%	8/03/12	Open			972,063		974,169
UBS Securities LLC	0.60%	8/03/12	Open			2,915,325		2,921,156
UBS Securities LLC	0.65%	8/03/12	Open			1,084,325		1,086,674
UBS Securities LLC	(0.25%)	8/03/12	Open			891,325		890,582
Deutsche Bank Securities, Inc.	0.65%	8/06/12	Open			850,850		852,647
Barclays Capital, Inc.	0.60%	8/08/12	Open			6,398,363		6,410,627
Credit Suisse Securties (USA) LLC	0.35%	8/08/12	Open			363,757		364,164
Deutsche Bank Securities, Inc.	0.00%	8/16/12	Open			1,105,325		1,105,325
Credit Suisse Securties (USA) LLC	0.60%	8/22/12	Open			1,132,407		1,134,314
Credit Suisse Securties (USA) LLC	0.65%	8/24/12	Open			735,687		737,003
Credit Suisse Securties (USA) LLC	(0.25%)	8/29/12	Open			931,838		931,469
Credit Suisse Securties (USA) LLC	0.65%	8/29/12	Open			315,000		315,535
Credit Suisse Securties (USA) LLC	0.65%	8/30/12	Open			341,325		341,898
Deutsche Bank Securities, Inc.	0.70%	8/30/12	Open			4,164,387		4,171,918
Deutsche Bank Securities, Inc.	0.65%	9/07/12	Open			1,257,225		1,259,154
Barclays Capital, Inc.	0.60%	9/10/12	Open			419,012		419,578
Barclays Capital, Inc.	0.60%	9/12/12	Open			435,395		435,975
Credit Suisse Securties (USA) LLC	0.65%	9/13/12	Open			776,950		778,058
Credit Suisse Securties (USA) LLC	0.35%	9/14/12	Open			3,091,969		3,094,313
Credit Suisse Securties (USA) LLC	0.35%	9/14/12	Open			2,339,688		2,341,393
Deutsche Bank Securities, Inc.	0.65%	9/17/12	Open			1,633,025		1,635,236
Barclays Capital, Inc.	0.60%	9/19/12	Open			5,335,844		5,342,336
Barclays Capital, Inc.	0.60%	9/19/12	Open			921,552		922,643
Credit Suisse Securties (USA) LLC	0.65%	9/19/12	Open			821,406		822,459
Deutsche Bank Securities, Inc.	0.65%	9/19/12	Open			2,418,488		2,421,675
UBS Securities LLC	0.65%	9/26/12	Open			698,827		699,660
UBS Securities LLC	0.34%	9/28/12	Open			3,074,638		3,076,496

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 20

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

•	Reverse repurchase agreements outstanding as of November 30, 2012 were as follows (continued):


Counterparty	Interest Rate	Trade Date	Maturity Date¹		Face Value				Face Value Including Accrued Interest

Credit Suisse Securties (USA) LLC	0.35%	10/04/12	Open	$		5,701,069	$	5,704,284
UBS Securities LLC	0.65%	10/04/12	Open			1,637,685		1,639,370
Barclays Capital, Inc.	0.65%	10/10/12	Open			1,128,000		1,129,039
Deutsche Bank Securities, Inc.	0.60%	10/15/12	Open			1,863,000		1,864,459
UBS Securities LLC	0.65%	10/15/12	Open			513,300		513,726
UBS Securities LLC	(0.50%)	10/16/12	Open			401,625		401,374
Credit Suisse Securties (USA) LLC	0.35%	10/17/12	Open			516,416		516,642
BNP Paribas Securities Corp.	0.37%	10/17/12	Open			803,500		803,863
Barclays Capital, Inc.	0.60%	10/22/12	Open			997,688		998,353
Barclays Capital, Inc.	0.65%	10/26/12	Open			1,608,900		1,609,946
Barclays Capital, Inc.	0.55%	10/26/12	Open			1,542,373		1,543,221
Credit Suisse Securties (USA) LLC	0.65%	10/26/12	Open			1,147,006		1,147,752
Deutsche Bank Securities, Inc.	0.55%	10/29/12	Open			24,827,238		24,839,753
Deutsche Bank Securities, Inc.	0.65%	10/26/12	Open			2,708,065		2,709,825
Deutsche Bank Securities, Inc.	0.70%	10/26/12	Open			1,807,950		1,809,216
Deutsche Bank Securities, Inc.	(0.50%)	10/26/12	Open			1,623,800		1,622,988
UBS Securities LLC	0.65%	10/26/12	Open			3,416,482		3,418,703
UBS Securities LLC	0.60%	10/26/12	Open			2,222,700		2,224,034
UBS Securities LLC	0.10%	10/26/12	Open			1,922,460		1,922,652
UBS Securities LLC	(0.50%)	10/26/12	Open			885,587		885,145
Credit Suisse Securties (USA) LLC	0.70%	10/30/12	Open			3,517,176		3,519,295
Credit Suisse Securties (USA) LLC	0.65%	11/01/12	Open			4,156,238		4,158,489
UBS Securities LLC	0.65%	11/01/12	Open			1,712,386		1,713,313
Barclays Capital, Inc.	0.50%	11/06/12	Open			244,531		244,616
Citigroup Global Markets, Inc.	(1.00%)	11/06/12	Open			1,033,720		1,033,031
Barclays Capital, Inc.	0.60%	11/07/12	Open			921,444		921,813
Credit Suisse Securties (USA) LLC	0.35%	11/09/12	Open			336,682		336,755
Deutsche Bank Securities, Inc.	0.57%	11/09/12	Open			1,320,862		1,321,323
Deutsche Bank Securities, Inc.	0.60%	11/13/12	Open			2,792,813		2,793,651
Morgan Stanley & Co. LLC	0.34%	11/13/12	12/12/12			39,415,033		39,425,457
UBS Securities LLC	0.60%	11/13/12	Open			1,978,700		1,979,261
Deutsche Bank Securities, Inc.	0.55%	11/14/12	Open			3,812,000		3,812,990
Deutsche Bank Securities, Inc.	(0.50%)	11/14/12	Open			842,490		842,303
Credit Suisse Securties (USA) LLC	0.35%	11/15/12	Open			1,130,115		1,130,280
Deutsche Bank Securities, Inc.	0.57%	11/15/12	Open			559,550		559,692

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 21

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

•	Reverse repurchase agreements outstanding as of November 30, 2012 were as follows (concluded):

Counterparty	Interest Rate	Trade Date	Maturity Date¹		Face Value		Face Value Including Accrued Interest
Barclays Capital, Inc.	0.60%	11/16/12	Open	$		962,491		$	962,732
Deutsche Bank Securities, Inc.	0.57%	11/16/12	Open			919,500		919,719
Credit Suisse Securties (USA) LLC	0.75%	11/19/12	Open			2,040,125		2,040,635
Credit Suisse Securties (USA) LLC	0.65%	11/19/12	Open			2,713,226		2,713,814
Credit Suisse Securties (USA) LLC	0.38%	11/19/12	Open			2,861,250		2,861,612
Deutsche Bank Securities, Inc.	0.57%	11/19/12	Open			4,789,125		4,790,035
Credit Suisse Securties (USA) LLC	0.65%	11/19/12	Open			204,500		204,541
Credit Suisse Securties (USA) LLC	0.35%	11/19/12	Open			2,107,875		2,108,100
Credit Suisse Securties (USA) LLC	0.38%	11/19/12	Open			1,233,600		1,233,743
Deutsche Bank Securities, Inc.	0.55%	11/19/12	Open			2,262,688		2,263,068
Barclays Capital, Inc.	0.60%	11/20/12	Open			371,772		371,840
UBS Securities LLC	0.65%	11/20/12	Open			527,590		527,695
Deutsche Bank Securities, Inc.	0.65%	11/26/12	Open			1,012,050		1,012,141
Deutsche Bank Securities, Inc.	(0.63%)	11/28/12	Open			693,481		693,445
Citigroup Global Markets, Inc.	(1.50%)	11/28/12	Open			635,050		634,997
Deutsche Bank Securities, Inc.	0.65%	11/30/12	Open			1,219,050		1,219,072

Total				$	296,586,335			$		296,955,460

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

•	Financial futures contracts purchased as of November 30, 2012 were as follows:


Contracts	Issue	Exchange	Expiration			Notional Value		Unrealized Appreciation

73	5-Year US Treasury Note	Chicago Board of Trade		March 2013	USD		9,104,469		$		27,766
6	90-Day Euro-Dollar	Chicago Mercantile		December 2013	USD		1,494,450				33,883
8	90-Day Euro-Dollar	Chicago Mercantile		March 2013	USD		1,993,600				30,878
6	90-Day Euro-Dollar	Chicago Mercantile		September 2013	USD		1,494,750				30,509
6	90-Day Euro-Dollar	Chicago Mercantile		March 2014	USD		1,494,150				36,883
6	90-Day Euro-Dollar	Chicago Mercantile		June 2013	USD		1,494,975				27,059

Total										$	186,978

•	Financial futures contracts sold as of November 30, 2012 were as follows:

Contracts

Issue

Exchange

Expiration

Notional
Value

Unrealized Depreciation

10-Year US Treasury Note

Chicago Board of Trade

March 2013

USD

2,271,891

(2,256)

2-Year US Treasury Note

Chicago Board of Trade

March 2013

USD

1,763,625

(388)

Euro-Bund

Eurex

December 2012

USD

2,141,850

(31,232)

Total

(33,876)

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 22

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

•	Foreign currency exchange contracts as of November 30, 2012 were as follows:

Currency Purchased			Currency Sold			Counterparty		Settlement Date		Unrealized Appreciation (Depreciation)
CAD		400,000		USD	399,081		Citigroup, Inc.		1/16/13	$	3,241
CAD		1,060,000		USD	1,066,575		Goldman Sachs Group, Inc.		1/16/13		(422)
CAD		23,000		USD	22,969		UBS AG		1/16/13		164
GBP		250,000		USD	401,590		Citigroup, Inc.		1/16/13		(1,086)
USD		1,071,610		CAD	1,064,000		Goldman Sachs Group, Inc.		1/16/13		1,433
USD		3,789,010		CAD	3,705,500		UBS AG		1/16/13		61,999
USD		33,899,286		GBP	21,149,500		Goldman Sachs Group, Inc.		1/16/13		17,471
USD		1,625,651		GBP	1,015,000		Royal Bank of Scotland Group Plc		1/16/13		(394)
USD		168,220		GBP	105,000		Royal Bank of Scotland Group Plc		1/16/13		9
USD		323,943		GBP	204,000		UBS AG		1/16/13		(2,868)
USD		224,218		GBP	141,000		UBS AG		1/16/13		(1,666)
USD		652,313		GBP	405,000		UBS AG		1/16/13		3,497
EUR		302,000		USD	387,332		UBS AG		1/23/13		5,634
USD		387,101		EUR	300,000		BNP Paribas SA		1/23/13		(3,263)
USD		773,416		EUR	608,000		Citigroup, Inc.		1/23/13		(17,722)
USD		740,049		EUR	570,000		UBS AG		1/23/13		(1,643)
USD		23,729,819		EUR	18,095,000		UBS AG		1/23/13		184,358

	Total									$		248,742

•	Credit default swaps - buy protection outstanding as of November 30, 2012 were as follows:


Issuer	Pay Fixed Rate	Counterparty	Expiration Date	Notional Amount (000)				Unrealized Depreciation

Australia & New Zealand Banking Group Ltd.	1.00%	Deutsche Bank AG	9/20/17	USD	$	1,643	$	(44,918)
Commonwealth Bank of Australia	1.00%	Deutsche Bank AG	9/20/17	USD		3,200		(87,297)
National Australia Bank Ltd.	1.00%	Deutsche Bank AG	9/20/17	USD		3,200		(84,289)
Westpac Banking Corp.	1.00%	Deutsche Bank AG	9/20/17	USD		1,643		(42,164)

Total							$	(258,668)

•	Credit default swaps - sold protection outstanding as of November 30, 2012 were as follows:

Issuer

Receive
Fixed
Rate

Counterparty

Expiration
Date

Credit Rating¹

Notional
Amount
(000)²

Unrealized Appreciation

Caesars Entertainment Operating Co., Inc.

5.00%

JPMorgan Chase & Co.

12/20/15

B-

USD

626

19,655

¹	Using Standard & Poor’s (“S&P”) rating.
²	The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 23

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

•	Credit default swaps on traded indexes - buy protection outstanding as of November 30, 2012 were as follows:

Index

Pay
Fixed
Rate

Counterparty

Expiration
Date

Notional
Amount
(000)

Unrealized Depreciation

Dow Jones CDX North America Investment Grade Index Series 16

1.00%

Morgan Stanley

6/20/16

USD

7,700

(55,322)

•	Credit default swaps on traded indexes - sold protection outstanding as of November 30, 2012 were as follows:

Index

Receive
Fixed
Rate

Counterparty

Expiration
Date

Credit Rating¹

Notional
Amount
(000)²

Unrealized Appreciation

Dow Jones CDX North America Investment Grade Index Series 16

1.00%

Morgan Stanley

6/20/16

BBB+

USD

7,700

154,083

¹	Using S&P’s rating of the underlying security.
²	The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.
•	Interest rate swaps outstanding as of November 30, 2012 were as follows:

Fixed
Rate

Floating
Rate

Counterparty

Expiration
Date

Notional
Amount
(000)

Unrealized Depreciation

1.10% ³

3-month LIBOR

Deutsche Bank AG

5/14/17

USD

14,500

(290,966)

Trust pays the fixed rate and receives the floating rate.

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 24

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

•	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.

•	Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

	•	Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Trust has the ability to access

	•	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)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 is not necessarily an indication of the risks associated with 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 Trust's investments and derivative financial instruments categorized in the disclosure hierarchy as of November 30, 2012:

				Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long Term Investments:
		Asset-Backed Securities		—	$	40,847,225		$	10,320,939	$	51,168,164
		Common Stocks		—		2,792,873			4,325,787		7,118,660
		Corporate Bonds		—		446,199,227			6,675,062		452,874,289
		Floating Rate Loan Interests		—		265,711,809			48,035,951		313,747,760
		Municipal Bonds		—		8,098,903			—		8,098,903
		Non-Agency Mortgage-Backed Securities		—		72,949,905			—		72,949,905
		Other Interests		—		—			1,608,922		1,608,922
		Preferred Securities	$	3,013,133		725,625			—		3,738,758
		US Government Sponsored Agency Securities		—		55,260,409			—		55,260,409
	Short-Term Securities			4,951,071		—			—		4,951,071
Total			$	7,964,204	$	892,585,976		$	70,966,661	$	971,516,841

				Level 1		Level 2			Level 3		Total
Derivative Financial Instruments¹
Assets:
Equity contracts				—	$	1			—	$	1
Interest rate contracts				$ 186,978		—			—		186,978
Foreign currency exchange contracts				—		277,806			—		277,806
Credit contracts				—		173,738			—		173,738
Liabilities:
Interest rate contracts				(33,876)		(290,966)			—		(324,842)
Foreign currency exchange contracts				—		(29,064)			—		(29,064)
Credit contracts				—		(313,990)			—		(313,990)
Total				$ 153,102	$	(182,475)			—	$	(29,373)

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, 2012 25

Consolidated Schedule of Investments (continued)

BlackRock Limited Duration Income Trust (BLW)

Certain of the Trust’s assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. As of November 30, 2012, such assets and liabilities are categorized within the disclosure hierarchy as follows:

		Level 1				Level 2		Level 3			Total
Assets:
Cash	$			8,186			--		--	$	8,186
Cash pledged as collateral for financial futures contracts				149,500			--		--		149,500
Cash pledged as collateral for reverse repurchase agreements				600,000			--		--		600,000
Foreign currency at value				305,644			--		--		305,644
Liabilities:
Cash received as collateral for reverse repurchase agreements				--	$		(522,000)		--		(522,000)
Reverse repurchase agreements				--	(296,586,335)				--		(296,586,335)
Total	$		1,063,330		$		(297,108,335)		--	$	(296,045,005)

There were no transfers between Level 1 and Level 2 during the period ended November 30, 2012.

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Asset-Backed Securities	Common Stocks	Corporate Bonds	Floating Rate Loan Interests	Other Interests	Total
Assets:
Opening Balance, as of August 31, 2012	$9,845,241	$2,007,283	$1,727	$38,594,979	$1,608,923	$52,058,153
Transfers into Level 3¹	--	1,744,868	6,811,137	13,106,699	--	21,662,704
Transfers out of Level 3¹	--	--	--	(9,543,312)	--	(9,543,312)
Accrued discounts/premiums	(222,181)	--	(9,875)	49,734	--	(182,322)
Net realized gain (loss)	65,263	--	--	66,738	--	132,001
Net change in unrealized appreciation/depreciation²	504,365	304,390	(127,927)	(141,071)	(1)	539,756
Purchases	1,531,720	269,246		9,575,058	--	11,376,024
Sales	(1,403,469)	--	--	(3,672,874)	--	(5,076,343)
Closing Balance, as of November 30, 2012	$10,320,939	$4,325,787	$6,675,062	$48,035,951	$1,608,922	$70,966,661

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 26

Consolidated Schedule of Investments (concluded)

BlackRock Limited Duration Income Trust (BLW)

Transfers into and transfers out of Level 3 represent the values as of the beginning of the reporting period. As of August 31, 2012, the Trust used observable inputs in determining the value of certain investments. As of November 30, 2012, the Trust used significant unobservable inputs in determining the value on the same investments. As a result, investments with a beginning of period value of $21,662,704 transferred from Level 2 to Level 3 in the disclosure hierarchy. As of August 31, 2012, the Trust used significant unobservable inputs in determining the value of certain investments. As of November 30, 2012, the Trust used observable inputs in determining the value on the same investments. As a result, investments with a beginning of period value of $9,543,312 transferred from Level 3 to Level 2 in the disclosure hierarchy.

The change in unrealized appreciation/depreciation on investments still held as of November 30, 2012 was $566,037.

The following table summarizes the valuation techniques used and unobservable inputs developed by the BlackRock Global Valuation Methodologies Committee (“Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 investments as of November 30, 2012. The table does not include Level 3 investments with values derived utilizing transaction prices from recent prior transactions or third party pricing information without adjustment for which such inputs are also unobservable. A significant change in third party pricing information could result in a significantly lower or higher value of Level 3 investments. The value of Level 3 investments derived using prices from prior transactions and/or third party pricing information is $60,569,989.

	Value	Valuation Techniques	Unobservable Inputs¹	Range of Unobservable Inputs Utilized	Weighted Average of Unobservable Inputs²
Assets:
Common Stocks	$ 2,888,479	Market Comparable Companies	EBITDA Multiple	6.7x	6.7x
			Forward EBITDA Multiple	5.4x	5.4x
Floating Rate Loan Interests	7,508,193	Market Comparable Companies	Yield	9.64%	9.64%
			Illiquidity Discount	50%	50%
		Cost	N/A³	--	--
Total	$10,396,672

A change to the unobservable input may result in a significant change to the value of the investment as follows:

Unobservable Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
EBITDA Multiple	Increase	Decrease
Forward EBITDA Multiple	Increase	Decrease
Yield	Decrease	Increase
Illiquidity Discount	Decrease	Increase

Unobservable inputs are weighted based on the value of the investments included in the range.

The Trust fair values certain of its Level 3 investments using prior transaction prices (acquisition cost), although the transaction may not have occurred during the current reporting period. In such cases, these investments are generally privately held investments. There may not be a secondary market, and/or there are a limited number of investors. The determination to fair value such investments at cost is based upon factors consistent with the principles of fair value measurement that are reasonably available to the Global Valuation Committee, or its delegate. Valuations are reviewed utilizing available market information to determine if the carrying value should be adjusted. Such market data may include, but is not limited to, observations of the trading multiples of public companies considered comparable to the private companies being valued, financial or operational information released by the company, and/or news or corporate events that affect the investment. Valuations may be adjusted to account for company-specific issues, the lack of liquidity inherent in a nonpublic investment and the fact that comparable public companies are not identical to the investments being fair valued by the Trust.

BLACKROCK LIMITED DURATION INCOME TRUST

NOVEMBER 30, 2012 27

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, 2013

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, 2013

By: /s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Limited Duration Income Trust

Date: January 23, 2013