N-CSRS

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

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:     April 30, 2005 

Item 1. Reports to Shareholders.

The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

FIXED INCOME LIQUIDITY EQUITIES ALTERNATIVES BLACKROCK SOLUTIONS

BlackRock

Closed-End Funds

Semi-Annual Report

APRIL 30, 2005 (Unaudited)

BlackRock Broad Investment Grade 2009 Term Trust Inc. (BCT)

BlackRock Core Bond Trust (BHK)

BlackRock High Yield Trust (BHY)

BlackRock Income Opportunity Trust (BNA)

BlackRock Income Trust Inc. (BKT)

BlackRock Limited Duration Income Trust (BLW)

BlackRock Strategic Bond Trust (BHD)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

TABLE OF CONTENTS

Letter to Shareholders	1
Trusts’ Summaries	2
Portfolios of Investments	9
Financial Statements
Statements of Assets and Liabilities	60
Statements of Operations	62
Statements of Cash Flows	64
Statements of Changes in Net Assets	66
Financial Highlights	69
Notes to Financial Statements	76
Dividend Reinvestment Plans	90
Additional Information	91

Privacy Principles of the Trusts

          The Trusts are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Trusts collect, how we protect that information and why, in certain cases, we may share information with select other parties.

          Generally, the Trusts do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of shareholders may become available to the Trusts. The Trusts do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).

          The Trusts restrict access to non-public personal information about their shareholders to BlackRock employees with a legitimate business need for the information. The Trusts maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.

LETTER TO SHAREHOLDERS

April 30, 2005

Dear Shareholder:

          We are pleased to report that during the semi-annual period, the Trusts provided the opportunity to invest in various portfolios of fixed income securities. This report contains the Trusts’ unaudited financial statements and a listing of the portfolios’ holdings.

          The portfolio management team continuously monitors the fixed income markets and adjusts the portfolios in order to gain exposure to various issuers and security types. This strategy enables the Trusts to move among different sectors, credits and coupons to capitalize on changing market conditions.

          The following table shows the Trusts’ yields, closing market prices per share and net asset values (“NAV”) per share as of April 30, 2005.

Trust	Yield1			Market Price			NAV
BlackRock Broad Investment Grade 2009 Term Trust Inc. (BCT)		5.63	%		$	16.00	$	15.27
BlackRock Core Bond Trust (BHK)		7.62				13.78		14.82
BlackRock High Yield Trust (BHY)		8.86				9.25		7.51
BlackRock Income Opportunity Trust (BNA)		7.63				11.01		11.86
BlackRock Income Trust Inc. (BKT)		8.39				7.30		6.76
BlackRock Limited Duration Income Trust (BLW)		7.68				18.24		19.29
BlackRock Strategic Bond Trust (BHD)		9.62				14.34		14.06

¹ Yield is based on market price.

          BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to managing fixed income securities. As of March 31, 2005, BlackRock managed $263 billion in fixed income, including 20 open-end and 48 closed-end bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, Inc., and its affiliate, BlackRock Financial Management, Inc., are wholly owned subsidiaries of BlackRock, Inc.

          On behalf of BlackRock, we thank you for your continued confidence and assure you that we remain committed to excellence in managing your assets.

Sincerely,
Laurence D. Fink Chief Executive Officer BlackRock Advisors, Inc.	Ralph L. Schlosstein President BlackRock Advisors, Inc.

1

TRUST SUMMARIES (unaudited)
APRIL 30, 2005

BlackRock Broad Investment Grade 2009 Term Trust Inc. (BCT)

Trust Information

Symbol on American Stock Exchange:	BCT
Initial Offering Date:	June 17, 1993
Closing Market Price as of 4/30/05:		$	16.00
Net Asset Value as of 4/30/05:		$	15.27
Yield on Closing Market Price as of 4/30/05 ($16.00):1			5.63	%
Current Monthly Distribution per Share:2		$	0.075
Current Annualized Distribution per Share:2		$	0.900

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
2	The distribution is not constant and is subject to change.
The table below summarizes the changes in the Trust’s market price and NAV:

	4/30/05		10/31/04		Change			High		Low
Market Price	$	16.00	$	15.80		1.27	%	$	16.38	$	15.15
NAV	$	15.27	$	15.98		(4.44	)%	$	15.95	$	15.14

The following charts show the portfolio composition of the Trust’s long-term investments and credit quality allocations of the Trust’s corporate bond investments:

Portfolio Composition

Composition	April 30, 2005			October 31, 2004
U.S. Government and Agency Securities		43	%		63	%
Corporate Bonds		17			6
Agency Multiple Class Mortgage Pass-Throughs		16			13
Interest Only Mortgage-Backed Securities		8			7
Taxable Municipal Bonds		8			5
Inverse Floating Rate Mortgages		5			4
Principal Only Mortgage-Backed Securities		1			–
Mortgage Pass-Throughs		1			1
Commercial Mortgage-Backed Securities		1			1

Corporate Credit Breakdown³

Credit Rating	April 30, 2005			October 31, 2004
AAA/Aaa		7	%		—	%
AA/Aa		54			42
A		23			43
BBB/Baa		15			13
CCC/Caa		1			2

³ Using the higher of Standard & Poor’s (“S&P”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch”) rating. Corporate bonds represented approximately 15.1% and 8.7% of net assets on April 30, 2005 and October 31, 2004, respectively.

2

TRUST SUMMARIES (unaudited)
APRIL 30, 2005

BlackRock Core Bond Trust (BHK)

Trust Information

Symbol on New York Stock Exchange:	BHK
Initial Offering Date:	November 27, 2001
Closing Market Price as of 4/30/05:		$	13.78
Net Asset Value as of 4/30/05:		$	14.82
Yield on Closing Market Price as of 4/30/05 ($13.78):1			7.62	%
Current Monthly Distribution per Share:2		$	0.0875
Current Annualized Distribution per Share:2		$	1.0500

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
2	The distribution is not constant and is subject to change.
The table below summarizes the changes in the Trust’s market price and NAV:

	4/30/05		10/31/04		Change			High		Low
Market Price	$	13.78	$	14.02		(1.71	)%	$	14.28	$	13.06
NAV	$	14.82	$	15.22		(2.63	)%	$	15.36	$	14.65

The following charts show the portfolio composition of the Trust’s long-term investments and credit quality allocations of the Trust’s corporate bond investments:

Portfolio Composition

Composition	April 30, 2005			October 31, 2004
Corporate Bonds		42	%		45	%
U.S. Government and Agency Securities		34			27
Mortgage Pass-Throughs		10			15
Commercial Mortgage-Backed Securities		4			2
Agency Multiple Class Mortgage Pass-Through Securities		4			—
Foreign Government Bonds		2			7
Interest Only Mortgage-Backed Securities		2			2
Collateralized Mortgage Obligations		1			1
Asset-Backed Securities		1			1

Corporate Credit Breakdown³

Credit Rating	April 30, 2005			October 31, 2004
AAA/Aaa		6	%		4	%
AA/Aa		25			21
A		14			26
BBB/Baa		19			19
BB/Ba		8			7
B		20			18
CCC/Caa		4			2
Not Rated		4			3

³ Using the higher of S&P’s, Moody’s or Fitch’s rating. Corporate bonds represented approximately 60.0% and 61.3% of net assets on April 30, 2005 and October 31, 2004, respectively.

3

TRUST SUMMARIES (unaudited)
APRIL 30, 2005

BlackRock High Yield Trust (BHY)

Trust Information

Symbol on New York Stock Exchange:	BHY
Initial Offering Date:	December 23, 1998
Closing Market Price as of 4/30/05:		$	9.25
Net Asset Value as of 4/30/05:		$	7.51
Yield on Closing Market Price as of 4/30/05 ($9.25):1			8.86	%
Current Monthly Distribution per Share:2		$	0.068333
Current Annualized Distribution per Share:2		$	0.819996

1	Yield on closing market price is calculated by dividing the annualized distribution per share by the closing market price.
2	The distribution is not constant and is subject to change.

The table below summarizes the changes in the Trust’s market price and NAV:

	4/30/05			10/31/04			Change			High			Low
Market Price		$	9.25		$	9.30		(0.54)	%		$	10.35		$	8.92
NAV		$	7.51		$	7.95		(5.53)	%		$	8.15		$	7.51

The following charts show the porfolio composition and credit quality allocations of the Trust’s corporate bond investments:

Corporate Portfolio Composition

Composition	April 30, 2005			October 31, 2004
Energy		19	%		19	%
Financial Institutions		11			15
Media		10			9
Basic Materials		10			14
Telecommunications		9			11
Consumer Products		7			5
Industrials		5			4
Aerospace & Defense		5			2
Health Care		5			4
Technology		4			2
Transportation		4			4
Automotive		3			2
Entertainment & Leisure		3			3
Containers & Packaging		2			2
Building & Development		2			2
Ecological Services & Equipment		1			1
Real Estate		—			1

Corporate Credit Breakdown³

Credit Rating	April 30, 2005			October 31, 2004
BBB/Baa		1	%		2	%
BB/Ba		31			31
B		55			54
CCC/Caa		12			11
CC/Ca		—			1
Not Rated		1			1

³ Using the higher of S&P’s, Moody’s or Fitch’s rating. Corporate bonds represented approximately 134.5% and 133.8% of net assets on April 30, 2005 and October 31, 2004, respectively.

4

TRUST SUMMARIES (unaudited)
APRIL 30, 2005

BlackRock Income Opportunity Trust (BNA)

Trust Information

Symbol on New York Stock Exchange:	BNA
Initial Offering Date:	December 20, 1991
Closing Market Price as of 4/30/05:		$	11.01
Net Asset Value as of 4/30/05:		$	11.86
Yield on Closing Market Price as of 4/30/05 ($11.01):1			7.63	%
Current Monthly Distribution per Share:2		$	0.07
Current Annualized Distribution per Share:2		$	0.84

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
2	The distribution is not constant and is subject to change.

The table below summarizes the changes in the Trust’s market price and NAV:

	4/30/05			10/31/04			Change			High			Low
Market Price		$	11.01		$	11.38		(3.25)	%		$	11.42		$	10.45
NAV		$	11.86		$	12.38		(4.20)	%		$	12.37		$	11.67

The following charts show the portfolio composition of the Trust’s long-term investments and credit quality allocations of the Trust’s corporate bond investments:

Portfolio Composition

Composition	April 30, 2005			October 31, 2004
Corporate Bonds		39	%		46	%
U.S. Government and Agency Securities		36			33
Mortgage Pass-Through Securities		12			14
Agency Multiple Class Mortgage Pass-Through Securities		3			1
Commercial Mortgage-Backed Securities		2			—
Non-Agency Multiple Class Mortgage Pass-Through Securities		2			2
Interest Only Mortgage-Backed Securities		2			2
Interest Only Asset-Backed Securities		1			1
Foreign Government Bonds		1			—
Federal Housing Administration		1			1
Adjustable Rate Mortgage Securities		1			—

Corporate Credit Breakdown³

Credit Rating	April 30, 2005			October 31, 2004
AAA/Aaa		9	%		6	%
AA/Aa		18			18
A		11			21
BBB/Baa		24			27
BB/Ba		11			9
B		21			15
CCC/Caa		4			2
Not Rated		2			2

³ Using the higher of S&P’s, Moody’s or Fitch’s rating. Corporate bonds represented approximately 56.2% and 59.6% of net assets on April 30, 2005 and October 31, 2004, respectively.

5

TRUST SUMMARIES (unaudited)
APRIL 30, 2005

BlackRock Income Trust Inc. (BKT)

Trust Information

Symbol on New York Stock Exchange:	BKT
Initial Offering Date:	July 22, 1988
Closing Market Price as of 4/30/05:		$	7.30
Net Asset Value as of 4/30/05:		$	6.76
Yield on Closing Market Price as of 4/30/05 ($7.30):1			8.39	%
Current Monthly Distribution per Share:2		$	0.051042
Current Annualized Distribution per Share:2		$	0.612504

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
2	The distribution is not constant and is subject to change.

The table below summarizes the changes in the Trust’s market price and NAV:

	4/30/05			10/31/04			Change		High			Low
Market Price		$	7.30		$	7.50	(2.67)	%		$	7.68		$	6.96
NAV		$	6.76		$	6.95	(2.73)	%		$	6.95		$	6.73

The following chart shows the portfolio composition of the Trust’s long-term investments:

Portfolio Composition

Composition	April 30, 2005			October 31, 2004
U.S. Government and Agency Securities		29	%		32	%
Mortgage Pass-Through Securities		22			23
Agency Multiple Class Mortgage Pass-Through Securities		18			12
Interest Only Mortgage-Backed Securities		12			10
Principal Only Mortgage-Backed Securities		6			6
Collateralized Mortgage Obligations		4			10
Non-Agency Multiple Class Mortgage Pass-Through Securities		2			—
Federal Housing Administration		2			2
Inverse Floating Rate Mortgage Securities		2			2
Interest Only Asset-Backed Securities		1			1
Commercial Mortgage-Backed Securities		1			2
Corporate Bonds		1			—

6

TRUST SUMMARIES (unaudited)
APRIL 30, 2005

BlackRock Limited Duration Income Trust (BLW)

Trust Information

Symbol on New York Stock Exchange:	BLW
Initial Offering Date:	July 30, 2003
Closing Market Price as of 4/30/05:		$	18.24
Net Asset Value as of 4/30/05:		$	19.29
Yield on Closing Market Price as of 4/30/05 ($18.24):1			7.68	%
Current Monthly Distribution per Share:2		$	0.1167
Current Annualized Distribution per Share:2		$	1.4004

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
2	The distribution is not constant and is subject to change.

The table below summarizes the Trust’s market price and NAV:

	4/30/05			10/31/04			Change			High			Low
Market Price		$	18.24		$	19.95		(8.57)	%		$	20.42		$	17.50
NAV		$	19.29		$	20.13		(4.17)	%		$	20.20		$	19.29

The following charts show the portfolio composition of the Trust’s long-term investments and credit quality allocations of the Trust’s corporate bond investments:

Portfolio Composition

Composition	April 30, 2005			October 31, 2004
Corporate Bonds		43	%		43	%
Bank Loans		31			31
Mortgage Pass-Throughs		15			16
U.S. Government and Agency Securities		4			4
Asset-Backed Securities		2			1
Foreign Government Bonds		2			2
Collateralized Mortgage Obligation Securities		2			2
Interest Only Asset-Backed Securities		1			1

Corporate Credit Breakdown³

Credit Rating	April 30, 2005			October 31, 2004
A		3	%		5	%
BBB/Baa		10			12
BB/Ba		27			28
B		50			50
CCC/Caa		5			2
Not Rated		5			3

³ Using the higher of S&P’s, Moody’s or Fitch’s rating. Corporate bonds represented approximately 64.4% and 58.2% of net assets on April 30, 2005 and October 31, 2004, respectively.

7

TRUST SUMMARIES (unaudited)
APRIL 30, 2005

BlackRock Strategic Bond Trust (BHD)

Trust Information

Symbol on New York Stock Exchange:	BHD
Initial Offering Date:	February 26, 2002
Closing Market Price as of 4/30/05:		$	14.34
Net Asset Value as of 4/30/05:		$	14.06
Yield on Closing Market Price as of 4/30/05 ($14.34):1			9.62	%
Current Monthly Distribution per Share:2		$	0.115
Current Annualized Distribution per Share:2		$	1.380

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
2	The distribution is not constant and is subject to change.

The table below summarizes the changes in the Trust’s market price and NAV:

	4/30/05			10/31/04			Change			High			Low
Market Price		$	14.34		$	16.70		(14.13)	%		$	17.75		$	13.38
NAV		$	14.06		$	15.10		(6.89)	%		$	15.14		$	14.06

The following charts show the portfolio composition and credit quality allocations of the Trust’s corporate bond investments:

Corporate Portfolio Composition

Composition	April 30, 2005			October 31, 2004
Financial Institutions		16	%		17	%
Energy		13			13
Media		12			13
Telecommunications		9			7
Basic Materials		6			6
Consumer Products		6			5
Health Care		6			7
Industrials		6			—
Aerospace & Defense		5			4
Building & Development		3			3
Technology		3			3
Entertainment & Leisure		3			3
Automotive		3			10
Real Estate		2			2
Containers & Packaging		2			1
Transportation		2			1
Ecological Services & Equipment		2			3
Conglomerates		1			2

Corporate Credit Breakdown³

Credit Rating	April 30, 2005			October 31, 2004
AAA/Aaa		3	%		4	%
AA/Aa		7			10
A		10			10
BBB/Baa		18			17
BB/Ba		12			11
B		40			40
CCC/Caa		7			5
Not Rated		3			3

³ Using the higher of S&P’s, Moody’s or Fitch’s rating. Corporate bonds represented approximately 136.3% and 106.5% of net assets on April 30, 2005 and October 31, 2004, respectively.

8

CONSOLIDATED PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2005

BlackRock Broad Investment Grade 2009 Term Trust Inc. (BCT)

Rating1	Principal Amount (000)			Description	Value
				LONG-TERM INVESTMENTS—90.3%
				Mortgage Pass-Through Securities—1.2%
				Federal National Mortgage Assoc.,
		$	527	5.50%, 1/01/17-2/01/17	$	539,988
			16	6.50%, 7/01/29		16,854
				Total Mortgage Pass-Through Securities		556,842
				Agency Multiple Class Mortgage Pass-Through Securities—14.4%
				Federal Home Loan Mortgage Corp.,
			2,168	Ser. 1510, Class G, 7.05%, 5/15/13		2,261,593
			32	Ser. 1512, Class H, 6.50%, 2/15/08		31,761
			369	Ser. 1534, Class IG, 5.00%, 2/15/10		369,195
			2,000	Ser. 1598, Class J, 6.50%, 10/15/08		2,088,860
				Federal National Mortgage Assoc.,
			79	Ser. 13, Class SJ, 8.75%, 2/25/09		80,079
			51	Ser. 43, Class E, 7.50%, 4/25/22		52,898
			1,000	Ser. 49, Class H, 7.00%, 4/25/13		1,060,230
			281	Ser. 214, Class SK, 10.00%, 12/25/08		303,031
			234	Government National Mortgage Assoc., Remic Trust 2000, Class 16, 3.13%, 12/16/27		234,939
				Total Agency Multiple Class Mortgage Pass-Through Securities		6,482,586
				Inverse Floating Rate Mortgage Securities—4.2%
AAA			255	Citicorp Mortgage Securities, Inc., Ser. 14, Class A-4, 15.30%, 11/25/23		255,525
				Federal Home Loan Mortgage Corp.,
			330	Ser. 1425, Class SB, 15.894%, 12/15/07		362,442
			58	Ser. 1506, Class S, 15.492%, 5/15/08		63,011
			106	Ser. 1515, Class S, 15.663%, 5/15/08		117,395
			68	Ser. 1618, Class SA, 8.25%, 11/15/08		67,846
			5	Ser. 1621, Class SH, 9.344%, 11/15/22		4,645
			62	Ser. 1661, Class SB, 15.545%, 1/15/09		67,709
			218	Ser. 1688, Class S, 9.669%, 12/15/13		225,723
				Federal National Mortgage Assoc.,
			208	Ser. 187, Class SB, 18.527%, 10/25/07		229,979
			107	Ser. 190, Class S, 15.894%, 11/25/07		115,020
			151	Ser. 191, Class SD, 12.217%, 10/25/08		158,266
			202	Ser. 214, Class SH, 10.444%, 12/25/08		202,612
				Total Inverse Floating Rate Mortgage Securities		1,870,173
				Interest Only Mortgage-Backed Securities—7.6%
				Federal Home Loan Mortgage Corp.,
			143	Ser. 65, Class I, 8/15/20		1,786
			40	Ser. 141, Class H, 5/15/21		520
			73	Ser. 1114, Class J, 7/15/06		1,251
			17	Ser. 1285, Class M, 5/15/07		296
			539	Ser. 1645, Class IB, 9/15/08		27,519
			1,970	Ser. 2523, Class EH, 4/15/20		252,782
			1,468	Ser. 2543, Class IJ, 10/15/12		84,692
			1,274	Ser. 2543, Class IM, 9/15/12		51,198
			4,640	Ser. 2572, Class IT, 5/15/19		60,454
			2,907	Ser. 2633, Class PI, 3/15/12		137,597
			3,316	Ser. 2672, Class TP, 9/15/16		106,480
			5,605	Ser. 2739, Class PI, 3/15/22		623,130
			2,550	Ser. 2775 Class UB, 12/15/17		167,382

See Notes to Financial Statements.

9

BlackRock Broad Investment Grade 2009 Term Trust Inc. (BCT) (continued)

Rating1	Principal Amount (000)				Description	Value
					Interest Only Mortgage-Backed Securities—(cont’d)
					Federal National Mortgage Assoc.,
		$	252		Ser. 8, Class HA, 1/25/08	$	31,843
			2,885		Ser. 13, Class IG, 10/25/22		224,404
			268		Ser. 20, Class SL, 9/25/08		40,041
			6		Ser. 39, Class PE, 1/25/23		32
			713		Ser. 49, Class L, 4/25/13		58,909
			539		Ser. 51, Class K, 4/25/07		41,704
			169		Ser. 69, Class AZ, 6/25/19		170,372
			12,992		Ser. 70, Class ID, 4/25/22		1,211,504
			48		Ser. 72, Class H, 7/25/06		3,258
			1,142		Ser. 82, Class IR, 9/25/12		53,990
			99		Ser. 194, Class PV, 6/25/08		2,082
			349		Ser. 208, Class S, 2/25/23		7,849
			139		Ser. 223, Class PT, 10/25/23		12,444
			5		Ser. G-21, Class L, 7/25/21		7,188
			13		PNC Mortgage Securities Corp., Ser. 8, Class 4-X, 10/25/28		517
			21,158		Vendee Mortgage Trust, Ser. 1, Class IO, 10/15/31		42,740
					Total Interest Only Mortgage-Backed Securities		3,423,964
					Principal Only Mortgage-Backed Securities—1.3%
			597		Federal National Mortgage Assoc., Ser. 97, Class WO, 10/25/33		549,454
Aaa			35		Salomon Brothers Mortgage Securities VI, Inc., Ser. 3, Class A, 10/23/17		32,095
					Total Principal Only Mortgage-Backed Securities		581,549
					Commercial Mortgage-Backed Securities—0.9%
AAA			377	2	New York City Mortgage Loan Trust, Multi-Family, Class A2, 6.75%, 6/25/11		394,163
					Asset-Backed Securities—0.0%
NR			235	2,3,4	Global Rated Eligible Asset Trust, Ser. A, Class 1, 7.33%, 9/15/07		2,346
					Structured Mortgage Asset Residential Trust,
NR			568	3,4	Ser. 2, 8.24%, 3/15/06		2,840
NR			629	3,4	Ser. 3, 8.724%, 4/15/06		3,147
					Total Asset-Backed Securities		8,333
					Collateralized Mortgage Obligation Residuals—0.0%
			5		Federal National Mortgage Assoc., Ser. 174, Class S, 9/25/22		17,190
					Corporate Bonds—15.1%
					Energy—2.3%
A-			500		Conoco Funding Co., 5.45%, 10/15/06 (Canada)		510,490
BBB+			500	2	Israel Electric Corp., Ltd., 7.25%, 12/15/06 (Israel)		522,430
							1,032,920
					Financial Institutions—12.6%
Aa2			500		Bank America Corp., 4.75%, 10/15/06		506,145
AAA			500		General Electric Capital Corp., 2.75%, 9/25/06		492,585
Baa2			500		General Motors Acceptance Corp., 6.125%, 9/15/06		497,390
AA-			500		Goldman Sachs Group, Inc., 2.85%, 10/27/06		492,465
A+			500		Lehman Brothers Holdings, Inc., 7.50%, 9/01/06		522,605
AA-			1,000	5	Morgan Stanley Group, Inc., 10.00%, 6/15/08		1,160,500
A+			500		SLM Corp., 3.50%, 9/30/06		496,200
Aa3			500		Suntrust Bank, 7.25%, 9/15/06		522,330
Aa1			500		US Bank NA, 2.85%, 11/15/06		491,490
AA-			500		Wachovia Corp., 4.95%, 11/01/06		507,845
							5,689,555
					Transportation—0.2%
CCC			100		American Airlines, Inc., 10.44%, 3/04/07		92,000
					Total Corporate Bonds		6,814,475

See Notes to Financial Statements.

10

BlackRock Broad Investment Grade 2009 Term Trust Inc. (BCT) (continued)

Rating1	Principal Amount (000)			Description	Value
				U.S. Government and Agency Securities—38.3%
		$	203	Small Business Investment Cos., Ser. P10A, Class 1, 6.12%, 2/01/08	$	210,199
				U.S. Treasury Notes,
			3,200	3.50%, 11/15/06		3,197,875
			1,700	5.75%, 11/15/05		1,722,777
			2,000	6.00%, 8/15/09		2,168,672
			385	6.625%, 5/15/07		407,303
			10,000	U.S. Treasury Strip, zero coupon, 8/15/06		9,590,600
				Total U.S. Government and Agency Securities		17,297,426
				Taxable Municipal Bonds—7.3%
AAA			500	Fresno California Pension Oblig., 7.80%, 6/01/14		615,500
AAA			500	Kern County California Pension Oblig., 6.98%, 8/15/09		552,045
				Los Angeles Cnty. California Pension Oblig.,
AAA			1,000	Ser. A, 8.62%, 6/30/06		1,055,660
AAA			500	Ser. D, 6.97%, 6/30/08		541,110
AAA			500	Orleans Parish Louisiana School Board, Ser. A, 6.60%, 2/01/08		535,280
				Total Taxable Municipal Bonds		3,299,595
				Total Long-Term Investments (cost $40,544,341)		40,746,296
				SHORT-TERM INVESTMENT—8.8%
				U.S. Government and Agency Security—8.8%
			4,000	Federal Home Loan Bank, zero coupon, 5/02/05 (cost $3,999,700)		3,999,700
				Total investments— 99.1% (cost $44,544,041)	$	44,745,996
				Assets in excess of liabilities —0.9%		398,613
				Net Assets— 100%	$	45,144,609

1	Using the higher of S&P’s, Moody’s or Fitch’s rating.
2	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2005, the Trust held 2.0% of its net assets, with a current market value of $918,939, in securities restricted as to resale.
3	Security is fair valued.
4	Illiquid securities representing 0.02% of net assets.
5	Entire or partial principal amount pledged as collateral for financial futures contracts.

A category in the Coporate Bonds section may contain multiple industries as defined by the SEC’s Standard Industry Codes.

See Notes to Financial Statements.

11

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2005

BlackRock Core Bond Trust (BHK)

Rating1	Principal Amount (000)			Description	Value
				LONG-TERM INVESTMENTS—142.4%
				Mortgage Pass-Through Securities—13.9%
				Federal Home Loan Mortgage Corp.,
		$	1,875	3.01%, 4/19/07	$	1,838,400
			465	3.875%, 11/10/08		461,746
			99	5.00%, 8/01/33		97,880
			3,020	5.50%, 11/01/18		3,095,901
			313	5.971%, 5/01/32		317,443
			4,590	6.00%, 9/01/10-12/01/18		4,761,562
			48	7.00%, 9/01/31		50,573
			6,000	5.50%, TBA		6,065,626
				Federal National Mortgage Assoc.,
			870	1.75%, 6/16/06		851,600
			6,180	2.35%, 4/29/06-4/05/07		6,033,445
			2,418	4.50%, 5/01/19-8/01/19		2,394,862
			1,280	4.75%, 2/21/13		1,265,306
			14,683	5.00%, 11/01/17-2/01/34		14,780,201
			8,765	5.50%, 1/01/18-7/01/34		8,863,904
			38	6.00%, 8/01/29-5/01/33		38,706
			637	7.00%, 1/01/31-7/01/32		673,421
			450	Government National Mortgage Assoc., 5.50%, 8/15/33		457,973
				Small Business Administration,
			999	Ser. P10B, Class 1, 4.754%, 8/10/14		1,000,710
			2,414	Ser. P10B, Class 1, 5.136%, 8/10/13		2,448,880
				Total Mortgage Pass-Through Securities		55,498,139
				Agency Multiple Class Mortgage Pass-Through Securities—5.2%
				Federal Home Loan Mortgage Corp.,
			2,000	Ser. 82, Class HJ, 9/25/32		2,033,400
			1,627	Ser. 2825, Class VP, 6/15/15		1,674,334
			1,300	Ser. 2883, Class DR, 11/15/19		1,335,737
			3,778	Ser. 2922, Class GA, 5/15/34		3,853,913
			1,950	Ser. 2927, Class BA, 10/15/33		1,992,293
			1,950	Ser. 2933, Class HD, 2/15/35		1,994,304
				Federal National Mortgage Assoc.,
			1,670	Ser. 3, Class AP, 2/25/35		1,708,160
			3,821	Ser. 5, Class PK, 12/25/34		3,813,596
			2,264	Ser. 27, Class PC, 5/25/34		2,306,383
				Total Agency Multiple Class Mortgage Pass-Through Securities		20,712,120
				Non-Agency Multiple Class Mortgage Pass-Through Securities—0.5%
AAA			1,997	Banc of America Alternative Loan Trust, Ser. 11, Class 2, 6.00%, 12/25/34		2,013,964
				Interest Only Asset-Backed Securities—1.4%
				Sterling Coofs Trust,
			39,053	Ser. 1, 4/15/29		3,343,932
			30,350	Ser. 2, 3/30/30		2,397,650
				Total Interest Only Asset-Backed Securities		5,741,582
				Interest Only Mortgage-Backed Securities—2.6%
				Federal Home Loan Mortgage Corp.,
			3,704	Ser. 2579, Class HI, 8/15/17		477,663
			3,071	Ser. 2582, Class TB, 10/15/21		3,065,591
			8,528	Ser. 2611, Class QI, 9/15/32		1,606,295
				Federal National Mortgage Assoc.,
			12,833	Ser. 64, Class QI, 1/25/33		2,368,888
			36,095	Ser. 90, Class JH, 11/25/34		2,854,399
				Total Interest Only Mortgage-Backed Securities		10,372,836

See Notes to Financial Statements.

12

BlackRock Core Bond Trust (BHK) (continued)

Rating1	Principal Amount (000)				Description	Value
					Commercial Mortgage-Backed Securities—6.4%
					Banc of America Commercial Mortgage, Inc.,
AAA		$	2,190		Ser. 1, Class A2, 6.503%, 4/15/36	$	2,368,792
AAA			2,180		Ser. 1, Class A4, 4.88%, 11/10/42		2,208,886
AAA			2,691		Commercial Mortgage Acceptance Corp., Ser. C2, Class A2, 6.03%, 9/15/30		2,772,105
AAA			1,941		GMAC Commercial Mortgage Securities, Inc., Ser. C3, Class A2, 7.179%, 8/15/36		2,113,018
AAA			2,919		GS Mortgage Securities Corp. II, Ser. C1, Class A3, 6.135%, 10/18/30		3,038,294
AAA			1,677		Heller Financial Commercial Mortgage Asset Co., Ser. PH1, Class A2, 6.847%, 5/15/31		1,790,818
AAA			2,180		JP Morgan Chase Commercial Mortgage Securities Corp., Ser. CBX, Class A4, 4.529%, 1/12/37		2,164,784
AAA			1,790		JP Morgan Commercial Mortgage Finance Corp., 7.371%, 8/15/32		1,988,081
AAA			3,070		Morgan Stanley Cap. Trust I, Ser. HF2, Class A2, 6.48%, 11/15/30		3,245,658
AAA			3,500		Salomon Brothers Mortgage Securities VII, Ser. C1, Class A2, 7.52%, 12/18/09		3,902,850
					Total Commercial Mortgage-Backed Securities		25,593,286
					Collateralized Mortgage Obligation Security—0.7%
AAA			3,194		Structured Asset Securities Corp., Class A2, 2/25/32		2,960,008
					U.S. Government and Agency Securities—48.0%
			1,670		Aid to Israel, 5.50%, 4/26/24-9/18/33		1,829,098
			1,050		Resolution Funding Corp., zero coupon, 7/15/18-10/15/18		556,773
					U.S. Treasury Bonds,
			671		3.875%, 4/15/29		938,394
			7,445	3	5.375%, 2/15/31		8,412,850
			50,670	3	5.50%, 8/15/28		57,051,380
			3,660		6.00%, 2/15/26		4,330,666
			270		6.125%, 11/15/27		326,827
			8,960	3	6.75%, 8/15/26		11,541,555
					U.S. Treasury Notes,
			3,725		3.00%, 12/31/06		3,688,346
			140		3.375%, 2/15/08		138,753
			10,000		3.625%, 4/30/07		9,995,300
			89,485		3.75%, 3/31/07		89,666,653
			2,390		4.00%, 4/15/10		2,401,209
			1,255	3	5.00%, 2/15/11		1,323,046
					Total U.S. Government and Agency Securities		192,200,850
					Corporate Bonds—60.0%
					Aerospace & Defense—2.6%
NR			345		Aero Invest 1 S.A., 10.635%, 9/01/05		427,613
					BE Aerospace, Inc.,
B-			180		8.875%, 5/01/11		182,250
B-			2,100		Ser. B, 8.00%, 3/01/08		2,089,500
B-			1,295	2	DI Finance/Dyn Corp. Intl., 9.50%, 2/15/13		1,243,200
B-			255	2	K&F Acquisition, Inc., 7.75%, 11/15/14		251,813
					Lockheed Martin Corp.,
BBB+			380		7.20%, 5/01/36		471,857
BBB+			1,175		8.50%, 12/01/29		1,631,570
					Northrop Grumman Corp.,
BBB			615		4.079%, 11/16/06		615,738
BBB			380		7.125%, 2/15/11		427,268
BBB			960		7.875%, 3/01/26		1,230,807
NR			690		Raytheon Co., 7.00%, 5/15/06		709,076
BB-			90		Sequa Corp., Ser. B, 8.875%, 4/01/08		93,150
A+			1,125		United Technologies Corp., 4.875%, 5/01/15		1,126,001
							10,499,843
					Automotive—1.6%
B-			240	2	Accuride Corp., 8.50%, 2/01/15		226,800
BB+			160		Arvinmeritor, Inc., 8.75%, 3/01/12		148,800
B			70	2	Cooper-Standard Automotive, Inc., 7.00%, 12/15/12		60,900
A3			660		DaimlerChrysler NA Holding Corp., 7.45%, 3/01/27		678,660
CCC+			1,500		Delco Remy Intl., Inc., 11.00%, 5/01/09		1,365,000
B			245		Delphi Corp., 6.50%, 5/01/09		193,550
B-			40		Dura Operating Corp., Ser. B, 8.625%, 4/15/12		34,800

See Notes to Financial Statements.

13

BlackRock Core Bond Trust (BHK) (continued)

Rating1	Principal Amount (000)				Description	Value
					Automotive—(cont’d)
					General Motors Corp.,
BBB-		$	2,000		7.20%, 1/15/11	$	1,684,580
NR			945		8.375%, 7/05/33, EUR		929,012
B3			100		Goodyear Tire & Rubber Co., 7.857%, 8/15/11		90,500
CCC+			300	2	Metaldyne Corp., 10.00%, 11/01/13		255,000
BB			100	2	Navistar Intl. Corp., 6.25%, 3/01/12		91,000
BB-			742		TRW Automotive, Inc., 9.375%, 2/15/13		767,970
							6,526,572
					Basic Materials—2.3%
BB-			360		Abitibi-Consolidated, Inc., 8.375%, 4/01/15 (Canada)		325,800
B+			60		Alaska Steel Corp., 7.75%, 6/15/12		53,400
B-			3,425		Caraustar Industries, Inc., 9.875%, 4/01/11		3,382,188
BB-			150		Donohue Forest Products, 7.625%, 5/15/07 (Canada)		150,375
B			66	2	Huntsman LLC, 12.00%, 7/15/12		75,570
BB			70		IMC Global, Inc., Ser. B, 10.875%, 6/01/08		79,625
CCC+			390	2	Innophos, Inc., 8.875%, 8/15/14		402,675
BB-			3,600		Lyondell Chemical Co., 9.50%, 12/15/08		3,834,000
B3			340	2	NewPage Corp., 10.00%, 5/01/12		332,350
B-			150	2	PQ Corp., 7.50%, 2/15/13		143,250
CCC+			420		Rhodia SA, 8.875%, 6/01/11 (France)		401,100
							9,180,333
					Building & Development—1.3%
B-			730	2	Goodman Global Holding Co., Inc., 7.875%, 12/15/12		647,875
BB+			3,000		Hovnanian Enterprises, Inc., 10.50%, 10/01/07		3,315,000
CCC+			540		Nortek, Inc., 8.50%, 9/01/14		477,900
BBB+			850		Pulte Homes, Inc., 5.20%, 2/15/15		823,115
							5,263,890
					Conglomerates—2.1%
					General Electric Capital Corp.,
AAA			3,625		3.45%, 1/15/08		3,639,391
AAA			4,840	3	3.60%, 10/15/08		4,733,568
BB-			30		Stena AB, 7.00%, 12/01/16 (Sweden)		27,825
							8,400,784
					Consumer Products—3.6%
BBB			815		Albertsons, Inc., 8.00%, 5/01/31		950,665
B3			90		ALH Finance LLC, 8.50%, 1/15/13		83,925
BB+			765		Delhaize America, Inc., 9.00%, 4/15/31		908,659
A+			1,540		Diageo Cap. PLC, 3.375%, 3/20/08 (United Kingdom)		1,504,518
CCC-			160		Duane Reade, Inc., 9.75%, 8/01/11		137,600
BBB+			490		Federated Department Stores, Inc., 6.90%, 4/01/29		551,235
B+			395		Finlay Fine Jewelry Corp., 8.375%, 6/01/12		363,400
BBB+			1,010		General Mills, Inc., 5.125%, 2/15/07		1,027,150
B			80		Gold Kist, Inc., 10.25%, 3/15/14		90,800
B-			690	2	Knowledge Learning Corp., Inc., 7.75%, 2/01/15		655,500
A3			950		Kraft Foods, Inc., 4.00%, 10/01/08		938,220
BBB			650		Kroger Co., 6.80%, 4/01/11		712,443
B-			330		Lazy Days RV Center, Inc., 11.75%, 5/15/12		344,850
B-			385	2	Levi Strauss & Co., 7.73%, 4/01/12		359,975
					May Department Stores Co.,
BBB			465		5.75%, 7/15/14		481,628
BBB			795		6.70%, 7/15/34		863,474
B2			660	2	Movie Gallery, Inc., 11.00%, 5/01/12		653,400
B-			1,000		Pantry, Inc., The, 7.75%, 2/15/14		985,000
B-			665	2	Rite Aid Corp., 6.125%, 12/15/08		603,488
B			2,100		Sonic Automotive, Inc., Ser. B, 8.625%, 8/15/13		2,047,500
							14,263,430
					Containers & Packaging—0.9%
					Constar Intl., Inc.,
B			170	2	6.64%, 2/15/12		164,050

See Notes to Financial Statements.

14

BlackRock Core Bond Trust (BHK) (continued)

Rating1	Principal Amount (000)				Description	Value
					Containers & Packaging—(cont’d)
B-		$	400		11.00%, 12/01/12	$	353,000
B			1,000		Crown European Holdings SA, 10.875%, 3/01/13 (France)		1,150,000
B			1,500		Owens Brockway Glass Container, 8.25%, 5/15/13		1,593,750
B3			455		Pliant Corp., 11.125%, 9/01/09		414,050
							3,674,850
					Ecological Services & Equipment—0.1%
BB-			320	2	Allied Waste North America, Inc., 7.25%, 3/15/15		291,200
					Energy—6.7%
BBB+			565		Anadarko Finance Co., Ser. B, 7.50%, 5/01/31 (Canada)		704,165
B1			115		ANR Pipeline Co., 9.625%, 11/01/21		143,175
CCC+			845		Calpine Energy Finance LLC, 8.50%, 5/01/08 (Canada)		420,388
CCC+			60		Calpine Generating Co. LLC, 11.50%, 4/01/11		51,000
BB			1,250		Chesapeake Energy Corp., 9.00%, 8/15/12		1,368,750
B+			130		CMS Energy Corp., 9.875%, 10/15/07		139,100
					Compagnie Generale de Geophysique SA,
BB-			160	2	7.50%, 5/15/15 (France)		161,064
BB-			352		10.625%, 11/15/07 (France)		371,184
A-			1,800		Conoco Funding Co., 6.35%, 10/15/11 (Canada)		1,980,972
BBB			1,915		Devon Energy Corp., 7.95%, 4/15/32.		2,442,621
BBB			230		Devon Financing Corp. LLC, 7.875%, 9/30/31		292,742
BBB+			150		Dominion Resources, Inc., 5.70%, 9/17/12		157,305
B			1,125		Dresser, Inc., 9.375%, 4/15/11		1,198,125
B			885	2	Dynegy Holdings, Inc., 10.125%, 7/15/13		909,338
					El Paso Corp.,
CCC+			100		7.80%, 8/01/31		89,000
CCC+			40		7.875%, 6/15/12		38,700
					El Paso Natural Gas Co.,
B1			850		7.625%, 8/01/10		890,375
B1			265		8.625%, 1/15/22		303,425
B-			2,250		El Paso Production Holding Co., 7.75%, 6/01/13		2,244,373
					EnCana Corp.,
A-			1,810		4.75%, 10/15/13 (Canada)		1,790,923
A-			350		6.50%, 8/15/34 (Canada)		394,167
BBB-			925	2	Enterprise Products Operating LP, 5.75%, 3/01/35		878,722
B			80		Exco Resources, Inc., 7.25%, 1/15/11		79,000
BBB+			305		Exelon Corp., 6.75%, 5/01/11		334,908
BBB-			765		FirstEnergy Corp., Ser. C, 7.375%, 11/15/31		901,583
					KCS Energy, Inc.,
B-			60		7.125%, 4/01/12		59,400
B-			110	2	7.125%, 4/01/12		108,900
B+			105		Midwest Generation LLC, 8.56%, 1/02/16		114,450
B2			110		Mission Energy Holdings Co., 13.50%, 7/15/08		128,975
B			175	2	North American Energy Partners, Inc., 9.00%, 6/01/10 (Canada)		175,000
BBB+			360		Occidental Petroleum Corp., 7.20%, 4/01/28		439,679
B			130		Orion Power Holdings, Inc., 12.00%, 5/01/10		154,375
BBB+			790		Peco Energy Cap. Trust IV, 5.75%, 6/15/33		793,348
Baa1			1,650	2	Pemex Project Funding Master Trust, 9.375%, 12/02/08		1,862,025
B			25	2	Range Resources Corp., 6.375%, 3/15/15		24,125
BB-			145		Reliant Energy, Inc., 6.75%, 12/15/14		127,963
Aa1			290	2	SP PowerAssets Ltd., 5.00%, 10/22/13 (Singapore)		293,921
A-			445		Suncor Energy, Inc., 5.95%, 12/01/34 (Canada)		476,863
AA			1,050		Texaco Cap. Inc., 8.875%, 9/01/21		1,487,535
BB+			20		Transcontinental Gas Pipe Line Corp., 7.25%, 12/01/26		21,250
B2			1,245		Utilicorp Canada Finance Corp., 7.75%, 6/15/11 (Canada)		1,245,000
A3			725		Virginia Electric & Power Co., Ser. A, 5.75%, 3/31/06		737,956
B2			280		Whiting Petroleum Corp., 7.25%, 5/01/13		277,200
							26,813,070

See Notes to Financial Statements.

15

BlackRock Core Bond Trust (BHK) (continued)

Rating1	Principal Amount (000)				Description	Value
					Entertainment & Leisure—0.8%
B+		$	1,000		Circus & Eldorado Joint Venture, 10.125%, 3/01/12	$	1,075,000
B			50		Hammons John Q. Hotels LP, Ser. B, 8.875%, 5/15/12		53,125
B			50		Poster Financial Group, Inc., 8.75%, 12/01/11		50,750
B			1,000		Resorts Intl. Hotel & Casino, Inc., 11.50%, 3/15/09		1,132,500
B-			575	2	WMG Holdings Corp., 7.385%, 12/15/11		588,656
B+			115	2	Wynn Las Vegas LLC, 6.625%, 12/01/14		106,663
							3,006,694
					Financial Institutions—19.1%
AA+			10	2	AIG SunAmerica Global Financing X, 6.90%, 3/15/32		11,958
AA			550	2,3	Allstate Financial Global Funding II, 2.625%, 10/22/06		538,885
Aa3			1,625		American Express Bank, 3.17%, 11/21/07		1,624,919
BB			320	2	American Real Estate Partners LP, 7.125%, 2/15/13		313,600
AA+			455	3	Associates Corp. of North America, 6.95%, 11/01/18		535,230
					Bank of America Corp.,
Aa2			765		3.25%, 8/15/08		742,172
Aa2			1,640		3.375%, 2/17/09		1,591,768
Aa2			105		4.375%, 12/01/10		104,554
Aa2			370		5.25%, 2/01/07		378,140
Aa2			325		Bank One Corp., 3.70%, 1/15/08		321,350
Aa2			1,400		BankBoston NA, 6.375%, 3/25/08-4/15/08		1,483,145
Aaa			350	2	Belvoir Land LLC, Ser. A, Class I, 5.27%, 12/15/47		340,550
					Berkshire Hathaway Finance Corp.,
AAA			1,200		3.40%, 7/02/07		1,183,440
AAA			2,440	2	4.125%, 1/15/10		2,399,008
AA+			600		CitiFinancial, 6.25%, 1/01/08		629,628
					Citigroup, Inc.,
Aa1			3,010		3.625%, 2/09/09		2,940,710
AA+			7,425		4.125%, 2/22/10		7,320,530
AA+			1,960		4.25%, 7/29/09		1,950,690
AA			185		6.00%, 10/31/33		198,340
BB			1,080		Crum & Forster Holdings Corp., 10.375%, 6/15/13		1,171,800
AA-			900		Deutsche Bank AG/New York, 3.843%, 3/15/07		894,420
BB			200		Fairfax Financial Holdings Ltd., 7.75%, 4/26/12 (Canada)		183,000
Aa2			2,790		First Bank NA, 6.50%, 2/01/08		2,959,855
					Ford Motor Credit Co.,
BBB			600		5.70%, 1/15/10		542,466
BBB			150		7.25%, 10/25/11		139,373
BBB			2,200		7.375%, 2/01/11		2,060,511
					General Motors Acceptance Corp.,
Baa2			1,160		zero coupon, 12/01/12		593,168
Baa2			29		6.875%, 9/15/11		25,417
					HBOS Treasury Services PLC,
AA+			855	2	3.60%, 8/15/07 (United Kingdom)		845,928
AA+			825	2	3.75%, 9/30/08 (United Kingdom)		815,562
					HSBC Bank USA, Inc.,
AA			430		3.875%, 9/15/09		421,017
AA-			775		5.875%, 11/01/34		812,960
					HSBC Finance Corp.,
AA-			1,820		4.75%, 5/15/09		1,838,928
AA-			635		6.375%, 8/01/10		687,241
AA			1,500	2	Irwin Land LLC, 5.40%, 12/15/47		1,457,865
					JP Morgan Chase & Co.,
Aa3			1,600		5.25%, 5/30/07		1,634,560
Aa3			600		5.35%, 3/01/07		613,554
B-			20	2	KRATON Polymers LLC, 8.125%, 1/15/14		18,650
BBB			610	2	Liberty Mutual Group, 6.50%, 3/15/35		591,232
AA			1,150	2	MetLife Global Funding I, 4.25%, 7/30/09		1,137,868
AA+			450	2	Monumental Global Funding II, 4.375%, 7/30/09		448,776
AA-			1,200		National City Bank Cleveland Ohio, 3.375%, 10/15/07		1,177,188
AA-			2,125	2	Nationwide Building Society, 3.50%, 7/31/07 (United Kingdom)		2,096,206

See Notes to Financial Statements.

16

BlackRock Core Bond Trust (BHK) (continued)

Rating1	Principal Amount (000)				Description	Value
					Financial Institutions—(cont’d)
AAA		$	850	2	New York Life Global Funding, 3.875%, 1/15/09	$	835,950
AA			1,310		Protective Life Secured Trust, 3.70%, 11/24/08		1,297,660
AA-			1,000	2	Prudential Funding LLC, 6.60%, 5/15/08		1,065,190
					SLM Corp.,
A			4,220		3.625%, 3/17/08		4,145,642
A+			90		5.625%, 4/10/07		92,473
AA			875		State Street Bank & Trust Co., Ser. CD1, 2.92%, 12/11/06		874,593
NR			3,780		Structured Asset Receivable Trust, 1.649%, 1/21/10		3,771,773
Aa2			1,265		SunTrust Bank, Inc., 4.415%, 6/15/09		1,269,175
					SunTrust Banks, Inc.,
Aa3			1,635		3.625%, 10/15/07		1,616,590
Aa3			995		4.00%, 10/15/08		983,548
AAA			1,300	2	TIAA Global Markets, Inc., 3.875%, 1/22/08		1,294,982
Aa2			375		U.S. Bancorp, Ser. N, 3.95%, 8/23/07		374,063
B-			250	2	UGS Corp., 10.00%, 6/01/12		268,750
B-			50	2	Universal City Florida Holding Co., 7.96%, 5/01/10		51,500
Aa1			1,380		US Bank NA, 2.87%, 2/01/07		1,353,007
AAA			495	2	USAA Capital Corp., 4.00%, 12/10/07		493,594
AA-			4,200		Wachovia Corp., 3.50%, 8/15/08		4,105,248
					Wells Fargo & Co.,
Aa1			1,031		3.12%, 8/15/08		1,013,731
Aa1			1,185		4.00%, 8/15/08		1,181,540
Aa1			2,385		4.20%, 1/15/10		2,360,482
Aa1			200		7.80%, 6/15/10		200,979
BB-			50		Western Financial Bank, 9.625%, 5/15/12		54,250
							76,480,882
					Health Care—2.4%
A			410		Boston Scientific Corp., 5.45%, 6/15/14		425,371
B3			20		Curative Health Services, Inc., 10.75%, 5/01/11		15,400
B			455	2	Elan Finance Corp., 7.75%, 11/15/11 (Ireland)		359,450
NR			1,850		HealthSouth Corp., 7.625%, 6/01/12		1,785,250
B3			280		Insight Health Services Corp., Ser. B, 9.875%, 11/01/11		266,000
AA			2,400		Merck & Co., Inc., 4.75%, 3/01/15		2,360,304
					Tenet Healthcare Corp.,
B			70		6.375%, 12/01/11		65,275
B			475		9.875%, 7/01/14		494,000
B			2,000		United Surgical Partners Intl., Inc., 10.00%, 12/15/11		2,200,000
A			1,210		UnitedHealth Group, Inc., 3.375%, 8/15/07		1,189,672
B-			410		Universal Hospital Services, Inc., 10.125%, 11/01/11		416,150
A-			85	2	WellPoint, Inc., 5.95%, 12/15/34		87,569
							9,664,441
					Industrials—1.4%
B-			535		ERICO Intl. Corp., 8.875%, 3/01/12		540,350
B-			275	2	Hexcel Corp., 6.75%, 2/01/15		264,000
B-			360	2	Hydrochem Industrial Services, 9.25%, 2/15/13		356,400
AA-			250		Merrill Lynch & Co., Inc., 4.25%, 2/08/10		246,780
B-			330	2	NationsRent Cos., Inc., 9.50%, 5/01/15		330,825
CCC+			450	2	Park Ohio Industries, Inc., 8.375%, 11/15/14		382,500
					Rural/Metro Corp.,
CCC+			140	2	zero coupon, 3/15/16		67,200
CCC+			125	2	9.875%, 3/15/15		122,813
B3			480	2	Sunstate Equipment Co. LLC, 10.50%, 4/01/13		480,000
B			2,000		Terex Corp., 9.25%, 7/15/11		2,165,000
B-			475		Trimas Corp., 9.875%, 6/15/12		472,625
B+			380		United Rentals NA, Inc., 7.00%, 2/15/14		340,100
							5,768,593
					Media—5.3%
					AOL Time Warner, Inc.,
BBB+			80		6.125%, 4/15/06		81,588

See Notes to Financial Statements.

17

BlackRock Core Bond Trust (BHK) (continued)

Rating1	Principal Amount (000)				Description	Value
					Media—(cont’d)
BBB+		$	90		6.625%, 5/15/29	$	98,370
BBB+			3,040		7.57%, 2/01/24		3,612,189
BBB+			205		7.625%, 4/15/31		250,846
BBB+			390		7.70%, 5/01/32		481,377
NR			510		Cablecom Luxembourg, 4.898%, 7/15/05		655,169
B-			250		Cenveo Corp., 7.875%, 12/01/13		231,875
CCC+			810		Charter Communications Holdings II, LLC, 10.25%, 9/15/10		810,000
CCC+			3,250		Charter Communications Holdings LLC, 10.75%, 10/01/09		2,461,875
					Comcast Corp.,
BBB			4,405		5.50%, 3/15/11		4,562,433
BBB			80		7.05%, 3/15/33		93,653
BB-			125		Echostar DBS Corp., 6.35%, 10/01/08		127,813
BBB			825		News America Holdings, Inc., 7.70%, 10/30/25		978,467
					News America, Inc.,
BBB			735		6.20%, 12/15/34		749,413
BBB			985		7.625%, 11/30/28		1,167,816
B-			160	2	Nexstar Finance, Inc., 7.00%, 1/15/14		146,400
B			125	2	Penn National Gaming, Inc., 6.75%, 3/01/15		119,375
B			100	2	Radio One, Inc., 6.375%, 2/15/13		97,000
					Rainbow National Services LLC,
B+			200	2	8.75%, 9/01/12		214,000
B+			1,105	2	10.375%, 9/01/14		1,245,888
					TCI Communications, Inc.,
BBB			200		7.125%, 2/15/28		231,398
BBB			620		7.875%, 8/01/13-2/15/26		766,097
					Vertis, Inc.,
Caa1			505		10.875%, 6/15/09		449,450
Caa2			120	2	13.50%, 12/07/09		81,000
A-			800		Viacom, Inc., 7.875%, 7/30/30		944,832
CCC			620		Young Broadcasting, Inc., 10.00%, 3/01/11		624,650
							21,282,974
					Real Estate—2.9%
BB			3,165		American Real Estate Partners LP, 8.125%, 6/01/12		3,196,650
					AvalonBay Communities, Inc.,
BBB+			350		6.625%, 9/15/11		385,382
BBB+			775		8.25%, 7/15/08		859,289
BBB+			1,700		EOP Operating LP, 7.00%, 7/15/11		1,873,910
					ERP Operating LP,
A-			1,950		5.20%, 4/01/13		1,965,795
A-			825		6.95%, 3/02/11		906,155
					Rouse Co.,
BB+			895		3.625%, 3/15/09		844,548
BB+			1,650		5.375%, 11/26/13		1,591,970
							11,623,699
					Technology—0.4%
B1			805		Lucent Technologies, Inc., 6.50%, 1/15/28		688,275
Ba3			100	2	MagnaChip Semiconductor SA, 6.26%, 12/15/11 (Luxembourg)		93,500
B1			100	2	Sanmina-SCI Corp., 6.75%, 3/01/13		90,500
B			835		Superior Essex Communications LLC, 9.00%, 4/15/12		839,175
							1,711,450
					Telecommunications—5.4%
A			2,000	2	Bellsouth Corp., 4.258%, 4/26/06		2,000,860
A-			650		British Telecommunications PLC, 8.875%, 12/15/30 (United Kingdom)		886,847
					Cincinnati Bell, Inc.,
B1			120		7.25%, 7/15/13		116,400
B			210		8.375%, 1/15/14		200,550
A-			25		Deutsche Telekom Intl. Finance BV, 8.75%, 6/15/30 (Netherlands)		33,592
B-			190	2	Hawaiian Telcom Communications, Inc., 8.91%, 5/01/13		188,338

See Notes to Financial Statements.

18

BlackRock Core Bond Trust (BHK) (continued)

Rating1	Principal Amount (000)				Description		Value
					Telecommunications—(cont’d)
					Intelsat Ltd.,
B		$	175		5.25%, 11/01/08 (Bermuda)	$	158,375
B+			320	2	8.25%, 1/15/13 (Bermuda)		320,000
B+			580	2	8.625%, 1/15/15 (Bermuda)		585,800
B+			1,750	2	Qwest Communications Intl., Inc., 8.00%, 2/15/14		1,653,750
BB			200	2	Qwest Corp., 7.875%, 9/01/11		202,500
B+			325	2	Qwest Services Corp., 13.50%, 12/15/10		367,250
BB+			155		Rogers Wireless, Inc., 7.25%, 12/15/12 (Canada)		158,488
CCC			730		Rural Cellular Corp., 9.875%, 2/01/10		737,300
A+			2,125		SBC Communications, Inc., 6.45%, 6/15/34		2,293,916
					Sprint Capital Corp.,
BBB			1,065		6.875%, 11/15/28		1,183,641
BBB			550		8.75%, 3/15/32		742,572
A-			1,875	2	Telecom Italia Capital, 6.00%, 9/30/34 (Luxembourg)		1,865,606
A			725		Telefonica Europe BV, 7.75%, 9/15/10 (Netherlands)		825,956
A+			345		Verizon Global Funding Corp., 7.75%, 12/01/30		428,911
A+			125		Verizon Maryland, Inc., 5.125%, 6/15/33		113,905
					Verizon New Jersey, Inc.,
A+			230		7.85%, 11/15/29		288,944
A+			335		Ser. A, 5.875%, 1/17/12		351,422
A+			3,150		Verizon Virginia, Inc., 4.625%, 3/15/13		3,049,200
A			2,504		Vodafone Group PLC, 7.75%, 2/15/10 (United Kingdom)		2,850,903
							21,605,026
					Transportation—1.1%
BBB+			350		Canadian National Railway Co., 6.25%, 8/01/34 (Canada)		394,237
BBB			1,450		Canadian Pacific Railway Ltd., 6.25%, 10/15/11 (Canada)		1,582,805
B			315	2	CHC Helicopter Corp., 7.375%, 5/01/14 (Canada)		307,125
B3			60	2	Horizon Lines LLC, 9.00%, 11/01/12		63,000
B+			120		OMI Corp., 7.625%, 12/01/13 (Marshall Island)		122,400
B			1,635		Sea Containers Ltd., 10.50%, 5/15/12 (Bermuda)		1,733,100
BB-			200		Ultrapetrol Bahamas Ltd., 9.00%, 11/24/14 (Bahamas)		186,000
							4,388,667
					Total Corporate Bonds		240,446,398
					Taxable Municipal Bonds—0.3%
A			650		California Dept. of Wtr. Res. Pwr. Sply., 3.975%, 5/01/05		650,000
AA			350		Ohana Military Cmntys. LLC, 6.193%, 4/01/49		389,522
					Total Taxable Municipal Bonds		1,039,522
					Foreign Government Bonds—3.4%
					Federal Republic of Germany,
AAA			2,325		4.00%, 1/04/37		3,029,185
AAA			525		4.75%, 7/04/34		769,341
Aaa			900		Japan Finance Corp. for Municipal Enterprises, 4.625%, 4/21/15		897,957
A+			1,785		Quebec Province Canada, 5.00%, 7/17/09		1,839,746
					United Mexican States,
Baa1			4,375		6.625%, 3/03/15		4,622,188
Baa1			2,255		8.00%, 9/24/22		2,611,290
					Total Foreign Government Bonds		13,769,707
					Total Long-Term Investments (cost $567,319,740)		570,348,412
					SHORT-TERM INVESTMENT—0.1%
					U. S. Government and Agency Security—0.1%
			400		U. S. Treasury Bills, zero coupon, 5/19/05 (cost $399,484)		399,484
					Total investments before borrowed bonds, TBA commitments, investments sold short and outstanding options written (cost $567,719,224)		570,747,896

See Notes to Financial Statements.

19

BlackRock Core Bond Trust (BHK) (continued)

Rating1	Principal Amount (000)				Description		Value
					BORROWED BOND—1.2%
		$	4,851	4	U.S. Treasury Notes, 2.15%, 5/02/05 (cost $4,851,000)	$	4,851,000
					TBA COMMITMENT—(0.1)%
			(312	)	Federal National Mortgage Assoc., 5.50%, TBA (proceeds $315,021)		(315,191	)
					INVESTMENT SOLD SHORT—(1.2)%
					U.S. Government and Agency Securities—(1.2)%
			(4,900	)	U.S. Treasury Notes, 4.00%, 2/15/15 (proceeds $4,795,622)		(4,820,375	)
	Contracts/ Notional Amount (000)
					OUTSTANDING OPTIONS WRITTEN—(0.4)%
					Interest Rate Swap,
			(10,600	)	5.135% over 3-month LIBOR, expires 4/21/08,		(464,121	)
			(23,000	)	5.67% over 3-month LIBOR, expires 1/04/10,		(1,151,150	)
			(39,000	)	5.75% over 3-month LIBOR, expires 9/23/05		(19,890	)
			(178	)	United States Treasury Notes Future, expires 5/20/05		(13,906	)
			(203	)	United States Treasury Notes Future, expires 8/26/05		(114,781	)
					Total Outstanding Options Written (premium received $2,694,970)		(1,763,848	)
					Total investments net of borrowed bonds, TBA commitments, investments sold short and outstanding options written—142.0%	$	568,699,482
					Liabilities in excess of other assets—(42.0)%		(168,220,891	)
					Net Assets—100%	$	400,478,591

1	Using the higher of S&P’s, Moody’s or Fitch’s rating.
2	Security exempt from registration under Rule144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2005, the Trust held 9.7% of its net assets, with a current market value of $38,685,163, in securities restricted as to resale.
3	Entire or partial principal amount pledged as collateral for reverse repurchase agreements or financial futures contracts.
4	The interest rate and maturity date shown represent the terms of the bonds borrowed transaction, not the security borrowed (see Note 1).

Details of open reverse repurchase agreements are disclosed in Note 4 in the Notes to Financial Statements.

A category in the Coporate Bonds section may contain multiple industries as defined by the SEC’s Standard Industry Codes.

KEY TO ABBREVIATIONS

EUR – European Monetary Unit
TBA – To be Announced            

See Notes to Financial Statements.

20

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2005

BlackRock High Yield Trust (BHY)

Rating1	Principal Amount (000)				Description		Value
					LONG-TERM INVESTMENTS—135.0%
					Corporate Bonds—134.5%
					Aerospace & Defense—6.6%
					AAR Corp.,
BB-		$	435		6.875%, 12/15/07	$	444,788
NR			350		Ser. A2, 8.39%, 5/15/11		357,000
B			250		Argo-Tech Corp., 9.25%, 6/01/11		267,500
B+			80		Armor Holdings, Inc., 8.25%, 8/15/13		84,800
					BE Aerospace, Inc.,
B+			500		8.50%, 10/01/10		536,250
B-			70		8.875%, 5/01/11		70,875
NR			1,500	2,3,4	Condor Systems, Inc., Ser. B, 11.875%, 5/01/09		0
B-			715	5	DI Finance/Dyn Corp.Intl., 9.50%, 2/15/13		686,400
B-			300	5	K&F Acquisition, Inc., 7.75%, 11/15/14		296,250
BB-			19		Sequa Corp., Ser. B, 8.875%, 4/01/08		19,665
B-			275	5	Standard Aero Holdings, Inc., 8.25%, 9/01/14		284,625
B			110		Titan Corp., 8.00%, 5/15/11		114,400
							3,162,553
					Automotive—3.7%
B-			200	5	Accuride Corp., 8.50%, 2/01/15		189,000
BB+			345		Arvinmeritor, Inc., 8.75%, 3/01/12		320,850
B			140	5	Cooper-Standard Automotive, Inc., 7.00%, 12/15/12		121,800
B2			300		Delco Remy Intl., Inc., 7.141%, 4/15/09		299,625
B			90		Delphi Corp., 6.50%, 5/01/09		71,100
B-			20		Dura Operating Corp., Ser. B, 8.625%, 4/15/12		17,400
B3			60		Goodyear Tire & Rubber Co., 7.857%, 8/15/11		54,300
CCC+			430	5	Metaldyne Corp., 10.00%, 11/01/13		365,500
BB			100	5	Navistar Intl.Corp., 6.25%, 3/01/12		91,000
B-			265		Stanadyne Corp., 10.00%, 8/15/14		271,625
							1,802,200
					Basic Materials—13.7%
BB-			130		Abitibi-Consolidated, Inc., 8.375%, 4/01/15 (Canada)		117,650
B+			110		AK Steel Corp., 7.875%, 2/15/09		102,025
B+			165		Alaska Steel Corp., 7.75%, 6/15/12		146,850
BB			315		Bowater Canada Finance Corp., 7.95%, 11/15/11 (Canada)		308,700
B-			70		Caraustar Industries, Inc., 9.875%, 4/01/11		69,125
					Cascades, Inc., (Canada)
BB+			175		7.25%, 2/15/13		171,500
BB+			150	5	7.25%, 2/15/13		147,000
BB-			305		Century Aluminum Co., 7.50%, 8/15/14		297,375
BB-			90		Donohue Forest Products, 7.625%, 5/15/07 (Canada)		90,225
					Equistar Chemicals LP,
BB-			50		10.125%, 9/01/08		55,125
BB-			40		10.625%, 5/01/11		44,300
BB+			265		Georgia Pacific Corp., 8.00%, 1/15/24		286,200
					Huntsman LLC,
BB-			115		11.625%, 10/15/10		131,100
B			95	5	12.00%, 7/15/12		108,775
BB			35		IMC Global, Inc., Ser. B, 10.875%, 6/01/08		39,813
CCC+			255	5	Innophos, Inc., 8.875%, 8/15/14		263,288
BB			120		Intl.Steel Group, Inc., 6.50%, 4/15/14		117,600
BB			425		Ipsco, Inc., 8.75%, 6/01/13 (Canada)		470,688
BBB+			301		Ispat Inland ULC, 9.75%, 4/01/14 (Canada)		343,140
B			175		JSG Funding PLC, 9.625%, 10/01/12 (Ireland)		179,375

See Notes to Financial Statements.

21

BlackRock High Yield Trust (BHY) (continued)

Rating1	Principal Amount (000)				Description		Value
					Basic Materials—(cont’d)
					Lyondell Chemical Co.,
BB-		$	260		10.50%, 6/01/13	$	299,000
BB-			230		Ser. A, 9.625%, 5/01/07		243,800
BB-			65		Millennium America, Inc., 9.25%, 6/15/08		69,875
					Nalco Co.,
B2			20		7.75%, 11/15/11		20,500
B-			550		8.875%, 11/15/13		572,000
B3			350	5	NewPage Corp., 10.00%, 5/01/12		342,125
BB-			100		Norske Skog Canada Ltd., 7.375%, 3/01/14 (Canada)		94,000
BB+			270		Nova Chemicals Corp., 6.50%, 1/15/12 (Canada)		272,700
CCC+			55		Polypore, Inc., 8.75%, 5/15/12		46,475
B-			175	5	PQ Corp., 7.50%, 2/15/13		167,125
NR			2,000	4	Republic Technologies Intl. LLC, 13.75%, 7/15/09		0
					Rhodia SA,
CCC+			325		8.875%, 6/01/11 (France)		310,375
B3			385		10.25%, 6/01/10 (France)		410,024
B-			50	5	Rockwood Specialties Group, Inc., 7.50%, 11/15/14		48,750
BB-			125		Russel Metals, Inc., 6.375%, 3/01/14 (Canada)		118,750
BB			75		Smurfit Capital Funding PLC, 7.50%, 11/20/25 (Ireland)		72,750
							6,578,103
					Building & Development—2.9%
B+			40	5	Ainsworth Lumber Co. Ltd., 6.84%, 10/01/10 (Canada)		40,300
					Goodman Global Holding Co., Inc.,
B-			45	5	5.76%, 6/15/12		43,200
B-			480	5	7.875%, 12/15/12		426,000
BB+			250		Hovnanian K Enterprises, Inc., 6.375%, 12/15/14		243,125
CCC+			365		Nortek, Inc., 8.50%, 9/01/14		323,025
BBB			175		NVR, Inc., 5.00%, 6/15/10		171,938
Ba3			125		WCI Communities, Inc., 7.875%, 10/01/13		124,375
							1,371,963
					Business Equipment & Services—0.4%
					Xerox Corp.,
BB			85		6.875%, 8/15/11		88,825
BB			100		7.20%, 4/01/16		103,500
							192,325
					Conglomerates—0.3%
BB			150		Arch Western Finance LLC, 6.75%, 7/01/13		150,375
					Consumer Products—9.0%
B3			65		ALH Finance LLC, 8.50%, 1/15/13		60,613
B			175		B&G Foods, Inc., 8.00%, 10/01/11		181,125
B			175		Chattem, Inc., 7.00%, 3/01/14		176,750
CCC-			200		Duane Reade, Inc., 9.75%, 8/01/11		172,000
B+			360		Finlay Fine Jewelry Corp., 8.375%, 6/01/12		331,200
B			294		Gold Kist, Inc., 10.25%, 3/15/14		333,690
BB			250		K2, Inc., 7.375%, 7/01/14		256,250
B-			370	5	Knowledge Learning Corp., Inc., 7.75%, 2/01/15		351,500
B-			470		Lazy Days RV Center, Inc., 11.75%, 5/15/12		491,149
B-			240	5	Levi Strauss & Co., 7.73%, 4/01/12		224,400
B2			540	5	Movie Gallery, Inc., 11.00%, 5/01/12		534,600
NR			1,200	3, 4	Nebco Evans Holding Co., 12.375%, 7/15/07		0
B-			265		Pantry, Inc., The, 7.75%, 2/15/14		261,025
B-			185	5	Riddell Bell Holdings, Inc., 8.375%, 10/01/12		189,625
B-			355	5	Rite Aid Corp., 6.125%, 12/15/08		322,163
BB			295		Smithfield Foods, Inc., 7.00%, 8/01/11		301,638
CCC+			150		True Temper Sports, Inc., 8.375%, 9/15/11		131,625
							4,319,353

See Notes to Financial Statements.

22

BlackRock High Yield Trust (BHY) (continued)

Rating1	Principal Amount (000)				Description		Value
					Containers & Packaging—3.3%
BB		$	60		Ball Corp., 6.875%, 12/15/12	$	61,800
					Constar Intl., Inc.,
B			115	5	6.643%, 2/15/12		110,975
B-			210		11.00%, 12/01/12		185,325
B			690		Crown Cork & Seal, Inc., 8.00%, 4/15/23		658,950
B			40		Crown European Holdings SA, 10.875%, 3/01/13 (France)		46,000
					Graham Packaging Co., Inc.,
CCC+			180	5	8.50%, 10/15/12		171,900
CCC+			160	5	9.875%, 10/15/14		151,200
B3			240		Pliant Corp., 11.125%, 9/01/09		218,400
							1,604,550
					Ecological Services & Equipment—0.8%
					Allied Waste NA, Inc.,
BB-			80		8.50%, 12/01/08		81,500
BB-			110		8.875%, 4/01/08		112,750
BB-			200	5	Allied Waste North America, Inc., 7.25%, 3/15/15		182,000
							376,250
					Energy—25.8%
B+			234		AES Red Oak LLC, Ser. A, 8.54%, 11/30/19		252,826
CCC+			310		Calpine Canada Energy Finance LLC, 8.50%, 5/01/08 (Canada)		154,225
B+			375	5	Calpine Corp., 9.625%, 9/30/14		362,813
Ba1			239		CE Generation LLC, 7.416%, 12/15/18		248,952
					Chesapeake Energy Corp.,
BB			250		7.00%, 8/15/14		256,250
BB			30		7.75%, 1/15/15		31,650
B+			50		CMS Energy Corp., 9.875%, 10/15/07		53,500
CCC+			150		Coastal Corp., 7.75%, 6/15/10		145,875
B1			45	5	Colorado Interstate Gas Co., 5.95%, 3/15/15		43,425
BB-			90	5	Compagnie Generale de Geophysique SA, 7.50%, 5/15/15 (France)		90,599
B			300		Compton Petroleum Corp., Ser. A, 9.90%, 5/15/09 (Canada)		323,250
B			100		Dresser, Inc., 9.375%, 4/15/11		106,500
B+			270		Edison Mission Energy, 10.00%, 8/15/08		292,950
					El Paso Corp.,
CCC+			125		7.375%, 12/15/12		117,500
CCC+			85		7.875%, 6/15/12		82,238
B1			65		El Paso Natural Gas Co., 7.625%, 8/01/10		68,088
B-			700		El Paso Production Holding Co., 7.75%, 6/01/13		698,250
Ba2			750		Elwood Energy LLC, 8.159%, 7/05/26		843,382
B			300		Exco Resources, Inc., 7.25%, 1/15/11		296,250
B1			200		Foundation Pennsylvania Coal Company, 7.25%, 8/01/14		205,000
B+			220		Frontier Oil Corp., 6.625%, 10/01/11		218,350
B			195		Hanover Compressor Co., 8.625%, 12/15/10		197,925
B			190	5	Hilcorp Energy I LP, 10.50%, 9/01/10		209,950
BB-			5		Hornbeck Offshore Services, Inc., 6.125%, 12/01/14		4,913
					KCS Energy, Inc.,
B-			385		7.125%, 4/01/12		381,150
B-			85	5	7.125%, 4/01/12		84,150
					Midwest Generation LLC,
B+			210		8.56%, 1/02/16		228,900
B1			140		8.75%, 5/01/34		151,900
B2			335		Mission Energy Holdings Co., 13.50%, 7/15/08		392,788
BB-			20		Newfield Exploration Co., 8.375%, 8/15/12		21,600
CCC+			400		North America Energy Partners, Inc., 8.75%, 12/01/11 (Canada)		339,000
B			375	5	North American Energy Partners, Inc., 9.00%, 6/01/10 (Canada)		375,000
B1			215	5	NRG Energy, Inc., 8.00%, 12/15/13		217,688
B			500		Orion Power Holdings, Inc., 12.00%, 5/01/10		593,745
Ba2			125		Plains Exploration & Production Co., 7.125%, 6/15/14		129,688
BB			325		Premcor Refining Group, Inc., 6.75%, 5/01/14		339,625
Ba2			250		Pride Intl., Inc., 7.375%, 7/15/14		263,750

See Notes to Financial Statements.

23

BlackRock High Yield Trust (BHY) (continued)

Rating1	Principal Amount (000)				Description	Value
					Energy—(cont’d)
					Range Resources Corp.,
B		$	25	5	6.375%, 3/15/15	$	24,125
B			185		7.375%, 7/15/13		190,550
					Reliant Energy, Inc.,
BB-			400		6.75%, 12/15/14		353,000
BB-			195		9.25%, 7/15/10		198,900
B			300		Roseton Danskammer, Ser. A, 7.27%, 11/08/10		284,250
BB-			300		Swift Energy Co., 7.625%, 7/15/11		304,500
B1			160		Tennessee Gas Pipeline Co., 8.375%, 6/15/32		182,000
B1			265	5	Texas Genco LLC, 6.875%, 12/15/14		261,025
					Transcontinental Gas Pipe Line Corp.,
BB+			65		7.25%, 12/01/26		69,063
BB+			400		Ser. B, 8.875%, 7/15/12		466,000
B2			450		Utilicorp Canada Finance Corp., 7.75%, 6/15/11 (Canada)		450,000
B2			350		Whiting Petroleum Corp., 7.25%, 5/01/12-5/01/13		347,125
BB			425		Williams Cos, Inc., 7.625%, 7/15/19		452,625
							12,406,808
					Entertainment & Leisure—3.7%
B-			130	5	Gaylord Entertainment Co., 6.75%, 11/15/14		118,950
B			215		Hammons John Q. Hotels LP, Ser. B, 8.875%, 5/15/12		228,438
					MGM Mirage,
BB			245		6.00%, 10/01/09		241,937
BB			110		6.75%, 9/01/12		110,000
B			40		Poster Financial Group, Inc., 8.75%, 12/01/11		40,600
B			385	5	Virgin River Casino Corp., 9.00%, 1/15/12		398,475
B-			380	5	WMG Holdings Corp., 7.385%, 12/15/11		389,025
B+			280	5	Wynn Las Vegas LLC, 6.625%, 12/01/14		259,700
							1,787,125
					Financial Institutions—14.0%
B3			85	5	Altra Industrial Motion, Inc., 9.00%, 12/01/11		82,450
NR			500	5	Ameriserve Finance Capital Corp., 12.00%, 9/15/06		25,000
B-			368		BCP Crystal US Holdings Corp., 9.625%, 6/15/14		405,720
Ba2			1,000	5	Capital Guardian High Yield CBO Ltd., Ser. 1A, 11.45%, 5/24/13 (Cayman Island)		1,004,400
BB			240		Crum & Forster Holdings Corp., 10.375%, 6/15/13		260,400
					Dow Jones CDX NA HY,
B+			250	5	Ser. 1, 7.75%, 12/29/09		243,750
B			250	5	Ser. 3, 8.00%, 12/29/09		247,173
					Fairfax Financial Holdings, Ltd., (Canada)
BB			50		6.875%, 4/15/08		47,375
BB			500		7.75%, 4/26/12		457,500
BB			50		8.30%, 4/15/26		41,500
Ba3			2,500	5	First Dominion Funding II, Ser. 1A, 11.61%, 4/25/14 (Cayman Island)		2,418,749
BBB			300		Ford Motor Credit Co., 7.25%, 10/25/11		278,745
B-			170	5	K&F Parent, Inc., 11.50%, 2/01/15		168,725
B-			195	5	KRATON Polymers LLC, 8.125%, 1/15/14		181,838
B			300	5	Refco Finance Holdings LLC, 9.00%, 8/01/12		321,750
B-			205	5	UGS Corp., 10.00%, 6/01/12		220,375
B-			30	5	Universal City Florida Holding Co., 7.96%, 5/01/10		30,900
BB-			50	5	Western Financial Bank, 9.625%, 5/15/12		54,250
			2,550	5	Zais Investment Grade Ltd., Class C, Pay-in-kind, 9.95%, 9/23/14 (Cayman Island)		254,953
							6,745,553
					Health Care—6.7%
B-			265		Ardent Health Services, Inc., 10.00%, 8/15/13		319,988
					Coventry Health Care, Inc.,
BBB-			80	5	5.875%, 1/15/12		79,600
BBB-			80	5	6.125%, 1/15/15		79,600
B3			50		Curative Health Services, Inc., 10.75%, 5/01/11		38,500

See Notes to Financial Statements.

24

BlackRock High Yield Trust (BHY) (continued)

Rating1	Principal Amount (000)				Description		Value
					Health Care—(cont’d)
B		$	865	5	Elan Finance Corp., 7.75%, 11/15/11 (Ireland)	$	683,350
BB+			300		HCA, Inc., 5.50%, 12/01/09		297,646
NR			200		HealthSouth Corp., 7.625%, 6/01/12		193,000
B-			225		IASIS Healthcare LLC, 8.75%, 6/15/14		231,188
B3			115		Insight Health Services Corp., Ser. B, 9.875%, 11/01/11		109,250
Ba3			70		Neighborcare, Inc., 6.875%, 11/15/13		72,800
B-			135		Norcross Safety Products LLC, 9.875%, 8/15/11		142,425
					Tenet Healthcare Corp.,
B			40		6.375%, 12/01/11		37,300
B			95		9.875%, 7/01/14		98,800
B-			505		Universal Hospital Services, Inc., 10.125%, 11/01/11		512,573
B2			140		US Oncology, Inc., 9.00%, 8/15/12		146,300
CCC+			185		Vanguard Health Holding Co. LLC, 9.00%, 10/01/14		194,713
							3,237,033
					Industrials—7.0%
B-			165		Blount, Inc., 8.875%, 8/01/12		170,363
B-			195		Concentra Operating Corp., 9.125%, 6/01/12		201,338
B-			575		ERICO Intl. Corp., 8.875%, 3/01/12		580,749
B-			180	5	Hexcel Corp., 6.75%, 2/01/15		172,800
B-			175	5	Hydrochem Industrial Services, 9.25%, 2/15/13		173,250
B			163		JLG Industries, Inc., 8.375%, 6/15/12		169,520
B-			200	5	NationsRent Cos., Inc., 9.50%, 5/01/15		200,500
CCC+			210	5	Park Ohio Industries, Inc., 8.375%, 11/15/14		178,500
					Rural/Metro Corp.,
CCC+			80	5	zero coupon, 3/15/16		38,400
CCC+			100	5	9.875%, 3/15/15		98,250
B3			350	5	Sunstate Equipment Co. LLC, 10.50%, 4/01/13		350,000
B-			565		Trimas Corp., 9.875%, 6/15/12		562,175
					United Rentals NA, Inc.,
B+			455		7.00%, 2/15/14		407,225
B+			80		7.75%, 11/15/13		74,000
							3,377,070
					Media—14.1%
B-			150		Cenveo Corp., 7.875%, 12/01/13		139,125
CCC+			680		Charter Communications Holdings II, LLC, 10.25%, 9/15/10		680,000
					Charter Communications Holdings LLC,
CCC+			400		10.75%, 10/01/09		303,000
CCC+			200		11.125%, 1/15/11		144,500
					CSC Holdings, Inc.,
BB-			525	5	6.75%, 4/15/12		514,500
BB-			90		7.875%, 2/15/18		91,350
BB-			45		Ser. B, 7.625%, 4/01/11		45,788
					Echostar DBS Corp.,
BB-			60		6.35%, 10/01/08		61,350
BB-			150		6.375%, 10/01/11		147,750
BB-			145	5	6.625%, 10/01/14		141,738
B2			90		Fisher Communications, Inc., 8.625%, 9/15/14		95,400
					Nexstar Finance, Inc.,
B-			425		7.00%, 1/15/14		386,750
B-			110	5	7.00%, 1/15/14		100,650
B			150	5	Penn National Gaming, Inc., 6.75%, 3/01/15		143,250
B-			180		Pinnacle Entertainment Inc., 8.75%, 10/01/13		184,500
					Primedia, Inc.,
B			194		7.625%, 4/01/08		194,000
B			100		8.00%, 5/15/13		100,000
B			75		8.875%, 5/15/11		77,813
B			90	5	Radio One, Inc., 6.375%, 2/15/13		87,300
					Rainbow National Services LLC,
B+			285	5	8.75%, 9/01/12		304,950
B+			490	5	10.375%, 9/01/14		552,475

See Notes to Financial Statements.

25

BlackRock High Yield Trust (BHY) (continued)

Rating1	Principal Amount (000)				Description		Value
					Media—(cont’d)
					Vertis, Inc.,
CCC		$	265		10.875%, 6/15/09	$	235,850
Caa2			415	5	13.50%, 12/07/09		280,125
CCC			315		WRC Media, Inc., 12.75%, 11/15/09		305,550
CCC+			980		XM Satellite Radio, Inc., 14.00%, 3/15/10		1,068,198
CCC			385		Young Broadcasting, Inc., 10.00%, 3/01/11		387,888
							6,773,800
					Real Estate—1.0%
					American Real Estate Partners LP,
BB			180	5	7.125%, 2/15/13		176,400
BB			300		8.125%, 6/01/12		303,000
							479,400
					Technology—5.0%
B			170		Celestica, Inc., 7.875%, 7/01/11 (Canada)		169,150
B-			70	5	Coleman Cable, Inc., 9.875%, 10/01/12		65,450
BB+			60		Flextronics Intl. Ltd., 6.25%, 11/15/14 (Singapore)		56,400
					Freescale Semiconductor, Inc.,
BB+			100		5.891%, 7/15/09		103,000
BB+			50		6.875%, 7/15/11		51,875
B			275		General Cable Corp., 9.50%, 11/15/10		292,188
					Lucent Technologies, Inc.,
B1			20		5.50%, 11/15/08		19,500
B1			502		6.50%, 1/15/28		429,210
					MagnaChip Semiconductor SA,
Ba3			250	5	6.26%, 12/15/11 (Luxembourg)		233,750
Ba3			70	5	6.875%, 12/15/11 (Luxembourg)		63,700
B2			185	5	8.00%, 12/15/14 (Luxembourg)		158,175
B3			140		NDCHealth Corp., 10.50%, 12/01/12		147,000
B1			70	5	Sanmina-SCI Corp., 6.75%, 3/01/13		63,350
BB			215	5	STATS ChipPAC Ltd., 6.75%, 11/15/11 (Singapore)		205,325
B			365		Superior Essex Communications LLC, 9.00%, 4/15/12		366,825
							2,424,898
					Telecommunications—11.5%
CCC+			335		Alamosa Delaware, Inc., 8.50%, 1/31/12		346,725
NR			2,000	4	Asia Global Crossing Ltd., 13.375%, 10/15/10 (Bermuda)		100,000
					AT&T Corp.,
BB+			182		9.05%, 11/15/11		207,582
BB+			70		9.75%, 11/15/31		87,385
B3			320		Centennial Communications Corp., 8.125%, 2/01/14		319,200
					Cincinnati Bell, Inc.,
B1			25		7.25%, 7/15/13		24,250
B			500		8.375%, 1/15/14		477,500
B2			210	5	Dobson Cellular Systems, Inc., 8.375%, 11/01/11		212,100
B-			100	5	Hawaiian Telcom Communications, Inc., 8.914%, 5/01/13		99,125
					Intelsat Ltd.,
B+			175	5	7.805%, 1/15/12 (Bermuda)		176,750
B+			280	5	8.25%, 1/15/13 (Bermuda)		280,000
B+			350	5	8.625%, 1/15/15 (Bermuda)		353,500
B3			50		iPCS, Inc., 11.50%, 5/01/12		55,500
B+			119		MCI, Inc., 6.908%, 5/01/07		121,083
B-			295		Nortel Networks Corp., 6.875%, 9/01/23 (Canada)		269,188
					PanAmSat Corp.,
BB+			210		6.875%, 1/15/28		191,100
B+			140		9.00%, 8/15/14		146,300
NR			600	4	PF. Net Communications, Inc., 13.75%, 5/15/10		60
B+			205	5	Qwest Communications Intl., Inc., 8.00%, 2/15/14		193,725
					Qwest Corp.,
BB			600	5	7.875%, 9/01/11		607,500
BB			445	5	9.125%, 3/15/12		471,700

See Notes to Financial Statements.

26

BlackRock High Yield Trust (BHY) (continued)

Rating1	Principal Amount (000)				Description	Value
					Telecommunications—(cont’d)
					Rogers Wireless, Inc.,
BB+		$	35		7.25%, 12/15/12 (Canada)	$	35,788
BB-			305		8.00%, 12/15/12 (Canada)		313,388
CCC			455		Rural Cellular Corp., 9.875%, 2/01/10		459,547
							5,548,996
					Transportation—5.0%
B			220	5	CHC Helicopter Corp., 7.375%, 5/01/14 (Canada)		214,500
B+			120		General Maritime Corp., 10.00%, 3/15/13 (Marshall Island)		130,800
B3			545	5	Horizon Lines LLC, 9.00%, 11/01/12		572,250
B+			350		OMI Corp., 7.625%, 12/01/13 (Marshall Island)		357,000
BB+			505		Overseas Shipholding Group, Inc., 7.50%, 2/15/24		486,061
B			500		Sea Containers Ltd., Ser. B, 10.75%, 10/15/06 (Bermuda)		502,500
BB-			155		Ultrapetrol Bahamas Ltd., 9.00%, 11/24/14 (Bahamas)		144,150
							2,407,261
					Total Corporate Bonds		64,745,616
	Shares
					Preferred Securities—0.0%
					Media—0.0%
			1	3,4	Adelphia Business Solutions, Ser. B, 12.875%		0
					Common Stock—0.5%
					Consumer Products—0.0%
			15	3	Mattress Discounters Corp.,		0
					Technology—0.5%
			68		Globix Corp.		228,999
					Total Common Stocks		228,999
	Units
					Warrants—0.0%
			1	2,5	Mattress Discounters Corp., Expires 7/15/07, strike price $0.01, 4.85 shares for 1 warrant		0
			54	2	Neon Communications, Inc., Expires 12/02/12,		1
			1	2,5	PF. Net Communications, Inc., Expires 5/15/10, strike price $0.01, 36.87243 shares for 1 warrant		0
					Total Warrants		1
					Total Long-Term Investments (cost $75,821,034)		64,974,616
	Principal Amount (000)
					SHORT-TERM INVESTMENT—4.2%
					U.S. Government and Agency Security—4.2%
			2,000		Federal Home Loan Bank, zero coupon, 5/02/05 (cost $1,999,850)		1,999,850
					Total investments—139.2% (cost $77,820,884)	$	66,974,466
					Liabilities in excess of other assets—(39.2)%		(18,850,451	)
					Net Assets—100%	$	48,124,015

1	Using the higher of S&P’s, Moody’s or Fitch’s rating.
2	Illiquid security.
3	Security is fair valued.
4	Issuer is technically in default and/or bankruptcy.
5	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2005, the Trust held 46.2% of its net assets, with a current market value of $22,221,027, in securities restricted as to resale.

A category in the Corporate Bonds section may contain multiple industries as defined by the SEC’s Standard Industry Codes.

See Notes to Financial Statements.

27

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2005

BlackRock Income Opportunity Trust (BNA)

Rating1	Principal Amount (000)				Description		Value
					LONG-TERM INVESTMENTS—145.4%
					Mortgage Pass-Through Securities—17.3%
					Federal National Mortgage Assoc.,
		$	58,076	2	5.50%, 12/01/13-4/01/34	$	58,865,648
			1,580		6.00%, 3/01/16-12/01/28		1,637,677
			307		7.00%, 2/01/24-10/01/28		325,256
			7,100		5.50%, TBA		7,264,188
			500		6.00%, TBA		513,281
					Government National Assoc.,
			1,891		6.00%, 6/20/15		1,959,815
			127		8.00%, 4/15/24-11/15/25		137,677
					Total Mortgage Pass-Through Securities		70,703,542
					Federal Housing Administration—1.3%
					General Motors Acceptance Corp. Projects,
			581		Ser. 37, 7.43%, 5/01/22		602,985
			204		Ser. 44, 7.43%, 8/01/22		211,364
					Merrill Projects,
			193		Ser. 29, 7.43%, 10/01/20		199,631
			234		Ser. 42, 7.43%, 9/01/22		242,876
			1,890		Reilly Project, Ser. B-11, 7.40%, 4/01/21		1,956,665
			1,913		Westmore Project, 7.25%, 4/01/21		1,970,950
					Total Federal Housing Administration		5,184,471
					Agency Multiple Class Mortgage Pass-Through Securities—4.9%
					Federal Home Loan Mortgage Corp.,
			3,750		Ser. 82, Class HJ, 5.50%, 9/25/32		3,812,625
			1,390		Ser. 2883, Class DR, 5.00%, 11/15/19		1,428,211
			3,977		Ser. 2922, Class GA, 5.50%, 5/15/34		4,056,751
			2,100		Ser. 2927, Class BA, 5.50%, 10/15/33		2,145,546
			2,130		Ser. 2933, Class HD, 5.50%, 2/15/35		2,178,394
					Federal National Mortgage Assoc.,
			4,057		Ser. 5, Class PK, 5.00%, 12/25/34		4,049,489
			2,413		Ser. 27, Class PC, 5.50%, 5/25/34		2,458,787
					Total Agency Multiple Class Mortgage Pass-Through Securities		20,129,803
					Non-Agency Multiple Class Mortgage Pass-Throughs—2.8%
AAA			2,150		Banc of America Alternative Loan Trust, Ser. 11, Class 2, 6.00%, 12/25/34		2,168,884
AAA			8,608		Residential Funding Securities Corp., Ser. RM2, Class AI5, 8.50%, 5/25/33		9,256,287
AAA			21	3	Summit Mortgage Trust, Ser. 1, Class B1, 6.016%, 12/28/12		20,811
					Total Non-Agency Multiple Class Mortgage Pass-Through Securities		11,445,982
					Adjustable Rate Mortgage Securities—0.8%
					Federal Home Loan Mortgage Corp.,
			1,340		4.388%, 1/01/35		1,352,867
			2,041		5.152%, 1/01/35		2,049,014
			9		Federal National Mortgage Assoc., Ser. 256, Class F, 4.531%, 11/25/23		9,481
					Total Adjustable Rate Mortgage Securities		3,411,362
					Inverse Floating Rate Mortgages—0.7%
			1,000		Federal Home Loan Mortgage Corp., Ser. 1611, Class JC, 10.00%, 8/15/23		1,047,770
					Federal National Mortgage Assoc.,
			1,808		Ser. 23, Class PS, 9.908%, 4/25/23		1,927,934
			15		Ser. 46, Class S, 18.248%, 5/25/21		3,891
			18		Ser. 49, Class S, 7.196%, 12/25/21		1,633
			93		Ser. 87, Class S, 18.65%, 8/25/21		111,471
			10		Ser. 145, Class S, 25.441%, 10/25/06		10,362
					Total Inverse Floating Rate Mortgages		3,103,061

See Notes to Financial Statements.

28

BlackRock Income Opportunity Trust (BNA) (continued)

Rating1	Principal Amount (000)				Description		Value
					Interest Only Asset-Backed Securities—1.5%
					Sterling Coofs Trust,
		$	39,053		Ser. 1, 4/15/29	$	3,343,932
			32,945		Ser. 2, 3/30/30		2,602,655
					Total Interest Only Asset-Backed Securities		5,946,587
					Interest Only Mortgage-Backed Securities—2.7%
					Federal Home Loan Mortgage Corp.,
			4		Ser. 176, Class M, 7/15/21		57
			0		Ser. 192, Class U, 2/15/22		63
			13		Ser. 1043, Class H, 2/15/21		16,344
			2		Ser. 1054, Class I, 3/15/21		292
			13		Ser. 1056, Class KD, 3/15/21		1,652
			16		Ser. 1057, Class J, 3/15/21		3,343
			47		Ser. 1148, Class E, 10/15/21		924
			12		Ser. 1179, Class O, 11/15/21		199
			9		Ser. 1221 Class H, 3/15/07		152
			300		Ser. 1254, Class Z, 4/15/22		1,881
			625		Ser. 1831, Class PG, 3/15/11		63,507
			3,282		Ser. 2582, Class TB, 10/15/21		3,276,407
			8,528		Ser. 2611, Class QI, 9/15/32		1,606,295
					Federal National Mortgage Assoc.,
			145		Ser. 5, Class H, 1/25/22		20,123
			10		Ser. 7, Class 2, 4/01/17		1,870
			31		Ser. 7, Class S, 3/25/21		3,809
			90		Ser. 10, Class S, 5/25/21		11,004
			71		Ser. 12, Class S, 5/25/21		12,516
			45		Ser. 17, Class S, 6/25/21		5,247
			0		Ser. 20, Class H, 3/25/06		6
			61		Ser. 33, Class PV, 10/25/21		14,333
			5		Ser. 38, Class N, 4/25/21		526
			678		Ser. 46, Class H, 12/25/09		109,746
			636		Ser. 50, Class SI, 4/25/23		16,047
			14,544		Ser. 64, Class QI, 1/25/33		2,684,739
			3		Ser. 84, Class H, 8/25/06		143
			18		Ser. 89, Class 2, 6/01/18		3,280
			36,095		Ser. 90, Class JH, 11/25/34		2,854,399
			5		Ser. 94, Class 2, 8/01/21		1,158
			22		Ser. 99, Class L, 8/25/21		3,049
			4		Ser. 123, Class M, 10/25/20		583
			26		Ser. 136, Class S, 11/25/20		31,452
			35		Ser. 139, Class PT, 10/25/21		3,558
			15		Ser. 141, Class SA, 8/25/07		2,322
			7,465	2	Goldman Sachs Mortgage Securities Corp., Ser. 5, 2/19/25		150,461
			4,142	2	Hanover Grantor Trust, Ser. A, Class 1, 8/01/27		6,998
			2,040	2	Morgan Stanley Capital I, Inc., Ser. HF1, Class X, 6/15/17		46,211
			51		Morgan Stanley Mortgage Trust, Ser. 39, Class 2, 12/20/21		6,797
			5,048		Salomon Brothers Mortgage Securities VII, Inc., Ser. 1, Class IO, 3/25/22		9,894
					Total Interest Only Mortgage-Backed Securities		10,971,387
					Principal Only Mortgage-Backed Securities—0.5%
			178	2	Federal Home Loan Mortgage Corp., Ser. 1739, Class B, 2/15/24		155,566
					Federal National Mortgage Assoc.,
			72		Ser. 51, Class E, 2/25/23		56,235
			21		Ser. 70, Class A, 5/25/23		18,909
			33		Ser. 167, Class D, 10/25/17		31,768
			37		Ser. 203, Class 1, 2/01/23		32,545
			24		Ser. 228, Class 1, 5/01/23		20,631
			6,055		Resolution Funding Corp., Ser. B, 4/15/30		1,820,133
					Total Principal Only Mortgage-Backed Securities	$	2,135,787

See Notes to Financial Statements.

29

BlackRock Income Opportunity Trust (BNA) (continued)

Rating1	Principal Amount (000)				Description		Value
					U.S. Government and Agency Securities—51.8%
		$	19,376		Overseas Private Investment Corp., zero coupon - 7.35%, 5/29/12	$	19,572,841
			1,529		Small Business Administration, Ser. 20K-1, 6.95%, 11/01/16		1,607,518
					U.S. Treasury Bonds,
			700		3.875%, 4/15/29		979,194
			19,285	2	5.375%, 2/15/31		21,792,050
			6,350	2	5.50%, 8/15/28		7,149,719
			32,000	2	6.00%, 2/15/26		37,863,744
			5,350		8.00%, 11/15/21		7,475,769
			5,720		8.125%, 8/15/19		7,900,750
					U.S. Treasury Notes,
			103,190		3.625%, 4/30/07		103,141,500
			140		3.375%, 2/28/07		139,377
			3,880		4.00%, 4/15/10		3,898,197
					Total U.S. Government and Agency Securities		211,520,659
					Commercial Mortgage-Backed Securities—3.5%
AAA			2,320		Bear Stearns Commercial Mortgage Securities, Ser. PWR7, Class A2, 4.945%, 2/11/41		2,359,046
AAA			2,090		First Union National Bank Commercial Mortgage Trust, Ser. C2, Class A2, 7.202%, 10/15/32		2,307,841
AAA			2,475		General Motors Acceptance Corp. Commercial Mortgage Securities, Inc., Ser. C3, Class A4, 4.547%, 12/10/41		2,455,448
					JP Morgan Chase Commercial Mortgage Securities Corp.,
AAA			1,990		Ser. C1, Class A3, 5.857%, 10/12/35		2,119,649
AAA			2,380		Ser. CBX, Class A4, 4.529%, 1/12/37		2,363,388
AAA			2,530		LB-UBS Commercial Mortgage Trust, Ser. C4, Class A3, 4.987%, 6/15/29		2,588,846
					Total Commercial Mortgage-Backed Securities		14,194,218
					Collateralized Mortgage Obligation Residuals—0.0%
					Collateralized Mortgage Obligation Trust,
			3		Ser. 40, Class R, 4/01/18		370
			51		Ser. 42, Class R, 10/01/14		6,599
					Federal Home Loan Mortgage Corp.,
			18		Ser. 19, Class R, 3/15/20		1,918
			0		Ser. 75, Class R, 1/15/21		4
			0		Ser. 75, Class RS, 1/15/21		4
			0		Ser. 173, Class R, 11/15/21		19
			0		Ser. 173, Class RS, 11/15/21		19
			24		Ser. 200, Class R, 12/15/22		452
			6	4	Painewebber CMO Trust, Ser. 88 M, Class 6, 9/01/18		0
					Total Collateralized Mortgage Obligation Residuals		9,385
					Corporate Bonds—56.2%
					Aerospace & Defense—2.3%
B-			30		BE Aerospace, Inc., 8.875%, 5/01/11		30,375
B-			1,470	3	DI Finance/Dyn Corp. Intl., 9.50%, 2/15/13		1,411,200
B-			360	3	K&F Acquisition, Inc., 7.75%, 11/15/14		355,500
BBB+			1,620		Lockheed Martin Corp., 8.50%, 12/01/29		2,249,483
BBB			1,000		Northrop Grumman Corp., 7.125%, 2/15/11		1,124,390
					Raytheon Co.,
BBB-			712		6.15%, 11/01/08		748,326
NR			2,000		7.00%, 5/15/06		2,055,292
BB-			100		Sequa Corp., Ser. B, 8.875%, 4/01/08		103,500
A+			1,250		United Technologies Corp., 4.875%, 5/01/15		1,251,113
							9,329,179
					Automotive—2.1%
B-			270	3	Accuride Corp., 8.50%, 2/01/15		255,150
BB+			200		Arvinmeritor, Inc., 8.75%, 3/01/12		186,000
BBB-			2,000		Briggs & Stratton Corp., 8.875%, 3/15/11		2,300,000
B			80	3	Cooper-Standard Automotive, Inc., 7.00%, 12/15/12		69,600
B			285		Delphi Corp., 6.50%, 5/01/09		225,150
B-			2,380		Dura Operating Corp., Ser. B, 8.625%, 4/15/12		2,070,600
Baa2			3,200		General Motors Acceptance Corp., 6.875%, 8/28/12		2,756,704
BBB-			430		General Motors Corp., 8.375%, 7/15/33		325,983

See Notes to Financial Statements.

30

BlackRock Income Opportunity Trust (BNA) (continued)

Rating1	Principal Amount (000)				Description		Value
					Automotive—(cont’d)
B3		$	110		Goodyear Tire & Rubber Co., 7.857%, 8/15/11	$	99,550
CCC+			260	3	Metaldyne Corp., 10.00%, 11/01/13		221,000
BB			110	3	Navistar Intl. Corp., 6.25%, 3/01/12		100,100
							8,609,837
					Basic Materials—3.1%
BB-			395		Abitibi-Consolidated, Inc., 8.375%, 4/01/15 (Canada)		357,475
B+			90		Alaska Steel Corp., 7.75%, 6/15/12		80,100
A			2,000		Alcoa, Inc., 7.375%, 8/01/10		2,263,520
B-			2,000		Caraustar Industries, Inc., 9.875%, 4/01/11		1,975,000
BB-			170		Donohue Forest Products, 7.625%, 5/15/07 (Canada)		170,425
B			72	3	Huntsman LLC, 12.00%, 7/15/12		82,440
BB			70		IMC Global, Inc., Ser. B, 10.875%, 6/01/08		79,625
CCC+			410	3	Innophos, Inc., 8.875%, 8/15/14		423,325
					Lyondell Chemical Co.,
BB-			130		10.50%, 6/01/13		149,500
BB-			2,700		11.125%, 7/15/12		3,078,000
B-			125		Nalco Co., 8.875%, 11/15/13		130,000
B3			400	3	NewPage Corp., 10.00%, 5/01/12		391,000
B+			1,000		Oregon Steel Mills, Inc., 10.00%, 7/15/09		1,070,000
B-			170	3	PQ Corp., 7.50%, 2/15/13		162,350
CCC+			455		Rhodia SA, 8.875%, 6/01/11 (France)		434,525
					Weyerhaeuser Co.,
BBB			826		5.95%, 11/01/08		858,842
BBB			1,000		6.75%, 3/15/12		1,067,430
							12,773,557
					Building & Development—0.6%
B-			835	3	Goodman Global Holding Co., Inc., 7.875%, 12/15/12		741,063
					Hovnanian K Enterprises, Inc.,
BB+			370		6.25%, 1/15/15		356,125
BB+			140		6.375%, 12/15/14		136,150
CCC+			600		Nortek, Inc., 8.50%, 9/01/14		531,000
BBB+			900		Pulte Homes, Inc., 5.20%, 2/15/15		871,533
							2,635,871
					Conglomerates—3.3%
					General Electric Capital Corp.,
AAA			5,100		3.45%, 1/15/08		5,120,247
AAA			4,600		4.375%, 11/21/11		4,572,915
AAA			3,000		Ser. A, 6.75%, 3/15/32		3,577,200
BB-			30		Stena AB, 7.00%, 12/01/16 (Sweden)		27,825
							13,298,187
					Consumer Products—3.9%
BBB			870		Albertsons, Inc., 8.00%, 5/01/31		1,014,820
B3			95		ALH Finance LLC, 8.50%, 1/15/13		88,588
BBB-			1,500		Autonation, Inc., 9.00%, 8/01/08		1,635,000
B3			2,000		Buffets, Inc., 11.25%, 7/15/10		2,050,000
BB+			815		Delhaize America, Inc., 9.00%, 4/15/31		968,049
CCC-			270		Duane Reade, Inc., 9.75%, 8/01/11		232,200
BBB+			525		Federated Department Stores, Inc., 6.90%, 4/01/29		590,609
B+			450		Finlay Fine Jewelry Corp., 8.375%, 6/01/12		414,000
BBB+			550		General Mills, Inc., 5.125%, 2/15/07		559,339
B			90		Gold Kist, Inc., 10.25%, 3/15/14		102,150
B-			735	3	Knowledge Learning Corp., Inc., 7.75%, 2/01/15		698,250
BBB			1,000		Kroger Co., 5.50%, 2/01/13		1,021,160
B-			380		Lazy Days RV Center, Inc., 11.75%, 5/15/12		397,100
B-			470	3	Levi Strauss & Co., 7.73%, 4/01/12		439,450
BBB			865		May Department Stores Co., 6.70%, 7/15/34		939,502
B2			740	3	Movie Gallery, Inc., 11.00%, 5/01/12		732,600
AA-			3,000		Procter & Gamble Co., 6.875%, 9/15/09		3,314,430
B-			730	3	Rite Aid Corp., 6.125%, 12/15/08		662,475
							15,859,722

See Notes to Financial Statements.

31

BlackRock Income Opportunity Trust (BNA) (continued)

Rating1	Principal Amount (000)				Description		Value
					Containers & Packaging—1.6%
					Constar Intl., Inc.,
B		$	215	3	6.149%, 2/15/12	$	207,475
B-			450		11.00%, 12/01/12		397,125
B+			1,500		Crown European Holdings SA, 9.50%, 3/01/11 (France)		1,642,500
BB-			2,250		Owens-Brockway Glass Container, Inc., 8.875%, 2/15/09		2,379,375
B3			500		Pliant Corp., 11.125%, 9/01/09		455,000
B+			1,240		Stone Container Corp., 9.25%, 2/01/08		1,283,400
							6,364,875
					Ecological Services & Equipment—0.7%
BB-			350	3	Allied Waste North America, Inc., 7.25%, 3/15/15		318,500
B			2,250		Casella Waste Systems, Inc., 9.75%, 2/01/13		2,463,750
							2,782,250
					Energy—6.6%
B1			120		ANR Pipeline Co., 9.625%, 11/01/21		149,400
CCC+			70		Calpine Canada Energy Finance LLC, 8.50%, 5/01/08 (Canada)		34,825
CCC+			60		Calpine Generating Co. LLC, 11.50%, 4/01/11		51,000
BB			2,500		Chesapeake Energy Corp., 9.00%, 8/15/12		2,737,500
B+			140		CMS Energy Corp., 9.875%, 10/15/07		149,800
BB-			180	3	Compagnie Generale de Geophysique SA, 7.50%, 5/15/15 (France)		181,197
A-			3,000		Conoco Funding Co., 6.35%, 10/15/11 (Canada)		3,301,619
BBB+			2,000		Dominion Resources, Inc., 5.70%, 9/17/12		2,097,400
B			725		Dresser, Inc., 9.375%, 4/15/11		772,125
B			710	3	Dynegy Holdings, Inc., 10.125%, 7/15/13		729,525
					El Paso Corp.,
CCC+			120		7.80%, 8/01/31		106,800
CCC+			40		7.875%, 6/15/12		38,700
B1			1,000		El Paso Natural Gas Co., 7.625%, 8/01/10		1,047,500
B-			1,500		El Paso Production Holding Co., 7.75%, 6/01/13		1,496,250
B			90		Exco Resources, Inc., 7.25%, 1/15/11		88,875
BBB+			640		Exelon Corp., 6.75%, 5/01/11		702,758
					FirstEnergy Corp.,
BBB-			480		Ser. B, 6.45%, 11/15/11		516,053
BBB-			805		Ser. C, 7.375%, 11/15/31		948,725
					KCS Energy, Inc.,
B-			80		7.125%, 4/01/12		79,200
B-			135	3	7.125%, 4/01/12		133,650
BBB+			1,250		Kinder Morgan Energy Partners LP, 7.30%, 8/15/33		1,484,063
BBB			1,000		Kinder Morgan, Inc., 6.50%, 9/01/12		1,090,740
B+			125		Midwest Generation LLC, 8.56%, 1/02/16		136,250
B2			120		Mission Energy Holdings Co., 13.50%, 7/15/08		140,700
B			300	3	North American Energy Partners, Inc., 9.00%, 5/15/10 (Canada)		300,000
BBB+			1,800		Occidental Petroleum Corp., 6.75%, 1/15/12		2,007,180
B			140		Orion Power Holdings, Inc., 12.00%, 5/01/10		166,250
					Progress Energy, Inc.,
Baa2			1,800		6.75%, 3/01/06		1,841,706
Baa2			2,000		7.10%, 3/01/11		2,198,820
B			25	3	Range Resources Corp., 6.375%, 3/15/15		24,125
BB-			155		Reliant Energy, Inc., 6.75%, 12/15/14		136,788
BB+			30		Transcontinental Gas Pipe Line Corp., 7.25%, 12/01/26		31,875
BBB-			600	3	TXU Corp., 6.50%, 11/15/24		598,926
B2			1,070		Utilicorp Canada Finance Corp., 7.75%, 6/15/11 (Canada)		1,070,000
B2			320		Whiting Petroleum Corp., 7.25%, 5/01/13		316,800
							26,907,125
					Entertainment & Leisure—2.6%
B+			2,000		Boyd Gaming Corp., 8.75%, 4/15/12		2,160,000
B			1,760		Hammons John Q. Hotels LP, Ser. B, 8.875%, 5/15/12		1,870,000
Ba3			1,000		MGM Mirage, 9.75%, 6/01/07		1,077,500
Ba2			2,000		Park Place Entertainment Corp., 8.875%, 9/15/08		2,202,500
B			70		Poster Financial Group, Inc., 8.75%, 12/01/11		71,050
BB+			1,930		Starwood Hotels & Resorts Worldwide, Inc., 7.875%, 5/01/12		2,110,937
B-			825	3	WMG Holdings Corp., 7.385%, 12/15/11		844,594
B+			125	3	Wynn Las Vegas LLC, 6.625%, 12/01/14		115,938
							10,452,519

See Notes to Financial Statements.

32

BlackRock Income Opportunity Trust (BNA) (continued)

Rating1	Principal Amount (000)				Description	Value
					Financial Institutions—13.5%
BB		$	350	3	American Real Estate Partners LP, 7.125%, 2/15/13	$	343,000
Aa3			2,450		Bank of America Corp., 7.80%, 2/15/10		2,801,673
Aa3			1,400	3	Bank One Corp., 6.50%, 2/01/06		1,428,630
Aa3			2,000	3	Barclays Bank PLC, 6.86%, 9/29/49 (United Kingdom)		2,300,240
B-			300		BCP Crystal US Holdings Corp., 9.625%, 6/15/14		330,750
A+			500		Bear Stearns Co., Inc., 6.50%, 5/01/06		513,095
					Berkshire Hathaway Finance Corp.,
AAA			2,525		3.375%, 10/15/08		2,449,097
AAA			1,440	3	4.125%, 1/15/10		1,415,808
					Citigroup, Inc.,
AA+			5,975		4.125%, 2/22/10		5,890,932
AA			6,000		5.625%, 8/27/12		6,334,560
					Credit Suisse First Boston USA, Inc.,
AA-			700	3	6.125%, 11/15/11		756,196
AA-			1,000		7.125%, 7/15/32		1,213,810
BB			1,090		Crum & Forster Holdings Corp., 10.375%, 6/15/13		1,182,650
AA-			950		Deutsche Bank AG/New York, 3.843%, 3/15/07		944,110
BB			200		Fairfax Financial Holdings Ltd., 7.75%, 4/26/12 (Canada)		183,000
					Ford Motor Credit Co.,
BBB			1,400		4.711%, 1/15/10		1,242,528
BBB			1,500		5.70%, 1/15/10		1,356,165
BBB			250		7.25%, 10/25/11		232,288
AA-			1,000		Goldman Sachs Group, Inc., 6.60%, 1/15/12		1,098,750
AA			2,525		HSBC Bank USA, Inc., 3.875%, 9/15/09		2,472,253
Aa3			2,100		JP Morgan Chase & Co., 5.25%, 5/30/07		2,145,360
AAA			3,000		KFW Intl. Finance, Inc., 5.25%, 6/28/06		3,053,040
B-			20	3	KRATON Polymers LLC, 8.125%, 1/15/14		18,650
A+			1,500		Lehman Brothers Holdings, Inc., 6.625%, 1/18/12		1,653,105
AA-			550		Merrill Lynch & Co., Inc., 4.25%, 2/08/10		542,916
AA-			1,200		National City Bank, 3.375%, 10/15/07		1,177,188
A+			2,000		Northern Trust Co., 6.30%, 3/07/11		2,209,580
A+			2,475		SLM Corp., 4.00%, 1/15/10		2,427,579
AA			950		State Street Bank & Trust Co., Ser. CD1, 2.92%, 12/11/06		949,558
AA			2,000		UBS Preferred Funding Trust I, 8.622%, 10/29/49		2,365,824
B-			300	3	UGS Corp., 10.00%, 6/01/12		322,500
B-			50	3	Universal City Florida Holding Co., 7.493%, 5/01/10		51,500
Aa1			1,710		Wells Fargo & Co., 4.20%, 1/15/10		1,692,421
Aa1			2,000		Wells Fargo Bank, 7.55%, 6/21/10		2,285,140
BB-			50		Western Financial Bank, 9.625%, 5/15/12		54,250
							55,438,146
					Health Care—2.2%
B3			20		Curative Health Services, Inc., 10.75%, 5/01/11		15,400
B			520	3	Elan Finance Corp., 7.75%, 11/15/11 (Ireland)		410,800
NR			2,000		HealthSouth Corp., 7.00%, 6/15/08		1,950,000
B3			320		Insight Health Services Corp., Ser. B, 9.875%, 11/01/11		304,000
AA			2,550		Merck & Co., Inc., 4.75%, 3/01/15		2,507,823
BB+			1,500		Omnicare, Inc., Ser. B, 8.125%, 3/15/11		1,575,000
					Tenet Healthcare Corp.,
B			80		6.375%, 12/01/11		74,600
B			100		9.875%, 7/01/14		104,000
A			1,310		UnitedHealth Group, Inc., 3.375%, 8/15/07		1,287,992
B-			450		Universal Hospital Services, Inc., 10.125%, 11/01/11		456,750
A-			350	3	WellPoint, Inc., 5.95%, 12/15/34		360,577
							9,046,942
					Industrials—1.3%
B-			580		ERICO Intl. Corp., 8.875%, 3/01/12		585,800
B-			340	3	Hexcel Corp., 6.75%, 2/01/15		326,400
B-			375	3	Hydrochem Industrial Services, 9.25%, 2/15/13		371,250
B			1,306		Manitowoc, Inc., 10.50%, 8/01/12		1,449,660
B-			400	3	NationsRent Cos., Inc., 9.50%, 5/01/15		401,000
CCC+			500	3	Park Ohio Industries, Inc., 8.375%, 11/15/14		425,000

See Notes to Financial Statements.

33

BlackRock Income Opportunity Trust (BNA) (continued)

Rating1	Principal Amount (000)				Description	Value
					Industrials—(cont’d)
					Rural/Metro Corp.,
CCC+		$	150	3	zero coupon, 3/15/16	$	72,000
CCC+			150	3	9.875%, 3/15/15		147,375
B3			530	3	Sunstate Equipment Co. LLC, 10.50%, 4/01/13		530,000
B-			525		Trimas Corp., 9.875%, 6/15/12		522,375
B+			420		United Rentals NA, Inc., 7.00%, 2/15/14		375,900
							5,206,760
					Media—5.6%
					AOL Time Warner, Inc.,
BBB+			1,635		7.57%, 2/01/24		1,942,740
BBB+			585		7.70%, 5/01/32		722,066
BBB+			3,000		9.125%, 1/15/13		3,744,446
BBB			550		AT&T Broadband Corp., 8.375%, 3/15/13		667,684
B-			275		Cenveo Corp., 7.875%, 12/01/13		255,063
CCC+			745		Charter Communications Holdings II, LLC, 10.25%, 9/15/10		745,000
CCC+			2,425		Charter Communications Holdings LLC, 10.75%, 10/01/09		1,836,938
BBB			1,000		Comcast Cable Communications, Inc., 6.75%, 1/30/11		1,096,590
BBB			325		Comcast Corp., 7.05%, 3/15/33		380,465
BB-			135		Echostar DBS Corp., 6.35%, 10/01/08		138,038
BBB			1,145		News America, Inc., 6.20%, 12/15/34		1,167,453
B-			180	3	Nexstar Finance, Inc., 7.00%, 1/15/14		164,700
B			150	3	Penn National Gaming, Inc., 6.75%, 3/01/15		143,250
B			1,000		Quebecor Media, Inc., 11.125%, 7/15/11 (Canada)		1,100,000
B			110	3	Radio One, Inc., 6.375%, 2/15/13		106,700
					Rainbow National Services LLC,
B+			225	3	8.75%, 9/01/12		240,750
B+			1,295	3	10.375%, 9/01/14		1,460,113
BBB			1,495		TCI Communications, Inc., 8.75%, 8/01/15		1,904,765
					Vertis, Inc.,
CCC			540		10.875%, 6/15/09		480,600
Caa2			140	3	13.50%, 12/07/09		94,500
A-			875		Viacom, Inc., 7.875%, 7/30/30		1,033,410
CCC			3,000		WRC Media, Inc., 12.75%, 11/15/09		2,910,000
CCC			665		Young Broadcasting, Inc., 10.00%, 3/01/11		669,988
							23,005,259
					Real Estate—1.8%
BBB+			1,000		AvalonBay Communities, Inc., 6.625%, 9/15/11		1,101,090
					EOP Operating LP,
BBB+			850		4.65%, 10/01/10		840,582
BBB+			1,855		4.75%, 3/15/14		1,783,007
BBB+			800		7.00%, 7/15/11		881,840
A-			585		ERP Operating LP, 5.25%, 9/15/14		586,527
					Rouse Co.,
BB+			725		3.625%, 3/15/09		684,132
BB+			1,715		5.375%, 11/26/13		1,654,683
							7,531,861
					Technology—1.1%
B1			895		Lucent Technologies, Inc., 6.50%, 1/15/28		765,225
Ba3			120	3	MagnaChip Semiconductor SA, 6.26%, 12/15/11 (Luxembourg)		112,200
B1			115	3	Sanmina-SCI Corp., 6.75%, 3/01/13		104,075
BB+			2,000		Seagate Technology Holdings, 8.00%, 5/15/09 (Cayman Island)		2,110,000
BB			350	3	STATS ChipPAC Ltd., 6.75%, 11/15/11 (Singapore)		334,250
B			905		Superior Essex Communications LLC, 9.00%, 4/15/12		909,525
							4,335,275
					Telecommunications—2.7%
					Cincinnati Bell, Inc.,
B1			140		7.25%, 7/15/13		135,800
B			240		8.375%, 1/15/14		229,200
B-			220	3	Hawaiian Telcom Communications, Inc., zero coupon, 5/01/13		218,075

See Notes to Financial Statements.

34

BlackRock Income Opportunity Trust (BNA) (continued)

Rating1	Principal Amount (000)				Description		Value
					Telecommunications—(cont’d)
					Intelsat Ltd.,
B		$	180		5.25%, 11/01/08 (Bermuda)	$	162,900
B+			350	3	8.25%, 1/15/13 (Bermuda)		350,000
B+			635	3	8.625%, 1/15/15 (Bermuda)		641,350
BB			105	3	Qwest Corp., 7.875%, 9/01/11		106,313
B+			350	3	Qwest Services Corp., 14.00%, 12/15/10		395,500
CCC			790		Rural Cellular Corp., 9.875%, 2/01/10		797,900
					SBC Communications, Inc.,
A+			905		5.875%, 2/01/12		959,137
A+			1,900		6.45%, 6/15/34		2,051,031
A+			945		Verizon Global Funding Corp., 7.75%, 12/01/30-6/15/32		1,178,327
A+			540		Verizon Maryland, Inc., 5.125%, 6/15/33		492,070
A+			1,410		Verizon Pennsylvania, Inc., Ser. A, 5.65%, 11/15/11		1,464,200
A+			750		Verizon Virginia, Inc., 4.625%, 3/15/13		726,000
A			1,000		Vodafone Group PLC, 7.75%, 2/15/10 (United Kingdom)		1,138,540
							11,046,343
					Transportation—1.2%
BBB+			1,000		Burlington Northern Santa Fe Corp., 5.90%, 7/01/12		1,071,930
BBB+			1,000		Canadian National Railway Co., 6.375%, 10/15/11 (Canada)		1,096,978
BBB			1,475		Canadian Pacific Railway Ltd., 6.25%, 10/15/11 (Canada)		1,610,095
B			350	3	CHC Helicopter Corp., 7.375%, 5/01/14 (Canada)		341,250
B+			220		General Maritime Corp., 10.00%, 3/15/13 (Marshall Island)		239,800
B3			60	3	Horizon Lines LLC, 9.00%, 11/01/12		63,000
B+			150		OMI Corp., 7.625%, 12/01/13 (Marshall Island)		153,000
BB-			200		Ultrapetrol Bahamas Ltd., 9.00%, 11/24/14 (Bahamas)		186,000
							4,762,053
					Total Corporate Bonds		229,385,761
					Foreign Government Bonds—1.4%
					United Mexican States,
Baa1			2,325		6.625%, 3/03/15		2,456,363
Baa1			3,000		8.00%, 9/24/22		3,474,000
					Total Foreign Government Bonds		5,930,363
					Total Investments before borrowed bonds, TBA Commitments, investments sold short and outstanding options written (cost $587,578,882)		594,072,368
					BORROWED BONDS—3.7%
					U.S. Government and Agency Securities—3.7%
					U.S. Treasury Notes,
			5,148	5	2.15%, 5/02/05		5,148,000
			1,239	5	2.25%, 5/02/05		1,239,063
			8,593	5	2.75%, 5/11/05		8,593,425
					Total Borrowed Bonds (cost $14,980,488)		14,980,488
					TBA COMMITMENTS—(11.1)%
			(45,056	)	Federal National Mortgage Assoc., 5.50%, TBA (proceeds $45,068,634)		(45,478,524	)
					INVESTMENTS SOLD SHORT—(3.7)%
					U.S. Government and Agency Securities—(3.7)%
					U.S. Treasury Notes,
			(8,887	)	0.875%, 4/15/10		(8,766,687	)
			(6,450	)	4.00%, 2/15/15		(6,345,187	)
					Total Investments Sold Short (proceeds $15,051,708)		(15,111,874	)

See Notes to Financial Statements.

35

BlackRock Income Opportunity Trust (BNA) (continued)

Rating1	Contracts/ Notional Amount (000)				Description	Value
					OUTSTANDING OPTIONS WRITTEN—(0.5)%
					Interest Rate Swap,
		$	(11,400	)	5.135% over 3-month LIBOR, expires 4/21/08,	$	(499,149	)
			(24,800	)	5.67% over 3-month LIBOR, expires 1/04/10,		(1,241,240	)
			(55,000	)	5.75% over 3-month LIBOR, expires 9/23/05		(28,050	)
			(17	)	U.S. Treasury Notes Futures, expires 8/26/05		(1,594	)
			(78	)	U.S. Treasury Notes Futures, expires 8/26/05		(9,750	)
			(97	)	U.S. Treasury Notes Futures, expires 5/20/05		(3,031	)
			(97	)	U.S. Treasury Notes Futures, expires 5/20/05		(12,125	)
			(71	)	U.S. Treasury Notes Futures, expires 8/26/05		(76,547	)
			(52	)	U.S. Treasury Notes Futures, expires 8/26/05		(35,750	)
					Total Outstanding Options Written (premium received $3,186,380)		(1,907,236	)
					Total investments net of borrowed bonds, TBA commitments, investments sold short and outstanding options written—133.8%	$	546,555,222
					Liabilities in excess of other assets —(33.8)%		(138,102,259	)
					Net Assets—100%	$	408,452,963

1	Using the higher of S&P’s, Moody’s or Fitch’s rating.
2	Entire or partial principal amount pledged as collateral for reverse repurchase agreements or financial futures contracts.
3	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2005, the Trust held 5.6% of its net assets, with a current market value of $22,796,040 in securities restricted as to resale.
4	Security is fair valued.
5	The interest rate and maturity date shown represent the terms of the bonds borrowed transaction, not the security borrowed (see Note 1).

Details of open reverse repurchase agreements are disclosed in Note 4 in the Notes to Financial Statements.
A category in the Corporate Bonds section may contain multiple industries as defined by the SEC’s Standard Industry Codes.

KEY TO ABBREVIATIONS

TBA – To be Announced

See Notes to Financial Statements.

36

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2005

BlackRock Income Trust Inc. (BKT)

Rating1	Principal Amount (000)				Description		Value
					LONG-TERM INVESTMENTS—140.9%
					Mortgage Pass-Through Securities—31.4%
					Federal Home Loan Mortgage Corp.,
		$	1,277		4.165%, 1/01/35	$	1,283,229
			83		4.318%, 2/01/25		84,004
			1,291		4.993%, 10/01/34		1,293,356
			13,770		5.50%, 10/01/16-5/01/17		14,116,971
			49		5.551%, 11/01/30		49,813
			33		5.885%, 11/01/17		33,548
			86		6.50%, 5/01/29-5/01/30		90,115
			15		7.50%, 2/01/23		16,026
			108		8.00%, 11/01/15		112,350
			58		8.50%, 10/01/06-3/01/08		59,332
			233		9.00%, 9/01/20		253,306
					Federal National Mortgage Assoc.,
			23,561		5.00%, 6/01/33-7/01/34		23,387,211
			59,857	2	5.50%, 12/01/13-8/01/34		60,998,246
			12,692	2	6.00%, 11/01/31-8/01/34		13,034,464
			4,788	2	6.50%, 2/01/26-5/01/31		4,985,336
			8,023		7.00%, 6/01/26-2/01/32		8,468,610
			5,163		7.50%, 11/01/14-9/01/23		5,408,880
			417		8.00%, 5/01/08-5/01/22		431,715
			12		9.50%, 1/01/19-9/01/19		13,403
					Government National Mortgage Assoc.,
			142		7.00%, 10/15/17		151,178
			723		7.50%, 8/15/21-12/15/23		781,233
			465		8.00%, 10/15/22-2/15/29		504,555
			48		9.00%, 6/15/18-9/15/21		53,285
					Total Mortgage Pass-Through Securities		135,610,166
					Federal Housing Administration—3.0%
			670		General Motors Acceptance Corp. Colonial Project, 7.40%, 12/01/22		693,864
					General Motors Acceptance Corp. Projects,
			3,067		Ser. 51, 7.43%, 2/01/23		3,179,294
			1,051		Ser. 56, 7.43%, 11/01/22		1,090,130
			54		Merrill Projects, Ser. 54, 7.43%, 5/15/23		55,612
			855		Reilly Project, Ser. 41, 8.28%, 3/01/20		885,974
					USGI Projects,
			169		Ser. 87, 7.43%, 12/01/22		175,060
			691		Ser. 99, 7.43%, 10/01/23		716,847
			5,954		Ser. 6094, 7.43%, 6/01/21		6,171,962
					Total Federal Housing Administration		12,968,743
					Agency Multiple Class Mortgage Pass-Through Securities—24.9%
					Federal Home Loan Mortgage Corp.,
			6,330		Ser. 11, Class A9, 5.00%, 1/25/28		5,285,641
			402		Ser. 19, Class F, 8.50%, 3/15/20		401,385
			3,000		Ser. 1598, Class J, 6.50%, 10/15/08		3,133,290
			7,691		Ser. 2218 Class Z, 8.50%, 3/15/30		8,748,359
			14,419		Ser. 2461, Class Z, 6.50%, 6/15/32		15,229,799
			10,200		Ser. 2542, Class UC, 6.00%, 12/15/22		10,568,934
			12,550	2	Ser. 2758, Class KV, 5.50%, 5/15/23		12,990,639
			1,998		Ser. 2765, Class UA, 4.00%, 3/15/11		1,896,347
					Federal National Mortgage Assoc.,
			8,888		Ser. 28, Class PB, 6.00%, 8/25/28		9,060,597
			3,144		Ser. 29, Class HC, 7.50%, 7/25/30		3,357,294
			1,975		Ser. 31, Class ZG, 7.50%, 5/25/34		2,246,820
			8,826		Ser. 32, Class VT, 6.00%, 9/25/15		9,116,247
			334		Ser. 43, Class E, 7.50%, 4/25/22		344,368
			1,694		Ser. 60, Class PA, 5.50%, 4/25/34		1,720,115
			12,264		Ser. 135, Class PB, 6.00%, 1/25/34		12,894,860

See Notes to Financial Statements.

37

BlackRock Income Trust Inc. (BKT) (continued)

Rating1	Principal Amount (000)				Description		Value
					Agency Multiple Class Mortgage Pass-Through Securities—(cont’d)
					Government National Mortgage Assoc.,
		$	1,841		Ser. 5, Class Z, 7.00%, 5/16/26	$	1,932,112
			2,500		Ser. 33, Class PB, 6.50%, 7/20/31		2,612,577
			5,440		Ser. 89, Class PE, 6.00%, 10/20/34		5,735,488
					Total Agency Multiple Class Mortgage Pass-Through Securities		107,274,872
					Non-Agency Multiple Class Mortgage Pass-Through Securities—3.3%
AAA			12,913		Residential Funding Securities Corp., Ser. RM2, Class AI5, 8.50%, 5/25/33		13,884,430
AAA			148	3	Summit Mortgage Trust, Ser. 1, Class B1, 6.06%, 12/28/12		147,899
					Total Non-Agency Multiple Class Mortgage Pass-Through Securities		14,032,329
					Adjustable Rate Mortgage Securities—0.0%
					Federal National Mortgage Assoc.,
			144		Ser. 38, Class F, 8.325%, 4/25/21		155,779
			21		Ser. 256, Class F, 4.531%, 11/25/23		21,331
					Total Adjustable Rate Mortgage Securities		177,110
					Inverse Floating Rate Mortgages—2.2%
					Federal Home Loan Mortgage Corp.,
			56		Ser. 1160, Class F, 27.413%, 10/15/21		56,919
			596	2	Ser. 1616, Class SB, 8.50%, 11/15/08		602,148
			1,964		Ser. 1688, Class S, 9.669%, 12/15/13		2,031,510
			539		Ser. 2752, Class SV, 10.822%, 9/15/33		538,297
					Federal National Mortgage Assoc.,
			146		Ser. 38, Class SA, 10.186%, 4/25/21		152,864
			33		Ser. 46, Class S, 18.248%, 5/25/21		8,349
			38		Ser. 49, Class S, 7.196%, 12/25/21		3,505
			905		Ser. 72, Class S, 8.75%, 5/25/08		917,532
			203		Ser. 87, Class S, 18.65%, 8/25/21		243,564
			411		Ser. 93, Class S, 8.50%, 5/25/08		416,169
			20		Ser. 145, Class S, 25.441%, 10/25/06		21,089
			198		Ser. 170, Class SC, 9.00%, 9/25/08		201,332
			1,665		Ser. 196, Class SC, 8.109%, 10/25/08		1,706,865
			607		Ser. 214, Class SH, 10.444%, 12/25/08		607,836
			1,633		Ser. 247, Class SN, 10.00%, 12/25/23		1,639,782
			287		Kidder Peabody Acceptance Corp., Ser. 1, Class A6, 11.013%, 8/25/23		286,918
					Total Inverse Floating Rate Mortgages		9,434,679
					Interest Only Asset-Backed Securities—1.6%
					Sterling Coofs Trust,
			48,600		Ser. 1, 4/15/29		4,161,338
			33,705		Ser. 2, 3/30/30		2,662,695
					Total Interest Only Asset-Backed Securities		6,824,033
					Interest Only Mortgage-Backed Securities—17.2%
			5,747		ABN Amro Mortgage Corp., Ser. IV, Class A2, 3/25/33		281,901
					American Housing Trust,
			279		Ser. III, Class 4, 3/25/19		4,969
			68		Ser. VII, Class 2, 11/25/20		180,000
			83,499		Commercial Mortgage Acceptance Corp., Ser. ML1, 12/15/30		1,707,014
			28,315	3	CS First Boston Mortgage Securities Corp., Ser. C1, Class AX, 6/20/29		1,143,914
					Federal Home Loan Mortgage Corp.,
			12,503		Ser. 60, Class HS, 4/25/24		253,437
			10		Ser. 176, Class M, 7/15/21		122
			1		Ser. 192, Class U, 2/15/22		135
			3,174		Ser. 204, Class IO, 5/01/29		611,062
			27		Ser. 1043, Class H, 2/15/21		35,090
			4		Ser. 1054, Class I, 3/15/21		626
			28		Ser. 1056, Class KD, 3/15/21		3,546
			34		Ser. 1057, Class J, 3/15/21		7,178
			102		Ser. 1148, Class E, 10/15/21		1,984
			25		Ser. 1179, Class O, 11/15/21		428
			19		Ser. 1221 Class H, 3/15/07		325
			703		Ser. 1706, Class IA, 10/15/23		51,538
			217		Ser. 1720, Class PK, 1/15/24		18,212
			7,105		Ser. 1914, Class PC, 12/15/11		85,686
			983		Ser. 1961 Class H, 5/15/12		1,019,007
			7,121		Ser. 2002, Class HJ, 10/15/08		130,200

See Notes to Financial Statements.

38

BlackRock Income Trust Inc. (BKT) (continued)

Rating1	Principal Amount (000)			Description		Value
				Interest Only Mortgage-Backed Securities—(cont’d)
				Federal Home Loan Mortgage Corp.—(cont’d)
		$	1,744	Ser. 2296, Class SA, 3/15/16	$	113,252
			1,076	Ser. 2444, Class ST, 9/15/29		75,768
			1,004	Ser. 2513, Class BI, 12/15/15		44,112
			2,302	Ser. 2542, Class MX, 5/15/22		232,994
			1,602	Ser. 2543, Class IM, 9/15/12		64,353
			4,868	Ser. 2545, Class NI, 3/15/22		586,755
			19,804	Ser. 2559, Class IO, 8/15/30		86,644
			8,065	Ser. 2561, Class EW, 9/15/16		895,984
			3,326	Ser. 2582, Class TB, 10/15/21		3,320,326
			15,565	Ser. 2611, Class QI, 9/15/32		2,931,707
			354	Ser. 2613, Class BS, 11/15/32		350,524
			21,176	Ser. 2633, Class PI, 3/15/12		1,002,466
			5,641	Ser. 2653, Class MI, 4/15/26		795,276
			10,191	Ser. 2658, Class PI, 6/15/13		812,837
			2,886	Ser. 2664, Class SR, 8/15/33		2,638,265
			5,662	Ser. 2672, Class TQ, 3/15/23		557,570
			10,255	Ser. 2676, Class JI, 8/15/13		589,075
			3,633	Ser. 2687, Class IL, 9/15/18		677,727
			23,475	Ser. 2687, Class IQ, 9/15/22		1,575,890
			6,533	Ser. 2693, Class IB, 6/15/13		648,172
			4,353	Ser. 2694, Class LI, 7/15/19		474,285
			2,050	Ser. 2750, Class TC, 2/15/34		2,076,445
			8,341	Ser. 2773, Class OX, 2/15/18		1,218,776
			19,180	Ser. 2779, Class YS, 1/15/33		1,799,867
			25,169	Ser. 2780, Class SM, 4/15/34		1,214,130
			20,246	Ser. 2786, Class PI, 10/15/10		879,881
			1,123	Ser. 2791, Class KS, 5/15/34		1,110,419
			1,123	Ser. 2872, Class ZA, 10/15/19		1,122,286
			2,175	Ser. 2919 Class ZD, 1/15/20		2,176,851
				Federal National Mortgage Assoc.,
			373	Ser. 5, Class H, 1/25/22		51,746
			21	Ser. 7, Class 2, 4/01/17		4,015
			67	Ser. 7, Class S, 3/25/21		8,177
			193	Ser. 10, Class S, 5/25/21		23,626
			1,988	Ser. 11, Class PI, 1/25/19		18,330
			94	Ser. 12, Class C, 2/25/22		15,581
			153	Ser. 12, Class S, 5/25/21		26,872
			11,574	Ser. 13, Class IG, 10/25/22		900,375
			18,077	Ser. 16, Class PI, 11/25/12		1,065,252
			97	Ser. 17, Class S, 6/25/21		11,267
			0	Ser. 20, Class H, 3/25/06		13
			130	Ser. 33, Class PV, 10/25/21		30,770
			3,874	Ser. 33, Class SG, 3/25/09		205,728
			992	Ser. 37, Class SE, 10/25/22		2,874
			11	Ser. 38, Class N, 4/25/21		1,129
			105	Ser. 50, Class G, 12/25/21		13,637
			1,273	Ser. 50, Class SI, 4/25/23		32,094
			7,372	Ser. 51, Class IE, 4/25/26		803,867
			6,044	Ser. 55, Class GI, 7/25/19		989,943
			1,065	Ser. 60, Class SB, 10/25/22		23,039
			1,334	Ser. 62, Class IC, 7/25/15		83,397
			667	Ser. 62, Class IL, 3/25/24		9,121
			22,069	Ser. 64, Class QI, 1/25/33		4,073,755
			7,724	Ser. 66, Class CI, 7/25/33		1,495,026
			4,598	Ser. 68, Class SC, 1/25/24		327,235
			1,363	Ser. 69, Class AZ, 6/25/19		1,362,979
			6,404	Ser. 71, Class EI, 8/25/33		1,318,934
			4,563	Ser. 82, Class IR, 9/25/12		215,649
			7	Ser. 84, Class H, 8/25/06		307
			23,716	Ser. 88, Class TI, 11/25/13		1,368,890
			39	Ser. 89, Class 2, 6/01/18		7,042
			44,875	Ser. 90, Class JH, 11/25/34		3,548,712
			21,007	Ser. 90, Class M, 1/25/28		3,576,624

See Notes to Financial Statements.

39

BlackRock Income Trust Inc. (BKT) (continued)

Rating1	Principal Amount (000)				Description	Value
					Interest Only Mortgage-Backed Securities—(cont’d)
					Federal National Mortgage Assoc.—(cont’d)
		$	11		Ser. 94, Class 2, 8/01/21	$	2,485
			48		Ser. 99, Class L, 8/25/21		6,547
			5,286		Ser. 122, Class IA, 9/25/09		149,216
			3,741		Ser. 122, Class IC, 9/25/18		666,505
			8		Ser. 123, Class M, 10/25/20		1,251
			57		Ser. 136, Class S, 11/25/20		67,527
			76		Ser. 139, Class PT, 10/25/21		7,639
			31		Ser. 141, Class SA, 8/25/07		4,985
			3,765		Ser. 199, Class SB, 10/25/23		208,602
			3,443		Ser. 302, Class 2, 6/01/29		673,514
			7,020		Ser. 602, Class BI, 10/25/22		1,079,534
			1,093		Ser. W4, 12/25/28		180,408
Aaa			27,796		General Motors Acceptance Corp. Commercial Mortgage Securities, Inc., Ser. C1, Class X, 7/15/27		1,057,244
AAA			14,839	3	Goldman Sachs Mortgage Securities Corp., Ser. 5, 2/19/25		299,105
					Government National Mortgage Assoc.,
			4,087		Ser. 39, Class ID, 5/20/33		596,119
			3,760		Ser. 58, Class IT, 7/20/33		452,835
			14,425		Ser. 75, Class IJ, 7/20/25		1,084,877
AAA			7,886	3	Hanover Grantor Trust, Ser. A, Class 1, 8/01/27		13,322
AAA			120		Kidder Peabody Acceptance Corp., Ser. B, Class A2, 4/22/18		28,370
Aaa			3,472		Merrill Lynch Mortgage Investors, Inc., Ser. C2, 6/15/21		58,670
			115,585		MLCC Mortgage Investors, Inc., Ser. A, Class XA, 3/25/28		2,745,140
AAA			2,606		Morgan Stanley Cap. Trust I, Ser. 3, Class 1AX, 5/25/19		329,613
AAA			6,781	3	Morgan Stanley Capital I, Inc., Ser. HF1, Class X, , 6/15/17		153,591
AAA			109		Morgan Stanley Mortgage Trust, Ser. 39, Class 2, 12/20/21		14,918
AAA			2,222		Residential Accredit Loans, Inc., Ser. QS7, Class A1, 4/25/33		382,267
AAA			6,536		Residential Asset Securitization Trust, Ser. A8, Class A2, 10/25/18		6,527,436
			17,833		Small Business Administration, Ser. 1, 4/01/15		111,457
			148,606		Vendee Mortgage Trust, Ser. 2, Class 1, 5/15/29		213,993
					Total Interest Only Mortgage-Backed Securities		74,342,187
					Principal Only Mortgage-Backed Securities—8.1%
AAA			116		Collateralized Mortgage Obligation Trust, Ser. 29, Class A, 5/23/17		115,079
					Countrywide Home Loans, Inc.,
AAA			7,579		Ser. 26, 8/25/33		5,490,677
AAA			1,374		Ser. J4, 6/25/33		1,092,431
AAA			1,941		Ser. J5, 7/25/33		1,360,969
AAA			1,494		Ser. J8, 9/25/23		1,032,884
					Drexel Burnham Lambert, Inc.,
AAA			53		Ser. K, Class 1, 9/23/17		46,278
AAA			537		Ser. V, Class 1, 9/01/18		485,471
					Federal Home Loan Mortgage Corp.,
			410		Ser. 8, Class A10, 11/15/28		345,141
			273		Ser. 1418, Class M, 11/15/22		235,410
			666		Ser. 1571, Class G, 8/15/23		531,938
			3,626		Ser. 1691, Class B, 3/15/24		3,217,574
			400		Ser. 1739, Class B, 2/15/24		348,619
					Federal National Mortgage Assoc.,
			548		Ser. 2, Class KB, 1/25/23		446,325
			72		Ser. 7, Class J, 2/25/21		60,340
			1,648		Ser. 13, Class PR, 3/25/32		1,316,537
			154		Ser. 51, Class E, 2/25/23		120,735
			46		Ser. 70, Class A, 5/25/23		40,596
			71		Ser. 167, Class D, 10/25/17		68,205
			80		Ser. 203, Class 1, 2/01/23		69,874
			51		Ser. 228, Class 1, 5/01/23		44,295
			2,870		Ser. 249, Class B, 11/25/23		2,478,503
			435		Ser. 273, Class 1, 7/01/26		380,102
			7,802		Ser. 328, Class 1, 11/01/32		6,495,451
			5,528		Ser. 338, Class 1, 6/01/33		4,423,825
			544		Ser. W4, 2/25/29		419,031
AAA			700		MASTR Asset Securitization Trust, Ser. 3, Class 4A15, 3/25/34		445,123
AAA			29		Structured Mortgage Asset Residential Trust, Ser. 3C, Class CX, 4/25/24		26,334
NR			13,000		Resolution Funding Corp., Ser. B, 4/15/30		3,907,800
					Total Principal Only Mortgage-Backed Securities		35,045,547

See Notes to Financial Statements.

40

BlackRock Income Trust Inc. (BKT) (continued)

Rating1	Principal Amount (000)				Description	Value
					Commercial Mortgage-Backed Securities—1.2%
AAA		$	5,153	3	New York City Mortgage Loan Trust, Multi-Family, Class A2, 6.75%, 6/25/11	$	5,386,897
					Collateralized Mortgage Obligation Securities—5.6%
			0		FBC Mortgage Securities Trust 16, Ser. A, Class 1, zero coupon, 7/01/17		283,265
					GSR Mortgage Loan Trust,
			5,842		Ser. 10, Class 2A1, 10/25/33		5,655,206
			5,659		Ser. 13, Class 1A1, 10/25/33		5,534,202
					MASTR Alternative Loan Trust,
			2,628		Ser. 7, Class 4A3, 11/25/18		2,855,110
			2,639		Ser. 9, Class 15X2, 1/25/19		427,608
			9,579		MASTR Asset Securitization Trust, Ser 12, Class 3A5, 10/25/14		9,475,100
					Total Collateralized Mortgage Obligation Securities		24,230,491
					Collateralized Mortgage Obligation Residuals—0.0%
					Collateralized Mortgage Obligation Trust,
			6		Ser. 40, Class R, 4/01/18		794
			110		Ser. 42, Class R, 10/01/14		14,165
					Federal Home Loan Mortgage Corp.,
			38		Ser. 19, Class R, 3/15/20		4,117
			0		Ser. 75, Class R, 1/15/21		9
			0		Ser. 75, Class RS, 1/15/21		9
			0		Ser. 173, Class R, 11/15/21		42
			0		Ser. 173, Class RS, 11/15/21		43
			51		Ser. 200, Class R, 12/15/22		973
			13	4	Painewebber CMO Trust, Ser. 88 M, Class 6, 9/01/18		0
					Total Collateralized Mortgage Obligation Residuals		20,152
					U.S. Government and Agency Securities—41.4%
			17,614		Overseas Private Investment Corp., zero coupon - 7.35%, 5/29/12		17,793,491
					Small Business Administration,
			1,136		Ser. 20C-1, 7.15%, 3/01/17		1,202,919
			1,424		Ser. 20E-1, 7.60%, 5/01/16		1,508,407
			1,902		Ser. 20F-1, 7.55%, 6/01/16		2,016,027
			1,223		Ser. 20G-1, 7.70%, 7/01/16		1,300,828
			1,671		Ser. 20H-1, 7.25%, 8/01/16		1,765,664
			2,896		Ser. 20K-1, 6.95%, 11/01/16		3,043,718
			1,786		Small Business Investment Cos., Ser. P10A, Class 1, 6.12%, 2/01/08		1,846,390
					U.S. Treasury Bonds,
			129,000		zero coupon, 11/15/24		51,459,131
			2,701		2.375%, 1/15/25		2,953,394
					U.S. Treasury Notes,
			40,000	2	1.50%, 3/31/06		39,337,600
			2,930	2	2.50%, 5/31/06		2,900,700
			945		3.625%, 1/15/10		934,955
			21,000	2	3.75%, 3/31/07		21,042,630
			20,200	2	4.25%, 8/15/14		20,291,506
			9,000	2	4.25%, 11/15/13		9,067,500
					Total U.S. Government and Agency Securities		178,464,860
					Corporate Bonds—1.0%
					Financial Institutions—1.0%
NR			4,265		Structured Asset Receivable Trust, 1.649%, 1/21/10		4,255,334
					Total Long-Term Investments (cost $615,279,223)		608,067,400

See Notes to Financial Statements.

41

BlackRock Income Trust Inc. (BKT) (continued)

Rating1	Principal Amount (000)				Description		Value
					SHORT-TERM INVESTMENTS—2.9%
					U.S. Government and Agency Securities—2.9%
		$	12,500		Federal Home Loan Bank, zero coupon, 5/02/05 (cost $12,499,080)	$	12,499,080
					Total investments before investments sold short and outstanding options written (cost $627,778,303)		620,566,480
					BORROWED BONDS—21.0%
					U.S. Treasury Bonds,
			28,655	5	2.375%, 5/11/05		28,654,563
			18,998	5	2.75%, 5/11/05		18,998,438
					U.S. Treasury Notes,
			14,770	5	2.25%, 5/02/05		14,769,625
			20,350	5	2.70%, 5/11/05		20,350,000
			8,026	5	2.75%, 5/11/05		8,025,750
					Total Borrowed Bonds (cost $90,798,376)		90,798,376
					TBA COMMITMENTS—(0.8)%
			(3,500	)	Federal National Mortgage Assoc., 6.00%, TBA (proceeds $3,572,188)		(3,592,967	)
					INVESTMENTS SOLD SHORT—(21.1%)
					U.S. Government and Agency Securities—(21.1%)
					U.S. Treasury Bonds,
			(15,750	)	6.25%, 8/15/23		(18,927,090	)
			(25,330	)	5.375%, 2/15/31		(28,622,900	)
					U.S. Treasury Notes,
			(8,958	)	0.875%, 4/15/10		(8,836,580	)
			(14,900	)	4.00%, 2/15/15		(14,657,876	)
			(20,000	)	4.25%, 11/15/14		(20,071,800	)
					Total Investments Sold Short (proceeds $89,640,478)		(91,116,246	)

Contracts/Notional Amount (000)
			OUTSTANDING OPTIONS WRITTEN—(0.4)%
			Interest Rate Swap,
	(11,400	)	5.135% over 3-month LIBOR, expires 4/21/08,		(499,149	)
	(24,800	)	5.67% over 3-month LIBOR, expires 1/04/10		(1,241,240	)
	(77,000	)	5.75% over 3-month LIBOR, expires 9/23/05		(39,270	)
	(96	)	U.S. Treasury Notes Futures, expires 5/20/05		(3,000	)
	(96	)	U.S. Treasury Notes Futures, expires 5/20/05		(12,000	)
			Total Outstanding Options Written (premium received $3,526,613)		(1,794,659	)
			Total investments net of borrowed bonds, TBA commitments investments sold short and outstanding options written—142.5%	$	614,860,984
			Liabilities in excess of other assets—(42.5)%		(183,297,793	)
			Net Assets—100%	$	431,563,191

1	Using the higher of S&P’s, Moody’s or Fitch’s rating.
2	Entire or partial principal amount pledged as collateral for reverse repurchase agreements or financial futures contracts.
3	Security exempt from registration under Rule 144A the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2005, the Trust held 1.7% of its net assets, with a current market value of $7,144,728, in securities restricted as to resale.
4	Security is fair valued.
5	The interest rate and maturity date shown represent the terms of the bonds borrowed transaction, not the security borrowed (see Note 1).
Details of open reverse repurchase agreements are disclosed in Note 4 in the Notes to Financial Statements.

See Notes to Financial Statements.

42

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2005

BlackRock Limited Duration Income Trust (BLW)

Rating1	Principal Amount (000)				Description	Value
					LONG-TERM INVESTMENTS—148.4%
					Corporate Bonds—64.0%
					Aerospace & Defense—3.7%
NR		$	1,560		AAR Corp., Ser. A2, 8.39%, 5/15/11	$	1,591,200
NR			2,020		Aero Invest 1 S.A., 10.635%, 9/01/05		2,503,702
B-			130		BE Aerospace, Inc., 8.875%, 5/01/11		131,625
B-			5,685	2	DI Finance/Dyn Corp. Intl., 9.50%, 2/15/13		5,457,600
B-			900	2	K&F Acquisition, Inc., 7.75%, 11/15/14		888,750
NR			4,000		Raytheon Co., 7.00%, 5/15/06		4,110,584
BB-			5,350	3	Sequa Corp., Ser. B, 8.875%, 4/01/08		5,537,250
B-			5,885		Transdigm, Inc., 8.375%, 7/15/11		6,002,700
							26,223,411
					Automotive—2.6%
B-			1,140	2	Accuride Corp., 8.50%, 2/01/15		1,077,300
BB+			770		Arvinmeritor, Inc., 8.75%, 3/01/12		716,100
B			320	2	Cooper-Standard Automotive, Inc., 7.00%, 12/15/12		278,400
A3			7,500	3	DaimlerChrysler NA Holding Corp., 4.05%, 6/04/08		7,229,550
B			725		Delphi Corp., 6.50%, 5/01/09		572,750
B-			3,170		Dura Operating Corp., Ser. B, 8.625%, 4/15/12		2,757,900
B3			470		Goodyear Tire & Rubber Co., 7.857%, 8/15/11		425,350
CCC+			1,105	2	Metaldyne Corp., 10.00%, 11/01/13		939,250
BB			400	2	Navistar Intl. Corp., 6.25%, 3/01/12		364,000
BB-			3,729	3	TRW Automotive, Inc., 9.375%, 2/15/13		3,859,515
							18,220,115
					Basic Materials—7.5%
BB-			980		Abitibi-Consolidated, Inc., 8.375%, 4/01/15 (Canada)		886,900
B+			330		Alaska Steel Corp., 7.75%, 6/15/12		293,700
B-			4,000		Caraustar Industries, Inc., 9.875%, 4/01/11		3,950,000
BB-			740		Donohue Forest Products, 7.625%, 5/15/07 (Canada)		741,850
BB+			5,685	3	Georgia Pacific Corp., 8.875%, 2/01/10		6,310,350
BB-			2,500	2	Huntsman Advanced Materials LLC, 11.00%, 7/15/10		2,856,250
					Huntsman LLC,
BB-			1,950		11.625%, 10/15/10		2,223,000
B			310	2	12.00%, 7/15/12		354,950
B-			1,670	2	Hydrochem Industrial Services, 9.25%, 2/15/13		1,653,300
BB			300		IMC Global, Inc., Ser. B, 10.875%, 6/01/08		341,250
CCC+			1,340	2	Innophos, Inc., 8.875%, 8/15/14		1,383,550
BB			5,000	3	IPSCO, Inc., 8.75%, 6/01/13 (Canada)		5,537,500
					Lyondell Chemical Co.,
BB-			560		10.50%, 6/01/13		644,000
BB-			4,500		11.125%, 7/15/12		5,130,000
B-			450		Nalco Co., 8.875%, 11/15/13		468,000
					Newpage Corp.,
B3			1,500	2	9.46%, 5/01/12		1,485,000
B3			500	2	10.00%, 5/01/12		488,750
CCC+			1,905		Rhodia SA, 8.875%, 6/01/11 (France)		1,819,275
					Rockwood Specialties Group, Inc.,
B-			450	2	7.50%, 11/15/14		438,750
B-			5,000		10.625%, 5/15/11		5,481,250
BB-			75		Stena AB, 7.00%, 12/01/16 (Sweden)		69,563
BB			3,250		U.S. Steel LLC, 10.75%, 8/01/08		3,656,250
BBB			7,500	3	Weyerhaeuser Co., 5.25%, 12/15/09		7,735,133
							53,948,571

See Notes to Financial Statements.

43

BlackRock Limited Duration Income Trust (BLW) (continued)

Rating1	Principal Amount (000)				Description	Value
					Building & Development—1.2%
BB+		$	3,000	3	DR Horton, Inc., 5.875%, 7/01/13	$	2,998,185
					Goodman Global Holding Co., Inc.,
B-			375	2	zero coupon, 6/15/12		360,000
B-			3,170	2	7.875%, 12/15/12		2,813,375
CCC+			2,520		Nortek, Inc., 8.50%, 9/01/14		2,230,200
							8,401,760
					Conglomerates—1.1%
BBB			7,500	3	Tyco Intl. Group SA, 6.125%, 11/01/08 (Luxembourg)		7,903,425
					Consumer Products—5.5%
B3			400		ALH Finance LLC, 8.50%, 1/15/13		373,000
					Constar Intl., Inc.,
B			785	2	6.149%, 5/16/05		757,525
B-			1,905		11.00%, 12/01/12		1,681,163
					Duane Reade, Inc.,
B2			1,610	2	7.51%, 12/15/10		1,610,000
CCC-			750		9.75%, 8/01/11		645,000
B+			1,760		Finlay Fine Jewelry Corp., 8.375%, 6/01/12		1,619,200
B			2,140		Gold Kist, Inc., 10.25%, 3/15/14		2,428,900
B+			5,000		Group 1 Automotive, Inc., 8.25%, 8/15/13		4,950,000
BB+			4,400	3	JC Penney Co., Inc., 8.00%, 3/01/10		4,807,000
B-			2,835	2	Knowledge Learning Corp., Inc., 7.75%, 2/01/15		2,693,250
B-			1,550		Lazy Days RV Center, Inc., 11.75%, 5/15/12		1,619,750
B-			2,075	2	Levi Strauss & Co., 7.73%, 4/01/12		1,940,125
B2			4,590	2	Movie Gallery, Inc., 11.00%, 5/01/12		4,544,100
B-			710	2	PQ Corp., 7.50%, 2/15/13		678,050
					Rite Aid Corp.,
B-			375	2	6.125%, 6/15/05		340,312
B+			5,000		8.125%, 5/01/10		4,875,000
B			3,500		Sonic Automotive, Inc., Ser. B, 8.625%, 8/15/13		3,412,500
							38,974,875
					Containers & Packaging—1.2%
					Graham Packaging Co., Inc.,
CCC+			785	2	8.50%, 10/15/12		749,675
CCC+			1,100	2	9.875%, 10/15/14		1,039,500
B-			5,000	3	Graphic Packaging Intl., Inc., 9.50%, 8/15/13		5,050,000
B3			1,935		Pliant Corp., 11.125%, 9/01/09		1,760,850
							8,600,025
					Ecological Services & Equipment—1.3%
B			2,000		Casella Waste Systems, Inc., 9.75%, 2/01/13		2,190,000
B-			6,250		National Waterworks, Inc., Ser. B, 10.50%, 12/01/12		7,046,875
							9,236,875
					Energy—6.8%
Ba3			5,500	2	AES Corp.,, 8.75%, 5/15/13		5,940,000
B1			550		ANR Pipeline Co., 9.625%, 11/01/21		684,750
CCC+			300		Calpine Canada Energy Finance LLC, 8.50%, 5/01/08 (Canada)		149,250
BB-			4,000	3	Chesapeake Energy Corp., 7.50%, 9/15/13		4,180,000
B+			610		CMS Energy Corp., 9.875%, 10/15/07		652,700
					Compagnie Generale de Geophysique SA,
BB-			750	2	7.50%, 5/15/15 (France)		754,988
BB-			698		10.625%, 11/15/07 (France)		736,041
B			2,120	2	Dynegy Holdings, Inc., 10.125%, 7/15/13		2,178,300
					El Paso Corp.,
CCC+			400		7.80%, 8/01/31		356,000
CCC+			170		7.875%, 6/15/12		164,475
B-			4,000		El Paso Production Holding Co., 7.75%, 6/01/13		3,990,000
B			300		Exco Resources, Inc., 7.25%, 1/15/11		296,250
BB-			2,160	2	Gazprom, 9.625%, 3/01/13 (Germany)		2,532,600
B			5,000	2	Hilcorp Energy I LP, 10.50%, 9/01/10		5,525,000

See Notes to Financial Statements.

44

BlackRock Limited Duration Income Trust (BLW) (continued)

Rating1	Principal Amount (000)				Description	Value
					Energy—(cont’d)
					KCS Energy, Inc.,
B-		$	325		7.125%, 4/01/12	$	321,750
B-			400	2	7.125%. 4/01/12		396,000
					Midwest Generation LLC,
B+			1,895		8.56%, 1/02/16		2,065,550
B+			4,470		Ser. A, 8.30%, 7/02/09		4,693,500
B2			500		Mission Energy Holdings Co., 13.50%, 7/15/08		586,250
B			550	2	North American Energy Partners, Inc., 9.00%, 5/15/10 (Canada)		550,000
B			580		Orion Power Holdings, Inc., 12.00%, 5/01/10		688,750
B			110	2	Range Resources Corp., 6.375%, 3/15/15		106,150
BB-			590		Reliant Energy, Inc., 6.75%, 12/15/14		520,675
B			5,000		Swift Energy Co., 9.375%, 5/01/12		5,325,000
BB+			100		Transcontinental Gas Pipe Line Corp., 7.25%, 12/01/26		106,250
B2			3,440		Utilicorp Canada Finance Corp., 7.75%, 6/15/11 (Canada)		3,440,000
B2			600		Whiting Petroleum Corp., 7.25%, 5/01/13		594,000
B+			1,000		Williams Cos, Inc., 7.125%, 9/01/11		1,037,500
							48,571,729
					Entertainment & Leisure—1.7%
B			2,200		Hammons John Q. Hotels LP, Ser. B, 8.875%, 5/15/12		2,337,500
Ba3			5,425	3	MGM Mirage, 9.75%, 6/01/07		5,845,438
B			250		Poster Financial Group, Inc., 8.75%, 12/01/11		253,750
B-			220	2	Universal City Florida Holding Co., 7.493%, 5/03/05		226,600
B-			2,660	2	WMG Holdings Corp., 7.385%, 12/15/11		2,723,175
B+			400	2	Wynn Las Vegas LLC, 6.625%, 12/01/14		371,000
							11,757,463
					Financial Institutions—6.9%
B-			2,333		BCP Crystal US Holdings Corp., 9.625%, 6/15/14		2,572,133
BB			3,360		Crum & Forster Holdings Corp., 10.375%, 6/15/13		3,645,600
BB			1,000		Fairfax Financial Holdings Ltd., 7.75%, 4/26/12 (Canada)		915,000
					Ford Motor Credit Co.,
BBB			850		7.25%, 10/25/11		789,777
BBB			7,500	3	7.375%, 2/01/11		7,024,470
					General Motors Acceptance Corp.,
Baa2			3,000	3	4.05%, 7/16/05		2,863,020
Baa2			7,500	3	6.875%, 8/28/12		6,461,025
Baa2			5,000	2	Kazkommerts Intl. BV, 10.125%, 5/08/07 (Netherlands)		5,400,000
B-			100	2	KRATON Polymers LLC, 8.125%, 1/15/14		93,250
BBB			200		Marsh & McLennan Cos, Inc., 3.28%, 7/13/07		198,230
B-			760	2	Nexstar Finance, Inc., 7.00%, 1/15/14		695,400
B1			2,500		Sheridan Acquisition Corp., 10.25%, 8/15/11		2,643,750
B+			3,000		Southern Star Central Corp., 8.50%, 8/01/10		3,210,000
NR			7,681		Structured Asset Receivable Trust, 1.649%, 1/21/10		7,664,437
BB-			4,425	3	Western Financial Bank, 9.625%, 5/15/12		4,801,125
							48,977,217
					Health Care—3.6%
BB+			5,000	3	Amerisourcebergen Corp., 8.125%, 9/01/08		5,412,500
B-			5,000		Concentra Operating Corp., 9.50%, 8/15/10		5,162,500
B3			80		Curative Health Services, Inc., 10.75%, 5/01/11		61,600
B			1,630	2	Elan Finance Corp., 7.75%, 11/15/11 (Ireland)		1,287,700
B3			1,510		Insight Health Services Corp., Ser. B, 9.875%, 11/01/11		1,434,500
B-			3,000		Norcross Safety Products LLC, 9.875%, 8/15/11		3,165,000
					Tenet Healthcare Corp.,
B			340		6.375%, 12/01/11		317,050
B			1,470		9.875%, 7/01/14		1,528,800
B			4,500		United Surgical Partners Intl., Inc., 10.00%, 12/15/11		4,950,000
B-			1,880		Universal Hospital Services, Inc., 10.125%, 11/01/11		1,908,200
							25,227,850

See Notes to Financial Statements.

45

BlackRock Limited Duration Income Trust (BLW) (continued)

Rating1	Principal Amount (000)				Description	Value
					Industrials—2.7%
B+		$	5,000		Cenveo Corp., 9.625%, 3/15/12	$	5,325,000
B-			2,665		ERICO Intl. Corp., 8.875%, 3/01/12		2,691,650
B-			1,360	2	Hexcel Corp., 6.75%, 2/01/15		1,305,600
B-			1,600	2	NationsRent Cos., Inc., 9.50%, 5/01/15		1,604,000
CCC+			2,100	2	Park Ohio Industries, Inc., 8.375%, 11/15/14		1,785,000
					Rural/Metro Corp.,
CCC+			640	2	zero coupon, 3/15/16		307,200
CCC+			600	2	9.875%, 3/15/15		589,500
B3			2,240	2	Sunstate Equipment Co. LLC, 10.50%, 4/01/13		2,240,000
B-			3,000		Trimas Corp., 9.875%, 6/15/12		2,985,000
							18,832,950
					Media—8.4%
NR			2,360		Cablecom Luxembourg, 4.898%, 7/15/05		3,031,762
CCC+			3,500		CBD Media Inc., 8.625%, 6/01/11		3,447,500
CCC+			880		Charter Communications Holdings II, LLC, 10.25%, 9/15/10		880,000
BBB			6,685	3	Comcast Cable Communications, Inc., 6.875%, 6/15/09		7,257,550
BB-			6,000	3	CSC Holdings, Inc., 7.875%, 12/15/07		6,135,000
B			1,300		Dex Media East, LLC, 12.125%, 11/15/12		1,534,000
					Echostar DBS Corp.,
BB-			2,000		5.75%, 10/01/08		1,970,000
BB-			5,100	3	6.35%, 10/01/08		5,214,750
B-			5,000		Houghton Mifflin Co., 9.875%, 2/01/13		5,062,500
B			800		Intelsat Ltd., 5.25%, 11/01/08 (Bermuda)		724,000
B-			3,250		Nextmedia Operating, Inc., 10.75%, 7/01/11		3,477,500
B+			2,737		PanAmSat Corp., 9.00%, 8/15/14		2,860,165
B1			2,500	2	Paxson Communications Corp., 5.891%, 1/15/10		2,475,000
B			550	2	Penn National Gaming, Inc., 6.75%, 3/01/15		525,250
B			470	2	Radio One, Inc., 6.375%, 2/15/13		455,900
					Rainbow National Services LLC,
B+			925	2	8.75%, 9/01/12		989,750
B+			4,985	2	10.375%, 9/01/14		5,620,588
B2			2,000		Salem Communications Corp., 7.75%, 12/15/10		2,050,000
					Vertis, Inc.,
CCC			2,120		10.875%, 6/15/09		1,886,800
Caa2			465	2	13.50%, 12/07/09		313,875
CCC			1,375		WRC Media, Inc., 12.75%, 11/15/09		1,333,750
CCC			2,640		Young Broadcasting, Inc., 10.00%, 3/01/11		2,659,800
							59,905,440
					Real Estate—1.3%
					American Real Estate Partners LP,
BB			1,480	2,3	7.125%, 2/15/13		1,450,400
BB			5,860	3	8.125%, 6/01/12		5,918,600
BB+			2,000		Rouse Co., 5.375%, 11/26/13		1,929,660
							9,298,660
					Technology—3.1%
B-			2,708		Amkor Tech. Inc., 7.75%, 5/15/13		2,125,780
B-			4,000		Fasten Tech Inc., Senior Subordinated Note, 11.50%, 5/01/11		4,300,000
Ba2			3,972	3	Flextronics Intl. Ltd., 6.50%, 5/15/13 (Singapore)		3,783,330
B1			3,830		Lucent Technologies, Inc., 6.50%, 1/15/28		3,274,650
Ba3			500	2	MagnaChip Semiconductor SA, 6.26%, 12/15/11 (Luxembourg)		467,500
B1			485	2	Sanmina-SCI Corp., 6.75%, 3/01/13		438,925
B			3,515		Superior Essex Communications LLC, 9.00%, 4/15/12		3,532,575
B-			1,160	2	UGS Corp., 10.00%, 6/01/12		1,247,000
BB+			3,000	3	Unisys Corp., 6.875%, 3/15/10		2,865,000
							22,034,760

See Notes to Financial Statements.

46

BlackRock Limited Duration Income Trust (BLW) (continued)

Rating1	Principal  Amount (000)				Description			Value
						Telecommunications—4.2%
						Cincinnati Bell, Inc.,
B1		$	540			7.25%, 7/15/13	$	523,800
B			930			8.375%, 1/15/14		888,150
A-			5,000	3		Deutsche Telekom Intl. Finance BV, 8.50%, 6/15/10 (Netherlands)		5,804,000
B-			860	2		Hawaiian Telcom Communications, Inc., zero coupon, 5/01/13		852,475
						Intelsat Ltd.,
B+			1,100	2		7.794%, 1/15/12 (Bermuda)		1,111,000
B+			2,360	2		8.25%, 1/15/13 (Bermuda)		2,360,000
B+			2,850	2		8.625%, 1/15/15 (Bermuda)		2,878,500
B			4,000	2		Qwest Communications Intl., Inc., 6.294%, 2/15/09		3,950,000
						Qwest Corp.,
BB			1,000	2		7.875%, 9/01/11		1,012,500
BB			6,000	2,3		9.125%, 3/15/12		6,360,000
B+			1,320	2		Qwest Services Corp., 14.00%, 6/01/05		1,491,600
BB+			460			Rogers Wireless, Inc., 7.25%, 12/15/12 (Canada)		470,350
CCC			2,030			Rural Cellular Corp., 9.875%, 2/01/10		2,050,300
								29,752,675
						Transportation—1.2%
B			1,475	2		CHC Helicopter Corp., 7.375%, 5/01/14 (Canada)		1,438,123
B3			140	2		Horizon Lines LLC, 9.00%, 11/01/12		147,000
B+			500			OMI Corp., 7.625%, 12/01/13 (Marshall Island)		510,000
BB+			1,650			Overseas Shipholding Group, Inc., 8.75%, 12/01/13		1,831,500
B			3,015			Sea Containers Ltd., 10.50%, 5/15/12 (Bermuda)		3,195,900
BB-			1,150			Ultrapetrol Bahamas Ltd., 9.00%, 11/24/14 (Bahamas)		1,069,500
								8,192,023
						Total Corporate Bonds		454,059,824
						Bank Loans—45.3%
						Aerospace & Defense—0.2%
			1,473			Transdigm, Inc., Term Loan, LIBOR + 2.25%, 7/22/10		1,491,953
						Automotive—1.2%
			495			CSK Automotive, Inc., Term Loan C, LIBOR + 2.00%, 6/19/09		499,125
			1,241			Dayco Products, LLC, Term Loan B, LIBOR + 3.00%, 6/23/11		1,260,785
						Goodyear,
			500			Term Loan, LIBOR + 2.75%, 4/30/10		495,090
			2,000			Term Loan, LIBOR + 3.50%, 4/01/11		1,894,166
			1,000			Polar Corp., Term Loan, LIBOR, 6/15/10		1,015,000
			567			Tenneco Automotive, Term Loan B-1, LIBOR + 2.25%, 12/12/10		577,292
			2,494			TRW Automotive Acquisitions Corp., Term Loan B, LIBOR + 1.50%, 6/30/12		2,496,244
								8,237,702
						Basic Materials—2.5%
			1,263			Boise Cascade LLC, Term Loan D, LIBOR + 1.75%, 10/29/11		1,272,632
						Celanese AG,
			1,213			Term Loan, LIBOR + 2.25%, 4/06/11		1,232,673
			996			Term Loan B, LIBOR + 2.25%, 4/06/11		1,012,424
			287			Term Loan C, 0.75% Commitment Fee, 4/06/11		291,602
			3,000			Cognis, Term Loan, LIBOR + 4.75%, 11/15/13		3,105,000
			1,750			Huntsman Intl. LLC, Term Loan B-1, LIBOR + 2.50%, 12/31/10		1,776,250
			1,829			Huntsman LLC, Term Loan, LIBOR + 3.50%, 3/31/10		1,853,660
			925			INEOS Group Holdings PLC, Term Loan C, LIBOR + 3.50%, 4/26/09		928,777
			2,497			Nalco Chemical Co., Term Loan B, LIBOR + 2.00%, 11/04/10		2,531,794
			1,000			Rockwood Specialties Group, Inc., Term Loan D, LIBOR + 2.25%, 7/30/12		1,010,417
			1,260			Rollcoater, Term Loan, LIBOR + 3.25%, 11/30/10		1,253,368
			480			SGL Carbon LLC, Term Loan, LIBOR + 3.00%, 12/31/09		488,650
			985			USI Holdings Corp., Term Loan B, LIBOR + 2.50%, 8/11/08		988,078
								17,745,325

See Notes to Financial Statements.

47

BlackRock Limited Duration Income Trust (BLW) (continued)

Rating1	Principal  Amount (000)			Description		Value
				Building & Development—0.8%
		$	1,500	Custom Building Products, Term Loan, LIBOR + 5.00%, 4/30/12	$	1,488,750
			519	Juno Lighting, Inc., Term Loan, LIBOR + 5.50%, 5/21/11		528,175
			1,000	Landsource Communities Development, LLC, Term Loan B, LIBOR + 2.50%, 3/31/10		1,003,500
				Nortek, Inc.,
			496	Term Loan, LIBOR + 2.25%, 8/27/11		502,040
			1	Term Loan, PRIME + 1.25%, 8/27/11		1,264
			500	Penn Engineering, Term Loan, LIBOR, 4/30/11		500,000
				Ply Gem Industries, Inc.,
			62	CAD Term Loan, LIBOR + 2.50%, 2/12/11		61,750
			1,918	Term Loan, LIBOR + 2.50%, 2/12/11		1,918,360
						6,003,839
				Conglomerates—2.2%
			1,995	Colfax Corp., Term Loan B, LIBOR + 2.25%, 5/30/09		2,014,950
			1,489	Honeywell Security Group, Term Loan B, LIBOR + 4.00%, 6/28/10		1,503,638
				Invesys Intl. Holdings Ltd.,
			984	Term Loan, LIBOR, 3/05/09		979,254
			4,250	Term Loan, LIBOR + 4.75%, 11/30/09		4,335,000
			1,977	Term Loan B1, LIBOR + 3.50%, 9/05/09		2,004,343
			302	Precise Technology, Inc., Term Loan, LIBOR + 3.00%, 3/31/11		304,956
			1,253	Quintiles Transnational Corp., Term Loan B, LIBOR + 4.25%, 9/25/09		1,255,955
			1,000	St. John Knits Intl, Inc., Term Loan B, LIBOR + 2.50%, 3/18/12		1,007,500
			1,970	Trimas Corp., Term Loan B, LIBOR + 3.50%, 12/31/09		1,997,475
						15,403,071
				Consumer Products—8.1%
			1,058	Alimentation Couche Tard, Inc., Term Loan, LIBOR + 1.75%, 12/17/10		1,072,584
				Berkline/BenchCraft Holdings, LLC,
			1,000	Term Loan B, PRIME + 8.00%, 10/31/11		1,000,000
			1,000	Term Loan B, PRIME + 8.00%, 4/30/12		1,022,500
			500	Buffets, Inc., Term Loan, LIBOR + 3.0925%, 6/28/09		502,500
			748	Central Garden & Pet, Term Loan, LIBOR + 1.75%, 5/31/09		755,590
			1,068	CKE Restaurants, Inc., Term Loan, LIBOR + 2.50%, 5/01/10		1,078,695
			415	Coinstar, Inc., Term Loan, LIBOR + 2.25%, 7/07/11		421,918
			2,244	Delaware Labs, Term Loan, LIBOR + 2.25%, 7/27/11		2,256,371
			1,000	Denny’s Corp., Term Loan, LIBOR, 9/30/10		1,029,375
			498	Doane Pet Care Co., Term Loan, LIBOR + 4.00%, 11/05/09		505,584
				Dole Food Co., Inc.,
			881	Term Loan B, LIBOR + 2.25%, 4/18/12		887,210
			1,034	Term Loan B, PRIME + 0.50%, 4/18/12		1,041,650
			499	Douglas Dynamics, Term Loan, LIBOR + 2.00%, 12/16/10		499,997
			3,083	Dr. Pepper Bottling Co. of Texas, Term Loan B, LIBOR + 2.25%, 12/19/10		3,131,002
			750	Endurance Business, Term Loan B, LIBOR + 2.75, 3/08/12		760,313
			1,000	Eye Care Centers of America, Term Loan, LIBOR + 3.00%, 2/16/12		1,013,125
			500	IAP, Term Loan, LIBOR + 2.75%, 3/31/11		500,625
			1,115	Jarden Corp., Term Loan, LIBOR + 2.00%, 1/24/12		1,119,561
			795	Keystone Foods Holdings, LLC, Term Loan, LIBOR + 1.75%, 6/16/11		803,415
			880	Knoll, Inc., Term Loan, LIBOR + 3.00%, 9/29/11		889,900
				KOSA B.V.,
			1,850	Term Loan B-1, LIBOR + 2.75%, 4/29/11		1,883,965
			803	Term Loan B-2, LIBOR + 2.75%, 4/29/11		817,390
			922	Language Line, Inc., Term Loan B, LIBOR + 4.25%, 6/10/11		931,434
				Le Nature, Inc.,
			1,658	Term Loan B, LIBOR + 3.00%, 5/30/10		1,682,453
			4	Term Loan B, PRIME + 2.00%, 5/30/10		4,259
			2,738	Michael Foods, Inc., Term Loan B, LIBOR + 2.25%, 11/21/10		2,772,483
			975	Nice Pak Products, Inc., Term Loan, LIBOR + 3.50%, 6/15/10		985,969
			748	Ntelos, Inc., Term Loan, LIBOR + 2.50%, 8/25/11		746,567
				Olympus Cable Holdings, LLC,
			2,000	Term Loan A, PRIME + 1.25%, 6/30/10		1,974,286
			3,500	Term Loan B, PRIME + 2.00%, 9/30/10		3,461,875

See Notes to Financial Statements.

48

BlackRock Limited Duration Income Trust (BLW) (continued)

Rating1	Principal Amount (000)			Description		Value
				Consumer Products—(cont’d)
				Oriental Trading Co., Inc.,
		$	500	Term Loan, LIBOR + 4.75%, 1/08/11	$	505,313
			2,707	Term Loan B, LIBOR + 2.50%, 8/06/10		2,735,887
			2,985	OSI Group, LLC, Term Loan B, LIBOR + 2.25%, 9/02/11		3,018,581
			1,791	Pantry, Inc., The, Term Loan B, LIBOR + 2.25%, 3/12/11		1,818,174
			910	Pierre Foods, Inc., Term Loan B, LIBOR + 2.75%, 6/30/10		918,342
			500	PQ Corp., Term Loan, LIBOR + 2.00%, 2/11/12		505,625
				Prestige Brands Holdings, Inc.,
			1,481	Term Loan B, LIBOR + 2.25%, 4/06/11		1,499,148
			4	Term Loan B, PRIME + 1.25%, 4/06/11		3,795
			988	Propex Fabrics, Inc., Term Loan, LIBOR + 2.25%, 11/30/11		992,438
			3,487	R.H. Donnelley, Inc., Term Loan D, LIBOR + 1.75%, 6/30/11		3,528,459
			500	Sealy, Term Loan D, LIBOR + 1.75%, 4/06/12		501,250
			1,000	Select Medical Corp., Term Loan, LIBOR + 1.75, 2/24/12		997,000
			733	Stewart Enterprises Inc., Term Loan B, LIBOR + 1.75%, 11/19/11		741,181
			3,193	Tempur Pedic, Inc., Term Loan B, LIBOR + 2.25%, 6/30/09		3,221,065
			1,000	Travel Centers of America, Inc., Term Loan, LIBOR + 1.75%, 12/01/11		1,007,500
						57,546,354
				Containers & Packaging—2.4%
			868	Bway Corp., Term Loan, LIBOR + 2.25%, 6/30/11		879,573
				FlexSol Packaging Corp.,
			988	Term Loan, LIBOR + 1.50%, 11/30/11		982,563
			1,000	Term Loan, LIBOR + 5.50%, 11/30/12		995,000
				Graham Packaging Co., Inc.,
			1,995	Term Loan B, LIBOR + 2.50%, 10/07/11		2,019,225
			2,000	Term Loan C, PRIME + 4.25%, 4/07/12		2,045,500
			1,383	Graphic Packaging Intl., Inc., Term Loan C, LIBOR + 2.50%, 6/30/10		1,400,969
				Owens-Illinois Group, Inc.,
			3,256	Term Loan A, LIBOR + 2.75%, 4/01/07		3,305,280
			503	Term Loan C1, LIBOR + 2.75%, 4/01/08		511,503
			2,470	Silgan Holdings, Inc., Term Loan B, PRIME + 1.75%, 11/30/08		2,496,705
			568	Smurfit Stone Container Corp., Term Loan, LIBOR + 2.10%, 11/01/11		576,869
			1,980	Solo Cup, Inc., Term Loan, LIBOR + 2.00%, 2/27/11		2,002,275
						17,215,462
				Ecological Services & Equipment—0.8%
				Allied Waste NA, Inc.,
			2,736	Term Loan, LIBOR + 2.00%, 1/15/12		2,739,907
			1,014	Term Loan, LIBOR + 2.00%, 2/24/12		1,014,274
			1,944	Envirosolutions, Inc., Term Loan, LIBOR + 4.50%, 3/01/09		1,938,768
						5,692,949
				Energy—1.8%
			429	AES Corp., Term Loan, LIBOR + 1.75%, 4/30/08		432,000
			768	Calpine Corp., Term Loan, LIBOR + 5.75%, 7/16/07		544,160
			992	Camp Industries, Term Loan A, LIBOR + 3.25%, 8/30/11		991,935
			1,000	Cogentrix, Loan, LIBOR, 4/11/12		1,002,000
			2,000	Dyncorp International LLC, Loan Term, LIBOR + 2.75% 2/11/11		2,011,666
				El Paso Corp.,
			375	LOC, LIBOR + 2.77%, 11/30/07		377,187
			995	Term Loan B, LIBOR + 2.75%, 11/30/09		623,617
			1,894	Getty Petroleum Marketing, Inc., Term Loan, LIBOR + 3.25%, 5/19/10		1,927,337
			433	Pike Electric, Inc., Term Loan B, LIBOR + 2.25%, 7/01/12		439,021
			2,743	Reliant Energy, Inc., Term Loan, LIBOR + 2.375%, 4/30/10		2,741,411
			500	Trout Coal Holdings LLC, Loan Term, PRIME + 4.00%, 3/31/12		508,125
			1,000	Universal Compression, Term Loan B, LIBOR + 1.75%, 2/15/12		1,013,125
						12,611,584

See Notes to Financial Statements.

49

BlackRock Limited Duration Income Trust (BLW) (continued)

Rating1	Principal Amount (000)			Description	Value
				Entertainment & Leisure—1.7%
		$	993	Boyd Gaming Corp., Term Loan B, LIBOR + 1.75%, 6/30/11	$	1,003,976
			2,849	Greektown Casino LLC, Term Loan D, LIBOR + 3.50%, 12/31/05		2,853,557
			495	Green Valley Ranch Gaming, LLC, Term Loan B, LIBOR + 2.00%, 12/24/10		501,816
			985	Loews Cineplex Entertainment Corp., Term Loan B, LIBOR + 2.25%, 7/31/11		998,958
			5,000	MGM, Term Loan B, LIBOR + 2.25%, 4/08/12		5,001,564
			1,003	Wyndham Intl., Inc., Term Loan II, LIBOR + 5.75%, 4/01/06		1,002,857
			1,000	Wynn Resorts, Term Loan, LIBOR + 2.125%, 2/15/12		1,014,063
						12,376,791
				Financial Institutions—1.5%
			956	CCC Information Services, Inc., Term Loan, LIBOR + 3.00%, 8/20/10		965,119
			959	Conseco, Inc., Term Loan, LIBOR + 3.50%, 6/22/10		974,483
			3,275	Fidelity National, Term Loan B, LIBOR + 1.75%, 3/9/13		3,261,081
			1,629	Global Cash Access, LLC, Term Loan, LIBOR + 2.25%, 3/10/10		1,651,243
			1,455	Jostens, Inc., Term Loan B, LIBOR + 2.25%, 10/4/11		1,475,309
			1,985	SBA Senior Finance, Inc., Term Loan, LIBOR + 2.75%, 10/31/08		2,018,497
			475	Universal American Financial Corp., Term Loan, LIBOR + 2.25%, 3/31/09		477,375
						10,823,107
				Forest Products—1.4%
				MDCP Acquisitions,
			3,703	Term Loan B3, LIBOR + 2.75%, 12/31/08		3,707,139
			3,703	Term Loan C3, LIBOR + 2.75%, 10/31/11		3,714,986
				SP Newsprint Co.,
			1,611	Term Loan B, LIBOR, 1/09/08		1,621,181
			858	Term Loan, LIBOR + 3.00%, 1/08/10		862,999
						9,906,305
				Health Care—4.4%
			2,780	Accredo Health, Inc., Term Loan B, LIBOR + 1.75%, 4/30/11		2,781,558
			199	Ameripath, Inc., Term Loan, LIBOR + 3.25%, 3/27/10		199,762
			938	Colgate Medical, Ltd., Term Loan B, LIBOR + 2.00%, 12/30/08		946,875
			2,985	Community Health Systems, Inc., Term Loan, LIBOR + 1.75%, 8/19/11		3,014,229
			2,524	Concentra Operating Corp., Term Loan, LIBOR + 2.50%, 6/30/10		2,556,100
			469	DJ Orthopedics, LLC, Term Loan, LIBOR + 2.25%, 5/15/09		476,953
			496	Fisher Scientific Intl., Inc., Term Loan B, LIBOR + 1.50%, 8/02/11		500,385
				HealthSouth Corp.,
			638	LOC, LIBOR + 2.50%, 2/28/10		640,289
			2,363	Term Loan, LIBOR + 2.50%, 3/15/10		2,372,836
			750	Healthtronics, Inc., Term Loan B, LIBOR + 1.75%, 3/23/11		748,125
			993	IASIS Healthcare Corp., Term Loan B, LIBOR + 2.25%, 6/30/11		1,006,974
			2,985	Jean Coutu Group, Inc., Term Loan B, LIBOR + 2.25%, 7/30/11		3,028,375
			1,704	Kinetic Concepts, Inc., Term Loan B2, LIBOR + 1.75%, 8/11/10		1,728,241
				Macerich Partnership, LP,
			500	Interim Term Loan, PRIME + 0.50%, 4/11/06		500,000
			1,000	Term Loan, PRIME + 0.50%, 4/11/10		998,750
			496	Medical Device Manufacturing, Inc., Term Loan B, LIBOR + 2.25%, 6/30/10		500,592
			1,144	NDC Health Corp., Term Loan, LIBOR + 3.00%, 11/26/08		1,155,415
			998	Pacificare Health Systems, Inc., Term Loan B, LIBOR + 1.50%, 12/13/10		1,003,423
			2,096	Vanguard Health Systems, Term Loan 2, LIBOR + 3.25%, 9/30/11		2,131,624
				Warner Chilcott,
			1,239	Term Loan B, PRIME + 1.75%, 1/18/12		1,248,592
			945	Term Loan B, LIBOR + 2.75%, 1/18/12		951,427
			880	Term Loan C, LIBOR + 2.75%, 1/18/12		886,500
			406	Term Loan D, LIBOR + 2.75%, 1/18/12		409,538
			530	Term Loan, 1.375% Commitment Fee, 1/18/12		533,943
			993	Wellcare Holdings, Inc., Term Loan, LIBOR + 4.00%, 5/13/09		997,463
						31,317,969

See Notes to Financial Statements.

50

BlackRock Limited Duration Income Trust (BLW) (continued)

Rating1	Principal Amount (000)			Description	Value
				Industrials—2.4%
		$	286	Alderwoods Group, Inc., Term Loan B2, LIBOR + 2.00%, 9/29/09	$	290,223
			990	Arinc, Inc., Term Loan B, LIBOR + 2.00%, 3/10/11		1,003,613
			1,500	Atlantis Plastics, Inc., Term Loan, LIBOR + 2.75%, 9/30/11		1,514,375
			3,214	Buhrmann U.S., Inc., Term Loan C1, LIBOR + 2.25%, 12/31/10		3,270,712
			1,557	Exide Technologies, Term Loan, LIBOR + 3.50%, 5/05/10		1,568,483
				New Flyer, Inc.,
			381	Term Loan, LIBOR + 2.75%, 2/27/10		385,714
			1,036	Term Loan B, LIBOR + 2.75%, 2/27/10		1,047,896
			935	Novelis, Inc., Term Loan B, LIBOR + 1.75%, 1/06/12		947,679
				Sensus Metering Systems, Inc.,
			1,278	Term Loan B1, LIBOR + 2.50%, 12/17/10		1,285,717
			192	Term Loan B2, LIBOR + 2.50%, 12/17/10		192,857
			1,815	United Rentals Inc., Term Loan B, LIBOR + 2.25%, 2/14/11		1,838,256
				Williams Scotsman, Inc.,
			1,866	Term Loan, LIBOR + 3.00%, 12/31/06		1,889,533
			7	Term Loan, PRIME + 1.75%, 12/31/06		7,155
			1,996	Worldspan, LP, Term Loan, LIBOR + 2.75%, 2/16/10		1,940,678
						17,182,891
				Media—7.7%
			500	Adams Outdoor, Term Loan, LIBOR + 2.00%, 10/18/12		506,875
			1,750	American Lawyers Media, Inc., Term Loan, LIBOR, 3/05/10		1,745,625
			4,000	Century TCI California LP, Term Loan B, PRIME + 2.00%, 12/31/09		3,952,856
			3,474	Charter Communications Operating, LLC, Term Loan B, LIBOR + 3.25%, 4/27/11		3,432,499
			2,049	Dex Media East, LLC, Term Loan A, LIBOR + 1.75%, 11/08/08		2,072,461
				Dex Media West, LLC,
			1,044	Term Loan A, LIBOR + 2.00%, 9/09/09		1,057,128
			3,981	Term Loan B, LIBOR + 1.75%, 3/09/10		4,032,324
			3,500	DirecTV Holdings LLC, Term Loan B, LIBOR + 1.50%, 4/13/13		3,508,750
			2,993	Emmis Operating Co., Term Loan B, LIBOR, 11/10/11		3,027,829
			1,750	Freedom Communications, Inc., Term Loan, LIBOR + 1.75%, 5/18/12		1,750,000
			5,925	Insight Midwest Holdings, LLC, Term Loan, LIBOR + 2.75%, 12/31/09		6,007,825
			3,975	Mediacom Communications Corp., Term Loan B, LIBOR + 2.50%, 9/30/10		3,975,620
			1,990	Mediacom Illinois LLC, Term Loan B, LIBOR + 2.25%, 3/31/13		2,010,610
			1,946	Mission Broadcasting, Inc., Term Loan B, LIBOR + 1.75%, 8/14/12		1,954,024
			2,000	Newpage Corp., Term Loan B, PRIME + 2.00%, 5/02/11		2,008,750
			2,054	Nexstar Broadcasting, Inc., Term Loan B, LIBOR + 1.75%, 8/14/12		2,062,644
			3,000	NTL Investment Holding Ltd., Term Loan B, LIBOR + 3.00%, 5/19/12		3,022,500
			2,500	Raycom Media, Inc., Term Loan B, LIBOR + 1.75%, 3/31/12		2,528,125
				Relizon Co., The,
			1,143	Term Loan, LIBOR + 3.00%, 2/20/11		1,144,135
			124	Term Loan B1, LIBOR, 2/20/11		124,895
			2,000	Satbirds Finance, Term Loan, LIBOR + 4.25%, 10/15/13		2,556,379
			1,980	Warner Music Group, Corp., Term Loan B, LIBOR, 4/08/11		1,993,860
						54,475,714
				Real Estate—1.0%
			1,217	Crescent Real Estate Equities LP, Term Loan, LIBOR + 2.25%, 1/12/06		1,225,086
				General Growth Properties,
			2,000	Term Loan A, LIBOR + 2.25%, 11/12/07		2,008,126
			3,484	Term Loan B, LIBOR + 2.25%, 11/12/08		3,504,550
						6,737,762
				Technology—1.1%
			1,000	Alaska Communications Systems Holdings, Inc., Term Loan, LIBOR + 2.00%, 1/31/12		1,007,813
			500	Federal IT Systems, Inc., Term Loan, LIBOR + 2.75%, 4/01/11		501,875
			500	Gentek Corp., Term Loan, LIBOR + 5.75%, 3/15/12		487,813
			1,000	Hilite International, Term Loan, LIBOR + 4.00%, 4/15/10		1,005,000
			3,235	Knowles Electronics, Inc., Term Loan B2, LIBOR + 5.00%, 6/29/07		3,253,693
			1,489	Verifone, Inc., Term Loan B, LIBOR + 2.50%, 6/30/11		1,496,194
						7,752,388

See Notes to Financial Statements.

51

BlackRock Limited Duration Income Trust (BLW) (continued)

Rating1	Principal Amount (000)				Description	Value
					Telecommunications—3.2%
		$	1,000		Atlantic Broadband Finance, LLC, Term Loan B1, LIBOR + 2.75%, 8/04/12	$	1,020,417
			1,000		Cellnet Technology, Inc., Term Loan, LIBOR + 3.00%, 4/30/12		1,000,000
			1,487		Centennial Cellular Operating Co., Term Loan B, LIBOR + 2.25%, 2/09/11		1,503,758
			1,485		Consolidated Communications, Inc., Term Loan C, LIBOR + 2.50%, 10/14/11		1,492,425
			1,000		Fairpont Communications, Inc., Term Loan, LIBOR + 2.00%, 2/08/12		1,009,750
			998		Intelsat Zeus, Ltd., Term Loan, LIBOR + 1.75%, 7/28/11		1,003,485
			2,000		Iowa Telecommunications Services, Inc., Term Loan B, LIBOR + 2.00%, 11/30/11		2,016,666
			2,500		Nextel Partners Operating Corp., Term Loan C, LIBOR + 2.50%, 5/31/11		2,533,333
			5,000		Qwest Corp., Term Loan A, LIBOR + 4.75%, 6/30/07		5,137,500
			1,960		Valor Telecommunications, Term Loan B, LIBOR + 2.00%, 2/14/12		1,980,417
			250		Westcom, Term Loan B, LIBOR + 2.75%, 12/31/10		250,000
			3,970		Western Wireless Corp., Term Loan B, LIBOR + 3.00%, 5/31/11		3,984,888
							22,932,639
					Transportation—0.7%
			993		Kenan Advantage Group, Inc., Term Loan, LIBOR + 3.50%, 6/30/10		1,007,388
			1,000		Sirva Worldwide, Inc., Term Loan, LIBOR + 2.00%, 12/01/10		981,250
			632		Transport Industries, LP, Term Loan B, LIBOR + 4.00%, 6/13/10		631,731
			2,000		UPC Distribution Corp., Term Loan, LIBOR + 2.75%, 9/30/12		1,998,571
							4,618,940
					Other—0.2%
			1,247		Isle of Capri, Term Loan, LIBOR + 1.75%, 2/04/11		1,262,149
					Total Bank Loans		321,334,894
					Mortgage Pass-Through Securities—22.5%
					Federal National Mortgage Assoc.,
			4,956	3	4.532%, 1/01/34		5,061,664
			12,983	3	5.50%, 12/01/28-11/01/33		13,124,873
			17,000	3	7.25%, 1/15/10		19,163,590
			121,700		5.00%, TBA		122,536,688
					Total Mortgage Pass-Through Securities		159,886,815
					Interest Only Asset-Backed Securities—1.4%
					Sterling Coofs Trust,
			67,692		Ser. 1, 4/15/29		5,796,149
			54,298		Ser. 2, 3/30/30		4,289,521
					Total Interest Only Asset-Backed Securities		10,085,670
					Interest Only Mortgage-Backed Securities—0.4%
			16,255	3	Federal National Mortgage Assoc., Ser. 64, Class QI, 1/25/33		3,000,591
					Commercial Mortgage-Backed Securities—0.1%
BB+			1,000	2	Bear Stearns Commercial Mortgage Secs., Inc., Class K, 5.45%, 5/14/16		989,920
					Asset-Backed Securities—3.4%
AAA			2,080		Citibank Credit Card Issuance Trust, Class A5, 2.50%, 4/07/08		2,058,472
AAA			6,900	3	DaimlerChrysler Auto Trust, Ser. B, Class A3, 2.25%, 8/08/07		6,852,635
AAA			7,125	3	Honda Auto Receivables, Class A3, 2.30%, 10/18/07		7,049,254
AAA			7,910		MBNA Credit Card Master Note Trust, Class A1, 5.75%, 10/15/08		8,074,708
					Total Asset-Backed Securities		24,035,069
					Collateralized Mortgage Obligation Securities—2.3%
					GSR Mortgage Loan Trust,
AAA			8,346	3	Ser. 10, Class 2A1, 10/25/33		8,078,866
AAA			8,261	3	Ser. 13, Class 1A1, 1/25/05		8,079,127
					Total Collateralized Mortgage Obligation Securities		16,157,993
					Foreign Government Bonds—2.6%
B			1,429		Bolivarian Republic of Venezuela, 3.625%, 6/20/05		1,421,367
BB			5,000		Republic of Colombia, 9.75%, 4/23/09		5,510,000
BB			5,000		Republic of Peru, 9.125%, 2/21/12		5,725,000
BB-			5,000		Republic of Turkey, 11.375%, 11/27/06		5,475,000
					Total Foreign Government Bonds		18,131,367

See Notes to Financial Statements.

52

BlackRock Limited Duration Income Trust (BLW) (continued)

Rating1	Principal Amount (000)				Description	Value
					U.S. Government and Agency Securities—6.4%
					U.S. Treasury Notes,
		$	20,425	3	3.375%, 12/15/08-9/15/09	$	20,121,761
			10,000	3	3.75%, 3/31/07		10,020,300
			6,000	3	3.875%, 5/15/09		6,009,360
			8,660	3	4.25%, 11/15/13		8,724,950
					Total U.S. Government and Agency Securities		44,876,371
		Units
					Warrants—0.0%
			10	4	Reliant Resources, Inc., Expires 8/25/08, Strike price $0.001, 1 Share for 1 warrant		0
					Total Long-Term Investments (cost $1,050,272,054)		1,052,558,514
		Principal
		Amount
		(000)
					BORROWED BONDS—0.2%
					Corporate Bond—0.2%
					Energy—0.2%
BB-			1,348	3	Chesapeake Energy Corp., 3.00%, 5/16/05 (cost $1,348,050)		1,348,050
					Total investments—148.6%	$	1,053,906,564
					Liabilities in excess of other assets—(48.6)%		(344,578,976	)
					Net Assets—100%	$	709,327,588

1	Using the higher of S&P’s, Moody’s or Fitch’s rating.
2	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2005, the Trust held 15.3% of its net assets, with a current market value of $108,378,534, 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.

Details of open reverse repurchase agreements are disclosed in Note 4 in the Notes to Financial Statements.

A category in the Corporate Bonds and Bank Loans sections may contain multiple industries as defined by the SEC’s Standard Industry Codes.

KEY TO ABBREVIATIONS

TBA – To be Announced

See Notes to Financial Statements.

53

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2005

BlackRock Strategic Bond Trust (BHD)

Rating1	Principal Amount (000)				Description	Value
					LONG-TERM INVESTMENTS—142.5%
					Corporate Bonds—136.3%
					Aerospace & Defense—6.4%
NR		$	250		AAR Corp., Ser. A2, 8.39%, 5/15/11	$	255,000
B-			30		BE Aerospace, Inc., 8.875%, 5/01/11		30,375
BBB+			2,000	2	Lockheed Martin Corp., 8.50%, 12/01/29		2,777,140
BBB			1,000	2	Northrop Grumman Corp., 7.125%, 2/15/11		1,124,390
BBB-			650		Raytheon Co., 4.85%, 1/15/11		654,953
BB-			350		Sequa Corp., 8.875%, 4/01/08		362,250
A			1,000	2	United Technologies Corp., 6.35%, 3/01/11		1,096,890
							6,300,998
					Automotive—4.0%
B-			180	3	Accuride Corp., 8.50%, 2/01/15		170,100
BB+			120		Arvinmeritor, Inc., 8.75%, 3/01/12		111,600
B			50	3	Cooper-Standard Automotive, Inc., 7.00%, 12/15/12		43,500
A3			1,000	2	DaimlerChrysler NA Holding Corp., 7.30%, 1/15/12		1,069,370
CCC+			1,000		Delco Remy Intl., Inc., 11.00%, 5/01/09		910,000
B			110		Delphi Corp., 6.50%, 5/01/09		86,900
B-			530		Dura Operating Corp., Ser. B, 8.625%, 4/15/12		461,100
B3			80		Goodyear Tire & Rubber Co., 7.857%, 8/15/11		72,400
CCC+			200	3	Metaldyne Corp., 10.00%, 11/01/13		170,000
BB			110	3	Navistar Intl. Corp., 6.25%, 3/01/12		100,100
BB-			717		TRW Automotive, Inc., 9.375%, 2/15/13		742,095
							3,937,165
					Basic Materials—8.7%
BB-			150		Abitibi-Consolidated, Inc., 8.375% 4/01/15 (Canada)		135,750
B+			60		Alaska Steel Corp., 7.75%, 6/15/12		53,400
BB			415		Bowater Finance Corp., 7.95%, 11/15/11 (Canada)		406,700
B-			2,000		Caraustar Industries, Inc., 9.875%, 4/01/11		1,975,000
BB-			120		Donohue Forest Products, 7.625%, 5/15/07 (Canada)		120,300
					Huntsman LLC,
BB-			50		11.625%, 10/15/10		57,000
B			99	3	12.00%, 7/15/12		113,355
BB			70		IMC Global, Inc., Ser. B, 10.875%, 6/01/08		79,625
CCC+			645	3	Innophos, Inc., 8.875%, 8/15/14		665,963
B			1,500		JSG Funding PLC, 9.625%, 10/01/12 (Ireland)		1,537,500
					Lyondell Chemical Co.,
BB-			1,800		9.50%, 12/15/08		1,917,000
BB-			130		10.50%, 6/01/13		149,500
B-			110		Nalco Co., 8.875%, 11/15/13		114,400
B3			300	3	NewPage Corp., 10.00%, 5/01/12		293,250
B-			110	3	PQ Corp., 7.50%, 2/15/13		105,050
CCC+			470		Rhodia SA, 8.875%, 6/01/11 (France)		448,850
BBB			441		Weyerhaeuser Co., 6.125% 3/15/07		452,951
							8,625,594
					Building & Development—4.4%
Ba1			1,000		Beazer Homes USA, Inc., 8.625%, 5/15/11		1,065,000
B-			775	3	Goodman Global Holding Co., Inc., 7.875%, 12/15/12		687,813
CCC+			600		Nortek, Inc., 8.50%, 9/01/14		531,000
BB+			2,000		Schuler Homes, Inc., 9.375%, 7/15/09		2,100,000
							4,383,813
					Conglomerates—1.6%
A			325		Honeywell Intl., Inc., 7.50%, 3/01/10		368,605
BB-			30		Stena AB, 7.00%, 12/01/16 (Sweden)		27,825
BBB			1,132	2	Tyco Intl. Group SA, 6.375%, 2/15/06 (Luxembourg)		1,152,920
							1,549,350

See Notes to Financial Statements.

54

BlackRock Strategic Bond Trust (BHD) (continued)

Rating1	Principal Amount (000)				Description	Value
					Consumer Products—8.6%
B3		$	90		ALH Finance LLC, 8.50%, 1/15/13	$	83,925
BBB-			2,000		Autonation, Inc., 9.00%, 8/01/08		2,180,000
CCC-			120		Duane Reade, Inc., 9.75%, 8/01/11		103,200
B+			470		Finlay Fine Jewelry Corp., 8.375%, 6/01/12		432,400
BBB+			1,000	2	General Mills, Inc., 5.125%, 2/15/07		1,016,980
B			320		Gold Kist, Inc., 10.25%, 3/15/14		363,200
BBB+			575		Kellogg Co., Ser. B, 6.00%, 4/01/06		586,080
B-			460	3	Knowledge Learning Corp., Inc., 7.75%, 2/01/15		437,000
B-			380		Lazydays RV Center, Inc., 11.75%, 5/15/12		397,100
B-			270	3	Levi Strauss & Co., 7.73%, 7/01/05		252,450
B2			480	3	Movie Gallery, Inc., 11.00%, 5/01/12		475,200
B-			500		Pantry, Inc., The, 7.75%, 2/15/14		492,500
B-			425	3	Rite Aid Corp., 6.125%, 6/28/05		390,225
B			1,400		Sonic Automotive, Inc., Ser. B, 8.625%, 8/15/13		1,365,000
							8,575,260
					Containers & Packaging—2.4%
					Constar Intl., Inc.,
B			140	3	6.149%, 5/11/05		135,100
B-			350		11.00%, 12/01/12		308,875
B			1,000		Crown European Holdings SA, 10.875%, 3/01/13 (France)		1,150,000
B3			870		Pliant Corp., 11.125%, 9/01/09		791,700
							2,385,675
					Ecological Services & Equipment—2.0%
BB-			350	3	Allied Waste NA, Inc., 7.25%, 3/15/15		318,500
B			1,500		Casella Waste Systems, Inc., 9.75%, 2/01/13		1,642,500
							1,961,000
					Energy—18.3%
B1			125		ANR Pipeline Co., 9.625%, 11/01/21		155,625
B+			750	3	Calpine Corp., 9.625%, 9/30/14		725,625
CCC+			70		Calpine Energy Finance LLC, 8.50%, 5/01/08 (Canada)		34,825
CCC+			60		Calpine Generating Co. LLC, 11.50%, 4/01/11		51,000
B+			390		CMS Energy Corp., 9.875%, 10/15/07		417,300
					Compagnie Generale de Geophysique SA, (France)
BB-			120	3	7.50%, 5/15/15		120,798
BB-			698		10.625%, 11/15/07		736,041
A-			1,000	2	ConocoPhillips Holding Co., 6.95%, 4/15/29		1,219,820
BBB+			1,000	2	Dominion Resources, Inc., 5.70%, 9/17/12		1,048,700
B			770		Dresser, Inc., 9.375%, 4/15/11		820,050
Baa2			250		DTE Energy Co., 7.05%, 6/01/11		278,580
B			535	3	Dynegy Holdings, Inc., 10.125%, 7/15/13		549,713
					El Paso Corp.,
CCC+			165	2	7.75%, 1/15/32		150,150
CCC+			205		7.80%, 8/01/31		182,450
CCC+			40		7.875%, 6/15/12		38,700
B-			1,750		El Paso Production Holding Co., 7.75%, 6/01/13		1,745,625
B			90		Exco Resources, Inc., 7.25%, 1/15/11		88,875
BBB+			105		Exelon Corp., 6.75%, 5/01/11		115,296
BBB-			1,075	2	FirstEnergy Corp., Ser. C, 7.375%, 11/15/31		1,266,930
B+			2,000		Hanover Equipment Trust, Ser. A, zero coupon, 9/01/08		2,075,000
B			200	3	Hilcorp Energy I LP, 10.50%, 9/01/10		221,000
					KCS Energy, Inc.,
B-			70		7.125%, 4/01/12		69,300
B-			125	2	7.125%, 4/01/12		123,750
					Midwest Generation LLC,
B+			445		8.56%, 1/02/16		485,050
B1			555		8.75%, 5/01/34		602,175
B2			120		Mission Energy Holdings Co., 13.50%, 7/15/08		140,700
B			200	3	North American Energy Partners, Inc., 9.00%, 5/15/10 (Canada)		200,000

See Notes to Financial Statements.

55

BlackRock Strategic Bond Trust (BHD) (continued)

Rating1	Principal Amount (000)				Description	Value
					Energy—(cont’d)
BBB+		$	250		Occidental Petroleum Corp., 6.75%, 1/15/12	$	278,775
B			140		Orion Power Holdings, Inc., 12.00%, 5/01/10		166,250
					Progress Energy, Inc.,
Baa2			1,000	2	6.75%, 3/01/06		1,023,170
Baa2			1,000	2	7.75%, 3/01/31		1,218,150
B			30	3	Range Resources Corp., 6.375%, 3/15/15		28,950
					Reliant Energy, Inc.,
BB-			240		6.75%, 12/15/14		211,800
BB-			100		9.25%, 7/15/10		102,000
BB+			30		Transcontinental Gas Pipe Line Corp., 7.25%, 12/01/26		31,875
B2			1,010		Utilicorp Finance Corp., 7.75%, 6/15/11 (Canada)		1,010,000
B2			320		Whiting Petroleum Corp., 7.25%, 5/01/13		316,800
B+			100		Williams Cos, Inc., 7.125%, 9/01/11		103,750
							18,154,598
					Entertainment & Leisure—4.2%
B			50		Hammons John Q. Hotels LP, Ser. B, 8.875%, 5/15/12		53,125
BB			150		MGM Mirage, 6.00%, 10/01/09		148,125
B			40		Poster Financial Group, Inc., 8.75%, 12/01/11		40,600
B			1,000		Resorts Intl. Hotel & Casino, Inc., 11.50%, 3/15/09		1,132,500
BB+			1,500		Royal Caribbean Cruises Ltd., 8.75%, 2/02/11 (Liberia)		1,698,750
B-			605	3	WMG Holdings Corp., 7.385%, 6/15/05		619,369
B+			565	3	Wynn Las Vegas LLC, 6.625%, 12/01/14		524,037
							4,216,506
					Financial Institutions—21.8%
AA			185	3	Allstate Financial Global Funding LLC, 5.25%, 2/01/07		188,724
Aa3			1,000	2	Bank One Corp., 6.50%, 2/01/06		1,020,450
Aa3			650	2,3	Barclays Bank PLC, 8.55%, 9/15/05 (United Kingdom)		773,172
B-			250		BCP Crystal US Holdings Corp., 9.625%, 6/15/14		275,625
A+			325		Bear Stearns Co., Inc., 6.50%, 5/01/06		333,512
B1			2,000		Bluewater Finance Ltd., 10.25%, 2/15/12 (Cayman Islands)		2,120,000
Aa1			3,000	2	Citigroup, Inc., 5.75%, 5/10/06		3,055,470
BB			590		Crum & Forster Holdings Corp., 10.375%, 6/15/13		640,150
					Fairfax Financial Holdings Ltd.,
BB			300		6.875%, 4/15/08 (Canada)		284,250
BB			200		7.75%, 4/26/12 (Canada)		183,000
					Ford Motor Credit Co.,
BBB			1,600	2	4.711%, 7/15/05		1,420,032
Baa2			750		5.80%, 1/12/09		698,197
BBB			125		7.25%, 10/25/11		116,144
AAA			2,000	2	General Electric Capital. Corp., 3.45%, 7/16/07		1,974,160
					General Motors Acceptance Corp.,
Baa2			250		6.75%, 1/15/06		252,305
Baa2			900		6.875%, 9/15/11		788,796
Baa2			300		8.00%, 11/01/31		250,083
AA			1,500	2	HSBC Bank USA, Inc., 3.875%, 9/15/09		1,468,665
B-			225	3	K&F Acquisition, Inc., 7.75%, 11/15/14		222,188
AAA			850	2	KFW Intl. Finance, Inc., 5.25%, 6/28/06		865,028
B-			20	3	KRATON Polymers LLC, 8.125%, 1/15/14		18,650
A			325		MetLife, Inc., 6.125%, 12/01/11		349,902
NR			993		Structured Asset Receivable Trust, 1.61%, 4/21/05		991,299
AAA			1,000	2,3	TIAA Global Markets, Inc., 3.875%, 1/22/08		996,140
B-			290	3	UGS Corp., 10.00%, 6/01/12		311,750
B-			50	3	Universal City Florida Holding Co., 7.493%, 5/03/05		51,500
Aa1			2,000	2	Wells Fargo & Co., 3.50%, 4/04/08		1,961,760
BB-			50		Western Financial Bank, 9.625%, 5/15/12		54,250
							21,665,202

See Notes to Financial Statements.

56

BlackRock Strategic Bond Trust (BHD) (continued)

Rating1	Principal Amount (000)				Description		Value
					Health Care—8.5%
B3		$	10		Curative Health Services, Inc., 10.75%, 5/01/11	$	7,700
B			240	3	Elan Finance Corp., 7.75%, 11/15/11 (Ireland)		189,600
NR			2,000		Healthsouth Corp., 7.375%, 10/01/06		2,000,000
B3			730		Insight Health Services Corp., Ser. B, 9.875%, 11/01/11		693,500
AA-			1,000	2	Merck & Co., Inc., 4.375%, 2/15/13		976,830
					Tenet Healthcare Corp.,
B			50		6.375%, 12/01/11		46,625
B			380		9.875%, 7/01/14		395,200
B			1,500		United Surgical Partners Intl., Inc., 10.00%, 12/15/11		1,650,000
B-			290		Universal Hospital Services, Inc., 10.125%, 11/01/11		294,350
A-			1,000	3	WellPoint, Inc., 5.95%, 12/15/34		1,030,220
A			1,000	2	Wyeth, 6.50%, 2/01/34		1,123,690
							8,407,715
					Industrials—7.5%
B+			2,000		Cenveo Corp., 9.625%, 3/15/12		2,130,000
B-			1,035	3	DI Finance/Dyn Corp. Intl., 9.50%, 2/15/13		993,600
B-			595		ERICO Intl. Corp., 8.875%, 3/01/12		600,950
B-			195	3	Hexcel Corp., 6.75%, 2/01/15		187,200
B-			550	3	Hydrochem Industrial Services, Inc., 9.25%, 2/15/13		544,500
B-			260	3	NationsRent Cos., Inc., 9.50%, 5/01/15		260,650
CCC+			750	3	Park Ohio Industries, Inc., 8.375%, 11/15/14		637,500
					Rural/Metro Corp.,
CCC+			150	3	zero coupon, 3/15/16		72,000
CCC+			50	3	9.875%, 3/15/15		49,125
B3			350	3	Sunstate Equipment Co. LLC, 10.50%, 4/01/13		350,000
B-			1,000		Trimas Corp., 9.875%, 6/15/12		995,000
B+			650		United Rentals NA, Inc., 7.00%, 2/15/14		581,750
							7,402,275
					Media—16.9%
NR			1,000	4	Adelphia Communications Corp., Ser. B, 10.50%, 12/31/49		880,000
BBB+			1,000		AOL Time Warner, Inc., 7.70%, 5/01/32		1,234,300
CCC+			365		Charter Communications Holdings II, LLC, 10.25%, 9/15/10		365,000
CCC+			1,775		Charter Communications Holdings LLC, 11.125%, 1/15/11		1,282,437
BBB			1,000	2	Comcast Cable Communications, Inc., 6.875%, 6/15/09		1,085,647
BB-			200		Echostar DBS Corp., 6.35%, 10/01/08		204,500
BBB			1,500	2	News America, Inc., 6.20%, 12/15/34		1,529,415
B-			220	3	Nexstar Finance, Inc., 7.00%, 1/15/14		201,300
B-			2,000		Nextmedia Operating, Inc., 10.75%, 7/01/11		2,140,000
B			150	3	Penn National Gaming, Inc., 6.75%, 3/01/15		143,250
					Primedia, Inc.,
B			501		7.625%, 4/01/08		501,000
B			150		8.00%, 5/15/13		150,000
B			70	3	Radio One, Inc., 6.375%, 2/15/13		67,900
					Rainbow National Services LLC,
B+			210	3	8.75%, 9/01/12		224,700
B+			1,920	3	10.375%, 9/01/14		2,164,800
BBB			1,000	2	TCI Communications, Inc., 7.875%, 2/15/26		1,236,540
					Vertis, Inc.,
CCC			875		10.875%, 6/15/09		778,750
Caa2			120	3	13.50%, 12/07/09		81,000
A-			85		Viacom, Inc., 6.625%, 5/15/11		91,229
CCC			1,500	2	WRC Media, Inc., 12.75%, 11/15/09		1,455,000
CCC			920		Young Broadcasting, Inc., 10.00%, 3/01/11		926,900
							16,743,668
					Real Estate—2.7%
					American Real Estate Partners LP,
BB			230	3	7.125%, 2/15/13		225,400
BB			860		8.125%, 6/01/12		868,600

See Notes to Financial Statements.

57

BlackRock Strategic Bond Trust (BHD) (continued)

Rating1	Principal Amount (000)				Description		Value
					Real Estate—(cont’d)
A-		$	500		ERP Operating LP, 6.95%, 3/02/11	$	549,185
B1			1,000		Felcore Lodging LP, 9.00%, 6/01/05		1,065,000
							2,708,185
					Technology—4.4%
B-			1,000		Amkor Technology, Inc., 9.25%, 2/15/08		917,500
					MagnaChip Semiconductor SA, (Luxembourg)
Ba3			125	3	6.26%, 6/15/05		116,875
Ba3			250	3	6.875%, 12/15/11		227,500
B1			115	3	Sanmina-SCI Corp., 6.75%, 3/01/13		104,075
B			950		Superior Essex Communications LLC, 9.00%, 4/15/12		954,750
BB+			2,000		Unisys Corp., 8.125%, 6/01/06		2,042,500
							4,363,200
					Telecommunications—11.7%
A			1,000	2	Bellsouth Corp., 4.20%, 9/15/09		988,000
					Cincinnati Bell, Inc.,
B1			95		7.25%, 7/15/13		92,150
B			235		8.375%, 1/15/14		224,425
B3			1,000		Crown Castle Intl. Corp., 10.75%, 8/01/11		1,060,000
B-			130	3	Hawaiian Telcom Communications, Inc., zero coupon, 5/01/13		128,862
					Intelsat Ltd.,
B			550		5.25%, 11/01/08 (Bermuda)		497,750
B+			230	3	8.25%, 1/15/13 (Bermuda)		230,000
B+			475	3	8.625%, 1/15/15 (Bermuda)		479,750
B1			905		Lucent Technologies, Inc., 6.50%, 1/15/28		773,775
B-			135		Nortel Networks Corp., 6.875%, 9/01/23 (Canada)		123,187
BB			200	3	Qwest Corp., 7.875%, 9/01/11		202,500
B+			425	3	Qwest Services Corp., 14.00%, 6/14/05		480,250
BB+			85		Rogers Wireless, Inc., 7.25%, 12/15/12 (Canada)		86,913
CCC			350		Rural Cellular Corp., 9.875%, 2/01/10		353,500
A+			1,500	2	SBC Communications, Inc., 6.45%, 6/15/34		1,619,235
BBB+			1,000	2,3	Telecom Italia Cap., 4.95%, 9/30/14 (Luxembourg)		978,370
A+			2,000	2	Verizon New England, Inc., 6.50%, 9/15/11		2,161,260
A			1,000	2	Vodafone Group PLC, 7.75%, 2/15/10 (United Kingdom)		1,138,540
							11,618,467
					Transportation—2.2%
BBB+			500		Canadian National Railway Co., 6.90%, 7/15/28 (Canada)		597,280
B			395	3	CHC Helicopter Corp., 7.375%, 5/01/14 (Canada)		385,125
B3			50	3	Horizon Lines LLC, 9.00%, 11/01/12		52,500
B+			120		OMI Corp., 7.625%, 12/01/13 (Marshall Island)		122,400
BB+			300		Overseas Shipholding Group, Inc., 8.25%, 3/15/13		315,000
B			440		Sea Containers Ltd., 10.50%, 5/15/12 (Bermuda)		466,400
BB-			300		Ultrapetrol Bahamas Ltd., 9.00%, 11/24/14 (Bahamas)		279,000
							2,217,705
					Total Corporate Bonds (cost $135,431,442)		135,216,376

See Notes to Financial Statements.

58

BlackRock Strategic Bond Trust (BHD) (continued)

Rating1	Principal Amount (000)				Description		Value
					U.S. Government and Agency Securities—4.1%
		$	410	2	U.S. Treasury Bonds, 5.375%, 2/15/31	$	463,300
					U.S. Treasury Notes,
			1,010	2	2.50%, 5/31/06		999,900
			933	2	2.625%, 11/15/06		919,882
			1,000	2	4.25%, 8/15/13		1,007,970
			710	2	4.75%, 5/15/14		740,289
					Total U.S. Government and Agency Securities (cost $4,068,647)		4,131,341
					Foreign Government Bonds—1.2%
Baa1			1,000	2	United Mexican States, 8.125%, 12/30/19		1,170,000
					Supranational—0.9%
AAA			850	2	European Investment Bank, 4.875%, 9/06/06		863,770
					Total investments—142.5% (cost $141,372,804)	$	141,381,487
					Liabilities in excess of other assets—(42.5)%		(42,182,019	)
					Net Assets—100%	$	99,199,468

1	Using the higher of S&P’s, Moody’s or Fitch’s rating.
2	Entire or partial principal amount pledged as collateral for reverse repurchase agreements or financial futures contracts.
3	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2005, the Trust held 21.0% of its net assets, with a current market value of $20,841,524, in securities restricted as to resale.
4	Issuer is technically in default and/or bankruptcy.

Details of open reverse repurchase agreements are disclosed in Note 4 in the Notes to Financial Statements.

A category in the Corporate Bonds section may contain multiple industries as defined by the SEC’s Standard Industry Codes.

See Notes to Financial Statements.

59

STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
April 30, 2005

	Broad Investment Grade 2009 Term Trust Inc.1 (BCT)			Core Bond Trust (BHK)
Assets
Investments at value2	$	44,745,996		$	570,747,896
Cash		47,020			836,188
Foreign currency at value3		—			99,390
Receivable from investments sold		5,039,554			113,273,592
Variation margin receivable		—			354,587
Deposits with brokers as collateral for borrowed bonds		—			4,851,000
Receivable for open forward foreign currency contracts		—			6,174,884
Interest receivable		551,201			6,701,318
Unrealized appreciation on interest rate swaps		—			994,934
Unrealized appreciation on total return swaps		—			116,029
Unrealized appreciation on credit default swaps		—			—
Other assets		16,475			67,439
		50,400,246			704,217,257
Liabilities
Reverse repurchase agreement		—			70,622,638
Payable for investments purchased		5,027,420			212,911,871
Payable for dollar rolls		—			6,011,248
Loan payable		—			—
Investments sold short at value4		—			4,820,375
Outstanding options written at value5		—			1,763,848
TBA Sale Commitments6		—			315,191
Interest payable		—			810,998
Unrealized depreciation on interest rate swaps		—			—
Unrealized depreciation on total return swaps		—			—
Payable for open forward foreign currency contracts		—			6,087,605
Investment advisory fee payable		20,367			195,603
Administration fee payable		5,555			—
Deferred Directors’/Trustees’ fees		16,113			52,464
Payable to affiliates		7,266			17,709
Other accrued expenses		178,916			129,116
		5,255,637			303,738,666
Net Assets	$	45,144,609		$	400,478,591
Composition of Net Assets Applicable to Common Shareholders:
Par value	$	29,571		$	27,019
Paid-in capital in excess of par		38,787,677			386,197,188
Cost of shares held in treasury7		—			—
Undistributed (distributions in excess of) net investment income		7,516,077			(2,798,713	)
Accumulated net realized gain (loss)		(1,390,671	)		11,373,162
Net unrealized appreciation (depreciation)		201,955			5,679,935
Net assets applicable to common shareholders, April 30, 2005	$	45,144,609		$	400,478,591
Net asset value per common share8	$	15.27		$	14.82

1	Consolidated Statement of Assets and Liabilities
2	Investments at cost	$	44,544,041	$	567,719,224
3	Foreign currency at cost		—		100,771
4	Proceeds received		—		4,795,622
5	Premium received		—		2,694,970
6	Proceeds for TBA Commitments		—		315,021
7	Shares held in treasury		—		—
8	Common shares outstanding		2,957,093		27,018,774

See Notes to Financial Statements.

60

High Yield Trust (BHY)			Income Opportunity Trust (BNA)			Income Trust Inc. (BKT)			Limited Duration Income Trust (BLW)		Strategic Bond Trust (BHD)
$	66,974,466		$	594,072,368		$	620,566,480		$	1,052,558,514	$	141,381,487
	66,017			805,818			227,845			99,190		58,378
	—			—			—			2,586,107		—
	1,604,375			172,097,457			12,675,881			49,058,288		848,425
	—			262,338			221,625			—		—
	—			14,980,488			90,798,376			1,348,050		—
	—			—			—			8,314,067		—
	1,524,954			7,593,024			5,567,125			14,948,558		2,891,905
	—			280,531			—			—		—
	—			—			—			—		—
	—			3			—			—		—
	39,451			141,828			141,285			62,238		26,585
	70,209,263			790,233,855			730,198,617			1,128,975,012		145,206,780
	—			64,711,688			190,252,525			248,299,506		45,058,067
	1,156,746			252,508,045			9,070,532			39,940,924		679,196
	—			—			—			122,194,406		—
	20,750,000			—			—			—		—
	—			15,111,874			91,116,246			—		—
	—			1,907,236			1,794,659			—		—
	—			45,478,524			3,592,967			—		—
	58,062			1,491,549			1,981,879			334,390		72,707
	—			—			113,998			—		—
	—			32,036			32,637			—		—
	—			—			—			8,202,248		—
	42,623			200,323			231,063			478,555		65,023
	1,968			66,876			97,016			—		—
	23,307			118,521			137,303			35,117		10,301
	—			10,557			51,634			—		5,881
	52,542			143,663			162,967			162,278		116,137
	22,085,248			381,780,892			298,635,426			419,647,424		46,007,312
$	48,124,015		$	408,452,963		$	431,563,191		$	709,327,588	$	99,199,468
$	6,408		$	344,497		$	638,862		$	36,768	$	7,054
	93,620,333			406,532,068			529,738,062			700,832,171		100,520,098
	—			(17,377,850	)		—			—		—
	(383,540	)		984,461			(1,458,558	)		1,249,676		(1,203,538	)
	(34,268,557	)		9,233,841			(89,436,833	)		4,699,869		(132,829	)
	(10,850,629	)		8,735,946			(7,918,342	)		2,509,104		8,683
$	48,124,015		$	408,452,963		$	431,563,191		$	709,327,588	$	99,199,468
$	7.51		$	11.86		$	6.76		$	19.29	$	14.06
$	77,820,884		$	587,578,882		$	627,778,303		$	1,050,272,054	$	141,372,804
	—			—			—			2,599,728		—
	—			15,051,708			89,640,478			—		—
	—			3,186,380			3,526,613			—		—
	—			45,068,634			3,572,188			—		—
	—			1,757,400			—			—		—
	6,407,798			34,449,693			63,886,194			36,768,498		7,054,135

61

STATEMENTS OF OPERATIONS (unaudited)
For the six months ended April 30, 2005

	Broad Investment Grade 2009 Term Trust Inc.1 (BCT)			Core Bond Trust (BHK)
Net Investment Income
Interest income	$	1,517,260		$	11,595,837
Dividend income		—			1,787
Total investment income		1,517,260			11,597,624
Expenses
Investment advisory		125,190			1,333,395
Administration		34,143			—
Transfer agent		5,381			7,421
Custodian		35,657			94,626
Reports to shareholders		8,105			65,160
Directors/Trustees		6,277			28,779
Registration		905			6,708
Independent accountants		16,047			20,536
Legal		19,185			29,870
Insurance		2,296			18,805
Miscellaneous		8,030			27,675
Total expenses excluding interest expense and excise tax		261,216			1,632,975
Interest expense		181,966			850,616
Excise tax		172,723			—
Total expenses		615,905			2,483,591
Less fees waived by Advisor		—			—
Less fees paid indirectly		—			(4,126	)
Net expenses		615,905			2,479,465
Net investment income		901,355			9,118,159
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		862,309			4,598,886
Foreign currency		—			2,945,762
Futures		(42,750	)		5,061,194
Interest rate swaps		—			(406,642	)
Options written		—			403,969
Short sales		—			60,667
Total Realized Gain (Loss)		819,559			12,663,836
Net change in unrealized appreciation/depreciation on:
Investments		(2,366,948	)		(12,927,586	)
Foreign currency		—			340,988
Futures		(134,098	)		(67,669	)
Interest rate floors		—			—
Interest rate swaps		—			351,285
Options written		—			1,038
Short sales		—			(24,923	)
		(2,501,046	)		(12,326,867	)
Net gain (loss)		(1,681,487	)		336,969
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(780,132	)	$	9,455,128

¹ Consolidated Statement of Operations.

See Notes to Financial Statements.

62

High Yield Trust (BHY)			Income Opportunity Trust (BNA)			Income Trust Inc. (BKT)			Limited Duration Income Trust (BLW)			Strategic Bond Trust (BHD)
$	3,061,994		$	15,413,921		$	18,994,833		$	31,934,006		$	4,671,250
	2,472			5,926			3,994			1,092			347
	3,064,466			15,419,847			18,998,827			31,935,098			4,671,597
	370,084			1,234,589			1,403,066			2,808,939			474,578
	35,246			205,574			323,784			—			—
	7,964			14,480			45,612			8,869			7,421
	36,043			67,077			90,193			166,364			29,470
	15,276			52,401			76,791			87,110			15,888
	6,208			29,561			38,734			39,639			6,878
	5,596			9,260			22,082			11,483			6,979
	16,697			37,349			31,648			19,291			17,137
	4,214			28,162			29,731			46,067			8,577
	2,485			19,204			23,971			35,811			3,861
	6,488			37,530			50,632			30,493			9,574
	506,301			1,735,187			2,136,244			3,254,066			580,363
	295,889			1,207,462			2,292,384			2,298,910			327,621
	—			—			—			—			—
	802,190			2,942,649			4,428,628			5,552,976			907,984
	—			—			—			—			(126,554	)
	(1,314	)		(3,727	)		(5,304	)		(31,700	)		(5,759	)
	800,876			2,938,922			4,423,324			5,521,276			775,671
	2,263,590			12,480,925			14,575,503			26,413,822			3,895,926
	1,139,690			4,895,288			(4,764,717	)		603,300			299,884
	—			—			—			38,702			—
	—			6,203,634			(3,423,902	)		—			—
	—			(349,930	)		(793,406	)		—			—
	22,661			597,798			(6,295	)		195,068			—
	—			15,443			(1,126,838	)		—			—
	1,162,351			11,362,233			(10,115,158	)		837,070			299,884
	(3,621,708	)		(15,171,392	)		1,236,815			(29,523,244	)		(6,213,134	)
	—			—			—			136,900			—
	—			(2,099,040	)		1,065,786			—			—
	—			—			9,265			—			—
	—			(353,166	)		1,726,718			—			—
	—			124,507			294,012			—			—
	—			(450,773	)		(1,316,816	)		—			—
	(3,621,708	)		(17,949,864	)		3,015,780			(29,386,344	)		(6,213,134	)
	(2,459,357	)		(6,587,631	)		(7,099,378	)		(28,549,274	)		(5,913,250	)
$	(195,767	)	$	5,893,294		$	7,476,125		$	(2,135,452	)	$	(2,017,324	)

63

STATEMENTS OF CASH FLOWS
For the six months ended April 30, 2005

Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Flows Provided by (Used for) Operating Activities	Broad Investment Grade 2009 Term Trust Inc.1 (BCT)			Core Bond Trust (BHK)
Net Increase (Decrease) in net assets resulting from operations	$	(780,132	)	$	9,455,128
Purchases of long-term investments		(45,425,133	)		(2,779,613,175	)
Proceeds from sales of long-term investments		66,324,023			2,774,836,261
Decrease (Increase) in short-term investments		(1,155,067	)		12,912,332
Decrease (Increase) in deposits with brokers as collateral for borrowed bonds		—			(4,851,000	)
Increase (Decrease) in TBA sale commitments		—			315,191
Net realized loss (gain)		(819,559	)		(12,663,836	)
Decrease (Increase) in unrealized appreciation (depreciation)		2,501,046			12,326,867
Increase (Decrease) in investments sold short		—			4,820,375
Increase (Decrease) in outstanding options written		—			424,876
Decrease (Increase) in interest rate floor		—			—
Decrease (Increase) in total return swaps		—			(116,029	)
Decrease (Increase) in credit default swaps		—			—
Decrease (Increase) in interest rate swaps		—			(550,518	)
Decrease (Increase) in receivable for investments sold		(5,039,554	)		(20,618,224	)
Decrease (Increase) in receivable for open forward foreign currency contracts		—			22,721,256
Decrease (Increase) in variation margin receivable		23,313			(112,399	)
Decrease (Increase) in interest receivable		139,260			1,231,526
Decrease (Increase) in other assets		429			3,226
Increase (Decrease) in payable for investments purchased		5,027,420			58,868,044
Increase (Decrease) in payable for dollar rolls		—			(3,834,563	)
Increase in collateral due to broker		—			—
Increase (Decrease) in payable for open forward foreign currency contracts		—			(23,104,630	)
Increase (Decrease) in variation margin payable		—			—
Increase (Decrease) in interest payable		(12,176	)		430,736
Increase (Decrease) in investment advisory fee payable		(1,556	)		(39,200	)
Increase (Decrease) in administration fee payable		(424	)		—
Increase (Decrease) in deferred Directors’/Trustees’ fees		2,238			6,235
Increase (Decrease) in accrued expenses		(189,855	)		29,490
Total adjustments		21,374,405			43,422,841
Net cash provided by (used for) operating activities	$	20,594,273		$	52,877,969
Increase (Decrease) in Cash and Foreign Currency
Net cash provided by (used for) operating activities	$	20,594,273		$	52,877,969
Cash provided by (used for) financing activities:
Capital contributions		—			—
Increase (Decrease) in reverse repurchase agreements		(19,262,500	)		(31,851,336	)
Increase in loan payable		—			—
Cash dividends paid		(1,330,692	)		(20,139,795	)
Net cash provided by (used for) financing activities		(20,593,192	)		(51,991,131	)
Net increase (decrease) in cash		1,081			886,838
Cash and foreign currency at beginning of period		45,939			48,740
Cash and foreign currency at end of period	$	47,020		$	935,578

¹ Consolidated Statement of Cash Flows.

See Notes to Financial Statements.

64

High Yield Trust (BHY)			Limited Opportunity Trust (BNA)			Income Trust Inc. (BKT)			Income Duration Income Trust (BLW)			Strategic Bond Trust (BHD)
$	(195,767	)	$	5,893,294		$	7,476,125		$	(2,135,452	)	$	(2,017,324	)
	(38,891,678	)		(3,539,964,497	)		(474,949,972	)		(1,069,555,789	)		(55,124,351	)
	39,857,257			3,511,624,605			519,356,732			997,881,883			27,352,210
	(1,984,554	)		3,284,808			(12,482,641	)		(1,112,192	)		8,629
	—			(15,509,631	)		(79,264,826	)		—			—
	—			(337,236	)		2,065,780			—			—
	(1,162,351	)		(11,362,233	)		10,115,158			(837,070	)		(299,884	)
	3,621,708			17,949,864			(3,015,780	)		29,386,344			6,213,134
	—			15,111,874			79,566,112			—			—
	—			504,252			253,841			—			—
	—			—			(68,890	)		—			—
	—			32,036			32,637			—			—
	—			(3	)		—			—			—
	—			321,132			(1,774,356	)		—			—
	247,418			(6,776,258	)		4,136,407			(38,435,122	)		(156,955	)
	—			—			—			(8,314,067	)		—
	—			171,892			(221,625	)		—			—
	55,327			207,940			1,214,139			(718,969	)		(313,052	)
	(15,536	)		(9,433	)		52,938			77,130			(10,970	)
	(497,337	)		77,633,549			(86,068	)		29,361,604			(2,464,762	)
	—			—			—			(1,977,625	)		—
	—			(529,143	)		(646,730	)		(806,692	)		—
	—			—			—			8,202,248			—
	—			—			(442,536	)		—			—
	19,701			690,453			575,408			239,477			66,552
	(1,192	)		(14,631	)		(12,323	)		(1,814	)		11,479
	(114	)		(2,438	)		(2,843	)		—			—
	2,362			10,486			8,813			9,148			2,029
	(18,365	)		(47,092	)		(33,164	)		(19,774	)		(21,693	)
	1,232,646			52,990,296			44,376,211			(56,621,280	)		(24,737,634	)
$	1,036,879		$	58,883,590		$	51,852,336		$	(58,756,732	)	$	(26,754,958	)
$	1,036,879		$	58,883,590		$	51,852,336		$	(58,756,732	)	$	(26,754,958	)
	31,927			—			985,748			822,573			71,874
	—			(29,932,225	)		(33,483,064	)		88,883,775			31,870,213
	1,500,000			—			—			—			—
	(2,626,185	)		(24,083,780	)		(19,533,298	)		(28,584,927	)		(5,288,207	)
	(1,094,258	)		(54,016,005	)		(52,030,614	)		61,121,421			26,653,880
	(57,379	)		4,867,585			(178,278	)		2,364,689			(101,078	)
	123,396			(4,061,767	)		406,123			320,608			159,456
$	66,017		$	805,818		$	227,845		$	2,685,297		$	58,378

65

STATEMENTS OF CHANGES IN NET ASSETS
For the six months ended April 30, 2005 (unaudited), and for the year ended October 31, 2004

	Broad Investment Grade 2009 Term Trust Inc.1 (BCT)						Core Bond Trust (BHK)
	2005			2004			2005			2004
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	901,355		$	1,807,108		$	9,118,159		$	24,880,206
Net realized gain (loss)		819,559			(654,975	)		12,663,836			11,672,686
Net change in unrealized appreciation/depreciation		(2,501,046	)		1,383,412			(12,326,867	)		6,039,881
Net increase (decrease) in net assets resulting from operations		(780,132	)		2,535,545			9,455,128			42,592,773
Dividends and Distributions:
Net investment income		(1,330,692	)		(2,661,384	)		(14,184,857	)		(23,226,362	)
Net realized gain		—			—			(5,954,938	)		(6,742,863	)
Tax return of capital distributions		—			—			—			—
Total dividends and distributions		(1,330,692	)		(2,661,384	)		(20,139,795	)		(29,969,225	)
Capital Share Transactions:
Reinvestment of dividends		—			—			—			—
Total increase (decrease)		(2,110,824	)		(125,839	)		(10,684,667	)		12,623,548
Net Assets:
Beginning of period		47,255,433			47,381,272			411,163,258			398,539,710
End of period	$	45,144,609		$	47,255,433		$	400,478,591		$	411,163,258
End of period undistributed (distribution in excess of) net investment income	$	7,516,077		$	7,945,414		$	(2,798,713	)	$	2,267,985

¹ Consolidated Statement of Changes in Net Assets.

See Notes to Financial Statements.

66

High Yield Trust (BHY)						Income Opportunity Trust (BNA)						Income Trust Inc. (BKT)
2005			2004			2005			2004			2005			2004
$	2,263,590		$	5,860,489		$	12,480,925		$	26,125,045		$	14,575,503		$	31,946,835
	1,162,351			(316,410	)		11,362,233			10,285,218			(10,115,158	)		(8,309,572	)
	(3,621,708	)		6,773,216			(17,949,864	)		8,190,164			3,015,780			(1,727,131	)
	(195,767	)		12,317,295			5,893,294			44,600,427			7,476,125			21,910,132
	(2,626,185	)		(5,864,606	)		(14,468,871	)		(28,937,742	)		(19,533,298	)		(38,921,208	)
	—			—			(9,614,909	)		—			—			—
	—			(187,188	)		—			—			—			—
	(2,626,185	)		(6,051,794	)		(24,083,780	)		(28,937,742	)		(19,533,298	)		(38,921,208	)
	31,927			210,485			—			—			985,748			2,335,670
	(2,790,025	)		6,475,986			(18,190,486	)		15,662,685			(11,071,425	)		(14,675,406	)
	50,914,040			44,438,054			426,643,449			410,980,764			442,634,616			457,310,022
$	48,124,015		$	50,914,040		$	408,452,963		$	426,643,449		$	431,563,191		$	442,634,616
$	(383,540	)	$	(20,945	)	$	984,461		$	2,972,407		$	(1,458,558	)	$	3,499,237

67

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the six months ended April 30, 2005 (unaudited), and for the year ended October 31, 2004

	Limited Duration Income Trust (BLW)						Strategic Bond Trust (BHD)
	2005			2004			2005			2004
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	26,413,822		$	53,609,041		$	3,895,926		$	9,814,985
Net realized gain (loss)		837,070			5,497,164			299,884			1,061,047
Net change in unrealized appreciation/depreciation		(29,386,344	)		10,020,060			(6,213,134	)		648,992
Net increase in net assets resulting from operations		(2,135,452	)		69,126,265			(2,017,324	)		11,525,024
Dividends and Distributions:
Net investment income		(26,950,563	)		(54,687,174	)		(5,288,207	)		(11,337,469	)
Net realized gain		(1,634,364	)		(390,466	)		—			—
Total dividends and distributions		(28,584,927	)		(55,077,640	)		(5,288,207	)		(11,337,469	)
Capital Share Transactions:
Reinvestment of common dividends		822,573			429,365			71,874			200,599
Total increase		(29,897,806	)		14,477,990			(7,233,657	)		388,154
Net Assets:
Beginning of period		739,225,394			724,747,404			106,433,125			106,044,971
End of period	$	709,327,588		$	739,225,394		$	99,199,468		$	106,433,125
End of period undistributed (distributions in excess of) net investment income	$	1,249,676		$	1,786,417		$	(1,203,538	)	$	188,743

See Notes to Financial Statements.

68

CONSOLIDATED FINANCIAL HIGHLIGHTS

BlackRock Broad Investment Grade 2009 Term Trust Inc. (BCT)

	Six Months Ended April 30,			Year Ended October 31,
	2005
	(unaudited)			2004			2003			2002			2001			2000
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	15.98		$	16.02		$	17.33		$	16.05		$	13.64		$	13.64
Investment operations:
Net investment income		0.30			0.61			1.28			2.01			1.17			0.91
Net realized and unrealized gain (loss)		(0.56	)		0.25			(1.40	)		0.04			2.01			(0.09	)
Net increase (decrease) from investment operations		(0.26	)		0.86			(0.12	)		2.05			3.18			0.82
Dividends from net investment income		(0.45	)		(0.90	)		(1.19	)		(0.77	)		(0.77	)		(0.82	)
Net asset value, end of period	$	15.27		$	15.98		$	16.02		$	17.33		$	16.05		$	13.64
Market price, end of period	$	16.00		$	15.80		$	15.85		$	16.18		$	14.39		$	11.94
TOTAL INVESTMENT RETURN1		4.18	%		5.45	%		5.32	%		18.34	%		27.66	%		12.11	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		2.71	%2		2.48	%		2.43	%		2.50	%		3.52	%		4.36	%
Net expenses		2.71	%2		2.48	%		2.43	%		2.50	%		3.52	%		4.36	%
Net expenses excluding interest expense and excise tax		1.15	%2		1.11	%		1.18	%		1.16	%		1.16	%		1.31	%
Net investment income		3.96	%2		3.83	%		7.54	%		12.22	%		7.93	%		6.83	%
SUPPLEMENTAL DATA:
Average net assets (000)	$	45,901		$	47,191		$	49,882		$	48,731		$	43,701		$	39,425
Portfolio turnover		168	%		20	%		39	%		35	%		19	%		36	%
Net assets, end of period (000)	$	45,145		$	47,255		$	47,381		$	51,244		$	47,466		$	40,321
Reverse repurchase agreements outstanding, end of period (000)	$	—		$	19,263		$	19,953		$	23,669		$	13,373		$	18,850
Asset coverage, end of period3	$	—		$	3,453		$	3,375		$	3,165		$	4,550		$	3,139

1	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of each year reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results.
2	Annualized.
3	Per $1,000 of reverse repurchase agreements outstanding.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

69

FINANCIAL HIGHLIGHTS

BlackRock Core Bond Trust (BHK)

		Six Months Ended April 30,		Year Ended October 31,							For the period November 30, 20011
	2005									through
	(unaudited)			2004			2003			October 31, 2002
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	15.22		$	14.75		$	14.33		$	14.33	2
Investment operations:
Net investment income		0.34			0.92			0.83			0.99
Net realized and unrealized gain		0.01			0.66			0.77			0.04
Net increase from investment operations		0.35			1.58			1.60			1.03
Dividends and distributions:
Net investment income		(0.53	)		(0.86	)		(1.00	)		(1.00	)
Net realized gain		(0.22	)		(0.25	)		(0.18	)		—
Total dividends and distributions		(0.75	)		(1.11	)		(1.18	)		(1.00	)
Capital charges with respect to issuance of shares		—			—			—			(0.03	)
Net asset value, end of period	$	14.82		$	15.22		$	14.75		$	14.33
Market price, end of period	$	13.78		$	14.02		$	13.57		$	13.82
TOTAL INVESTMENT RETURN3		3.67	%		11.93	%		6.62	%		(1.02	)%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		1.24	%4		1.32	%		1.05	%		1.04	%4
Net expenses		1.23	%4		1.32	%		1.05	%		1.04	%4
Net expenses excluding interest expense		0.81	%4		0.92	%		0.87	%		0.93	%4
Net investment income		4.54	%4		6.20	%		5.58	%		7.67	%4
SUPPLEMENTAL DATA:
Average net assets (000)	$	405,097		$	401,212		$	401,049		$	380,277
Portfolio turnover		149	%		398	%		161	%		73	%
Net assets, end of period (000)	$	400,479		$	411,163		$	398,540		$	387,238
Reverse repurchase agreements outstanding, end of period (000)	$	70,623		$	102,474		$	91,668		$	165,215
Asset coverage, end of period5	$	6,671		$	5,012		$	5,348		$	3,342

1	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
2	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
3	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
4	Annualized.
5	Per $1,000 of reverse repurchase agreements outstanding.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

70

FINANCIAL HIGHLIGHTS

BlackRock High Yield Trust (BHY)

	Six Months Ended April 30,			Year Ended October 31,
	2005
	(unaudited)			2004			2003			2002			2001			2000
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	7.95		$	6.96		$	6.13		$	7.20		$	10.60		$	13.58
Investment operations:
Net investment income		0.35			0.92			1.06			1.20			1.32			1.66
Net realized and unrealized gain (loss)		(0.38	)		1.02			0.89			(0.98	)		(3.13	)		(3.02	)
Net increase (decrease) from investment operations		(0.03	)		1.94			1.95			0.22			(1.81	)		(1.36	)
Dividends and distributions:
Net investment income		(0.41	)		(0.92	)		(1.07	)		(1.20	)		(1.48	)		(1.62	)
Tax return of capital		—			(0.03	)		(0.05	)		(0.09	)		(0.11	)		—
Total dividends and distributions		(0.41	)		(0.95	)		(1.12	)		(1.29	)		(1.59	)		(1.62	)
Net asset value, end of period	$	7.51		$	7.95		$	6.96		$	6.13		$	7.20		$	10.60
Market price, end of period	$	9.25		$	9.30		$	10.25		$	8.68		$	9.18		$	11.88
TOTAL INVESTMENT RETURN1		4.04	%		0.28	%		32.87	%		7.97	%		(11.31	)%		8.23	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		3.16	%2		2.69	%		3.07	%		3.45	%		4.90	%		5.29	%
Net expenses		3.16	%2		2.68	%		3.07	%		3.45	%		4.90	%		5.29	%
Net expenses excluding interest expense		1.99	%2		1.96	%		2.22	%		2.20	%		2.03	%		1.99	%
Net investment income		8.92	%2		12.16	%		16.37	%		16.29	%		14.23	%		13.12	%
SUPPLEMENTAL DATA:
Average net assets (000)	$	51,172		$	48,186		$	41,326		$	46,751		$	58,553		$	79,602
Portfolio turnover		57	%		156	%		30	%		147	%		71	%		92	%
Net assets, end of period (000)	$	48,124		$	50,914		$	44,438		$	38,953		$	45,520		$	66,867
Loan outstanding, end of period (000)	$	20,750		$	19,250		$	19,250		$	19,250		$	23,000		$	33,000
Asset coverage, end of period3	$	5,449		$	3,645		$	3,308		$	3,024		$	2,983		$	3,032

1	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions. Past performance is not a guarantee of future results.
2	Annualized.
3	Per $1,000 of loan outstanding.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

71

FINANCIAL HIGHLIGHTS

BlackRock Income Opportunity Trust (BNA)

	Six Months Ended April 30,			Year Ended October 31,
	2005
	(unaudited)			2004			2003			2002			2001			2000
PER SHARE OPERATING  PERFORMANCE:
Net asset value, beginning of period	$	12.38		$	11.93		$	11.83		$	11.47		$	11.03		$	11.45
Investment operations:
Net investment income		0.36			0.76			0.84			1.15			0.87			0.70
Net realized and unrealized gain (loss)		(0.18	)		0.53			0.31			(0.05	)		0.34			(0.31	)
Net increase from investment operations		0.18			1.29			1.15			1.10			1.21			0.39
Dividends and distributions:
Net investment income		(0.42	)		(0.84	)		(0.81	)		(0.75	)		(0.23	)		(0.39	)
Net realized gains		(0.28	)		—			(0.24	)		—			—			(0.04	)
Tax return of capital		—			—			—			—			(0.54	)		(0.41	)
Total dividends and distributions		(0.70	)		(0.84	)		(1.05	)		(0.75	)		(0.77	)		(0.84	)
Increase resulting from Trust shares repurchased		—			—			—			0.01			—			0.03
Net asset value, end of period	$	11.86		$	12.38		$	11.93		$	11.83		$	11.47		$	11.03
Market price, end of period	$	11.01		$	11.38		$	10.95		$	10.50		$	10.41		$	9.75
TOTAL INVESTMENT RETURN1		2.99	%		12.04	%		14.71	%		8.44	%		15.09	%		9.82	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		1.43	%2		1.11	%		1.29	%		1.40	%		3.62	%		3.76	%
Net expenses		1.43	%2		1.11	%		1.29	%		1.40	%		3.62	%		3.76	%
Net expenses excluding interest expense		0.84	%2		0.84	%		0.89	%		0.93	%		1.01	%		0.88	%
Net investment income		6.07	%2		6.29	%		6.99	%		10.04	%		7.76	%		6.14	%
SUPPLEMENTAL DATA:
Average net assets (000)	$	414,940		$	415,131		$	413,543		$	394,495		$	388,478		$	396,157
Portfolio turnover		216	%		300	%		46	%		153	%		83	%		82	%
Net assets, end of period (000)	$	408,453		$	426,643		$	410,981		$	407,480		$	397,756		$	383,651
Reverse repurchase agreements outstanding, end of period (000)	$	64,712		$	94,644		$	103,378		$	85,704		$	136,385		$	178,033
Asset coverage, end of period3	$	7,312		$	5,508		$	4,976		$	5,755		$	3,916		$	3,155

1	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of each year reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions. Past performance is not a guarantee of future results.
2	Annualized.
3	Per $1,000 of reverse repurchase agreements outstanding.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

72

FINANCIAL HIGHLIGHTS

BlackRock Income Trust Inc. (BKT)

	Six Months Ended April 30,			Year Ended October 31,
	2005
	(unaudited)			2004			2003			2002			2001			2000
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	6.95		$	7.21		$	8.13		$	8.06		$	7.23		$	7.31
Investment operations:
Net investment income		0.23			0.51			0.61			0.99			0.56			0.50
Net realized and unrealized gain (loss)		(0.11	)		(0.16	)		(0.52	)		(0.35	)		0.83			(0.02	)
Net increase from investment operations		0.12			0.35			0.09			0.64			1.39			0.48
Dividends from net investment income		(0.31	)		(0.61	)		(1.01	)		(0.57	)		(0.56	)		(0.56	)
Net asset value, end of period	$	6.76		$	6.95		$	7.21		$	8.13		$	8.06		$	7.23
Market price, end of period	$	7.30		$	7.50		$	7.71		$	8.07		$	7.26		$	6.38
TOTAL INVESTMENT RETURN1		1.70	%		5.97	%		15.41	%		15.35	%		23.23	%		14.01	%
RATIOS TO AVERAGE NET ASSETS:
Total expense		2.05	%2		1.37	%		1.36	%		2.05	%		2.54	%		2.78	%
Net expenses		2.05	%2		1.37	%		1.36	%		2.05	%		2.54	%		2.78	%
Net expenses excluding interest expense		0.99	%2		0.97	%		1.02	%		1.03	%		1.03	%		1.05	%
Net investment income		6.75	%2		7.13	%		8.18	%		12.28	%		7.43	%		7.11	%
SUPPLEMENTAL DATA:
Average net assets (000)	$	435,290		$	447,984		$	472,676		$	506,533		$	470,185		$	448,027
Portfolio turnover		29	%		120	%		64	%		125	%		32	%		114	%
Net assets, end of period (000)	$	431,563		$	442,635		$	457,301		$	511,385		$	506,764		$	454,510
Reverse repurchase agreements outstanding, end of period (000)	$	190,253		$	223,736		$	121,767		$	205,792		$	118,634		$	64,460
Asset coverage, end of period3	$	3,268		$	2.978		$	4,756		$	3,485		$	5,272		$	8,095

1	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of each year reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results.
2	Annualized.
3	Per $1,000 of reverse repurchase agreements outstanding.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

73

FINANCIAL HIGHLIGHTS

BlackRock Limited Duration Income Trust (BLW)

	Six Months Ended April 30, 2005 (Unaudited)				Year Ended October 31, 2004				For the period July 30, 20031 through October 31, 2003
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period		$	20.13			$	19.74			$	19.10	2
Investment operations:
Net investment income			0.72				1.46				0.33
Net realized and unrealized gain			(0.79	)			0.43				0.60
Net increase (decrease) from investment operations			(0.07	)			1.89				0.93
Dividends and distributions:
Net investment income			(0.73	)			(1.49	)			(0.25	)
Net realized gain			(0.04	)			(0.01	)			—
Total dividends and distributions			(0.77	)			(1.50	)			(0.25	)
Capital charges with respect to issuance of shares			—				—				(0.04	)
Net asset value, end of period		$	19.29			$	20.13			$	19.74
Market price, end of period		$	18.24			$	19.95			$	18.80
TOTAL INVESTMENT RETURN3			(4.86	)%			14.64	%			(4.77	)%
RATIOS TO AVERAGE NET ASSETS:
Total expenses			1.53	%4			1.26	%			0.82	%4
Net expenses			1.52	%4			1.25	%			0.82	%4
Net expenses excluding interest expense			0.89	%4			0.90	%			0.79	%4
Net investment income			7.28	%4			7.34	%			6.87	%4
SUPPLEMENTAL DATA:
Average net assets (000)		$	731,409			$	730,369			$	686,655
Portfolio turnover			36	%			215	%			127	%
Net assets, end of period (000)		$	709,328			$	739,225			$	724,747
Reverse repurchase agreements outstanding, end of period (000)		$	248,300			$	159,416			$	118,993
Asset coverage, end of period5		$	3,857			$	5,637			$	7,091

1	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
2	Net asset value, beginning of period, reflects a deduction of $0.90 per share sales charge from the initial offering price of $20.00 per share.
3	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
4	Annualized.
5	Per $1,000 of reverse repurchase agreements outstanding.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

74

FINANCIAL HIGHLIGHTS

BlackRock Strategic Bond Trust (BHD)

	Six Months Ended April 30, 2005 (unaudited)				Year Ended October 31,						For the period February 28, 20021 through October 31, 2002
					2004			2003
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period		$	15.10		$	15.07		$	12.63			$	14.33	2
Investment operations:
Net investment income			0.55			1.39			1.59				0.98
Net realized and unrealized gain (loss)			(0.84	)		0.25			2.34				(1.77	)
Net increase (decrease) from investment operations			(0.29	)		1.64			3.93				(0.79	)
Dividends from net investment income			(0.75	)		(1.61	)		(1.49	)			(0.84	)
Capital charges with respect to issuance of shares			—			—			—				(0.07	)
Net asset value, end of period		$	14.06		$	15.10		$	15.07			$	12.63
Market price, end of period		$	14.34		$	16.70		$	15.27			$	12.35
TOTAL INVESTMENT RETURN3			(9.87	)%		21.54	%		37.36	%			(12.34	)%
RATIOS TO AVERAGE NET ASSETS:
Total expenses			1.76	%4		1.49	%		2.01	%			2.57	%4
Net expenses			1.50	%4		1.23	%		1.71	%			2.26	%4
Net expenses excluding interest expense			0.87	%4		0.89	%		1.01	%			1.25	%4
Net investment income			7.53	%4		9.23	%		11.32	%			10.68	%4
SUPPLEMENTAL DATA:
Average net assets (000)		$	104,291		$	106,330		$	98,498			$	95,675
Portfolio turnover			21	%		31	%		32	%			22	%
Net assets, end of period (000)		$	99,199		$	106,433		$	106,045			$	88,594
Reverse repurchase agreements outstanding, end of period (000)		$	45,058		$	13,188		$	45,872			$	44,223
Asset coverage, end of period5		$	3,202		$	9,071		$	3,312			$	3,003

1	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
2	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
3	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
4	Annualized.
5	Per $1,000 of reverse repurchase agreements outstanding.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

75

NOTES TO FINANCIAL STATEMENTS (unaudited)

Note 1. Organization & Accounting Policies

BlackRock Broad Investment Grade 2009 Term Trust Inc. (“Broad Investment Grade”), BlackRock Core Bond Trust (“Core Bond”), BlackRock High Yield Trust (“High Yield”), BlackRock Income Opportunity Trust (“Income Opportunity”), BlackRock Income Trust Inc. (“Income Trust”), BlackRock Limited Duration Income Trust (“Limited Duration”) and BlackRock Strategic Bond Trust (“Strategic Bond”) (collectively, the “Trusts”) are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended. Broad Investment Grade, Income Opportunity and Income Trust are organized as Maryland corporations. Core Bond, High Yield, Limited Duration and Strategic Bond are organized as Delaware statutory trusts.

          On December 3, 1999, Broad Investment Grade transferred a substantial portion of its total assets to a 100% owned regulated investment company subsidiary called BCT Subsidiary, Inc. The financial statements and these notes to the financial statements for Broad Investment Grade are consolidated and include the operations of both Broad Investment Grade and its wholly owned subsidiary after elimination of all intercompany transactions and balances.

          The following is a summary of significant accounting policies followed by the Trusts.

Investment Valuation: The Trusts value most of their investments on the basis of current market quotations provided by dealers or pricing services selected under the supervision of each Trust’s Board (the “Board”) of Directors/Trustees (the “Trustees”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, market transactions in comparable investments, various relationships observed in the market between investments, and calculated yield measures based on valuation technology commonly employed in the market for such investments. Exchange-traded options are valued at their last sales price as of the close of options trading on applicable exchanges. In the absence of a last sale, options are valued at the average of the quoted bid and asked prices as of the close of business. A futures contract is valued at the last sale price as of the close of the commodities exchange on which it trades. Short-term securities may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value. Investments or assets for which such current market quotations are not readily available are valued at fair value (“Fair Value Assets”) as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust’s Board. The investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee.  The valuation committee may accept, modify or reject any recommendations.  The pricing of all Fair Value Assets shall be subsequently reported to and ratified by the Board of Trustees.

          When determining the price for a Fair Value Asset, the investment advisor and/or sub-advisor shall seek to determine the price that the Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction.  Fair value determinations shall be based upon all available factors that BlackRock Advisors deems relevant.

Investment Transactions and Investment Income: Investment transactions are recorded on trade date. Realized and unrealized gains and losses are calculated on the identified cost basis. Each Trust records interest income on an accrual basis and amortizes premium and/or accretes discount on securities purchased using the interest method. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed. These dividends are recorded as soon as the Trust is informed of the ex-dividend date. Dividend income on foreign securities is recorded net of any withholding tax.

Repurchase Agreements: In connection with transactions in repurchase agreements, a Trust’s custodian takes possession of the underlying collateral securities, the value of which at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Trust may be delayed or limited.

Bank Loans: In the process of buying, selling and holding bank loans, a Trust may receive and/or pay certain fees. These fees are in addition to interest payments received and may include facility fees, commitment fees, amendment fees, commissions and prepayment penalty fees. When a Trust buys a bank loan it may receive a facility fee and when it sells a bank loan it may pay a facility fee. On an ongoing basis, a Trust may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a bank loan. In certain circumstances, a Trust may receive a prepayment penalty fee upon the prepayment of a bank loan by a borrower. Other fees received by a Trust may include covenant waiver fees and covenant modification fees.

Option Writing/Purchasing: When a Trust writes or purchases an option, an amount equal to the premium received or paid by the Trust is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Trust on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or the proceeds from the sale in determining whether a Trust has realized a gain or a loss on investment transactions. A Trust, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option.

          Options, when used by the Trusts, help in maintaining a targeted duration. Duration is a measure of the price sensitivity of a security or a portfolio to relative changes in interest rates. For instance, a duration of “one” means that a portfolio’s or a security’s price would be

76

expected to change by approximately one percent with a one percent change in interest rates, while a duration of five would imply that the price would move approximately five percent in relation to a one percent change in interest rates.

          Option writing and purchasing may be used by the Trusts as an attempt to manage the duration of positions, or collections of positions, so that changes in interest rates do not adversely affect the targeted duration of the portfolio unexpectedly. A call option gives the purchaser of the option the right (but not obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying position at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying position at the exercise price at any time or at a specified time during the option period. Put or call options can be purchased or sold to help manage the targeted duration of the portfolio.

          The main risk that is associated with purchasing options is that the option expires without being exercised. In this case, the option expires worthless and the premium paid for the option is considered the loss. The risk associated with writing call options is that a Trust may forgo the opportunity for a profit if the market value of the underlying position increases and the option is exercised. The risk in writing put options is that a Trust may incur a loss if the market value of the underlying position decreases and the option is exercised. In addition, the Trust risks not being able to enter into a closing transaction for the written option as the result of an illiquid market.

Stripped Mortgage Backed Securities: Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Portfolio may not fully recoup its initial investment in IOs. Such securities will be considered liquid only if so determined in accordance with guidelines established by the Trustees.

Credit Default Swaps: Credit Default swaps are agreements in which one party pays fixed periodic payments to a counterparty in consideration for a guarantee from the counterparty to make a specific payment should a negative credit event take place. Risks arise from the possible inability of the counterparties to meet the terms of their contracts.

Total Return Swaps: Total Return swaps are agreements in which one party commits to pay interest in exchange for a market linked return. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

Interest Rate Swaps: In an interest rate swap, one investor pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, an investor may pay a fixed rate and receive a floating rate. Interest rate swaps are efficient as asset/liability management tools. In more complex swaps, the notional principal amount may decline (or amortize) over time.

          During the term of the swap, changes in the value of the swap are recognized as unrealized gains or losses by “marking-to-market” to reflect the market value of the swap. When the swap is terminated, a Trust will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract, if any.

          The Trusts are exposed to credit loss in the event of non-performance by the other party to the swap. However, the Trusts closely monitor swaps and do not anticipate non-performance by any counterparty.

Swap Options: Swap options are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swap option is granting or buying the right to enter into a previously agreed upon interest rate swap agreement at any time before the expiration of the option. Premiums received or paid from writing or purchasing options are recorded as liabilities or assets and are subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by a Trust on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commission, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or the proceeds from the sale in determining whether a Trust has realized a gain or loss on investment transactions.

          The main risk that is associated with purchasing swap options is that the swap option expires without being exercised. In this case, the option expires worthless and the premium paid for the swap option is considered the loss. The main risk that is associated with the writing of a swap option is the market risk of an unfavorable change in the value of the interest rate swap underlying the written swap option.

          Swap options may be used by the Trusts to manage the duration of the Trusts’ portfolios in a manner similar to more generic options described above.

Interest Rate Caps: Interest rate caps are similar to interest rate swaps, except that one party agrees to pay a fee, while the other party pays the excess, if any, of a floating rate over a specified fixed or floating rate.

          Interest rate caps are intended to both manage the duration of the Trusts’ portfolios and their exposure to changes in short-term interest rates. Owning interest rate caps reduces a portfolio’s duration, making it less sensitive to changes in interest rates from a market value perspective. The effect on income involves protection from rising short-term interest rates, which the Trusts experience primarily in the form of leverage.

          The Trusts are exposed to credit loss in the event of non-performance by the other party to the interest rate cap. However, the Trusts do not anticipate non-performance by any counterparty.

77

          Transaction fees paid or received by the Trusts are recognized as assets or liabilities and amortized or accreted into interest expense or income over the life of the interest rate cap. The asset or liability is subsequently adjusted to the current market value of the interest rate cap purchased or sold. Changes in the value of the interest rate cap are recognized as unrealized gains and losses.

Interest Rate Floors: Interest rate floors are similar to interest rate swaps, except that one party agrees to pay a fee, while the other party pays the deficiency, if any, of a floating rate under a specified fixed or floating rate.

          Interest rate floors are used by the Trusts to both manage the duration of the portfolios and their exposure to changes in short-term interest rates. Selling interest rate floors reduces a portfolio’s duration, making it less sensitive to changes in interest rates from a market value perspective. The Trusts’ leverage provides extra income in a period of falling rates. Selling floors reduces some of that extra income by partially monetizing it as an up front payment which the Trusts receive.

          The Trusts are exposed to credit loss in the event of non-performance by the other party to the interest rate floor. However, the Trusts do not anticipate non-performance by any counterparty.

          Transaction fees paid or received by the Trusts are recognized as assets or liabilities and amortized or accreted into interest expense or income over the life of the interest rate floor. The asset or liability is subsequently adjusted to the current market value of the interest rate floor purchased or sold. Changes in the value of the interest rate floor are recognized as unrealized gains and losses.

Financial Futures Contracts: A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, a Trust records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract.

          Financial futures contracts, when used by the Trusts, help in maintaining a targeted duration. Futures contracts can be sold to effectively shorten an otherwise longer duration portfolio. In the same sense, futures contracts can be purchased to lengthen a portfolio that is shorter than its duration target. Thus, by buying or selling futures contracts, the Trusts may attempt to manage the duration of positions so that changes in interest rates do not change the duration of the portfolio unexpectedly.

Forward Currency Contracts: The Trusts enter into forward currency contracts primarily to facilitate settlement of purchases and sales of foreign securities and to help manage the overall exposure to foreign currency. A forward contract is a commitment to purchase or sell a foreign currency at a future date (usually the security transaction settlement date) at a negotiated forward rate. In the event that a security fails to settle within the normal settlement period, the forward currency contract is renegotiated at a new rate. The gain or loss arising from the difference between the settlement value of the original and renegotiated forward contracts is isolated and is included in net realized gains (losses) from foreign currency transactions. Risks may arise as a result of the potential inability of the counterparties to meet the terms of their contract.

          Forward currency contracts, when used by the Trusts, help to manage the overall exposure to the foreign currency backing some of the investments held by the Trusts. Forward currency contracts are not meant to be used to eliminate all of the exposure to the foreign currency, rather they allow the Trusts to limit their exposure to foreign currency within a narrow band to the objectives of the Trusts.

Foreign Currency Translation: Foreign currency amounts are translated into United States dollars on the following basis:

(i)	market value of investment securities, other assets and liabilities—at the London 4:00 PM rates of exchange.
(ii)	purchases and sales of investment securities, income and expenses—at the rates of exchange prevailing on the respective dates of such transactions.

          The Trusts isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Trusts isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the period.

          Net realized and unrealized foreign exchange gains and losses including realized foreign exchange gains and losses from sales and maturities of foreign portfolio securities, maturities of foreign reverse repurchase agreements, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of interest and discount recorded on the Trusts’ books and the U.S. dollar equivalent amounts actually received or paid and changes in unrealized foreign exchange gains and losses in the value of portfolio securities and other assets and liabilities arising as a result of changes in the exchange rate.

          Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

Short Sales: The Trusts may make short sales of securities as a method of managing potential price declines in similar securities owned. When a Trust makes a short sale, it may borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Trusts may have to pay a fee to borrow the particular securities and may be obligated to pay over any payments received on such borrowed securities. A gain, limited to the price at which a Trust sold the security short, or a loss, unlimited as to dollar amount, will be recognized upon the termination of a short sale if the market price is greater or less than the proceeds originally received.

Bonds Borrowed Agreements: In a bonds borrowed agreement, the Fund borrows securities from a third party, with the commitment that they will be returned to the lender on an agreed-upon date. Bonds borrowed agreements are primarily entered into to settle short positions. In a bonds borrowed agreement, the Fund’s prime broker or third party broker takes possession of the underlying collateral securities or cash

78

to settle such short positions. The value of the underlying collateral securities approximates the principal amount of the bonds borrowed transaction, including accrued interest. To the extent that bonds borrowed transactions exceed one business day, the value of the collateral with any counterparty is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the lender defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the lender of the security, realization of the collateral by the Fund may be delayed or limited.

Security Lending: The Trusts may lend their portfolio securities to qualified institutions. The loans are secured by collateral at least equal, at all times, to the market value of the securities loaned. The Trusts may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The Trusts receive compensation for lending their securities in the form of interest on the loan. The Trusts also continue to receive interest on the securities loaned, and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the accounts of the Trusts. The Trusts did not enter into any security lending transactions during the six months ended April 30, 2005.

Segregation: In cases in which the Investment Company Act of 1940, as amended, and the interpretive positions of the Securities and Exchange Commission (the “Commission”) require that each Trust segregate assets in connection with certain investments (e.g., when-issued securities, reverse repurchase agreements or futures contracts), each Trust will, consistent with certain interpretive letters issued by the Commission, designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.

Federal Income Taxes: It is each Trust’s intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient amounts of their taxable income to shareholders. Therefore, no Federal income tax provisions are required. As part of a tax planning strategy, Broad Investment Grade may retain a portion of their taxable income and pay excise tax on the undistributed amounts.

Dividends and Distributions: Each Trust declares and pays dividends and distributions to common shareholders monthly from net investment income, net realized short-term capital gains and other sources, if necessary. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed annually. Dividends and distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America.

Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees are required to defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock closed-end funds selected by the Trustees. This has the same economic effect for the Trustees as if the Trustees had invested the deferred amounts in such Trusts.

          The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of those Trusts selected by the Trustees in order to match its deferred compensation obligations.

Note 2. Agreements

Each Trust has an Investment Management Agreement with BlackRock Advisors, Inc. (the “Advisor”), which is a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc., a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to Core Bond, Limited Duration and Strategic Bond. BlackRock, Inc. is an indirect, majority-owned subsidiary of The PNC Financial Services Group, Inc.

          Broad Investment Grade, High Yield, Income Opportunity and Income Trust each have an Administration Agreement with the Advisor. The Investment Management Agreement for Core Bond, Limited Duration and Strategic Bond covers both investment advisory and administration services.

          Each Trust’s investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate, 0.55% for Broad Investment Grade, 0.60% for Income Opportunity and 0.65% for Income Trust, of each Trust’s average net assets and 0.55% for Core Bond and Limited Duration, 1.05% for High Yield and 0.75% for Strategic Bond, of each Trust’s average weekly managed assets. “Managed assets” means the total assets of a Trust (including any assets attributable to any borrowing that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). The Advisor has voluntarily agreed to waive a portion of the investment advisory fees or other expenses on Strategic Bond as a percentage of its average weekly managed assets as follows: 0.20% for the first 5 years of the Trust’s operations, 0.15% in year 6, 0.10% in year 7 and 0.05% in year 8.

          Pursuant to the agreements, the Advisor provides continuous supervision of the investment portfolio and pays the compensation of officers of each Trust who are affiliated persons of the Advisor, as well as occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which include reimbursements to the Advisor for cost of employees that provide pricing, secondary market support,  and compliance services to each Trust. For the six-months ended April 30, 2005, the Trusts reimbursed the Advisor the following amounts:

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Trust	Amount		Trust	Amount
Broad Investment Grade	$	1,810	Income Trust	$	15,416
Core Bond		12,308	Limited Duration		12,308
High Yield		1,240	Strategic Bond		3,030
Income Opportunity		12,271

          Pursuant to the terms of their custody agreements, Core Bond, High Yield, Income Opportunity, Income Trust, Limited Duration and Strategic Bond received earnings credits from its custodian for positive cash balances maintained, which are used to offset custody fees.

Note 3. Portfolio Investments

Purchases and sales of investment securities, other than short-term investments, dollar rolls and U.S. government securities, for the six months ended April 30, 2005 aggregated as follows:

Trust	Purchases		Sales		Trust	Purchases		Sales
Broad Investment Grade	$	53,316,899	$	41,918,259	Income Trust	$	39,415,068	$	32,785,864
Core Bond		194,792,407		187,188,419	Limited Duration		422,102,580		363,930,465
High Yield		38,664,531		39,637,735	Strategic Bond		55,124,351		27,213,558
Income Opportunity		260,745,633		305,390,941

          Purchases and sales of U.S. government securities for the six months ended April 30, 2005 aggregated as follows:

Trust	Purchases		Sales		Trust	Purchases		Sales
Broad Investment Grade	$	15,043,173	$	44,134,965	Income Trust	$	146,402,119	$	177,717,394
Core Bond		678,037,059		637,157,961	Limited Duration		20,045,070		10,015,625
High Yield		245,574		245,574	Strategic Bond		—		—
Income Opportunity		970,392,530		913,511,616

          Each Trust may from time to time purchase in the secondary market certain mortgage pass-through securities packaged or master serviced by affiliates or mortgage related securities containing loans or mortgages originated by PNC Bank or its affiliates, including Midland Loan Services, Inc., each of which is an affiliate of BlackRock Advisors, Inc. It is possible under certain circumstances, that PNC Mortgage Securities Corp. or its affiliates, including Midland Loan Services, Inc., could have interests that are in conflict with the holders of these mortgage backed securities, and such holders could have rights against PNC Mortgage Securities Corp. or its affiliates, including Midland Loan Services, Inc.

          At April 30, 2005, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by each Trust were as follows:

Trust	Cost		Appreciation		Depreciation		Net
Broad Investment Grade	$	44,651,926	$	1,061,492	$	967,422	$	94,070
Core Bond		574,631,157		3,080,722		6,963,983		(3,883,261	)
High Yield		77,801,331		1,090,775		11,917,640		(10,826,865	)
Income Opportunity		592,283,488		8,338,534		6,549,654		1,788,880
Income Trust		628,751,704		21,423,731		29,608,955		(8,185,224	)
Limited Duration		1,050,251,385		14,758,223		12,451,094		2,307,129
Strategic Bond		141,362,503		3,597,114		3,578,130		18,984

For Federal income tax purposes, the following Trusts had capital loss carryforwards as of their last respective tax year end. These amounts may be used to offset future realized capital gains, if any:

          Accordingly, no capital gain distributions are expected to be paid to shareholders of a Trust until that Trust has net realized capital gains in excess of its carryforward amounts.

Trust	Capital Loss Carryforward Amount			Expires		Trust	Capital Loss Carryforward Amount			Expires
Broad Investment Grade		$	2,518,895		2011	Income Trust		$	33,107,952		2007
									1,352,206		2008
High Yield		$	3,443,603		2007				13,940,898		2009
			3,270,311		2008				21,960,613		2011
			15,159,280		2009				10,100,201		2012
			8,468,860		2010			$	80,461,870
			4,771,417		2011
			316,410		2012	Strategic Bond		$	432,713		2011
		$	35,429,881

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          Details of open financial futures contracts at April 30, 2005 were as follows:

	Number of Contracts		Type		Expiration Date		Value at Trade Date		Value at April 30, 2005		Unrealized Appreciation (Depreciation)
Long Position:
Core Bond		13		10 Yr. U.S. T-Note		Sept. ’05	$	1,441,615	$	1,448,891	$	7,276
		693		30 Yr. U.S. T-Bond		June ’05		78,516,124		79,586,719		1,070,595
												1,077,871
Income Opportunity		14		10 Yr. U.S. T-Note		Sept. ’05		1,552,508		1,560,344		7,836
		982		30 Yr. U.S. T-Bond		June ’05		111,299,193		112,776,566		1,477,373
												1,485,209
Income Trust		74		10 Yr. U.S. T-Note		June ’05		8,151,980		8,245,219		93,239
Short Position:
Core Bond		1,146		5 Yr. U.S. T-Note		June ’05		124,082,393		124,287,242		(204,849	)
		622		10 Yr. U.S. T-Note		June ’05		68,804,447		69,304,406		(499,959	)
		101		Euro Bond		June ’05		14,665,306		14,851,388		(186,082	)
		35		Euro Dollar		June ’05		8,512,877		8,450,313		62,564
		38		Euro Dollar		Mar. ’06		9,179,244		9,114,300		64,944
		38		Euro Dollar		June ’05		9,163,194		9,103,850		59,344
		32		Euro Dollar		June ’05		7,712,999		7,659,200		53,799
		25		Euro Dollar		Sept. ’05		6,016,296		5,979,063		37,233
		25		Euro Dollar		Sept. ’05		6,008,484		5,977,500		30,984
		25		Euro Dollar		June ’05		6,000,671		5,975,313		25,358
		25		Euro Dollar		June ’05		5,993,421		5,973,438		19,983
												(536,681	)
Income Opportunity		1,279		5 Yr. U.S. T-Note		June ’05		138,179,885		138,711,547		(531,662	)
		330		30 Yr. U.S. T-Bond		June ’05		36,486,269		36,769,219		(282,950	)
		35		Euro Dollar		June ’05		8,512,877		8,450,313		62,564
		35		Euro Dollar		Sept. ’05		8,495,479		8,422,313		73,166
		32		Euro Dollar		Dec. ’05		7,752,899		7,685,200		67,699
		32		Euro Dollar		Mar. ’06		7,737,699		7,675,200		62,499
		32		Euro Dollar		June ’06		7,724,499		7,666,400		58,099
		32		Euro Dollar		Sept. ’06		7,712,999		7,659,200		53,799
		25		Euro Dollar		Dec. ’06		6,016,296		5,979,063		37,233
		25		Euro Dollar		Mar. ’07		6,008,484		5,977,500		30,984
		25		Euro Dollar		June ’07		6,000,671		5,975,313		25,358
		25		Euro Dollar		Sept. ’07		5,993,421		5,973,438		19,983
												(323,228	)
Income Trust		39		5 Yr. U.S. T-Note		June ’05		4,199,638		4,229,672		(30,034	)
		891		30 Yr. U.S. T-Bond		June ’05		100,889,522		102,325,815		(1,436,293	)
		54		Euro Dollar		June ’05		13,116,599		13,037,625		78,974
		54		Euro Dollar		Sept. ’05		13,088,448		12,994,425		94,023
		49		Euro Dollar		Dec. ’05		11,851,290		11,767,963		83,327
		49		Euro Dollar		Mar. ’06		11,827,265		11,752,650		74,615
		39		Euro Dollar		June ’06		9,414,215		9,343,425		70,790
		39		Euro Dollar		Sept. ’06		9,400,190		9,334,650		65,540
		30		Euro Dollar		Dec. ’06		7,219,556		7,174,875		44,681
		30		Euro Dollar		Mar. ’07		7,210,181		7,173,000		37,181
		30		Euro Dollar		June ’07		7,200,806		7,170,375		30,431
		30		Euro Dollar		Sept. ’07		7,192,106		7,168,125		23,981
												(862,784	)

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     Details of open forward currency contracts at April 30, 2005 were as follows:

Trust	Foreign Currency		Settlement Date		Contract to Purchase/ Receive			Value at Settlement Date		Value at April 30, 2005		Unrealized Appreciation
Core Bond
		Sold:
		Euro		07/26/05		4,702,796	€	$	6,174,884	$	6,087,605	$	87,279
Limited Duration
		Sold:
		Euro		07/26/05		6,336,400	€		8,314,067		8,202,248		111,819

     Details of open interest rate swaps at April 30, 2005 were as follows:

Trust	Notional Amount (000)		Fixed Rate			Floating Rate		Termination Date		Unrealized Appreciation (Depreciation)
Core Bond	$	19,435		3.215	%(a)		3-month LIBOR		6/14/06	$	44,655
		14,300		3.21	(a)		3-month LIBOR		6/17/06		28,841
		25,000		2.635	(a)		3-month LIBOR		8/14/06		(377,250	)
		49,200		3.225	(a)		3-month LIBOR		11/17/06		(54,272	)
		50,000		3.00	(b)		3-month LIBOR		4/16/07		945,500
		5,700		3.52	(a)		3-month LIBOR		9/26/08		(120,840	)
		10,525		4.102	(a)		3-month LIBOR		1/21/10		9,999
		20,000		4.458	(a)		3-month LIBOR		4/18/10		113,329
		5,400		4.412	(b)		3-month LIBOR		2/17/14		49,052
		41,200		4.51	(b)		3-month LIBOR		10/29/14		340,000
		4,800		4.729	(a)		3-month LIBOR		4/28/15		33,648
		950		5.365	(b)		3-month LIBOR		7/29/19		(68,091	)
		1,300		5.155	(a)		3-month LIBOR		8/13/19		53,963
		800		4.78	(a)		3-month LIBOR		10/27/19		(3,600	)
										$	994,934
Income Opportunity Trust		20,735		3.215	(a)		3-month LIBOR		6/14/06		47,642
		15,300		3.21	(a)		3-month LIBOR		6/17/06		30,858
		50,000		2.635	(a)		3-month LIBOR		8/14/06		(754,500	)
		46,800		3.225	(a)		3-month LIBOR		11/17/06		(51,624	)
		48,000		3.50	(a)		3-month LIBOR		2/2/07		(290,991	)
		50,000		3.00	(b)		3-month LIBOR		4/16/07		945,500
		8,000		3.52	(a)		3-month LIBOR		9/26/08		(169,600	)
		4,825		4.102	(a)		3-month LIBOR		1/21/10		4,584
		10,000		4.458	(a)		3-month LIBOR		4/18/10		56,664
		5,700		4.412	(b)		3-month LIBOR		2/17/14		51,777
		27,500		4.399	(b)		3-month LIBOR		10/25/14		460,692
		13,800		4.51	(b)		3-month LIBOR		10/29/14		113,884
		5,100		4.729	(a)		3-month LIBOR		4/28/15		35,751
		1,050		5.365	(b)		3-month LIBOR		7/29/19		(75,258	)
		1,400		5.155	(a)		3-month LIBOR		8/13/19		58,112
		900		4.78	(a)		3-month LIBOR		10/27/19		(4,050	)
		3,000		5.23	(b)		3-month LIBOR		11/4/21		(178,910	)
										$	280,531

82

Trust	Notional Amount (000)		Fixed Rate			Floating Rate		Termination Date		Unrealized Appreciation (Depreciation)
Income Trust		22,295		3.215	%(a)		3-month LIBOR		6/14/06	$	51,227
		16,400		3.21	(a)		3-month LIBOR		6/17/06		33,077
		50,000		2.635	(a)		3-month LIBOR		8/14/06		(754,500	)
		24,000		3.55	(a)		3-month LIBOR		10/24/06		(112,653	)
		50,000		3.00	(b)		3-month LIBOR		4/16/07		945,500
		11,200		3.52	(a)		3-month LIBOR		9/26/08		(237,440	)
		19,000		4.889	(b)		3-month LIBOR		4/22/14		(426,446	)
		12,500		4.399	(b)		3-month LIBOR		10/25/14		209,405
		9,400		4.902	(b)		3-month LIBOR		3/17/15		(216,774	)
		25,000		4.883	(a)		3-month LIBOR		3/21/15		515,750
		16,000		4.925	(b)		3-month LIBOR		3/22/15		(392,743	)
		5,100		4.729	(a)		3-month LIBOR		4/28/15		35,751
		2,800		5.94	(a)		3-month LIBOR		12/7/15		256,760
		1,075		5.365	(b)		3-month LIBOR		7/29/19		(77,050	)
		1,450		5.155	(a)		3-month LIBOR		8/13/19		60,188
		900		4.78	(a)		3-month LIBOR		10/27/19		(4,050	)
										$	(113,998	)
Details of open total return swaps at April 30, 2005 were as follows:
Core Bond	$	7,210		8.50	(a)		1-month LIBOR - 0.70%		7/31/05	$	146,308
		8,870		8.50	(a)		NO INDEX + 0 bps		9/1/05		(30,279	)
											116,029
Income Opportunity		9,385		8.50	(a)		NO INDEX + 0 bps		9/1/05	$	(32,036	)
Income Trust		9,560		8.50	(a)		NO INDEX + 0 bps		9/1/05	$	(32,637	)
Details of open credit default swaps at April 30, 2005 were as follows:
Income Opportunity		3,000		8.80	(a)		3-month LIBOR		6/20/10	$	3

(a) Trust pays floating interest rate and receives fixed rate.

(b) Trust pays fixed interest rate and receives floating rate.

     Transaction in options written during the period ended April 30, 2005, were as follows:

Trust		Contracts/ Notional Amount (000)				Premium Received
Core Bond
	Options outstanding at October 31, 2004		$	151,700		$	2,196,443
	Options written			38,750			1,918,115
	Options expired			(5,150	)		(19,740	)
	Options terminated in closing purchase transactions			(112,700	)		(1,399,848	)
	Options outstanding at April 30, 2005		$	72,600		$	2,694,970
Income Opportunity
	Options outstanding at October 31, 2004		$	177,400		$	2,557,620
	Options written			41,800			2,067,583
	Options expired			—			(7,151	)
	Options terminated in closing purchase transactions			(128,000	)		(1,431,672	)
	Options outstanding at April 30, 2005		$	91,200		$	3,186,380
Income Trust
	Options outstanding at October 31, 2004		$	182,800		$	2,915,666
	Options written			41,700			1,865,113
	Options expired			(19,000	)		(163,600	)
	Options terminated in closing purchase transactions			(92,300	)		(1,090,566	)
	Options outstanding at April 30, 2005		$	113,200		$	3,526,613

83

Note 4. Borrowings

Reverse Repurchase Agreements: The Trusts may enter into reverse repurchase agreements with qualified third-party broker-dealers as determined by and under the direction of the Trusts’ Board. Interest on the value of reverse repurchase agreements issued and outstanding is based upon competitive market rates at the time of issuance. At the time a Trust enters into a reverse repurchase agreement, it will establish and maintain a segregated account with the lender, containing liquid investment grade securities having a value not less than the repurchase price, including accrued interest of the reverse repurchase agreement. Details of open reverse repurchase agreements at April 30, 2005 were as follows (please see Corresponding Underlying Collateral Chart on pages 85-87):

Trust/Counter Party	Rate			Trade Date		Maturity Date		Net Closing Amount		Par
Core Bond
Credit Suisse First Boston LLC		2.60	%		4/28/05		5/20/05	$	8,481,532	$	8,468,688
		2.94			4/28/05		5/20/05		61,512,012		61,406,700
											69,875,388
Lehman Brothers		2.90			4/29/05		5/19/05		748,454		747,250
Income Opportunity
Lehman Brothers		2.65			4/28/05		5/19/05		21,968,983		21,936,688
		2.95			4/28/05		5/19/05		21,968,983		38,200,000
		1.55			4/29/05		5/19/05		4,582,422		4,575,000
											64,711,688
Income Trust
Credit Suisse First Boston LLC		2.70			4/28/05		5/2/05		21,136,005		21,131,250
		2.93			4/13/05		5/17/05		15,310,250		15,268,000
		2.93			4/13/05		5/17/05		3,087,520		3,079,000
		2.75			4/28/05		5/20/05		20,181,072		20,148,750
		2.94			4/28/05		5/20/05		39,467,571		39,400,000
											99,027,000
Lehman Brothers		2.93			4/25/05		5/13/05		50,864,029		50,793,750
		2.89			4/8/05		5/16/05		28,660,302		28,580,000
		2.95			4/28/05		5/19/05		8,932,728		8,918,113
		2.95			4/28/05		5/19/05		2,938,470		2,933,662
											91,225,525
Limited Duration
Credit Suisse First Boston LLC		2.90			4/5/05		5/12/05		4,949,709		4,935,000
		2.94			4/5/05		5/12/05		6,708,209		6,688,000
		2.98			4/5/05		5/12/05		13,891,416		13,849,000
		2.92			4/8/05		5/16/05		1,694,206		1,689,000
		2.99			4/12/05		5/16/05		4,330,194		4,318,000
		3.00			4/8/05		5/16/05		6,686,106		6,665,000
		3.00			4/8/05		5/16/05		27,121,614		27,036,000
		3.17			4/12/05		5/16/05		48,425,548		48,281,000
											113,461,000
Lehman Brothers		2.90			4/29/05		5/2/05		8,051,945		8,050,000
		3.40			4/25/05		5/2/05		8,773,969		8,769,000
		3.45			4/26/05		5/2/05		5,784,771		5,782,000
		2.75			4/8/05		5/12/05		2,990,748		2,983,000
		2.85			4/5/05		5/12/05		10,897,828		10,866,000
		2.89			4/8/05		5/12/05		1,412,506		1,409,000
		3.00			4/5/05		5/12/05		4,668,965		4,655,000
		3.15			4/27/05		5/13/05		1,360,903		1,359,000
		2.92			4/11/05		5/16/05		814,004		811,700
		3.20			4/8/05		5/16/05		2,991,069		2,981,000
		2.85			4/21/05		5/24/05		35,306,122		35,216,906
		2.95			4/21/05		5/24/05		19,516,042		19,465,000
		3.15			4/27/05		6/2/05		1,363,162		1,359,000
		3.10			4/15/05		6/2/05		2,744,594		2,734,000
		3.20			4/15/05		6/2/05		16,662,384		16,596,000
		3.35			4/27/05		6/2/05		8,168,518		8,142,000
		3.06			4/13/05		6/13/05		3,678,566		3,659,900
											134,838,506

84

Trust/Counter Party	Rate			Trade Date		Maturity Date		Net Closing Amount		Par
Strategic Bond
Credit Suisse First Boston LLC		3.10	%		4/19/05		6/20/05	$	10,166,992	$	10,113,000
Lehman Brothers		3.00			3/31/05		5/10/05		9,533,584		9,502,700
		3.20			3/31/05		5/10/05		1,163,720		1,159,700
		3.20			3/31/05		5/10/05		2,508,667		2,500,000
		3.20			4/1/05		5/10/05		1,531,290		1,526,000
		2.90			4/4/05		5/10/05		226,655		226,000
		3.45			4/4/05		5/10/05		163,547		163,000
		3.03			4/7/05		5/12/05		344,010		343,000
		2.90			4/7/05		5/12/05		762,082		760,000
		3.02			4/8/05		5/16/05		7,202,084		7,181,000
		3.07			4/14/05		5/16/05		971,644		969,000
		3.10			4/21/05		5/16/05		691,426		690,000
		3.15			4/27/05		5/16/05		697,157		696,000
		2.86			4/21/05		5/26/05		3,708,458		3,698,467
		2.55			4/22/05		5/26/05		460,306		459,200
		3.20			4/20/05		6/20/05		5,098,045		5,071,000
											34,945,067

          Details of underlying collateral for open reverse repurchase agreements at April 30, 2005 were as follows:

Trust / Counter Party	Description	Rate			Maturity Date		Original Face		Current Face		Market Value
Core Bond
Credit Suisse First Boston LLC	U.S. Treasury Bonds		5.500	%		8/15/28	$	50,670,000	$	50,670,000	$	57,051,380
	U.S. Treasury Bonds		6.750			8/15/26		3,000,000		3,000,000		3,864,360
	U.S. Treasury Bonds		5.375			2/15/31		7,445,000		7,445,000		8,412,850
												69,328,590
Lehman Brothers	U.S. Treasury Notes		5.000			2/15/11		700,000		700,000		737,954
Income Opportunity
Lehman Brothers	U.S. Treasury Bonds		5.375			2/15/31		19,285,000		19,285,000		21,792,050
	U.S. Treasury Bonds		5.500			8/15/28		4,000,000		4,000,000		4,503,760
	U.S. Treasury Bonds		6.000			2/15/26		32,000,000		32,000,000		37,863,744
												64,159,554
Income Trust
Credit Suisse First Boston LLC	Federal National Mortgage Assoc.		5.50			9/1/17		30,215,381		10,839,036		11,096,463
	Federal National Mortgage Assoc.		6.00			8/1/32		24,000,000		4,534,865		4,658,168
	Federal National Mortgage Assoc.		6.50			5/1/31		45,000,000		3,051,514		3,176,443
	U.S. Treasury Notes		1.50			3/31/06		40,000,000		40,000,000		39,337,600
	U.S. Treasury Notes		4.25			8/15/14		19,900,000		19,900,000		19,990,147
	U.S. Treasury Notes		3.75			3/31/07		21,000,000		21,000,000		21,042,630
												99,301,451
Lehman Brothers	Federal National Mortgage Assoc.		6.00			1/25/34		12,264,000		12,264,000		12,894,860
	Federal Home Loan Mortgage Corp.		5.50			5/15/23		12,584,000		12,168,300		12,595,286
	Federal National Mortgage Assoc.		6.00			8/25/28		5,400,000		4,866,757		4,961,464
	U.S. Treasury Bonds		0.00			11/15/24		129,000,000		129,000,000		51,459,132
	U.S. Treasury Notes		4.25			11/15/13		8,690,000		8,690,000		8,755,175
	U.S. Treasury Notes		2.50			5/31/06		2,930,000		2,930,000		2,900,700
												93,566,617
Union Bank of Switzerland	U.S. Treasury Notes		4.375			8/15/12		300,000		300,000		311,343

85

Trust / Counter Party	Description	Rate			Maturity Date		Original Face		Current Face		Market Value
Limited Duration
Credit Suisse First Boston LLC	Federal National Mortgage Assoc.		4.532	%		1/1/34	$	52,657,926	$	5,069,588	$	5,178,151
	DaimlerChrysler NA		4.050			6/4/08		7,500,000		7,500,000		7,229,550
	Comcast Cable Communications, Inc.		6.875			6/15/09		6,685,000		6,685,000		7,257,550
	Honda Auto Receivables		2.300			10/18/07		7,125,000		7,125,000		7,049,254
	Weyerhauser Co.		5.250			12/15/09		7,500,000		7,500,000		7,735,133
	Ford Motor Credit Co.		7.375			2/1/11		7,500,000		7,500,000		7,024,470
	General Motors Acceptance Corp.		6.875			8/28/12		7,500,000		7,500,000		6,461,025
	Deutsche Telekom Intl.		8.500			6/15/10		5,000,000		5,000,000		5,804,000
	DaimlerChrysler Auto Trust		2.250			8/8/07		6,900,000		6,900,000		6,852,635
	Federal National Mortgage Assoc.		5.500			10/1/33		2,317,378		1,685,146		1,701,475
	TRW Automotive Acquisition		9.375			2/15/13		4,640,000		4,640,000		4,802,400
	Chesapeake Energy Corp.		7.500			9/15/13		5,290,000		5,290,000		5,528,050
	CSC Holdings, Inc.		7.875			12/15/07		6,000,000		6,000,000		6,135,000
	Echostar DBS Corp,		6.350			10/1/08		4,500,000		4,500,000		4,601,250
	Georgia PAC Corp.		8.875			2/1/10		5,685,000		5,685,000		6,310,350
	Qwest Corp.		9.125			3/15/12		6,000,000		6,000,000		6,360,000
	Amerisourcebergen Corp.		8.125			9/1/08		5,000,000		5,000,000		5,412,500
	Sequa Corp.		8.875			4/1/08		5,350,000		5,350,000		5,537,250
	Flextronics Intl. Ltd.		6.500			5/15/13		3,972,000		3,972,000		3,783,330
	Western Financial Bank		9.625			5/15/12		4,215,000		4,215,000		4,573,275
	Goldman Sachs Mortgage Secs. Corp.		4.516			10/25/33		5,300,000		4,442,287		4,344,291
												119,680,939
Lehman Brothers	Goldman Sachs Mortgage Secs. Corp.		4.482			10/25/33		10,000,000		8,415,202		8,145,495
	Goldman Sachs Mortgage Secs. Corp.		4.516			10/25/33		4,700,000		3,939,397		3,852,484
	Tyco Intl. Group SA		6.125			11/1/08		4,500,000		4,500,000		4,742,055
	Tyco Intl. Group SA		6.125			11/1/08		3,000,000		3,000,000		3,161,370
	IPSCO, Inc.		8.750			6/1/13		3,100,000		3,100,000		3,433,250
	Federal National Mortgage Assoc.		5.500			3/1/32		1,100,000		507,117		515,386
	Federal National Mortgage Assoc.		5.500			9/1/33		925,928		526,341		531,998
	Federal National Mortgage Assoc.		5.500			9/1/33		425,677		417,767		422,257
	Federal National Mortgage Assoc.		5.500			2/1/32		397,360		132,255		133,765
	Federal National Mortgage Assoc.		5.500			4/1/29		463,491		107,468		109,090
	Federal National Mortgage Assoc.		5.500			7/1/33		409,601		315,185		318,572
	Federal National Mortgage Assoc.		5.500			8/1/33		411,912		281,148		284,169
	Federal National Mortgage Assoc.		5.500			3/1/33		1,006,453		438,749		443,464
	Federal National Mortgage Assoc.		5.500			7/1/33		872,153		641,341		648,233
	Federal National Mortgage Assoc.		5.500			6/1/33		800,952		531,166		536,874
	Federal National Mortgage Assoc.		5.500			9/1/33		824,340		630,523		637,299
	Federal National Mortgage Assoc.		5.500			8/1/33		692,810		442,766		447,524
	Federal National Mortgage Assoc.		5.500			9/1/33		811,381		638,811		645,676
	Federal National Mortgage Assoc.		5.500			9/1/33		782,237		438,747		443,462
	American Real Estate Partners		8.125			6/1/12		5,860,000		5,860,000		5,918,600
	American Real Estate Partners		7.125			2/15/13		1,480,000		1,480,000		1,450,400
	Graphic Packaging Intl., Inc.		9.500			8/15/13		5,000,000		5,000,000		5,050,000
	Unisys Corp.		6.875			3/15/10		3,000,000		3,000,000		2,865,000
	DR Horton, Inc.		5.875			7/1/13		2,000,000		2,000,000		1,998,790
	Federal National Mortgage Assoc.		5.500			1/25/33		19,000,000		16,255,437		3,000,591
	U.S. Treasury Notes		3.375			12/15/08		17,000,000		17,000,000		16,760,980
	U.S. Treasury Notes		4.250			11/15/13		8,660,000		8,660,000		8,724,950
	U.S. Treasury Notes		3.875			5/15/09		6,000,000		6,000,000		6,009,360
	U.S. Treasury Notes		3.375			9/15/09		3,425,000		3,425,000		3,360,781
	Federal National Mortgage Assoc.		7.250			1/15/10		17,000,000		17,000,000		19,163,590
	JP Morgan HYDI B Trust		6.400			6/20/08		10,000,000		10,000,000		9,876,700
	JP Morgan HYDI B Trust		9.000			6/20/08		400,000		392,593		388,667
	JP Morgan HYDI B Trust		9.000			6/20/08		7,000,000		6,870,370		6,801,667
	General Motors Acceptance Corp.		4.050			1/16/07		1,500,000		1,500,000		1,431,510
	General Motors Acceptance Corp.		4.050			1/16/07		1,500,000		1,500,000		1,431,510
	JC Penney Corp., Inc.		8.000			3/1/10		4,400,000		4,400,000		4,807,000
	MGM Mirage		9.750			6/1/07		4,000,000		4,000,000		4,310,000
	U.S. Treasury Notes		3.750			3/31/07		8,000,000		8,000,000		8,016,240
												140,818,759

86

Trust / Counter Party	Description	Rate			Maturity Date		Original Face		Current Face		Market Value
Strategic Bond
Credit Suisse First Boston LLC	Wells Fargo & Co.		3.500	%		4/4/08	$	2,000,000	$	2,000,000	$	1,961,760
	Verizon New England, Inc.		6.500			9/15/11		2,000,000		2,000,000		2,161,260
	HSBC Bank USA Global		3.875			9/15/09		1,500,000		1,500,000		1,468,665
	Comcast Cable Communications, Inc.		6.875			6/15/09		1,000,000		1,000,000		1,085,647
	DaimlerChrysler NA		7.300			1/15/12		1,000,000		1,000,000		1,069,370
	Progress Energy, Inc.		6.750			3/1/06		1,000,000		1,000,000		1,023,170
	Progress Energy, Inc.		7.750			3/1/31		1,000,000		1,000,000		1,218,150
	Northrop Grumman Corp.		7.125			2/15/11		500,000		500,000		562,195
												10,550,217
Lehman Brothers	European Investment Bank		4.875			9/6/06		850,000		850,000		863,770
	KFW Intl. Finance, Inc.		5.250			6/28/06		850,000		850,000		865,028
	United Mexican States		8.125			12/30/19		1,000,000		1,000,000		1,170,000
	Wellpoint, Inc.		5.950			12/15/34		900,000		900,000		927,198
	Merck & Co., Inc.		4.375			2/15/13		1,000,000		1,000,000		976,830
	United Technologies Corp.		6.350			3/1/11		1,000,000		1,000,000		1,096,890
	Vodafone Airtouch PLC		7.750			2/15/10		1,000,000		1,000,000		1,138,540
	General Mills, Inc.		5.125			2/15/07		1,000,000		1,000,000		1,016,980
	Wyeth Co.		6.500			2/1/34		1,000,000		1,000,000		1,123,690
	Telecom Italio Capital		4.950			9/30/14		1,000,000		1,000,000		978,370
	First Energy Corp.		7.375			11/15/31		1,075,000		1,075,000		1,266,931
	Lockheed Martin Corp.		8.500			12/1/29		2,000,000		2,000,000		2,777,140
	El Paso Productions Holdings Co.		7.750			6/1/13		1,750,000		1,750,000		1,745,625
	Barclays Bank PLC		8.550			9/29/49		200,000		200,000		237,899
	WRC Media, Inc.		12.750			11/15/09		200,000		200,000		194,000
	Tyco Intl. Group SA		6.375			2/15/06		350,000		350,000		356,468
	Tyco Intl. Group SA		6.375			2/15/06		782,000		782,000		796,451
	General Electric Capital Corp.		3.450			7/16/07		2,000,000		2,000,000		1,974,160
	TIAA Global Markets, Inc.		3.875			1/22/08		1,000,000		1,000,000		996,140
	Bellsouth Corp.		4.200			9/15/09		1,000,000		1,000,000		988,000
	Conoco, Inc.		6.950			4/15/29		200,000		200,000		243,964
	Citigroup, Inc.		5.750			5/10/06		3,000,000		3,000,000		3,055,470
	Bank One Corp.		6.500			2/1/06		300,000		300,000		306,135
	News America, Inc.		6.200			12/15/34		1,000,000		1,000,000		1,019,610
	SBC Communications, Inc.		6.450			6/15/34		1,500,000		1,500,000		1,619,235
	Dominion Resources, Inc.		5.700			9/17/12		1,000,000		1,000,000		1,048,700
	TCI Communications, Inc.		7.875			2/15/26		1,000,000		1,000,000		1,236,540
	Ford Motor Credit Co.		4.710			1/15/10		1,600,000		1,600,000		1,420,032
	U.S. Treasury Notes		4.250			8/15/13		1,000,000		1,000,000		1,007,970
	U.S. Treasury Notes		2.625			11/15/06		933,000		933,000		919,882
	U.S. Treasury Notes		4.750			5/15/14		710,000		710,000		740,289
	U.S. Treasury Notes		2.500			5/31/06		1,010,000		1,010,000		999,900
	U.S. Treasury Bonds		5.375			2/15/31		410,000		410,000		463,300
	Bank One Corp.		6.500			2/1/06		700,000		700,000		714,315
	Conoco, Inc.		6.950			4/15/29		600,000		600,000		731,892
											$	37,017,344

          The average daily balance and weighted average interest rate of reverse repurchase agreements during the six months ended April 30, 2005 were as follows:

Trust	Average Daily Balance		Weighted Average Interest Rate
Broad Investment Grade	$	15,820,133		2.32	%
Core Bond		76,422,947		2.24
Income Opportunity		105,778,814		2.30
Income Trust		196,891,987		2.35
Limited Duration		176,984,531		2.62
Strategic Bond		24,012,161		2.75

87

Dollar Rolls: The Trusts may enter into dollar rolls in which a Trust sells securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. During the roll period the Trusts forgo principal and interest paid on the securities. The Trusts will be compensated by the interest earned on the cash proceeds of the initial sale and/or by the lower repurchase price at the future date.

Loan Payable: High Yield has a $32 million committed credit facility (the “facility”). Under the terms of the facility, the Trust borrows at the London Interbank Offered Rate (“LIBOR”) plus facility and administrative fees. In addition, the Trust pays a liquidity fee on the unused portion of the facility. The Trust may borrow up to 33¹/₃% of its total assets up to the committed amount. In accordance with the terms of the facility, the Trust has pledged its portfolio assets as collateral for the borrowing.

          For the six months ended April 30, 2005, High Yield borrowed a daily weighted average balance of $19,987,569 at a weighted average interest rate at 1.48%.

Note 5. Commitments

Bridge Debt Commitments: At April 30, 2005, High Yield and Limited Duration had $1,091,873 and $13,971,734, respectively, in commitments outstanding to fund high yield bridge debt. The Trusts are entitled to a fee upon the expiration of the commitment period, generally within six months of the initial commitment date. The bridge debt terms approximate market rates at the time the commitment is entered into.

Note 6. Distributions to Shareholders

The estimated tax character of distributions paid during the six months ended April 30, 2005, and the tax character of distributions paid during the year ended October 31, 2004, were as follows:

	Six months ended April 30, 2005
Distributions Paid From:	Ordinary Income		Non-taxable Return of Capital		Long-term Capital Gains		Total Distributions
Broad Investment Grade	$	1,330,692	$	—	$	—	$	1,330,692
Core Bond		14,184,857		—		5,954,938		20,139,795
High Yield		2,265,952		360,233		—		2,626,185
Income Opportunity		15,151,265		—		8,932,515		24,083,780
Income Trust		17,286,889		2,246,409		—		19,533,298
Limited Duration		26,950,563		—		1,634,364		28,584,927
Strategic Bond		4,094,970		1,193,237		—		5,288,207

	Year ended October 31, 2004
Distributions Paid From:	Ordinary Income		Non-taxable Return of Capital		Long-term Capital Gains		Total Distributions
Broad Investment Grade	$	2,661,384	$	—	$	—	$	2,661,384
Core Bond		29,412,475		—		556,750		29,969,225
High Yield		5,864,606		187,188		—		6,051,794
Income Opportunity		28,937,742		—		—		28,937,742
Income Trust		38,921,208		—		—		38,921,208
Limited Duration		55,077,640		—		—		55,077,640
Strategic Bond		11,337,469		—		—		11,337,469

As of April 30, 2005, the estimated components of distributable earnings on a tax basis were as follows:

Trust	Undistributed Ordinary Income		Undistributed Long-term Gains		Unrealized Net Appreciation
Broad Investment Grade	$	7,815,996	$	—	$	61,884
Core Bond		8,011,972		8,707,385		—
High Yield		—		—		—
Income Opportunity		9,870,858		6,268,838		3,031,149
Income Trust		—		—		—
Limited Duration		2,707,080		3,403,848		2,459,541
Strategic Bond		—		—		—

88

Note 7. Capital

There are 200 million of $0.01 par value common shares authorized for each of the Broad Investment Grade, Income Opportunity and Income Trusts. There are an unlimited number of $0.001 par value common shares authorized for Core Bond, High Yield, Limited Duration and Strategic Bond. At April 30, 2005, the common shares outstanding and the shares owned by affiliates of the Advisor of each Trust were:

Trust	Common Shares Outstanding		Common Shares Owned
Broad Investment Grade		2,957,093		—
Core Bond		27,018,774		—
High Yield		6,407,798		—
Income Opportunity		34,449,693		—
Income Trust		63,886,194		—
Limited Duration		36,768,498		6,021
Strategic Bond		7,054,135		—

          During the six months ended April 30, 2005, High Yield, Income Trust, Limited Duration and Strategic Bond issued additional shares under their dividend reinvestment plans of 4,192, 170,726, 41,211, and 5,417, respectively. During the year ended October 31, 2004, High Yield, Income Trust, Limited Duration and Strategic Bond issued additional shares under their dividend reinvestment plan of 21,958, 325,777, 21,266 and 13,097, respectively.

Note 8. Dividends

Subsequent to April 30, 2005, the Board of each of the Trusts declared dividends per common share payable May 31, 2005, to shareholders of record on May 16, 2005. The per share common dividends declared were as follows:

Trust	Common Dividend Per Share
Broad Investment Grade	$	0.075000
Core Bond		0.087500
High Yield		0.068333
Income Opportunity		0.070000
Income Trust		0.051042
Limited Duration		0.116700
Strategic Bond		0.115000

89

DIVIDEND REINVESTMENT PLANS

     Pursuant to each Trust’s respective Dividend Reinvestment Plan (the “Plan”), shareholders of Broad Investment Grade, Income Opportunity and Income Trust may elect, while shareholders of Core Bond, High Yield, Limited Duration and Strategic Bond are automatically enrolled, to have all distributions of dividends and capital gains reinvested by EquiServe Trust Company, N.A. (the “Plan Agent”) in the respective Trust’s shares pursuant to the Plan. Shareholders who do not participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent, which serves as agent for the shareholders in administering the Plan.

     After Broad Investment Grade and/or Income Opportunity Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, by the purchase of outstanding shares on the open market, on the Trust’s primary exchange or elsewhere (“open market purchases”). The Trust will not issue any new shares under the Plan.

     After Core Bond, High Yield, Income Trust, Limited Duration and/or Strategic Bond declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by open market purchases. If, on the dividend payment date, the NAV is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as “market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases.

     The Plan Agent’s fees for the handling of the reinvestment of dividends and distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends and distributions. The automatic reinvestment of dividends and distributions will not relieve participants of any Federal income tax that may be payable on such dividends or distributions.

     Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, each Trust reserves the right to amend the Plan to include a service charge payable by the participants. Participants who request a sale of shares through the Plan Agent are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commisson. All correspondence concerning the Plan should be directed to the Plan Agent at 250 Royall Street, Canton, MA 02021 or (800) 699-1BFM.

90

ADDITIONAL INFORMATION

     The Joint Annual Meeting of Shareholders was held on May 26, 2005, to elect a certain number of Directors/Trustees for each of the following Trusts to three year terms, unless otherwise indicated, expiring in 2008:

Broad Investment Grade
	Elected the Class II Trustees as follows:
	Trustee	Votes For	Votes Withheld
	Frank J. Fabozzi	2,724,305	110,182
	Kathleen F. Feldstein	2,805,454	29,033
	Walter F. Mondale	2,798,565	35,922
	Ralph L. Schlosstein	2,807,102	27,385
	Elected the Class I Trustee as follows:
	Trustee	Votes For	Votes Withheld
	R. Glenn Hubbard1	2,806,685	27,802
Core Bond
	Elected the Class I Trustees as follows:
	Trustee	Votes For	Votes Withheld
	Richard E. Cavanagh	23,643,324	404,054
	R. Glenn Hubbard	23,623,775	423,603
	James Clayburn La Force, Jr.	23,586,832	460,546
	Elected the Class II Trustee as follows:
	Trustee	Votes For	Votes Withheld
	Kathleen F. Feldstein1	23,620,007	427,371
High Yield
	Elected the Class III Trustees as follows:
	Trustee	Votes For	Votes Withheld
	Andrew F. Brimmer	6,002,200	134,114
	Kent Dixon	6,005,218	131,096
	Robert S. Kapito	6,033,610	102,704
Income Opportunity
	Elected the Class I Directors as follows:
	Director	Votes For	Votes Withheld
	Richard E. Cavanagh	30,256,745	1,232,563
	R. Glenn Hubbard	30,189,633	1,299,675
	James Clayburn La Force, Jr.	30,168,983	1,320,325
	Elected the Class II Director as follows:
	Director	Votes For	Votes Withheld
	Kathleen F. Feldstein1	30,240,041	1,249,267
Income Trust
	Elected the Class I Directors as follows:
	Director	Votes For	Votes Withheld
	Richard E. Cavanagh	57,413,396	884,310
	R. Glenn Hubbard	57,414,518	883,188
	James Clayburn La Force, Jr.	57,351,067	946,639
	Elected the Class II Director as follows:
	Director	Votes For	Votes Withheld
	Kathleen F. Feldstein1	57,366,673	931,033
Limited Duration
	Elected the Class II Trustees as follows:
	Trustee	Votes For	Votes Withheld
	Frank J. Fabozzi	33,675,201	389,514
	Kathleen F. Feldstein	33,659,680	405,035
	Walter F. Mondale	33,590,950	473,765
	Ralph L. Schlosstein	33,663,141	401,574

91

Strategic Bond
	Elected the Class I Trustees as follows:
	Trustee	Votes For	Votes Withheld
	Richard E. Cavanagh	5,904,793	69,039
	R. Glenn Hubbard	5,905,293	68,539
	James Clayburn La Force, Jr.	5,896,023	77,809
	Elected the Class II Trustee as follows:
	Trustee	Votes For	Votes Withheld
	Kathleen F. Feldstein1	5,905,293	68,539

¹ Mr. Hubbard and Ms. Feldstein will serve until the end of the term for the class of Directors/Trustees to which they were elected, if such class was not standing for election at the May 26, 2005 annual shareholders meeting.

     The following Trusts had an additional proposal (Proposal #2A) to amend its respective Declaration of Trust in order to change the maximum number of permitted Trustees allowed on its respective Board to 11:

	Votes For	Votes Against	Votes Withheld
Core Bond	23,442,122	419,368	185,888
Limited Duration	33,074,495	646,876	343,344
Strategic Bond	5,800,367	93,187	80,278

     The following Trust had an additional proposal (Proposal #2B) to amend its respective Declaration of Trust in order to reduce the maximum number of permitted Trustees allowed on its respective Board from 15 to 11:

	Votes For	Votes Against	Votes Withheld
High Yield	6,027,273	64,513	44,528

          There has been no material changes in the Trusts’ investment objective or policies or to their charters or by-laws that have not been approved by shareholders or in the principal risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolio.

          Quarterly performance and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com/indiv/products/closedendfunds/funds.html. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report.

          Certain of the officers of the Trusts listed on the inside back cover of this Report to Shareholders are also officers of the Advisor or Sub-Advisor. They serve in the following capacities for the Advisor or Sub-Advisor: Robert S. Kapito—Director and Vice Chairman of the Advisor and the Sub-Advisor, Kevin M. Klingert—Director of BlackRock Advisors, Inc. and Managing Director of the Advisor and the Sub-Advisor, Henry Gabbay, Anne Ackerley and Bartholomew Battista—Managing Directors of the Advisor and the Sub-Advisor, James Kong and Vincent Tritto—Managing Directors of the Sub-Advisor, and Brian P. Kindelan—Managing Director of the Advisor.

92

BlackRock Closed-End Funds

Directors/Trustees	Transfer Agent
Ralph L. Schlosstein, Chairman	EquiServe Trust Company, N.A.
Andrew F. Brimmer	250 Royall Street
Richard E. Cavanagh	Canton, MA 02021
Kent Dixon	(800) 699-1BFM
Frank J. Fabozzi
Kathleen F. Feldstein1	Independent Registered Public Accounting Firm
R. Glenn Hubbard2	Deloitte & Touche LLP
Robert S. Kapito	200 Berkeley Street
James Clayburn La Force, Jr.	Boston, MA 02116
Walter F. Mondale
	Legal Counsel
Officers	Skadden, Arps, Slate, Meagher & Flom LLP
Robert S. Kapito, President	4 Times Square
Henry Gabbay, Treasurer	New York, NY 10036
Bartholomew Battista, Chief Compliance Officer
Anne Ackerley, Vice President James Kong, Assistant Treasurer Vincent B. Tritto, Secretary Brian P. Kindelan, Assistant Secretary	Legal Counsel – Independent Trustees Debevoise & Plimpton LLP 919 Third Avenue New York, NY 10022
Investment Advisor	This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change.
BlackRock Advisors, Inc. 100 Bellevue Parkway Wilmington, DE 19809 (800) 227-7BFM
	BlackRock Closed-End Funds
	c/o BlackRock Advisors, Inc. 100 Bellevue Parkway Wilmington, DE 19809 (800) 227-7BFM
Sub-Advisor3
BlackRock Financial Management, Inc.
40 East 52nd Street
New York, NY 10022
Accounting Agent and Custodian
State Street Bank and Trust Company
225 Franklin Street
Boston, MA 02110

1	Appointed as a Trustee of Broad Investment Grade, High Yield, Income Opportunity and Income Trust on January 19, 2005. Appointed as an Advisory Board Member of Core Bond, Limited Duration and Strategic Bond on January 19, 2005. Elected by Shareholders on May 26, 2005 as a Trustee of each Trust, except High Yield, for which Ms. Feldstein’s class of directors did not stand for election.
2	Appointed as a Trustee of each Trust on November 16, 2004. Elected by Shareholders on May 26, 2005 as a Trustee of each Trust, except High Yield and Limited Duration, for which Mr. Hubbard’s class of directors did not stand for election.
3	For Core Bond, Limited Duration and Strategic Bond.

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800) 699-1BFM.

The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor’s proxy voting policies and procedures. You may obtain a copy of these proxy voting policies and procedures, without charge, by calling (800) 699-1BFM. These policies and procedures are also available on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.

Information on how proxies relating to the Trusts’ voting securities were voted (if any) by the Advisor during the most recent 12-month period ended June 30th is available, upon request, by calling (800) 699-1BFM or on the website of the Commission at http://www.sec.gov.

The Trusts file their complete schedule of portfolio holdings for the first and third quarters of their respective fiscal years with the Commission on Form N-Q. Each Trust’s Form N-Q will be available on the Commission’s website at http://www.sec.gov. Each Trust’s Form N-Q, when available, may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Each Trust’s Form N-Q, when available, may also be obtained, upon request, by calling (800) 699-1BFM.

This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change.
CEF-SEMI-3

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Schedule of Investments.

The Registrant’s Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for semi-annual reports.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable for semi-annual reports.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable because no such purchases were made during the period covered by this report.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable because no applicable matters were voted on by shareholders during the period covered by this report.

Item 11. Controls and Procedures.

(a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures as of a date within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures are effective, as of such date, in ensuring that information required to be disclosed by the Registrant in this Form N-CSR 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Not applicable.

(a) (2) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(a) (3) Not applicable.

(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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: July 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 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: July 1, 2005

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

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EX-99.CERT

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

CERTIFICATIONS

I, Robert Kapito, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Limited Duration Income Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls.

Date: July 1, 2005

/s/ Robert S. Kapito

Robert S. Kapito

Principal Executive Officer

EX-99.CERT

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

CERTIFICATIONS

I, Henry Gabbay, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Limited Duration Income Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls.

Date: July 1, 2005

/s/ Henry Gabbay

Henry Gabbay

Principal Financial Officer

EX-99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officers of BlackRock Limited Duration Income Trust (the "Company"), hereby certifies, to the best of their knowledge, that the Company's Report on Form N-CSR for the period ended April 30, 2005 fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: July 1, 2005

/s/ Robert S. Kapito
__________________________________
Name: Robert S. Kapito
Title: Principal Executive Officer

/s/ Henry Gabbay
__________________________________
Name: Henry Gabbay
Title: Principal Financial Officer