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:      811-21566          



          BlackRock Global Floating Rate 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 Global Floating Rate 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:      December 31, 2005          

Date of reporting period:       June 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

 

 

 

JUNE 30, 2005 (Unaudited)

 

 

 

 

 

 

 

BlackRock Advantage Term Trust (BAT)

 

 

 

BlackRock Global Floating Rate Income Trust (BGT)

 

 

 

BlackRock High Income Shares (HIS)

 

 

 

BlackRock Preferred Opportunity Trust (BPP)

 

 


 

 

 

(BLACKROCK LOGO)

NOT FDIC INSURED

 

MAY LOSE VALUE

 

NO BANK GUARANTEE

 




TABLE OF CONTENTS

 

 

 

Letter to Shareholders

 

1

 

 

 

Trusts’ Summaries

 

2

 

 

 

Portfolios of Investments

 

6

 

 

 

Financial Statements

 

 

 

 

 

Statements of Assets and Liabilities

 

29

 

 

 

Statements of Operations

 

30

 

 

 

Statements of Cash Flows

 

31

 

 

 

Statements of Changes in Net Assets

 

32

 

 

 

Financial Highlights

 

34

 

 

 

Notes to Financial Statements

 

38

 

 

 

Dividend Reinvestment Plans

 

46

 

 

 

Board Review of Investment Management Agreements

 

46

 

 

 

Additional Information

 

49


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

June 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.

          BlackRock Advantage Term Trust is scheduled to liquidate according to its terms on December 31, 2005.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 









Trust (Ticker)

 

Yield1

 

Market Price

 

NAV

 









BlackRock Advantage Term Trust (BAT)

 

 

5.85

%

 

 

$

10.26

 

 

$

10.32

 















BlackRock Global Floating Rate Income Trust (BGT)

 

 

6.33

 

 

 

 

17.70

 

 

 

19.30

 















BlackRock High Income Shares (HIS)

 

 

9.89

 

 

 

 

2.79

 

 

 

2.69

 















BlackRock Preferred Opportunity Trust (BPP)

 

 

8.06

 

 

 

 

24.80

 

 

 

25.18

 















 

 

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 June 30, 2005, BlackRock managed $281 billion in fixed income securities, 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.

          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,

 

 

-s- Laurence D. Fink

 

-s- Ralph L. Schlosstein

 

 

 

Laurence D. Fink

 

Ralph L. Schlosstein

Chief Executive Officer

 

President

BlackRock Advisors, Inc.

 

BlackRock Advisors, Inc.

1


 

 

CONSOLIDATED TRUST SUMMARIES (unaudited)

 

JUNE 30, 2005

 

BlackRock Advantage Term Trust (BAT)

 

Trust Information

 

 

 

 

 

 

 


Symbol on New York Stock Exchange:

 

BAT

 


Initial Offering Date:

 

April 27, 1990

 


Termination Date (on or shortly before):

 

December 31, 2005

 


Closing Market Price as of 6/30/05:

 

 

$

10.26

 

 








Net Asset Value as of 6/30/05:

 

 

$

10.32

 

 








Yield on Closing Market Price as of 6/30/05 (10.26):1

 

 

 

5.85

%

 








Current Monthly Distribution per Share:2

 

 

$

0.05

 

 








Current Annualized Distribution per Share:2

 

 

$

0.60

 

 








 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

6/30/05

 

12/31/04

 

Change

 

High

 

Low

 

 


Market Price

 

$

10.26

 

$

10.47

 

 

(2.01

)%

$

10.57

 

$

10.18

 


















NAV

 

$

10.32

 

$

10.49

 

 

(1.62

)%

$

10.50

 

$

10.30

 


















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

Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

 


Composition

 

June 30, 2005

 

December 31, 2004

 


U.S. Government and Agency Zero Coupon Bonds

 

 

 

84

%

 

 

 

76

%

 













Taxable Municipal Bonds

 

 

 

5

 

 

 

 

5

 

 













Corporate Bonds

 

 

 

3

 

 

 

 

5

 

 













Agency Multiple Class Mortgage Pass-Through Securities

 

 

 

3

 

 

 

 

6

 

 













Principal Only Mortgage-Backed Securities

 

 

 

3

 

 

 

 

2

 

 













Commercial Mortgage-Backed Securities

 

 

 

1

 

 

 

 

2

 

 













Inverse Floating Rate Mortgage Securities

 

 

 

1

 

 

 

 

1

 

 













U.S. Government and Agency Securities

 

 

 

 

 

 

 

2

 

 













Interest Only Mortgage-Backed Securities

 

 

 

 

 

 

 

1

 

 













2


 

 

TRUST SUMMARIES (unaudited)

 

JUNE 30, 2005

 

BlackRock Global Floating Rate Income Trust (BGT)

 

Trust Information

 

 

 

 

 

 

 


Symbol on New York Stock Exchange:

 

BGT

 


Initial Offering Date:

 

August 30, 2004

 


Closing Market Price as of 6/30/05:

 

 

$

17.70

 

 








Net Asset Value as of 6/30/05:

 

 

$

19.30

 

 








Yield on Closing Market Price as of 6/30/05 ($17.70):1

 

 

 

6.33

%

 








Current Quarterly Distribution per Share:2

 

 

$

0.0933

 

 








Current Annualized Distribution per Share:2

 

 

$

1.1196

 

 








 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

6/30/05

 

12/31/04

 

Change

 

High

 

Low

 

 


Market Price

 

$

17.70

 

$

18.63

 

 

(4.99

)%

$

19.27

 

$

16.95

 


















NAV

 

$

19.30

 

$

19.21

 

 

0.47

%

$

19.45

 

$

18.96

 


















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

 

June 30, 2005

 

December 31, 2004

 


Foreign Government Bonds

 

 

 

22

%

 

 

 

22

%

 













Media

 

 

 

11

 

 

 

 

13

 

 













Consumer Products

 

 

 

11

 

 

 

 

9

 

 













Energy

 

 

 

9

 

 

 

 

8

 

 













Basic Materials

 

 

 

8

 

 

 

 

10

 

 













Health Care

 

 

 

7

 

 

 

 

7

 

 













Telecommunications

 

 

 

5

 

 

 

 

5

 

 













Entertainment & Leisure

 

 

 

5

 

 

 

 

6

 

 













Financial Institutions

 

 

 

4

 

 

 

 

3

 

 













Real Estate

 

 

 

3

 

 

 

 

3

 

 













Containers & Packaging

 

 

 

3

 

 

 

 

3

 

 













Conglomerates

 

 

 

3

 

 

 

 

1

 

 













Technology

 

 

 

2

 

 

 

 

2

 

 













Automotive

 

 

 

2

 

 

 

 

2

 

 













Building & Development

 

 

 

2

 

 

 

 

2

 

 













Aerospace & Defense

 

 

 

1

 

 

 

 

1

 

 













Industrials

 

 

 

1

 

 

 

 

1

 

 













Ecological Services & Equipment

 

 

 

1

 

 

 

 

1

 

 













Transportation

 

 

 

 

 

 

 

1

 

 













Corporate Credit Breakdown3

 

 

 

 

 

 

 

 

 

 

 

 


Credit Rating

 

June 30, 2005

 

December 31, 2004

 


BBB/Baa

 

 

 

28

%

 

 

 

21

%

 













BB/Ba

 

 

 

42

 

 

 

 

20

 

 













B

 

 

 

28

 

 

 

 

29

 

 













CCC

 

 

 

2

 

 

 

 

2

 

 













Not Rated

 

 

 

 

 

 

 

28

 

 













 

 

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 20.8% and 18.1% of net assets on June 30, 2005 and December 31, 2004, respectively.

3


 

 

TRUST SUMMARIES (unaudited)

 

JUNE 30, 2005

 

BlackRock High Income Shares (HIS)

 

Trust Information

 

 

 

 

 

 

 


Symbol on New York Stock Exchange:

 

HIS

 


Initial Offering Date:

 

August 10, 1988

 


Closing Market Price as of 6/30/05:

 

 

$

2.79

 

 








Net Asset Value as of 6/30/05:

 

 

$

2.69

 

 








Yield on Closing Market Price as of 6/30/05 ($2.79):1

 

 

 

9.89

%

 








Current Monthly Distribution per Share:2

 

 

$

0.023

 

 








Current Annualized Distribution per Share:2

 

 

$

0.276

 

 








 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

6/30/05

 

12/31/04

 

Change

 

High

 

Low

 

 


Market Price

 

$

2.79

 

$

2.90

 

 

(3.79

)%

$

3.00

 

$

2.47

 


















NAV

 

$

2.69

 

$

2.87

 

 

(6.27

)%

$

2.87

 

$

2.56

 


















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

Corporate Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

 


Composition

 

June 30, 2005

 

December 31, 2004

 


Media

 

 

 

16

%

 

 

 

14

%

 













Energy

 

 

 

13

 

 

 

 

9

 

 













Basic Materials

 

 

 

12

 

 

 

 

12

 

 













Telecommunications

 

 

 

9

 

 

 

 

5

 

 













Industrials

 

 

 

8

 

 

 

 

5

 

 













Consumer Products

 

 

 

8

 

 

 

 

20

 

 













Financial Institutions

 

 

 

8

 

 

 

 

 

 













Containers & Packaging

 

 

 

4

 

 

 

 

4

 

 













Entertainment & Leisure

 

 

 

4

 

 

 

 

13

 

 













Health Care

 

 

 

4

 

 

 

 

6

 

 













Aerospace & Defense

 

 

 

3

 

 

 

 

4

 

 













Building & Development

 

 

 

3

 

 

 

 

2

 

 













Automotive

 

 

 

3

 

 

 

 

4

 

 













Transportation

 

 

 

2

 

 

 

 

 

 













Technology

 

 

 

1

 

 

 

 

1

 

 













Ecological Services & Equipment

 

 

 

1

 

 

 

 

1

 

 













Conglomerates

 

 

 

1

 

 

 

 

 

 













Corporate Credit Breakdown3

 

 

 

 

 

 

 

 

 

 

 

 


BBB/Baa

 

 

 

1

%

 

 

 

%

 













Ba/BB

 

 

 

20

 

 

 

 

21

 

 













B/B

 

 

 

68

 

 

 

 

71

 

 













CCC/Caa

 

 

 

10

 

 

 

 

8

 

 













Not Rated

 

 

 

1

 

 

 

 

 

 













 

 

3

Using the higher of S&P, Moody’s or Fitch rating. Corporate bonds represented approximately 137.8% and 140.5% of net assets on June 30, 2005, and December 31, 2004, respectively.

4


 

 

TRUST SUMMARIES (unaudited)

 

JUNE 30, 2005

 

BlackRock Preferred Opportunity Trust (BPP)

 


Trust Information

 

 

 

 

 

 

 


Symbol on New York Stock Exchange:

 

BPP

 


Initial Offering Date:

 

February 28, 2003

 


Closing Market Price as of 6/30/05:

 

 

$

24.80

 

 








Net Asset Value as of 6/30/05:

 

 

$

25.18

 

 








Yield on Closing Market Price as of 6/30/05 (24.80):1

 

 

 

8.06

%

 








Current Monthly Distribution per Share:2

 

 

$

0.166667

 

 








Current Annualized Distribution per Share:2

 

 

$

2.000004

 

 








 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

6/30/05

 

12/31/04

 

Change

 

High

 

Low

 

 


Market Price

 

$

24.80

 

$

25.39

 

 

(2.32

)%

$

25.99

 

$

22.49

 


















NAV

 

$

25.18

 

$

25.88

 

 

(2.70

)%

$

26.30

 

$

25.01

 


















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

Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

 


Composition

 

June 30, 2005

 

December 31, 2004

 


Financial Institutions

 

 

 

73

%

 

 

 

71

%

 













Real Estate

 

 

 

13

 

 

 

 

12

 

 













Energy

 

 

 

5

 

 

 

 

7

 

 













Media

 

 

 

3

 

 

 

 

3

 

 













Consumer Products

 

 

 

2

 

 

 

 

2

 

 













Industrials

 

 

 

1

 

 

 

 

 

 













Basic Materials

 

 

 

1

 

 

 

 

1

 

 













Automotive

 

 

 

1

 

 

 

 

1

 

 













Telecommunications

 

 

 

1

 

 

 

 

1

 

 













Containers & Packaging

 

 

 

 

 

 

 

1

 

 













Other

 

 

 

 

 

 

 

1

 

 













Credit Breakdown3

 

 

 

 

 

 

 

 

 

 

 

 


Credit Rating

 

June 30, 2005

 

December 31, 2004

 


AAA/Aaa

 

 

 

%

 

 

 

1

%

 













AA/Aa

 

 

 

14

 

 

 

 

20

 

 













A

 

 

 

38

 

 

 

 

33

 

 













BBB/Baa

 

 

 

29

 

 

 

 

27

 

 













BB/Ba

 

 

 

10

 

 

 

 

10

 

 













B

 

 

 

8

 

 

 

 

9

 

 













Not Rated

 

 

 

1

 

 

 

 

 

 













 

 

3

Using the higher of S&P, Moody’s or Fitch rating.

5


 

 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (unaudited)

 

JUNE 30, 2005

 

BlackRock Advantage Term Trust (BAT)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

 

Value

 










 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—87.7%

 

 

 

 

 

 

 

 

 

 

 

Agency Multiple Class Mortgage Pass-Through Securities—2.8%

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp.,

 

 

 

 

 

 

 

$

674

 

 

Ser. 2919, Class ZD, 4.50%, 1/15/20

 

$

674,060

 

 

 

 

 

1,471

 

 

Ser. 2930, Class ZD, 4.50%, 2/15/20

 

 

1,470,309

 

 

 

 

 

463

 

 

Ser. 2949, Class ZY, 5.50%, 3/15/35

 

 

462,175

 

 

 

 

 

95

 

 

Federal National Mortgage Assoc., Ser. 43, Class E, 4/25/22

 

 

97,954

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Agency Multiple Class Mortgage Pass-Through Securities

 

 

2,704,498

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Inverse Floating Rate Mortgage Securities—0.8%

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp.,

 

 

 

 

 

 

 

 

152

2

 

Ser. 2752, Class SV, 9.69%, 9/15/33

 

 

151,812

 

 

 

 

 

373

2

 

Ser. 2791, Class SE, 14.32%, 5/15/34

 

 

372,948

 

 

 

 

 

221

2

 

Federal National Mortgage Assoc., Ser. 190, Class S, 15.894%, 11/25/07

 

 

236,024

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Inverse Floating Rate Mortgage Securities

 

 

760,784

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Interest Only Mortgage-Backed Securities—0.3%

 

 

 

 

 

 

 

 

6,000

 

 

Deutsche Mortgage Secs., Inc. Mortgage Loan Trust, Ser. 2, Class AIO, 3.50%, 2/25/06

 

 

85,080

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp.,

 

 

 

 

 

 

 

 

77

2

 

Ser. 1543, Class VU, 11.41%, 4/15/23

 

 

8,594

 

 

 

 

 

51

 

 

Ser. 1588, Class PM, 6.50%, 9/15/22

 

 

634

 

 

 

 

 

3,204

 

 

Ser. 2543, Class IJ, 5.00%, 10/15/12

 

 

137,697

 

 

 

 

 

1,882

 

 

Ser. 2620, Class WI, 5.50%, 4/15/33

 

 

44,109

 

 

 

 

 

 

 

 

Federal National Mortgage Assoc.,

 

 

 

 

 

 

 

 

46

 

 

Ser. 188, Class VA, 6.50%, 3/25/13

 

 

332

 

 

 

 

 

174

 

 

Ser. 194, Class PV, 6.50%, 6/25/08

 

 

2,789

 

 

 

 

 

111

 

 

Ser. 223, Class PT, 6.50%, 10/25/23

 

 

9,698

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Interest Only Mortgage-Backed Securities

 

 

288,933

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Principal Only Mortgage-Backed Securities—2.2%

 

 

 

 

AAA

 

 

 

8

3

 

Collateralized Mortgage Obligation Trust, Ser. 29, Class A, 11.50%, 5/23/17

 

 

8,226

 

 

 

 

 

 

 

 

Federal National Mortgage Assoc.,

 

 

 

 

 

 

 

 

1,444

3

 

Ser. 193, Class E, 8.50%, 9/25/23

 

 

1,189,321

 

 

 

 

 

1,149

3

 

Ser. 225, Class ME, 8.00%, 11/25/23

 

 

953,802

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Principal Only Mortgage-Backed Securities

 

 

2,151,349

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Commercial Mortgage-Backed Securities—0.8%

 

 

 

 

AAA

 

 

 

754

4

 

New York City Mortgage Loan Trust, Multi-Family, Class A2, 6.75%, 6/25/11

 

 

775,371

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Asset-Backed Securities—0.1%

 

 

 

 

NR

 

 

 

391

3,4,5,6

 

Global Rated Eligible Asset Trust, Ser. A, Class 1, 7.33%, 9/15/07

 

 

43,063

 

NR

 

 

 

839

3,5,6

 

Structured Mortgage Asset Residential Trust, Ser. 3, 8.724%, 4/15/06

 

 

92,319

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Asset-Backed Securities

 

 

135,382

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Collateralized Mortgage Obligation Residuals—0.0%

 

 

 

 

 

 

 

 

10

2

 

Federal Home Loan Mortgage Corp., Ser. 1035, Class R, 4.88%, 1/15/21

 

 

0

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

U.S. Government and Agency Zero Coupon Bonds—73.2%

 

 

 

 

 

 

 

 

6,203

 

 

Aid to Israel, 8/15/05

 

 

6,178,238

 

 

 

 

 

11,026

7

 

Financing Corp. (FICO) Strips, 12/06/05

 

 

10,860,720

 

 

 

 

 

22,926

7

 

Resolution Funding Corp., 7/15/05

 

 

22,903,991

 

 

 

 

 

6,216

7

 

Tennessee Valley Authority, 11/01/05

 

 

6,152,970

 

 

 

 

 

 

 

 

U.S. Treasury Strips,

 

 

 

 

 

 

 

 

18,000

 

 

8/15/05

 

 

17,930,970

 

 

 

 

 

8,000

 

 

11/15/05

 

 

7,902,632

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total U.S. Government and Agency Zero Coupon Bonds

 

 

71,929,521

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

6


BlackRock Advantage Term Trust (BAT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

 

Value

 










 

 

 

 

 

 

 

Corporate Bonds—3.1%

 

 

 

 

 

 

 

 

 

 

 

Energy—1.1%

 

 

 

 

BBB+

 

 

$

1,000

4

 

Israel Electric Corp., Ltd., 7.25%, 12/15/06 (Israel)

 

$

1,040,340

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Financial Institutions—2.0%

 

 

 

 

AA+

 

 

 

950

 

 

Citigroup, Inc., 5.75%, 5/10/06

 

 

963,224

 

NR

 

 

 

1,035

4

 

Equitable Life Assurance Society, zero coupon, 12/01/05

 

 

1,018,836

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

1,982,060

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Corporate Bonds

 

 

3,022,400

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

U.S. Government and Agency Securities—0.4%

 

 

 

 

 

 

 

 

337

 

 

Small Business Investment Cos., Ser. P10A, Class 1, 6.12%, 2/01/08

 

 

348,476

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Taxable Municipal Bonds—4.0%

 

 

 

 

AAA

 

 

 

1,000

 

 

Alameda Cnty. California Pension Oblig., zero coupon, 12/01/05

 

 

985,860

 

AAA

 

 

 

1,000

 

 

Alaska Energy Auth., zero coupon, 7/01/05

 

 

1,000,000

 

AAA

 

 

 

1,033

 

 

Kern Cnty. California Pension Oblig., zero coupon, 8/15/05

 

 

1,029,425

 

NR

 

 

 

1,034

 

 

Long Beach California Pension Oblig., zero coupon, 9/01/05

 

 

1,028,501

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Taxable Municipal Bonds

 

 

4,043,786

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $85,712,526)

 

 

86,160,500

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—44.8%

 

 

 

 

 

 

 

 

 

 

 

U.S. Government and Agency Zero Coupon Bonds—44.8%

 

 

 

 

 

 

 

 

26,000

 

 

Federal Home Loan Bank Discount Notes, 7/01/05-7/20/05

 

 

25,960,020

 

 

 

 

 

18,000

 

 

Federal National Mortgage Assoc. Discount Notes, 7/01/05

 

 

18,000,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $43,960,021)

 

 

43,960,020

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total investments—132.5% (cost $129,672,5478)

 

 

130,120,520

 

 

 

 

 

 

 

 

Liabilities in excess of other assets—(32.5)%

 

 

(31,926,487

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets—100%

 

$

98,194,033

 

 

 

 

 

 

 

 

 

 



 

 

 


1

Using the higher of S&P’s, Moody’s or Fitch’s ratings.

2

Security interest rate is as of June 30, 2005.

3

Interest rate shown is rate as of June 30, 2005 of the underlying collateral.

4

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of June 30, 2005, the Trust held 2.9% of its net assets, with a current market value of $2,877,610, in securities restricted as to resale.

5

Security is fair valued.

6

Illiquid securities representing 0.14% of net assets.

7

Entire or partial principal amount pledged as collateral for reverse repurchase agreements. See Note 4 in the Notes to Financial Statements for details of open reverse repurchase agreements.

8

Cost for Federal income tax purposes is $129,732,387. The net unrealized appreciation on a tax basis is $388,133 consisting of $860,230 gross unrealized appreciation and $472,097 gross unrealized depreciation.

See Notes to Financial Statements.

7


 

 

PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2005

 

BlackRock Global Floating Rate Income Trust (BGT)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Value

 









 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—155.5%

 

 

 

 

 

 

 

 

 

 

 

Corporate Bonds—20.8%

 

 

 

 

 

 

 

 

 

 

 

Automotive—0.3%

 

 

 

 

B-

 

 

$

125

 

 

Accuride Corp., 8.50%, 2/01/15

 

$

122,188

 

BB+

 

 

 

475

 

 

ArvinMeritor, Inc., 8.75%, 3/01/12

 

 

496,375

 

B

 

 

 

30

 

 

Cooper-Standard Automotive, Inc., 7.00%, 12/15/12

 

 

27,450

 

B2

 

 

 

525

2

 

Delco Remy Intl., Inc., 7.141%, 4/15/09

 

 

526,312

 

B

 

 

 

215

 

 

Delphi Corp., 6.50%, 5/01/09

 

 

178,450

 

B-

 

 

 

40

 

 

Goodyear Tire & Rubber Co., 7.857%, 8/15/11

 

 

38,800

 

CCC+

 

 

 

150

3

 

Metaldyne Corp., 10.00%, 11/01/13

 

 

122,250

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

1,511,825

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Basic Materials—1.5%

 

 

 

 

 

 

 

 

 

 

 

Abitibi-Consolidated, Inc. (Canada)

 

 

 

 

BB-

 

 

 

1,000

 

 

6.91%, 6/15/11

 

 

992,500

 

BB-

 

 

 

90

 

 

8.375%, 4/01/15

 

 

91,912

 

B+

 

 

 

260

2,3

 

Boise Cascade LLC, 6.016%, 10/15/12

 

 

260,650

 

BB

 

 

 

1,000

 

 

Bowater, Inc., 6.41%, 3/15/10

 

 

1,012,500

 

BB-

 

 

 

70

 

 

Donohue Forest Products, 7.625%, 5/15/07 (Canada)

 

 

71,050

 

Ba3

 

 

 

750

 

 

Hercules, Inc., 6.75%, 10/15/29

 

 

727,500

 

BB

 

 

 

95

 

 

Intl. Steel Group, Inc., 6.50%, 4/15/14

 

 

91,438

 

 

 

 

 

 

 

 

Lyondell Chemical Co.,

 

 

 

 

BB-

 

 

 

300

 

 

11.125%, 7/15/12

 

 

339,750

 

BB-

 

 

 

300

 

 

Ser. A, 9.625%, 5/01/07

 

 

320,250

 

B-

 

 

 

565

 

 

Nalco Co., 8.875%, 11/15/13

 

 

604,550

 

 

 

 

 

 

 

 

NewPage Corp.,

 

 

 

 

B3

 

 

 

1,500

3

 

9.46%, 5/01/12

 

 

1,507,500

 

B3

 

 

 

70

3

 

10.00%, 5/01/12

 

 

70,525

 

B-

 

 

 

100

3

 

PQ Corp., 7.50%, 2/15/13

 

 

98,250

 

B-

 

 

 

750

 

 

Trimas Corp., 9.875%, 6/15/12

 

 

630,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

6,818,375

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Building & Development—0.3%

 

 

 

 

B+

 

 

 

1,000

2

 

Ainsworth Lumber Co. Ltd., 6.84%, 10/01/10 (Canada)

 

 

995,000

 

B2

 

 

 

90

3

 

Compression Polymers Corp., 10.50%, 7/01/13

 

 

91,575

 

B-

 

 

 

240

3

 

Goodman Global Holding Co., Inc., 7.875%, 12/15/12

 

 

222,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

1,308,575

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Consumer Products—0.5%

 

 

 

 

B3

 

 

 

45

 

 

ALH Finance LLC/ALH Finance Corp., 8.50%, 1/15/13

 

 

41,400

 

B3

 

 

 

1,050

3

 

Duane Reade, Inc., 7.91%, 12/15/10

 

 

1,039,500

 

B+

 

 

 

110

 

 

Finlay Fine Jewelry Corp., 8.375%, 6/01/12

 

 

97,900

 

B

 

 

 

40

 

 

Gold Kist, Inc., 10.25%, 3/15/14

 

 

45,600

 

B-

 

 

 

400

 

 

Lazydays RV Center, Inc., 11.75%, 5/15/12

 

 

417,000

 

B-

 

 

 

180

2

 

Levi Strauss & Co., 7.73%, 4/01/12

 

 

170,550

 

B2

 

 

 

300

3

 

Movie Gallery, Inc., 11.00%, 5/01/12

 

 

315,000

 

B-

 

 

 

365

3

 

Rite Aid Corp., 6.125%, 12/15/08

 

 

344,925

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

2,471,875

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Containers & Packaging—0.2%

 

 

 

 

B

 

 

 

750

 

 

Crown European Hldgs. SA, 10.875%, 3/01/13 (France)

 

 

885,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ecological Services & Equipment—0.1%

 

 

 

 

BB-

 

 

 

625

 

 

Allied Waste NA, Ser. B, 5.75%, 2/15/11

 

 

584,375

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Energy—8.3%

 

 

 

 

BB+

 

 

 

750

3

 

AES Corp., 9.00%, 5/15/15

 

 

840,000

 

BB-

 

 

 

70

3

 

Compagnie Generale de Geophysique SA, 7.50%, 5/15/15 (France)

 

 

72,450

 

B

 

 

 

750

 

 

Compton Petroleum Corp., Ser. A, 9.90%, 5/15/09 (Canada)

 

 

787,500

 

B

 

 

 

750

 

 

El Paso Production Holding Co., 7.75%, 6/01/13

 

 

801,562

 

B1

 

 

 

750

 

 

Foundation Pennsylvania Coal Co., 7.25%, 8/01/14

 

 

787,500

 

BB-

 

 

 

14,430

 

 

Gazprom OAO, 9.625%, 3/01/13 (Russia)

 

 

17,662,320

 

B-

 

 

 

730

 

 

KCS Energy, Inc., 7.125%, 4/01/12

 

 

740,950

 

See Notes to Financial Statements.

8


BlackRock Global Floating Rate Income Trust (BGT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Value

 









 

 

 

 

 

 

 

Energy—(cont’d)

 

 

 

 

B

 

 

$

60

3

 

North American Energy Partners, Inc., 9.00%, 5/15/10 (Canada)

 

$

60,600

 

 

 

 

 

 

 

 

Pemex Project Funding Master Trust,

 

 

 

 

Baa1

 

 

 

800

3

 

9.375%, 12/02/08

 

 

910,800

 

Baa1

 

 

 

12,700

2

 

Ser. 15, 4.941%, 10/15/09

 

 

13,347,700

 

 

 

 

 

 

 

 

Reliant Energy, Inc.,

 

 

 

 

BB-

 

 

 

250

 

 

6.75%, 12/15/14

 

 

245,000

 

BB-

 

 

 

750

 

 

9.25%, 7/15/10

 

 

811,875

 

BB-

 

 

 

300

 

 

Swift Energy Co., 7.625%, 7/15/11

 

 

309,750

 

B2

 

 

 

300

 

 

Whiting Petroleum Corp., 7.25%, 5/01/13

 

 

307,500

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

37,685,507

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Entertainment & Leisure—0.2%

 

 

 

 

BB

 

 

 

750

 

 

MGM Mirage, 5.875%, 2/27/14

 

 

727,500

 

B

 

 

 

25

 

 

Poster Financial Group, Inc., 8.75%, 12/01/11

 

 

25,438

 

B+

 

 

 

70

3

 

Wynn Las Vegas LLC/Wynn Las Vegas Cap. Corp., 6.625%, 12/01/14

 

 

67,900

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

820,838

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Financial Institutions—3.1%

 

 

 

 

B+

 

 

 

95

 

 

AES Ironwood LLC, 8.857%, 11/30/25

 

 

107,156

 

BB

 

 

 

140

3

 

American Real Estate Partners LP/American Real Estate Finance Corp., 7.125%, 2/15/13

 

 

137,900

 

BB

 

 

 

750

 

 

Crum & Forster Hldgs. Corp., 10.375%, 6/15/13

 

 

813,750

 

BBB

 

 

 

60

 

 

Ford Motor Credit Co., 7.25%, 10/25/11

 

 

58,075

 

Baa2

 

 

 

3,000

2

 

General Motors Acceptance Corp., 4.05%, 1/16/07

 

 

2,934,030

 

Baa2

 

 

 

8,455

3

 

Kazkommerts Intl. BV, 8.50%, 4/16/13 (Netherlands)

 

 

8,982,620

 

BBB

 

 

 

25

2

 

Marsh & McLennan Cos., Inc., 3.28%, 7/13/07

 

 

24,846

 

B+

 

 

 

750

3

 

Rainbow National Services LLC, 8.75%, 9/01/12

 

 

813,750

 

B-

 

 

 

300

 

 

Universal City Florida Hldg. Co. I/II, 7.96%, 5/01/10

 

 

312,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

14,184,127

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Health Care—0.5%

 

 

 

 

CCC+

 

 

 

10

 

 

Curative Health Services, Inc., 10.75%, 5/01/11

 

 

7,600

 

B-

 

 

 

750

 

 

IASIS Healthcare LLC/IASIS Cap. Corp., 8.75%, 6/15/14

 

 

813,750

 

B3

 

 

 

70

 

 

Insight Health Services Corp., Ser. B, 9.875%, 11/01/11

 

 

54,950

 

 

 

 

 

 

 

 

Tenet Healthcare Corp.,

 

 

 

 

B

 

 

 

30

 

 

6.375%, 12/01/11

 

 

28,650

 

B

 

 

 

50

 

 

9.875%, 7/01/14

 

 

53,750

 

B-

 

 

 

830

 

 

Universal Hospital Services, Inc., 10.125%, 11/01/11

 

 

848,675

 

B2

 

 

 

450

 

 

US Oncology, Inc., 9.00%, 8/15/12

 

 

481,500

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

2,288,875

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Industrials—0.7%

 

 

 

 

B-

 

 

 

400

 

 

Cenveo Corp., 7.875%, 12/01/13

 

 

383,000

 

B-

 

 

 

705

3

 

DI Finance/DynCorp. Intl., 9.50%, 2/15/13

 

 

652,125

 

B-

 

 

 

125

3

 

Hydrochem Industrial Services, 9.25%, 2/15/13

 

 

115,000

 

B-

 

 

 

555

3

 

Knowledge Learning Corp., Inc., 7.75%, 2/01/15

 

 

525,863

 

B-

 

 

 

180

3

 

NationsRent Cos., Inc., 9.50%, 5/01/15

 

 

177,300

 

CCC+

 

 

 

325

3

 

Park-Ohio Inds., Inc., 8.375%, 11/15/14

 

 

284,375

 

B3

 

 

 

210

3

 

Sunstate Equipment Co. LLC, 10.50%, 4/01/13

 

 

215,250

 

B+

 

 

 

600

 

 

United Rentals NA, Inc., 7.00%, 2/15/14

 

 

573,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

2,925,913

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Media—0.6%

 

 

 

 

NR

 

 

 

250

 

 

Cablecom SCA, 4.898%, 4/15/12 (Luxembourg) (EUR)

 

 

299,685

 

CCC+

 

 

 

780

 

 

Charter Communications Hldgs. II LLC/Charter Communications Hldgs. II Cap. Corp., 10.25%, 9/15/10

 

 

789,750

 

BB-

 

 

 

350

3

 

Choctaw Resort Development Enterprise, 7.25%, 11/15/19

 

 

349,125

 

BB-

 

 

 

750

 

 

Echostar DBS Corp., 6.375%, 10/01/11

 

 

744,375

 

B-

 

 

 

70

3

 

Nexstar Finance, Inc., 7.00%, 1/15/14

 

 

64,838

 

B

 

 

 

485

 

 

Primedia, Inc., 7.625%, 4/01/08

 

 

490,456

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

2,738,229

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Real Estate—1.4%

 

 

 

 

BB+

 

 

 

6,350

4

 

Rouse Co., 5.375%, 11/26/13

 

 

6,220,714

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Technology—0.8%

 

 

 

 

BB+

 

 

 

1,500

2

 

Freescale Semiconductor, Inc., 5.891%, 7/15/09

 

 

1,563,750

 

See Notes to Financial Statements.

9


 

 

BlackRock Global Floating Rate Income Trust (BGT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

Amount

 

 

 

 

 

 

Rating1

 

(000)

 

Description

 

Value

 









 

 

 

 

 

 

 

Technology—(cont’d)

 

 

 

 

Ba3

 

 

$

1,875

3

 

MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co., 6.66%, 12/15/11 (Luxembourg)

 

$

1,865,625

 

B

 

 

 

140

 

 

Superior Essex Communications LLC/Essex Group, Inc., 9.00%, 4/15/12

 

 

139,300

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

3,568,675

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Telecommunications—2.0%

 

 

 

 

B+

 

 

 

810

 

 

Cincinnati Bell, Inc., 7.25%, 7/15/13

 

 

852,525

 

 

 

 

 

 

 

 

Dobson Cellular Systems, Inc.,

 

 

 

 

B2

 

 

 

325

3

 

7.96%, 11/01/11

 

 

338,000

 

B2

 

 

 

350

3

 

8.375%, 11/01/11

 

 

367,500

 

B-

 

 

 

115

3

 

Hawaiian Telcom Communications, Inc., 8.914%, 5/01/13

 

 

118,163

 

 

 

 

 

 

 

 

Intelsat Ltd. (Bermuda)

 

 

 

 

B

 

 

 

75

 

 

5.25%, 11/01/08

 

 

70,031

 

B+

 

 

 

485

2,3

 

7.805%, 11/15/12

 

 

493,488

 

B+

 

 

 

50

3

 

8.25%, 1/15/13

 

 

51,625

 

B+

 

 

 

200

3

 

8.625%, 1/15/15

 

 

210,500

 

B+

 

 

 

2,350

 

 

Qwest Communications Intl., Inc., 7.268%, 12/15/09

 

 

2,303,000

 

BB

 

 

 

2,500

3

 

Qwest Corp., 6.671%, 6/15/13

 

 

2,550,000

 

B+

 

 

 

945

 

 

Qwest Services Corp., 13.50%, 12/15/10

 

 

1,091,475

 

BB

 

 

 

400

 

 

Rogers Wireless Communications, Inc., 6.535%, 6/15/13 (Canada)

 

 

418,000

 

CCC

 

 

 

385

 

 

Rural Cellular Corp., 9.875%, 2/01/10

 

 

397,512

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

9,261,819

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Transportation—0.3%

 

 

 

 

B3

 

 

 

400

3

 

Horizon Lines LLC, 9.00%, 11/01/12

 

 

417,000

 

B+

 

 

 

750

 

 

OMI Corp., 7.625%, 12/01/13 (Marshall Island)

 

 

750,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

1,167,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Corporate Bonds

 

 

94,441,722

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Bank Loans—100.6%

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense—2.1%

 

 

 

 

 

 

 

 

2,970

 

 

CACI Intl., Inc., Term Loan, LIBOR + 1.50%, 2/04/07

 

 

2,995,912

 

 

 

 

 

 

 

 

Camp Acquisition Co., Term Loan A,

 

 

 

 

 

 

 

 

984

 

 

PRIME + 2.00%, 8/30/11

 

 

983,871

 

 

 

 

 

8

 

 

LIBOR + 3.25%, 8/30/11

 

 

8,064

 

 

 

 

 

1,000

 

 

Dyncorp International LLC, Loan Term B, LIBOR + 2.75%, 1/31/11

 

 

1,007,917

 

 

 

 

 

2,000

 

 

MRO Acquisition LLC, Term Loan, LIBOR + 5.25%, 9/15/11

 

 

2,035,000

 

 

 

 

 

2,492

 

 

Standard Aero, Inc., Term Loan, LIBOR + 2.25%, 8/18/12

 

 

2,523,462

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

9,554,226

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Automotive—2.8%

 

 

 

 

 

 

 

 

 

 

 

Goodyear Tire & Rubber Co., Term Loan,

 

 

 

 

 

 

 

 

500

 

 

LIBOR + 2.75%, 4/01/10

 

 

498,928

 

 

 

 

 

1,000

 

 

LIBOR + 3.50%, 4/01/11

 

 

978,214

 

 

 

 

 

998

 

 

Hilite Intl., Term Loan B, LIBOR + 4.00%, 4/15/10

 

 

988,356

 

 

 

 

 

1,000

 

 

Metaldyne Co. LLC, Term Loan D, LIBOR + 4.50%, 12/31/09

 

 

956,667

 

 

 

 

 

1,750

 

 

Polar Corp., Term Loan, LIBOR, 5/30/10

 

 

1,767,500

 

 

 

 

 

1,861

 

 

Progressive Moulded Products, Ltd., Term Loan B, LIBOR + 2.50%, 8/30/11

 

 

1,704,908

 

 

 

 

 

3,000

 

 

TI Group Automotive Systems NA, Term Loan C, LIBOR + 3.25%, 6/30/11

 

 

2,921,250

 

 

 

 

 

496

 

 

TRW Automotive Acquisitions Corp.,

 

 

 

 

 

 

 

 

 

 

 

Term Loan B, LIBOR + 1.50%, 6/30/12

 

 

497,225

 

 

 

 

 

 

 

 

Term Loan E, LIBOR + 1.50%, 10/31/10

 

 

2,496,867

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

12,809,915

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Basic Materials—11.4%

 

 

 

 

 

 

 

 

2,978

 

 

Appleton Papers, Inc., Term Loan, LIBOR + 2.25%, 6/30/10

 

 

3,001,692

 

 

 

 

 

1,000

 

 

Berry Plastics Corp., Term Loan, LIBOR + 2.25%, 7/22/10

 

 

1,014,750

 

 

 

 

 

2,520

 

 

Boise Cascade LLC, Term Loan D, LIBOR + 1.75%, 10/31/11

 

 

2,550,099

 

 

 

 

 

798

 

 

Buckeye Technologies, Inc., Term Loan, LIBOR + 2.00%, 4/15/10

 

 

808,092

 

 

 

 

 

 

 

 

Celanese, Term Loan,

 

 

 

 

 

 

 

 

383

 

 

0.75%, 4/06/11

 

 

385,769

 

 

 

 

 

3,606

 

 

LIBOR + 2.25%, 6/03/11

 

 

3,653,238

 

 

 

 

 

2,000

 

 

Cognis Deutschland, Term Loan, LIBOR + 4.75%, 11/15/13

 

 

2,030,000

 

 

 

 

 

1,638

 

 

Foundation Coal Corp., Term Loan B, LIBOR + 2.00%, 7/30/11

 

 

1,656,729

 

 

 

 

 

992

 

 

Hercules, Inc., Term Loan B, LIBOR + 1.75%, 4/07/10

 

 

1,000,898

 

See Notes to Financial Statements.

10


 

 

BlackRock Global Floating Rate Income Trust (BGT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

Amount

 

 

 

 

 

 

Rating1

 

(000)

 

Description

 

Value

 









 

 

 

 

 

 

 

Basic Materials—(cont’d)

 

 

 

 

 

 

 

$

2,488

 

 

Huntsman Intl., LLC, Term Loan B, LIBOR + 2.25%, 12/31/10

 

$

2,493,858

 

 

 

 

 

5,115

 

 

Huntsman LLC, Term Loan, LIBOR + 3.50%, 3/30/10

 

 

5,129,774

 

 

 

 

 

3,900

 

 

Innophos, Inc., Term Loan, LIBOR + 2.75%, 8/15/10

 

 

3,921,213

 

 

 

 

 

2,012

 

 

Intermet Corp., PRIME + 3.25%, 3/31/09

 

 

1,935,213

 

 

 

 

 

4,824

 

 

Invista, New Term B, LIBOR + 2.25%, 4/30/11

 

 

4,890,449

 

 

 

 

 

1,050

 

 

Koch Cellulose, LLC, Term Loan, LIBOR + 1.75%, 5/01/11

 

 

1,058,626

 

 

 

 

 

 

 

 

Kraton Polymers, LLC, Term Loan,

 

 

 

 

 

 

 

 

221

 

 

LIBOR + 2.75%, 12/15/10

 

 

224,024

 

 

 

 

 

1

 

 

PRIME + 1.50%, 12/15/10

 

 

569

 

 

 

 

 

5,831

 

 

Nalco Co., Term Loan B, LIBOR + 2.00%, 11/04/10

 

 

5,917,269

 

 

 

 

 

500

 

 

PQ Corp., Term Loan, LIBOR + 2.00%, 2/28/12

 

 

503,750

 

 

 

 

 

963

 

 

Professional Paint, Inc., Term Loan, PRIME + 3.25%, 9/30/11

 

 

972,125

 

 

 

 

 

6,500

 

 

Rockwood Specialties Group, Inc., Term Loan D, LIBOR + 2.50%, 8/15/12

 

 

6,582,602

 

 

 

 

 

1,980

 

 

Supresta LLC, Term Loan, LIBOR + 3.00%, 7/16/11

 

 

1,994,850

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

51,725,589

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Building & Development—2.4%

 

 

 

 

 

 

 

 

 

 

 

Atrium Companies, Inc., Term Loan,

 

 

 

 

 

 

 

 

240

 

 

LIBOR + 2.75%, 12/30/11

 

 

229,637

 

 

 

 

 

8

 

 

LIBOR + 2.75%, 12/30/11

 

 

8,261

 

 

 

 

 

1,500

 

 

Custom Building Products, Inc., Term Loan, LIBOR + 5.00%, 4/30/12

 

 

1,485,000

 

 

 

 

 

500

 

 

Euramax International, Inc., Term Loan, TBD, 7/15/13

 

 

500,000

 

 

 

 

 

2,000

 

 

Juno Lighting, Inc., Term Loan, LIBOR + 5.50%, 5/10/11

 

 

2,015,000

 

 

 

 

 

2,000

 

 

Landsource Communities Development, LLC, Term Loan B, LIBOR + 2.50%, 3/31/10

 

 

2,003,214

 

 

 

 

 

 

 

 

Nortek, Inc., Term Loan B,

 

 

 

 

 

 

 

 

988

 

 

LIBOR + 2.25%, 8/24/11

 

 

991,820

 

 

 

 

 

5

 

 

PRIME + 1.25%, 8/24/11

 

 

5,022

 

 

 

 

 

2,390

 

 

Ply Gem Industries, Inc., USD Term Loan, LIBOR + 2.50%, 2/12/11

 

 

2,389,613

 

 

 

 

 

1,247

 

 

Walnut Investment Co. LLC, Term Loan, LIBOR + 2.75%, 4/30/12

 

 

1,253,110

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

10,880,677

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Business Equipment & Services—0.2%

 

 

 

 

 

 

 

 

998

 

 

Latham Intl. Ltd., Term Loan, LIBOR + 4.00%, 12/31/10

 

 

997,500

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Conglomerates—3.9%

 

 

 

 

 

 

 

 

 

 

 

Atlantis Plastics, Inc., Term Loan,

 

 

 

 

 

 

 

 

998

 

 

LIBOR + 2.75%, 9/30/11

 

 

1,006,228

 

 

 

 

 

1,000

 

 

LIBOR + 7.25%, 9/30/11

 

 

1,002,500

 

 

 

 

 

2

 

 

PRIME + 0.75%, 9/30/11

 

 

2,522

 

 

 

 

 

1,850

 

 

Fidelity National Information Solutions, Inc., Term Loan B, LIBOR + 1.75%, 3/30/13

 

 

1,841,329

 

 

 

 

 

500

 

 

Gentek, Inc., Term Loan, LIBOR + 5.75%, 3/15/12

 

 

462,000

 

 

 

 

 

 

 

 

Honeywell Security Group, Term Loan B,

 

 

 

 

 

 

 

 

3,465

 

 

LIBOR + 4.00%, 6/28/10

 

 

3,486,656

 

 

 

 

 

9

 

 

PRIME + 3.00%, 6/28/10

 

 

8,805

 

 

 

 

 

500

 

 

IAP Acquisition Corp., Term Loan, LIBOR + 2.75%, 3/31/11

 

 

501,875

 

 

 

 

 

 

 

 

Invensys Intl. Holdings Ltd.,

 

 

 

 

 

 

 

 

2,000

 

 

Term Loan, LIBOR, 3/05/09

 

 

1,940,000

 

 

 

 

 

2,000

 

 

Term Loan, LIBOR + 4.75%, 11/30/09

 

 

2,035,000

 

 

 

 

 

977

 

 

Term Loan B1, LIBOR + 3.50%, 8/30/09

 

 

991,232

 

 

 

 

 

494

 

 

NDC Health Corp., Term Loan, LIBOR + 3.00%, 11/04/08

 

 

499,335

 

 

 

 

 

500

 

 

Penn Engineering & Manufacturing, Term Loan, LIBOR, 4/30/11

 

 

502,500

 

 

 

 

 

2,571

 

 

Polypore, Inc., Term Loan, LIBOR + 2.25%, 11/15/11

 

 

2,579,820

 

 

 

 

 

 

 

 

Rexnord Corp., Term Loan,

 

 

 

 

 

 

 

 

737

 

 

LIBOR + 2.25%, 10/31/09

 

 

742,445

 

 

 

 

 

13

 

 

PRIME + 1.00%, 10/31/09

 

 

12,867

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

17,615,114

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Consumer Products—16.2%

 

 

 

 

 

 

 

 

1,000

 

 

24 Hour Fitness Worlwide, Inc., Term Loan B, LIBOR, 6/30/12

 

 

1,013,750

 

 

 

 

 

 

 

 

Adams Outdoor Advertising, L.P., Term Loan,

 

 

 

 

 

 

 

 

499

 

 

LIBOR + 2.00%, 10/15/12

 

 

504,569

 

 

 

 

 

1

 

 

PRIME + 0.75%, 10/15/12

 

 

1,265

 

 

 

 

 

1,995

 

 

Alliance One International, Inc., Term Loan B, LIBOR + 3.25%, 5/13/10

 

 

2,027,419

 

See Notes to Financial Statements.

11


 

 

BlackRock Global Floating Rate Income Trust (BGT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

Amount

 

 

 

 

 

 

Rating1

 

(000)

 

Description

 

 

Value

 










 

 

 

 

 

 

 

Consumer Products—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

Berkline/BenchCraft Holdings, LLC,

 

 

 

 

 

 

 

$

2,000

 

 

Term Loan, LIBOR + 8.00%, 4/30/12

 

$

2,020,000

 

 

 

 

 

1,975

 

 

Term Loan B, LIBOR + 3.00%, 10/31/11

 

 

1,979,937

 

 

 

 

 

995

 

 

Carrols Corp., Term Loan, LIBOR + 2.50%, 12/31/10

 

 

1,004,121

 

 

 

 

 

746

 

 

Central Garden Pet, Term Loan B, LIBOR + 1.75%, 5/30/09

 

 

753,680

 

 

 

 

 

 

 

 

Chiquita Brands International,

 

 

 

 

 

 

 

 

500

 

 

Term Loan B, LIBOR + 2.50%, 7/15/12

 

 

505,625

 

 

 

 

 

500

 

 

Term Loan C, LIBOR + 2.50%, 7/15/13

 

 

505,625

 

 

 

 

 

1,470

 

 

Church & Dwight Co., Inc., Term Loan B, LIBOR + 1.75%, 5/31/11

 

 

1,482,066

 

 

 

 

 

1,384

 

 

CKE Restaurants, Inc., Term Loan, LIBOR + 2.00%, 5/17/09

 

 

1,397,942

 

 

 

 

 

 

 

 

Coinmach Service Corp., Term Loan B,

 

 

 

 

 

 

 

 

1,860

 

 

LIBOR + 3.00%, 7/30/09

 

 

1,880,739

 

 

 

 

 

107

 

 

PRIME + 2.00%, 7/30/09

 

 

108,056

 

 

 

 

 

1,191

 

 

Constellation Brands, Inc., Term Loan B, LIBOR + 1.75%, 12/31/11

 

 

1,201,113

 

 

 

 

 

750

 

 

Culligan International Co., Term Loan B, LIBOR + 2.75%, 10/15/11

 

 

757,187

 

 

 

 

 

2,486

 

 

Delaware Laboratories, Inc., Term Loan, LIBOR + 2.25%, 10/30/11

 

 

2,490,915

 

 

 

 

 

3,500

 

 

Denny’s Corp., Term Loan, LIBOR + 5.13%, 8/25/10

 

 

3,605,000

 

 

 

 

 

2,985

 

 

Desa International, Inc., Term Loan, LIBOR + 5.00%, 12/30/11

 

 

2,865,600

 

 

 

 

 

993

 

 

Doane Pet Care Co., Term Loan, LIBOR + 4.00%, 11/15/09

 

 

1,009,869

 

 

 

 

 

500

 

 

Fender Musical Instruments Corp., Term Loan, LIBOR + 4.50%, 9/30/12

 

 

506,250

 

 

 

 

 

410

 

 

Herbalife Intl., Inc., Term Loan, LIBOR + 1.75%, 12/31/10

 

 

410,000

 

 

 

 

 

1,669

 

 

Jarden Corp., Term Loan, LIBOR + 2.00%, 1/15/12

 

 

1,683,129

 

 

 

 

 

 

 

 

Knoll, Inc., Term Loan,

 

 

 

 

 

 

 

 

1,670

 

 

LIBOR + 3.00%, 10/15/11

 

 

1,693,559

 

 

 

 

 

24

 

 

PRIME + 2.00%, 10/15/11

 

 

23,853

 

 

 

 

 

995

 

 

Landry’s Restaurants, Inc., Term Loan, LIBOR + 1.75%, 12/31/10

 

 

1,004,328

 

 

 

 

 

734

 

 

Language Line, Inc., Term Loan B, LIBOR + 4.25%, 6/14/11

 

 

741,313

 

 

 

 

 

 

 

 

Maidenform, Inc., Term Loan,

 

 

 

 

 

 

 

 

264

 

 

LIBOR + 2.75%, 5/14/10

 

 

264,172

 

 

 

 

 

3

 

 

PRIME + 1.75%, 5/14/10

 

 

3,383

 

 

 

 

 

590

 

 

PRIME + 6.50%, 5/11/11

 

 

595,900

 

 

 

 

 

1,000

 

 

Mapco Express, Inc., Term Loan, LIBOR + 2.75%, 5/15/11

 

 

1,012,500

 

 

 

 

 

3,500

 

 

Movie Gallery, Inc., Term Loan B, LIBOR + 3.00%, 4/30/11

 

 

3,535,000

 

 

 

 

 

2,929

 

 

National Bedding Co., LLC, Term Loan B, LIBOR + 2.25%, 8/25/08

 

 

2,964,224

 

 

 

 

 

3,000

 

 

NewPage Corp., Term Loan B, LIBOR + 3.00%, 4/30/12

 

 

3,030,000

 

 

 

 

 

3,500

 

 

Olympus Cable Holdings, LLC, Term Loan B, PRIME + 1.25%, 9/30/10

 

 

3,455,623

 

 

 

 

 

995

 

 

Oreck Corp., Term Loan B, LIBOR + 2.75%, 1/31/12

 

 

999,975

 

 

 

 

 

 

 

 

Oriental Trading Co., Inc.,

 

 

 

 

 

 

 

 

2,231

 

 

Term Loan, LIBOR + 4.75%, 12/02/10

 

 

1,488,750

 

 

 

 

 

403

 

 

Term Loan B, LIBOR + 2.50%, 8/06/10

 

 

1,137,852

 

 

 

 

 

3,473

 

 

OSI Group LLC, Term Loan, LIBOR + 2.50%, 9/15/11

 

 

3,499,992

 

 

 

 

 

2,583

 

 

Pierre Foods, Inc., Term Loan B, LIBOR + 2.75%, 7/15/10

 

 

2,613,704

 

 

 

 

 

 

 

 

Prestige Brands Holdings, Inc., Term Loan B,

 

 

 

 

 

 

 

 

1,970

 

 

LIBOR + 2.25%, 4/07/11

 

 

1,988,059

 

 

 

 

 

10

 

 

PRIME + 1.25%, 4/07/11

 

 

10,092

 

 

 

 

 

975

 

 

Propex Fabrics, Inc., Term Loan, LIBOR + 2.25%, 12/31/10

 

 

976,219

 

 

 

 

 

 

 

 

R.H. Donnelley, Inc.,

 

 

 

 

 

 

 

 

601

 

 

Term Loan A3, LIBOR + 1.75%, 6/30/11

 

 

606,557

 

 

 

 

 

2,124

 

 

Term Loan D, LIBOR + 1.75%, 12/31/11

 

 

2,142,942

 

 

 

 

 

2,978

 

 

Rite Aid Corp., Term Loan, LIBOR + 1.75%, 9/15/09

 

 

2,989,907

 

 

 

 

 

998

 

 

Spectrum Brands, Inc., Term Loan B, LIBOR + 2.00%, 1/31/12

 

 

1,007,892

 

 

 

 

 

 

 

 

Travel Centers of America, Inc.,

 

 

 

 

 

 

 

 

500

 

 

Term Loan, TBD, 6/30/11

 

 

503,750

 

 

 

 

 

1,000

 

 

Term Loan C, LIBOR + 1.75%, 11/30/11

 

 

1,007,500

 

 

 

 

 

 

 

 

United Subcontractors, Inc.,

 

 

 

 

 

 

 

 

3,980

 

 

Term Loan B, LIBOR + 3.25%, 4/21/11

 

 

3,980,000

 

 

 

 

 

490

 

 

Term Loan C, LIBOR + 7.00%, 10/21/11

 

 

499,800

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

73,490,703

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

12


 

 

BlackRock Global Floating Rate Income Trust (BGT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

Amount

 

 

 

 

 

 

Rating1

 

(000)

 

Description

 

 

Value

 











 

 

 

 

 

 

 

Containers & Packaging—3.9%

 

 

 

 

 

 

 

 

 

 

 

FlexSol Packaging Corp., Term Loan,

 

 

 

 

 

 

 

$

358

 

 

LIBOR + 3.25%, 11/30/11

 

$

357,464

 

 

 

 

 

1,000

 

 

LIBOR + 7.00%, 11/30/12

 

 

970,000

 

 

 

 

 

5

 

 

PRIME + 1.75%, 11/30/11

 

 

4,583

 

 

 

 

 

 

 

 

Graham Packaging Co., Inc.,

 

 

 

 

 

 

 

 

6,468

 

 

Term Loan B, LIBOR + 2.50%, 10/01/11

 

 

6,552,386

 

 

 

 

 

2,000

 

 

Term Loan C, LIBOR + 4.25%, 4/01/12

 

 

2,053,334

 

 

 

 

 

3,576

 

 

Graphic Packaging Intl., Inc., Term Loan C, LIBOR + 2.50%, 8/08/10

 

 

3,627,120

 

 

 

 

 

998

 

 

Smurfit Stone Container Corp., Term Loan B, LIBOR + 2.00%, 11/01/11

 

 

1,010,218

 

 

 

 

 

2,970

 

 

Solo Cup Co., Term Loan, LIBOR + 2.00%, 2/27/11

 

 

2,992,942

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

17,568,047

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ecological Services & Equipment—1.3%

 

 

 

 

 

 

 

 

1,957

 

 

Allied Waste NA, Inc., Term Loan, LIBOR + 2.00%, 3/31/12

 

 

1,960,113

 

 

 

 

 

3,775

 

 

Envirosolutions, Inc., Term Loan, LIBOR + 4.50%, 2/28/09

 

 

3,765,073

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

5,725,186

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Energy—5.0%

 

 

 

 

 

 

 

 

1,500

 

 

AES Corp., Term Loan, LIBOR + 1.75%, 4/30/08

 

 

1,511,625

 

 

 

 

 

 

 

 

Belden & Blake Corp., Term Loan,

 

 

 

 

 

 

 

 

1,231

 

 

LIBOR + 2.75%, 7/15/11

 

 

1,230,587

 

 

 

 

 

3

 

 

PRIME + 1.75%, 7/15/11

 

 

3,456

 

 

 

 

 

1,000

 

 

Cellnet Technology, Inc., Term Loan B, LIBOR + 3.00%, 4/30/12

 

 

995,000

 

 

 

 

 

933

 

 

Cogentrix Delaware Holdings, Inc., Term Loan, LIBOR + 1.75%, 4/30/12

 

 

938,304

 

 

 

 

 

500

 

 

Coleto Creek Power, Term Loan C1, LIBOR + 2.00%, 8/05/12

 

 

509,062

 

 

 

 

 

1,980

 

 

Dynegy Holdings, Inc., Term Loan, LIBOR, 5/10/10

 

 

1,987,920

 

 

 

 

 

 

 

 

El Paso Corp.,

 

 

 

 

 

 

 

 

750

 

 

Term Loan, LIBOR + 2.77%, 11/30/09

 

 

754,219

 

 

 

 

 

1,235

 

 

Term Loan B, LIBOR + 2.75%, 11/30/09

 

 

1,241,947

 

 

 

 

 

500

 

 

Energy Transfer Co., Term Loan, TBD, 6/30/08

 

 

503,334

 

 

 

 

 

1,000

 

 

Kerr-McGee Corp., Loan Term B, LIBOR + 2.50%, 4/19/11

 

 

1,014,722

 

 

 

 

 

498

 

 

Mainline LP, Term Loan, LIBOR + 2.38%, 12/31/11

 

 

498,194

 

 

 

 

 

5,485

 

 

Reliant Energy, Inc., Term Loan, LIBOR + 2.38%, 4/30/10

 

 

5,532,012

 

 

 

 

 

 

 

 

Semgroup LP, Term Loan,

 

 

 

 

 

 

 

 

2,524

 

 

LIBOR + 2.50%, 2/28/11

 

 

2,541,120

 

 

 

 

 

700

 

 

PRIME + 1.00%, 2/28/11

 

 

704,813

 

 

 

 

 

1,996

 

 

Texas Genco LLC, Term Loan, LIBOR + 2.00%, 12/15/11

 

 

2,023,080

 

 

 

 

 

500

 

 

Trout Coal Holdings LLC, Loan Term, LIBOR + 5.00%, 3/31/12

 

 

499,688

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

22,489,083

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Entertainment & Leisure—7.2%

 

 

 

 

 

 

 

 

1,000

 

 

Blockbuster Entertainment Corp., Term Loan B, LIBOR + 2.75%, 8/20/11

 

 

993,125

 

 

 

 

 

1,980

 

 

Boyd Gaming Corp., Term Loan, LIBOR + 1.75%, 5/14/11

 

 

1,988,415

 

 

 

 

 

500

 

 

Country Road, Term Loan, TBD, 6/30/13

 

 

505,000

 

 

 

 

 

1,900

 

 

Greektown Casino, LLC, Term Loan D, LIBOR + 3.50%, 12/31/05

 

 

1,908,228

 

 

 

 

 

 

 

 

Hollywood Theaters, Inc., Term Loan

 

 

 

 

 

 

 

 

1,737

 

 

LIBOR + 3.25%, 8/01/09

 

 

1,754,244

 

 

 

 

 

2,500

 

 

LIBOR + 7.00%, 1/21/10

 

 

2,518,750

 

 

 

 

 

2,993

 

 

Kerasotes Theatres, Inc., Term Loan B, LIBOR + 2.75%, 12/31/07-11/01/11

 

 

3,033,647

 

 

 

 

 

4,924

 

 

Loews Cineplex Entertainment Corp., Term Loan B, LIBOR + 2.25%, 8/15/11

 

 

4,935,293

 

 

 

 

 

998

 

 

Marina District Finance Co., Inc., Term Loan B, LIBOR + 1.75%, 10/15/11

 

 

1,002,072

 

 

 

 

 

5,000

 

 

MGM Studios, Inc., Term Loan B, LIBOR + 2.25%, 4/15/12

 

 

5,014,375

 

 

 

 

 

1,000

 

 

Penn National Gaming, Term Loan, LIBOR + 2.50%, 5/31/12

 

 

1,013,393

 

 

 

 

 

995

 

 

Universal City Development Partners, Ltd., Term Loan, LIBOR + 2.00%, 6/30/12

 

 

1,003,291

 

 

 

 

 

1,244

 

 

Venetian Casino Resorts LLC, Term Loan B, LIBOR + 1.75%, 6/15/11

 

 

1,254,915

 

 

 

 

 

 

 

 

Wyndham Intl., Inc.,

 

 

 

 

 

 

 

 

86

 

 

Term Loan, LIBOR + 3.25%, 5/15/11

 

 

86,422

 

 

 

 

 

914

 

 

Term Loan B, LIBOR + 3.25%, 5/15/11

 

 

917,448

 

 

 

 

 

417

 

 

Term Loan C, LIBOR + 8.00%, 11/15/11

 

 

435,938

 

 

 

 

 

4,000

 

 

Wynn Las Vegas LLC/Wynn Las Vegas Cap. Corp., Term Loan, LIBOR + 2.13%, 12/31/11

 

 

4,023,752

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

32,388,308

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

13


 

 

BlackRock Global Floating Rate Income Trust (BGT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal Amount

 

 

 

 

 

 

Rating1

 

(000)

 

Description

 

 

Value

 











 

 

 

 

 

 

 

Financial Institutions—2.4%

 

 

 

 

 

 

 

$

1,608

 

 

Global Cash Access, LLC, Term Loan, LIBOR + 2.75%, 3/15/10

 

$

1,628,395

 

 

 

 

 

1,610

 

 

Refco Finance Holdings, LLC, Term Loan B, LIBOR + 2.00%, 7/30/11

 

 

1,613,623

 

 

 

 

 

 

 

 

Titan Corp., Term Loan B,

 

 

 

 

 

 

 

 

2,971

 

 

LIBOR + 2.50%, 4/24/09

 

 

2,987,287

 

 

 

 

 

6

 

 

PRIME + 1.25%, 4/24/09

 

 

5,880

 

 

 

 

 

499

 

 

USI Holdings Corp., Term Loan B, LIBOR + 2.50%, 7/30/08

 

 

499,666

 

 

 

 

 

3,880

 

 

Visant Holding Corp., Term Loan C, LIBOR + 2.25%, 10/15/11

 

 

3,931,732

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

10,666,583

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Health Care—10.2%

 

 

 

 

 

 

 

 

5,545

 

 

Accredo Health, Inc., Term Loan B, LIBOR + 1.75%, 8/05/11

 

 

5,544,628

 

 

 

 

 

1,243

 

 

Advanced Medical Optics, Term Loan B, LIBOR + 2.00%, 6/30/07

 

 

1,255,102

 

 

 

 

 

 

 

 

Arizant, Inc., Term Loan,

 

 

 

 

 

 

 

 

3,925

 

 

LIBOR + 3.75%, 8/15/10

 

 

3,939,719

 

 

 

 

 

25

 

 

PRIME, 8/15/10

 

 

25,094

 

 

 

 

 

5,418

 

 

Community Health Systems, Inc., Term Loan, LIBOR + 1.75%, 8/15/11

 

 

5,470,813

 

 

 

 

 

4,458

 

 

Concentra Operating Corp., Term Loan, LIBOR + 2.50%, 6/30/10

 

 

4,491,071

 

 

 

 

 

750

 

 

Cooper Companies, Term Loan, LIBOR + 1.75%, 11/15/11

 

 

755,000

 

 

 

 

 

1,000

 

 

Davita Corp., Inc., Term Loan, TBD, 6/30/12

 

 

1,012,188

 

 

 

 

 

 

 

 

HealthSouth Corp., Term Loan,

 

 

 

 

 

 

 

 

2,000

 

 

10.38%, 1/15/11

 

 

2,105,000

 

 

 

 

 

1,500

 

 

LIBOR + 2.50%, 3/31/10

 

 

1,516,407

 

 

 

 

 

2,000

 

 

LIBOR + 5.00%, 3/21/10

 

 

2,020,000

 

 

 

 

 

2,970

 

 

IASIS Healthcare Corp., Term Loan B, LIBOR + 2.25%, 6/30/11

 

 

3,001,292

 

 

 

 

 

2,729

 

 

Jean Coutu Group, Inc., Term Loan B, LIBOR + 2.25%, 6/30/11

 

 

2,766,904

 

 

 

 

 

689

 

 

Kinetic Concepts, Inc., Term Loan B2, LIBOR + 1.75%, 8/05/10

 

 

695,174

 

 

 

 

 

516

 

 

Medco Health Solutions, Term Loan A, LIBOR + 1.25%, 3/13/08

 

 

516,671

 

 

 

 

 

995

 

 

Pacificare Health Systems, Inc., Term Loan, LIBOR + 1.50%, 12/15/10

 

 

997,694

 

 

 

 

 

 

 

 

Select Medial Corp., Term Loan B,

 

 

 

 

 

 

 

 

997

 

 

LIBOR + 1.75%, 2/28/12

 

 

997,619

 

 

 

 

 

1

 

 

PRIME + 0.75%, 2/28/12

 

 

949

 

 

 

 

 

3,045

 

 

US Oncology, Inc., Term Loan, LIBOR + 2.75%, 6/30/11

 

 

3,081,514

 

 

 

 

 

2,088

 

 

Vanguard Health Systems, Term Loan, LIBOR + 3.25%, 9/30/11

 

 

2,117,508

 

 

 

 

 

 

 

 

Warner Chilcott,

 

 

 

 

 

 

 

 

529

 

 

Term Loan, 1.38%, 1/18/11

 

 

529,613

 

 

 

 

 

2,178

 

 

Term Loan B, LIBOR + 2.75%, 1/18/11

 

 

2,180,905

 

 

 

 

 

878

 

 

Term Loan C, LIBOR + 2.75%, 1/18/11

 

 

878,798

 

 

 

 

 

406

 

 

Term Loan D, LIBOR + 2.75%, 1/18/11

 

 

406,998

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

46,306,661

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Industrials—1.2%

 

 

 

 

 

 

 

 

540

 

 

Alderwoods Group, Inc., Term Loan B2, LIBOR + 2.00%, 9/29/09

 

 

546,350

 

 

 

 

 

411

 

 

Hexcel Corp., Term Loan B, LIBOR + 1.75%, 2/28/12

 

 

414,194

 

 

 

 

 

935

 

 

Novelis, Inc., Term B, LIBOR + 1.75%, 12/30/11

 

 

943,962

 

 

 

 

 

2,000

 

 

Tinnerman Palnut Engineered Products, Inc., Term Loan, LIBOR + 7.25%, 11/01/11

 

 

1,900,000

 

 

 

 

 

1,844

 

 

Worldspan, LP, Term Loan, LIBOR + 2.75%, 6/30/07

 

 

1,798,333

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

5,602,839

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Media—17.0%

 

 

 

 

 

 

 

 

 

 

 

Alliance Atlantis Communications, Inc., Term Loan B,

 

 

 

 

 

 

 

 

1,993

 

 

LIBOR + 1.75%, 11/30/11

 

 

2,013,670

 

 

 

 

 

2

 

 

PRIME + 0.75%, 11/30/11

 

 

2,527

 

 

 

 

 

1,750

 

 

American Lawyers Media, Inc., Term Loan, LIBOR + 2.50%, 3/15/10

 

 

1,750,000

 

 

 

 

 

1,985

 

 

Bragg Communication, Term Loan B, LIBOR + 2.50%, 9/15/11

 

 

2,004,850

 

 

 

 

 

1,000

 

 

Bresnan Communications LLC, Term Loan B, LIBOR + 3.50%, 9/30/10

 

 

1,011,250

 

 

 

 

 

 

 

 

Century TCI California LP, Term Loan,

 

 

 

 

 

 

 

 

2,000

 

 

PRIME + 0.75%, 12/31/07

 

 

1,984,376

 

 

 

 

 

10,000

 

 

TBD, 12/31/09

 

 

9,878,570

 

 

 

 

 

 

 

 

Charter Communications Operating, LLC,

 

 

 

 

 

 

 

 

5,995

 

 

Term Loan A, LIBOR + 3.00%, 4/27/10

 

 

5,952,178

 

 

 

 

 

1,985

 

 

Term Loan B, LIBOR + 3.25%, 4/30/11

 

 

1,970,821

 

 

 

 

 

3,661

 

 

Dex Media East, LLC, Term Loan B, LIBOR + 1.75%, 12/31/08

 

 

3,689,497

 

See Notes to Financial Statements.

14


 

 

BlackRock Global Floating Rate Income Trust (BGT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal Amount

 

 

 

 

 

 

Rating1

 

(000)

 

Description

 

 

Value

 













 

 

 

 

 

 

 

Media—(cont’d)

 

 

 

 

 

 

 

$

1,749

 

 

Dex Media West, LLC, Term Loan B, LIBOR + 1.75%, 9/01/09

 

$

1,761,308

 

 

 

 

 

2,000

 

 

DirecTV Holdings, LLC, Term Loan B, LIBOR + 1.50%, 3/06/10

 

 

2,005,834

 

 

 

 

 

1,990

 

 

Emmis Operating Co., Term Loan B, LIBOR + 1.75%, 5/15/12

 

 

2,004,372

 

 

 

 

 

 

 

 

Insight Midwest Holdings, LLC,

 

 

 

 

 

 

 

 

4,455

 

 

Term Loan A, LIBOR + 1.50%, 6/30/09

 

 

4,451,076

 

 

 

 

 

995

 

 

Term Loan B, LIBOR + 2.75%, 1/06/10

 

 

1,004,166

 

 

 

 

 

3,474

 

 

Media News, Term Loan C, LIBOR + 1.50%, 8/25/10

 

 

3,480,986

 

 

 

 

 

 

 

 

Mediacom Communications Corp.,

 

 

 

 

 

 

 

 

2,161

 

 

Term Loan A, LIBOR + 1.25%, 3/31/10

 

 

2,135,759

 

 

 

 

 

995

 

 

Term Loan C, LIBOR + 2.00%, 9/30/10

 

 

1,000,804

 

 

 

 

 

1,993

 

 

Mediacom Illinois LLC, Term Loan B, LIBOR + 2.25%, 3/31/13

 

 

2,010,869

 

 

 

 

 

1,946

 

 

Mission Broadcasting, Inc., Term Loan B, LIBOR + 1.75%, 8/14/12

 

 

1,953,213

 

 

 

 

 

695

 

 

NEP Supershooters LP, Term Loan, LIBOR + 4.00%, 2/01/11

 

 

705,171

 

 

 

 

 

487

 

 

New Skies Satellites, Term Loan B, LIBOR + 2.25%, 4/12/11

 

 

492,962

 

 

 

 

 

2,054

 

 

Nexstar Broadcasting, Inc., Term Loan, LIBOR + 1.75%, 8/14/12

 

 

2,061,787

 

 

 

 

 

5,000

 

 

NTL Investment Holding Ltd., Term Loan B, LIBOR + 3.00%, 4/13/12

 

 

5,014,585

 

 

 

 

 

2,500

 

 

Raycom Media, Inc., Term Loan B, LIBOR + 1.75%, 4/01/12

 

 

2,512,500

 

 

 

 

 

1,250

 

 

San Pascuale Band of Indians, Term Loan, LIBOR + 2.50%, 8/31/08

 

 

1,250,000

 

 

 

 

 

 

 

 

Transwestern Publishing Co., Term Loan,

 

 

 

 

 

 

 

 

1,500

 

 

LIBOR + 2.25%, 2/25/11

 

 

1,503,282

 

 

 

 

 

980

 

 

LIBOR + 4.50%, 2/25/12

 

 

988,514

 

 

 

 

 

1,000

 

 

UPC Distribution Corp., Term Loan, LIBOR + 2.75%, 10/30/12

 

 

998,472

 

 

 

 

 

3,966

 

 

Warner Music Group, Corp., Term Loan B, LIBOR + 2.00%, 4/08/11

 

 

3,988,078

 

 

 

 

 

4,977

 

 

Western Wireless Corp., Term Loan A, LIBOR + 2.25%, 5/28/10

 

 

4,982,856

 

 

 

 

 

500

 

 

Young Broadcasting, Inc., Term Loan, LIBOR + 2.25%, 11/01/12

 

 

504,167

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

77,068,500

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Publishing—0.2%

 

 

 

 

 

 

 

 

750

 

 

Endurance Business Media, Term Loan B, LIBOR + 2.75%, 3/15/12

 

 

759,375

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Real Estate—3.5%

 

 

 

 

 

 

 

 

1,000

 

 

Associated Materials, Inc., Term Loan, LIBOR + 2.25%, 4/19/09

 

 

1,005,000

 

 

 

 

 

 

 

 

General Growth Properties,

 

 

 

 

 

 

 

 

3,500

 

 

Term Loan, TBD, 11/12/08

 

 

3,524,231

 

 

 

 

 

984

 

 

Term Loan A, LIBOR + 2.25%, 11/12/07

 

 

988,607

 

 

 

 

 

3,492

 

 

Term Loan B, LIBOR + 2.25%, 11/12/08

 

 

3,516,328

 

 

 

 

 

 

 

 

Headwaters, Inc., Term Loan,

 

 

 

 

 

 

 

 

333

 

 

LIBOR + 5.50%, 4/30/11

 

 

341,666

 

 

 

 

 

2,767

 

 

PRIME + 1.25%, 4/30/11

 

 

2,786,300

 

 

 

 

 

913

 

 

Lake Las Vegas Resort, Term Loan, LIBOR + 2.75%, 10/13/09

 

 

922,068

 

 

 

 

 

 

 

 

Macerich Partnership, L.P., Term Loan,

 

 

 

 

 

 

 

 

1,000

 

 

LIBOR + 1.50%, 3/31/09

 

 

997,500

 

 

 

 

 

1,000

 

 

LIBOR + 1.60%, 3/31/06

 

 

998,750

 

 

 

 

 

500

 

 

Masonite Intl., Term Loan, TBD, 3/31/13

 

 

498,889

 

 

 

 

 

487

 

 

Stewart Enterprises, Term Loan B, LIBOR + 1.75%, 11/30/11

 

 

489,810

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

16,069,149

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Technology—2.9%

 

 

 

 

 

 

 

 

2,916

 

 

Directed Electronics, Inc., Term Loan, LIBOR + 3.25%, 3/15/10

 

 

2,944,733

 

 

 

 

 

499

 

 

Federal IT Systems, Inc., Term Loan, LIBOR + 2.75%, 4/30/11

 

 

501,867

 

 

 

 

 

2,751

 

 

Knowles Electronics, Inc., Term Loan B2, LIBOR + 5.00%, 6/29/07

 

 

2,762,912

 

 

 

 

 

2,483

 

 

UGS PLM, Term Loan B, LIBOR + 2.00%, 5/30/11

 

 

2,504,222

 

 

 

 

 

2,976

 

 

Verifone, Inc., Term Loan B, LIBOR + 2.00%, 6/30/11

 

 

2,989,225

 

 

 

 

 

1,471

 

 

Westcom Corp., Term Loan B, LIBOR + 2.75%, 12/31/10

 

 

1,477,987

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

13,180,946

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Telecommunications—6.5%

 

 

 

 

 

 

 

 

1,000

 

 

Alaska Communications Systems Holdings, Term Loan, LIBOR + 2.00%, 1/31/12

 

 

1,006,500

 

 

 

 

 

2,000

 

 

Atlantic Broadband Finance, LLC, Term Loan B1, LIBOR + 2.75%, 1/30/11

 

 

2,010,000

 

 

 

 

 

4,707

 

 

Centennial Cellular Operating Co., Term Loan, LIBOR + 2.25%, 2/09/11

 

 

4,771,445

 

 

 

 

 

1,000

 

 

Fairpont Communications, Inc., Term Loan B, LIBOR + 2.00%, 2/15/12

 

 

1,009,750

 

 

 

 

 

2,500

 

 

Freedom Communications, Inc., Term Loan B, LIBOR + 1.50%, 5/01/13

 

 

2,503,750

 

See Notes to Financial Statements.

15


 

 

BlackRock Global Floating Rate Income Trust (BGT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

 

Value

 


 

 

 

 

 

 

 

Telecommunications—(cont’d)

 

 

 

 

 

 

 

$

998

 

 

Intelsat Bermuda, Ltd., Loan Term, LIBOR + 1.75%, 7/31/11

 

$

1,004,732

 

 

 

 

 

2,000

 

 

Iowa Telecommunications Services, Inc., Term Loan B, LIBOR + 2.00%, 11/30/11

 

 

2,016,250

 

 

 

 

 

748

 

 

Ntelos, Inc., Term Loan B, LIBOR + 2.50%, 2/24/10

 

 

745,319

 

 

 

 

 

 

 

 

PanAmSat Corp.,

 

 

 

 

 

 

 

 

1,248

 

 

Term Loan, LIBOR + 2.50%, 8/20/09

 

 

1,258,882

 

 

 

 

 

1,985

 

 

Term Loan B1, LIBOR + 2.25%, 7/16/11

 

 

2,014,053

 

 

 

 

 

2,000

 

 

Qwest Corp., Term Loan A, LIBOR + 4.75%, 6/30/07

 

 

2,059,062

 

 

 

 

 

2,000

 

 

Satbirds Finance, Term Loan, LIBOR + 4.25%, 10/15/13

 

 

2,383,358

 

 

 

 

 

4,489

 

 

Triton PCS, Inc., Term Loan, LIBOR + 3.25%, 11/15/09

 

 

4,494,361

 

 

 

 

 

1,960

 

 

Valor Telecommunications, Term Loan B, LIBOR + 2.00%, 2/28/12

 

 

1,982,360

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

29,259,822

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Transportation—0.3%

 

 

 

 

 

 

 

 

500

 

 

Sirva Worldwide, Inc., Term Loan B, LIBOR + 2.50%, 12/31/09

 

 

466,666

 

 

 

 

 

1,033

 

 

Transport Industries, LP, Term Loan B, LIBOR + 4.00%, 6/14/10

 

 

1,036,888

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

1,503,554

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Bank Loans

 

 

455,661,777

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Foreign Government Bonds—34.1%

 

 

 

 

B-

 

 

 

4,790

 

 

Argentina Republic, 3.01%, 8/03/12

 

 

4,332,555

 

B

 

 

 

7,261

 

 

Bolivarian Republic of Venezuela, 4.563%, 12/18/07

 

 

7,243,344

 

 

 

 

 

 

 

 

Federative Republic of Brazil,

 

 

 

 

BB-

 

 

 

10,133

 

 

zero coupon, 4/15/14

 

 

10,378,931

 

BB-

 

 

 

11,530

 

 

4.313%, 4/15/09

 

 

11,232,349

 

BB-

 

 

 

9,435

5

 

9.23%, 9/29/09

 

 

10,944,600

 

BB-

 

 

 

1,840

 

 

    Ser. B, 10.00%, 8/07/11,

 

 

2,097,600

 

B+

 

 

 

1,600

 

 

Islamic Republic of Pakistan, 6.75%, 2/19/09

 

 

1,617,339

 

NR

 

 

 

5,689

 

 

Kingdom of Morocco, zero coupon, 1/05/09

 

 

5,617,776

 

A-

 

 

 

800

4

 

Malaysia, 8.75%, 6/01/09

 

 

924,952

 

BB

 

 

 

900

 

 

Philippines Republic, 8.875%, 4/15/08

 

 

978,750

 

BBB-

 

 

 

8,071

 

 

Republic of Bulgaria, 3.75%, 7/28/12

 

 

8,078,693

 

A

 

 

 

2,400

4

 

Republic of Chile, 6.875%, 4/28/09

 

 

2,622,960

 

BB+

 

 

 

10,063

 

 

Republic of Colombia, 9.75%, 4/09/11

 

 

11,502,288

 

Ba1

 

 

 

3,200

 

 

Republic of Costa Rica, 9.335%, 5/15/09

 

 

3,584,000

 

BB+

 

 

 

800

 

 

Republic of El Salvador, 9.50%, 8/15/06

 

 

845,600

 

 

 

 

 

 

 

 

Republic of Panama,

 

 

 

 

Ba1

 

 

 

12,714

 

 

3.75%, 7/17/16

 

 

12,173,916

 

BB+

 

 

 

840

 

 

8.25%, 4/22/08

 

 

913,500

 

 

 

 

 

 

 

 

Republic of Peru,

 

 

 

 

BB

 

 

 

5,544

 

 

5.00%, 3/07/17

 

 

5,239,080

 

BB

 

 

 

2,400

 

 

9.125%, 1/15/08

 

 

2,640,000

 

Baa1

 

 

 

2,400

4

 

Republic of South Africa, 7.375%, 4/25/12

 

 

2,749,440

 

BB-

 

 

 

1,500

 

 

Republic of the Philippines, 8.875%, 4/15/08

 

 

1,633,353

 

BB-

 

 

 

2,400

 

 

Republic of Turkey, 12.00%, 12/15/08

 

 

2,880,000

 

B

 

 

 

4,428

 

 

Republic of Venezuela, 4.313%, 3/07/17

 

 

4,408,733

 

BBB-

 

 

 

4,000

 

 

Russian Federation, 10.00%, 6/26/07

 

 

4,403,200

 

Baa2

 

 

 

2,000

2

 

Sberbank of Russia, 4.92%, 10/24/06

 

 

2,021,800

 

 

 

 

 

 

 

 

Ukraine,

 

 

 

 

BB-

 

 

 

8,100

2,3

 

6.365%, 8/05/09

 

 

8,701,020

 

BB-

 

 

 

2,800

3

 

6.875%, 3/04/11

 

 

2,944,200

 

 

 

 

 

 

 

 

United Mexican States,

 

 

 

 

Baa1

 

 

 

4,800

2,4

 

3.84%, 1/13/09

 

 

4,864,800

 

Baal

 

 

 

60,000

 

 

8.00%, 12/24/08

 

 

5,373,284

 

 

 

 

 

 

 

 

Venezuela Republic,

 

 

 

 

B+

 

 

 

4,000

2

 

4.15%, 4/20/11

 

 

3,660,000

 

B+

 

 

 

4,800

 

 

9.125%, 6/18/07

 

 

5,064,000

 

B

 

 

 

2,000

 

 

11.00%, 3/05/08

 

 

2,797,064

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Foreign Government Bonds

 

 

154,469,127

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $698,112,789)

 

 

704,572,626

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

16


 

 

BlackRock Global Floating Rate Income Trust (BGT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 


 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—2.3%

 

 

 

 

 

 

 

 

 

 

 

U.S. Government and Agency Zero Coupon Bonds—1.0%

 

 

 

 

 

 

 

$

4,500

 

 

Federal Home Loan Bank Discount Note, 7/01/05

 

$

4,500,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Foreign Government Bonds—1.3%

 

 

 

 

 

 

 

 

5,000

 

 

German Treasury Bill, 2.027%, 7/13/05

 

 

6,050,161