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 52nd Street, New York, NY 10055

 

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

 

Date of fiscal year end: 08/31/2015

 

Date of reporting period: 05/31/2015

 

Item 1 –Schedule of Investments
 
 
Schedule of Investments May 31, 2015 (Unaudited) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Common Stocks
Shares		   Value
Chemicals  — 0.0%
LyondellBasell Industries NV, Class A   37 $ 3,741
Construction & Engineering  — 0.0%
USI United Subcontractors   6,454   200,073
Diversified Consumer Services  — 0.7%
Cengage Thomson Learning (a)   38,155   1,049,262
Houghton Mifflin Harcourt Co.   128,441   3,388,274
    4,437,536
Diversified Financial Services  — 0.2%
Kcad Holdings I Ltd. (a)   546,753,936   1,049,768
Household Durables  — 0.0%
Berkline Benchcraft Equity LLC (a)   3,155   —
Total Common Stocks — 0.9%   5,691,118
 
 
Asset-Backed Securities – 17.3% Par
(000)		    
ACAS CLO Ltd., Series 2014-1A, Class C, 3.18%, 7/18/26 (b)(c) USD 1,500   1,485,485
Adirondack Park CLO Ltd., Series 2013-1A, Class D, 3.93%, 4/15/24 (b)(c)   1,750   1,740,079
Aircraft Lease Securitization Ltd., Series 2007-1A, Class G3, 0.44%, 5/10/32 (b)(c)   360   357,029
ALM Loan Funding, Series 2013-7RA (c):        
   Class C, 3.73%, 4/24/24   1,210   1,194,363
   Class D, 5.28%, 4/24/24 (b)   1,040   1,032,365
ALM XIV Ltd., Series 2014-14A, Class C, 3.73%, 7/28/26 (c)   3,140   3,061,312
AmeriCredit Automobile, Receivables 2014-3, AMCAR 2014-3 C, 2.58%, 9/08/20   4,850   4,901,575
AMMC CLO 15 Ltd., Series 2014-15A, Class D, 4.44%, 12/09/26 (b)(c)   2,000   1,990,000
Apidos CLO XVII, Series 2014-17A, Class B, 3.12%, 4/17/26 (b)(c)   3,000   2,999,923
Ares CLO, Ltd. (b)(c):        
   ARES 2014 32A B 144A, 3.52%, 11/15/25   1,250   1,250,853
   Series 2012-2A, Class CR, 1.00%, 10/12/23 (d)   1,000   1,000,000
Atrium CDO Corp., Series 9A, Class D, 3.79%, 2/28/24 (c)   1,100   1,087,767
Babson CLO Ltd., Series 2014-3A, Class C1, 3.28%, 1/15/26 (b)(c)   2,000   2,002,000
             
Asset-Backed Securities Par
(000)		   Value
Battalion CLO IV Ltd., Series 2013-4A, Class C, 3.63%, 10/22/25 (b)(c) USD   500 $ 481,391
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class C, 3.78%, 7/15/24 (b)(c)   750   726,967
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class B, 3.08%, 7/20/26 (b)(c)   1,250   1,231,250
Benefit Street Partners CLO V Ltd., Series 2014-VA, Class C, 3.38%, 10/20/26 (b)(c)   2,500   2,465,625
Carlyle Global Market Strategies CLO 2014-5, Ltd., Series 2014-5A, Class C, 4.43%, 10/16/25 (b)(c)   2,000   2,001,264
Carlyle Global Market Strategies CLO 2015-1, Ltd., Series 2015-1A, Class C, 3.41%, 4/20/27 (b)(c)   1,000   1,001,762
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class C, 4.26%, 2/14/25 (b)(c)   250   249,991
CarMax Auto Owner Trust, Series 2012-3, Class D, 2.29%, 4/15/19   2,530   2,563,882
Cent CLO, Series 2014-21A, Class C, 3.78%, 7/27/26 (b)(c)   1,000   977,314
Central Park CLO Ltd., Series 2011-1A, Class D, 3.48%, 7/23/22 (b)(c)   500   496,330
CIFC Funding 2014-IV, Ltd., Series 2014-4A, Class C1, 3.17%, 10/17/26 (b)(c)   2,850   2,840,954
CIFC Funding 2014-V, Ltd., Series 2014-5A (b)(c):        
  Class C, 3.59%, 1/17/27   445   445,162
  Class D2, 4.74%, 1/17/27   445   445,383
CIFC Funding Ltd., Class D (b)(c):        
  Series 2014-3A, 3.68%, 7/22/26   420   404,189
  Series 2015-1A, 4.27%, 1/22/27   1,000   986,600
Countrywide Asset-Backed Certificates, Series 2007-7, Class 2A2, 0.34%, 10/25/47 (c)   428   425,638
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B, 2.50%, 1/25/30 (b)   2,171   2,110,176
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44 (b)   3,222   3,275,288
Flagship CLO, Series 2014-8A, Class C, 3.41%, 1/16/26 (b)(c)   2,000   2,000,902


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 20151
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Asset-Backed Securities Par
(000)		   Value
Fraser Sullivan CLO VII Ltd., Series 2012-7A, Class C, 4.28%, 4/20/23 (c) USD   1,090 $ 1,090,029
Gramercy Park CLO, Ltd., Series 2012-1AR, Class CR, 4.32%, 7/17/23 (b)(c)   5,000   5,000,106
GSAA Trust, Series 2007-3, Class 1A2, 0.35%, 3/25/47 (c)   2,630   1,332,003
Jamestown CLO IV Ltd., Series 2014-4A, Class C, 3.78%, 7/15/26 (b)(c)   1,165   1,128,193
Litigation Fee Residual FDG, 4.00%, 10/30/27   2,060   2,060,000
Madison Park Funding Ltd., Series 2012-10A, Class D, 4.53%, 1/20/25 (b)(c)   700   700,062
Madison Park Funding XI Ltd., Series 2013-11A, Class D, 3.78%, 10/23/25 (b)(c)   420   413,871
Madison Park Funding XV, Ltd., Series 2014-15A, Class B1, 3.46%, 1/27/26 (b)(c)   1,500   1,510,636
Neuberger Berman CLO XVIII, Ltd., Series 2014-18A, Class B, 3.43%, 11/14/25 (b)(c)   2,250   2,253,375
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class D, 3.62%, 7/17/25 (b)(c)   2,000   1,929,216
OneMain Financial Issuance Trust 2015-1, Series 2015-1A, Class D, 6.63%, 3/18/26 (b)   4,350   4,465,666
OneMain Financial Issuance Trust 2015-2, Series 2015-2A (b):        
  Class C, 4.32%, 7/18/25   4,000   3,999,268
  Class D, 5.64%, 7/18/25   2,000   1,999,792
OZLM Funding Ltd., Series 2012-2A, Class C, 4.60%, 10/30/23 (b)(c)   500   501,296
OZLM VII Ltd., Series 2014-7A, Class C, 3.87%, 7/17/26 (b)(c)   780   759,978
OZLM VIII, Ltd., Series 2014-8A (b)(c):        
  Class B, 3.27%, 10/17/26   2,500   2,500,201
  Class C, 3.77%, 10/17/26   500   487,184
OZLM IX, Ltd., Series 2014-9A, Class C, 3.88%, 1/20/27 (b)(c)   1,500   1,475,293
OZLM XII, Ltd., Series 2015-12A, Class C, 3.98%, 4/30/27 (b)(c)   1,000   967,300
Regatta Funding LP, Series 2013-2A, Class C, 4.28%, 1/15/25 (b)(c)   500   495,713
Regatta V Funding Ltd., Series 2014-1A, Class B, 3.28%, 10/25/26 (b)(c)   2,000   1,974,822
Asset-Backed Securities Par
(000)		   Value
Santander Drive Auto Receivables Trust, Series 2014-4, Class C, 2.60%, 11/16/20 USD   4,500 $ 4,561,249
Santander Drive Auto Receivables Trust 2014-3, Series 2014-3, Class D, 2.65%, 8/17/20   4,015   4,009,443
Santander Drive Auto Receivables Trust 2014-4, Series 2014-4, Class D, 3.10%, 11/16/20   4,500   4,576,311
Sound Point CLO, Ltd., Series 2014-3A, Class D, 3.89%, 1/23/27 (b)(c)   2,000   1,928,000
Symphony CLO XV Ltd., Series 2014-15A, Class C, 3.47%, 10/17/26 (b)(c)   4,000   4,005,299
Venture XIX CLO, Ltd., Series 2014-19A, Class C, 3.55%, 1/15/27 (b)(c)   445   445,000
Voya CLO Ltd., Series 2014-4A, Class SUB, 0.00%, 10/14/26 (e)   1,000   932,100
Voya CLO, Ltd., Series 2014-4A, Class C, 4.28%, 10/14/26 (b)(c)   2,500   2,499,912
World Financial Network Credit Card Master Trust, Series 2012-C, Class B, 3.57%, 8/15/22   3,000   3,124,086
    112,358,223
Asset-Backed Securities — 0.1%
Sterling Bank Trust, Series 2004-2, Class Note, 2.08%, 3/30/30 (b)   6,295   442,606
Sterling Coofs Trust, Series 2004-1, Class A, 2.36%, 4/15/29 (b)   7,873   538,842
    981,448
Total Asset-Backed Securities — 17.4%   113,339,671
 
 
Corporate Bonds
Aerospace & Defense  — 0.7%
Bombardier, Inc., 7.50%, 3/15/25 (b)   167   159,694
DigitalGlobe, Inc., 5.25%, 2/01/21 (b)   928   928,186
Huntington Ingalls Industries, Inc., 5.00%, 12/15/21 (b)   250   260,000
Meccanica Holdings USA, Inc., 6.25%, 7/15/19 (b)   339   372,900
TransDigm, Inc.:        
  6.00%, 7/15/22   1,795   1,819,681
           


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 20152
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Corporate Bonds Par
(000)		   Value
Aerospace & Defense (concluded)
TransDigm, Inc.  (concluded):        
  6.50%, 7/15/24 USD   835 $ 851,700
    4,392,161
Airlines  — 2.8%
Air Canada Pass-Through Trust (b):        
  Series 2013-1, Class C, 6.63%, 5/15/18   651   685,178
  Series 2015-1, Class B, 3.88%, 9/15/24   1,500   1,485,000
American Airlines Group, Inc., 4.63%, 3/01/20 (b)   315   306,338
American Airlines Pass-Through Trust, Series 2013-2:        
  Class A, 4.95%, 7/15/24   3,538   3,803,229
  Class B, 5.60%, 1/15/22 (b)   680   708,697
  Class C, 6.00%, 1/15/17 (b)   2,600   2,626,000
Continental Airlines Pass-Through Trust, Series 2012-3, Class C, 6.13%, 4/29/18   2,090   2,199,725
Delta Air Lines Pass-Through Trust, Series 2009-1, Class B, 9.75%, 6/17/18   208   230,508
United Airlines Pass-Through Trust, Series 2014-2, Class B, 4.63%, 3/03/24   2,300   2,366,125
US Airways Pass-Through Trust, Series 2012-1, Class C, 9.13%, 10/01/15   1,062   1,082,790
Virgin Australia Trust, Series 2013-1 (b):        
  Class A, 5.00%, 4/23/25   658   697,561
  Class B, 6.00%, 4/23/22   1,322   1,368,361
  Class C, 7.13%, 10/23/18   932   953,073
    18,512,585
Auto Components  — 1.1%
Affinia Group, Inc., 7.75%, 5/01/21   1,095   1,141,537
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.88%, 3/15/19   2,058   2,122,312
Pittsburgh Glass Works LLC, 8.00%, 11/15/18 (b)   186   195,765
Schaeffler Holding Finance BV (f):        
  (5.75% Cash or 6.50% PIK), 5.75%, 11/15/21 EUR 115   136,504
  (6.25% Cash or 0.00% PIK), 6.25%, 11/15/19 (b) USD 804   855,263
  (6.75% Cash or 0.00% PIK), 6.75%, 11/15/22 (b)   943   1,027,870
  (6.88% Cash), 6.88%, 8/15/18 EUR 375   429,021
Corporate Bonds Par
(000)		   Value
Auto Components (concluded)
ZF North America Capital, Inc.:        
  4.00%, 4/29/20 (b) USD 314 $ 319,495
  4.50%, 4/29/22 (b)   168   170,940
  2.75%, 4/27/23 EUR 200   215,816
  4.75%, 4/29/25 (b) USD 476   476,000
    7,090,523
Automobiles  — 0.5%
General Motors Co.:        
  3.50%, 10/02/18   2,478   2,546,888
  5.20%, 4/01/45   550   561,201
    3,108,089
Banks  — 1.4%
Banco Espirito Santo SA:        
  4.75%, 1/15/18 EUR 100   112,162
  4.00%, 1/21/19   100   110,514
Bankia SA, 4.00%, 5/22/24 (c)   100   109,006
Barclays PLC, 3.65%, 3/16/25 USD 3,600   3,523,514
CIT Group, Inc.:        
  5.00%, 5/15/17   890   922,752
  5.50%, 2/15/19 (b)   1,370   1,447,063
  5.00%, 8/01/23   235   240,570
HSBC Holdings PLC, 6.25%, 3/19/18 EUR 1,000   1,260,818
Nordea Bank AB, 4.50%, 3/26/20   1,020   1,306,470
    9,032,869
Beverages  — 0.1%
Constellation Brands, Inc.:        
  7.25%, 5/15/17 USD 82   90,200
  3.88%, 11/15/19   294   300,983
    391,183
Building Products  — 0.8%
American Builders & Contractors Supply Co., Inc., 5.63%, 4/15/21 (b)   190   194,275
Builders FirstSource, Inc., 7.63%, 6/01/21 (b)   650   679,250
Cemex SAB de CV:        
  4.38%, 3/05/23 EUR 100   108,457
  5.70%, 1/11/25 (b) USD 670   658,912
CPG Merger Sub LLC, 8.00%, 10/01/21 (b)   1,030   1,081,500
Masonite International Corp., 5.63%, 3/15/23 (b)   329   340,515
Ply Gem Industries, Inc., 6.50%, 2/01/22   745   739,412


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 20153
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Corporate Bonds Par
(000)		   Value
Building Products (concluded)
USG Corp., 9.75%, 1/15/18 USD   1,390 $ 1,598,653
    5,400,974
Capital Markets  — 0.6%
American Capital Ltd., 6.50%, 9/15/18 (b)   975   1,012,781
Blackstone CQP Holdco LP, 9.30%, 3/18/19   1,101   1,089,698
E*Trade Financial Corp.:        
  0.00%, 8/31/19 (b)(e)(g)   249   707,267
  5.38%, 11/15/22   627   655,215
UBS Group AG, 7.00% (c)(h)   200   208,750
    3,673,711
Chemicals  — 0.5%
Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding BV, 7.38%, 5/01/21 (b)   398   431,830
Chemtura Corp., 5.75%, 7/15/21   200   205,500
Huntsman International LLC:        
  8.63%, 3/15/21   264   279,180
  5.13%, 4/15/21 EUR 331   384,441
INEOS Group Holdings SA:        
  6.13%, 8/15/18 (b) USD 314   322,635
  6.50%, 8/15/18 EUR 122   138,515
The Chemours Co. (b):        
  6.63%, 5/15/23 USD 873   886,095
  7.00%, 5/15/25   301   306,267
    2,954,463
Commercial Services & Supplies  — 1.1%
AA Bond Co., Ltd., 5.50%, 7/31/43 GBP 125   194,155
Abengoa Greenfield SA, 6.50%, 10/01/19 (b) USD 766   720,040
ADS Waste Holdings, Inc., 8.25%, 10/01/20   292   307,695
ARAMARK Corp., 5.75%, 3/15/20   712   743,150
Aviation Capital Group Corp., 4.63%, 1/31/18 (b)   1,000   1,042,990
Brand Energy & Infrastructure Services, Inc., 8.50%, 12/01/21 (b)   203   194,880
Covanta Holding Corp., 6.38%, 10/01/22   100   106,500
Mobile Mini, Inc., 7.88%, 12/01/20   915   969,900
Modular Space Corp., 10.25%, 1/31/19 (b)   1,253   1,068,182
Silk Bidco, 7.50%, 2/01/22 EUR 120   136,903
Corporate Bonds Par
(000)		   Value
Commercial Services & Supplies (concluded)
United Rentals North America, Inc.:        
  7.63%, 4/15/22 USD 658 $ 718,865
  5.75%, 11/15/24   1,039   1,055,884
    7,259,144
Communications Equipment  — 2.5%
ADC Telecommunications, Inc., 3.50%, 7/15/15 (g)   6,670   6,670,000
Alcatel-Lucent USA, Inc. (b):        
  4.63%, 7/01/17   800   823,000
  6.75%, 11/15/20   2,150   2,279,000
Avaya, Inc., 7.00%, 4/01/19 (b)   437   437,000
CommScope Technologies Finance LLC, 6.00%, 6/15/25 (b)(d)   494   500,175
CommScope, Inc. (b):        
  4.38%, 6/15/20 (d)   465   469,069
  5.00%, 6/15/21   215   214,463
  5.50%, 6/15/24   221   220,171
Motorola Solutions, Inc., 3.75%, 5/15/22   1,500   1,499,202
Plantronics, Inc., 5.50%, 5/31/23 (b)   229   232,435
Zayo Group LLC/Zayo Capital, Inc.:        
  10.13%, 7/01/20   1,946   2,198,980
  6.00%, 4/01/23 (b)   952   958,654
    16,502,149
Construction & Engineering  — 0.4%
AECOM Technology Corp. (b):        
  5.75%, 10/15/22   150   155,250
  5.88%, 10/15/24   701   729,040
BlueLine Rental Finance Corp., 7.00%, 2/01/19 (b)   255   263,287
Novafives SAS, 4.50%, 6/30/21 EUR 100   109,281
Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (b) USD 1,138   1,166,450
Weekley Homes LLC/Weekley Finance Corp., 6.00%, 2/01/23   320   304,800
    2,728,108
Construction Materials  — 0.9%
HD Supply, Inc.:        
  11.00%, 4/15/20   770   872,025
  7.50%, 7/15/20   2,696   2,915,050
  5.25%, 12/15/21 (b)   1,828   1,901,120


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 20154
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Corporate Bonds Par
(000)		   Value
Construction Materials (concluded)
Officine MaccaFerri SpA, 5.75%, 6/01/21 EUR 150 $ 164,209
    5,852,404
Consumer Finance  — 1.7%
Ally Financial, Inc.:        
  5.13%, 9/30/24 USD 635   649,287
  4.63%, 3/30/25   3,601   3,528,980
  8.00%, 11/01/31   2,030   2,496,900
General Motors Financial Co., Inc.:        
  2.63%, 7/10/17   2,760   2,799,421
  4.38%, 9/25/21   530   552,746
Hyundai Capital America, 3.75%, 4/06/16 (b)   1,285   1,312,705
    11,340,039
Containers & Packaging  — 0.6%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:        
  3.27%, 12/15/19 (b)(c)   995   978,831
  6.00%, 6/30/21 (b)   380   381,900
  4.25%, 1/15/22 EUR 320   359,364
Beverage Packaging Holdings Luxembourg II SA, 6.00%, 6/15/17 (b) USD 1,560   1,575,600
Crown Americas LLC/Crown Americas Capital Corp. III, 6.25%, 2/01/21   144   151,200
Crown European Holdings SA, 4.00%, 7/15/22 EUR 149   173,261
JH-Holding Finance SA, (8.25% Cash), 8.25%, 12/01/22 (f)   100   115,871
SGD Group SAS, 5.63%, 5/15/19   100   112,850
    3,848,877
Distributors  — 0.1%
VWR Funding, Inc., 7.25%, 9/15/17 USD 874   907,868
Diversified Consumer Services  — 0.1%
Laureate Education, Inc., 10.00%, 9/01/19 (b)   615   595,013
Diversified Financial Services  — 1.1%
AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 5.00%, 10/01/21 (b)   500   530,000
Aircastle Ltd., 6.25%, 12/01/19   367   404,159
Bank of America Corp., Series L, 3.95%, 4/21/25   1,855   1,838,196
HSH Nordbank AG, 0.83%, 2/14/17 (c) EUR 153   135,272
International Lease Finance Corp.:        
  4.63%, 4/15/21 USD 147   153,247
Corporate Bonds Par
(000)		   Value
Diversified Financial Services (concluded)
International Lease Finance Corp.  (concluded):        
  5.88%, 8/15/22 USD   560 $ 618,800
Jefferies Finance LLC/JFIN Co-Issuer Corp. (b):        
  7.38%, 4/01/20   585   586,462
  6.88%, 4/15/22   456   440,610
Leucadia National Corp., 8.13%, 9/15/15   1,870   1,903,894
Reynolds Group Issuer, Inc.:        
  5.75%, 10/15/20   625   650,781
  6.88%, 2/15/21   210   221,550
    7,482,971
Diversified Telecommunication Services  — 2.7%
AT&T, Inc., 2.45%, 6/30/20   615   609,191
CenturyLink, Inc.:        
  6.45%, 6/15/21   155   165,269
  Series V, 5.63%, 4/01/20   751   783,856
Frontier Communications Corp.:        
  8.50%, 4/15/20   60   64,200
  6.25%, 9/15/21   45   43,341
  7.13%, 1/15/23   205   196,288
  7.63%, 4/15/24   95   91,438
  6.88%, 1/15/25   190   173,375
Level 3 Financing, Inc.:        
  3.91%, 1/15/18 (c)   411   416,137
  6.13%, 1/15/21   1,682   1,782,920
  5.38%, 8/15/22   1,055   1,078,737
  5.13%, 5/01/23 (b)   1,265   1,268,162
  5.38%, 5/01/25 (b)   1,521   1,513,395
  Series TIT, 6.00%, 7/24/17 (g) EUR 100   132,455
Telecom Italia Finance SA, 7.75%, 1/24/33   75   116,165
Telecom Italia SpA:        
  6.38%, 6/24/19 GBP 200   339,167
  5.88%, 5/19/23   450   758,257
Telenet Finance V Luxembourg SCA:        
  6.25%, 8/15/22 EUR 271   323,311
  6.75%, 8/15/24   397   486,168
Verizon Communications, Inc., 3.65%, 9/14/18 USD 7,000   7,379,197
    17,721,029
Electric Utilities  — 0.4%
ContourGlobal Power Holdings SA, 7.13%, 6/01/19 (b)   728   758,940
Homer City Generation LP (f):        
  (8.14% Cash), 8.14%, 10/01/19   303   306,772


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 20155
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Corporate Bonds Par
(000)		   Value
Electric Utilities (concluded)
Homer City Generation LP (f) (concluded):        
  (8.73% Cash), 8.73%, 10/01/26 USD   575 $ 583,787
Mirant Mid Atlantic Pass-Through Trust, Series B, 9.13%, 6/30/17   403   427,206
Talen Energy Supply LLC, 6.50%, 6/01/25 (b)   235   239,796
    2,316,501
Electrical Equipment  — 0.1%
Belden, Inc., 5.50%, 4/15/23 EUR 349   403,909
Techem Energy Metering Service GmbH & Co., 7.88%, 10/01/20   106   127,543
    531,452
Energy Equipment & Services  — 0.8%
Calfrac Holdings LP, 7.50%, 12/01/20 (b) USD 503   470,305
MEG Energy Corp. (b):        
  6.50%, 3/15/21   384   372,480
  7.00%, 3/31/24   1,974   1,904,910
Peabody Energy Corp., 6.25%, 11/15/21   583   287,128
Precision Drilling Corp., 5.25%, 11/15/24   522   460,013
Transocean, Inc.:        
  3.00%, 10/15/17   594   579,521
  6.00%, 3/15/18   575   585,062
  6.50%, 11/15/20   240   228,600
    4,888,019
Food & Staples Retailing  — 1.1%
Brakes Capital, 7.13%, 12/15/18 GBP 1,255   1,988,308
Family Tree Escrow LLC (b):        
  5.25%, 3/01/20 USD 178   186,677
  5.75%, 3/01/23   1,731   1,826,205
R&R Ice Cream PLC, 4.75%, 5/15/20 EUR 150   170,717
Rite Aid Corp.:        
  9.25%, 3/15/20 USD 1,095   1,201,215
  6.13%, 4/01/23 (b)   1,570   1,632,800
    7,005,922
Food Products  — 0.3%
Anna Merger Sub, Inc., 7.75%, 10/01/22 (b)   635   648,494
Boparan Finance PLC, 5.50%, 7/15/21 GBP 115   162,979
Smithfield Foods, Inc.:        
  5.88%, 8/01/21 (b) USD 193   202,168
Corporate Bonds Par
(000)		   Value
Food Products (concluded)
Smithfield Foods, Inc.  (concluded):        
  6.63%, 8/15/22 USD   783 $ 846,227
    1,859,868
Health Care Equipment & Supplies  — 0.6%
Biomet, Inc., 6.50%, 10/01/20   418   439,025
DJO Finance LLC/DJO Finance Corp., 8.13%, 6/15/21 (b)   1,259   1,296,770
Mallinckrodt International Finance SA, 5.75%, 8/01/22 (b)   830   869,425
Mallinckrodt International Finance SA/Mallinckrodt CB LLC (b):        
  4.88%, 4/15/20   284   290,745
  5.50%, 4/15/25   239   240,374
Teleflex, Inc., 6.88%, 6/01/19   675   698,207
    3,834,546
Health Care Providers & Services  — 2.1%
Acadia Healthcare Co., Inc., 5.13%, 7/01/22   240   240,000
Amsurg Corp., 5.63%, 7/15/22   1,016   1,040,130
CHS/Community Health Systems, Inc.:        
  5.13%, 8/15/18   490   504,087
  6.88%, 2/01/22   1,404   1,498,784
DaVita HealthCare Partners, Inc.:        
  5.13%, 7/15/24   1,093   1,104,613
  5.00%, 5/01/25   997   990,769
ExamWorks Group, Inc., 5.63%, 4/15/23   381   389,572
HCA Holdings, Inc., 7.75%, 5/15/21   285   304,956
HCA, Inc.:        
  3.75%, 3/15/19   786   797,790
  6.50%, 2/15/20   160   178,600
  7.50%, 2/15/22   433   506,610
  5.88%, 3/15/22   82   91,635
  4.75%, 5/01/23   108   111,780
  5.00%, 3/15/24   335   349,238
  5.38%, 2/01/25   713   734,390
HealthSouth Corp., 5.75%, 11/01/24   203   209,598
Hologic, Inc., 6.25%, 8/01/20   1,289   1,335,726
Kindred Healthcare, Inc., 6.38%, 4/15/22   186   189,720
Omnicare, Inc.:        
  4.75%, 12/01/22   165   179,025
  5.00%, 12/01/24   104   115,050
Sterigenics-Nordion Holdings LLC, 6.50%, 5/15/23 (b)   104   104,780
Tenet Healthcare Corp.:        
  6.25%, 11/01/18   264   287,594


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 20156
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Corporate Bonds Par
(000)		   Value
Health Care Providers & Services (concluded)
Tenet Healthcare Corp.  (concluded):        
  4.75%, 6/01/20 USD   520 $ 529,100
  6.00%, 10/01/20   811   867,770
  8.13%, 4/01/22   198   215,820
Voyage Care Bondco PLC, 6.50%, 8/01/18 GBP 355   564,285
    13,441,422
Hotels, Restaurants & Leisure  — 3.9%
Boyd Gaming Corp., 6.88%, 5/15/23 USD 795   808,912
Carlson Travel Holdings, Inc., (7.50% Cash or 8.25% PIK), 7.50%, 8/15/19 (b)(f)   204   207,060
CDW LLC/CDW Finance Corp.:        
  6.00%, 8/15/22   535   575,125
  5.00%, 9/01/23   160   164,118
  5.50%, 12/01/24   1,302   1,363,845
Enterprise Funding Ltd., Series ETI, 3.50%, 9/10/20 (g) GBP 100   143,899
ESH Hospitality, Inc., 5.25%, 5/01/25 (b) USD 371   373,783
GLP Capital LP/GLP Financing II, Inc., 4.38%, 11/01/18   357   369,495
International Game Technology PLC:        
  6.25%, 2/15/22 (b)   200   194,000
  4.75%, 2/15/23 EUR 125   136,773
MGM Resorts International:        
  6.75%, 10/01/20 USD 123   133,301
  6.00%, 3/15/23   251   260,099
New Red Finance, Inc., 6.00%, 4/01/22 (b)   860   891,820
Pinnacle Entertainment, Inc., 6.38%, 8/01/21   485   517,737
PortAventura Entertainment Barcelona BV, 7.25%, 12/01/20 EUR 100   116,198
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 4/15/23 (b) USD 335   335,000
Sabre GLBL, Inc., 5.38%, 4/15/23 (b)   317   322,548
Six Flags Entertainment Corp., 5.25%, 1/15/21 (b)   576   594,720
Snai SpA, 7.63%, 6/15/18 EUR 205   234,720
Spirit Issuer PLC (c):        
  Series A1, 1.12%, 12/28/28 GBP 445   592,252
  Series A2, 3.27%, 12/28/31   1,800   2,654,831
  Series A5, 5.47%, 12/28/34   4,500   7,049,745
  Series A6, 2.37%, 12/28/36   2,670   3,917,595
Corporate Bonds Par
(000)		   Value
Hotels, Restaurants & Leisure (concluded)
Station Casinos LLC, 7.50%, 3/01/21 USD 2,245 $ 2,390,925
Tropicana Entertainment LLC/Tropicana Finance Corp., 0.00%, 12/15/15 (a)(i)   375   —
The Unique Pub Finance Co. PLC:        
  Series A4, 5.66%, 6/30/27 GBP 762   1,187,207
  Series N, 6.46%, 3/30/32   100   135,263
    25,670,971
Household Durables  — 1.0%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.88%, 2/15/21 (b) USD 510   479,400
Beazer Homes USA, Inc.:        
  6.63%, 4/15/18   910   940,712
  5.75%, 6/15/19   523   511,233
Berkline/Benchcraft LLC, 4.50%, 11/03/15 (a)(i)   200   —
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 7/01/22 (b)   259   260,295
K. Hovnanian Enterprises, Inc., 7.25%, 10/15/20 (b)   1,235   1,290,575
Shea Homes LP/Shea Homes Funding Corp. (b):        
  5.88%, 4/01/23   503   518,090
  6.13%, 4/01/25   509   524,270
Standard Pacific Corp., 8.38%, 1/15/21   1,000   1,170,000
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25%, 4/15/21 (b)   297   298,485
Tri Pointe Holdings, Inc. (b):        
  4.38%, 6/15/19   500   492,500
  5.88%, 6/15/24   340   334,475
    6,820,035
Household Products  — 0.3%
Spectrum Brands, Inc.:        
  6.38%, 11/15/20   250   266,875
  6.63%, 11/15/22   1,125   1,206,562
  5.75%, 7/15/25 (b)   546   562,380
    2,035,817
Independent Power and Renewable Electricity Producers  — 0.7%
Baytex Energy Corp., 5.13%, 6/01/21 (b)   170   165,325
Calpine Corp.:        
  6.00%, 1/15/22 (b)   143   153,010
  5.38%, 1/15/23   624   627,120
  5.88%, 1/15/24 (b)   438   468,660
  5.50%, 2/01/24   639   637,402


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 20157
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Corporate Bonds Par
(000)		   Value
Independent Power and Renewable Electricity Producers (concluded)
Calpine Corp.  (concluded):        
  5.75%, 1/15/25 USD   618 $ 621,862
Dynegy, Inc., 6.75%, 11/01/19 (b)   610   645,075
NRG Energy, Inc.:        
  7.88%, 5/15/21   177   189,611
  6.25%, 5/01/24   267   273,008
NRG REMA LLC:        
  Series B, 9.24%, 7/02/17   63   66,441
  Series C, 9.68%, 7/02/26   589   639,065
    4,486,579
Insurance  — 1.1%
Allied World Assurance Co., Ltd., 7.50%, 8/01/16   3,000   3,206,040
CNO Financial Group, Inc.:        
  4.50%, 5/30/20   30   31,011
  6.38%, 10/01/20 (b)   304   323,973
  5.25%, 5/30/25   219   227,213
Forethought Financial Group, Inc., 8.63%, 4/15/21 (b)   750   872,275
Hockey Merger Sub 2, Inc., 7.88%, 10/01/21 (b)   391   403,707
Lincoln National Corp., 3.35%, 3/09/25   845   840,667
MPL 2 Acquisition Canco, Inc., 9.88%, 8/15/18 (b)   595   629,212
Muenchener Rueckversicherungs AG, 6.00%, 5/26/41 (c) EUR 400   541,132
Pension Insurance Corp. PLC, 6.50%, 7/03/24 GBP 125   195,568
    7,270,798
Internet Software & Services  — 0.2%
IAC/InterActiveCorp, 4.88%, 11/30/18 USD 695   719,325
Interactive Data Corp., 5.88%, 4/15/19 (b)   741   752,115
    1,471,440
IT Services  — 1.2%
Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (b)   664   703,010
Epicor Software Corp., 8.63%, 5/01/19   1,260   1,316,700
First Data Corp.:        
  7.38%, 6/15/19 (b)   1,100   1,144,000
  6.75%, 11/01/20 (b)   1,488   1,588,440
  11.75%, 8/15/21   392   448,350
Open Text Corp., 5.63%, 1/15/23 (b)   1,084   1,095,517
SunGard Data Systems, Inc., 6.63%, 11/01/19   800   835,000
Corporate Bonds Par
(000)		   Value
IT Services (concluded)
WEX, Inc., 4.75%, 2/01/23 (b) USD   550 $ 533,500
    7,664,517
Media  — 5.4%
Altice Financing SA:        
  6.50%, 1/15/22 (b)   645   661,125
  5.25%, 2/15/23 EUR 100   114,223
  6.63%, 2/15/23 (b) USD 786   814,492
Altice Finco SA, 7.63%, 2/15/25 (b)   200   205,000
Altice SA:        
  7.25%, 5/15/22 EUR 400   452,500
  7.75%, 5/15/22 (b) USD 850   858,500
  6.25%, 2/15/25 EUR 175   189,339
  7.63%, 2/15/25 (b) USD 740   730,750
Altice US Finance I Corp., 5.38%, 7/15/23 (b)(d)   1,751   1,751,000
Altice US Finance II Corp., 7.75%, 7/15/25 (b)(d)   606   606,000
Altice US Finance SA, 7.75%, 7/15/25 (b)(d)   670   658,442
AMC Networks, Inc.:        
  7.75%, 7/15/21   865   940,687
  4.75%, 12/15/22   70   71,400
CCO Holdings LLC/CCO Holdings Capital Corp.:        
  5.13%, 2/15/23   270   270,000
  5.13%, 5/01/23 (b)   160   160,800
  5.88%, 5/01/27 (b)   125   125,938
Cengage Learning Acquisitions, Inc., 11.50%, 4/15/20   509   —
Clear Channel Worldwide Holdings, Inc.:        
  7.63%, 3/15/20   677   715,927
  6.50%, 11/15/22   1,178   1,236,351
Columbus International, Inc., 7.38%, 3/30/21 (b)   686   743,452
DISH DBS Corp.:        
  7.13%, 2/01/16   200   207,125
  4.25%, 4/01/18   1,330   1,366,575
  5.88%, 11/15/24   1,336   1,339,340
DreamWorks Animation SKG, Inc., 6.88%, 8/15/20 (b)   185   185,000
Gannett Co., Inc.:        
  5.13%, 10/15/19   197   206,111
  5.13%, 7/15/20   218   227,810
  6.38%, 10/15/23   304   323,760
Gray Television, Inc., 7.50%, 10/01/20   428   455,820
iHeartCommunications, Inc.:        
  9.00%, 12/15/19   345   338,963
  9.00%, 3/01/21   966   912,870
  9.00%, 9/15/22   755   710,455


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 20158
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Corporate Bonds Par
(000)		   Value
Media (continued)
Intelsat Jackson Holdings SA:        
  7.25%, 10/15/20 USD   1,660 $ 1,682,825
  5.50%, 8/01/23   1,295   1,189,380
Live Nation Entertainment, Inc., 7.00%, 9/01/20 (b)   185   197,719
MDC Partners, Inc., 6.75%, 4/01/20 (b)   733   727,502
Media General Financing Sub, Inc., 5.88%, 11/15/22 (b)   303   310,575
Midcontinent Communications & Midcontinent Finance Corp., 6.25%, 8/01/21 (b)   245   253,575
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (b)   345   355,350
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 4/15/22 (b)   330   331,238
Numericable Group SA:        
  4.88%, 5/15/19 (b)   1,770   1,780,620
  5.38%, 5/15/22 EUR 110   126,413
  6.00%, 5/15/22 (b) USD 1,530   1,543,387
  5.63%, 5/15/24 EUR 260   299,151
  6.25%, 5/15/24 (b) USD 510   517,013
Outfront Media Capital LLC/Outfront Media Capital Corp.:        
  5.25%, 2/15/22   105   108,675
  5.63%, 2/15/24   95   99,513
  5.63%, 2/15/24 (b)   104   108,940
RCN Telecom Services LLC/RCN Capital Corp., 8.50%, 8/15/20 (b)   450   479,250
Sirius XM Radio, Inc. (b):        
  5.75%, 8/01/21   424   441,490
  4.63%, 5/15/23   40   38,600
  5.38%, 4/15/25   1,315   1,316,972
Sterling Entertainment Corp., 9.75%, 12/15/19   1,175   1,198,500
Time Warner Inc., 3.60%, 7/15/25   2,000   1,992,828
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 4.00%, 1/15/25 EUR 236   263,087
Univision Communications, Inc., 5.13%, 2/15/25 (b) USD 535   532,057
Virgin Media Secured Finance PLC, 6.00%, 4/15/21 GBP 1,143   1,836,713
Corporate Bonds Par
(000)		   Value
Media (concluded)
Ziggo Bond Finance BV, 4.63%, 1/15/25 EUR 137 $ 153,492
    35,464,620
Metals & Mining  — 1.9%
Alcoa, Inc., 5.13%, 10/01/24 USD 1,843   1,967,402
ArcelorMittal, 4.50%, 8/05/15   738   741,690
Constellium NV, 5.75%, 5/15/24 (b)   358   336,520
First Quantum Minerals Ltd. (b):        
  7.00%, 2/15/21   119   115,281
  7.25%, 5/15/22   356   343,095
FMG Resources August 2006 Pty, Ltd., 9.75%, 3/01/22 (b)   131   137,550
Global Brass & Copper, Inc., 9.50%, 6/01/19   695   759,287
Kaiser Aluminum Corp., 8.25%, 6/01/20   510   554,625
Novelis, Inc.:        
  8.38%, 12/15/17   175   183,094
  8.75%, 12/15/20   2,906   3,095,791
Peabody Energy Corp., 6.50%, 9/15/20   311   160,165
Perstorp Holding AB, 8.75%, 5/15/17 (b)   290   303,775
Ryerson, Inc./Joseph T Ryerson & Son, Inc., 9.00%, 10/15/17   100   101,750
Steel Dynamics, Inc.:        
  5.13%, 10/01/21   645   653,063
  6.38%, 8/15/22   555   593,850
Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75%, 12/15/18 (b)   2,156   2,301,552
    12,348,490
Multi-Utilities  — 0.0%
CE Energy AS, 7.00%, 2/01/21 EUR 150   171,335
Multiline Retail  — 0.1%
Hema Bondco I BV, 6.25%, 6/15/19   205   197,008
The Neiman Marcus Group Ltd., 8.00%, 10/15/21 (b) USD 516   553,410
    750,418
Oil, Gas & Consumable Fuels  — 4.7%
Antero Resources Finance Corp., 5.38%, 11/01/21   774   783,675
Bonanza Creek Energy, Inc., 6.75%, 4/15/21   95   91,913
California Resources Corp.:        
  5.50%, 9/15/21   689   652,827
  6.00%, 11/15/24   2,981   2,742,520


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 20159
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Corporate Bonds Par
(000)		   Value
Oil, Gas & Consumable Fuels (continued)
Chaparral Energy, Inc., 7.63%, 11/15/22 USD   305 $ 244,000
Cimarex Energy Co., 4.38%, 6/01/24   206   211,923
Concho Resources, Inc., 5.50%, 4/01/23   1,365   1,385,475
CONSOL Energy, Inc., 5.88%, 4/15/22   1,653   1,541,422
El Paso LLC:        
  7.80%, 8/01/31   116   136,119
  7.75%, 1/15/32   556   655,024
Energy Transfer Equity LP:        
  7.50%, 10/15/20   674   770,045
  5.88%, 1/15/24   875   929,687
EP Energy LLC/Everest Acquisition Finance, Inc., 6.38%, 6/15/23 (b)   404   404,505
Halcon Resources Corp., 8.63%, 2/01/20 (b)   892   905,380
Hilcorp Energy I LP/Hilcorp Finance Co., 5.00%, 12/01/24 (b)   520   505,700
Kinder Morgan Energy Partners LP:        
  4.15%, 2/01/24   640   643,985
  4.25%, 9/01/24   1,035   1,039,461
Kinder Morgan Finance Co. LLC, 6.00%, 1/15/18 (b)   1,285   1,398,122
Kinder Morgan, Inc., 3.05%, 12/01/19   630   633,006
Laredo Petroleum, Inc., 7.38%, 5/01/22   132   140,250
Linn Energy LLC/Linn Energy Finance Corp.:        
  8.63%, 4/15/20   1,083   979,438
  7.75%, 2/01/21   215   185,438
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.88%, 6/01/25   1,064   1,057,350
Newfield Exploration Co., 5.38%, 1/01/26   268   277,380
NGPL PipeCo LLC, 9.63%, 6/01/19 (b)   353   360,060
Oasis Petroleum, Inc.:        
  7.25%, 2/01/19   380   390,450
  6.50%, 11/01/21   410   413,075
Paramount Resources, Ltd., 6.88%, 6/30/23 (b)(d)   433   435,165
Petrobras Global Finance BV, 4.75%, 1/14/25 EUR 110   117,473
Range Resources Corp., 5.75%, 6/01/21 USD 161   167,038
Corporate Bonds Par
(000)		   Value
Oil, Gas & Consumable Fuels (concluded)
Rose Rock Midstream LP/Rose Rock Finance Corp., 5.63%, 7/15/22 USD   376 $ 375,060
Rosetta Resources, Inc., 5.63%, 5/01/21   379   401,778
RSP Permian, Inc., 6.63%, 10/01/22 (b)   359   373,360
Sabine Pass Liquefaction LLC:        
  5.63%, 4/15/23   536   545,380
  5.75%, 5/15/24   566   575,197
  5.63%, 3/01/25 (b)   638   638,000
Sabine Pass LNG LP, 7.50%, 11/30/16   2,385   2,545,987
Sanchez Energy Corp., 6.13%, 1/15/23   681   646,950
SandRidge Energy, Inc.:        
  8.75%, 1/15/20   79   51,153
  7.50%, 2/15/23   921   511,155
Seven Generations Energy, Ltd., 6.75%, 5/01/23 (b)   216   217,620
Seventy Seven Energy, Inc., 6.50%, 7/15/22   258   161,895
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 7.50%, 7/01/21   636   664,620
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:        
  5.88%, 10/01/20   138   144,486
  6.25%, 10/15/22 (b)   677   715,927
Ultra Petroleum Corp., 5.75%, 12/15/18 (b)   425   411,187
Whiting Petroleum Corp., 5.00%, 3/15/19   1,212   1,212,000
    30,389,661
Pharmaceuticals  — 2.4%
AbbVie, Inc., 3.60%, 5/14/25   695   699,444
Actavis Funding SCS, 3.45%, 3/15/22   2,460   2,481,409
Capsugel SA, (7.00% Cash or 7.75% PIK), 7.00%, 5/15/19 (b)(f)   156   159,510
Endo Finance LLC/Endo Finco, Inc. (b):        
  7.00%, 12/15/20   135   142,088
  7.25%, 1/15/22   121   128,563
  6.00%, 2/01/25   798   807,975
Grifols Worldwide Operations, Ltd., 5.25%, 4/01/22   759   774,180
Valeant Pharmaceuticals International, Inc.:        
  6.75%, 8/15/18 (b)   2,214   2,339,921
  5.38%, 3/15/20 (b)   747   778,747


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201510
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Corporate Bonds Par
(000)		   Value
Pharmaceuticals (concluded)
Valeant Pharmaceuticals International, Inc.  (concluded):        
  6.38%, 10/15/20 (b) USD   597 $ 636,924
  7.50%, 7/15/21 (b)   335   366,490
  5.63%, 12/01/21 (b)   520   539,500
  5.50%, 3/01/23 (b)   519   529,380
  4.50%, 5/15/23 EUR 300   333,609
  5.88%, 5/15/23 (b) USD 2,775   2,875,594
  6.13%, 4/15/25 (b)   2,118   2,202,720
    15,796,054
Professional Services  — 0.1%
Truven Health Analytics, Inc., 10.63%, 6/01/20   540   568,350
Real Estate Investment Trusts (REITs)  — 0.7%
Aroundtown Property Holdings PLC, 3.00%, 12/09/21 EUR 200   205,931
AvalonBay Communities, Inc., 3.45%, 6/01/25 USD 1,245   1,261,306
ERP Operating LP, 3.38%, 6/01/25   1,015   1,024,528
iStar Financial, Inc.:        
  4.00%, 11/01/17   435   428,475
  5.00%, 7/01/19   305   301,569
Ventas Realty LP/Ventas Capital Corp., 4.75%, 6/01/21   1,300   1,427,242
    4,649,051
Real Estate Management & Development  — 0.5%
Realogy Corp. (b):        
  7.63%, 1/15/20   1,837   1,963,294
  9.00%, 1/15/20   301   324,327
Realogy Group LLC/Realogy Co-Issuer Corp. (b):        
  4.50%, 4/15/19   531   538,965
  5.25%, 12/01/21   228   232,275
Rialto Holdings LLC/Rialto Corp., 7.00%, 12/01/18 (b)   220   230,450
    3,289,311
Road & Rail  — 1.1%
Asciano Finance Ltd., 3.13%, 9/23/15 (b)   3,400   3,420,961
EC Finance PLC, 5.13%, 7/15/21 EUR 180   208,270
Florida East Coast Holdings Corp., 6.75%, 5/01/19 (b) USD 820   817,950
The Hertz Corp.:        
  7.50%, 10/15/18   540   558,900
  6.75%, 4/15/19   405   419,175
  5.88%, 10/15/20   435   444,244
  7.38%, 1/15/21   675   706,219
Corporate Bonds Par
(000)		   Value
Road & Rail (concluded)
Watco Cos. LLC/Watco Finance Corp., 6.38%, 4/01/23 (b) USD   319 $ 325,380
    6,901,099
Semiconductors & Semiconductor Equipment  — 0.6%
Micron Technology, Inc. (b):        
  5.25%, 1/15/24   400   396,000
  5.50%, 2/01/25   185   183,594
NXP BV/NXP Funding LLC, 5.75%, 2/15/21 (b)   560   590,800
Seagate HDD Cayman, 4.88%, 6/01/27 (b)   2,000   2,020,166
Sensata Technologies BV (b):        
  5.63%, 11/01/24   179   190,859
  5.00%, 10/01/25   812   819,608
    4,201,027
Software  — 0.6%
Infor Software Parent LLC/Infor Software Parent, Inc., (7.13% Cash or 7.88% PIK), 7.13%, 5/01/21 (b)(f)   744   757,020
Infor US, Inc., 6.50%, 5/15/22 (b)   1,279   1,328,753
Nuance Communications, Inc., 5.38%, 8/15/20 (b)   1,715   1,730,006
    3,815,779
Specialty Retail  — 0.2%
Party City Holdings, Inc., 8.88%, 8/01/20   374   402,611
Sally Holdings LLC/Sally Capital, Inc., 5.50%, 11/01/23   508   537,210
THOM Europe SAS, 7.38%, 7/15/19 EUR 230   266,503
    1,206,324
Textiles, Apparel & Luxury Goods  — 0.2%
Levi Strauss & Co.:        
  6.88%, 5/01/22 USD 380   414,200
  5.00%, 5/01/25 (b)   320   318,800
The William Carter Co., 5.25%, 8/15/21   346   358,110
    1,091,110
Trading Companies & Distributors  — 0.2%
Ashtead Capital, Inc. (b):        
  6.50%, 7/15/22   534   573,382
  5.63%, 10/01/24   420   437,850
    1,011,232
Transportation Infrastructure  — 1.2%
Aguila 3 SA, 7.88%, 1/31/18 (b)   378   379,890


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201511
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Corporate Bonds Par
(000)		   Value
Transportation Infrastructure (concluded)
Federal Express Corp. 2012 Pass-Through Trust, 2.63%, 1/15/18 (b) USD   640 $ 651,007
JCH Parent, Inc., (10.50% Cash or 11.25% PIK), 10.50%, 3/15/19 (b)(f)   867   641,867
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.38%, 3/15/18 (b)   6,155   6,382,544
    8,055,308
Wireless Telecommunication Services  — 2.1%
Communications Sales & Leasing, Inc. (b):        
  6.00%, 4/15/23   330   331,650
  8.25%, 10/15/23   674   687,480
Digicel Ltd., 6.00%, 4/15/21 (b)   2,073   2,047,087
The Geo Group, Inc., 5.88%, 1/15/22   340   359,125
SBA Communications Corp., 4.88%, 7/15/22 (b)   815   819,646
Sprint Communications, Inc. (b):        
  9.00%, 11/15/18   2,020   2,315,425
  7.00%, 3/01/20   1,141   1,259,379
Sprint Corp.:        
  7.88%, 9/15/23   1,735   1,764,321
  7.13%, 6/15/24   590   570,825
T-Mobile USA, Inc.:        
  6.63%, 4/28/21   263   280,437
  6.13%, 1/15/22   75   78,656
  6.73%, 4/28/22   173   184,245
  6.00%, 3/01/23   478   496,224
  6.50%, 1/15/24   535   564,425
  6.38%, 3/01/25   270   281,813
Vodafone Group PLC, 2.50%, 9/26/22   1,080   990,608
Wind Acquisition Finance SA, 4.00%, 7/15/20 EUR 695   774,005
    13,805,351
Total Corporate Bonds — 55.5%   361,606,567
 
 
Floating Rate Loan Interests (c)
Aerospace & Defense  — 0.9%
BE Aerospace, Inc., 2014 Term Loan B, 4.00%, 12/16/21 USD 908   915,949
DigitalGlobe, Inc., Term Loan B, 3.75%, 1/31/20   1,274   1,274,803
TASC, Inc., 2nd Lien Term Loan, 12.00%, 5/30/21   1,375   1,442,031
Floating Rate Loan Interests (c) Par
(000)		   Value
Aerospace & Defense (concluded)
Transdigm, Inc.:        
  2015 Term Loan E, 3.50%, 5/14/22 USD   645 $ 640,312
  Term Loan D, 3.75%, 6/04/21   298   297,175
TransUnion LLC, Term Loan, 4.00%, 4/09/21   1,564   1,559,179
    6,129,449
Air Freight & Logistics  — 0.4%
CEVA Group PLC, Synthetic LC, 6.50%, 3/19/21   678   644,230
CEVA Intercompany BV, Dutch Term Loan, 6.50%, 3/19/21   708   672,576
CEVA Logistics Canada ULC, Canadian Term Loan, 6.50%, 3/19/21   122   115,961
CEVA Logistics US Holdings, Inc., Term Loan, 6.50%, 3/19/21   977   927,691
    2,360,458
Airlines  — 0.1%
Northwest Airlines, Inc.:        
  2.25%, 3/10/17   301   294,119
  1.63%, 9/10/18   321   307,197
  1.64%, 9/10/18   162   155,275
US Airways Group, Inc., Term Loan B1, 3.50%, 5/23/19   7   6,719
    763,310
Auto Components  — 1.3%
Affinia Group Intermediate Holdings, Inc., Term Loan B2, 4.75%, 4/27/20   712   711,882
Autoparts Holdings Ltd.:        
  1st Lien Term Loan, 7.00%, 7/29/17   913   876,781
  2nd Lien Term Loan, 10.50%, 1/29/18   1,050   939,750
Dayco Products LLC, Term Loan B, 5.25%, 12/12/19   849   850,312
Gates Global, Inc., Term Loan B, 4.25%, 7/05/21   2,823   2,810,256
Goodyear Tire & Rubber Co., 2nd Lien Term Loan, 4.75%, 4/30/19   1,643   1,653,160


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201512
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Floating Rate Loan Interests (c) Par
(000)		   Value
Auto Components (concluded)
INA Beteiligungsgesellschaft mbH, Term Loan B, 4.25%, 5/15/20 USD   780 $ 783,658
    8,625,799
Banks  — 0.1%
Redtop Acquisitions Ltd.:        
  1st Lien Term Loan, 4.50%, 12/03/20   415   414,231
  2nd Lien Term Loan, 8.25%, 6/03/21   351   351,439
    765,670
Beverages  — 0.0%
Le-Nature's, Inc., Tranche B Term Loan, 0.00%, 3/01/11 (a)(i)   1,000   —
Building Products  — 1.1%
Continental Building Products LLC, 1st Lien Term Loan, 4.00%, 8/28/20   754   752,610
CPG International, Inc., Term Loan, 4.75%, 9/30/20   1,627   1,615,412
GYP Holdings III Corp., 1st Lien Term Loan, 4.75%, 4/01/21   936   907,483
Hanson Building Products Ltd., 1st Lien Term Loan, 6.50%, 2/18/22   386   387,189
Jeld-Wen, Inc., Term Loan B, 5.25%, 10/15/21   1,022   1,027,550
Ply Gem Industries, Inc., Term Loan, 4.00%, 2/01/21   1,139   1,137,931
Wilsonart LLC:        
  Incremental Term Loan B2, 4.00%, 10/31/19   760   758,155
  Term Loan B, 4.00%, 10/31/19   802   799,210
    7,385,540
Capital Markets  — 0.3%
Affinion Group, Inc., Term Loan B, 6.75%, 4/30/18   520   501,038
American Capital Holdings, Inc., 2017 Term Loan, 3.50%, 8/22/17   576   574,148
RPI Finance Trust, Term Loan B4, 3.50%, 11/09/20   1,140   1,141,140
    2,216,326
Chemicals  — 1.3%
Chemours Company Co., Term Loan B, 3.75%, 5/22/22   415   415,180
Evergreen Acqco 1 LP, Term Loan, 5.00%, 7/09/19   763   749,147
Floating Rate Loan Interests (c) Par
(000)		   Value
Chemicals (concluded)
INEOS US Finance LLC, 6 Year Term Loan, 3.75%, 5/04/18 USD   657 $ 656,491
Kronos Worldwide Inc., 2015 Term Loan, 4.00%, 2/18/20   233   232,843
MacDermid, Inc., 1st Lien Term Loan, 4.50%, 6/07/20   658   660,744
Minerals Technologies, Inc., Term Loan B, 4.00%, 5/07/21   1,188   1,189,806
OXEA Finance LLC:        
  2nd Lien Term Loan, 8.25%, 7/15/20   705   646,485
  Term Loan B2, 4.25%, 1/15/20   670   645,239
Royal Adhesives and Sealants LLC, 1st Lien Term Loan, 5.50%, 7/31/18   767   769,228
Solenis International LP:        
  1st Lien Term Loan, 4.25%, 7/31/21   517   517,529
  2nd Lien Term Loan, 7.75%, 7/31/22   1,050   1,015,224
Tata Chemicals North America, Inc., Term Loan B, 3.75%, 8/07/20   653   651,729
    8,149,645
Commercial Services & Supplies  — 1.5%
ADS Waste Holdings, Inc., Term Loan, 3.75%, 10/09/19   996   990,683
Brand Energy & Infrastructure Services, Inc., Term Loan B, 4.75%, 11/26/20   1,555   1,546,246
Catalent Pharma Solutions, Inc., Term Loan B, 4.25%, 5/20/21   992   995,006
Connolly Corp.:        
  1st Lien Term Loan, 4.50%, 5/14/21   1,166   1,168,380
  2nd Lien Term Loan, 8.00%, 5/14/22   1,000   1,003,750
Koosharem LLC, Exit Term Loan, 7.50%, 5/15/20   1,861   1,851,656
Livingston International, Inc., 1st Lien Term Loan, 5.00%, 4/18/19   336   332,183
Spin Holdco, Inc., Term Loan B, 4.25%, 11/14/19   1,765   1,760,530


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201513
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Floating Rate Loan Interests (c) Par
(000)		   Value
Commercial Services & Supplies (concluded)
Waste Industries USA, Inc., Term Loan B, 4.25%, 2/27/20 USD   380 $ 381,443
    10,029,877
Communications Equipment  — 1.3%
Applied Systems, Inc.:        
  1st Lien Term Loan, 4.27%, 1/25/21   326   326,201
  2nd Lien Term Loan, 7.50%, 1/24/22   265   266,325
Avaya, Inc., Term Loan B7, 6.25%, 4/16/20   2,295   2,261,539
Blue Coat Systems, Inc., 2015 Term Loan, 4.50%, 5/15/22   470   470,588
CommScope, Inc.:        
  Incremental Term Loan B, 3.75%, 5/21/22   300   300,375
  Term Loan B3, 2.69%, 1/21/17   431   430,533
Riverbed Technology, Inc., Term Loan B, 6.00%, 4/24/22   290   292,720
Telesat Canada, Term Loan A, 4.10%, 3/24/17 CAD 1,514   1,210,491
Zayo Group LLC/Zayo Capital, Inc., Term Loan B, 3.75%, 5/06/21 USD 2,731   2,727,373
    8,286,145
Construction & Engineering  — 0.1%
Centaur Acquisition LLC, 2nd Lien Term Loan, 8.75%, 2/20/20   710   714,139
Construction Materials  — 0.3%
HD Supply, Inc., Term Loan B, 4.00%, 6/28/18   1,859   1,860,476
Containers & Packaging  — 0.1%
Berry Plastics Holding Corp., Term Loan E, 3.75%, 1/06/21   904   904,322
Distributors  — 0.4%
ABC Supply Co., Inc., Term Loan, 3.50%, 4/16/20   2,073   2,070,398
American Tire Distributors Holdings, Inc., 2015 Term Loan, 5.25%, 9/01/21   225   227,063
    2,297,461
Diversified Consumer Services  — 0.6%
Allied Security Holdings LLC, 1st Lien Term Loan, 4.25%, 2/12/21   512   512,464
ROC Finance LLC, Term Loan, 5.00%, 6/20/19   621   610,981
ServiceMaster Co., 2014 Term Loan B, 4.25%, 7/01/21   2,581   2,587,243
Floating Rate Loan Interests (c) Par
(000)		   Value
Diversified Consumer Services (concluded)
Weight Watchers International, Inc., Term Loan B2, 4.00%, 4/02/20 USD   466 $ 230,572
    3,941,260
Diversified Financial Services  — 0.5%
AssuredPartners Capital, Inc., 1st Lien Term Loan, 5.00%, 3/31/21   858   857,846
Reynolds Group Holdings, Inc., Dollar Term Loan, 4.50%, 12/01/18   1,464   1,469,063
SAM Finance Luxembourg Sarl, Term Loan, 4.25%, 12/17/20   698   699,227
    3,026,136
Diversified Telecommunication Services  — 1.3%
Hawaiian Telcom Communications, Inc., Term Loan B, 5.00%, 6/06/19   1,711   1,717,272
Integra Telecom, Inc.:        
  2015 1st Lien Term Loan, 5.25%, 8/05/20   1,152   1,144,879
  2nd Lien Term Loan, 9.75%, 2/21/20   860   864,327
Level 3 Financing, Inc.:        
  2013 Term Loan B, 4.00%, 1/15/20   4,240   4,237,371
  2019 Term Loan, 4.00%, 8/01/19   659   658,145
    8,621,994
Electric Utilities  — 0.2%
American Energy - Marcellus LLC, 1st Lien Term Loan, 5.25%, 8/04/20   296   224,736
American Energy - Utica LLC:        
  2nd Lien Delayed Draw Term Loan, 11.00%, 9/30/18   503   472,870
  Incremental 2nd Lien Term Loan, 11.00%, 9/30/18   503   472,945
    1,170,551
Electrical Equipment  — 0.3%
Texas Competitive Electric Holdings Co. LLC:        
  DIP Term Loan, 3.75%, 5/05/16   668   670,909


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201514
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Floating Rate Loan Interests (c) Par
(000)		   Value
Electrical Equipment (concluded)
Texas Competitive Electric Holdings Co. LLC  (concluded):        
  Extended Term Loan, 4.67%, 10/10/17 (a)(i) USD   1,780 $ 1,081,350
    1,752,259
Electronic Equipment, Instruments & Components  — 0.1%
CDW LLC, Term Loan, 3.25%, 4/29/20   833   830,447
Energy Equipment & Services  — 0.2%
Dynegy Holdings, Inc., Term Loan B2, 4.00%, 4/23/20   1,091   1,095,210
Food & Staples Retailing  — 0.3%
New Albertson's, Inc., Term Loan, 4.75%, 6/27/21   627   628,417
Rite Aid Corp., 2nd Lien Term Loan, 5.75%, 8/21/20   240   242,400
Supervalu, Inc., Refinancing Term Loan B, 4.50%, 3/21/19   901   902,914
    1,773,731
Food Products  — 1.5%
Diamond Foods, Inc., Term Loan, 4.25%, 8/20/18   1,491   1,491,125
Dole Food Co., Inc., Term Loan B, 4.50%, 11/01/18   1,066   1,071,518
Hearthside Group Holdings LLC, Term Loan, 4.50%, 6/02/21   670   671,894
Pabst Brewing Co., Inc., Term Loan, 5.75%, 10/21/21   2,187   2,200,436
Performance Food Group Co., 2nd Lien Term Loan, 6.25%, 11/14/19   1,032   1,035,494
Pinnacle Foods Finance LLC, Term Loan G, 3.00%, 4/29/20   1,038   1,034,461
Reddy Ice Corp.:        
  1st Lien Term Loan, 6.75%, 5/01/19   1,460   1,292,277
  2nd Lien Term Loan, 10.75%, 11/01/19   1,380   1,055,700
    9,852,905
Health Care Equipment & Supplies  — 1.0%
Biomet, Inc., Term Loan B2, 3.68%, 7/25/17   1,157   1,156,114
Capsugel Holdings US, Inc., Term Loan B, 3.50%, 8/01/18   508   507,040
DJO Finance LLC, 2015 Term Loan, 4.25%, 4/21/20   1,160   1,161,810
Immucor, Inc., Refinancing Term Loan B2, 5.00%, 8/17/18   628   630,660
Floating Rate Loan Interests (c) Par
(000)		   Value
Health Care Equipment & Supplies (concluded)
Millennium Health LLC, Term Loan B, 5.25%, 4/16/21 USD   855 $ 587,049
National Vision, Inc., 1st Lien Term Loan, 4.00%, 3/12/21   1,242   1,228,200
Ortho-Clinical Diagnostics, Inc., Term Loan B, 4.75%, 6/30/21   1,451   1,430,605
    6,701,478
Health Care Providers & Services  — 3.0%
Acadia Healthcare Co., Inc., Term Loan B, 4.25%, 2/11/22   237   239,409
Air Medical Group Holdings, Inc., Term Loan B, 4.50%, 4/06/22   680   676,845
Amedisys, Inc., 2nd Lien Term Loan, 8.50%, 6/25/20   1,360   1,332,800
Amsurg Corp., 1st Lien Term Loan B, 3.75%, 7/16/21   457   457,691
Ardent Medical Services, Inc., Term Loan, 6.75%, 7/02/18   436   436,459
Community Health Systems, Inc.:        
  Term Loan F, 3.53%, 12/31/18   924   926,325
  Term Loan G, 3.75%, 12/31/19   1,129   1,128,656
  Term Loan H, 4.00%, 1/27/21   2,076   2,079,999
ConvaTec, Inc., Term Loan, 4.00%, 12/22/16   534   534,029
Curo Health Services LLC, 2015 1st Lien Term Loan, 6.50%, 2/07/22   800   805,664
DaVita HealthCare Partners, Inc., Term Loan B, 3.50%, 6/24/21   2,824   2,828,604
Envision Acquisition Co. LLC, Term Loan, 5.75%, 11/04/20   891   892,816
Genesis HealthCare Corp., Term Loan B, 10.00%, 12/04/17   1,000   1,019,874
MPH Acquisition Holdings LLC, Term Loan, 3.75%, 3/31/21   691   689,306
National Mentor Holdings, Inc., Term Loan B, 4.25%, 1/31/21   574   575,021
Sterigenics-Nordion Holdings LLC, Term Loan B, 4.25%, 5/15/22   375   375,000
Surgery Center Holdings, Inc., 1st Lien Term Loan, 5.25%, 11/03/20   404   405,904
Surgical Care Affiliates, Inc., Term Loan B, 4.25%, 3/17/22   270   270,675
Tenet Healthcare Corp., Interim Term Loan, 4.50%, 3/22/16   1,975   1,975,000


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201515
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Floating Rate Loan Interests (c) Par
(000)		   Value
Health Care Providers & Services (concluded)
U.S. Renal Care, Inc., 2013 Term Loan, 4.25%, 7/03/19 USD   1,995 $ 1,996,592
    19,646,669
Hotels, Restaurants & Leisure  — 3.7%
Amaya Holdings BV:        
  1st Lien Term Loan, 5.00%, 8/01/21   970   968,185
  2nd Lien Term Loan, 8.00%, 8/01/22   3,460   3,501,797
Bronco Midstream Funding LLC, Term Loan B, 5.00%, 8/15/20   1,182   1,149,043
Burger King NewCo., 2015 Term Loan B, 3.75%, 12/10/21   1,593   1,593,478
Caesars Entertainment Resort Properties LLC, Term Loan B, 7.00%, 10/11/20   4,480   4,302,165
CCM Merger, Inc., Term Loan B, 4.50%, 8/08/21   748   751,457
Hilton Worldwide Finance LLC, Term Loan B2, 3.50%, 10/26/20   937   937,983
Intrawest ULC, Term Loan, 4.75%, 12/09/20   607   610,732
La Quinta Intermediate Holdings LLC, Term Loan B, 4.00%, 4/14/21   4,421   4,428,808
Las Vegas Sands LLC, Term Loan B, 3.25%, 12/19/20   642   641,792
MGM Resorts International, Term Loan B, 3.50%, 12/20/19   1,062   1,060,042
Pinnacle Entertainment, Inc., Term Loan B2, 3.75%, 8/13/20   609   610,761
Sabre, Inc.:        
  Incremental Term Loan, 4.00%, 2/19/19   394   394,122
  Term Loan B, 4.00%, 2/19/19   557   557,476
Station Casinos LLC, Term Loan B, 4.25%, 3/02/20   1,088   1,089,947
Travelport Finance (Luxembourg) Sarl, 2014 Term Loan B, 5.75%, 9/02/21   1,194   1,203,779
    23,801,567
Household Products  — 0.2%
Bass Pro Group LLC, Term Loan, 3.75%, 11/20/19   1,141   1,140,575
Independent Power and Renewable Electricity Producers  — 0.5%
Calpine Corp., Term Loan B5, 3.50%, 5/19/22   770   767,990
Floating Rate Loan Interests (c) Par
(000)		   Value
Independent Power and Renewable Electricity Producers (concluded)
Energy Future Intermediate Holding Co. LLC, DIP Term Loan, 4.25%, 6/19/16 USD   1,313 $ 1,318,309
Granite Acquisition Inc.:        
  Term Loan B, 5.00%, 12/19/21   1,113   1,126,126
  Term Loan C, 5.00%, 12/19/21   49   49,674
    3,262,099
Industrial Conglomerates  — 0.2%
Sequa Corp., Term Loan B, 5.25%, 6/19/17   1,525   1,344,404
Insurance  — 0.5%
Alliant Holdings I, Inc.:        
  Term Loan B, 5.00%, 12/20/19   582   586,679
  Term Loan B1, 5.00%, 12/20/19   138   138,401
Cooper Gay Swett & Crawford of Delaware Holding Corp., 1st Lien Term Loan, 5.00%, 4/16/20   926   861,598
Sedgwick Claims Management Services, Inc.:        
  1st Lien Term Loan, 3.75%, 3/01/21   1,094   1,080,823
  2nd Lien Term Loan, 6.75%, 2/28/22   665   654,613
    3,322,114
Internet Software & Services  — 0.4%
Dealertrack Technologies, Inc., Term Loan B, 3.50%, 2/28/21   1,169   1,166,725
Go Daddy Operating Co. LLC, Term Loan B, 4.25%, 5/13/21   799   801,335
Interactive Data Corp., 2014 Term Loan, 4.75%, 5/02/21   667   669,105
    2,637,165
IT Services  — 1.8%
Epicor Software Corp., 1st Lien Term Loan, 4.75%, 5/08/22   670   670,630
First Data Corp.:        
  2018 Extended Term Loan, 3.68%, 3/24/18   7,087   7,081,026
  2018 Term Loan, 3.68%, 9/24/18   1,640   1,638,754
InfoGroup, Inc., Term Loan, 7.50%, 5/26/18   754   729,330
SunGard Data Systems, Inc.:        
  Term Loan C, 3.93%, 2/28/17   705   705,296
  Term Loan E, 4.00%, 3/08/20   379   379,659


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201516
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Floating Rate Loan Interests (c) Par
(000)		   Value
IT Services (concluded)
Vantiv LLC, 2014 Term Loan B, 3.75%, 6/13/21 USD   807 $ 809,179
    12,013,874
Leisure Products  — 0.1%
Bauer Performance Sports Ltd., Term Loan B, 4.00%, 4/15/21   422   418,823
Machinery  — 0.5%
Alliance Laundry Systems LLC, Refinancing Term Loan, 4.25%, 12/10/18   1,025   1,025,593
Allison Transmission, Inc., Term Loan B3, 3.50%, 8/23/19   395   396,398
Mueller Water Products, Inc., Term Loan B, 4.00%, 11/25/21   304   306,230
Rexnord LLC, 1st Lien Term Loan B, 4.00%, 8/21/20   1,306   1,304,404
    3,032,625
Media  — 3.2%
Cengage Learning Acquisitions, Inc.:        
  1st Lien Term Loan, 8.25%, 3/31/20   3,294   3,302,000
  Term Loan, 0.00%, 7/03/15 (a)(e)   2,005   —
Clear Channel Communications, Inc., Term Loan D, 6.94%, 1/30/19   2,563   2,392,879
Hemisphere Media Holdings LLC, Term Loan B, 5.00%, 7/30/20   879   879,959
Intelsat Jackson Holdings SA, Term Loan B2, 3.75%, 6/30/19   1,759   1,751,717
Media General, Inc., Term Loan B, 4.25%, 7/31/20   1,146   1,150,738
Numericable U.S. LLC:        
  Term Loan B1, 4.50%, 5/21/20   1,103   1,105,810
  Term Loan B2, 4.50%, 5/21/20   954   956,677
Salem Communications Corp., Term Loan B, 4.50%, 3/13/20   365   364,457
Tribune Co., 2013 Term Loan, 4.00%, 12/27/20   1,083   1,083,820
TWCC Holding Corp., Refinancing Term Loan B, 5.75%, 2/13/17   865   864,732
Univision Communications, Inc., Term Loan C4, 4.00%, 3/01/20   2,405   2,400,407
Virgin Media Investment Holdings Ltd.:        
  Term Loan B, 3.50%, 6/07/20   276   275,234
  Term Loan E, 4.25%, 6/30/23 GBP 790   1,209,875
Floating Rate Loan Interests (c) Par
(000)		   Value
Media (concluded)
WideOpenWest Finance LLC, 2015 Term Loan B, 4.50%, 4/01/19 USD 1,526 $ 1,524,648
Ziggo Financing Partnership:        
  Term Loan B1, 3.50%, 1/15/22   489   486,368
  Term Loan B2A, 3.50%, 1/15/22   333   331,749
  Term Loan B3, 3.50%, 1/15/22   548   545,608
    20,626,678
Metals & Mining  — 0.6%
Ameriforge Group, Inc., 2nd Lien Term Loan, 8.75%, 12/19/20   255   215,049
Novelis, Inc., Term Loan, 3.75%, 3/10/17   1,986   1,983,568
Windsor Financing LLC, Term Loan B, 6.25%, 12/05/17   1,442   1,449,386
    3,648,003
Multiline Retail  — 0.8%
BJ's Wholesale Club, Inc.:        
  1st Lien Term Loan, 4.50%, 9/26/19   582   583,367
  2nd Lien Term Loan, 8.50%, 3/26/20   575   580,750
Dollar Tree, Inc., Term Loan B, 4.25%, 3/09/22   2,410   2,432,100
The Neiman Marcus Group, Inc., 2020 Term Loan, 4.25%, 10/25/20   1,630   1,630,227
    5,226,444
Oil, Gas & Consumable Fuels  — 1.9%
Arch Coal, Inc., Term Loan B, 6.25%, 5/16/18   1,487   1,044,013
CITGO Holding Inc., 2015 Term Loan B, 9.50%, 5/12/18   1,332   1,348,868
Drillships Financing Holding, Inc., Term Loan B1, 6.00%, 3/31/21   1,920   1,644,790
EP Energy LLC/Everest Acquisition Finance, Inc., Term Loan B3, 3.50%, 5/24/18   1,127   1,118,566
Fieldwood Energy LLC, 1st Lien Term Loan, 3.88%, 9/28/18   463   448,139
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15   360   357,391
Offshore Group Investment Ltd., Term Loan B, 5.75%, 3/28/19   111   78,413
Panda Patriot LLC, Term Loan B1, 6.75%, 12/19/20   1,645   1,636,775


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201517
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Floating Rate Loan Interests (c) Par
(000)		   Value
Oil, Gas & Consumable Fuels (concluded)
Panda Temple II Power LLC, Term Loan B, 7.25%, 4/03/19 USD   530 $ 506,150
Power Buyer LLC, 2nd Lien Term Loan, 8.25%, 11/06/20   275   271,562
Samchully Midstream 3 LLC, Term Loan B, 5.75%, 10/20/21   1,002   992,463
Seventy Seven Operating LLC, Term Loan B, 3.75%, 6/25/21   104   97,898
Southcross Energy Partners LP, 1st Lien Term Loan, 5.25%, 8/04/21   457   454,838
Southcross Holdings Borrower LP, Term Loan B, 6.00%, 8/04/21   367   354,372
Veresen Midstream Limited Partnership, Term Loan B1, 5.25%, 3/31/22   1,935   1,949,512
WTG Holdings III Corp., 1st Lien Term Loan, 4.75%, 1/15/21   296   295,880
    12,599,630
Pharmaceuticals  — 2.5%
Akorn, Inc., Term Loan B, 4.50%, 4/16/21   1,289   1,290,535
Concordia Healthcare Corp., Term Loan B, 4.75%, 4/21/22   340   342,550
Endo Luxembourg Finance Co. I Sarl, 2014 Term Loan B, 3.25%, 3/01/21   846   846,027
Grifols Worldwide Operations USA, Inc., Term Loan B, 3.19%, 2/27/21   2,084   2,088,222
Horizon Pharma Holdings USA, Inc., Term Loan B, 4.50%, 4/22/21   255   256,275
Mallinckrodt International Finance SA, Term Loan B, 3.25%, 3/19/21   787   785,775
Par Pharmaceutical Cos., Inc., Term Loan B2, 4.00%, 9/30/19   1,638   1,636,869
Pharmaceutical Product Development LLC, Term Loan B, 4.00%, 12/05/18   2,021   2,023,473
Valeant Pharmaceuticals International, Inc.:        
  Series C2 Term Loan B, 3.50%, 12/11/19   478   477,813
  Series E Term Loan B, 3.50%, 8/05/20   721   720,443
Floating Rate Loan Interests (c) Par
(000)		   Value
Pharmaceuticals (concluded)
Valeant Pharmaceuticals International, Inc.  (concluded):        
  Term Loan B F1, 4.00%, 4/01/22 USD   5,760 $ 5,772,687
    16,240,669
Professional Services  — 0.8%
Advantage Sales & Marketing, Inc.:        
  2014 1st Lien Term Loan, 4.25%, 7/23/21   603   602,105
  2014 2nd Lien Term Loan, 7.50%, 7/25/22   605   609,689
Emdeon Business Services LLC, Term Loan B2, 3.75%, 11/02/18   606   607,135
Intertrust Group Holding BV, 2nd Lien Term Loan, 8.00%, 4/16/22   850   851,598
SIRVA Worldwide, Inc., Term Loan, 7.50%, 3/27/19   1,049   1,053,843
Truven Health Analytics, Inc., Term Loan B, 4.50%, 6/06/19   1,157   1,157,940
    4,882,310
Real Estate Management & Development  — 0.6%
CityCenter Holdings LLC, Term Loan B, 4.25%, 10/16/20   941   943,912
DTZ US Borrower LLC, 1st Lien Term Loan, 5.50%, 11/04/21   1,142   1,146,531
Realogy Corp.:        
  Extended Letter of Credit, 0.02%, 10/10/16   47   46,618
  Term Loan B, 3.75%, 3/05/20   2,085   2,087,086
    4,224,147
Road & Rail  — 0.3%
Road Infrastructure Investment LLC:        
  1st Lien Term Loan, 4.25%, 3/31/21   1,005   997,314
  2nd Lien Term Loan, 7.75%, 9/21/21   675   634,500
    1,631,814
Semiconductors & Semiconductor Equipment  — 0.5%
Avago Technologies Cayman Ltd., Term Loan B, 3.75%, 5/06/21   2,314   2,315,891
Freescale Semiconductor, Inc.:        
  Term Loan B4, 4.25%, 2/28/20   714   715,926


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201518
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Floating Rate Loan Interests (c) Par
(000)		   Value
Semiconductors & Semiconductor Equipment (concluded)
Freescale Semiconductor, Inc.  (concluded):        
  Term Loan B5, 5.00%, 1/15/21 USD   374 $ 376,920
    3,408,737
Software  — 1.6%
GCA Services Group, Inc.:        
  2nd Lien Term Loan, 9.25%, 10/22/20   560   562,800
  Term Loan B, 4.30%, 11/01/19   522   521,613
Houghton Mifflin Harcourt Publishing Co., 2015 Term Loan B, 4.00%, 5/11/22   2,751   2,746,608
Infor US, Inc., Term Loan B5, 3.75%, 6/03/20   1,102   1,096,552
IQOR US, Inc., Term Loan B, 6.00%, 4/01/21   607   564,464
Kronos, Inc., 2nd Lien Term Loan, 9.75%, 4/30/20   1,837   1,897,380
Mitchell International, Inc.:        
  1st Lien Term Loan, 4.50%, 10/12/20   618   619,903
  2nd Lien Term Loan, 8.50%, 10/11/21   1,200   1,197,756
Sophia LP, 2014 Term Loan B, 4.00%, 7/19/18   813   813,831
Tibco Software, Inc., Term Loan B, 6.50%, 12/04/20   150   149,588
    10,170,495
Specialty Retail  — 1.2%
Academy Ltd., Term Loan, 4.50%, 8/03/18   1,445   1,448,596
Michaels Stores, Inc., Incremental 2014 Term Loan B2, 4.00%, 1/28/20   1,191   1,195,097
Party City Holdings, Inc., Term Loan, 4.00%, 7/27/19   2,419   2,421,356
Petco Animal Supplies, Inc., Term Loan, 4.00%, 11/24/17   886   887,421
PetSmart, Inc., Term Loan B, 4.25%, 3/11/22   2,085   2,090,817
    8,043,287
Technology Hardware, Storage & Peripherals  — 0.2%
Dell, Inc., Term Loan B, 4.50%, 4/29/20   1,107   1,107,208
Textiles, Apparel & Luxury Goods  — 0.4%
Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18   1,237   1,088,340
Floating Rate Loan Interests (c) Par
(000)		   Value
Textiles, Apparel & Luxury Goods (concluded)
J. Crew Group, Inc., Term Loan B, 4.00%, 3/05/21 USD   1,031 $ 936,664
Polymer Group, Inc., 1st Lien Term Loan, 5.25%, 12/19/19   778   781,220
    2,806,224
Thrifts & Mortgage Finance  — 0.1%
IG Investment Holdings LLC, Term Loan B, 6.00%, 10/29/21   850   851,845
Wireless Telecommunication Services  — 0.4%
Communications Sales & Leasing, Inc., Term Loan B, 5.00%, 10/24/22   515   513,069
Lightsquared LP, 2nd Lien Term Loan, 17.00%, 1/01/16   382   602,996
LTS Buyer LLC, 1st Lien Term Loan, 4.00%, 4/13/20   1,523   1,520,590
    2,636,655
Total Floating Rate Loan Interests — 41.2%   267,978,649
 
 
Foreign Agency Obligations
Cyprus Government International Bond, 4.63%, 2/03/20 (b) EUR 2,600   2,984,139
Iceland Government International Bond:        
  4.88%, 6/16/16 USD 580   600,346
  5.88%, 5/11/22   3,030   3,514,576
Total Foreign Agency Obligations — 1.1%   7,099,061
 
 
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations  — 2.4%
Countrywide Alternative Loan Trust, Series 2005-54CB, Class 3A4, 5.50%, 11/25/35   4,691   4,438,892
Countrywide Home Loan Mortgage Pass-Through Trust:        
  Series 2005-17, Class 1A6, 5.50%, 9/25/35   1,103   1,080,203
  Series 2006-17, Class A2, 6.00%, 12/25/36   2,388   2,264,440
  Series 2007-HY5, Class 3A1, 4.77%, 9/25/37 (c)   1,676   1,537,061
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3, 2.59%, 10/25/35 (c)   1,645   1,469,232
       


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201519
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Non-Agency Mortgage-Backed Securities Par
(000)		   Value
Collateralized Mortgage Obligations (concluded)
Hilton USA Trust, Series 2013-HLT, Class EFX, 5.22%, 11/05/30 (b)(c) USD   4,162 $ 4,242,094
Morgan Stanley Reremic Trust, Series 2010-R4, Class 4A, REMIC, 0.50%, 2/26/37 (b)(c)   259   258,678
    15,290,600
Commercial Mortgage-Backed Securities  — 10.6%
Banc of America Commercial Mortgage Trust, Series 2007-4, Class A4, 5.74%, 2/10/51 (c)   1,510   1,629,583
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, 3.60%, 4/14/33 (b)(c)   5,310   5,391,737
Citigroup Commercial Mortgage Trust 2015-SSHP, Series 2015-SSHP, Class D, 3.23%, 9/15/17 (b)(c)   2,825   2,823,130
COMM 2015-3BP Mortgage Trust, Series 2015-3BP, Class A, 3.18%, 2/10/35 (b)   5,930   6,008,999
COMM 2015-CCRE22 Mortgage Trust, Series 2015-CR22, Class B, 3.93%, 3/10/48   5,000   5,134,210
Commercial Mortgage Pass-Through Certificates (b)(c):        
  Series 2013-LC13, Class D, 5.05%, 8/10/46   3,530   3,569,684
  Series 2014-KYO, Class F, 3.68%, 6/11/27   1,855   1,851,323
  Series 2014-PAT, Class E, 3.34%, 8/13/27   1,000   1,000,315
  Series 2014-PAT, Class F, 2.63%, 8/13/27   2,000   1,901,578
Commercial Mortgage Trust, Series 2013-LC6:        
  Class B, 3.74%, 1/10/46   1,110   1,153,531
  Class D, 4.29%, 1/10/46 (b)(c)   1,330   1,275,486
Credit Suisse Commercial Mortgage Trust, Series 2006-C5, Class AM, 5.34%, 12/15/39   1,850   1,947,464
Credit Suisse Mortgage Capital Certificates (c):        
  Series 2007-C2, Class A2, 5.45%, 1/15/49   5   5,015
  Series 2007-C5, Class AAB, 5.62%, 9/15/40   783   807,841
  Series 2014-SURF, Class E, 3.29%, 2/15/29 (b)   1,000   999,382
Non-Agency Mortgage-Backed Securities Par
(000)		   Value
Commercial Mortgage-Backed Securities (continued)
CSAIL 2015-C1 Commercial Mortgage Trust, Series 2015-C1, Class B, 4.04%, 4/15/50 USD   890 $ 934,098
GAHR Commercial Mortgage Trust 2015-NRF, Series 2015-NRF, Class DFX, 3.38%, 12/15/19 (b)(c)   4,830   4,780,613
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class AM, 5.82%, 7/10/38 (c)   1,610   1,675,331
GS Mortgage Securities Corp. II, Series 2013-GC10, Class B, 3.68%, 2/10/46 (b)   1,995   2,050,700
GS Mortgage Securities Trust, Series 2014-GSFL, Class D, 4.09%, 7/15/31 (b)(c)   1,140   1,140,307
JPMBB Commercial Mortgage Securities Trust, Series 2013-C15, Class D, 5.08%, 11/15/45 (b)(c)   1,400   1,420,528
JPMorgan Chase Commercial Mortgage Securities Corp.:        
  Series 2004-LN2, Class A2, 5.12%, 7/15/41   110   109,712
  Series 2007-CB18, Class A4, 5.44%, 6/12/47   2,015   2,127,691
  Series 2007-CB19, Class A4, 5.70%, 2/12/49 (c)   2,140   2,281,629
  Series 2012-LC9, Class XA, 1.88%, 12/15/47 (c)   14,438   1,279,479
LB-UBS Commercial Mortgage Trust (c):        
  Series 2007-C2, Class AM, 5.49%, 2/15/40   2,500   2,647,115
  Series 2007-C6, Class A4, 5.86%, 7/15/40   4,365   4,565,423
Merrill Lynch Mortgage Trust, Series 2007-C1, Class A1A, 5.84%, 6/12/50 (c)   1,390   1,455,410
Talisman Finance PLC, Series 6, Class A, 0.19%, 10/22/16 (c) EUR 1,200   1,303,859
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4, 5.95%, 2/15/51 (c) USD 2,001   2,110,898
WF-RBS Commercial Mortgage Trust:        
  Series 2012-C8, Class B, 4.31%, 8/15/45   1,085   1,164,563
  Series 2012-C8, Class C, 4.88%, 8/15/45 (c)   1,395   1,516,408


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201520
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Non-Agency Mortgage-Backed Securities Par
(000)		   Value
Commercial Mortgage-Backed Securities (concluded)
WF-RBS Commercial Mortgage Trust  (concluded):        
  Series 2014-C20, Class XA, 1.23%, 5/15/47 (c) USD   14,809 $ 1,072,302
    69,135,344
Interest Only Commercial Mortgage-Backed Securities  — 0.3%
WF-RBS Commercial Mortgage Trust, Series 2012-C9, Class XA, 2.20%, 11/15/45 (b)(c)   16,260   1,721,056
Scientific Instruments: Control & Filter  — 0.9%
Core Industrial Trust 2015-TEXW, Series 2015-TEXW, Class D, 3.85%, 2/10/34 (b)(c)   3,615   3,642,658
GAHR Commercial Mortgage Trust 2015-NRF, Series 2015-NRF, Class GFX, 3.38%, 12/15/19 (b)(c)   2,500   2,246,723
    5,889,381
Total Non-Agency Mortgage-Backed Securities — 14.2%   92,036,381
 
 
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations  — 0.9%
Freddie Mac Mortgage-Backed Securities:        
  Series K032, Class A2, 3.31%, 5/25/23 (c)   3,500   3,720,367
  Series 3986, Class M, REMIC, 4.50%, 9/15/41   2,115   2,326,195
    6,046,562
Interest Only Collateralized Mortgage Obligations  — 1.1%
Fannie Mae Mortgage-Backed Securities, Series 2012-M9, Class X1, 4.03%, 12/25/17 (c)   18,157   1,425,050
Freddie Mac Mortgage-Backed Securities, Class X1 (c):        
  Series K042, 1.06%, 12/25/24   35,053   2,868,106
  Series K707, 1.55%, 12/25/18   42,105   2,001,822
  Series K710, 1.78%, 5/25/19   13,109   784,134
    7,079,112
Mortgage-Backed Securities  — 3.0%
Fannie Mae Mortgage-Backed Securities:        
  3.50%, 8/01/26   6,478   6,909,821
  5.00%, 7/01/20 - 8/01/23   4,167   4,420,021
U.S. Government Sponsored Agency Securities   Par
(000)		   Value
Mortgage-Backed Securities (concluded)
Freddie Mac Mortgage-Backed Securities, 4.50%, 4/01/25 USD   7,508 $ 8,064,177
        19,394,019
Total U.S. Government Sponsored Agency Securities — 5.0%   32,519,693
         
 
Other Interests (j)   Beneficial
Interest
(000)		   Value
Auto Components  — 0.0%        
Lear Corp. Escrow   1,000   8,750
Construction Materials  — 0.0%        
USI Senior Holdings   6   135,533
Total Other Interests — 0.0%       144,283
         
 
Preferred Securities
Capital Trusts Par
(000)		   Value
Banks  — 3.9%
Bank of America Corp., Series AA, 6.10% (c)(h)   1,241   1,251,859
Bank of America Corp., Series X, 6.25% (c)(h)   1,929   1,965,169
Capital One Financial Corp., Series E, 5.55% (c)(h)   3,000   3,003,750
Citigroup, Inc., 5.95% (c)(h)   1,370   1,371,712
JPMorgan Chase & Co., Series U, 6.13% (c)(h)   6,690   6,890,700
JPMorgan Chase & Co., Series V, 5.00% (c)(h)   3,000   2,958,750
Societe Generale SA, 6.00% (b)(c)(h)   4,825   4,607,875
Wells Fargo & Co., Series S, 5.90% (c)(h)   3,000   3,090,000
    25,139,815
Capital Markets  — 0.7%
Credit Suisse Group AG, 6.25% (b)(c)(h)   1,445   1,417,906
Morgan Stanley, Series H, 5.45% (c)(h)   1,426   1,429,565
State Street Corp., Series F, 5.25% (c)(h)   1,625   1,643,281


BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201521
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
  (Percentages shown are based on Net Assets)
Capital Trusts Par
(000)		   Value
Capital Markets (concluded)
UBS Group AG, 5.75% (c)(h)   200 $ 226,799
    4,717,551
Diversified Financial Services  — 1.5%
Bank of America Corp., Series U, 5.20% (c)(h)   1,250   1,196,875
Citigroup, Inc., 5.90% (c)(h)   5,000   4,993,750
Macquarie Bank Ltd., 10.25%, 6/20/57 (c)   1,450   1,620,375
Orange SA, 4.00% (c)(h)   200   231,214
Telefonica Europe BV, 4.20% (c)(h)   200   228,633
The Goldman Sachs Group, Inc., Series M, 5.38% (c)(h)   1,730   1,725,675
    9,996,522
Insurance  — 3.5%
The Allstate Corp., 6.13%, 5/15/67 (c)   3,000   3,135,000
AXA SA, 6.46% (b)(c)(h)   1,625   1,687,969
Hartford Financial Services Group, Inc., 8.13%, 6/15/68 (c)   2,500   2,818,750
Liberty Mutual Group, Inc.,        
   7.00%, 3/07/67 (b)(c)   1,575   1,620,281
   7.80%, 3/07/87 (b)   1,500   1,818,750
MetLife, Inc., 5.25%, 12/29/49 (c)   1,600   1,602,000
Prudential Financial, Inc., 5.63%, 6/15/43 (c)   3,250   3,449,063
Swiss Re Capital I LP, 6.85% (b)(c)(h)   3,000   3,101,250
Voya Financial, Inc., 5.65%, 5/15/53 (c)   3,500   3,631,250
    22,864,313
Total Capital Trusts — 9.6%   62,718,201
 
 
Preferred Stocks
Shares		    
Capital Markets  — 0.9%
The Goldman Sachs Group, Inc., Series J, 5.50% (c)(h)   202,526   5,034,796
SCE Trust III, 5.75% (c)(h)   21,200   579,184
Preferred Stocks  
Shares		   Value
Capital Markets (concluded)        
CF-B L2 (D) LLC, 0.00% (c)(h)   111,497 $ 111,653
        5,725,633
Consumer Finance  — 0.0%        
Ally Financial, Inc., Series A, 8.50% (c)(h)   3,610   95,124
Diversified Financial Services  — 0.5%        
Morgan Stanley, 6.88% (c)(h)   120,000   3,274,800
Total Preferred Stocks — 1.4%       9,095,557
         
 
Trust Preferreds — 0.4%        
Diversified Financial Services         
GMAC Capital Trust I, Series 2, 8.13% (c)   105,753   2,746,376
Total Preferred Securities — 11.4%       74,560,134
        
 
Warrants (k)       
Software  — 0.0%       
HMH Holdings/EduMedia (Issued/exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27) (k)   3,100   39,931
Total Long-Term Investments
(Cost — $951,801,539) — 146.7%		       955,015,488
Options Purchased
(Cost — $44,978) — 0.0%		       --
Total Investments
(Cost — $951,846,517*) — 146.7%		       955,015,488
Liabilities in Excess of Other Assets — (46.7)%       (303,749,121)
Net Assets — 100.0%     $ 651,266,367
* As of May 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
   
Tax cost     $  955,331,642
Gross unrealized appreciation     $ 22,096,639
Gross unrealized depreciation       (22,412,793)
Net unrealized appreciation     $ (316,154)
   


Notes to Schedule of Investments

(a)    Non-income producing security.
(b) 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.
(c) Variable rate security. Rate shown is as of report date.
BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201522
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
 
(d) When-issued security. Unsettled when-issued transactions were as follows:
Counterparty   Value Unrealized
Appreciation
Barclays Capital, Inc.   $ 435,165 $ 4,187
J.P. Morgan Securities LLC     3,984,686   6,731
Morgan Stanley & Co. LLC     1,000,000   —
(e) Zero-coupon bond.
(f) Represents a payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.
(g) Convertible security.
(h) Security is perpetual in nature and has no stated maturity date.
(i) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(j) Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(k) Warrants entitle the Fund to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

Portfolio Abbreviations

ABS Asset-Backed Security
AUD Australian Dollar
CAD Canadian Dollar
CLO Collateralized Loan Obligation
DIP Debtor-In-Possession
EUR Euro
GBP British Pound
JPY Japanese Yen
MXN Mexican Peso
NOK Norwegian Krone
NZD New Zealand Dollar
PIK Payment-In-Kind
REMIC Real Estate Mortgage Investment Conduit
SEK Swedish Krona
SGD Singapore Dollar
USD U.S. Dollar
VA Department of Veterans Affairs

•
As of May 31, 2015, reverse repurchase agreements outstanding were as follows:
Counterparty Interest
Rate		 Trade
Date		 Maturity
Date1		   Face Value   Face Value
Including
Accrued
Interest
Deutsche Bank Securities, Inc. 0.60% 5/14/14 Open $ 933,000 $ 938,956
UBS Securities LLC 0.35% 5/14/14 Open   1,693,000   1,699,304
UBS Securities LLC 0.45% 5/14/14 Open   811,000   814,883
UBS Securities LLC   (0.50)% 5/14/14 Open   980,000   974,787
UBS Securities LLC 0.55% 5/14/14 Open   2,326,000   2,339,610
UBS Securities LLC 0.55% 5/14/14 Open   788,000   792,611
Deutsche Bank Securities, Inc. 0.60% 5/17/14 Open   500,000   503,417
Deutsche Bank Securities, Inc. 0.60% 5/27/14 Open   700,000   704,317
BNP Paribas Securities Corp. 0.59% 8/12/14 Open   855,000   858,918
BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201523
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
 

•
As of May 31, 2015, reverse repurchase agreements outstanding were as follows (continued):
Counterparty Interest
Rate		 Trade
Date		 Maturity
Date1		   Face Value   Face Value
Including
Accrued
Interest
Barclays Capital, Inc. 0.35% 9/17/14 Open $ 3,109,000 $ 3,122,844
Barclays Capital, Inc. 0.35% 9/17/14 Open   3,202,000   3,216,405
Barclays Capital, Inc. 0.40% 9/17/14 Open   3,311,000   3,325,053
Barclays Capital, Inc. 0.44% 9/17/14 Open   1,061,000   1,064,320
Barclays Capital, Inc. 0.55% 9/17/14 Open   1,278,000   1,282,998
Barclays Capital, Inc. 0.60% 9/17/14 Open   611,000   615,134
Barclays Capital, Inc. 0.60% 9/17/14 Open   502,000   505,397
Barclays Capital, Inc. 0.60% 9/17/14 Open   1,244,000   1,251,651
Barclays Capital, Inc. 0.60% 9/17/14 Open   1,288,000   1,294,875
Barclays Capital, Inc. 0.60% 9/17/14 Open   1,208,000   1,214,463
Barclays Capital, Inc. 0.60% 9/17/14 Open   489,000   491,086
Barclays Capital, Inc. 0.60% 9/17/14 Open   1,242,000   1,247,299
Barclays Capital, Inc. 0.60% 9/17/14 Open   869,000   872,708
Barclays Capital, Inc. 0.60% 9/17/14 Open   1,175,000   1,180,013
Barclays Capital, Inc. 0.60% 9/17/14 Open   941,000   945,015
Barclays Capital, Inc. 0.60% 9/17/14 Open   657,000   659,803
Barclays Capital, Inc. 0.60% 9/17/14 Open   658,000   660,807
Barclays Capital, Inc. 0.60% 9/17/14 Open   716,000   719,055
Barclays Capital, Inc. 0.60% 9/17/14 Open   629,000   631,684
Barclays Capital, Inc. (1.75)%  9/17/14 Open   518,870   510,269
RBC Capital Markets LLC 0.65% 9/18/14 Open   349,800   351,417
RBC Capital Markets LLC 0.65% 9/18/14 Open   620,940   623,810
RBC Capital Markets LLC 0.34% 9/19/14 Open   598,400   599,841
RBC Capital Markets LLC 0.34% 9/19/14 Open   967,725   970,056
RBC Capital Markets LLC 0.65% 9/19/14 Open   576,850   579,506
UBS Securities LLC 0.48% 9/22/14 Open   2,610,000   2,618,735
UBS Securities LLC 0.50% 9/22/14 Open   4,400,000   4,415,339
UBS Securities LLC 0.50% 9/22/14 Open   4,071,094   4,085,286
Deutsche Bank Securities, Inc. 0.50% 10/2/14 Open   1,437,000   1,441,810
Deutsche Bank Securities, Inc. 0.60% 10/2/14 Open   1,284,000   1,289,157
Deutsche Bank Securities, Inc. 0.60% 10/2/14 Open   739,000   741,968
Deutsche Bank Securities, Inc. 0.60% 10/2/14 Open   1,316,000   1,321,286
Deutsche Bank Securities, Inc. 0.59% 10/30/14 Open   617,865   620,037
Deutsche Bank Securities, Inc. 0.60% 11/5/14 Open   1,598,000   1,603,540
BNP Paribas Securities Corp. 0.34% 11/7/14 Open   7,278,000   7,292,160
RBC Capital Markets LLC 0.65% 11/17/14 Open   445,950   447,528
HSBC Securities (USA), Inc. 0.35% 11/28/14 Open   603,000   604,085
RBC Capital Markets LLC 0.45% 12/3/14 Open   330,225   330,968
BNP Paribas Securities Corp. 0.64% 12/4/14 Open   745,000   747,371
BNP Paribas Securities Corp. 0.64% 12/4/14 Open   564,000   565,795
BNP Paribas Securities Corp. 0.64% 12/4/14 Open   595,000   596,893
RBC Capital Markets LLC 0.65% 12/4/14 Open   1,509,450   1,514,328
UBS Securities LLC 0.55% 12/9/14 Open   1,878,000   1,882,964
UBS Securities LLC 0.55% 12/9/14 Open   2,160,000   2,165,709
UBS Securities LLC 0.55% 12/9/14 Open   1,800,000   1,804,757
UBS Securities LLC 0.55% 12/9/14 Open   2,035,000   2,040,379
UBS Securities LLC 0.55% 12/9/14 Open   1,580,000   1,584,176
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   395,000   396,086
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   344,000   344,946
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   193,000   193,531
BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201524
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
 

•
As of May 31, 2015, reverse repurchase agreements outstanding were as follows (continued):
Counterparty Interest
Rate		 Trade
Date		 Maturity
Date1		   Face Value   Face Value
Including
Accrued
Interest
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open $ 401,000 $ 402,103
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   391,000   392,075
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   456,000   457,254
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   295,000   295,811
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   138,000   138,379
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   1,344,000   1,347,696
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   384,000   385,056
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   397,000   398,092
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   521,000   522,433
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   79,000   79,217
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   473,000   474,301
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   450,000   451,237
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   122,000   122,335
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   488,000   489,342
Deutsche Bank Securities, Inc. 0.60% 12/17/14 Open   541,000   542,488
Deutsche Bank Securities, Inc. 0.60% 12/18/14 Open   462,000   463,270
UBS Securities LLC 0.40% 12/18/14 Open   2,857,500   2,862,739
UBS Securities LLC 0.50% 12/18/14 Open   1,234,955   1,237,785
UBS Securities LLC 0.55% 12/18/14 Open   600,838   602,352
Credit Suisse Securities (USA) LLC 0.50% 12/19/14 Open   1,309,000   1,311,927
Credit Suisse Securities (USA) LLC 0.50% 12/19/14 Open   5,929,000   5,942,258
Credit Suisse Securities (USA) LLC 0.50% 12/19/14 Open   1,426,000   1,429,189
Credit Suisse Securities (USA) LLC 0.50% 12/19/14 Open   3,025,000   3,031,764
Credit Suisse Securities (USA) LLC 0.50% 12/19/14 Open   1,199,000   1,201,681
UBS Securities LLC 0.60% 12/19/14 Open   1,050,975   1,053,848
UBS Securities LLC 0.60% 12/19/14 Open   845,813   848,124
UBS Securities LLC 0.65% 12/19/14 Open   1,031,835   1,034,890
Deutsche Bank Securities, Inc. 0.60% 1/6/15 Open   427,000   428,039
Deutsche Bank Securities, Inc. 0.60% 1/13/15 Open   1,523,000   1,526,528
Deutsche Bank Securities, Inc. 0.60% 1/15/15 Open   1,171,000   1,173,674
Deutsche Bank Securities, Inc. 0.60% 2/4/15 Open   495,000   495,965
UBS Securities LLC 0.55% 2/6/15 Open   959,669   961,355
Deutsche Bank Securities, Inc. 0.60% 2/11/15 Open   642,000   643,177
UBS Securities LLC 0.55% 2/25/15 Open   655,785   656,747
UBS Securities LLC 0.55% 2/25/15 Open   712,215   713,260
Deutsche Bank Securities, Inc. 0.60% 2/26/15 Open   1,121,000   1,122,775
RBC Capital Markets LLC (1.00)%  3/3/15 Open   240,248   239,647
Deutsche Bank Securities, Inc. 0.60% 3/5/15 Open   576,105   576,950
UBS Securities LLC 0.55% 3/18/15 Open   1,201,038   1,202,414
HSBC Securities (USA), Inc. 0.40% 3/19/15 Open   3,445,714   3,448,547
HSBC Securities (USA), Inc. 0.40% 3/19/15 Open   1,467,857   1,469,064
Deutsche Bank Securities, Inc. 0.60% 3/23/15 Open   520,000   520,607
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,585,000   1,586,770
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   710,000   710,793
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,139,000   1,140,272
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,260,000   1,261,407
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   795,000   795,888
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   768,000   768,858
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   967,000   968,080
BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201525
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
 

•
As of May 31, 2015, reverse repurchase agreements outstanding were as follows (continued):
Counterparty Interest
Rate		 Trade
Date		 Maturity
Date1		   Face Value   Face Value
Including
Accrued
Interest
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open $ 645,000 $ 645,720
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   2,113,000   2,115,359
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,205,000   1,206,346
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,979,000   1,981,210
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   962,000   963,074
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,024,000   1,025,143
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,377,000   1,378,538
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   901,000   902,006
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,082,000   1,083,208
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   708,000   708,791
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,562,000   1,563,744
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,579,000   1,580,763
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   742,000   742,829
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,246,000   1,247,391
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   941,000   942,051
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   824,000   824,920
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,019,000   1,020,138
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,005,000   1,006,122
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   821,000   821,917
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   2,164,000   2,166,416
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   783,000   783,874
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,444,000   1,445,612
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,085,000   1,086,212
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,541,000   1,542,721
Deutsche Bank Securities, Inc. 0.60% 3/25/15 Open   1,228,000   1,229,371
HSBC Securities (USA), Inc. 0.40% 3/25/15 Open   818,594   819,212
HSBC Securities (USA), Inc. 0.40% 3/25/15 Open   1,012,500   1,013,265
RBC Capital Markets LLC 0.39% 3/25/15 Open   2,361,600   2,363,340
RBC Capital Markets LLC 0.75% 3/26/15 Open   599,400   600,224
RBC Capital Markets LLC 0.75% 3/26/15 Open   987,188   988,545
RBC Capital Markets LLC 0.75% 3/26/15 Open   836,913   838,063
RBC Capital Markets LLC 0.75% 3/27/15 Open   1,019,760   1,021,162
UBS Securities LLC 0.65% 3/27/15 Open   1,956,503   1,958,834
UBS Securities LLC 0.65% 3/27/15 Open   2,542,594   2,545,624
UBS Securities LLC 0.65% 3/27/15 Open   675,101   675,906
UBS Securities LLC 0.65% 3/27/15 Open   739,935   740,817
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   692,000   692,655
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   2,418,000   2,420,290
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   525,000   525,497
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   2,457,000   2,459,327
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   1,660,000   1,661,572
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   2,224,000   2,226,107
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   975,000   975,923
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   702,000   702,665
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   849,000   849,804
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   525,000   525,497
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   579,000   579,548
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   357,000   357,338
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   733,000   733,694
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   517,000   517,490
BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201526
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
 

•
As of May 31, 2015, reverse repurchase agreements outstanding were as follows (continued):
Counterparty Interest
Rate		 Trade
Date		 Maturity
Date1		   Face Value   Face Value
Including
Accrued
Interest
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open $ 816,000 $ 816,773
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   2,478,000   2,480,347
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   3,487,000   3,490,303
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   330,000   330,313
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   161,000   161,152
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   816,000   816,773
HSBC Securities (USA), Inc. 0.55% 3/30/15 Open   169,000   169,160
HSBC Securities (USA), Inc. 0.60% 3/30/15 Open   833,000   833,861
HSBC Securities (USA), Inc. 0.60% 3/30/15 Open   853,000   853,881
HSBC Securities (USA), Inc. 0.60% 3/30/15 Open   923,000   923,954
HSBC Securities (USA), Inc. 0.60% 3/30/15 Open   966,000   966,998
HSBC Securities (USA), Inc. 0.60% 3/30/15 Open   2,703,000   2,705,793
HSBC Securities (USA), Inc. 0.60% 3/30/15 Open   1,288,000   1,289,331
HSBC Securities (USA), Inc. 0.60% 3/30/15 Open   355,000   355,367
HSBC Securities (USA), Inc. 0.65% 3/30/15 Open   702,000   702,786
HSBC Securities (USA), Inc. 0.65% 3/30/15 Open   632,000   632,707
HSBC Securities (USA), Inc. 0.65% 3/30/15 Open   960,000   961,075
HSBC Securities (USA), Inc. 0.55% 3/31/15 Open   3,082,500   3,085,420
HSBC Securities (USA), Inc. 0.55% 3/31/15 Open   2,857,000   2,859,706
RBC Capital Markets LLC 0.65% 3/31/15 Open   2,705,963   2,708,992
HSBC Securities (USA), Inc. 0.55% 4/1/15 Open   591,874   592,425
HSBC Securities (USA), Inc. 0.60% 4/1/15 Open   595,598   596,203
HSBC Securities (USA), Inc. 0.60% 4/2/15 Open   595,920   596,516
Barclays Capital, Inc. 0.60% 4/6/15 Open   567,720   568,250
UBS Securities LLC 0.60% 4/6/15 Open   552,096   552,611
UBS Securities LLC 0.55% 4/7/15 Open   1,061,500   1,062,392
RBC Capital Markets LLC 0.50% 4/8/15 Open   427,455   427,776
RBC Capital Markets LLC 0.75% 4/8/15 Open   376,125   376,548
RBC Capital Markets LLC 0.75% 4/8/15 Open   486,850   487,398
UBS Securities LLC 0.55% 4/8/15 Open   471,263   471,651
UBS Securities LLC 0.55% 4/9/15 Open   674,725   675,271
UBS Securities LLC 0.55% 4/9/15 Open   469,676   470,057
UBS Securities LLC 0.55% 4/9/15 Open   451,875   452,241
UBS Securities LLC 0.55% 4/9/15 Open   612,893   613,389
UBS Securities LLC 0.55% 4/9/15 Open   628,215   628,724
UBS Securities LLC 0.55% 4/9/15 Open   307,275   307,524
HSBC Securities (USA), Inc. 0.55% 4/10/15 Open   1,845,304   1,846,770
Deutsche Bank Securities, Inc. 0.70% 4/17/15 Open   1,750,000   1,751,531
Deutsche Bank Securities, Inc. 0.70% 4/17/15 Open   646,000   646,565
Deutsche Bank Securities, Inc. 0.70% 4/17/15 Open   345,000   345,302
Deutsche Bank Securities, Inc. 0.70% 4/17/15 Open   473,000   473,414
Deutsche Bank Securities, Inc. 0.70% 4/22/15 Open   1,095,000   1,095,852
RBC Capital Markets LLC 0.39% 4/22/15 Open   1,743,700   1,744,456
RBC Capital Markets LLC 0.65% 4/22/15 Open   422,470   422,775
RBC Capital Markets LLC 0.65% 4/22/15 Open   521,875   522,252
RBC Capital Markets LLC 0.65% 4/22/15 Open   417,490   417,791
Deutsche Bank Securities, Inc. 0.65% 4/23/15 Open   2,148,000   2,149,513
Deutsche Bank Securities, Inc. 0.70% 4/23/15 Open   1,489,000   1,490,129
RBC Capital Markets LLC 0.65% 4/23/15 Open   565,150   565,548
RBC Capital Markets LLC 0.75% 4/23/15 Open   807,570   808,226
BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201527
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
 

•
As of May 31, 2015, reverse repurchase agreements outstanding were as follows (concluded):
Counterparty Interest
Rate		 Trade
Date		 Maturity
Date1		   Face Value   Face Value
Including
Accrued
Interest
RBC Capital Markets LLC 0.75% 4/23/15 Open $ 623,050 $ 623,556
RBC Capital Markets LLC 0.75% 4/23/15 Open   786,050   786,689
RBC Capital Markets LLC 0.75% 4/23/15 Open   616,745   617,246
RBC Capital Markets LLC 0.75% 4/23/15 Open   544,800   545,243
Barclays Capital, Inc. (3.00)%  4/24/15 Open   593,206   591,328
RBC Capital Markets LLC 0.75% 4/27/15 Open   785,400   785,973
RBC Capital Markets LLC 0.75% 4/27/15 Open   1,310,950   1,311,906
BNP Paribas Securities Corp. 0.60% 4/28/15 Open   618,000   618,350
BNP Paribas Securities Corp. 0.60% 4/28/15 Open   1,315,000   1,315,745
HSBC Securities (USA), Inc. 0.55% 5/1/15 Open   623,351   623,646
RBC Capital Markets LLC 0.65% 5/1/15 Open   2,489,135   2,490,528
RBC Capital Markets LLC 0.65% 5/1/15 Open   558,090   558,402
RBC Capital Markets LLC 0.70% 5/1/15 Open   1,061,570   1,062,210
RBC Capital Markets LLC 0.70% 5/1/15 Open   1,008,838   1,009,446
RBC Capital Markets LLC 0.70% 5/1/15 Open   1,216,800   1,217,533
RBC Capital Markets LLC 0.65% 5/4/15 Open   157,250   157,329
Deutsche Bank Securities, Inc. 0.60% 5/6/15 Open   678,283   678,576
Deutsche Bank Securities, Inc. 0.60% 5/6/15 Open   1,392,000   1,392,603
Credit Suisse Securities (USA) LLC (0.25)%  5/7/15 Open   701,335   701,213
RBC Capital Markets LLC 0.75% 5/7/15 Open   1,029,233   1,029,769
RBC Capital Markets LLC 0.75% 5/7/15 Open   688,875   689,234
RBC Capital Markets LLC 0.65% 5/13/15 Open   550,586   550,775
Credit Suisse Securities (USA) LLC 0.50% 5/14/15 Open   907,156   907,383
RBC Capital Markets LLC 0.39% 5/14/15 Open   1,170,300   1,170,528
RBC Capital Markets LLC 0.39% 5/14/15 Open   1,870,000   1,870,365
RBC Capital Markets LLC 0.39% 5/15/15 Open   575,025   575,131
RBC Capital Markets LLC 0.39% 5/15/15 Open   653,300   653,420
RBC Capital Markets LLC 0.65% 5/15/15 Open   308,950   309,045
Morgan Stanley & Co. LLC 0.30% 5/18/15 7/16/15   18,782,000   18,784,236
UBS Securities LLC 0.65% 5/18/15 Open   574,998   575,143
Deutsche Bank Securities, Inc. 0.70% 5/21/15 Open   2,696,000   2,696,577
Deutsche Bank Securities, Inc. 0.70% 5/21/15 Open   1,443,000   1,443,309
HSBC Securities (USA), Inc. 0.40% 5/21/15 Open   2,815,625   2,815,969
HSBC Securities (USA), Inc. 0.60% 5/21/15 Open   6,447,488   6,448,670
RBC Capital Markets LLC 0.75% 5/21/15 Open   392,625   392,715
RBC Capital Markets LLC 0.75% 5/21/15 Open   1,130,900   1,131,159
RBC Capital Markets LLC 0.75% 5/21/15 Open   616,070   616,211
Deutsche Bank Securities, Inc. 0.60% 5/26/15 Open   733,900   733,973
Deutsche Bank Securities, Inc. 0.60% 5/26/15 Open   777,750   777,828
HSBC Securities (USA), Inc. 0.55% 5/26/15 Open   266,288   266,312
RBC Capital Markets LLC 0.75% 5/27/15 Open   695,460   696,416
UBS Securities LLC 0.55% 5/28/15 Open   671,709   671,750
RBC Capital Markets LLC 0.39% 5/29/15 Open   520,000   520,000
RBC Capital Markets LLC 0.65% 5/29/15 Open   455,000   455,000
RBC Capital Markets LLC 0.70% 5/29/15 Open   506,141   506,150
Total       $            301,130,118 $            301,623,866
1 Certain agreements have no stated maturity and can be terminated by either party at any time.

 

 

BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201528
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
 


•
As of May 31, 2015, financial futures contracts outstanding were as follows:
Contracts
Long/
(Short)		 Issue Exchange Expiration Notional
Value		 Unrealized
Appreciation
(Depreciation)
(358) 5-Year U.S. Treasury Note Chicago Board of Trade September
2015		 USD 42,862,110 $ (157,914)
(276) 10-Year U.S. Treasury Note Chicago Board of Trade September
2015		 USD 35,241,750    (162,200)
(116) Long U.S. Treasury Bond Chicago Board of Trade September
2015		 USD 18,052,500   (206,144)
75 Ultra Long U.S. Treasury Bond Chicago Board of Trade September
2015		 USD 12,021,094   121,191
Total           $                 (405,067)
• As of May 31, 2015, forward foreign currency contracts outstanding were as follows:

 

Currency
Purchased		 Currency
Sold		 Counterparty Settlement
Date		 Unrealized
Appreciation (Depreciation)
AUD 2,020,000 CAD 1,944,553 HSBC Bank PLC 6/10/15 $(19,653)
AUD 2,086,000 MXN 25,775,868 BNP Paribas SA 6/10/15  (78,701)
AUD 2,021,000 NZD 2,156,270 JPMorgan Chase Bank NA 6/10/15  15,758 
CAD 1,959,907 AUD 2,020,000 Goldman Sachs International 6/10/15  31,997 
CAD 1,989,545 USD 1,630,000 BNP Paribas SA 6/10/15  (30,451)
EUR 1,509,000 GBP 1,102,358 BNP Paribas SA 6/10/15  (27,239)
EUR 1,430,000 GBP 1,017,416 Citibank N.A. 6/10/15  15,802 
GBP 1,081,653 EUR 1,509,000 Deutsche Bank AG 6/10/15  (4,404)
GBP 1,032,244 EUR 1,430,000 UBS AG 6/10/15  6,859 
GBP 1,071,000 NOK 12,351,403 Goldman Sachs International 6/10/15  47,816 
GBP 1,059,000 SEK 13,703,105 Bank of America N.A. 6/10/15  11,124 
GBP 1,000,000 SEK 12,894,355 Goldman Sachs International 6/10/15  15,819 
JPY 196,802,744 EUR 1,460,000 UBS AG 6/10/15  (17,934)
MXN 25,129,687 AUD 2,086,000 Deutsche Bank AG 6/10/15  36,763 
MXN 24,721,378 CAD 1,947,000 Goldman Sachs International 6/10/15  39,082 
NOK 12,550,072 GBP 1,071,000 BNP Paribas SA 6/10/15  (22,257)
NZD 2,098,574 AUD 2,021,000 Bank of America N.A. 6/10/15  (56,662)
NZD 2,206,042 AUD 2,060,000 Barclays Bank PLC 6/10/15  (10,275)
NZD 2,230,000 CAD 1,993,627 Bank of America N.A. 6/10/15  (21,827)
NZD 2,122,000 USD 1,609,630 BNP Paribas SA 6/10/15  (105,196)
NZD 2,122,000 USD 1,586,612 BNP Paribas SA 6/10/15  (82,178)
NZD 2,180,000 USD 1,595,259 HSBC Bank PLC 6/10/15  (49,704)
SEK 13,403,152 GBP 1,029,500 JPMorgan Chase Bank NA 6/10/15  (1,223)
USD 1,621,886 AUD 2,070,000 Citibank N.A. 6/10/15  39,951 
USD 1,630,000 CAD 1,960,011 Goldman Sachs International 6/10/15  54,196 
USD 1,636,046 NZD 2,161,000 Bank of America N.A. 6/10/15  103,962 
USD 1,605,971 NZD 2,180,000 Bank of America N.A. 6/10/15  60,417 
USD 1,595,805 NZD 2,083,000 UBS AG 6/10/15  119,021 
USD 1,630,000 SEK 13,903,633 Bank of America N.A. 7/08/15  (1,773)
EUR 403,000 USD 460,882 Goldman Sachs International 7/21/15  (17,972)
EUR 100,000 USD 111,699 Royal Bank of Scotland PLC 7/21/15  (1,795)
EUR 133,000 USD 144,721 Royal Bank of Scotland PLC 7/21/15  1,451 
EUR 360,000 USD 395,279 State Street Bank and Trust Co. 7/21/15  373 
EUR 102,000 USD 113,779 State Street Bank and Trust Co. 7/21/15  (1,677)
EUR 2,700,000 USD 2,916,005 UBS AG 7/21/15  51,383 
GBP 1,138,000 USD 1,772,773 Bank of America N.A. 7/21/15  (34,071)
GBP 109,000 USD 171,885 Bank of America N.A. 7/21/15  (5,349)
BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201529
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
 
• As of May 31, 2015, forward foreign currency contracts outstanding were as follows (concluded):
Currency
Purchased		   Currency
Sold		 Counterparty Settlement
Date		 Unrealized
Appreciation (Depreciation)
GBP 34,000   USD 51,549 Deutsche Bank AG 7/21/15   398
USD 1,183,654   CAD 1,450,000 Royal Bank of Canada 7/21/15   18,589
USD 106,410   EUR 95,000 Citibank N.A. 7/21/15   2,002
USD 19,060,957   EUR 17,710,200 UBS AG 7/21/15   (403,134)
USD 24,655,155   GBP 16,675,000 Barclays Bank PLC 7/21/15   (821,879)
Total             $ (1,142,591)
• As of May 31, 2015, OTC options purchased were as follows:
Description Counterparty Put/
Call		   Strike
Price		 Expiration
Date		 Contracts

 

Value
Marsico Parent Superholdco LLC Goldman Sachs & Co. Call USD 942.86 12/14/19 46 $ —
• As of May 31, 2015, centrally cleared interest rate swaps outstanding were as follows:
Fixed
Rate		   Floating
Rate		  
Clearinghouse		   Expiration
Date		   Notional
Amount
(000)		 Unrealized
Appreciation
(Depreciation)
2.54%   3-month LIBOR   Chicago Mercantile   9/04/24   USD 18,700 $ 662,905
2.60%   3-month LIBOR   Chicago Mercantile   9/04/24   USD 18,700   (666,900)
Total                   $ (3,995)
• As of May 31, 2015, OTC credit default swaps – buy protection outstanding were as follows:
Issuer Pay
Fixed
Rate		   Counterparty   Expiration
Date		   Notional
Amount
(000)		   Market
Value		   Premiums
Paid
(Received)		   Unrealized
Depreciation
Westpac Banking Corp.   1.00%   Deutsche Bank AG   9/20/17   USD 1   $ (9)   $ 7   $            (16)
Australia & New Zealand Banking Group Ltd.   1.00%   Deutsche Bank AG   9/20/17   USD 1     (9)     7               (16)
Total                     $ (18)   $ 14   $      (32)
BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201530
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
 
•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. 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 fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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. The three levels of the fair value hierarchy are as follows:
•Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund 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 Fund's own assumptions used in determining the fair value of investments and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund'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. For information about the Fund's policy regarding valuation of investments and derivative financial instruments, refer to the Fund's most recent financial statements as contained in its semi-annual report.

As of May 31, 2015, the following tables summarize the Fund's investments and derivative financial instruments categorized in the disclosure hierarchy:

 
    Level 1 Level 2 Level 3 Total
Assets:  
Investments:
Long-Term Investments:
  Asset-Backed Securities   — $ 88,711,509 $ 24,628,162 $ 113,339,671
  Common Stocks $ 3,392,015   1,049,262   1,249,841   5,691,118
  Corporate Bonds   —   352,648,369   8,958,198   361,606,567
  Floating Rate Loan Interests   —   249,028,811   18,949,838   267,978,649
  Foreign Agency Obligations   —   7,099,061   —   7,099,061
  Non-Agency Mortgage-Backed Securities   —   92,039,931   —   92,036,381
  Other Interests   —   —   144,283   144,283
  Preferred Securities   11,730,280   62,718,201   111,653   74,560,134
  U.S. Government Sponsored Agency Securities   —   32,519,693   —   32,519,693
  Warrants   —   —   39,931   39,931
Total $ 15,122,295 $ 885,811,287 $ 54,081,906 $ 955,015,488
BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201531
 
Schedule of Investments (continued) BlackRock Limited Duration Income Trust (BLW)
 
  Level 1  Level 2  Level 3  Total
Derivative Financial Instruments 1                    
Assets:                     
  Interest rate contracts   $121,191   $662,905    —   $784,096 
  Foreign currency exchange  contracts   —    672,763    —    672,763 
Liabilities:                     
  Interest rate contracts   (526,258)   (666,900)   —    (1,193,158)
  Credit rate contracts   —    (32)   —    (32)
  Foreign currency exchange contracts   —    (1,815,354)   —    (1,815,354)
                     
Total   $(405,067)  $(1,146,618)   —   $(1,551,685)
1  Derivative financial instruments are swaps and financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of May 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 
     Level 1  Level 2  Level 3  Total
Assets:                    
  Cash   $131,870    —    —   $ 131,870  
  Cash pledged for financial futures contracts   875,450    —    —   875,450  
  Cash pledged as collateral for reverse repurchase agreements    914,000    —    —   914,000  
  Cash pledged as collateral for OTC derivatives   91,390    —    —   91,390  
  Cash pledged for centrally cleared swaps   96,841    —    —   96,841  
  Foreign currency at value    1,922,925    —    —   1,922,925  
Liabilities:                     
  Reverse repurchase agreements    —   $(301,623,866)   —   (301,623,866 )
  Cash received as collateral for reverse repurchase agreements    —    (198,000)   —   (198,000 )
Total   $4,032,476   $(301,821,866)   —   $ (297,789,390 )

 

BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201532
 
Schedule of Investments (concluded) BlackRock Limited Duration Income Trust (BLW)
 

A reconciliation of Level 3 investments is presented when the Fund 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:
  Common Stocks  Asset-Backed Securities  Corporate Bonds  Floating Rate Loan Interests  Other Interests  Unfunded  
Floating Rate
Loan Interests (Liabilities)		 

 

 

 

 

Warrants

 

Preferred

Stocks

  Total
Assets:                                            
Opening Balance, as of August 31, 2014 $2,748,166   $14,418,405   $8,907,388   $33,197,391   $8,750   $(175)   —    —   $59,279,925 
Transfers into Level 31  —    —    —    4,027,783    —    —   $14,419    —    4,042,202 
Transfers out of Level 32  —    (10,116,243)   —    (13,702,627)   —    —    —    —    (23,818,870)
Accrued discounts/premiums  —    (68,913)   (724)   38,746    —    —    —    —    (30,891)
Net realized gain/loss  —    (576,539)   (3,036,848)   (1,185,450)   —    —    —    —    (4,798,837)
Net change in unrealized appreciation/depreciation3,4  (1,704,823)   1,016,528    2,940,042    703,828    135,533    175    25,512    156    3,116,951 
Purchases  206,498    21,061,338    148,340    4,959,137    —    —    —    111,497    26,486,810 
Sales  —    (1,106,414)   —    (9,088,970)   —    —    —    —    (10,195,384)

Closing Balance, as of

May 31, 2015

 $1,249,841   $24,628,162   $8,958,198   $18,949,838   $144,283    —   $39,931   $111,653   $54,081,906 
Net change in unrealized appreciation (depreciation) on investments still held at May 31, 20153,4 $(1,704,822)  $1,021,227   $(96,806)  $(376,146)  $135,533    —   $25,512   $156   $(995,346)

1  As of August 31, 2014, the Fund used observable inputs in determining the value of certain investments. As of May 31, 2015, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $4,042,202 transferred from Level 2 to Level 3 in the disclosure hierarchy.
2  As of August 31, 2014, the Fund used significant unobservable inputs in determining the value of certain investments. As of  May 31, 2015, the Fund used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $23,818,870 transferred from Level 3 to Level 2 in the disclosure hierarchy.
3  Included in the related net change in unrealized appreciation (depreciation).
4  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at November 30, 2014 is generally due to investments no longer held or categorized as Level 3 at period end.

BLACKROCK LIMITED DURATION INCOME TRUSTMAY 31, 201533
 
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: July 23, 2015

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: July 23, 2015

By:/s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Limited Duration Income Trust

Date: July 23, 2015