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:
     December 31, 2005                                                                               



Item 1. Reports to Shareholders.

The Registrant’s annual report to shareholders is as follows:

 



 

 

 

 

 

 

 

 

 

FIXED INCOME

 

LIQUIDITY

 

EQUITIES

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS


 

 

 

 

 

BlackRock

 

Closed-End Funds

 

Annual Report

 

 

 

DECEMBER 31, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

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

5

 

 

Financial Statements

 

 

 

Statements of Assets and Liabilities

27

 

 

Statements of Operations

28

 

 

Statements of Cash Flows

29

 

 

Statements of Changes in Net Assets

30

 

 

Financial Highlights

32

 

 

Notes to Financial Statements

35

 

 

Report of Independent Registered Public Accounting Firm

42

 

 

Directors/Trustees Information

43

 

 

Dividend Reinvestment Plans

46

 

 

Additional Information

46

 

 

Section 19 Notices

48




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

December 31, 2005

Dear Shareholder:

          We are pleased to report that during the annual period, the Trusts provided the opportunity to invest in various portfolios of fixed income securities. This report contains the Trusts’ audited 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 December 31, 2005.

 

 

 

 

 

 

 

 

 

 

 









Trust (Ticker)

 

Yield1

 

Market Price

 

NAV

 









BlackRock Global Floating Rate Income Trust (BGT)

 

 

8.04

%

 

$

17.16

 

 

$

19.13

 














BlackRock High Income Shares (HIS)

 

 

10.56

 

 

 

2.33

 

 

 

2.61

 














BlackRock Preferred Opportunity Trust (BPP)

 

 

8.26

 

 

 

24.20

 

 

 

24.43

 














 

 

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 December 31, 2005, BlackRock managed $301 billion in fixed income securities, including 20 open-end and 47 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., which manage the Trusts, 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,

 

 

-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


TRUST SUMMARIES
DECEMBER 31, 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 12/31/05:

 

 

$

17.16

 

 








Net Asset Value as of 12/31/05:

 

 

$

19.13

 

 








Yield on Closing Market Price as of 12/31/05 ($17.16):1

 

 

 

8.04

%

 








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 Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

17.16

 

$

18.63

 

 

(7.89

)%    

$

19.24

 

$

16.74

 


















NAV

 

$

19.13

 

$

19.21

 

 

(0.52

)%

$

19.48

 

$

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

 

December 31, 2005

 

December 31, 2004

 







Foreign Government Bonds

 

 

 

20

%

 

 

 

22

%

 













Consumer Products

 

 

 

11

 

 

 

 

9

 

 













Basic Materials

 

 

 

10

 

 

 

 

10

 

 













Energy

 

 

 

10

 

 

 

 

8

 

 













Media

 

 

 

10

 

 

 

 

13

 

 













Health Care

 

 

 

6

 

 

 

 

7

 

 













Telecommunications

 

 

 

6

 

 

 

 

5

 

 













Entertainment & Leisure

 

 

 

5

 

 

 

 

6

 

 













Conglomerates

 

 

 

4

 

 

 

 

1

 

 













Financial Institutions

 

 

 

3

 

 

 

 

3

 

 













Real Estate

 

 

 

3

 

 

 

 

3

 

 













Technology

 

 

 

3

 

 

 

 

2

 

 













Automotive

 

 

 

2

 

 

 

 

2

 

 













Building & Development

 

 

 

2

 

 

 

 

2

 

 













Containers & Packaging

 

 

 

2

 

 

 

 

3

 

 













Aerospace & Defense

 

 

 

1

 

 

 

 

1

 

 













Ecological Services & Equipment

 

 

 

1

 

 

 

 

1

 

 













Industrials

 

 

 

1

 

 

 

 

1

 

 













Transportation

 

 

 

 

 

 

 

1

 

 














Corporate Credit Breakdown3

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

December 31, 2004

 

December 31, 2005

 













BBB/Baa

 

 

 

19

%

 

 

 

28

%

 













BB/Ba

 

 

 

54

 

 

 

 

41

 

 













B

 

 

 

22

 

 

 

 

29

 

 













CCC/Caa

 

 

 

5

 

 

 

 

2

 

 













Not Rated

 

 

 

 

 

 

 

 

 













 

 

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 20.5% and 18.1% of net assets on December 31, 2005 and December 31, 2004, respectively.

2


TRUST SUMMARIES
DECEMBER 31, 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 12/31/05:

 

 

$

2.33

 

 







 

Net Asset Value as of 12/31/05:

 

 

$

2.61

 

 







 

Yield on Closing Market Price as of 12/31/05 ($2.33):1

 

 

 

10.56

%

 







 

Current Monthly Distribution per Share:2

 

 

$

0.0205

 

 







 

Current Annualized Distribution per Share:2

 

 

$

0.2460

 

 







 

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

2.33

 

$

2.90

 

 

(19.66

)%

$

2.99

 

$

2.33

 


















NAV

 

$

2.61

 

$

2.87

 

 

(9.06

)%

$

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

 

December 31, 2005

 

December 31, 2004

 













Media

 

 

 

13

%

 

 

 

14

%

 













Energy

 

 

 

13

 

 

 

 

9

 

 













Basic Materials

 

 

 

11

 

 

 

 

12

 

 













Telecommunications

 

 

 

10

 

 

 

 

5

 

 













Industrials

 

 

 

10

 

 

 

 

5

 

 













Financial Institutions

 

 

 

9

 

 

 

 

 

 













Consumer Products

 

 

 

7

 

 

 

 

20

 

 













Technology

 

 

 

5

 

 

 

 

1

 

 













Containers & Packaging

 

 

 

4

 

 

 

 

4

 

 













Entertainment & Leisure

 

 

 

4

 

 

 

 

13

 

 













Health Care

 

 

 

3

 

 

 

 

6

 

 













Aerospace & Defense

 

 

 

3

 

 

 

 

4

 

 













Automotive

 

 

 

3

 

 

 

 

4

 

 













Building & Development

 

 

 

2

 

 

 

 

2

 

 













Transportation

 

 

 

2

 

 

 

 

 

 













Ecological Services & Equipment

 

 

 

1

 

 

 

 

1

 

 














Corporate Credit Breakdown3

 

 

 

 

 

 

 

 

 

 

 

 













BBB/Baa

 

 

 

1

%

 

 

 

%

 













Ba/BB

 

 

 

23

 

 

 

 

21

 

 













B/B

 

 

 

61

 

 

 

 

71

 

 













CCC/Caa

 

 

 

14

 

 

 

 

8

 

 













Not Rated

 

 

 

1

 

 

 

 

 

 













 

 

3

Using the higher of S&P, Moody’s or Fitch rating. Corporate bonds represented approximately 141.8% and 140.5% of net assets on December 31, 2005, and December 31, 2004, respectively.

3


TRUST SUMMARIES
DECEMBER 31, 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 12/31/05:

 

 

$

24.20

 

 








Net Asset Value as of 12/31/05:

 

 

$

24.43

 

 








Yield on Closing Market Price as of 12/31/05 ($24.20):1

 

 

 

8.26

%

 








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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

12/31/05

 

12/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

24.20

 

$

25.39

 

 

(4.69

)%

$

25.81

 

$

22.60

 


















NAV

 

$

24.43

 

$

25.88

 

 

(5.60

)%

$

26.30

 

$

24.26

 


















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

Portfolio Composition

 

 

 

 

 

 

 

 









Composition

 

December 31, 2005

 

December 31, 2004

 









Financial Institutions

 

 

 

72

%

 

 

 

71

%

 













Real Estate

 

 

 

12

 

 

 

 

12

 

 













Energy

 

 

 

6

 

 

 

 

7

 

 













Consumer Products

 

 

 

3

 

 

 

 

2

 

 













Media

 

 

 

2

 

 

 

 

3

 

 













Basic Materials

 

 

 

1

 

 

 

 

1

 

 













Building & Development

 

 

 

1

 

 

 

 

 

 













Industrials

 

 

 

1

 

 

 

 

 

 













Telecommunications

 

 

 

1

 

 

 

 

1

 

 













Automotive

 

 

 

1

 

 

 

 

1

 

 













Containers & Packaging

 

 

 

 

 

 

 

1

 

 













Other

 

 

 

 

 

 

 

1

 

 














Credit Breakdown3

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

December 31, 2005

 

December 31, 2004

 







AAA/Aaa

 

 

 

%

 

 

 

1

%

 













AA/Aa

 

 

 

13

 

 

 

 

20

 

 













A

 

 

 

39

 

 

 

 

33

 

 













BBB/Baa

 

 

 

29

 

 

 

 

27

 

 













BB/Ba

 

 

 

11

 

 

 

 

10

 

 













B

 

 

 

7

 

 

 

 

9

 

 













CCC/Caa

 

 

 

1

 

 

 

 

 

 













 

 

3

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

4


 

 

PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2005

 

BlackRock Global Floating Rate Income Trust (BGT)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

Description

 

Value

 









 

 

 

 

 

 

LONG-TERM INVESTMENTS—153.3%

 

 

 

 

 

 

 

 

 

 

Corporate Bonds—20.5%

 

 

 

 

 

 

 

 

 

 

Automotive—0.3%

 

 

 

 

B-

 

 

$

25

 

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

 

$

24,625

 

BB+

 

 

 

400

 

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

 

 

384,000

 

Caa1

 

 

 

525

2

Delco Remy Intl., Inc., 8.60%, 4/15/09

 

 

480,375

 

B-

 

 

 

40

 

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

 

 

39,100

 

CCC+

 

 

 

220

2

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

 

 

202,400

 

BB

 

 

 

185

 

Navistar Intl. Corp., 7.50%, 6/15/11

 

 

175,750

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

1,306,250

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Basic Materials—1.3%

 

 

 

 

B+

 

 

 

1,000

2

Abitibi-Consolidated, Inc., 7.991%, 6/15/11 (Canada)

 

 

962,500

 

B+

 

 

 

260

2

Boise Cascade LLC, 7.475%, 10/15/12

 

 

253,500

 

BB-

 

 

 

1,000

2

Bowater, Inc., 7.491%, 3/15/10

 

 

985,000

 

B+

 

 

 

70

 

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

 

 

72,188

 

Ba3

 

 

 

750

 

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

 

 

721,875

 

BBB-

 

 

 

95

 

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

 

 

95,475

 

 

 

 

 

 

 

Lyondell Chemical Co.,

 

 

 

 

BB-

 

 

 

300

 

 

11.125%, 7/15/12

 

 

336,750

 

BB-

 

 

 

300

 

 

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

 

 

313,875

 

B-

 

 

 

565

 

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

 

 

591,131

 

 

 

 

 

 

 

NewPage Corp.,

 

 

 

 

B3

 

 

 

80

 

 

10.00%, 5/01/12

 

 

78,800

 

B3

 

 

 

1,500

2

 

10.50%, 5/01/12

 

 

1,485,000

 

B-

 

 

 

50

3

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

 

 

46,625

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

5,942,719

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Building & Development—0.3%

 

 

 

 

B+

 

 

 

1,000

2

Ainsworth Lumber Co. Ltd., 8.277%, 10/01/10 (Canada)

 

 

977,500

 

B2

 

 

 

90

3

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

 

 

87,300

 

B-

 

 

 

240

3

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

 

 

223,200

 

B

 

 

 

60

 

North American Energy Partners, Inc., 9.00%, 6/01/10 (Canada)

 

 

62,400

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

1,350,400

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Consumer Products—0.7%

 

 

 

 

B3

 

 

 

45

 

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

 

 

42,300

 

B3

 

 

 

400

 

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

 

 

385,000

 

CCC+

 

 

 

1,050

2

Duane Reade, Inc., 8.991%, 12/15/10

 

 

976,500

 

B3

 

 

 

110

 

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

 

 

99,000

 

B2

 

 

 

40

 

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

 

 

44,400

 

B-

 

 

 

555

3

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

 

 

527,250

 

B-

 

 

 

400

 

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

 

 

406,000

 

B

 

 

 

180

2

Levi Strauss & Co., 9.28%, 4/01/12

 

 

181,350

 

B3

 

 

 

310

 

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

 

 

241,800

 

B-

 

 

 

365

2,3

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

 

 

343,100

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

3,246,700

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Ecological Services & Equipment—0.1%

 

 

 

 

BB-

 

 

 

625

 

Allied Waste North America, 5.75%, 2/15/11

 

 

590,625

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Energy—8.0%

 

 

 

 

BB+

 

 

 

750

3

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

 

 

821,250

 

B1

 

 

 

130

 

ANR Pipeline Co., 9.625%, 11/01/21

 

 

159,088

 

B

 

 

 

80

3

Chaparral Energy, Inc., 8.50%, 12/01/15

 

 

82,800

 

BB-

 

 

 

70

 

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

 

 

72,100

 

B

 

 

 

375

 

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

 

 

390,937

 

B1

 

 

 

750

 

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

 

 

778,125

 

BB

 

 

 

14,430

 

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

 

 

17,382,378

 

B-

 

 

 

730

 

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

 

 

730,000

 

 

 

 

 

 

 

Pemex Project Funding Master Trust,

 

 

 

 

Baa1

 

 

 

800

3

 

9.875%, 12/02/08

 

 

904,000

 

Baa1

 

 

 

12,700

 

 

Ser. 15, 6.40%, 10/15/09

 

 

13,335,000

 

See Notes to Financial Statements.

5



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

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

Description

 

Value

 









 

 

 

 

 

 

Energy—(cont’d)

 

 

 

 

 

 

 

 

 

 

Reliant Energy, Inc.,

 

 

 

 

BB-

 

 

$

205

 

 

6.75%, 12/15/14

 

$

179,375

 

BB-

 

 

 

750

 

 

9.25%, 7/15/10

 

 

751,875

 

B2

 

 

 

300

 

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

 

 

303,750

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

35,890,678

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Entertainment & Leisure—0.2%

 

 

 

 

B3

 

 

 

180

3

Greektown Holdings LLC, 10.75%, 12/01/13

 

 

178,650

 

BB

 

 

 

750

 

MGM Mirage, 5.875%, 2/27/14

 

 

712,500

 

B

 

 

 

25

 

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

 

 

25,813

 

B+

 

 

 

40

3

San Pasqual Casino, 8.00%, 9/15/13

 

 

40,200

 

B+

 

 

 

70

 

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

 

 

68,250

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

1,025,413

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Financial Institutions—3.2%

 

 

 

 

B+

 

 

 

93

 

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

 

 

103,528

 

BB

 

 

 

140

3

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

 

 

139,650

 

BB

 

 

 

750

 

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

 

 

791,250

 

BB+

 

 

 

60

 

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

 

 

51,833

 

BB

 

 

 

3,000

2

General Motors Acceptance Corp., 5.50%, 1/16/07

 

 

2,850,780

 

BB

 

 

 

5,455

 

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

 

 

5,940,495

 

Baa2

 

 

 

3,000

3

Kazkommertsbank Intl. BV, 8.50%, 4/16/13

 

 

3,247,500

 

BBB

 

 

 

25

2

Marsh & McLennan Cos., Inc., 4.72%, 7/13/07

 

 

24,902

 

B2

 

 

 

750

3

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

 

 

796,875

 

B-

 

 

 

300

2

Universal City Florida Holding Co. I/II, 9.00%, 5/01/10

 

 

300,000

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

14,246,813

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Health Care—0.9%

 

 

 

 

Ca

 

 

 

10

2,4

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

 

 

6,200

 

B-

 

 

 

750

 

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

 

 

788,437

 

B

 

 

 

1,750

2,3

Insight Health Services Corp., 9.174%, 11/01/11

 

 

1,675,625

 

 

 

 

 

 

 

Tenet Healthcare Corp.,

 

 

 

 

B

 

 

 

30

 

 

6.375%, 12/01/11

 

 

27,450

 

B

 

 

 

50

 

 

9.875%, 7/01/14

 

 

50,750

 

B-

 

 

 

830

 

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

 

 

863,200

 

B2

 

 

 

450

 

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

 

 

481,500

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

3,893,162

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Industrials—0.6%

 

 

 

 

B-

 

 

 

735

 

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

 

 

764,400

 

CCC+

 

 

 

125

3

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

 

 

120,000

 

B-

 

 

 

180

 

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

 

 

187,650

 

CCC+

 

 

 

325

 

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

 

 

282,750

 

B3

 

 

 

210

3

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

 

 

213,150

 

CCC+

 

 

 

575

 

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

 

 

477,250

 

Caa1

 

 

 

600

 

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

 

 

561,000

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

2,606,200

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Media—0.5%

 

 

 

 

NR

 

 

 

250

 

Cablecom SCA, 5.264%, 4/30/12 (Luxembourg) (EUR)

 

 

298,935

 

CCC+

 

 

 

780

 

Charter Communications Holdings II, LLC/Charter Communications Holdings II Capital Corp., 10.25%, 9/15/10

 

 

776,100

 

BB-

 

 

 

750

 

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

 

 

723,750

 

B2

 

 

 

80

3

Network Communications, Inc., 10.75%, 12/01/13

 

 

80,100

 

B3

 

 

 

70

 

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

 

 

64,137

 

B2

 

 

 

350

2,3

Paxson Communications Corp., 7.777%, 1/15/12

 

 

348,250

 

CCC+

 

 

 

100

3

Unity Media GmbH, 10.375%, 2/15/15 (Germany)

 

 

103,875

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

2,395,147

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Real Estate—1.3%

 

 

 

 

BB+

 

 

 

6,350

 

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

 

 

6,041,263

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

6


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

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

Description

 

Value

 









 

 

 

 

 

 

Technology—0.9%

 

 

 

 

BB+

 

 

$

1,500

2

Freescale Semiconductor, Inc., 7.35%, 7/15/09

 

$

1,548,750

 

Ba3

 

 

 

1,875

2

MagnaChip Semiconductor SA/Magna Semiconductor Finance Co., 7.741%, 12/15/11

 

 

1,907,812

 

B-

 

 

 

250

2,3

Sungard Data Systems, Inc., 8.525%, 8/15/13

 

 

260,625

 

B

 

 

 

140

 

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

 

 

138,600

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

3,855,787

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Telecommunications—1.9%

 

 

 

 

CCC

 

 

 

70

3

Centennial Communications Corp., 10.00%, 1/01/13

 

 

69,825

 

BB-

 

 

 

810

 

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

 

 

840,375

 

 

 

 

 

 

 

Dobson Cellular Systems, Inc.,

 

 

 

 

B1

 

 

 

350

 

 

8.375%, 11/01/11

 

 

371,438

 

B1

 

 

 

325

2

 

9.00%, 11/01/11

 

 

338,000

 

B3

 

 

 

115

2,3

Hawaiian Telcom Communications, Inc., 9.948%, 5/01/13

 

 

109,825

 

 

 

 

 

 

 

Intelsat Ltd., (Bermuda)

 

 

 

 

Caa1

 

 

 

75

 

 

5.25%, 11/01/08

 

 

67,875

 

B2

 

 

 

50

3

 

8.25%, 1/15/13

 

 

50,000

 

B2

 

 

 

200

3

 

8.625%, 1/15/15

 

 

202,000

 

B2

 

 

 

485

2,3

 

9.614%, 1/15/12

 

 

492,275

 

BB

 

 

 

2,350

2

Qwest Communications Intl., Inc, 7.84%, 2/15/09

 

 

2,376,437

 

BB+

 

 

 

2,500

2,3

Qwest Corp., 7.741%, 6/15/13

 

 

2,706,250

 

BB

 

 

 

400

2

Rogers Wireless Communications, Inc., 7.616%, 12/15/10 (Canada)

 

 

414,000

 

Caa1

 

 

 

385

 

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

 

 

406,175

 

B3

 

 

 

150

3

Wind Acquisition Finance SA, 10.75%, 12/01/15 (Luxembourg)

 

 

156,375

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

8,600,850

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Transportation—0.3%

 

 

 

 

BB-

 

 

 

130

3

Hertz Corp., 8.875%, 1/01/14

 

 

132,600

 

B3

 

 

 

315

 

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

 

 

331,538

 

B+

 

 

 

750

 

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

 

 

758,437

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

1,222,575

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Corporate Bonds

 

 

92,214,582

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Bank Loans—102.4%

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense—2.1%

 

 

 

 

 

 

 

 

2,955

 

Caci International, Inc., Term Loan, LIBOR + 1.50%, 5/03/11

 

 

2,979,510

 

 

 

 

 

976

 

Camp Acquisition Co., Term Loan A, LIBOR + 3.25%, 8/30/11

 

 

978,246

 

 

 

 

 

995

 

Dyncorp International LLC, Term Loan B, LIBOR + 2.75%, 2/11/11

 

 

997,488

 

 

 

 

 

411

 

Hexcel Corp., Term Loan B, LIBOR + 1.75%, 3/01/12

 

 

414,537

 

 

 

 

 

2,000

 

MRO Acquisition LLC, Second Lien Term Loan, LIBOR + 5.25%, 8/15/11

 

 

2,025,000

 

 

 

 

 

1,492

 

Standard Aero Holdings, Inc., Term Loan, LIBOR + 2.25%, 8/20/12

 

 

1,482,048

 

 

 

 

 

499

 

U.S. Investigations Services, LLC, Term Loan B, LIBOR + 2.50%, 10/14/12

 

 

499,997

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

9,376,826

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Automotive—3.1%

 

 

 

 

 

 

 

 

 

 

Goodyear Tire & Rubber Co. (The),

 

 

 

 

 

 

 

 

500

 

 

Second Lien Term Loan, LIBOR + 2.75%, 4/30/10

 

 

503,021

 

 

 

 

 

1,000

 

 

Third Lien Term Loan, LIBOR + 3.50%, 4/01/11

 

 

996,750

 

 

 

 

 

993

 

Hilite International, European Term Loan, LIBOR + 4.00%, 4/15/10

 

 

932,950

 

 

 

 

 

750

 

IAP Worldwide Services, Inc., Term Loan, LIBOR, 12/31/12

 

 

757,500

 

 

 

 

 

500

 

Keystone Automotive, Inc., Term Loan C, LIBOR + 2.50%, 11/30/10

 

 

501,250

 

 

 

 

 

999

 

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

 

 

996,495

 

 

 

 

 

1,750

 

Polar Corp., Second Lein Term Loan, LIBOR, 6/15/10

 

 

1,776,250

 

 

 

 

 

500

 

Precision Parts Intl., Term Loan B, LIBOR + 3.75%, 10/01/11

 

 

501,875

 

 

 

 

 

1,252

 

Progressive Moulded Products Ltd., Term Loan B, LIBOR + 4.50%, 8/16/11

 

 

1,069,123

 

 

 

 

 

2,993

 

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

 

 

2,948,303

 

 

 

 

 

 

 

TRW Automotive Acquisitions Corp.,

 

 

 

 

 

 

 

 

494

 

 

Tranche B, LIBOR + 1.50%, 6/30/12

 

 

494,997

 

 

 

 

 

2,481

 

 

New Term Loan E, LIBOR + 1.50%, 10/29/10

 

 

2,485,592

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

13,964,106

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

7


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

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

Description

 

Value

 









 

 

 

 

 

 

Basic Materials—13.3%

 

 

 

 

 

 

 

$

2,776

 

Appleton Papers, Inc., Term Loan, LIBOR + 2.25%, 6/11/10

 

$

2,798,265

 

 

 

 

 

 

 

Basell NV,

 

 

 

 

 

 

 

 

500

 

 

Term Loan B2, LIBOR + 2.50%, 9/07/13

 

 

507,344

 

 

 

 

 

500

 

 

Term Loan C2, LIBOR + 3.00%, 9/07/14

 

 

507,344

 

 

 

 

 

995

 

Berry Plastics Corp., Term Loan, LIBOR + 2.00%, 12/02/11

 

 

1,005,987

 

 

 

 

 

1,912

 

Boise Cascade Corp., Term Loan D, LIBOR + 1.75%, 10/29/11

 

 

1,935,605

 

 

 

 

 

3,000

 

Brenntag Group, Term Loan, TBD

 

 

3,024,166

 

 

 

 

 

791

 

Buckeye Technologies, Inc., Term Loan, LIBOR + 2.00%, 3/15/08

 

 

794,344

 

 

 

 

 

3,588

 

Celanese, Ag, Term Loan, LIBOR + 2.00%, 4/06/11

 

 

3,621,091

 

 

 

 

 

2,000

 

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

 

 

2,039,000

 

 

 

 

 

1,000

 

Compass Minerals, Term Loan, LIBOR + 1.50%, 12/31/12

 

 

1,005,000

 

 

 

 

 

1,426

 

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

 

 

1,445,727

 

 

 

 

 

987

 

Hercules, Inc., Term Loan B, LIBOR + 1.75%, 10/08/10

 

 

997,805

 

 

 

 

 

7,308

 

Huntsman International, LLC, Term Loan B, LIBOR + 1.75%, 8/16/12

 

 

7,340,937

 

 

 

 

 

 

 

Ineos Group, Ltd.,

 

 

 

 

 

 

 

 

2,750

 

 

Term Loan B2, LIBOR + 2.75%, 12/16/13

 

 

2,750,000

 

 

 

 

 

2,750

 

 

Term Loan C2, LIBOR + 3.25%, 12/16/14

 

 

2,750,000

 

 

 

 

 

3,780

 

Innophos, Inc., Term Loan, LIBOR + 2.25%, 8/13/10

 

 

3,817,800

 

 

 

 

 

 

 

Invista B.V.,

 

 

 

 

 

 

 

 

2,650

 

 

Term Loan, TBD

 

 

2,663,250

 

 

 

 

 

4,726

 

 

Term Loan B-1, LIBOR + 2.25%, 4/29/11

 

 

4,765,461

 

 

 

 

 

220

 

Kraton Polymers, LLC, Term Loan, LIBOR + 2.50%, 12/23/10

 

 

223,180

 

 

 

 

 

5,831

 

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

 

 

5,900,687

 

 

 

 

 

1,500

 

Pinnoak Resources, LLC, Term Loan, LIBOR, 11/22/12

 

 

1,503,750

 

 

 

 

 

496

 

PQ Corp., Term Loan, LIBOR + 2.00%, 2/10/12

 

 

501,213

 

 

 

 

 

500

 

Pregis Corp., Term Loan B-2, LIBOR + 2.50%, 10/12/12

 

 

594,910

 

 

 

 

 

950

 

Professional Paint, Inc., Term Loan, LIBOR + 2.75%, 9/30/11

 

 

953,563

 

 

 

 

 

4,355

 

Rockwood Specialties Group, Inc., Term Loan E, LIBOR + 2.00%, 2/13/13

 

 

4,399,229

 

 

 

 

 

1,970

 

Supresta, LLC, Term Loan, LIBOR + 3.00%, 7/30/12

 

 

1,972,462

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

59,818,120

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Building & Development—2.4%

 

 

 

 

 

 

 

 

242

 

Atrium Companies, Inc., Term Loan, LIBOR + 3.75%, 12/28/11

 

 

238,777

 

 

 

 

 

1,500

 

Custom Building Products, Inc., Second Lien Term Loan, LIBOR + 5.00%, 4/29/12

 

 

1,485,000

 

 

 

 

 

500

 

Euramax International, Inc., Second Lien Term Loan, LIBOR + 7.00%, 6/29/13

 

 

468,125

 

 

 

 

 

1,250

 

Harmon Koval, Term Loan, 3.25%, 11/18/07

 

 

1,246,875

 

 

 

 

 

2,000

 

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

 

 

2,017,500

 

 

 

 

 

988

 

Nortek, Inc., Term Loan B, LIBOR + 2.25%, 8/27/11

 

 

995,400

 

 

 

 

 

2,268

 

Ply Gem Industries, Inc., CND Term Loan, LIBOR + 2.50%, 3/15/10

 

 

2,276,731

 

 

 

 

 

1,250

 

Professional Service, Inc., Term Loan B, LIBOR + 3.00%, 10/31/12

 

 

1,251,563

 

 

 

 

 

975

 

Rhodes Ranch, Term Loan, LIBOR + 3.25%, 11/21/10

 

 

972,563

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

10,952,534

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Business Equipment & Services—0.2%

 

 

 

 

 

 

 

 

990

 

Latham International, Term Loan, LIBOR + 3.75%, 12/31/10

 

 

997,432

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Conglomerates—6.6%

 

 

 

 

 

 

 

 

 

 

Atlantis Plastics, Inc.,

 

 

 

 

 

 

 

 

995

 

 

First Lien Term Loan, LIBOR + 2.75%, 9/30/11

 

 

998,731

 

 

 

 

 

750

 

 

Second Lien Term Loan, LIBOR + 7.25%, 3/11/05

 

 

748,125

 

 

 

 

 

486

 

Chart Industries, Inc., Term Loan B, LIBOR + 2.00%, 10/17/12

 

 

491,884

 

 

 

 

 

2,757

 

Fidelity National Information Solutions, Inc., Term Loan B, LIBOR + 1.75%, 3/09/13

 

 

2,767,507

 

 

 

 

 

500

 

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

 

 

496,000

 

 

 

 

 

3,456

 

Honeywell Security, Term Loan B, LIBOR + 3.25%, 6/28/10

 

 

3,473,550

 

 

 

 

 

 

 

IAP Acquisition Corp.,

 

 

 

 

 

 

 

 

1,496

 

 

First Lien Term Loan, LIBOR + 2.75%, 3/01/11

 

 

1,496,874

 

 

 

 

 

625

 

 

Second Lien Term Loan, LIBOR + 5.75%, 3/01/12

 

 

637,239

 

 

 

 

 

 

 

Invensys Intl. Holdings, Ltd.,

 

 

 

 

 

 

 

 

2,000

 

 

Term Loan, LIBOR, 3/05/09

 

 

1,940,000

 

 

 

 

 

561

 

 

Term Loan B1, LIBOR + 3.50%, 9/05/09

 

 

570,609

 

 

 

 

 

2,000

 

 

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

 

 

2,050,000

 

See Notes to Financial Statements.

8


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

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

Description

 

Value

 









 

 

 

 

 

 

Conglomerates—(cont’d)

 

 

 

 

 

 

 

 

 

 

Jarden Corp.,

 

 

 

 

 

 

 

$

989

 

 

Term Loan B2, LIBOR + 1.75%, 1/24/12

 

$

990,825

 

 

 

 

 

1,577

 

 

Term Loan, LIBOR + 2.00%, 8/15/11

 

 

1,583,396

 

 

 

 

 

463

 

Lionbridge Technologies, Inc., Term Loan, LIBOR + 3.50%, 9/01/11

 

 

464,813

 

 

 

 

 

998

 

Mueller Group, Inc., Term Loan B, LIBOR + 2.25%, 10/03/12

 

 

1,008,722

 

 

 

 

 

417

 

Penn Engineering & Manufacturing, Term Loan, LIBOR + 2.50%, 5/25/11

 

 

421,105

 

 

 

 

 

2,439

 

Polypore, Inc., Term Loan, LIBOR + 3.00%, 11/12/11

 

 

2,420,661

 

 

 

 

 

707

 

Rexnord Corp., Term Loan, LIBOR + 2.25%, 12/31/11

 

 

713,919

 

 

 

 

 

2,487

 

Sungard Data Systems, Inc., Term Loan B, LIBOR + 2.50%, 2/11/13

 

 

2,501,750

 

 

 

 

 

3,754

 

Visant Holding Corp., Term Loan C, LIBOR + 2.25%, 10/04/11

 

 

3,800,948

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

29,576,658

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Consumer Products—15.4%

 

 

 

 

 

 

 

 

1,000

 

24 Hour Fitness Worldwide, Inc., Term Loan B, LIBOR + 3.00%, 6/08/12

 

 

1,011,667

 

 

 

 

 

469

 

Adams Outdoor Advertising, L.P., Term Loan, LIBOR + 2.00%, 10/18/12

 

 

475,063

 

 

 

 

 

1,985

 

Alliance One International, Inc., Term Loan B, LIBOR + 3.50%, 5/13/10

 

 

1,982,519

 

 

 

 

 

498

 

Arby’s Restaurant Group, Inc., Term Loan B, LIBOR + 2.25%, 7/25/12

 

 

499,366

 

 

 

 

 

 

 

Berkline Bench Craft,

 

 

 

 

 

 

 

 

1,625

 

 

Term Loan B, LIBOR + 3.00%, 11/03/11

 

 

1,495,000

 

 

 

 

 

2,000

 

 

Second Lien Term Loan, LIBOR + 10.00%, 4/30/12

 

 

1,500,000

 

 

 

 

 

 

 

Bolthouse Farms, Inc.,

 

 

 

 

 

 

 

 

1,000

 

 

Term Loan, PRIME + 1.50%, 12/16/12

 

 

1,013,750

 

 

 

 

 

500

 

 

Term Loan, PRIME + 4.50%, 12/16/13

 

 

510,833

 

 

 

 

 

995

 

Burger King Corp., Term Loan B, LIBOR + 1.75%, 6/30/12

 

 

1,005,883

 

 

 

 

 

963

 

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

 

 

974,160

 

 

 

 

 

742

 

Central Garden & Pet Co., Term Loan B, LIBOR + 1.75%, 5/15/09

 

 

751,716

 

 

 

 

 

498

 

Chiquita Brands International, Inc., Term Loan C, LIBOR + 2.50%, 6/28/12

 

 

502,061

 

 

 

 

 

1,116

 

CKE Restaurants, Inc., Term Loan, LIBOR + 2.00%, 5/01/10

 

 

1,125,412

 

 

 

 

 

 

 

Coinmach Corp.,

 

 

 

 

 

 

 

 

596

 

 

Term Loan, 0.50%, 12/19/12

 

 

604,693

 

 

 

 

 

404

 

 

Term Loan, LIBOR + 2.50%, 12/19/12

 

 

409,057

 

 

 

 

 

1,750

 

Commonwealth Brands, Inc., Term Loan, PRIME + 1.25%, 12/22/12

 

 

1,766,406

 

 

 

 

 

1,122

 

Constellation Brands, Inc., Term Loan B, LIBOR + 1.50%, 11/30/11

 

 

1,132,902

 

 

 

 

 

743

 

Culligan International Co., Term Loan B, LIBOR + 2.50%, 9/30/11

 

 

750,853

 

 

 

 

 

3,500

 

Denny’s Corp., Second Lien Term Loan, LIBOR + 5.25%, 9/30/10

 

 

3,591,875

 

 

 

 

 

1,473

 

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

 

 

1,455,033

 

 

 

 

 

 

 

Eastman Kodak Co.,

 

 

 

 

 

 

 

 

368

 

 

Term Loan B-2, 1.50%, 10/18/12

 

 

364,890

 

 

 

 

 

882

 

 

Term Loan B1, LIBOR + 2.25%, 10/18/12

 

 

883,088

 

 

 

 

 

1,500

 

Eight O’Clock Coffee, Term Loan B, LIBOR + 3.00%, 11/14/11

 

 

1,511,250

 

 

 

 

 

500

 

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

 

 

505,000

 

 

 

 

 

500

 

Garden Fresh Restaurant Corp., Term Loan, PRIME, 6/30/12

 

 

500,000

 

 

 

 

 

224

 

Herbalife International, Inc., Term Loan, LIBOR + 1.75%, 12/20/10

 

 

225,976

 

 

 

 

 

 

 

Hertz Corp.,

 

 

 

 

 

 

 

 

1,266

 

 

Term Loan, 11.25%, 12/31/07

 

 

1,281,231

 

 

 

 

 

500

 

 

Term Loan, LIBOR, 12/31/12

 

 

506,016

 

 

 

 

 

1,484

 

 

Term Loan, LIBOR + 2.25%, 12/31/12

 

 

1,501,854

 

 

 

 

 

748

 

Knoll, Inc., Term Loan, LIBOR + 2.00%, 10/03/12

 

 

755,606

 

 

 

 

 

990

 

Landry’s Restaurants, Inc., Term Loan B, LIBOR + 1.75%, 12/28/10

 

 

999,075

 

 

 

 

 

749

 

Language Line, Inc., Term Loan B, LIBOR + 4.25%, 6/10/11

 

 

751,662

 

 

 

 

 

917

 

Maidenform, Inc., Term Loan, LIBOR + 2.25%, 5/11/10

 

 

923,542

 

 

 

 

 

998

 

Mapco Express, Inc., Term Loan, LIBOR + 2.75%, 4/28/11

 

 

1,009,969

 

 

 

 

 

500

 

MD Beauty, Inc., Second Lien Term Loan, LIBOR + 7.00%, 2/18/13

 

 

503,125

 

 

 

 

 

3,483

 

Movie Gallery, Inc., Term Loan B, LIBOR + 3.75%, 4/27/11

 

 

3,323,301

 

 

 

 

 

1,750

 

Neiman-Marcus Group, Inc., Term Loan, LIBOR + 2.50%, 4/06/13

 

 

1,761,947

 

 

 

 

 

1,995

 

NewPage, Term Loan B, LIBOR + 3.00%, 5/02/11

 

 

2,014,950

 

 

 

 

 

3,500

 

Olympus Cable Holdings, LLC, Term Loan B, PRIME + 2.00%, 9/30/10

 

 

3,404,999

 

 

 

 

 

591

 

Oreck Corp., Term Loan B, LIBOR + 2.75%, 1/27/12

 

 

593,963

 

 

 

 

 

 

 

Oriental Trading Co., Inc.,

 

 

 

 

 

 

 

 

1,345

 

 

Term Loan B, LIBOR + 2.25%, 8/06/10

 

 

1,349,103

 

 

 

 

 

1,500

 

 

Second Lien Term Loan, LIBOR + 4.75%, 1/08/11

 

 

1,504,375

 

See Notes to Financial Statements.

9


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

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

Description

 

Value

 









 

 

 

 

 

 

Consumer Products—(cont’d)

 

 

 

 

 

 

 

$

3,455

 

OSI Group LLC, German Term Loan, LIBOR + 2.00%, 9/02/11

 

$

3,491,042

 

 

 

 

 

903

 

PBM Products, LLC, Term Loan B, LIBOR + 3.00%, 7/26/11

 

 

904,263

 

 

 

 

 

2,382

 

Pierre Foods, Inc., Term Loan B, LIBOR + 1.75%, 6/30/10

 

 

2,409,303

 

 

 

 

 

750

 

Pivotal Promontory, LLC, Second Lien Term Loan, LIBOR + 6.50%, 8/31/11

 

 

750,000

 

 

 

 

 

1,970

 

Prestige Brands Holdings, Inc., Term Loan B, LIBOR + 2.25%, 4/06/11

 

 

1,985,596

 

 

 

 

 

 

 

R.H. Donnelley, Inc.,

 

 

 

 

 

 

 

 

396

 

 

Term Loan A3, LIBOR + 1.75%, 12/31/09

 

 

397,279

 

 

 

 

 

2,163

 

 

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

 

 

2,172,046

 

 

 

 

 

1,500

 

Roundy’s Supermarkets, Inc., Term Loan, LIBOR + 3.00%, 11/03/11

 

 

1,489,875

 

 

 

 

 

2,955

 

Solo Cup, Inc., Term Loan, LIBOR + 2.50%, 2/27/11

 

 

2,972,741

 

 

 

 

 

993

 

Spectrum Brands, Inc., Term Loan B, LIBOR + 2.25%, 2/06/12

 

 

996,636

 

 

 

 

 

 

 

Synventive Acquisition, Inc.,

 

 

 

 

 

 

 

 

748

 

 

Term Loan B, LIBOR + 3.25%, 7/29/12

 

 

751,398

 

 

 

 

 

800

 

 

Term Loan, LIBOR + 14.00%, 7/29/14

 

 

800,000

 

 

 

 

 

500

 

Travelcenters of America, Inc., Term Loan B, LIBOR + 1.75%, 12/01/11

 

 

504,625

 

 

 

 

 

961

 

Tupperware Corp., Term Loan, LIBOR + 1.50%, 12/05/12

 

 

959,288

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

69,317,263

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Containers & Packaging—3.0%

 

 

 

 

 

 

 

 

349

 

Flexsol Packaging Corp., First Lien Term Loan, LIBOR + 3.25%, 11/30/11

 

 

346,991

 

 

 

 

 

 

 

Graham Packaging Company, L.P.,

 

 

 

 

 

 

 

 

5,687

 

 

Term Loan B, LIBOR + 2.25%, 10/07/11

 

 

5,749,092

 

 

 

 

 

2,000

 

 

Term Loan C, LIBOR + 4.25%, 4/07/12

 

 

2,032,500

 

 

 

 

 

3,425

 

Graphic Packaging International, Inc., Term Loan C, LIBOR + 2.50%, 6/30/10

 

 

3,463,744

 

 

 

 

 

750

 

Ranpak Corp., Term Loan B, PRIME + 1.50%, 12/31/11

 

 

754,687

 

 

 

 

 

900

 

Smurfit-Stone Container Corp., Term Loan B, LIBOR + 2.25%, 11/01/11

 

 

907,647

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

13,254,661

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Ecological Services & Equipment—0.9%

 

 

 

 

 

 

 

 

 

 

Allied Waste North America, Inc.,

 

 

 

 

 

 

 

 

535

 

 

Term Loan A, LIBOR + 2.00%, 1/15/12

 

 

537,811

 

 

 

 

 

1,416

 

 

Term Loan, LIBOR + 2.00%, 1/15/12

 

 

1,422,941

 

 

 

 

 

2,000

 

Envirosolutions, Inc., Term Loan, LIBOR + 3.50%, 7/07/12

 

 

2,030,000

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

3,990,752

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Energy—6.6%

 

 

 

 

 

 

 

 

1,500

 

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

 

 

1,513,125

 

 

 

 

 

 

 

Boart Longyear Co.,

 

 

 

 

 

 

 

 

1,496

 

 

Term Loan, LIBOR + 3.00%, 7/28/12

 

 

1,511,212

 

 

 

 

 

500

 

 

Term Loan, LIBOR + 7.00%, 4/30/13

 

 

500,000

 

 

 

 

 

995

 

Cellnet Technology, Inc., Term Loan B, LIBOR + 3.00%, 4/26/12

 

 

1,004,950

 

 

 

 

 

1,498

 

Coffeyville Resources, LLC, Term Loan, LIBOR + 2.50%, 6/24/12

 

 

1,515,068

 

 

 

 

 

597

 

Cogentrix Delaware Holdings, Inc., Term Loan, LIBOR + 1.75%, 4/14/12

 

 

602,142

 

 

 

 

 

500

 

Coleto Creek Power, Term Loan C1, LIBOR + 2.00%, 6/30/12

 

 

509,688

 

 

 

 

 

249

 

Complete Production Services, Inc., Term Loan B, LIBOR, 9/12/12

 

 

251,869

 

 

 

 

 

1,975

 

El Paso Corp., Term Loan, LIBOR + 2.85%, 11/30/07

 

 

1,982,681

 

 

 

 

 

498

 

Energy Transfer Co., Term Loan B, LIBOR + 3.00%, 5/20/12

 

 

497,749

 

 

 

 

 

1,500

 

Key Energy Services, Term Loan B, LIBOR + 2.75%, 6/30/12

 

 

1,518,124

 

 

 

 

 

482

 

Mainline, L.P., Term Loan, LIBOR + 2.375%, 12/31/11

 

 

482,500

 

 

 

 

 

650

 

MGG Holdings, Term Loan, TBD, 12/15/10

 

 

655,688

 

 

 

 

 

1,250

 

Petro Geological Services, Term Loan, LIBOR, 12/31/12

 

 

1,258,594

 

 

 

 

 

250

 

Petrohawk, Second Lien Term Loan, LIBOR + 4.50%, 7/31/10

 

 

251,875

 

 

 

 

 

7,037

 

Reliant Energy Resources Corp., Term Loan, LIBOR + 2.375%, 4/30/10

 

 

7,009,332

 

 

 

 

 

 

 

Semcrude, L.P.,

 

 

 

 

 

 

 

 

636

 

 

USD Term Loan, LIBOR + 2.25%, 3/16/11

 

 

641,679

 

 

 

 

 

1,496

 

 

CND Term Loan, LIBOR + 2.25%, 3/16/11

 

 

1,511,349

 

 

 

 

 

1,500

 

Targa Resources Asst. Sale, Term Loan, LIBOR + 2.25%, 10/31/07

 

 

1,498,125

 

 

 

 

 

2,983

 

Texas Genco, LLC, Term Loan, LIBOR + 2.00%, 12/14/11

 

 

2,984,461

 

See Notes to Financial Statements.

10



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

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

 

Value

 









 

 

 

 

 

 

 

Energy—(cont’d)

 

 

 

 

 

 

 

$

500

 

 

Trout Coal Holdings, LLC, Second Lien Term Loan, LIBOR + 6.50%, 3/15/12

 

$

481,250

 

 

 

 

 

 

 

 

Wolf Hollow I LP.,

 

 

 

 

 

 

 

 

491

 

 

Term Loan, LIBOR, 6/15/12

 

 

493,939

 

 

 

 

 

500

 

 

Term Loan, LIBOR, 12/15/12

 

 

506,250

 

 

 

 

 

509

 

 

Term Loan, LIBOR + 2.25%, 6/15/12

 

 

512,936

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

29,694,586

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Entertainment & Leisure—8.1%

 

 

 

 

 

 

 

 

998

 

 

Blockbuster Entertainment Corp., Term Loan B, LIBOR + 4.00%, 8/20/11

 

 

967,766

 

 

 

 

 

1,970

 

 

Boyd Gaming Corp., Term Loan B, LIBOR + 1.50%, 6/30/11

 

 

1,991,753

 

 

 

 

 

1,245

 

 

CCM Merger, Inc., Term Loan B, LIBOR + 2.00%, 7/13/12

 

 

1,252,157

 

 

 

 

 

2,000

 

 

Greektown Holdings, LLC, Term Loan B, LIBOR + 2.50%, 12/03/12

 

 

2,020,000

 

 

 

 

 

1,500

 

 

Hit Entertainment, Ltd., Term Loan, LIBOR + 2.25%, 3/20/12

 

 

1,502,625

 

 

 

 

 

 

 

 

Hollywood Theaters, Inc.,

 

 

 

 

 

 

 

 

1,724

 

 

First Lien Term Loan, LIBOR + 3.25%, 7/31/09

 

 

1,732,369

 

 

 

 

 

2,500

 

 

Second Lien Term Loan, LIBOR + 7.00%, 1/31/10

 

 

2,515,625

 

 

 

 

 

1,485

 

 

Kerasotes Theatres, Inc., Term Loan B, LIBOR + 2.50%, 10/31/11

 

 

1,489,949

 

 

 

 

 

4,924

 

 

Loews Cineplex Entertainment Corp., Term Loan B, LIBOR + 2.25%, 7/31/11

 

 

4,938,627

 

 

 

 

 

990

 

 

Marina District Fin. Company, Inc., Term Loan B, LIBOR + 1.75%, 10/20/11

 

 

995,775

 

 

 

 

 

5,000

 

 

Metro-Goldwyn-Mayer Studios, Inc., Term Loan B, LIBOR + 2.25%, 4/08/12

 

 

5,029,545

 

 

 

 

 

998

 

 

Penn National Gaming, Term Loan B, LIBOR + 1.75%, 10/03/12

 

 

1,008,411

 

 

 

 

 

750

 

 

Riverside Casino & Golf Resort, LLC, Term Loan B, PRIME + 3.00%, 11/15/12

 

 

750,000

 

 

 

 

 

990

 

 

Universal City Dev. Partners LP, Term Loan B, LIBOR + 2.00%, 6/09/11

 

 

1,001,137

 

 

 

 

 

1,500

 

 

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

 

 

1,508,672

 

 

 

 

 

499

 

 

Volume Svcs. America, Inc., Term Loan, LIBOR + 3.25%, 10/01/10

 

 

501,241

 

 

 

 

 

 

 

 

Wembley, Inc.,

 

 

 

 

 

 

 

 

995

 

 

First Lien Term Loan, LIBOR + 2.00%, 8/23/11

 

 

1,010,547

 

 

 

 

 

500

 

 

Second Lien Term Loan, LIBOR + 3.75%, 8/23/12

 

 

508,437

 

 

 

 

 

1,099

 

 

Wyndham International, Inc., Term Loan E, LIBOR + 4.50%, 9/11/07

 

 

1,154,317

 

 

 

 

 

4,000

 

 

Wynn Las Vegas, LLC, Term Loan, LIBOR + 2.15%, 12/14/11

 

 

4,036,668

 

 

 

 

 

498

 

 

Yellowstone Mountain Club, Term Loan, LIBOR + 2.35%, 9/30/10

 

 

498,697

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

36,414,318

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Financial Institutions—1.7%

 

 

 

 

 

 

 

 

1,185

 

 

Arias Acquisitions, Inc., Term Loan, LIBOR + 3.75%, 7/26/11

 

 

1,180,556

 

 

 

 

 

1,433

 

 

Global Cash Access, LLC, Term Loan, LIBOR + 2.25%, 3/10/10

 

 

1,450,829

 

 

 

 

 

 

 

 

N.E.W. Holdings I, LLC,

 

 

 

 

 

 

 

 

904

 

 

First Lien Term Loan, LIBOR + 3.25%, 7/08/11

 

 

915,623

 

 

 

 

 

250

 

 

Second Lien Term Loan, LIBOR + 7.00%, 6/30/12

 

 

253,750

 

 

 

 

 

2,000

 

 

Nasdaq Stock Market, Inc., Term Loan B, LIBOR + 1.50%, 12/08/11

 

 

2,010,834

 

 

 

 

 

496

 

 

USI Holdings Corp., Term Loan B, LIBOR + 2.50%, 8/11/08

 

 

497,142

 

 

 

 

 

1,103

 

 

Walnut Investment Co., LLC, Term Loan, LIBOR + 2.75%, 4/13/12

 

 

1,110,914

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

7,419,648

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Health Care—8.5%

 

 

 

 

 

 

 

 

3,900

 

 

Arizant, Inc., Term Loan, PRIME + 2.25%, 8/15/10

 

 

3,915,096

 

 

 

 

 

1,500

 

 

CCS Med., Term Loan B, LIBOR + 3.25%, 9/30/12

 

 

1,485,000

 

 

 

 

 

5,377

 

 

Community Health Systems, Inc., Term Loan, LIBOR + 1.75%, 8/19/11

 

 

5,440,776

 

 

 

 

 

3,500

 

 

Concentra Operating Corp., Term Loan B, LIBOR + 2.00%, 9/30/11

 

 

3,540,834

 

 

 

 

 

958

 

 

Davita, Inc., Term Loan B, LIBOR + 2.25%, 10/05/12

 

 

970,495

 

 

 

 

 

1,000

 

 

Duloxetine Royalty Sub., First Lien Term Loan, LIBOR + 4.50%, 10/15/13

 

 

1,000,000

 

 

 

 

 

 

 

 

HealthSouth Corp.,

 

 

 

 

 

 

 

 

319

 

 

Term Loan B, LIBOR + 2.50%, 2/28/10

 

 

319,547

 

 

 

 

 

1,175

 

 

Term Loan, LIBOR + 2.50%, 3/31/10

 

 

1,178,282

 

 

 

 

 

2,000

 

 

Term Loan, LIBOR + 5.00%, 6/15/10

 

 

1,996,666

 

 

 

 

 

2,000

 

 

Term Loan, 10.375%, 1/16/11

 

 

2,103,334

 

 

 

 

 

2,955

 

 

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

 

 

2,990,705

 

 

 

 

 

2,663

 

 

Jean Coutu Group, Inc., Term Loan B, LIBOR + 2.25%, 7/30/11

 

 

2,686,887

 

 

 

 

 

531

 

 

Kinetic Concepts, Inc., Term Loan B-2, LIBOR + 1.75%, 8/11/10

 

 

534,853

 

 

 

 

 

480

 

 

NDC Hlth. Corp., Term Loan, LIBOR + 3.00%, 11/26/08

 

 

479,968

 

 

 

 

 

993

 

 

Select Med. Corp., Term Loan B, PRIME + 0.75%, 2/24/12

 

 

992,224

 

 

 

 

 

500

 

 

Triumph Healthcare Second Holdings, Inc., Second Lien Term Loan, LIBOR + 8.50%, 8/31/12

 

 

499,584

 

 

 

 

 

3,029

 

 

US Oncology, Inc., Term Loan, LIBOR + 2.25%, 8/20/11

 

 

3,059,746

 

See Notes to Financial Statements.

11


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

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

 

Value

 









 

 

 

 

 

 

 

Health Care—(cont’d)

 

 

 

 

 

 

 

$

993

 

 

Vanguard Hlth. Holding Co. II, Term Loan, LIBOR + 2.25%, 9/23/11

 

$

1,004,493

 

 

 

 

 

 

 

 

Warner Chilcott Corp.,

 

 

 

 

 

 

 

 

530

 

 

Term Loan, 1.375%, 1/18/11

 

 

528,928

 

 

 

 

 

2,167

 

 

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

 

 

2,163,007

 

 

 

 

 

873

 

 

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

 

 

871,586

 

 

 

 

 

403

 

 

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

 

 

402,648

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

38,164,659

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Industrials—1.6%

 

 

 

 

 

 

 

 

 

 

 

Acosta, Inc.,

 

 

 

 

 

 

 

 

1,250

 

 

Term Loan, LIBOR + 2.25%, 12/15/12

 

 

1,262,500

 

 

 

 

 

150

 

 

Term Loan, LIBOR + 5.75%, 6/06/13

 

 

153,000

 

 

 

 

 

435

 

 

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

 

 

439,305

 

 

 

 

 

744

 

 

Novelis, Inc., CND Term Loan B, LIBOR + 1.75%, 1/06/12

 

 

750,959

 

 

 

 

 

625

 

 

QTC Acquisition, Inc., Term Loan, LIBOR + 6.50%, 5/04/13

 

 

624,219

 

 

 

 

 

492

 

 

Roller Bearing Co. of America, Term Loan, PRIME + 1.50%, 6/30/11

 

 

494,544

 

 

 

 

 

2,000

 

 

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

 

 

1,860,000

 

 

 

 

 

1,649

 

 

Worldspan, L.P., Term Loan, LIBOR + 2.75%, 2/16/10

 

 

1,599,422

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

7,183,949

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Media—14.6%

 

 

 

 

 

 

 

 

1,844

 

 

Alliance Atlantis Communications, Inc., Term Loan C, LIBOR + 1.50%, 12/20/11

 

 

1,854,704

 

 

 

 

 

1,737

 

 

American Lawyers Media, Inc., First Lien Term Loan, LIBOR + 2.50%, 3/05/10

 

 

1,733,980

 

 

 

 

 

978

 

 

Bragg Communications, Inc., Term Loan B, LIBOR + 2.00%, 8/31/11

 

 

989,744

 

 

 

 

 

1,000

 

 

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

 

 

1,010,938

 

 

 

 

 

10,000

 

 

Century Cable Holdings, LLC, Term Loan, PRIME + 2.00%, 12/31/09

 

 

9,735,436

 

 

 

 

 

2,000

 

 

Century TCI California, L.P., Term Loan, PRIME + 0.75%, 12/31/07

 

 

1,984,000

 

 

 

 

 

 

 

 

Charter Communications Operating, LLC,

 

 

 

 

 

 

 

 

5,993

 

 

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

 

 

6,005,188

 

 

 

 

 

1,968

 

 

Term Loan B, LIBOR + 3.25%, 4/27/11

 

 

1,971,703

 

 

 

 

 

3,479

 

 

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

 

 

3,500,106

 

 

 

 

 

 

 

 

Dex Media West, LLC,

 

 

 

 

 

 

 

 

702

 

 

Term Loan, TBD, 9/09/10

 

 

703,719

 

 

 

 

 

1,592

 

 

Term Loan B, LIBOR + 1.75%, 3/09/10

 

 

1,598,989

 

 

 

 

 

2,000

 

 

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

 

 

2,016,562

 

 

 

 

 

1,336

 

 

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

 

 

1,340,523

 

 

 

 

 

 

 

 

Insight Midwest Holdings, LLC,

 

 

 

 

 

 

 

 

3,777

 

 

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

 

 

3,774,235

 

 

 

 

 

2,985

 

 

Term Loan C, LIBOR + 2.00%, 12/31/09

 

 

3,020,216

 

 

 

 

 

248

 

 

Masonite International Corp., Term Loan, LIBOR + 2.00%, 4/05/13

 

 

245,568

 

 

 

 

 

 

 

 

Mediacom Communications Corp.,

 

 

 

 

 

 

 

 

2,103

 

 

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

 

 

2,095,768

 

 

 

 

 

993

 

 

Term Loan C, LIBOR + 2.00%, 2/01/14

 

 

1,004,906

 

 

 

 

 

1,980

 

 

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

 

 

2,004,132

 

 

 

 

 

1,941

 

 

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

 

 

1,950,756

 

 

 

 

 

 

 

 

NEP Supershooters, L.P.,

 

 

 

 

 

 

 

 

693

 

 

First Lien Term Loan, LIBOR + 4.00%, 2/03/11

 

 

699,930

 

 

 

 

 

500

 

 

Second Lien Term Loan, LIBOR + 8.00%, 2/01/11

 

 

495,000

 

 

 

 

 

328

 

 

New Skies Satellites BV, Term Loan B, LIBOR + 2.00%, 5/02/11

 

 

329,017

 

 

 

 

 

1,976

 

 

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

 

 

1,985,772

 

 

 

 

 

5,000

 

 

NTL Investment Holding Ltd., Term Loan B, LIBOR + 3.00%, 5/19/12

 

 

5,011,250

 

 

 

 

 

750

 

 

Puerto Rico Cable Acquisition Co., Second Lien Term Loan, LIBOR + 6.25%, 7/31/11

 

 

762,188

 

 

 

 

 

2,500

 

 

Raycom Media, Inc., Term Loan B, LIBOR + 1.75%, 3/31/12

 

 

2,500,000

 

 

 

 

 

1,000

 

 

UPC Distribution Corp., Term Loan H, LIBOR + 2.75%, 9/30/12

 

 

1,008,214

 

 

 

 

 

3,942

 

 

WMG Acquisition Corp., Term Loan, LIBOR + 2.00%, 2/28/11

 

 

3,980,442

 

 

 

 

 

498

 

 

Young Broadcasting, Inc., Term Loan, LIBOR + 2.25%, 11/03/12

 

 

499,210

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

65,812,196

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Publishing—0.2%

 

 

 

 

 

 

 

 

750

 

 

Endurance Business Media, Term Loan B, LIBOR + 2.25%, 3/08/12

 

 

755,625

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

12


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

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

 

Value

 









 

 

 

 

 

 

 

Real Estate—2.4%

 

 

 

 

 

 

 

 

 

 

 

General Growth Properties, Inc.,

 

 

 

 

 

 

 

$

832

 

 

Term Loan A, LIBOR + 1.75%, 11/12/07

 

$

833,922

 

 

 

 

 

3,487

 

 

Term Loan B, LIBOR + 2.00%, 11/12/08

 

 

3,507,746

 

 

 

 

 

2,746

 

 

Headwaters, Inc., Term Loan, LIBOR + 2.25%, 4/30/11

 

 

2,759,472

 

 

 

 

 

 

 

 

Kyle Acquisition Group, LLC,

 

 

 

 

 

 

 

 

731

 

 

Term Loan B, LIBOR + 2.00%, 7/20/08

 

 

733,176

 

 

 

 

 

550

 

 

Term Loan, LIBOR + 2.00%, 7/20/10

 

 

552,062

 

 

 

 

 

885

 

 

Lake Las Vegas Resort, First Lien Term Loan, LIBOR + 2.75%, 11/01/09

 

 

887,386

 

 

 

 

 

952

 

 

Macerich Partnership, L.P., Term Loan, LIBOR + 1.60%, 4/25/06

 

 

952,308

 

 

 

 

 

248

 

 

Masonite Intl. Corp., CND Term Loan, LIBOR + 2.00%, 4/05/13

 

 

245,150

 

 

 

 

 

473

 

 

Stewart Enterprises, Inc., Term Loan B, LIBOR + 1.75%, 11/19/11

 

 

478,824

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

10,950,046

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Technology—3.6%

 

 

 

 

 

 

 

 

5,000

 

 

Colfax Intl., Term Loan, TBD, 11/30/11

 

 

5,919,500

 

 

 

 

 

2,916

 

 

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

 

 

2,926,510

 

 

 

 

 

498

 

 

Federal IT Systems, Inc., Term Loan, LIBOR + 2.75%, 4/01/11

 

 

501,542

 

 

 

 

 

353

 

 

SS&C Technologies, Inc., Term Loan, LIBOR + 2.50%, 11/04/12

 

 

355,619

 

 

 

 

 

2,308

 

 

UGS Corp., Term Loan, LIBOR + 2.00%, 5/30/11

 

 

2,333,833

 

 

 

 

 

2,875

 

 

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

 

 

2,907,465

 

 

 

 

 

1,400

 

 

Westcom Corp., Term Loan B, LIBOR + 2.75%, 12/16/10

 

 

1,403,543

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

16,348,012

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Telecommunications—7.7%

 

 

 

 

 

 

 

 

250

 

 

AAT Communications Corp., First Lien Term Loan, LIBOR + 1.75%, 7/27/12

 

 

252,969

 

 

 

 

 

1,000

 

 

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

 

 

1,009,250

 

 

 

 

 

2,000

 

 

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

 

 

2,023,750

 

 

 

 

 

4,369

 

 

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

 

 

4,417,585

 

 

 

 

 

500

 

 

Country Road Communications, LLC, Second Lien Term Loan, LIBOR, 7/15/13

 

 

506,250

 

 

 

 

 

750

 

 

Fairpoint Communications, Inc., Term Loan, LIBOR + 1.75%, 2/15/12

 

 

751,875

 

 

 

 

 

993

 

 

Intelsat Zeus, Ltd., Term Loan, LIBOR + 1.75%, 7/28/11

 

 

1,000,875

 

 

 

 

 

2,000

 

 

Iowa Telecommunications Services, Inc., Term Loan B, LIBOR + 1.75%, 11/23/11

 

 

2,015,000

 

 

 

 

 

 

 

 

IPC Acquisition Corp.,

 

 

 

 

 

 

 

 

1,000

 

 

First Lien Term Loan, LIBOR + 2.75%, 8/05/11

 

 

1,008,333

 

 

 

 

 

750

 

 

Second Lien Term Loan, LIBOR + 7.25%, 8/05/12

 

 

724,375

 

 

 

 

 

1,000

 

 

Madison River Capital, LLC, Term Loan B, LIBOR + 2.50%, 7/29/12

 

 

1,013,750

 

 

 

 

 

 

 

 

Ntelos, Inc.,

 

 

 

 

 

 

 

 

743

 

 

First Lien Term Loan, LIBOR + 2.50%, 2/24/10

 

 

747,141

 

 

 

 

 

1,750

 

 

Second Lien Term Loan, LIBOR + 5.00%, 2/24/12

 

 

1,760,937

 

 

 

 

 

1,250

 

 

Second Lien Term Loan, LIBOR + 5.00%, 2/25/12

 

 

1,257,812

 

 

 

 

 

 

 

 

PanAmSat Corp.,

 

 

 

 

 

 

 

 

1,248

 

 

Term Loan A1, LIBOR + 2.50%, 8/20/09

 

 

1,257,606

 

 

 

 

 

1,980

 

 

Term Loan B1, LIBOR + 2.00%, 8/20/11

 

 

2,001,616

 

 

 

 

 

2,000

 

 

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

 

 

2,044,500

 

 

 

 

 

 

 

 

Satbirds Finance,

 

 

 

 

 

 

 

 

5,000

 

 

Term Loan B1, LIBOR + 2.75%, 4/04/13

 

 

5,912,100

 

 

 

 

 

2,000

 

 

Second Lien Term Loan, LIBOR + 4.25%, 10/15/13

 

 

2,396,081

 

 

 

 

 

451

 

 

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

 

 

452,026

 

 

 

 

 

1,933

 

 

Valor Telecommunication Enterprises II, LLC, Term Loan B, LIBOR + 1.75%, 2/14/12

 

 

1,938,468

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

34,492,299

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Transportation—0.4%

 

 

 

 

 

 

 

 

500

 

 

Delta Air Lines, Inc., Term Loan A, LIBOR + 4.50%, 3/16/08

 

 

518,000

 

 

 

 

 

436

 

 

Sirva Worldwide, Inc., Term Loan, LIBOR + 4.00%, 12/31/09

 

 

416,030

 

 

 

 

 

 

 

 

Transport Industries, LP,

 

 

 

 

 

 

 

 

121

 

 

Term Loan, TBD, 9/30/11

 

 

120,989

 

 

 

 

 

629

 

 

Term Loan B, LIBOR + 2.50%, 9/31/09

 

 

631,825

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

1,686,844

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Bank Loans

 

 

460,170,534

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

13


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

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

 

Value

 









 

 

 

 

 

 

 

Foreign Government Bonds—30.4%

 

 

 

 

B-

 

 

$

11,840

 

 

Argentina Republic, 4.01%, 8/03/12

 

$

9,091,635

 

B+

 

 

 

5,809

2

 

Bolivarian Republic of Venezuela, 2.75%, 12/18/07

 

 

5,780,072

 

 

 

 

 

 

 

 

Federative Republic of Brazil,

 

 

 

 

BB-

 

 

 

3,560

2

 

2.125%, 4/15/12

 

 

3,515,258

 

BB-

 

 

 

10,424

2

 

3.125%, 4/15/12

 

 

10,321,846

 

BB-

 

 

 

9,435

2

 

10.271%, 6/29/09

 

 

10,897,425

 

BB-

 

 

 

1,840

 

 

Ser. B, 10.00%, 8/07/11

 

 

2,143,600

 

B+

 

 

 

1,600

 

 

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

 

 

1,612,622

 

 

 

 

 

5,689

2

 

Kingdom of Morocco, Zero Coupon, 1/02/09

 

 

5,674,665

 

A-

 

 

 

800

 

 

Malaysia, 8.75%, 6/01/09

 

 

893,584

 

A

 

 

 

2,400

 

 

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

 

 

2,539,200

 

BB

 

 

 

3,200

 

 

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

 

 

3,536,000

 

BB+

 

 

 

800

 

 

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

 

 

822,400

 

BB

 

 

 

12,714

2

 

Republic of Panama, 2.75%, 7/17/16

 

 

12,415,488

 

 

 

 

 

 

 

 

Republic of Peru,

 

 

 

 

BB

 

 

 

5,488

2

 

4.50%, 3/07/17

 

 

5,117,560

 

BB

 

 

 

2,400

 

 

9.125%, 1/15/08

 

 

2,580,000

 

BBB+

 

 

 

2,400

 

 

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

 

 

2,673,000

 

BB-

 

 

 

2,400

 

 

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

 

 

2,574,811

 

BB-

 

 

 

2,400

 

 

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

 

 

2,821,440

 

NR

 

 

 

950

 

 

Republic of Uruguay, 6.875%, 1/19/16 (EUR)

 

 

1,150,011

 

B+

 

 

 

3,321

2

 

Republic of Venezuela, 3.063%, 3/31/07

 

 

3,304,469

 

BBB

 

 

 

4,000

 

 

Russian Federation, 10.00%, 6/26/07

 

 

4,276,000

 

A2

 

 

 

2,000

2

 

Sberbank of Russia, 5.944%, 10/24/06

 

 

2,021,200

 

 

 

 

 

 

 

 

Ukraine,

 

 

 

 

BB-

 

 

 

2,800

3

 

6.875%, 3/04/11

 

 

2,885,680

 

BB-

 

 

 

16,100

2,3

 

7.343%, 8/05/09

 

 

17,307,500

 

 

 

 

 

 

 

 

United Mexican States,

 

 

 

 

Baa1

 

 

 

4,800

2

 

5.28%, 1/13/09

 

 

4,867,200

 

NR

 

 

 

35,170

 

 

8.00%, 12/19/13 (MXN)

 

 

3,263,474

 

NR

 

 

 

5,845

 

 

9.00%, 12/22/11 (MXN)

 

 

573,038

 

NR

 

 

 

1,445

 

 

9.50%, 12/18/14 (MXN)

 

 

146,246

 

 

 

 

 

 

 

 

Venezuela Republic,

 

 

 

 

BB-

 

 

 

4,000

2

 

5.194%, 4/20/11

 

 

3,920,000

 

BB-

 

 

 

4,800

 

 

9.125%, 6/18/07

 

 

4,982,400

 

B+

 

 

 

2,000

 

 

11.00%, 3/05/08 (EUR)

 

 

2,687,453

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Foreign Government Bonds

 

 

136,395,277

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $683,942,135)

 

 

688,780,393

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENT—5.5%

 

 

 

 

 

 

 

 

 

 

 

U.S. Government and Agency Security—5.5%

 

 

 

 

 

 

 

 

24,500

5

 

FNMA Discount Note, 3.50%, 1/03/06 (cost $24,495,236)

 

 

24,495,236

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total investments—158.8% (cost $708,437,3716)

 

$

713,275,629

 

 

 

 

 

 

 

 

Liabilities in excess of other assets—(4.6)%

 

 

(20,519,499

)

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(54.2)%

 

 

(243,537,266

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets—100%

 

$

449,218,864

 

 

 

 

 

 

 

 

 

 



 



 

 

1

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

2

Rate shown is interest rate as of December 31, 2005.

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 December 31, 2005, the Trust held 7.6% of its net assets, with a current market value of $34,352,355, in securities restricted as to resale.

4

Issuer is in default and/or bankruptcy.

5

Rate shown is the yield to maturity as of December 31, 2005.

6

Cost for Federal income tax purposes is $708,500,396. The net unrealized appreciaton on a tax basis is $4,775,233, consisting of $8,820,009 gross unrealized appreciation and $4,004,776 gross unrealized depreciation.

              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

 

CND

Canadian Dollar

 

TBD

To Be Determined

EUR

European Monetary Unit

 

USD

U.S. Dollar

MXN

Mexican Peso

 

 

 

 

See Notes to Financial Statements.

14


PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2005

BlackRock High Income Shares (HIS)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

 

Value

 









 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—143.5%

 

 

 

 

 

 

 

 

 

 

 

Corporate Bonds—141.8%

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense—4.3%

 

 

 

 

BB-

 

 

$

250

 

 

AAR Corp., 6.875%, 12/15/07

 

$

253,125

 

B

 

 

 

380

 

 

Argo-Tech Corp., 9.25%, 6/01/11

 

 

394,100

 

B+

 

 

 

80

 

 

Armor Holdings, Inc., 8.25%, 8/15/13

 

 

86,400

 

BB

 

 

 

1,750

 

 

Availl, Inc., 7.625%, 7/01/11

 

 

1,793,750

 

B

 

 

 

1,940

 

 

BE Aerospace, Inc., 8.875%, 5/01/11

 

 

2,037,000

 

BB

 

 

 

1,500

 

 

Sequa Corp., 8.875%, 4/01/08

 

 

1,567,500

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

6,131,875

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Automotive—3.5%

 

 

 

 

BB+

 

 

 

580

 

 

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

 

 

553,900

 

 

 

 

 

 

 

 

Delco Remy Intl., Inc.,

 

 

 

 

CCC-

 

 

 

500

 

 

9.375%, 4/15/12

 

 

172,500

 

CCC-

 

 

 

500

 

 

11.00%, 5/01/09

 

 

175,000

 

B-

 

 

 

1,750

 

 

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

 

 

1,710,625

 

CCC+

 

 

 

985

2

 

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

 

 

906,200

 

BB

 

 

 

720

 

 

Navistar Intl. Corp., 7.50%, 6/15/11

 

 

676,800

 

B-

 

 

 

200

 

 

Stanadyne Corp., 10.00%, 8/15/14

 

 

188,000

 

BB-

 

 

 

550

 

 

TRW Automotive, Inc., 9.375%, 2/15/13

 

 

595,375

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

4,978,400

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Basic Materials—15.3%

 

 

 

 

B-

 

 

 

1,200

2

 

Alpha Natural Resources LLC/Alpha Natural Resources Capital Corp., 10.00%, 6/01/12

 

 

1,290,000

 

B-

 

 

 

215

2,3

 

BCI US Finance Corp./Borden 2 Nova Scotia Finance ULC, 10.10%, 7/15/10

 

 

219,031

 

B-

 

 

 

2,380

 

 

Caraustar Industries, Inc., 9.875%, 4/01/11

 

 

2,427,600

 

BB-

 

 

 

1,010

2

 

Del Monte Corp., 8.625%, 12/15/12

 

 

1,073,125

 

B+

 

 

 

390

 

 

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

 

 

402,187

 

 

 

 

 

 

 

 

Equistar Chemicals LP/Equistar Funding Corp.,

 

 

 

 

BB-

 

 

 

125

 

 

8.75%, 2/15/09

 

 

131,250

 

BB-

 

 

 

2,780

 

 

10.125%, 9/01/08

 

 

3,016,300

 

BB-

 

 

 

1,250

 

 

10.625%, 5/01/11

 

 

1,375,000

 

B

 

 

 

500

3

 

Huntsman Intl. LLC, 7.375%, 1/01/15

 

 

482,500

 

BB-

 

 

 

1,450

 

 

Huntsman LLC, 11.625%, 10/15/10

 

 

1,645,750

 

 

 

 

 

 

 

 

IMC Global, Inc.,

 

 

 

 

BB

 

 

 

200

 

 

Ser. B, 10.875%, 6/01/08

 

 

222,000

 

BB

 

 

 

45

 

 

10.875%, 8/01/13

 

 

51,638

 

CCC+

 

 

 

2,205

2,3

 

Innophos, Inc., 9.625%, 8/15/14

 

 

2,227,050

 

BBB+

 

 

 

165

 

 

Ispat Inland ULC, 9.75%, 4/01/14 (Canada)

 

 

187,688

 

B

 

 

 

500

 

 

Jacuzzi Brands, Inc., 9.625%, 7/01/10

 

 

531,250

 

BB-

 

 

 

790

 

 

Lyondell Chemical Co., 10.50%, 6/01/13

 

 

894,675

 

B-

 

 

 

715

 

 

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

 

 

748,069

 

B3

 

 

 

1,225

 

 

NewPage Corp., 10.00%, 5/01/12

 

 

1,206,625

 

B+

 

 

 

275

 

 

Norske Skog, Ltd., 7.375%, 3/01/14 (Canada)

 

 

240,625

 

B-

 

 

 

255

3

 

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

 

 

237,788

 

B-

 

 

 

1,000

 

 

Resolution Performance Products, Inc., 13.50%, 11/15/10

 

 

1,057,500

 

 

 

 

 

 

 

 

Rhodia SA,

 

 

 

 

CCC+

 

 

 

1,250

 

 

8.875%, 6/01/11 (France)

 

 

1,292,187

 

B3

 

 

 

250

 

 

10.25%, 6/01/10 (France)

 

 

275,625

 

 

 

 

 

 

 

 

Southern Peru Copper Corp.,

 

 

 

 

BBB-

 

 

 

140

3

 

6.375%, 7/27/15

 

 

139,833

 

BBB-

 

 

 

370

3

 

7.50%, 7/27/35

 

 

365,837

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

21,741,133

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Building & Development—3.4%

 

 

 

 

B-

 

 

 

670

3

 

Ahern Rentals, Inc., 9.25%, 8/15/13

 

 

695,963

 

B2

 

 

 

540

3

 

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

 

 

523,800

 

B-

 

 

 

2,500

3

 

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

 

 

2,325,000

 

Ba2

 

 

 

1,000

 

 

K Hovnanian Enterprises, Inc., 7.75%, 5/15/13

 

 

987,116

 

B

 

 

 

330

 

 

North American Energy Partners, Inc., 9.00%, 6/01/10 (Canada)

 

 

343,200

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

4,875,079

 

 

 

 

 

 

 

 

 

 



 

15


BlackRock High Income Shares (HIS) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

 

Value

 









 

 

 

 

 

 

 

Consumer Products—9.4%

 

 

 

 

 

 

 

 

 

 

 

Cenveo Corp.,

 

 

 

 

B3

 

 

$

565

 

 

7.875%, 12/01/13

 

$

543,812

 

B1

 

 

 

550

 

 

9.625%, 3/15/12

 

 

592,625

 

B3

 

 

 

2,035

 

 

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

 

 

1,831,500

 

B2

 

 

 

928

 

 

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

 

 

1,030,080

 

B-

 

 

 

1,760

3

 

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

 

 

1,672,000

 

B-

 

 

 

2,425

 

 

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

 

 

2,461,375

 

B

 

 

 

110

2

 

Levi Strauss & Co., 9.28%, 4/01/12

 

 

110,825

 

Caa2

 

 

 

1,230

2

 

Merisant Co., 9.50%, 7/15/13

 

 

756,450

 

B3

 

 

 

2,065

 

 

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

 

 

1,610,700

 

B2

 

 

 

240

3

 

Neiman-Marcus Group, Inc., 9.00%, 10/15/15

 

 

245,400

 

BB-

 

 

 

400

3

 

Quiksilver, Inc., 6.875%, 4/15/15

 

 

385,000

 

 

 

 

 

 

 

 

Rite Aid Corp.,

 

 

 

 

B-

 

 

 

750

 

 

4.75%, 12/01/06

 

 

733,125

 

B-

 

 

 

715

2,3

 

6.125%, 12/15/08

 

 

672,100

 

BB-

 

 

 

250

 

 

8.125%, 5/01/10

 

 

255,000

 

B

 

 

 

500

 

 

Swift & Co., 12.50%, 1/01/10

 

 

526,250

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

13,426,242

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Containers & Packaging—5.6%

 

 

 

 

B1

 

 

 

640

3

 

Crown Americas LLC and Crown Americas Capital Corp., 7.75%, 11/15/15

 

 

662,400

 

B

 

 

 

1,575

 

 

Crown Cork & Seal, Inc., 8.00%, 4/15/23

 

 

1,512,000

 

B

 

 

 

285

 

 

Crown European Holdings SA, 7.375%, 12/15/26

 

 

261,488

 

CCC+

 

 

 

75

 

 

Graham Packaging Co., Inc., 9.875%, 10/15/14

 

 

72,750

 

B+

 

 

 

1,000

 

 

Jefferson Smurfit Corp., 7.50%, 6/01/13

 

 

920,000

 

B

 

 

 

2,600

 

 

Owens Brockway, 8.25%, 5/15/13

 

 

2,684,500

 

B

 

 

 

250

 

 

Owens Illinois, Inc., 7.35%, 5/15/08

 

 

253,125

 

CCC+

 

 

 

575

3

 

Pregis Corp., 12.375%, 10/15/13

 

 

565,656

 

B+

 

 

 

1,000

 

 

Stone-Container Corp. Enterprises, Inc., 9.75%, 2/01/11

 

 

1,010,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

7,941,919

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ecological Services & Equipment—1.6%

 

 

 

 

 

 

 

 

 

 

 

Allied Waste NA, Inc.,

 

 

 

 

BB-

 

 

 

800

 

 

8.50%, 12/01/08

 

 

841,000

 

BB-

 

 

 

1,000

 

 

8.875%, 4/01/08

 

 

1,052,500

 

B

 

 

 

400

 

 

Casella Waste Systems, Inc., 9.75%, 2/01/13

 

 

421,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

2,314,500

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Energy—17.8%

 

 

 

 

BB

 

 

 

250

 

 

AES Corp., 9.50%, 6/01/09

 

 

270,000

 

B1

 

 

 

285

 

 

ANR Pipeline Co., 9.625%, 11/01/21

 

 

348,769

 

B+

 

 

 

340

3

 

Atlas Pipeline Partners LP, 8.125%, 12/15/15

 

 

343,060

 

B-

 

 

 

140

2,3,4

 

Calpine Corp., 8.50%, 7/15/10

 

 

114,450

 

B

 

 

 

420

3

 

Chaparral Energy, Inc., 8.50%, 12/01/15

 

 

429,450

 

 

 

 

 

 

 

 

Chesapeake Energy Corp.,

 

 

 

 

BB

 

 

 

720

 

 

6.625%, 1/15/16

 

 

729,000

 

BB

 

 

 

50

 

 

6.875%, 1/15/16

 

 

51,250

 

B-

 

 

 

685

 

 

Clayton Williams Energy, Inc., 7.75%, 8/01/13

 

 

657,600

 

 

 

 

 

 

 

 

CMS Energy Corp.,

 

 

 

 

BB-

 

 

 

80

 

 

7.50%, 1/15/09

 

 

82,400

 

BB-

 

 

 

160

 

 

8.50%, 4/15/11

 

 

174,400

 

BB-

 

 

 

240

 

 

9.875%, 10/15/07

 

 

257,400

 

BB-

 

 

 

390

 

 

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

 

 

401,700

 

B

 

 

 

230

3

 

Compton Petroleum Finance Corp., 7.625%, 12/01/13 (Canada)

 

 

232,300

 

 

 

 

 

 

 

 

Dynegy Holdings, Inc.,

 

 

 

 

B+

 

 

 

180

3

 

9.875%, 7/15/10

 

 

197,100

 

B+

 

 

 

519

3

 

10.125%, 7/15/13

 

 

586,470

 

 

 

 

 

 

 

 

El Paso Corp.,

 

 

 

 

Caa1

 

 

 

100

3

 

7.42%, 2/15/37

 

 

95,000

 

B-

 

 

 

600

3

 

7.75%, 6/15/10

 

 

612,000

 

Caa1

 

 

 

3,250

3

 

9.625%, 5/15/12

 

 

3,583,125

 

Caa1

 

 

 

205

3

 

10.75%, 10/01/10

 

 

227,294

 

16


 

 

BlackRock High Income Shares (HIS) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Value

 










 

 

 

 

 

 

 

Energy—(cont’d)

 

 

 

 

B1

 

 

$

50

2

 

El Paso Natural Gas Co., 8.375%, 6/15/32

 

$

56,625

 

B

 

 

 

80

 

 

Encore Acquisition Co., 7.25%, 12/01/17

 

 

79,200

 

B

 

 

 

1,390

 

 

Exco Resources, Inc., 7.25%, 1/15/11

 

 

1,410,850

 

 

 

 

 

 

 

 

Hilcorp Energy I LP/Hilcorp Finance Corp.,

 

 

 

 

B

 

 

 

200

3

 

7.75%, 11/01/15

 

 

203,500

 

B

 

 

 

139

3

 

10.50%, 9/01/10

 

 

153,942

 

BBB-

 

 

 

198

 

 

Homer City Funding LLC, 8.734%, 10/01/26

 

 

230,507

 

B-

 

 

 

760

 

 

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

 

 

760,000

 

 

 

 

 

 

 

 

Midwest Generation LLC,

 

 

 

 

B+

 

 

 

388

 

 

8.56%, 1/02/16

 

 

421,864

 

B+

 

 

 

295

 

 

8.75%, 5/01/34

 

 

324,500

 

BB-

 

 

 

400

3

 

Mirant North America LLC, 7.375%, 12/31/13

 

 

403,000

 

B2

 

 

 

1,680

 

 

Mission Energy Holdings Co., 13.50%, 7/15/08

 

 

1,948,800

 

B-

 

 

 

240

3

 

Ocean Rig AS, 8.375%, 7/01/13 (Norway)

 

 

255,000

 

B2

 

 

 

1,775

 

 

Orion Power Holdings, Inc., 12.00%, 5/01/10

 

 

2,005,750

 

B

 

 

 

25

 

 

Range Resources Corp., 6.375%, 3/15/15

 

 

24,375

 

 

 

 

 

 

 

 

Reliant Energy, Inc.,

 

 

 

 

BB-

 

 

 

295

 

 

6.75%, 12/15/14

 

 

258,125

 

BB-

 

 

 

285

 

 

9.25%, 7/15/10

 

 

285,712

 

B2

 

 

 

1,475

 

 

Roseton/Danskammer, 7.27%, 11/08/10

 

 

1,482,375

 

B2

 

 

 

345

3

 

Targa Resources, Inc., 8.50%, 11/01/13

 

 

354,487

 

B+

 

 

 

598

3

 

Tenaska Alabama Partners LP, 7.00%, 6/30/21

 

 

600,976

 

B1

 

 

 

1,000

 

 

Tennessee Gas Pipeline Co., 7.50%, 4/01/17

 

 

1,073,750

 

BB+

 

 

 

60

 

 

Transcontinental Gas Pipe Line Corp., 7.25%, 12/01/26

 

 

65,700

 

BBB-

 

 

 

200

 

 

TXU Corp., 6.55%, 11/15/34

 

 

189,626

 

Ba3

 

 

 

2,000

 

 

Universal Compression, Inc., 7.25%, 5/15/10

 

 

2,030,000

 

B2

 

 

 

820

 

 

Utilicorp Finance Corp., 7.75%, 6/15/11 (Canada)

 

 

842,550

 

B-

 

 

 

240

3

 

Verasun Energy Corp., 9.875%, 12/15/12

 

 

243,600

 

 

 

 

 

 

 

 

Whiting Petroleum Corp.,

 

 

 

 

B2

 

 

 

35

3

 

7.00%, 2/01/14

 

 

35,088

 

B2

 

 

 

200

 

 

7.25%, 5/01/13

 

 

202,500

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

25,335,170

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Entertainment & Leisure—6.1%

 

 

 

 

B1

 

 

 

250

2

 

Felcor Lodging LP, 8.83%, 6/01/11

 

 

260,000

 

 

 

 

 

 

 

 

Gaylord Entertainment Co.,

 

 

 

 

B-

 

 

 

450

 

 

6.75%, 11/15/14

 

 

439,875

 

B-

 

 

 

1,000

 

 

8.00%, 11/15/13

 

 

1,047,500

 

B3

 

 

 

990

3

 

Greektown Holdings LLC, 10.75%, 12/01/13

 

 

982,575

 

B

 

 

 

650

 

 

Inn of the Mountain Gods Resort & Casino, 12.00%, 11/15/10

 

 

643,500

 

BB

 

 

 

450

 

 

K2, Inc., 7.375%, 7/01/14

 

 

448,875

 

BB+

 

 

 

500

 

 

Park Place Entertainment Corp., 7.875%, 3/15/10

 

 

537,500

 

B

 

 

 

720

 

 

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

 

 

743,400

 

B-

 

 

 

705

 

 

Riddell Bell Holdings, Inc., 8.375%, 10/01/12

 

 

655,650

 

BBB-

 

 

 

500

 

 

Royal Caribbean Cruises Ltd., 6.875%, 12/01/13 (Liberia)

 

 

529,570

 

B+

 

 

 

240

3

 

San Pasqual Casino, 8.00%, 9/15/13

 

 

241,200

 

BB-

 

 

 

630

3

 

Seneca Gaming Corp., 7.25%, 5/01/12

 

 

633,937

 

B

 

 

 

500

2

 

Virgin River Casino, 9.00%, 1/15/12

 

 

510,000

 

B+

 

 

 

1,000

 

 

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

 

 

975,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

8,648,582

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Financial Institutions—13.4%

 

 

 

 

B+

 

 

 

280

 

 

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

 

 

310,585

 

B3

 

 

 

1,625

 

 

BCP Crystal US Holdings Corp., 9.625%, 6/15/14 (Luxembourg)

 

 

1,807,813

 

B-

 

 

 

445

3

 

Borden US Finance Corp./Nova Scotia Finance ULC, 9.00%, 7/15/14

 

 

441,106

 

BB

 

 

 

200

 

 

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

 

 

211,000

 

 

 

 

 

 

 

 

E*Trade Financial Corp.,

 

 

 

 

B+

 

 

 

220

3

 

7.375%, 9/15/13

 

 

222,750

 

B+

 

 

 

205

 

 

7.875%, 12/01/15

 

 

211,663

 

BB

 

 

 

1,205

 

 

Fairfax Financial Holdings Ltd., 7.75%, 4/26/12 (Canada)

 

 

1,129,688

 

 

 

 

 

 

 

 

Ford Motor Credit Co.,

 

 

 

 

BB+

 

 

 

2,440

 

 

5.70%, 1/15/10

 

 

2,072,414

 

BB+

 

 

 

450

 

 

7.25%, 10/25/11

 

 

388,746

 

17


 

 

BlackRock High Income Shares (HIS) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Value

 













 

 

 

 

 

 

 

Financial Institutions—(cont’d)

 

 

 

 

B-

 

 

$

2,500

 

 

Jostens Intermediate Holding Corp., 7.625%, 10/01/12

 

$

2,512,500

 

B-

 

 

 

1,945

 

 

K&F Acquisition, Inc., 7.75%, 11/15/14

 

 

1,969,312

 

B-

 

 

 

1,240

3

 

Nell AF SARL, 8.375%, 8/15/15 (Luxembourg)

 

 

1,227,600

 

B3

 

 

 

2,955

3

 

Rainbow National Services LLC, 10.375%, 9/01/14

 

 

3,316,987

 

B-

 

 

 

2,005

 

 

Standard Aero Holdings, Inc., 8.25%, 9/01/14

 

 

1,659,138

 

B-

 

 

 

110

2

 

Universal City Florida Holding Co. I/II, 9.00%, 5/01/10

 

 

110,000

 

CCC+

 

 

 

1,250

 

 

Vanguard Health Holding Co. II LLC, 9.00%, 10/01/14

 

 

1,328,125

 

BB-

 

 

 

110

 

 

Western Financial Bank, 9.625%, 5/15/12

 

 

122,925

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

19,042,352

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Health Care—4.7%

 

 

 

 

Ca

 

 

 

50

2,4

 

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

 

 

31,000

 

B

 

 

 

500

 

 

Genesis Healthcare Corp., 8.00%, 10/15/13

 

 

526,250

 

B

 

 

 

725

2,3

 

Insight Health Services Corp., 9.174%, 11/01/11

 

 

694,187

 

CCC+

 

 

 

390

 

 

MedQuest, Inc., 11.875%, 8/15/12

 

 

383,175

 

B-

 

 

 

900

 

 

Norcross Safety Products LLC/Norcross Capital Corp., 9.875%, 8/15/11

 

 

927,000

 

B-

 

 

 

940

2,3

 

Select Medical Corp., 9.933%, 9/15/15

 

 

944,700

 

 

 

 

 

 

 

 

Tenet Healthcare Corp.,

 

 

 

 

B

 

 

 

180

 

 

6.375%, 12/01/11

 

 

164,700

 

B

 

 

 

180

 

 

9.875%, 7/01/14

 

 

182,700

 

B-

 

 

 

1,290

 

 

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

 

 

1,341,600

 

B-

 

 

 

1,500

 

 

VWR Intl., Inc., 8.00%, 4/15/14

 

 </