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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:__811-21349______

_______BlackRock Limited Duration Income Trust_______
(Exact name of registrant as specified in charter)

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

 

Robert S. Kapito, President

BlackRock Limited Duration Income Trust

__________40 East 52nd Street, New York, NY 10022__________
(Name and address of agent for service)

Registrant's telephone number, including area code:_888-825-2257__________________

Date of fiscal year end: October 31, 2005

Date of reporting period:__January 31, 2005_________________________________

Item 1. Schedule of Investments.

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

PORTFOLIO OF INVESTMENTS (unaudited)
JANUARY 31, 2005
BlackRock Limited Duration Income Trust (BLW)

  Principal        
  Amount        
Rating1   (000)   Description Value  
      LONG TERM INVESTMENTS—138.4%    
        Corporate Bonds—62.5%    
        Aerospace & Defense—2.3%    
NR   $      1,000   AAR Corp., Ser. A2, 8.39%, 5/15/11 $ 990,000  
NR   4,000   Raytheon Co., 7.00%, 5/15/06   4,282,984  
BB-   5,000   Sequa Corp., Ser. B, 8.875%, 4/01/08   5,475,000  
B-   5,885   Transdigm, Inc., 8.375%, 7/15/11   6,238,100  
            16,986,084  
        Automotive—4.9%    
B-   1,140 2 Accuride Corp., 8.50%, 2/01/15   1,165,650  
B2   2,750   Collins & Aikman Products Co., 10.75%, 12/31/11   2,722,500  
A3   7,500 3 DaimlerChrysler NA Holding Corp., 4.05%, 6/04/08   7,446,225  
B   3,000   Dura Operating Corp., Ser. B, 8.625%, 4/15/12   3,090,000  
A3   7,500 3 Ford Motor Credit Co., 7.375%, 2/01/11   8,004,915  
Baa1   7,500 3 General Motors Acceptance Corp., 6.875%, 8/28/12   7,486,050  
B3   500 2 Metaldyne Corp., 10.00%, 11/01/13   472,500  
BB-   4,640   TRW Automotive, Inc., 9.375%, 2/15/13   5,220,000  
            35,607,840  
        Basic Materials—5.2%    
B-   2,820 2 BCP Caylux Holdings SCA, 9.625%, 6/15/14 (Luxembourg)   3,130,200  
B   4,000   Caraustar Ind. Inc., 9.875%, 4/01/11   4,380,000  
B   1,760   Gold Kist, Inc., 10.25%, 3/15/14   2,032,800  
B   2,500 2 Huntsman Advanced Materials LLC, 11.00%, 7/15/10   2,943,750  
BB-   3,000   Huntsman LLC, 11.625%, 10/15/10   3,495,000  
BB   5,000   Ipsco, Inc., 8.75%, 6/01/13 (Canada)   5,662,500  
B+   5,000   Lyondell Chemical Co., 11.125%, 7/15/12   5,875,000  
B1   750 2 Novelis, Inc., 7.25%, 2/15/15 (Canada)   750,000  
        Rockwood Specialties Group, Inc.,    
B-   450 2    7.50%, 11/15/14   463,500  
B-   5,000      10.625%, 5/15/11   5,700,000  
BB   3,250   United States Steel LLC, 10.75%, 8/01/08   3,843,125  
            38,275,875  
        Building & Development—1.1%    
BB+   3,000   DR Horton, Inc., 5.875%, 7/01/13   3,075,993  
B-   2,665   ERICO Intl. Corp., 8.875%, 3/01/12   2,744,950  
        Goodman Global Holding Co., Inc.,    
B-   375 2     6/15/12   384,375  
B-   2,125 2    7.875%, 12/15/12   2,050,625  
            8,255,943  
        Conglomerates—1.6%    
BB-   500 2 Stena AB, 7.00%, 12/01/16 (Sweden)   485,000  
B-   3,000   Trimas Corp., 9.875%, 6/15/12   3,127,500  
BBB   7,500 2 Tyco Intl. Group SA, 6.125%, 11/01/08 (Luxembourg)   8,029,350  
            11,641,850  
        Consumer Products—3.1%    
B3   400 2 ALH Finance Corp., 8.50%, 1/15/13   411,500  
B2   1,610 2 Duane Reade, Inc., zero coupon, 12/15/10   1,614,025  
B+   980   Finlay Fine Jewelry Corp., 8.375%, 6/01/12   992,250  
B+   5,000   Group 1 Automotive, Inc., 8.25%, 8/15/13   5,225,000  
BB+   4,400   JC Penney Co., Inc., 8.00%, 3/01/10   4,988,500  
B2   590 2 Leslies Poolmart, Inc., 7.75%, 2/01/13   600,325  
B+   5,000   Rite Aid Corp., 8.125%, 5/01/10   5,212,500  
B+   3,500   Sonic Automotive, Inc., Ser. B, 8.625%, 8/15/13   3,710,000  
            22,754,100  

1

BlackRock Limited Duration Income Trust (BLW) (continued)

  Principal        
  Amount        
Rating1   (000)   Description Value  
      Containers & Packaging—1.6%    
        Graham Packaging Co., Inc.,    
CCC+   $          785 2    8.50%, 10/15/12 $ 812,475  
CCC+   1,100 2    9.875%, 10/15/14   1,160,500  
B-   5,000   Graphic Packaging Intl., Inc., 9.50%, 8/15/13   5,575,000  
B+   4,000   Silgan Holdings, Inc., 6.75%, 11/15/13   4,140,000  
            11,687,975  
        Ecological Services & Equipment—1.9%    
B+   4,573   Allied Waste NA, Inc., Ser. B, 10.00%, 8/01/09   4,801,650  
B   2,000   Casella Waste Systems, Inc., 9.75%, 2/01/13   2,205,000  
B-   6,250   National Waterworks, Inc., Ser. B, 10.50%, 12/01/12   7,015,625  
            14,022,275  
        Energy—7.0%    
B+   5,500 2 AES Corp., 8.75%, 5/15/13   6,160,000  
BB-   5,290   Chesapeake Energy Corp., 7.50%, 9/15/13   5,739,650  
BB   1,333   Compagnie Generale de Geophysique SA, 10.625%, 11/15/07 (France)   1,404,649  
B   3,250   Dresser, Inc., 9.375%, 4/15/11   3,526,250  
B   2,120 2 Dynegy Holdings, Inc., 10.125%, 7/15/13   2,347,900  
B-   4,000   El Paso Production Holding Co., 7.75%, 6/01/13   4,170,000  
BB-   2,160 2 Gazprom, 9.625%, 3/01/13 (Germany)   2,570,400  
B+   2,950   Hanover Equipment Trust, Ser. B, 8.75%, 9/01/11   3,178,625  
B   5,000 2 Hilcorp Energy I LP, 10.50%, 9/01/10   5,587,500  
B+   2,000   Massey Energy Corp., 6.95%, 3/01/07   2,105,000  
        Midwest Generation LLC,    
B1   900      8.56%, 1/02/16   1,004,625  
B1   4,000      Ser. A, 8.30%, 7/02/09   4,320,000  
B   5,000   Swift Energy Co., 9.375%, 5/01/12   5,575,000  
B2   2,355   Utilicorp Finance Corp., 7.75%, 6/15/11 (Canada)   2,434,481  
B+   1,000   Williams Cos., Inc., 8.125%, 3/15/12   1,145,000  
            51,269,080  
        Entertainment & Leisure—1.9%    
B   2,000   Hammons John Q. Hotels LP, Ser. B, 8.875%, 5/15/12   2,240,000  
Ba3   1,271   Host Marriot Corp., Ser. B, 7.875%, 8/01/08   1,305,953  
Ba2   5,425   MGM Mirage, 9.75%, 6/01/07   6,021,750  
BB+   3,500   Royal Caribbean Cruises Ltd., 8.00%, 5/15/10 (Liberia)   3,968,125  
B+   400 2 Wynn Las Vegas LLC, 6.625%, 12/01/14   394,000  
            13,929,828  
        Financial Institutions—8.1%    
BB   3,000   Crum & Forster Holdings Corp., 10.375%, 6/15/13   3,352,500  
BB   1,000   Fairfax Financial Holdings, Ltd., 7.75%, 4/26/12 (Canada)   1,015,000  
        JP Morgan HYDIB,    
Ba3   10,000 2, 3    6.40%, 6/20/08   10,124,700  
B3   9,815 2, 3    9.00%, 6/20/08   10,265,413  
Baa2   5,000 2 Kazkommerts Intl. BV, 10.125%, 5/08/07 (Netherlands)   5,400,000  
BBB   200   Marsh & McLennan Cos., Inc., 2.77%, 7/13/07   197,544  
        Rainbow National Services LLC,    
B+   925 2    8.75%, 9/01/12   1,042,938  
B+   3,900 2    10.375%, 9/01/14   4,582,500  
B1   4,500   Sheridan Acquisition Corp., 10.25%, 8/15/11   4,865,625  
B+   5,000   Southern Star Central Corp., 8.50%, 8/01/10   5,512,500  
NR   7,882   Structured Asset Receivable Trust, 1.649%, 1/21/10   7,882,254  
BB-   4,215   Western Financial Bank, 9.625%, 5/15/12   4,805,100  
            59,046,074  
        Forest Products—2.1%    
BB+   5,685   Georgia Pacific Corp., 8.875%, 2/01/10   6,566,175  
B   1,330   Tembec Industries, Inc., 7.75%, 3/15/12 (Canada)   1,260,175  
BBB   7,500 3 Weyerhaeuser Co., 5.25%, 12/15/09   7,797,420  
            15,623,770  

2

BlackRock Limited Duration Income Trust (BLW) (continued)

  Principal        
  Amount        
Rating1   (000)   Description Value  
      Health Care—3.8%    
BB+   $     5,000   Amerisourcebergen Corp., 8.125%, 9/01/08 $ 5,525,000  
B-   5,000   Concentra Operating Corp., 9.50%, 8/15/10   5,537,500  
B   1,630 2 Elan Finance Corp., 7.75%, 11/15/11 (Ireland)   1,707,425  
B3   1,220   Insight Health Services Corp., Ser. B, 9.875%, 11/01/11   1,223,050  
B-   3,000   Norcross Safety Products LLC, 9.875%, 8/15/11   3,330,000  
        Tenet Healthcare Corp.,    
B   1,875      6.375%, 12/01/11   1,692,188  
B   25      6.50%, 6/01/12   22,375  
B   2,005 2    9.875%, 7/01/14   2,080,188  
B   4,500   United Surgical Partners Intl., Inc., 10.00%, 12/15/11   5,073,750  
CCC+   1,435 2 Warner Chilcott Corp., 8.75%, 2/01/15   1,474,463  
            27,665,939  
        Industrials—3.6%    
B+   5,000   Cenveo Corp., 9.625%, 3/15/12   5,387,500  
B-   4,000 2 Fasten Tech, Inc., zero coupon, 5/01/11   4,520,000  
        Hexcel Corp.,    
B-   3,075 2    6.75%, 2/01/15   3,090,375  
B+   4,900      9.875%, 10/01/08   5,439,000  
B-   2,635 2 Knowledge Learning Corp., Inc., 7.75%, 2/01/15   2,648,175  
CCC+   2,100 2 Park Ohio Industries, Inc., 8.375%, 11/15/14   2,094,750  
B-   3,000   Williams Scotsman, Inc., 9.875%, 6/01/07   3,000,000  
            26,179,800  
        Media—6.4%    
CCC+   3,500   CBD Media, Inc., 8.625%, 6/01/11   3,653,125  
BBB   6,685 3 Comcast Cable Communications, Inc., 6.875%, 6/15/09   7,383,943  
BB-   6,000   CSC Holdings, Inc., 7.875%, 12/15/07   6,465,000  
B   1,300   Dex Media East, LLC, 12.125%, 11/15/12   1,560,000  
        Echostar DBS Corp.,    
BB-   2,000      5.75%, 10/01/08   2,015,000  
BB-   4,500      5.81%, 4/04/05   4,646,250  
B-   5,000   Houghton Mifflin Co., 9.875%, 2/01/13   5,237,500  
B-   3,250   Nextmedia Operating, Inc., 10.75%, 7/01/11   3,656,250  
B1   2,500 3 Paxson Communications Corp., 5.41%, 1/15/10   2,525,000  
B2   4,650   Salem Communications Corp., 7.75%, 12/31/09   4,929,000  
B3   1,550   Vertis, Inc., 10.875%, 6/15/09   1,666,250  
B-   1,910 2 WMG Holdings Corp., 6.905%, 3/15/05   1,929,100  
CCC   1,375   WRC Media, Inc., 12.75%, 11/15/09   1,299,375  
            46,965,793  
        Real Estate—1.1%    
BB   5,860   American Real Estate Partners LP, 8.125%, 6/01/12   6,226,250  
BB+   2,000   Rouse Co., 5.375%, 11/26/13   1,917,080  
            8,143,330  
        Technology—1.4%    
B   2,708   Amkor Tech., Inc., 7.75%, 5/15/13   2,403,350  
Ba2   3,972   Flextronics Intl. Ltd., 6.50%, 5/15/13 (Singapore)   4,031,580  
Ba3   500 2 MagnaChip Semiconductor SA, 5.76%, 3/15/05 (Luxembourg)   516,250  
BB+   3,500   Unisys Corp., 6.875%, 3/15/10   3,613,750  
            10,564,930  
        Telecommunications—4.5%    
BBB+   5,000 3 Deutsche Telekom Intl. Finance BV, 8.50%, 6/15/10 (Netherlands)   5,935,550  
        Intelsat Ltd.,    
B+   1,100 2    7.794%, 1/15/12   1,131,625  
B+   2,360 2    8.25%, 1/15/13 (Bermuda)   2,436,700  
B+   2,700 2    8.625%, 1/15/15 (Bermuda)   2,801,250  
B   2,625   Lucent Technologies, Inc., 6.45%, 3/15/29   2,355,938  
B+   4,210 2 PanAmSat Corp., 9.00%, 8/15/14   4,567,850

3

BlackRock Limited Duration Income Trust (BLW) (continued)

  Principal        
  Amount        
Rating1   (000)   Description Value  
      Telecommunications—(continued)    
B   $       4,000 2 Qwest Communications Intl., Inc., 5.79%, 2/15/05 $ 4,060,000  
        Qwest Corp.,    
BB   1,000 2    7.875%, 9/01/11   1,070,000  
BB   6,000 2    9.125%, 3/15/12   6,825,000  
BB+   460 2 Rogers Wireless Communications, Inc., 7.25%, 12/15/12 (Canada)   491,625  
CCC   1,150   Rural Cellular Corp., 9.875%, 2/01/10   1,227,625  
            32,903,163  
        Transportation—0.9%    
B+   500   OMI Corp., 7.625%, 12/01/13 (Marshall Islands)   526,250  
BB+   1,650   Overseas Shipholding Group, Inc., 8.75%, 12/01/13   1,856,250  
B   3,015   Sea Containers Ltd., 10.50%, 5/15/12 (Bermuda)   3,169,519  
BB-   1,150 2 Ultrapetrol Bahamas Ltd., 9.00%, 11/24/14 (Bahamas)   1,115,500  
            6,667,519  
        Total Corporate Bonds   458,191,168  
        Bank Loans—40.3%    
        Aerospace & Defense—0.2%    
    1,476   Transdigm, Inc., Term Loan, LIBOR + 2.25%, 7/22/10   1,493,875  
        Automotive—0.9%    
    495   CSK Automotive, Inc., Term Loan C, LIBOR + 2.00%, 6/19/09   499,125  
    1,244   Dayco Products, LLC, Term Loan B, LIBOR + 3.00%, 6/23/11   1,259,297  
    1,000   Polar Corp., Term Loan, 6/15/10   1,020,000  
        Tenneco Automotive, Inc.,    
    444      Term Loan B, LIBOR + 3.00%, 12/12/10   451,559  
    1,002      Term Loan B1, LIBOR + 3.00%, 12/12/10   1,019,254  
    2,500   TRW Automotive Acquisitions Corp., Term Loan B, LIBOR + 1.50%, 6/30/12   2,503,645  
            6,752,880  
        Basic Materials—4.3%    
        Boise Cascade LLC,    
    2,000      Term Loan B, LIBOR + 2.25%,10/29/11   2,025,208  
    2,000      Term Loan C, LIBOR + 2.25%, 10/28/10   2,000,682  
        Celanese AG,    
    287      Term Loan, LIBOR + 0.75%, 4/06/11   290,285  
    998      Term Loan, LIBOR + 2.25%, 4/06/11   1,015,396  
    1,213      Term Loan B, LIBOR + 2.50%, 4/06/11   1,234,062  
    3,000   Cognis, Term Loan, LIBOR + 4.75%, 11/15/13   3,116,250  
    1,750   Huntsman Intl. LLC, Term Loan B, LIBOR + 2.50%, 12/31/10   1,773,625  
    1,925   Huntsman LLC, Term Loan, LIBOR + 3.50%, 3/31/10   1,954,068  
    925   INEOS Group Holdings PLC, Term Loan C, LIBOR + 3.50%, 4/26/09   932,247  
        MDCP Acquisitions,    
    4,000      Term Loan B3, LIBOR + 2.75%, 12/31/08   3,998,668  
    4,000      Term Loan C3, LIBOR + 3.25%, 10/31/11   4,009,728  
    2,497   Nalco Chemical Co., Term Loan B, LIBOR + 2.00%, 11/04/10   2,530,016  
    1,000   Rockwood Specialties Group, Inc., Term Loan D, LIBOR + 2.25%, 7/30/12   1,010,536  
    1,967   Rollcoater, Term Loan, LIBOR + 3.25%, 11/30/10   1,956,833  
    480   SGL Carbon LLC, Term Loan, LIBOR + 3.00%, 12/31/09   482,647  
        SP Newsprint Co.,    
    1,611      Term Loan, LIBOR, 1/08/10   1,637,292  
    864      Term Loan B, LIBOR + 3.00%, 1/09/08   877,927  
    985   USI Holdings Corp., Term Loan B, LIBOR + 2.50%, 8/11/08   988,078  
            31,833,548  
        Building & Development—0.9%    
    1,539   Associated Materials, Inc., Term Loan, PRIME + 1.75%, 12/30/10   1,556,299  
    993   Builders Firstsource, Inc., Term Loan A, LIBOR + 3.00%, 2/25/10   992,500  
    519   Juno Lighting, Inc., Term Loan, LIBOR + 5.50%, 5/21/11   526,877  
    1,000   Landsource Communities Development, LLC, Term Loan B, LIBOR + 2.50%, 3/31/10   1,004,375  
        Nortek, Inc., Term Loan,    
    464      LIBOR + 2.50%, 8/27/11   471,443  
    35      PRIME + 1.50%, 8/27/11   34,996  
        Ply Gem Industries, Inc.,    
    186      CAD Term Loan, LIBOR + 2.50%, 3/15/10   192,343  
    1,270      Term Loan, LIBOR + 2.50%, 10/01/11   1,309,465  
    500      Term Loan B, LIBOR + 2.50%, 2/12/11   515,667  
            6,603,965  

4

BlackRock Limited Duration Income Trust (BLW) (continued)

  Principal        
  Amount        
Rating1   (000)   Description Value  
      Conglomerates—2.2%    
        $     2,000   Colfax Corp., Term Loan B, LIBOR + 2.25%, 5/30/09 $ 2,020,834  
    1,493   Honeywell Security Group, Term Loan B, LIBOR + 4.00%, 6/28/10   1,503,694  
    1,000   Invensys, Revolver Loan, LIBOR, 3/05/09   995,000  
        Invensys Intl. Holdings Ltd.,    
    4,250      Term Loan, LIBOR + 4.75%, 11/30/09   4,361,563  
    1,977      Term Loan B1, LIBOR + 3.50%, 9/05/09   2,008,050  
    681   Precise Technology, Inc., Term Loan, LIBOR + 3.00%, 3/31/11   684,647  
    2,469   Quintiles Transnational Corp., Term Loan, LIBOR + 4.25%, 9/25/09   2,505,781  
    1,975   Trimas Corp., Term Loan B, LIBOR + 3.50%,12/31/09   1,997,541  
            16,077,110  
        Consumer Products—7.1%    
    1,063   Alimentation Couche Tard, Inc., Term Loan, LIBOR + 1.75%, 12/17/10   1,077,129  
    2,000   Berkline/BenchCraft Holdings, LLC, Term Loan B, Prime + 6.75%, 11/03/11   2,002,500  
    500   Buffets, Inc., Term Loan LC, LIBOR + 1.50%, 6/28/09   500,834  
    1,206   CKE Restaurants, Inc., Term Loan, LIBOR + 2.50%, 5/01/10   1,220,729  
    416   Coinstar, Inc., Term Loan, LIBOR + 2.25%, 7/07/11   421,941  
    2,500   Delaware Labs, Term Loan B, LIBOR + 2.25%, 7/27/11   2,529,688  
    1,000   Denny’s Corp., Term Loan, LIBOR, 9/30/10   1,030,000  
    499   Doane Pet Care Co., Term Loan, LIBOR + 4.00%, 11/05/09   506,231  
        Dole Food Co., Inc.,    
    64      Term Loan D, LIBOR + 1.25%, 9/28/08   65,331  
    887      Term Loan D, LIBOR + 2.25%, 9/28/08   899,732  
    500   Douglas Dynamics, Term Loan, LIBOR + 2.00%, 12/16/10   501,250  
    3,138   Dr. Pepper Bottling Co. of Texas, Term Loan B, LIBOR + 2.25%, 12/19/10   3,185,990  
    862   DS Waters Enterprises LP, Term Loan, LIBOR + 4.50%, 11/07/09   802,766  
    1,000   Jarden Corp., Term Loan, LIBOR + 2.00%, 1/24/12   1,008,036  
    938   Keystone Foods Holdings, LLC, Term Loan, LIBOR + 2.50%, 6/16/11   945,941  
    922   Knoll, Inc., Term Loan, LIBOR + 3.00%, 9/29/11   931,576  
        KOSA B.V.,    
    835      Term Loan B1, LIBOR + 2.75%, 4/29/11   849,183  
    1,850      Term Loan B2, LIBOR + 2.75%, 4/29/11   1,881,425  
    974   Language Line, Inc., Term Loan B, LIBOR + 4.25%, 6/10/11   985,449  
        Le Nature, Inc., Term Loan B,    
    1,658      LIBOR + 3.00%, 5/30/10   1,686,958  
    8      PRIME + 2.00%, 5/30/10   8,179  
        Michael Foods, Inc., Term Loan,    
    2,455      LIBOR + 2.25%, 11/30/10   2,491,716  
    303      PRIME + 1.25%, 11/30/10   307,531  
    988   Nice Pak Products, Inc., Term Loan, LIBOR + 3.50%, 6/15/10   1,001,078  
        Olympus Cable Holdings, LLC,    
    2,000      Term Loan A, Prime + 1.25%, 6/30/10   1,974,376  
    3,500      Term Loan B, Prime + 2.00%, 9/30/10   3,469,375  
    2,744   Oriental Trading Co., Inc., Term Loan B, LIBOR + 2.75%, 8/06/10   2,751,058  
    2,993   OSI Group LLC, Term Loan B, LIBOR + 2.50%, 9/02/11   3,029,906  
    1,814   Pantry, Inc., Term Loan B, LIBOR + 2.25%, 3/12/11   1,841,710  
    910   Pierre Foods, Inc., Term Loan B, LIBOR + 2.75%, 6/30/10   917,962  
    1,489   Prestige Brands Holdings, Inc., Term Loan B, LIBOR, 4/06/11   1,499,916  
    1,000   Propex Fabrics, Inc., Term Loan, LIBOR + 2.25%, 11/30/11   1,002,500  
    3,496   R.H. Donnelley, Inc., Term Loan D, LIBOR + 1.75%, 6/30/11   3,528,421  
    839   Sealy Mattress Co., Term Loan C, LIBOR + 2.25%, 4/06/12   850,476  
    3,201   Tempur Pedic, Inc., Term Loan B, LIBOR + 2.25%, 6/30/09   3,225,259  
    1,000   Travel Centers of America, Inc., Term Loan, LIBOR + 1.75%, 12/01/11   1,007,500  
            51,939,652  
        Containers & Packaging—2.6%    
    868   Bway Corp., Term Loan, LIBOR, 6/30/11   881,020  
        FlexSol Packaging Corp.,    
    1,000      Term Loan, LIBOR + 3.25%, 11/30/11   1,002,500  
    1,000      Term Loan, LIBOR + 7.00%, 11/30/12   1,015,000  
        Graham Packaging Co., Inc.,    
    2,000      Term Loan B, LIBOR, 10/07/11   2,025,714  
    2,000      Term Loan C, LIBOR, 3/15/12   2,052,500  

5

BlackRock Limited Duration Income Trust (BLW) (continued)

  Principal        
  Amount        
Rating1   (000)   Description Value  
      Containers & Packaging—(continued)    
    $      1,383   Graphic Packaging Intl., Inc., Term Loan C, LIBOR + 2.50%, 6/30/10 $ 1,405,117  
        Owens-Illinois Group, Inc.,    
    4,916      Term Loan A, LIBOR + 2.75%, 4/01/07   4,995,433  
    148      Term Loan C1, LIBOR + 2.75%, 4/01/08   151,020  
    2,470   Silgan Holdings, Inc., Term Loan B, LIBOR + 1.75%, 11/30/08   2,500,567  
    568   Smurfit Stone Container Corp., Term Loan, LIBOR + 2.00%, 11/01/11   575,923  
    481   Sola Intl., Inc., Term Loan, LIBOR + 3.00%, 12/11/09   486,664  
    1,985   Solo Cup, Inc., Term Loan, LIBOR + 2.50%, 2/27/11   2,018,497  
            19,109,955  
        Ecological Services & Equipment—1.0%    
        Allied Waste NA, Inc.,    
    990      Term Loan A, LIBOR + 2.75%, 1/15/10   1,002,375  
    3,926      Term Loan C, LIBOR + 2.75%, 1/15/10   3,983,379  
        Envirosolutions, Inc., Term Loan,    
    2,000      LIBOR + 2.00%, 3/01/09   1,992,500  
    684      LIBOR + 4.50%, 3/01/09   691,261  
            7,669,515  
        Energy—1.3%    
    429   AES Corp., The, Term Loan, LIBOR + 2.25%, 4/30/08   435,089  
    1,970   Calpine Corp., Term Loan, LIBOR + 5.75%, 7/16/07   1,750,838  
    1,000   El Paso Corp., Term Loan B, LIBOR + 2.75%, 11/23/09   1,009,722  
    1,933   Getty Petroleum Marketing, Inc., Term Loan, LIBOR + 3.25%, 5/19/10   1,967,167  
    433   Pike Electric, Inc., Term Loan B, LIBOR + 2.25%, 7/01/12   440,104  
    2,750   Reliant Energy Resources Corp., Term Loan B, LIBOR + 2.375%, 4/30/10   2,766,695  
    1,000   Universal Compression, Term Loan, LIBOR + 1.75%, 2/15/12   1,012,813  
            9,382,428  
        Entertainment & Leisure—1.6%    
    995   Boyd Gaming Corp., Term Loan B, LIBOR + 1.75%, 6/30/11   1,007,127  
    2,880   Greektown Casino, LLC, Term Loan D, LIBOR + 3.50%, 12/31/05   2,892,231  
    496   Green Valley Ranch Gaming, LLC, Term Loan B, LIBOR + 2.00%, 12/24/10   502,453  
    997   Loews Cineplex Entertainment Corp., Term Loan B, LIBOR + 2.25%, 7/31/11   1,010,436  
    3,990   MGM Mirage, Term Loan B, LIBOR + 2.50%, 4/30/11   3,989,003  
    1,173   Wyndham Intl., Inc., Term Loan II, LIBOR + 5.75%, 4/01/06   1,175,592  
    1,000   Wynn Las Vegas LLC, Term Loan, LIBOR + 2.45%, 12/14/11   1,012,500  
            11,589,342  
        Financial Institutions—1.1%    
    956   CCC Information Services, Inc., Term Loan B, LIBOR + 3.00%, 8/20/10   965,119  
    960   Conseco, Inc., Term Loan, LIBOR + 3.50%, 6/22/10   977,600  
    1,871   Global Cash Access, LLC, Term Loan, LIBOR + 2.75%, 3/10/10   1,899,221  
    1,500   Jostens, Inc., Term Loan C, LIBOR + 2.25%, 10/04/11   1,513,394  
    1,990   SBA Senior Finance, Inc., Term Loan C, LIBOR + 2.75%, 10/31/08   2,016,119  
    481   Universal American Financial Corp., Term Loan, LIBOR + 2.25%, 3/31/09   481,250  
            7,852,703  
        Health Care—4.3%    
    2,987   Accredo Health, Inc., Term Loan B, LIBOR + 1.75%, 4/30/11   3,008,033  
    211   Ameripath, Inc., Term Loan, LIBOR + 3.25%, 3/27/10   211,925  
    1,047   Colgate Medical, Ltd., Term Loan B, LIBOR + 2.00%, 12/30/08   1,057,057  
    2,993   Community Health Systems, Inc., Term Loan, LIBOR + 1.75%, 8/19/11   3,014,477  
    2,736   Concentra Operating Corp., Term Loan, LIBOR + 2.50%, 6/30/10   2,764,753  
    2,663   Connecticare, Inc., Term Loan, LIBOR + 3.75%, 10/31/09   2,665,828  
    2,952   Davita, Inc., Term Loan B, LIBOR + 2.00%, 3/31/09   2,954,676  
    475   DJ Orthopedics, LLC, Term Loan, LIBOR + 2.25%, 5/15/09   482,125  
    498   Fisher Scientific Intl., Inc., Term Loan B, LIBOR + 1.50%, 8/02/11   501,024  
    995   IASIS Healthcare Corp., Term Loan B, LIBOR + 2.50%, 6/30/11   1,008,474  
    2,993   Jean Coutu Group, Inc., Term Loan B, LIBOR + 2.25%, 7/30/11   3,035,143  
    2,172   Kinetic Concepts, Inc., Term Loan B2, LIBOR + 1.75%, 8/11/10   2,183,362  
    498   Medical Device Manufacturing, Inc., Term Loan B, LIBOR + 3.00%, 6/30/10   500,609  
    1,000   Pacificare Health Systems, Inc., Term Loan B, 12/13/10   1,003,125  
    2,100   Vanguard Health Systems, Term Loan, LIBOR + 3.25%, 9/30/11   2,135,438  

6

BlackRock Limited Duration Income Trust (BLW) (continued)

  Principal        
  Amount        
Rating1   (000)   Description Value  
      Health Care—(continued)    
        Warner Chilcott,    
    $     2,184      Term Loan B, LIBOR + 2.75%, 1/18/12 $ 2,197,289  
    880      Term Loan C, LIBOR + 2.75%, 1/18/12   885,400  
    406      Term Loan D, LIBOR + 2.75%, 1/18/12   409,030  
    530      Term Loan Delayed Draw, LIBOR + .50%, 1/18/12   533,281  
    995   Wellcare Holdings, Inc., Term Loan, LIBOR + 4.00%, 5/13/09   999,975  
            31,551,024  
        Industrials—2.0%    
    334   Alderwoods Group, Inc., Term Loan B2, LIBOR + 2.00%, 9/29/09   338,431  
    993   Arinc, Inc., Term Loan B, LIBOR + 2.00%, 3/10/11   1,004,906  
    1,000   Buhrmann U.S., Inc., Term Loan C1, LIBOR + 2.50%, 12/31/10   1,011,250  
    3,000   Exide Technologies, Term Loan, LIBOR + 3.50%, 5/05/10   2,895,000  
    950   Ionics, Inc., Term Loan, LIBOR + 2.75%, 2/13/11   950,982  
        New Flyer, Inc.,    
    381      Term Loan, LIBOR + 2.75%, 2/27/10   385,714  
    1,112      Term Loan B, LIBOR + 2.75%, 2/27/10   1,124,943  
    1,000   Novelis, Inc., Term B, LIBOR + 1.75%, 01/05/12   1,007,708  
    1,470   Sensus Metering Systems, Inc., Term Loan B1, LIBOR + 2.50%, 12/17/10   1,475,512  
    1,820   United Rentals NA, Inc., Term Loan B, LIBOR + 2.25%, 2/14/11   1,844,035  
    1,878   Williams Scotsman, Inc., Term Loan, LIBOR + 3.00%, 12/31/06   1,901,576  
    690   Worldspan LP, Term Loan, LIBOR + 3.75%, 6/30/07   695,028  
            14,635,085  
        Media—6.1%    
    498   Adams Outdoor Advertising, LP, Term Loan, LIBOR + 2.25%, 10/15/11   503,511  
    4,000   Century TCI California LP, Term Loan B, LIBOR + 2.00%, 12/31/09   3,970,000  
    3,483   Charter Communications Operating, LLC, Term Loan B, LIBOR + 3.25%, 4/27/11   3,467,887  
    2,242   Dex Media East, LLC, Term Loan A, LIBOR + 1.75%, 11/08/08   2,265,250  
        Dex Media West, LLC,    
    4,093      Term Loan A, LIBOR + 2.00%, 9/09/09   4,142,306  
    1,157      Term Loan B, LIBOR + 1.75%, 3/09/10   1,169,347  
    3,717   DirecTV Holdings, LLC, Term Loan B2, LIBOR + 2.00%, 3/06/10   3,765,878  
    3,000   Emmis Operating Co., Term Loan B, LIBOR, 11/10/11   3,028,332  
    1,750   Freedom Communications, Inc., Term Loan, LIBOR + 1.75%, 5/18/12   1,773,625  
    5,940   Insight Midwest Holdings, LLC, Term Loan, LIBOR + 2.75%, 12/31/09   6,028,615  
    3,980   Mediacom Communications Corp., Term Loan B, LIBOR + 2.50%, 9/30/10   4,023,780  
    1,000   Mediacom Illinois LLC, Term Loan B, LIBOR + 2.25%, 3/31/13   1,002,321  
    644   Mission Broadcasting, Inc., Term Loan D, LIBOR + 1.75%, 12/31/10   645,183  
    351   Nexstar Broadcasting, Inc., Term Loan D, LIBOR + 1.75%, 12/31/10   353,183  
    3,000   NTL Investment Holding Ltd., Term Loan B, LIBOR + 3.00%, 5/19/12   3,015,000  
    2,500   Raycom Media, Inc., Term Loan B, LIBOR + 1.75%, 3/31/12   2,528,125  
    1,267   Relizon Co., Term Loan, LIBOR + 3.00%, 2/20/11   1,267,445  
    1,985   Warner Music Group Corp., Term Loan B, LIBOR + 2.75%, 2/28/11   2,007,744  
            44,957,532  
        Real Estate—1.0%    
    1,455   Crescent Real Estate Equities LP, Term Loan, LIBOR + 2.25%, 1/12/06   1,465,416  
        General Growth Properties LLC,    
    2,000      Term Loan A, LIBOR + 2.25%, 11/12/07   2,002,916  
    3,491      Term Loan B, LIBOR + 2.25%, 11/12/08   3,514,991  
            6,983,323  
        Technology—0.6%    
    3,235   Knowles Electronics, Inc., Term Loan B2, LIBOR + 5.00%, 6/29/07   3,252,347  
    1,493   Verifone, Inc., Term Loan B, LIBOR + 2.50%, 6/30/11   1,511,156  
            4,763,503  

7

BlackRock Limited Duration Income Trust (BLW) (continued)

  Principal        
  Amount        
Rating1   (000)   Description Value  
      Telecommunications—2.7%    
    $      1,000   Atlantic Broadband Finance, LLC, Term Loan B, LIBOR + 3.25%, 9/01/11 $ 1,018,333  
    1,491   Centennial Cellular Operating Co., Term Loan B, LIBOR + 2.75%, 2/09/11   1,501,729  
    1,490   Consolidated Communications, Inc., Term Loan C, LIBOR + 2.50%, 10/14/11   1,512,350  
    1,000   Intelsat Ltd., Term Loan B, LIBOR + 1.75%, 7/28/11   1,011,250  
    2,000   Iowa Telecom, Term Loan B, LIBOR + 2.00%, 11/30/11   2,020,000  
    2,500   Nextel Partners Operating Corp., Term Loan C, LIBOR + 2.50%, 5/31/11   2,530,803  
    5,000   Qwest Corp., Term Loan A, LIBOR + 4.75%, 6/30/07   5,210,715  
    1,000   Valor Telecommunications LLC, Term Loan, LIBOR + 7.75%, 11/16/11   1,002,500  
    3,980   Western Wireless Corp., Term Loan B, LIBOR + 3.00%, 5/31/11   4,005,703  
            19,813,383  
        Transportation—0.4%    
    995   Kenan Advantage Group, Inc., Term Loan, LIBOR + 3.50%, 06/30/10   1,007,438  
    1,000   Sirva Worldwide, Inc., Term Loan, LIBOR + 2.00%, 12/01/10   980,000  
    649   Transport Ind., LP, Term Loan B, LIBOR + 4.00%, 6/13/10   649,257  
            2,636,695  
        Total Bank Loans   295,645,518  
        Mortgage Pass-Through Securities—22.2%    
        Federal National Mortgage Assoc.,    
    5,341      4.475%, 11/01/34   5,447,212  
    121,700 3    5.00%, 2/15/05 TBA   123,601,563  
    13,991 3    5.50%, 12/01/28 - 11/01/33   14,266,021  
    17,000 3    7.25%, 1/15/10   19,418,930  
        Total Mortgage Pass-Through Securities   162,733,726  
        Interest Only Asset-Backed Securities—1.4%    
        Sterling Coofs Trust,    
    70,737      Ser. 1, 2.488%, 4/15/29   6,189,519  
    54,298      Ser. 2, 1.76%, 3/30/30   4,326,851  
        Total Interest Only Asset-Backed Securities   10,516,370  
        Interest Only Mortgage-Backed Securities—0.4%    
    16,803   Federal National Mortgage Assoc., Ser. 64, Class QI, 01/25/33   3,041,586  
        Commercial Mortgage-Backed Securities—0.1%    
BB+   1,000 2 Bear Stearns Commercial Mortgage Secs., Inc., Class K, 4.95%, 5/14/16   1,005,230  
        Asset-Backed Securities—1.9%    
AAA   6,900 3 DaimlerChrysler Auto Trust, Ser. B, Class A3, 2.25%, 2/01/05   6,846,714  
AAA   7,125 3 Honda Auto Receivables, Class A3, 2.30%, 10/18/07   7,052,971  
        Total Asset-Backed Securities   13,899,685  
        Collateralized Mortgage Obligations—2.3%    
        GSR Mortgage Loan Trust,    
    8,507      Ser. 10, Class 2A1, 10/25/33   8,289,353  
    8,560      Ser. 13, Class 1A1, 10/25/33   8,426,001  
        Total Collateralized Mortgage Obligations   16,715,354  
        Foreign Government Bonds—2.5%    
B   1,429   Bolivarian Republic of Venezuela, 3.625%, 6/20/05   1,417,796  
BB   5,000   Republic of Colombia, 9.75%, 4/23/09   5,645,000  
BB   5,000   Republic of Peru, 9.125%, 2/21/12   5,750,000  
BB-   5,000   Republic of Turkey, 11.375%, 11/27/06   5,562,500  
        Total Foreign Government Bonds   18,375,296  
        U.S. Government Securities—4.8%    
        U.S. Treasury Notes,    
    20,425 3    3.375%, 12/15/08 - 9/15/09   20,276,485  
    6,000 3    3.875%, 5/15/09   6,066,540  
    8,660 3    4.25%, 11/15/13   8,758,811  
        Total U.S. Government Securities   35,101,836  

8

BlackRock Limited Duration Income Trust (BLW) (continued)

  Units   Description Value  
      Warrants—0.0%    
    10 4 Reliant Resources, Inc., Expires 8/25/08, Strike Price $.001, 1 share for 1 warrant   —  
        Total investments—138.4% (cost $987,450,524)   $1,015,225,769  
        Liabilities in excess of other assets—(38.4)%   (281,904,712)  
        Net Assets—100%   $ 733,321,057  

1   Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch’s Rating.  
2   Security is not registered under the Securities Act of 1933. These securities may be resold in transaction in accordance with Rule 144A under that Act, to qualified institutional buyers. As of January 31, 2005, the Trust held 16.2% of its net assets, with a current market value of $118,514,632, in securities restricted as to resale.  
3   Entire or partial principal amount pledged as collateral for reverse repurchase agreements or financial futures contracts.  
4   Illiquid security. 
       
    A category in the Corporate Bonds and Bank Loans section may contain multiple industries as defined by the SEC’s Standard Industry Codes.  
       
    Key to Abbreviations  
    TBA — To be announced  

9

Item 2. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

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

SIGNATURES

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

(Registrant)      BlackRock Limited Duration Income Trust     

By:    /s/ Henry Gabbay                                                                                                            
Name: Henry Gabbay
Title: Treasurer
Date: April 1, 2005

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

By:    /s/ Robert S. Kapito                                                                                                        
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: April 1, 2005

By:    /s/ Henry Gabbay                                                                                                             
Name: Henry Gabbay
Title: Principal Financial Officer
Date: April 1, 2005