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

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-21566

Name of Fund: BlackRock Global Floating Rate Income Trust

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Robert S. Kapito, President, BlackRock Global Floating Rate Income Trust, 40 East 52nd Street, New York, NY 10022.

Registrant’s telephone number, including area code: (888) 825-2257

Date of fiscal year end: 12/31/07

Date of reporting period: 01/01/07 – 06/30/07


Item 1 – Report to Stockholders





 

 

 

 

 

 

 

 

 

 

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS

 

EQUITIES

 

FIXED INCOME

 

LIQUIDITY

 

REAL ESTATE


 

 

 

 

 

 

 

BlackRock
Closed-End Funds

SEMI-ANNUAL REPORT | JUNE 30, 2007 (UNAUDITED)

(BLACKROCK LOGO)

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Global Floating Rate Income Trust (BGT)

 

 

 

 

BlackRock High Income Shares (HIS)

 

 

 

 

BlackRock Preferred Opportunity Trust (BPP)

 

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE



TABLE OF CONTENTS

 

 

Letter to Shareholders

1

 

 

Trusts’ Summaries

2

 

 

Financial Statements

 

 

 

Portfolios of Investments

5

 

 

Statements of Assets and Liabilities

23

 

 

Statements of Operations

24

 

 

Statement of Cash Flows

25

 

 

Statements of Changes in Net Assets

26

 

 

Financial Highlights

28

 

 

Notes to Financial Statements

31

 

 

Dividend Reinvestment Plans

37

 

 

Additional Information

38

 

 

Section 19 Notices

38

 

 


BlackRock Privacy Principles

          BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

          If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

          BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our website.

          BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

          We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.




LETTER TO SHAREHOLDERS

June 30, 2007

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 Trusts’ investments in order to gain exposure to various issuers and security types. This strategy enables the Trusts to move among different sectors, credit ratings and coupon levels 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 June 30, 2007.

 

 

 

 

 

 

 

 

 

 

 









Trust (Ticker)

 

Yield1

 

Market Price

 

NAV

 









BlackRock Global Floating Rate Income Trust (BGT)

 

7.68

%

 

$

19.53

 

 

$

19.25

 













BlackRock High Income Shares (HIS)

 

8.53

 

 

 

2.56

 

 

 

2.70

 













BlackRock Preferred Opportunity Trust (BPP)

 

7.30

 

 

 

23.85

 

 

 

23.82

 













 

 

1

Yield is based on closing market price. These yields may increase/decrease due to an increase/decrease in the monthly distribution per share. Past performance does not guarantee future results.

          BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to managing fixed income securities. As of June 30, 2007, BlackRock managed $490 billion in fixed income securities, including 33 open-end and 91 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, LLC, and its affiliate, BlackRock Financial Management, Inc., which manage the Trusts, 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, LLC

BlackRock Advisors, LLC

1


TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Global Floating Rate Income Trust (BGT)

 

Trust Information

 

 



Symbol on New York Stock Exchange:

BGT



Initial Offering Date:

August 30, 2004



Yield on Closing Market Price as of 6/30/07 ($19.53):1

7.68%



Current Monthly Distribution per Share:2

$0.125



Current Annualized Distribution per Share:2

$1.500



Leverage as of 6/30/07:3

37%



 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain at fiscal year end.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

















 

 

 

6/30/07

 

12/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

19.53

 

$

19.27

 

1.35

%

 

$

19.95

 

$

18.43

 



















NAV

 

 

$

19.25

 

$

19.11

 

0.73

%

 

$

19.43

 

$

19.11

 



















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

 

 

 

 

 

Portfolio Composition4






Composition

June 30, 2007

December 31, 2006




Media

17

%

13

%






Energy

10

 

10

 






Consumer Products

9

 

8

 






Financial Institutions

9

 

13

 






Telecommunications

6

 

8

 






Basic Materials

6

 

7

 






Health Care

5

 

5

 






Entertainment & Leisure

4

 

4

 






Automotive

3

 

2

 






Building & Development

3

 

2

 






Containers & Packaging

3

 

3

 






Industrials

3

 

2

 






Technology

3

 

3

 






Transportation

3

 

1

 






Conglomerates

2

 

3

 






Real Estate

2

 

2

 






Aerospace & Defense

1

 

1

 






Foreign Government Bonds

11

 

13

 






 

 

 

 

 

Corporate Credit Breakdown5




Credit Rating

June 30, 2007

December 31, 2006




BBB/Baa

43

%

38

%






BB/Ba

26

 

37

 






B

26

 

19

 






CCC/Caa

5

 

6

 






 

 

4

For Trust compliance purposes, the Trust’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the Securities and Exchange Commission (“SEC”). This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

5

Using the higher of Standard & Poor’s (“S&P”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch”) ratings. Corporate bonds represented approximately 21.1% and 21.6% of net assets on June 30, 2007 and December 31, 2006, respectively.

2


TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock High Income Shares (HIS)

 

Trust Information

 

 



Symbol on New York Stock Exchange:

HIS



Initial Offering Date:

August 10, 1988



Yield on Closing Market Price as of 6/30/07 ($2.56):1

8.53%



Current Monthly Distribution per Share:2

$0.0182



Current Annualized Distribution per Share:2

$0.2184



Leverage as of 6/30/07:3

30%



 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain at fiscal year end.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

 

6/30/07

 

12/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

2.56

 

$

2.55

 

0.39

%

 

$

2.72

 

$

2.50

 



















NAV

 

 

$

2.70

 

$

2.68

 

0.75

%

 

$

2.79

 

$

2.68

 



















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

 

 

 

 

 

Corporate Portfolio Composition4




Composition

June 30, 2007

December 31, 2006




Telecommunications

15

%

14

%






Media

14

 

13

 






Consumer Products

9

 

7

 






Basic Materials

9

 

11

 






Energy

8

 

12

 






Financial Institutions

8

 

10

 






Technology

6

 

6

 






Entertainment & Leisure

5

 

4

 






Automotive

4

 

4

 






Containers & Packaging

4

 

5

 






Health Care

4

 

4

 






Industrials

4

 

3

 






Transportation

3

 

2

 






Real Estate

2

 

 






Aerospace & Defense

2

 

2

 






Building & Development

2

 

2

 






Ecological Services & Equipment

1

 

1

 






 

 

 

 

 

Corporate Credit Breakdown5


Credit Rating

June 30, 2007

December 31, 2006




BBB/Baa

2

%

3

%






Ba/BB

19

 

21

 






B/B

58

 

62

 






CCC/Caa

18

 

13

 






Not Rated

3

 

1

 






 

 

4

For Trust compliance purposes, the Trust’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

5

Using the higher of S&P, Moody’s or Fitch ratings. Corporate bonds represented approximately 133.7% and 134.0% of net assets on June 30, 2007 and December 31, 2006, respectively.

3


TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Preferred Opportunity Trust (BPP)

 

Trust Information

 

 



Symbol on New York Stock Exchange:

BPP



Initial Offering Date:

February 28, 2003



Yield on Closing Market Price as of 6/30/07 ($23.85):1

7.30%



Current Monthly Distribution per Share:2

$0.145



Current Annualized Distribution per Share:2

$1.740



Leverage as of 6/30/07:3

34%



 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

The distribution is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain at fiscal year end.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

 

6/30/07

 

12/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

23.85

 

$

26.31

 

(9.35

)%

 

$

27.25

 

$

23.05

 



















NAV

 

 

$

23.82

 

$

24.52

 

(2.85

)%

 

$

25.03

 

$

23.75

 



















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

 

 

 

 

 

Portfolio Composition4




Composition

June 30, 2007

December 31, 2006




Financial Institutions

80

%

75

%






Energy

6

 

5

 






Media

5

 

3

 






Real Estate

5

 

11

 






Basic Materials

1

 

1

 






Consumer Products

1

 

1

 






Technology

1

 

1

 






Telecommunications

1

 

1

 






Industrials

 

1

 






U.S. Government and Agency Securities

 

1

 






 

 

 

 

 

Credit Breakdown5




Credit Rating

June 30, 2007

December 31, 2006




AAA/Aaa

%

1

%






AA/Aa

25

 

16

 






A

37

 

41

 






BBB/Baa

26

 

28

 






BB/Ba

4

 

7

 






B

6

 

6

 






CCC/Caa

 

1

 






Not Rated

2

 

 






 

 

4

For Trust compliance purposes, the Trust’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

5

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

4



PORTFOLIO OF INVESTMENTS
JUNE 30, 2007 (unaudited)
BlackRock Global Floating Rate Income Trust (BGT)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 








 

 

 

LONG-TERM INVESTMENTS—156.7%

 

 

 

 

 

 

 

Corporate Bonds—21.1%

 

 

 

 

 

 

 

Aerospace & Defense—0.2%

 

 

 

 

$

75

1

Bombardier, Inc., 8.00%, 11/15/14 (Canada)

 

$

77,625

 

 

671

 

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

 

 

713,776

 

 

 

 

 

 



 

 

 

 

Total Aerospace & Defense

 

 

791,401

 

 

 

 

 

 



 

 

 

 

Automotive—0.1%

 

 

 

 

 

 

 

AutoNation, Inc.,

 

 

 

 

 

60

 

7.00%, 4/15/14

 

 

59,250

 

 

70

2

7.356%, 4/15/13

 

 

69,825

 

 

60

1,2

Goodyear Tire & Rubber Co., 9.135%, 12/01/09

 

 

60,075

 

 

150

 

Lear Corp., Ser. B, 8.75%, 12/01/16

 

 

142,875

 

 

120

 

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

 

 

127,200

 

 

 

 

 

 



 

 

 

 

Total Automotive

 

 

459,225

 

 

 

 

 

 



 

 

 

 

Basic Materials—3.1%

 

 

 

 

 

970

 

AK Steel Corp., 7.75%, 6/15/12

 

 

970,000

 

 

1,000

2

Abitibi-Consolidated, Inc., 8.86%, 6/15/11 (Canada)

 

 

940,000

 

 

125

1

American Pacific Corp., 9.00%, 2/01/15

 

 

125,469

 

 

260

2

Boise Cascade LLC, 8.231%, 10/15/12

 

 

260,000

 

 

2,040

2

Bowater, Inc., 8.36%, 3/15/10

 

 

2,019,600

 

 

90

 

CPG Intl. I, Inc., 10.50%, 7/01/13

 

 

92,250

 

 

10

 

Chemtura Corp., 6.875%, 6/01/16

 

 

9,450

 

 

20

 

Domtar, Inc., 7.125%, 8/15/15 (Canada)

 

 

19,375

 

 

250

2

Freeport-McMoRan Copper & Gold, Inc., 8.564%, 4/01/15

 

 

261,875

 

 

750

 

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

 

 

727,500

 

 

 

 

Ineos Group Holdings Plc (United Kingdom)

 

 

 

 

 

225

 

7.875%, 2/07/16 (EUR)

 

 

285,493

 

 

430

1

8.50%, 2/15/16

 

 

420,325

 

 

625

1

Key Plastics LLC/Key Plastics Finance Corp., 11.75%, 3/15/13

 

 

620,312

 

 

4,000

 

Lecta S.A., 6.686%, 2/15/14 (EUR) (Luxembourg)

 

 

5,413,797

 

 

100

 

Lyondell Chemical Co., 8.00%, 9/15/14

 

 

102,750

 

 

 

 

NewPage Corp.,

 

 

 

 

 

55

 

10.00%, 5/01/12

 

 

59,400

 

 

1,500

2

11.606%, 5/01/12

 

 

1,635,000

 

 

50

 

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

 

 

53,000

 

 

 

 

 

 



 

 

 

 

Total Basic Materials

 

 

14,015,596

 

 

 

 

 

 



 

 

 

 

Building & Development—0.2%

 

 

 

 

 

1,000

2

Ainsworth Lumber Co. Ltd., 9.11%, 10/01/10 (Canada)

 

 

832,500

 

 

20

 

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

 

 

19,800

 

 

 

 

 

 



 

 

 

 

Total Building & Development

 

 

852,300

 

 

 

 

 

 



 

 

 

 

Commercial Services—0.0%

 

 

 

 

 

100

1

Quebecor World, Inc., 9.75%, 1/15/15 (Canada)

 

 

101,250

 

 

 

 

 

 



 

 

 

 

Consumer Products—1.1%

 

 

 

 

 

1,100

2

Ames True Temper, Inc., 9.356%, 1/15/12

 

 

1,108,250

 

 

150

2

Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 7.86%, 5/15/14

 

 

152,250

 

 

500

1,2

General Nutrition Centers, Inc., 9.796%, 3/15/14

 

 

482,500

 

 

388

 

Lazy Days RV Center, Inc., 11.75%, 5/15/12

 

 

399,640

 

 

210

1

Michaels Stores, Inc., 10.00%, 11/01/14

 

 

216,300

 

 

530

1,2

Nutro Products, Inc., 9.37%, 10/15/13

 

 

559,468

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 








 

 

 

Consumer Products—(cont’d)

 

 

 

 

$

80

1

Quebecor World Capital Corp., 8.75%, 3/15/16 (Canada)

 

$

78,800

 

 

2,000

3

Reynolds American, Inc., 7.625%, 6/01/16

 

 

2,117,582

 

 

 

 

 

 



 

 

 

 

Total Consumer Products

 

 

5,114,790

 

 

 

 

 

 



 

 

 

 

Containers & Packaging—0.2%

 

 

 

 

 

 

 

Berry Plastics Holding Corp.,

 

 

 

 

 

110

 

8.875%, 9/15/14

 

 

111,375

 

 

500

2

9.235%, 9/15/14

 

 

505,000

 

 

150

1,2

Impress Holdings BV, 8.481%, 9/15/13 (Netherlands)

 

 

153,486

 

 

 

 

 

 



 

 

 

 

Total Containers & Packaging

 

 

769,861

 

 

 

 

 

 



 

 

 

 

Energy—7.4%

 

 

 

 

 

750

1

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

 

 

794,062

 

 

135

 

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

 

 

131,963

 

 

 

 

Compagnie Generale de Geophysique-Veritas (France)

 

 

 

 

 

70

 

7.50%, 5/15/15

 

 

70,000

 

 

50

 

7.75%, 5/15/17

 

 

50,750

 

 

505

 

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

 

 

500,581

 

 

14,430

 

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

 

 

16,683,966

 

 

40

 

Grant Prideco, Inc., Ser. B, 6.125%, 8/15/15

 

 

37,900

 

 

750

 

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

 

 

740,625

 

 

 

 

Pemex Project Funding Master Trust,

 

 

 

 

 

800

3

9.375%, 12/02/08

 

 

841,200

 

 

12,700

2

Ser. 15, 7.156%, 10/15/09

 

 

13,119,100

 

 

180

 

Reliant Energy, Inc., 6.75%, 12/15/14

 

 

183,600

 

 

220

1

SemGroup LP, 8.75%, 11/15/15

 

 

221,100

 

 

300

 

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

 

 

285,000

 

 

 

 

 

 



 

 

 

 

Total Energy

 

 

33,659,847

 

 

 

 

 

 



 

 

 

 

Entertainment & Leisure—0.1%

 

 

 

 

 

130

1

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

 

 

137,800

 

 

120

 

Travelport LLC, 9.875%, 9/01/14

 

 

127,200

 

 

20

 

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

 

 

19,275

 

 

 

 

 

 



 

 

 

 

Total Entertainment & Leisure

 

 

284,275

 

 

 

 

 

 



 

 

 

 

Financial Institutions—3.4%

 

 

 

 

 

90

 

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

 

 

99,545

 

 

2,000

 

Alrosa Finance Ltd., 8.125%, 5/06/08 (Luxembourg)

 

 

2,030,220

 

 

140

 

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

 

 

134,400

 

 

5,455

 

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

 

 

5,574,464

 

 

3,000

1

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

 

 

3,067,500

 

 

25

2

Marsh & McLennan Cos., Inc., 5.495%, 7/13/07

 

 

25,000

 

 

250

1,2

Momentive Performance Materials, Inc., 10.125%, 12/01/14

 

 

247,500

 

 

750

1

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

 

 

780,000

 

 

3,000

1,2

TuranAlem Finance BV, 6.73%, 1/22/09 (Netherlands)

 

 

2,999,855

 

 

300

2

Universal City Florida Holding Co. I/II, 10.106%, 5/01/10

 

 

306,000

 

 

 

 

 

 



 

 

 

 

Total Financial Institutions

 

 

15,264,484

 

 

 

 

 

 



 

See Notes to Financial Statements.

5


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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 








 

 

 

Health Care—0.4%

 

 

 

 

$

1,750

2

Angiotech Pharmaceuticals, Inc., 9.11%, 12/01/13 (Canada)

 

$

1,811,250

 

 

250

 

Tenet Healthcare Corp., 6.50%, 6/01/12

 

 

223,750

 

 

 

 

 

 



 

 

 

 

Total Health Care

 

 

2,035,000

 

 

 

 

 

 



 

 

 

 

Industrials—0.2%

 

 

 

 

 

125

 

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

 

 

120,313

 

 

210

1

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

 

 

216,300

 

 

343

 

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

 

 

352,432

 

 

 

 

 

 



 

 

 

 

Total Industrials

 

 

689,045

 

 

 

 

 

 



 

 

 

 

Media—0.8%

 

 

 

 

 

50

 

Affinion Group, Inc., 10.125%, 10/15/13

 

 

53,375

 

 

100

2

Cablevision Systems Corp., Ser. B, 9.82%, 4/01/09

 

 

104,500

 

 

 

 

Charter Communications Holdings II LLC/ Charter Communications Holdings II Capital Corp.,

 

 

 

 

 

680

 

10.25%, 9/15/10

 

 

710,600

 

 

45

 

Ser. B, 10.25%, 9/15/10

 

 

46,969

 

 

 

 

EchoStar DBS Corp.,

 

 

 

 

 

135

 

6.375%, 10/01/11

 

 

132,300

 

 

1,055

 

7.00%, 10/01/13

 

 

1,039,175

 

 

230

 

7.125%, 2/01/16

 

 

224,825

 

 

350

1,2

ION Media Networks, Inc., 8.606%, 1/15/12

 

 

354,375

 

 

250

 

Idearc, Inc., 8.00%, 11/15/16

 

 

253,437

 

 

80

 

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

 

 

83,600

 

 

70

 

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

 

 

69,300

 

 

410

1

Nielsen Finance LLC/Nielsen Finance Co., 10.00%, 8/01/14

 

 

433,575

 

 

250

 

R.H. Donnelley Corp., Ser. A-3, 8.875%, 1/15/16

 

 

260,000

 

 

 

 

 

 



 

 

 

 

Total Media

 

 

3,766,031

 

 

 

 

 

 



 

 

 

 

Real Estate—1.3%

 

 

 

 

 

6,350

3

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

 

 

5,925,655

 

 

 

 

 

 



 

 

 

 

Technology—0.2%

 

 

 

 

 

 

 

Freescale Semiconductor, Inc.,

 

 

 

 

 

320

1,2

9.125%, 12/15/14

 

 

300,800

 

 

100

1,2

9.235%, 12/15/14

 

 

96,500

 

 

385

 

Sensata Technologies, 8.00%, 5/01/14 (Netherlands)

 

 

371,525

 

 

20

 

SunGard Data Systems, Inc., 10.25%, 8/15/15

 

 

21,150

 

 

140

 

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

 

 

142,800

 

 

 

 

 

 



 

 

 

 

Total Technology

 

 

932,775

 

 

 

 

 

 



 

 

 

 

Telecommunications—2.3%

 

 

 

 

 

1,250

2

Centennial Communications Corp., 11.11%, 1/01/13

 

 

1,306,250

 

 

310

 

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

 

 

317,750

 

 

115

2

Hawaiian Telcom Communications, Inc., Ser. B, 10.86%, 5/01/13

 

 

117,300

 

 

 

 

Intelsat Ltd. (Bermuda)

 

 

 

 

 

75

 

5.25%, 11/01/08

 

 

73,875

 

 

50

 

8.25%, 1/15/13

 

 

50,750

 

 

85

2

8.872%, 1/15/15

 

 

86,913

 

 

200

 

Intelsat Subsidiary Holding Co. Ltd., 8.625%, 1/15/15 (Bermuda)

 

 

205,000

 

 

1,755

1,2

iPCS, Inc., 7.48%, 5/01/13

 

 

1,755,000

 

 

1,500

 

Nordic Telephone Co. Holding ApS, 9.513%, 5/01/16 (EUR) (Denmark)

 

 

2,088,541

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 








 

 

 

Telecommunications—(cont’d)

 

 

 

 

$

1,567

2

Qwest Communications Intl., Inc., 8.86%, 2/15/09

 

$

1,582,670

 

 

2,500

2,3

Qwest Corp., 8.61%, 6/15/13

 

 

2,712,500

 

 

150

1

Wind Acquisition Finance S.A., 10.75%, 12/01/15 (Luxembourg)

 

 

172,125

 

 

 

 

 

 



 

 

 

 

Total Telecommunications

 

 

10,468,674

 

 

 

 

 

 



 

 

 

 

Transportation—0.1%

 

 

 

 

 

100

 

Britannia Bulk Plc, 11.00%, 12/01/11 (United Kingdom)

 

 

102,000

 

 

315

 

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

 

 

333,113

 

 

 

 

 

 



 

 

 

 

Total Transportation

 

 

435,113

 

 

 

 

 

 



 

 

 

 

Total Corporate Bonds

 

 

95,565,322

 

 

 

 

 

 



 

 

 

 

Bank Loans—118.1%

 

 

 

 

 

 

 

Aerospace & Defense—1.3%

 

 

 

 

 

2,151

 

Caci Intl., Inc., LIBOR + 1.50%, 5/03/11

 

 

2,145,368

 

 

880

 

DI Finance/DynCorp Intl., Loan B, LIBOR + 2.25%, 1/31/11

 

 

883,971

 

 

498

 

MRO Acquisition LLC, First Lien Loan, LIBOR + 2.50%, 9/15/10

 

 

499,055

 

 

702

 

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

 

 

702,279

 

 

491

 

U.S. Investigations Services LLC, Loan B, LIBOR + 2.75%, 10/15/12

 

 

491,250

 

 

982

 

Wesco Aircraft Hardware Corp., First Lien Loan, LIBOR + 2.25%, 9/29/13

 

 

986,269

 

 

 

 

 

 



 

 

 

 

Total Aerospace & Defense

 

 

5,708,192

 

 

 

 

 

 



 

 

 

 

Automotive—5.0%

 

 

 

 

 

988

 

GPX Intl. Tire Corp., LIBOR + 2.50%, 3/31/12

 

 

967,750

 

 

1,000

 

Goodyear Tire & Rubber Co., Third Lien Loan, LIBOR + 3.50%, 4/01/11

 

 

1,001,750

 

 

1,143

 

IAP Worldwide Services, Inc., First Lien Loan, LIBOR + 4.25%, 12/31/12

 

 

1,111,203

 

 

2,000

 

Kar Holdings, Loan B, LIBOR + 2.25%, 10/30/13

 

 

1,999,252

 

 

1,746

 

Keystone Automotive Industries, Inc., Loan B, LIBOR + 3.50%, 1/15/12

 

 

1,693,256

 

 

 

 

Lear Corp.,

 

 

 

 

 

447

 

First Lien Loan, LIBOR + 2.50%, 3/23/12

 

 

447,195

 

 

500

 

TBD, 6/15/14

 

 

494,514

 

 

990

 

Mark IV Industries, Inc., First Lien Loan, LIBOR + 2.50%, 6/30/11

 

 

991,033

 

 

 

 

Metaldyne Corp.,

 

 

 

 

 

104

 

LIBOR, 1/15/12

 

 

104,430

 

 

706

 

LIBOR, 1/15/14

 

 

710,126

 

 

5,000

 

Navistar Intl. Corp., LIBOR + 3.25%, 1/30/12

 

 

5,017,855

 

 

1,458

 

Rent-A-Center, Inc., Loan B, LIBOR + 1.75%, 6/30/12

 

 

1,459,813

 

 

 

 

Reynolds & Reynolds Co.,

 

 

 

 

 

2,923

 

LIBOR + 2.00%, 10/31/12

 

 

2,934,625

 

 

1,250

 

Second Lien Loan, LIBOR + 5.50%, 10/31/13

 

 

1,275,781

 

 

2,513

 

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

 

 

2,494,079

 

 

 

 

 

 



 

 

 

 

Total Automotive

 

 

22,702,662

 

 

 

 

 

 



 

 

 

 

Basic Materials—6.5%

 

 

 

 

 

1,000

 

Algoma Steel, Inc., Loan B, LIBOR + 2.50%, 6/14/14

 

 

1,001,250

 

 

 

 

Brenntag Group,

 

 

 

 

 

393

 

LIBOR + 2.50%, 1/18/14

 

 

395,673

 

 

1,607

 

Loan B2, LIBOR + 2.50%, 12/31/13

 

 

1,609,785

 

 

1,000

 

Second Lien Loan, LIBOR + 6.50%, 12/31/12

 

 

1,010,417

 

See Notes to Financial Statements.

6


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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 








 

 

 

 

Basic Materials—(cont’d)

 

 

 

 

$

500

 

Brenntag Holdings, Loan B6 B, LIBOR + 2.50%, 9/15/14 (EUR)

 

$

682,717

 

 

271

 

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

 

 

270,261

 

 

819

 

Compass Minerals Group, Inc., LIBOR + 1.50%, 12/31/12

 

 

818,533

 

 

 

 

Ineos Group Holdings Plc,

 

 

 

 

 

2,025

 

Loan A4, LIBOR + 2.25%, 12/16/12

 

 

2,027,531

 

 

1,733

 

Loan B2, LIBOR + 2.25%, 12/16/13

 

 

1,742,245

 

 

1,733

 

Loan C2, LIBOR + 2.75%, 12/16/14

 

 

1,742,245

 

 

2,555

 

Innophos, Inc., LIBOR + 2.25%, 8/15/10

 

 

2,560,932

 

 

 

 

Invista BV,

 

 

 

 

 

2,339

 

Loan B1, LIBOR + 1.50%, 4/30/11

 

 

2,336,481

 

 

1,240

 

Loan B2, LIBOR + 1.50%, 4/30/11

 

 

1,244,708

 

 

2,174

 

John Maneely Co., Loan B, LIBOR + 3.25%, 12/15/13

 

 

2,165,163

 

 

217

 

Kraton Polymers LLC, LIBOR + 2.00%, 12/15/10

 

 

218,015

 

 

2,227

 

MacDermid, Inc., LIBOR + 2.25%, 4/15/14 (EUR)

 

 

3,014,302

 

 

1,629

 

Nalco Co., Loan B, PRIME + 0.75%, 11/04/10

 

 

1,635,824

 

 

489

 

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

 

 

488,750

 

 

491

 

Pregis Corp., Loan B2, LIBOR + 2.50%, 10/15/12 (EUR)

 

 

666,544

 

 

496

 

Professional Paint, Inc., First Lien Loan, PRIME + 1.50%, 5/30/12

 

 

491,287

 

 

2,804

 

Rockwood Specialties Group, Inc., Loan E, LIBOR + 1.75%, 8/15/12

 

 

2,815,015

 

 

473

 

Solutia, Loan B, LIBOR + 3.00%, 3/31/08

 

 

475,227

 

 

 

 

 

 



 

 

 

 

Total Basic Materials

 

 

29,412,905

 

 

 

 

 

 



 

 

 

 

Building & Development—4.8%

 

 

 

 

 

2,000

 

American Residential Services, Inc., Second Lien Loan, LIBOR, 4/17/15

 

 

1,980,000

 

 

398

 

Armstrong World Industries, Inc., LIBOR + 1.75%, 10/12/13

 

 

398,494

 

 

1,244

 

Beacon Roofing Supply, Inc., Loan B, LIBOR + 2.00%, 10/31/13

 

 

1,243,750

 

 

 

 

Brand Energy & Infrastructure Services, Inc.,

 

 

 

 

 

499

 

First Lien Loan B, LIBOR + 2.25%, 2/15/14

 

 

499,529

 

 

300

 

Second Lien Loan, LIBOR + 6.00%, 2/15/15

 

 

302,719

 

 

500

 

Synthetic Letter of Credit, LIBOR + 2.25%, 2/15/14

 

 

500,000

 

 

198

 

TBD, 2/15/15

 

 

199,900

 

 

2,494

 

Building Materials Holding Corp., LIBOR + 2.75%, 3/15/14

 

 

2,454,473

 

 

1,500

 

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

 

 

1,493,749

 

 

2,250

 

Edge-Star Partners, First Lien Loan, LIBOR + 4.00%, 11/18/07

 

 

2,247,187

 

 

 

 

Euramax Intl., Inc.,

 

 

 

 

 

480

 

Second Lien Loan, LIBOR + 7.00%, 7/15/13

 

 

465,673

 

 

734

 

Second Lien Loan, LIBOR + 8.00%, 7/15/13

 

 

712,184

 

 

2,000

 

Hanley Wood LLC, LIBOR + 2.25%, 3/07/14

 

 

1,965,000

 

 

 

 

Lafarge Roofing Holdings, Inc.,

 

 

 

 

 

600

 

Loan B1, LIBOR + 2.13%, 2/28/14 (EUR)

 

 

819,288

 

 

245

 

Loan B2, LIBOR + 2.13%, 2/28/14 (EUR)

 

 

334,543

 

 

230

 

Loan B4, LIBOR, 2/28/15

 

 

232,369

 

 

556

 

Loan C1, LIBOR, 2/28/15 (EUR)

 

 

762,343

 

 

286

 

Loan C2, LIBOR, 2/28/15 (EUR)

 

 

392,140

 

 

230

 

Loan C4, LIBOR, 2/28/14

 

 

231,218

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 








 

 

 

 

Building & Development—(cont’d)

 

 

 

 

$

496

 

Nacco Industries, Inc., LIBOR + 2.00%, 3/31/13

 

$

495,630

 

 

973

 

Nortek, Inc., Loan B, PRIME + 1.25%, 8/24/11

 

 

969,339

 

 

825

 

Rhodes Ranch, First Lien Loan, LIBOR + 3.25%, 11/15/10

 

 

819,844

 

 

2,469

 

United Subcontractors, Inc., First Lien Loan, LIBOR + 2.75%, 12/31/12

 

 

2,450,234

 

 

 

 

 

 



 

 

 

 

Total Building & Development

 

 

21,969,606

 

 

 

 

 

 



 

 

 

 

Conglomerates—3.5%

 

 

 

 

 

 

 

Atlantis Plastics, Inc.,

 

 

 

 

 

495

 

Second Lien Loan, LIBOR + 9.00%, 9/30/11

 

 

465,300

 

 

5

 

TBD, 9/30/11

 

 

4,970

 

 

735

 

Blount Intl., Loan B, LIBOR + 1.75%, 8/15/10

 

 

734,565

 

 

4,925

 

Colfax Corp., LIBOR + 2.25%, 11/30/11 (EUR)

 

 

6,699,066

 

 

 

 

Invensys Plc,

 

 

 

 

 

1,000

 

LIBOR + 2.00%, 12/15/10

 

 

1,002,917

 

 

1,783

 

LIBOR + 2.13%, 12/15/10 (GBP)

 

 

3,584,412

 

 

 

 

Jarden Corp.,

 

 

 

 

 

647

 

LIBOR + 1.75%, 1/15/12

 

 

647,170

 

 

250

 

TBD, 1/24/12

 

 

250,312

 

 

2,420

 

Polypore, Inc., LIBOR + 3.00%, 11/15/11

 

 

2,420,240

 

 

 

 

 

 



 

 

 

 

Total Conglomerates

 

 

15,808,952

 

 

 

 

 

 



 

 

 

 

Consumer Products—12.7%

 

 

 

 

 

1,000

 

Aearo Technologies, Inc., Second Lien Loan, LIBOR + 5.50%, 9/30/13

 

 

1,010,000

 

 

988

 

24 Hour Fitness Worldwide, Inc., Loan B, LIBOR + 2.50%, 6/30/12

 

 

992,026

 

 

 

 

Advance Food Co.,

 

 

 

 

 

778

 

Loan B, PRIME + 0.75%, 3/16/14

 

 

773,889

 

 

222

 

Loan D, LIBOR + 1.75%, 3/16/14

 

 

221,111

 

 

750

 

American Safety Razor Co., Second Lien Loan, LIBOR + 6.25%, 2/15/14

 

 

753,750

 

 

 

 

ARAMARK Corp.,

 

 

 

 

 

198

 

Letter of Credit, LIBOR + 2.00%, 1/30/14

 

 

197,502

 

 

2,527

 

Loan B, LIBOR + 2.00%, 1/30/14

 

 

2,526,548

 

 

449

 

Arby’s Restaurant Group, Inc., Loan B, LIBOR + 2.25%, 7/31/12

 

 

451,564

 

 

 

 

Berkline Bench Craft,

 

 

 

 

 

97

4

Loan B, PRIME + 4.75%, 10/31/11

 

 

63,060

 

 

2,010

4

Second Lien Loan, PRIME + 7.00%, 4/30/12

 

 

167,508

 

 

1,047

 

Brickman Group Ltd., LIBOR + 2.00%, 1/30/14

 

 

1,048,684

 

 

524

 

Burlington Coat Factory Warehouse Corp., Loan B, LIBOR + 2.25%, 4/15/13

 

 

517,276

 

 

491

 

Centerplate, Inc., PRIME + 1.25%, 10/15/10

 

 

491,228

 

 

 

 

Cenveo Corp.,

 

 

 

 

 

62

 

Delayed Draw Loan, LIBOR + 1.75%, 9/07/13

 

 

61,875

 

 

929

 

Loan C, LIBOR + 1.75%, 9/07/13

 

 

928,126

 

 

490

 

Chiquita Brands Intl., Inc., Loan C, LIBOR + 3.00%, 7/15/13

 

 

493,675

 

 

2,000

 

Claire’s Stores, Inc., Loan B, LIBOR + 2.75%, 5/24/14

 

 

1,963,126

 

 

 

 

Coinmach Corp.,

 

 

 

 

 

593

 

Loan B1, PRIME + 1.50%, 12/15/12

 

 

594,949

 

 

400

 

TBD, 12/15/12

 

 

401,484

 

 

2,215

 

Cracker Barrel, Loan B, LIBOR + 1.50%, 5/15/13

 

 

2,215,228

 

 

1,000

 

Culligan International Co., Second Lien Loan, LIBOR, 4/24/13 (EUR)

 

 

1,353,449

 

See Notes to Financial Statements.

7


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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 







 

 

 

Consumer Products—(cont’d)

 

 

 

 

$

1,000

 

DS Waters Holdings, Inc., Loan B, LIBOR, 3/31/12

 

$

997,500

 

 

1,000

 

David’s Bridal, Inc., LIBOR + 2.00%, 1/30/14

 

 

990,417

 

 

500

 

Deutsch Connectors, Second Lien Loan, LIBOR + 4.50%, 2/11/16

 

 

509,583

 

 

 

 

Dole Food Co., Inc.,

 

 

 

 

 

468

 

Letter of Credit, LIBOR + 1.88%, 4/12/13

 

 

466,025

 

 

1,041

 

LIBOR + 2.00%, 4/30/12

 

 

1,035,450

 

 

3,468

 

Loan C, LIBOR + 2.00%, 3/31/13

 

 

3,451,501

 

 

473

 

FTD, Inc., LIBOR + 2.00%, 8/15/13

 

 

473,566

 

 

250

 

Foamex International, Inc., Second Lien Loan, LIBOR + 4.75%, 2/15/14

 

 

251,250

 

 

 

 

Fresh Start Bakeries, Inc.,

 

 

 

 

 

500

 

First Lien Loan, LIBOR + 2.50%, 9/30/13

 

 

501,250

 

 

500

 

Second Lien Loan, LIBOR + 5.75%, 3/31/14

 

 

505,000

 

 

350

 

Gold Toe, Second Lien Loan, LIBOR + 6.00%, 4/30/14

 

 

354,375

 

 

1,500

 

JRD Holdings, Inc., LIBOR + 2.50%, 5/11/14

 

 

1,501,875

 

 

260

 

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

 

 

260,279

 

 

657

 

Language Line, Inc., Loan B1, LIBOR + 3.25%, 6/14/11

 

 

660,492

 

 

534

 

Latimer/Weetabix, LIBOR + 8.00%, 7/26/16 (GBP)

 

 

1,139,336

 

 

1,000

4

Le-Natures, Inc., Loan B, LIBOR + 4.00%, 9/30/11

 

 

608,000

 

 

887

 

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

 

 

890,235

 

 

1,506

 

Neiman-Marcus Group, Inc., LIBOR + 2.00%, 4/15/13

 

 

1,509,977

 

 

1,377

 

New Page, Loan B, LIBOR + 2.25%, 4/30/12

 

 

1,384,992

 

 

1,500

 

Orchard Supply Hardware Stores Corp., Loan B2, LIBOR + 2.45%, 12/09/07

 

 

1,515,000

 

 

538

 

Oreck Corp., Loan B, PRIME + 1.75%, 1/31/12

 

 

513,875

 

 

 

 

Oriental Trading Co.,

 

 

 

 

 

990

 

LIBOR + 2.25%, 6/30/13

 

 

986,906

 

 

500

 

Second Lien Loan, LIBOR + 4.75%, 1/30/14

 

 

504,688

 

 

1,000

 

OSI Food Co., TBD, 5/15/14

 

 

1,002,292

 

 

 

 

OSI Group LLC,

 

 

 

 

 

1,697

 

LIBOR + 2.00%, 9/15/11

 

 

1,698,019

 

 

1,697

 

Loan B, LIBOR + 2.00%, 9/15/11

 

 

1,698,049

 

 

398

 

PETCO Animal Supplies, Inc., LIBOR + 2.50%, 10/31/12

 

 

399,919

 

 

1,047

 

Pierre Foods, Inc., Loan B, LIBOR + 2.25%, 7/15/10

 

 

1,047,867

 

 

750

 

Pivotal Promontory LLC, Second Lien Loan, LIBOR + 6.50%, 9/15/11

 

 

736,875

 

 

1,816

 

Prestige Brands Holdings, Inc., Loan B, PRIME + 1.25%, 4/06/11

 

 

1,821,354

 

 

500

 

Rite Aid Corp., Loan 2, LIBOR, 6/04/14

 

 

500,625

 

 

997

 

Riverdeep Interactive Learning, Inc., Incremental Loan, LIBOR, 12/21/13

 

 

998,562

 

 

1,481

 

Roundy’s Supermarkets, Inc., LIBOR + 2.75%, 11/15/11

 

 

1,489,805

 

 

 

 

Sturm Foods, Inc.,

 

 

 

 

 

1,375

 

LIBOR + 2.50%, 1/30/14

 

 

1,378,437

 

 

750

 

Second Lien Loan, LIBOR + 7.00%, 6/30/14

 

 

751,562

 

 

829

4

Synventive Acquisition, Inc., Mezzanine Loan, LIBOR + 14.00%, 2/17/14

 

 

310,729

 

 

2,000

 

Thomson Learning, TBD, 6/30/14

 

 

1,970,416

 

 

780

 

Tupperware Corp., LIBOR + 1.50%, 11/07/12

 

 

779,025

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 







 

 

 

Consumer Products—(cont’d)

 

 

 

 

$

374

 

Warnaco, Inc., Loan B, LIBOR + 1.50%, 1/31/12

 

$

373,917

 

 

 

 

Wastequip, Inc.,

 

 

 

 

 

290

 

Delayed Draw Loan, LIBOR + 2.25%, 2/15/13

 

 

291,480

 

 

689

 

Loan B, LIBOR + 2.25%, 2/15/13

 

 

692,266

 

 

21

 

TBD, 2/15/13

 

 

21,254

 

 

 

 

Waterpik Technologies, Inc.,

 

 

 

 

 

451

 

First Lien Loan, LIBOR + 2.25%, 4/15/13

 

 

450,875

 

 

750

 

Second Lien Loan, LIBOR + 6.50%, 10/15/13

 

 

746,250

 

 

 

 

 

 



 

 

 

 

Total Consumer Products

 

 

57,397,208

 

 

 

 

 

 



 

 

 

 

Containers & Packaging—4.0%

 

 

 

 

 

 

 

Bluegrass Container Co. LLC,

 

 

 

 

 

343

 

First Lien Loan, LIBOR + 2.25%, 6/30/13

 

 

343,483

 

 

1,146

 

Loan B, LIBOR + 2.25%, 6/30/13

 

 

1,147,956

 

 

1,500

 

Second Lien Loan, LIBOR + 5.00%, 12/30/13

 

 

1,523,250

 

 

 

 

Consolidated Container Co. LLC,

 

 

 

 

 

501

 

First Lien Loan, LIBOR, 4/15/14

 

 

500,206

 

 

750

 

Second Lien Loan, LIBOR, 10/15/14

 

 

737,500

 

 

 

 

Georgia-Pacific Corp.,

 

 

 

 

 

962

 

First Lien Loan, LIBOR + 1.75%, 2/28/13

 

 

964,269

 

 

1,500

 

TBD, 2/28/14

 

 

1,501,875

 

 

5,985

 

Graham Packaging Co. LP, Loan B, LIBOR + 2.25%, 4/15/11

 

 

6,001,034

 

 

 

 

Smurfit-Stone Container Enterprises, Inc.,

 

 

 

 

 

495

 

Loan B, LIBOR + 2.00%, 11/01/11

 

 

496,455

 

 

750

 

Loan B1, TBD, 2/15/15 (EUR)

 

 

1,027,103

 

 

750

 

Loan C1, LIBOR + 2.75%, 2/15/14 (EUR)

 

 

1,024,392

 

 

2,910

 

Solo Cup, Inc., LIBOR + 3.50%, 2/27/11

 

 

2,935,235

 

 

 

 

 

 



 

 

 

 

Total Containers & Packaging

 

 

18,202,758

 

 

 

 

 

 



 

 

 

 

Ecological Services & Equipment—0.6%

 

 

 

 

 

 

 

Envirosolutions, Inc.,

 

 

 

 

 

927

 

Initial Loan, LIBOR + 3.50%, 2/28/09

 

 

933,032

 

 

1,073

 

TBD, 7/15/12

 

 

1,079,468

 

 

499

 

Global Geophysical, First Lien Loan, LIBOR + 3.50%, 2/15/14

 

 

502,283

 

 

 

 

 

 



 

 

 

 

Total Ecological Services & Equipment

 

 

2,514,783

 

 

 

 

 

 



 

 

 

 

Energy—8.4%

 

 

 

 

 

1,500

 

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

 

 

1,502,187

 

 

530

 

Astoria Generating Co. Acquisitions LLC, Loan B, LIBOR + 2.00%, 2/23/13

 

 

531,083

 

 

 

 

Big West Oil LLC,

 

 

 

 

 

550

 

Delayed Draw Loan, LIBOR, 5/15/14

 

 

550,687

 

 

450

 

PRIME + 1.25%, 5/15/14

 

 

450,563

 

 

 

 

Coffeyville Resources LLC,

 

 

 

 

 

324

 

LIBOR + 3.00%, 12/21/13

 

 

325,946

 

 

1,671

 

Loan D, LIBOR + 3.00%, 12/21/13

 

 

1,679,844

 

 

 

 

Coleto Creek Power,

 

 

 

 

 

127

 

Letter of Credit, LIBOR + 2.75%, 7/31/13

 

 

127,813

 

 

1,854

 

Loan B, LIBOR + 2.75%, 7/31/13

 

 

1,860,064

 

 

 

 

Dresser, Inc.,

 

 

 

 

 

1,000

 

Loan B, LIBOR + 2.50%, 5/15/14

 

 

1,003,333

 

 

1,500

 

Second Lien Loan, LIBOR, 5/15/15

 

 

1,518,375

 

 

 

 

ElectricInvest Holding Co. Ltd.,

 

 

 

 

 

2,200

 

Junior Loan, LIBOR, 12/21/12 (GBP)

 

 

4,451,644

 

 

1,192

 

LIBOR, 12/21/12 (EUR)

 

 

1,625,036

 

 

 

 

Flint,

 

 

 

 

 

833

 

Loan B7 AEB, LIBOR + 2.50%, 12/20/14 (EUR)

 

 

1,132,708

 

 

1,000

 

Loan B9, LIBOR, 12/20/14

 

 

1,004,286

 

 

833

 

Loan C7, LIBOR + 3.00%, 12/20/15 (EUR)

 

 

1,137,945

 

See Notes to Financial Statements.

8


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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 







 

 

 

 

Energy—(cont’d)

 

 

 

 

 

 

 

Generac Power Systems, Inc.,

 

 

 

 

$

990

 

First Lien Loan, LIBOR + 2.50%, 11/15/13

 

$

970,377

 

 

750

 

Second Lien Loan, LIBOR + 6.00%, 5/15/14

 

 

710,312

 

 

1,477

 

Key Energy Services, Inc., Loan C, LIBOR + 2.50%, 8/15/12

 

 

1,483,041

 

 

 

 

MACH Gen LLC,

 

 

 

 

 

70

 

Letter of Credit, LIBOR + 2.00%, 2/22/14

 

 

70,225

 

 

676

 

LIBOR + 2.00%, 2/22/14

 

 

675,444

 

 

494

 

MEG Energy Corp., Loan B, LIBOR + 2.00%, 4/15/13

 

 

495,602

 

 

995

 

McJunkin Corp., Loan B, LIBOR + 2.25%, 1/30/14

 

 

999,665

 

 

798

 

Mirant NA LLC, Loan B, LIBOR + 1.75%, 1/05/13

 

 

797,277

 

 

 

 

Northeast Energy,

 

 

 

 

 

159

 

Letter of Credit, LIBOR + 2.50%, 10/31/13

 

 

159,171

 

 

1,341

 

Loan B, LIBOR + 2.50%, 10/31/13

 

 

1,346,829

 

 

750

 

Second Lien Loan, LIBOR + 4.50%, 10/31/14

 

 

757,187

 

 

104

 

Regency Gas, First Lien Loan, LIBOR + 2.50%, 8/15/13

 

 

104,271

 

 

2,000

 

Safenet, Inc., Second Lien Loan, LIBOR, 5/11/15

 

 

1,980,000

 

 

1,400

 

SandRidge Energy, Inc., LIBOR, 3/01/14

 

 

1,396,500

 

 

2,088

 

SemCrude LP, LIBOR + 2.25%, 2/28/11

 

 

2,088,484

 

 

 

 

TPF Generation Holdings LLC,

 

 

 

 

 

151

 

Letter of Credit, LIBOR + 2.10%, 12/31/13

 

 

151,060

 

 

47

 

LIBOR + 2.00%, 12/31/13

 

 

47,354

 

 

800

 

Loan B, LIBOR + 2.00%, 4/12/26

 

 

803,011

 

 

1,483

 

Trinidad Energy Services Income Trust, LIBOR + 2.50%, 4/15/11

 

 

1,484,353

 

 

 

 

Western Refining,

 

 

 

 

 

196

 

Delayed Draw Loan, LIBOR + 1.75%, 3/15/14

 

 

196,306

 

 

804

 

LIBOR + 1.75%, 3/15/14

 

 

803,069

 

 

 

 

Wolf Hollow I LP,

 

 

 

 

 

100

 

LIBOR + 2.25%, 6/22/12

 

 

98,000

 

 

472

 

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

 

 

462,226

 

 

500

 

Second Lien Loan, LIBOR, 12/15/12

 

 

500,000

 

 

400

 

Synthetic Letter of Credit, LIBOR + 2.25%, 6/15/12

 

 

392,000

 

 

 

 

 

 



 

 

 

 

Total Energy

 

 

37,873,278

 

 

 

 

 

 



 

 

 

 

Entertainment & Leisure—6.7%

 

 

 

 

 

677

 

Blockbuster Entertainment Corp., Loan B, LIBOR + 3.25%, 8/20/11

 

 

675,213

 

 

1,117

 

Cinemark, Inc., Loan B, LIBOR + 1.75%, 10/05/13

 

 

1,116,562

 

 

1,000

 

Discovery Channel, Loan B, LIBOR + 2.00%, 5/15/13

 

 

1,003,438

 

 

750

 

Edge Las Vegas, First Lien Loan, LIBOR + 3.50%, 8/01/07

 

 

750,000

 

 

938

 

Fairmont Hotels & Resorts, Inc., Loan B, LIBOR + 3.25%, 7/15/11

 

 

942,598

 

 

 

 

Golden Nugget, Inc.,

 

 

 

 

 

273

 

Loan D, TBD, 5/21/14

 

 

272,386

 

 

1,000

 

Second Lien Loan, TBD, 11/30/14

 

 

998,750

 

 

477

 

TBD, 5/30/14

 

 

476,676

 

 

1,990

 

Greektown Holdings LLC, Loan B, LIBOR + 2.50%, 12/15/12

 

 

1,994,975

 

 

 

 

Green Valley Ranch Gaming LLC,

 

 

 

 

 

481

 

First Lien Loan, LIBOR + 2.00%, 1/29/12

 

 

481,941

 

 

1,000

 

Second Lien Loan, LIBOR + 3.25%, 1/29/12

 

 

1,004,000

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 








 

 

 

 

 

 

 

 

 

 

 

Entertainment & Leisure—(cont’d)

 

 

 

 

$

1,478

 

Hit Entertainment Ltd., LIBOR + 2.00%, 8/31/12

 

$

1,478,886

 

 

 

 

Hollywood Theaters, Inc.,

 

 

 

 

 

1,697

 

First Lien Loan, LIBOR + 3.25%, 8/01/09

 

 

1,710,231

 

 

2,500

 

Second Lien Loan, LIBOR + 7.00%, 1/21/10

 

 

2,518,750

 

 

1,474

 

Kerasotes Theatres, Inc., Loan B, LIBOR + 2.25%, 11/01/11

 

 

1,478,680

 

 

 

 

Las Vegas Sands LLC,

 

 

 

 

 

500

 

Delayed Draw Loan, LIBOR, 5/04/14

 

 

498,660

 

 

2,000

 

Loan B, LIBOR + 1.50%, 5/04/14

 

 

1,994,642

 

 

2,963

 

Metro-Goldwyn-Mayer Studios, Inc., Loan B, LIBOR + 3.25%, 4/15/12

 

 

2,966,553

 

 

2,000

 

RHI Entertainment, Inc., Second Lien Loan, LIBOR + 4.00%, 4/15/14

 

 

1,980,000

 

 

736

 

Riverside Casino & Golf Resort LLC, Loan B, LIBOR + 3.50%, 11/15/12

 

 

735,660

 

 

746

 

Time Warner, Inc., Loan B, LIBOR + 2.00%, 10/31/13

 

 

746,405

 

 

 

 

Travelport, Inc.,

 

 

 

 

 

47

 

Letter of Credit, LIBOR + 2.50%, 8/31/13

 

 

47,007

 

 

441

 

LIBOR + 2.50%, 8/31/13

 

 

442,213

 

 

925

 

Universal City Development Partners LP, Loan B, LIBOR + 2.00%, 6/30/12

 

 

931,239

 

 

 

 

Wembley, Inc.,

 

 

 

 

 

985

 

First Lien Loan, LIBOR + 2.50%, 8/31/11

 

 

986,240

 

 

1,495

 

Second Lien Loan, LIBOR + 4.25%, 8/31/12

 

 

1,500,615

 

 

808

 

Yellowstone Mountain Club, LIBOR + 2.38%, 10/15/10

 

 

806,215

 

 

 

 

 

 



 

 

 

 

Total Entertainment & Leisure

 

 

30,538,535

 

 

 

 

 

 



 

 

 

 

Financial Institutions—10.5%

 

 

 

 

 

984

 

Advantage Sales & Marketing, Inc., LIBOR + 2.00%, 4/15/13

 

 

982,562

 

 

369

 

Arias Acquisitions, Inc., LIBOR + 5.50%, 7/30/11

 

 

352,161

 

 

248

 

Arrowhead General Insurance Agency, Inc., First Lien Loan, LIBOR + 3.00%, 8/15/12

 

 

249,986

 

 

 

 

Asurion Corp.,

 

 

 

 

 

956

 

First Lien Loan, LIBOR + 3.00%, 8/30/12

 

 

956,389

 

 

500

 

Second Lien Loan, LIBOR + 6.25%, 2/28/13

 

 

505,000

 

 

955

 

Avio, Mezzanine Loan, LIBOR, 9/25/16

 

 

983,275

 

 

 

 

Bankruptcy Management,

 

 

 

 

 

993

 

LIBOR + 2.75%, 6/30/11

 

 

996,222

 

 

496

 

Second Lien Loan, LIBOR + 6.25%, 7/30/12

 

 

503,694

 

 

4,750

 

Billing Services Group, LIBOR + 2.50%, 5/05/12 (EUR)

 

 

6,428,884

 

 

929

 

BNY Convergex Group LLC, First Lien Loan, LIBOR + 3.00%, 8/31/13

 

 

932,518

 

 

432

 

CCC Information Services Group, Inc., Loan B, LIBOR + 2.50%, 2/15/13

 

 

433,522

 

 

1,244

 

Charter Mac, Loan B, LIBOR + 2.50%, 8/15/12

 

 

1,240,641

 

 

744

 

Conseco, Inc., LIBOR + 2.00%, 9/30/13

 

 

745,306

 

 

2,000

 

Enclave, TBD, 3/01/12

 

 

1,868,935

 

 

 

 

GS Holdings Corp.,

 

 

 

 

 

53

 

Delayed Draw Loan, LIBOR + 1.75%, 5/15/13

 

 

52,749

 

 

83

 

LIBOR + 1.75%, 5/15/11

 

 

83,580

 

 

546

 

LIBOR + 1.75%, 5/15/13

 

 

546,598

 

 

500

 

IM U.S. Holdings, TBD, 6/18/15

 

 

501,250

 

See Notes to Financial Statements.

9


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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 









 

 

 

Financial Institutions—(cont’d)

 

 

 

 

 

 

 

J.G. Wentworth LLC,

 

 

 

 

$

4,000

 

First Lien Loan, LIBOR + 2.25%, 4/15/14

 

$

3,967,500

 

 

1,000

 

Second Lien Loan, LIBOR + 5.00%, 10/15/14

 

 

1,000,000

 

 

1,300

 

Jostens, Inc., Loan C, LIBOR + 2.00%, 10/15/11

 

 

1,305,266

 

 

 

 

Liberato Midco Ltd.,

 

 

 

 

 

500

 

Loan B1, LIBOR, 10/27/14 (EUR)

 

 

682,711

 

 

500

 

Loan C1, LIBOR, 10/27/15 (EUR)

 

 

685,638

 

 

367

 

Mezzanine Loan, LIBOR + 4.00%, 10/27/16 (GBP)

 

 

762,920

 

 

934

 

Lucite Intl. Finance Plc, LIBOR + 9.00%, 7/15/14 (EUR)

 

 

1,315,263

 

 

2,000

 

Moeller Group, LIBOR, 9/17/12 (EUR)

 

 

2,746,148

 

 

 

 

NASDAQ Stock Market, Inc.,

 

 

 

 

 

969

 

Loan B, LIBOR + 1.75%, 4/18/12

 

 

969,669

 

 

562

 

Loan C, LIBOR + 1.75%, 4/18/12

 

 

562,148

 

 

1,955

 

Owens Illinois Group, Inc., Loan B, LIBOR + 1.50%, 6/30/13 (EUR)

 

 

2,637,724

 

 

1,478

 

PinnOak Resources LLC, LIBOR + 4.75%, 11/22/12

 

 

1,475,653

 

 

858

 

Professional Service, Inc., Loan B, LIBOR + 2.75%, 10/31/12

 

 

859,957

 

 

497

 

Renfro Corp., Delayed Draw Loan, LIBOR + 3.25%, 9/30/13

 

 

499,641

 

 

1,715

 

Ripplewood Phosphorus U.S. LLC, LIBOR + 3.25%, 7/16/11

 

 

1,715,000

 

 

250

 

RiskMetrics Group Holdings, LLC, Second Lien Loan, LIBOR + 5.50%, 6/15/14

 

 

252,500

 

 

1,114

 

Sedgewick Claims Management Services, Inc., Loan B, LIBOR + 2.25%, 2/28/13

 

 

1,115,392

 

 

1,821

 

TPG Springs Ltd., Mezzanine Loan, LIBOR + 5.25%, 3/22/15 (EUR)

 

 

2,506,393

 

 

 

 

United Biscuits,

 

 

 

 

 

1,651

 

Loan B1, LIBOR + 2.50%, 12/31/14 (GBP)

 

 

3,349,082

 

 

535

 

Loan B2, LIBOR, 12/31/14 (EUR)

 

 

732,450

 

 

 

 

 

 



 

 

 

 

Total Financial Institutions

 

 

47,504,327

 

 

 

 

 

 



 

 

 

 

Health Care—7.5%

 

 

 

 

 

3,112

 

Arizant, Inc., PRIME + 2.00%, 8/15/10

 

 

3,127,173

 

 

737

 

CCS Medical, Loan B, LIBOR + 3.25%, 10/31/12

 

 

736,227

 

 

2,500

 

Cardinal Health, Inc., Loan B, LIBOR, 4/15/14 (EUR)

 

 

3,282,114

 

 

2,339

 

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

 

 

2,341,879

 

 

95

 

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

 

 

95,130

 

 

500

 

Emdeon Business Services, LLC, Second Lien Loan, LIBOR, 5/30/14

 

 

508,750

 

 

1,995

 

Health Management Associates, Inc., LIBOR + 1.75%, 2/15/14

 

 

1,995,908

 

 

5,438

 

HealthSouth Corp., Loan B, LIBOR + 2.50%, 3/15/13

 

 

5,455,457

 

 

 

 

Molnlycke Health Care Ltd. (EUR)

 

 

 

 

 

1,500

 

Loan B, LIBOR, 3/30/15

 

 

2,049,418

 

 

1,500

 

Loan C, LIBOR, 3/30/16

 

 

2,057,878

 

 

500

 

Second Lien Loan D, LIBOR, 9/30/16

 

 

692,434

 

 

424

 

Multiplan, Inc., LIBOR + 2.50%, 4/15/13

 

 

425,725

 

 

496

 

National Renal Institutes, Inc., Loan B, LIBOR + 2.25%, 4/15/13

 

 

494,699

 

 

1,500

 

Opica AB, TBD, 5/20/16 (EUR)

 

 

2,059,674

 

 

 

 

Quintiles Transnational Corp.,

 

 

 

 

 

988

 

First Lien Loan, LIBOR + 2.00%, 3/31/13

 

 

991,203

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 








 

 

 

Health Care—(cont’d)

 

 

 

 

$

250

 

Second Lien Loan, LIBOR + 4.00%, 3/31/14

$

 

253,125

 

 

980

 

Select Medical Corp., Loan B, LIBOR + 2.00%, 2/28/12

 

 

974,209

 

 

2,989

 

U.S. Oncology, Inc., LIBOR + 2.25%, 6/30/11

 

 

3,004,392

 

 

978

 

Vanguard Health Holding Co. II LLC, LIBOR + 2.25%, 9/30/11

 

 

980,688

 

 

 

 

Warner Chilcott Corp.,

 

 

 

 

 

282

 

LIBOR + 2.00%, 1/18/12

 

 

282,858

 

 

1,875

 

Loan B, LIBOR + 2.00%, 1/18/11

 

 

1,879,936

 

 

517

 

Loan C, LIBOR + 2.00%, 1/18/11

 

 

517,905

 

 

 

 

 

 



 

 

 

 

Total Health Care

 

 

34,206,782

 

 

 

 

 

 



 

 

 

 

Industrials—3.8%

 

 

 

 

 

1,489

 

Acosta, Inc., LIBOR + 2.25%, 8/15/13

 

 

1,494,799

 

 

 

 

Bolthouse Farms, Inc.,

 

 

 

 

 

988

 

First Lien Loan, LIBOR + 2.25%, 12/01/12

 

 

989,661

 

 

500

 

Second Lien Loan, LIBOR + 5.50%, 12/16/13

 

 

503,750

 

 

222

 

Chart Industries, Inc., Loan B, LIBOR + 2.00%, 10/15/12

 

 

222,361

 

 

1,800

 

Drummond Co., Inc., LIBOR + 1.50%, 2/15/12

 

 

1,755,000

 

 

1,500

 

Harland Clarke Holdings Corp., Loan B, LIBOR + 2.50%, 3/12/13

 

 

1,493,571

 

 

 

 

Kion Group,

 

 

 

 

 

250

 

Loan B, LIBOR, 3/15/15

 

 

252,471

 

 

250

 

Loan C, LIBOR, 3/15/16

 

 

253,608

 

 

500

 

Loan D, LIBOR, 9/15/16 (EUR)

 

 

690,344

 

 

1,000

 

Mivisa Envases S.A.U., LIBOR, 5/03/15 (EUR)

 

 

1,371,213

 

 

 

 

Novelis, Inc.,

 

 

 

 

 

199

 

Loan B, LIBOR + 2.25%, 1/13/10

 

 

199,025

 

 

346

 

Loan B, PRIME + 1.25%, 12/30/11

 

 

345,675

 

 

2,488

 

Oshkosh Truck Corp., Loan B, LIBOR + 1.75%, 11/30/13

 

 

2,494,691

 

 

 

 

Standard Steel LLC,

 

 

 

 

 

63

 

Delayed Draw Loan, LIBOR + 2.50%, 7/15/12

 

 

62,813

 

 

412

 

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

 

 

414,562

 

 

21

 

TBD, 7/15/12

 

 

20,937

 

 

993

 

Stolle Machinery Co. LLC, First Lien Loan, PRIME + 1.50%, 9/29/13

 

 

998,083

 

 

1,257

 

Thermo Fluids, Inc., Loan B, LIBOR + 3.00%, 8/15/11

 

 

1,244,557

 

 

2,000

 

Tinnerman Palnut Engineered Products, Inc., LIBOR + 7.75%, 11/01/11

 

 

1,700,000

 

 

 

 

Trimas Corp.,

 

 

 

 

 

94

 

Letter of Credit, LIBOR + 2.75%, 7/31/11

 

 

94,805

 

 

404

 

Loan B, LIBOR + 2.75%, 7/31/13

 

 

408,766

 

 

 

 

 

 



 

 

 

 

Total Industrials

 

 

17,010,692

 

 

 

 

 

 



 

 

 

 

Media—25.1%

 

 

 

 

 

475

 

Affinion Group, Inc., LIBOR, 3/01/12

 

 

470,052

 

 

 

 

American Lawyers Media, Inc.,

 

 

 

 

 

1,698

 

First Lien Loan, LIBOR + 2.50%, 3/15/10

 

 

1,696,772

 

 

2,000

 

Second Lien Loan, LIBOR + 5.75%, 3/07/11

 

 

2,000,000

 

 

1,000

 

American Media Operations, Inc., Loan B, LIBOR + 3.25%, 1/31/13

 

 

1,005,625

 

 

1,980

 

Atlantic Broadband Finance LLC, Loan B2, LIBOR + 2.25%, 8/22/11

 

 

1,989,324

 

 

1,000

 

Audio Visual Services Corp., Second Lien Loan, LIBOR + 5.50%, 9/15/14

 

 

1,001,875

 

 

250

 

Bresnan Communications Group LLC, Second Lien Loan, LIBOR + 4.50%, 4/15/14

 

 

252,625

 

See Notes to Financial Statements.

10


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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 









 

 

 

Media—(cont’d)

 

 

 

 

$

3,960

 

Cablevision Systems Corp., Incremental Loan, LIBOR + 1.75%, 3/31/13

 

$

3,955,711

 

 

 

 

Casema Kabelcom (EUR)

 

 

 

 

 

750

 

Loan B, LIBOR + 2.50%, 9/30/14

 

 

1,024,857

 

 

875

 

Loan B1, LIBOR + 2.50%, 9/30/14

 

 

1,195,954

 

 

750

 

Loan C, LIBOR + 3.00%, 9/30/15

 

 

1,029,806

 

 

875

 

Loan C, LIBOR, 9/30/15

 

 

1,201,477

 

 

1,000

 

Cequel Communications II LLC, TBD, 11/05/13

 

 

994,091

 

 

6,000

 

Cequel Communications LLC, First Lien Loan, LIBOR + 2.00%, 11/01/13

 

 

5,964,546

 

 

7,000

 

Charter Communications Holdings LLC, LIBOR + 2.63%, 4/30/14

 

 

6,932,919

 

 

3,060

 

Dex Media East LLC/Dex Media East Finance Co., Loan B, LIBOR + 1.50%, 12/31/08

 

 

3,052,688

 

 

 

 

Dex Media West LLC/Dex Media Finance Co.,

 

 

 

 

 

696

 

Loan B1, LIBOR + 1.50%, 9/09/10

 

 

695,379

 

 

1,254

 

Loan B2, LIBOR + 1.50%, 9/01/09

 

 

1,253,077

 

 

486

 

Emmis Communications Corp., LIBOR + 2.00%, 10/31/13

 

 

487,591

 

 

 

 

Gatehouse Media Operating, Inc.,

 

 

 

 

 

592

 

Delayed Draw Loan, LIBOR + 2.00%, 9/15/14

 

 

586,933

 

 

1,386

 

Loan B, LIBOR + 2.00%, 9/15/14

 

 

1,374,783

 

 

 

 

Gray Television, Inc.,

 

 

 

 

 

700

 

Delayed Draw Loan, LIBOR + 1.50%, 9/18/14

 

 

697,594

 

 

1,300

 

LIBOR + 1.50%, 9/18/14

 

 

1,294,312

 

 

4,975

 

Idearc, Inc., Loan B, LIBOR + 2.00%, 11/15/14

 

 

4,990,263

 

 

4,000

 

KDG Media Technologies AG, Loan A, LIBOR + 1.75%, 3/31/12 (EUR)

 

 

5,447,000

 

 

500

 

Knology, First Lien Loan, LIBOR + 2.25%, 3/15/12

 

 

501,250

 

 

1,500

 

Liberty Cablevision of Puerto Rico Ltd., TBD, 5/21/14

 

 

1,496,250

 

 

1,493

 

Mediacom Broadband LLC, Loan D1, LIBOR + 1.75%, 1/31/15

 

 

1,487,939

 

 

1,522

 

Mediacom Communications Corp., Loan A, LIBOR + 1.50%, 3/31/10

 

 

1,510,621

 

 

1,965

 

Mediacom Illinois LLC, Loan C, LIBOR + 1.75%, 1/15/15

 

 

1,962,122

 

 

1,912

 

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

 

 

1,906,486

 

 

389

 

Multicultural Radio Broadcasting, Inc., PRIME + 1.75%, 12/15/12

 

 

389,973

 

 

1,000

 

National CineMedia, Inc., Loan B, LIBOR + 1.75%, 2/28/15

 

 

997,321

 

 

 

 

New Wave Communications,

 

 

 

 

 

1,180

 

LIBOR + 3.25%, 6/20/13

 

 

1,191,674

 

 

63

 

TBD, 6/20/13

 

 

63,630

 

 

1,811

 

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

 

 

1,805,877

 

 

3,474

 

Nielsen Finance LLC/Nielsen Finance Co., Loan B, LIBOR + 2.25%, 8/15/13

 

 

3,491,119

 

 

 

 

NTL Investment Holding Ltd. (GBP)

 

 

 

 

 

2,420

 

Loan B1, TBD, 9/03/12

 

 

4,857,976

 

 

1,500

 

Loan C, LIBOR + 2.75%, 3/03/13

 

 

3,089,807

 

 

 

 

PagesJaunes Groupe SA (EUR)

 

 

 

 

 

1,000

 

Loan B2, LIBOR + 2.25%, 1/11/15

 

 

1,364,216

 

 

1,000

 

Loan C, LIBOR + 2.75%, 1/11/16

 

 

1,364,216

 

 

500

 

Loan D, LIBOR + 4.25%, 1/11/17

 

 

693,361

 

 

 

 

Penton Media, Inc.,

 

 

 

 

 

1,125

 

First Lien Loan, LIBOR + 2.25%, 2/15/13

 

 

1,126,758

 

 

1,000

 

Second Lien Loan, LIBOR + 5.00%, 2/15/14

 

 

1,007,500

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 









 

 

 

Media—(cont’d)

 

 

 

 

$

1,000

 

Persona Communications, Inc., Second Lien Loan, LIBOR + 6.00%, 4/30/14

 

$

1,003,750

 

 

750

 

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

 

 

750,000

 

 

741

 

Quebecor Media, Inc., Loan B, LIBOR + 2.00%, 1/17/13

 

 

743,711

 

 

1,000

 

RCN Corp., TBD, 5/24/14

 

 

998,750

 

 

2,069

 

R.H. Donnelley, Inc., Loan D2, LIBOR + 1.50%, 12/31/11

 

 

2,067,429

 

 

 

 

TDC (EUR)

 

 

 

 

 

1,013

 

Loan B, LIBOR + 1.88%, 11/12/14

 

 

1,381,512

 

 

1,250

 

Loan C2, LIBOR + 2.13%, 11/12/15

 

 

1,711,624

 

 

 

 

UPC Broadband Holding BV (EUR)

 

 

 

 

 

3,767

 

Loan M1, LIBOR, 12/31/14

 

 

5,100,541

 

 

4,069

 

Loan M2, LIBOR, 12/31/14

 

 

5,517,231

 

 

 

 

Univision Communications, Inc.,

 

 

 

 

 

664

 

Delayed Draw Loan, 1.00%, 9/30/14

 

 

654,463

 

 

5,638

 

Loan B, LIBOR + 2.25%, 9/15/14

 

 

5,553,020

 

 

1,000

 

Second Lien Loan, LIBOR, 3/31/16

 

 

993,438

 

 

500

 

Wide Open West Finance LLC, Loan B, PRIME + 1.25%, 4/30/13

 

 

500,714

 

 

1,896

 

WMG Acquisition Corp., LIBOR + 2.00%, 4/08/11

 

 

1,900,692

 

 

2,500

 

Yell Group Plc, Loan B, LIBOR + 2.00%, 2/15/13 (EUR)

 

 

3,409,883

 

 

494

 

Young Broadcasting, Inc., Incremental Loan, LIBOR + 2.50%, 11/01/12

 

 

494,861

 

 

 

 

 

 



 

 

 

 

Total Media

 

 

113,684,969

 

 

 

 

 

 



 

 

 

 

Real Estate—1.4%

 

 

 

 

 

855

 

Acoustical Materials, LIBOR + 2.75%, 4/30/12

 

 

846,022

 

 

1,641

 

Headwaters, Inc., LIBOR + 2.00%, 4/30/11

 

 

1,640,625

 

 

250

 

Kyle Acquisition Group, LLC, Loan B, LIBOR + 3.50%, 7/20/09

 

 

252,031

 

 

490

 

Masonite Intl. Corp., LIBOR + 2.00%, 3/31/13

 

 

474,565

 

 

3,000

 

Realogy Corp., LIBOR + 3.00%, 9/22/14

 

 

2,964,999

 

 

 

 

 

 



 

 

 

 

Total Real Estate

 

 

6,178,242

 

 

 

 

 

 



 

 

 

 

Technology—3.6%

 

 

 

 

 

465

 

Activant Solutions, Inc., Loan B, LIBOR + 2.00%, 4/30/13

 

 

463,413

 

 

739

 

Affiliated Computer Services, Inc., Loan B, LIBOR + 2.00%, 3/31/13

 

 

739,905

 

 

1,460

 

ClientLogic Corp., LIBOR + 2.50%, 1/30/14

 

 

1,465,666

 

 

1,000

 

Cocreate Software, Inc., Second Lien Loan, LIBOR + 7.25%, 5/30/14

 

 

1,002,500

 

 

500

 

Electrical Components Intl. Holdings Co., Second Lien Loan, LIBOR + 6.50%, 5/19/14

 

 

502,500

 

 

 

 

Intergraph Corp.,

 

 

 

 

 

439

 

First Lien Loan, LIBOR + 2.25%, 5/15/14

 

 

441,057

 

 

750

 

Second Lien Loan, LIBOR, 11/15/14

 

 

761,250

 

 

992

 

Marvell Technology Group Ltd., Loan B, LIBOR + 2.00%, 11/06/09

 

 

996,834

 

 

300

 

Mitchell International, Inc., Second Lien Loan, LIBOR + 5.25%, 3/31/15

 

 

301,625

 

 

 

 

RedPrairie Corp.,

 

 

 

 

 

993

 

Loan B, LIBOR, 7/31/12

 

 

994,981

 

 

1,250

 

Second Lien Loan, LIBOR + 6.50%, 1/31/13

 

 

1,253,125

 

 

1,500

 

San Juan Cable, LIBOR + 6.50%, 3/15/13

 

 

1,498,500

 

 

 

 

Sensata Technologies BV,

 

 

 

 

 

1,485

 

LIBOR + 2.00%, 4/30/13 (EUR)

 

 

2,014,189

 

 

983

 

Loan B, LIBOR + 1.75%, 4/27/13

 

 

979,840

 

See Notes to Financial Statements.

11


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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 







 

 

 

Technology—(cont’d)

 

 

 

 

$

109

 

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

 

$

109,132

 

 

2,456

 

SunGard Data Systems, Inc., Loan B, LIBOR + 2.00%, 1/05/13

 

 

2,463,801

 

 

86

 

Delayed Draw Loan, LIBOR + 2.25%, 1/30/14

 

 

86,357

 

 

413

 

LIBOR + 2.25%, 1/30/14

 

 

416,349

 

 

 

 

 

 



 

 

 

 

Total Technology

 

 

16,491,024

 

 

 

 

 

 



 

 

 

 

Telecommunications—8.2%

 

 

 

 

 

2,993

 

American Cellular Corp., Loan B, LIBOR + 2.00%, 3/16/14

 

 

2,988,137

 

 

1,250

 

American Cellular Wireless LLC, Loan DD, LIBOR + 2.00%, 3/15/14

 

 

1,249,479

 

 

498

 

Cavalier Telephone Corp., Loan B, LIBOR + 4.75%, 11/30/12

 

 

503,097

 

 

2,169

 

Centennial Cellular Operating Co., LIBOR + 2.00%, 2/09/11

 

 

2,178,411

 

 

500

 

Country Road Communications LLC, Second Lien Loan, LIBOR + 7.75%, 6/30/13

 

 

505,000

 

 

 

 

Eircom Group Plc (EUR)

 

 

 

 

 

3,000

 

Loan B, LIBOR + 2.38%, 9/15/14

 

 

4,060,348

 

 

3,000

 

Loan C, LIBOR + 2.75%, 9/15/15

 

 

4,088,896

 

 

1,000

 

Loan D, LIBOR, 3/15/16

 

 

1,381,495

 

 

500

 

Hargray Comunications, Inc., TBD, 12/31/14

 

 

501,875

 

 

4,000

 

Insight Midwest Holdings LLC, Loan B, LIBOR + 2.00%, 4/03/14

 

 

4,006,252

 

 

2,000

 

Iowa Telecommunications Services, Inc., Loan B, LIBOR + 1.75%, 11/30/11

 

 

2,004,584

 

 

1,000

 

IPC Systems, Inc., Second Lien Loan, LIBOR + 6.50%, 5/10/15

 

 

995,000

 

 

1,704

 

NTELOS, Inc., First Lien Loan, LIBOR + 2.25%, 2/24/10

 

 

1,709,296

 

 

443

 

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

 

 

445,602

 

 

2,985

 

West Corp., Loan B2, LIBOR + 2.38%, 10/31/13

 

 

2,992,141

 

 

 

 

Wind Acquisition Finance S.A. (EUR)

 

 

 

 

 

1,664

 

Loan A1, LIBOR + 2.00%, 6/17/12

 

 

2,254,587

 

 

2,000

 

Loan B1, LIBOR + 2.50%, 7/31/12

 

 

2,722,125

 

 

2,000

 

Loan C1, LIBOR + 3.25%, 7/31/13

 

 

2,735,659

 

 

 

 

 

 



 

 

 

 

Total Telecommunications

 

 

37,321,984

 

 

 

 

 

 



 

 

 

 

Transportation—4.5%

 

 

 

 

 

 

 

Dockwise Transport N.V.,

 

 

 

 

 

1,733

 

Loan B1, LIBOR + 2.38%, 4/15/15

 

 

1,737,020

 

 

1,733

 

Loan C, LIBOR + 2.88%, 4/15/16

 

 

1,744,837

 

 

1,650

 

Loan D, LIBOR + 4.50%, 10/15/16

 

 

1,680,418

 

 

 

 

Hawker Beechraft Acquisition Co.,

 

 

 

 

 

78

 

Letter of Credit, LIBOR + 2.10%, 3/31/14

 

 

78,021

 

 

920

 

LIBOR + 2.00%, 3/31/14

 

 

919,763

 

 

1,000

 

Jacobson Holding Co., LIBOR + 5.50%, 12/31/14

 

 

1,005,000

 

 

396

 

Kenan Advantage Group, LIBOR + 2.75%, 12/15/11

 

 

397,468

 

 

1,750

 

RailAmerica, Inc., Loan B, LIBOR + 2.25%, 10/15/08

 

 

1,751,094

 

 

322

 

Sirva Worldwide, Inc., LIBOR + 7.25%, 12/31/09

 

 

307,588

 

 

4,500

 

Swift Transportation Co., Inc., LIBOR + 3.00%, 5/15/14

 

 

4,437,319

 

 

3,000

 

U.S. Airways, Loan B, LIBOR + 2.50%, 3/22/14

 

 

3,004,374

 

 

1,500

 

United Air Lines, Inc., Loan B, LIBOR + 2.00%, 1/30/14

 

 

1,493,790

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 







 

 

 

Transportation—(cont’d)

 

 

 

 

$

1,756

 

Vanguard Car Rental Holdings, Inc., Loan B, LIBOR + 3.00%, 6/30/13

 

$

1,767,853

 

 

 

 

 

 



 

 

 

 

Total Transportation

 

 

20,324,545

 

 

 

 

 

 



 

 

 

 

Total Bank Loans

 

 

534,851,444

 

 

 

 

 

 



 

 

 

 

Foreign Government Bonds—17.5%

 

 

 

 

 

3,840

2

Argentina Republic, 4.005%, 8/03/12

 

 

2,803,200

 

 

1,452

 

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

 

 

1,451,946

 

 

 

 

Federative Republic of Brazil,

 

 

 

 

 

475

 

10.25%, 6/17/13

 

 

577,125

 

 

9,435

2,3

11.11%, 6/29/09

 

 

10,425,675

 

 

1,600

 

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

 

 

1,598,341

 

 

2,844

 

Kingdom of Morocco, 6.219%, 1/02/09

 

 

2,863,787

 

 

800

3

Malaysia, 8.75%, 6/01/09

 

 

846,806

 

 

2,400

 

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

 

 

2,460,960

 

 

1,200

2

Republic of Colombia, 8.91%, 3/17/13

 

 

1,326,000

 

 

3,200

 

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

 

 

3,387,200

 

 

2,000

3

Republic of Panama, 8.25%, 4/22/08

 

 

2,037,500

 

 

 

 

Republic of Peru,

 

 

 

 

 

5,264

 

4.50%, 3/07/17

 

 

5,264,000

 

 

2,400

 

9.125%, 1/15/08

 

 

2,424,000

 

 

2,400

 

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

 

 

2,550,000

 

 

2,400

 

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

 

 

2,463,411

 

 

950

 

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

 

 

1,369,159

 

 

 

 

Republic of Venezuela,

 

 

 

 

 

4,000

2

6.355%, 4/20/11

 

 

3,921,000

 

 

2,000

 

11.00%, 3/05/08 (EUR)

 

 

2,788,105

 

 

2,735

3

Turkey, 7.00%, 9/26/16

 

 

2,765,769

 

 

 

 

Ukraine,

 

 

 

 

 

2,800

1

6.875%, 3/04/11

 

 

2,856,000

 

 

16,100

1,2,3

8.775%, 8/05/09

 

 

17,025,750

 

 

 

 

United Mexican States,

 

 

 

 

 

4,800

2,3

6.055%, 1/13/09

 

 

4,824,000

 

 

13,520

 

9.00%, 12/22/11 (MXN)

 

 

1,313,643

 

 

 

 

 

 



 

 

 

 

Total Foreign Government Bonds

 

 

79,343,377

 

 

 

 

 

 



 



 

 

 

 

 

 

 

Shares

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

Common Stocks—0.0%

 

 

 

 

 

947

5

Critical Care Systems Intl., Inc.

 

 

5,919

 

 

 

 

 

 



 

 

 

 

Total Investments—156.7%
(cost $701,366,7136)

 

$

709,766,062

 

 

 

 

Liabilities in excess of other assets—(2.9)%

 

 

(13,171,952

)

 

 

 

Preferred shares at redemption value, including dividends payable—(53.8)%

 

 

(243,553,325

)

 

 

 

 

 



 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

$

453,040,785

 

 

 

 

 

 



 


 

 


1

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, 2007, the Trust held 7.6% of its net assets, with a current market value of $34,353,852, in securities restricted as to resale.

2

Variable rate security. Rate shown is interest rate as of June 30, 2007.

3

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.

4

Issuer is in default and/or bankruptcy.

5

Non-income producing security.

6

Cost for federal income tax purposes is $701,437,108. The net unrealized appreciation on a tax basis is $8,328,954, consisting of $13,803,379 gross unrealized appreciation and $5,474,425 gross unrealized depreciation.

See Notes to Financial Statements.

12



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

 

For Trust compliance purposes, the Trust’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

 

 

 

KEY TO ABBREVIATIONS

EUR

Euro

GBP

British Pound

LIBOR

London Interbank Offered Rate

MXN

Mexican Peso

PRIME

Prime Rate

TBD

To Be Determined

See Notes to Financial Statements.

13



PORTFOLIO OF INVESTMENTS
JUNE 30, 2007 (unaudited)

BlackRock High Income Shares (HIS)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—139.1%

 

 

 

 

 

 

 

Corporate Bonds—133.8%

 

 

 

 

 

 

 

Aerospace & Defense—2.4%

 

 

 

 

$

200

 

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

 

$

200,000

 

 

110

1

Bombardier, Inc., 8.00%, 11/15/14 (Canada)

 

 

113,850

 

 

1,990

 

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

 

 

2, 116,863

 

 

 

 

DRS Technologies, Inc.,

 

 

 

 

 

170

 

6.875%, 11/01/13

 

 

164,900

 

 

170

 

7.625%, 2/01/18

 

 

171,700

 

 

140

 

L-3 Communications Corp., 5.875%, 1/15/15

 

 

129,850

 

 

270

 

Sequa Corp., 9.00%, 8/01/09

 

 

278,775

 

 

300

1

TransDigm, Inc., 7.75%, 7/15/14

 

 

303,000

 

 

 

 

 

 



 

 

 

 

Total Aerospace & Defense

 

 

3,478,938

 

 

 

 

 

 



 

 

 

 

Automotive—6.1%

 

 

 

 

 

340

 

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

 

 

335,750

 

 

240

1

Asbury Automotive Group, Inc., 7.625%, 3/15/17

 

 

236,400

 

 

 

 

AutoNation, Inc.,

 

 

 

 

 

360

 

7.00%, 4/15/14

 

 

355,500

 

 

360

2

7.356%, 4/15/13

 

 

359,100

 

 

1,330

 

Ford Capital BV, 9.50%, 6/01/10 (Netherlands)

 

 

1,349,950

 

 

300

 

Ford Motor Co., 8.90%, 1/15/32

 

 

261,000

 

 

 

 

Goodyear Tire & Rubber Co.,

 

 

 

 

 

50

 

7.857%, 8/15/11

 

 

51,125

 

 

471

1

8.675%, 12/01/11

 

 

501,615

 

 

400

 

Group 1 Automotive, Inc., 2.25%, 6/15/36

 

 

344,500

 

 

1,015

 

Lear Corp., Ser. B, 8.75%, 12/01/16

 

 

966,787

 

 

22

 

Meritor Automotive, Inc., 6.80%, 2/15/09

 

 

21,560

 

 

935

 

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

 

 

991,100

 

 

710

 

Penske Auto Group, Inc., 7.75%, 12/15/16

 

 

706,450

 

 

1,910

 

Rent-A-Center, Inc., 7.50%, 5/01/10

 

 

1,938,650

 

 

525

 

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

 

 

555,188

 

 

 

 

 

 



 

 

 

 

Total Automotive

 

 

8,974,675

 

 

 

 

 

 



 

 

 

 

Basic Materials—12.1%

 

 

 

 

 

595

 

AK Steel Corp., 7.75%, 6/15/12

 

 

595,000

 

 

 

 

Abitibi-Consolidated, Inc. (Canada)

 

 

 

 

 

680

 

6.00%, 6/20/13

 

 

562,700

 

 

80

 

8.85%, 8/01/30

 

 

67,200

 

 

1,200

 

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

 

 

1,266,000

 

 

400

1

American Pacific Corp., 9.00%, 2/01/15

 

 

401,500

 

 

85

 

Bowater Finance Corp., 7.95%, 11/15/11 (Canada)

 

 

79,900

 

 

350

2

Bowater, Inc., 8.36%, 3/15/10

 

 

346,500

 

 

540

 

CPG Intl. I, Inc., 10.50%, 7/01/13

 

 

553,500

 

 

225

 

Catalyst Paper Corp., 7.375%, 3/01/14 (Canada)

 

 

202,219

 

 

60

 

Chemtura Corp., 6.875%, 6/01/16

 

 

56,700

 

 

1,010

 

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

 

 

1,042,825

 

 

 

 

Domtar, Inc. (Canada)

 

 

 

 

 

160

 

7.125%, 8/15/15

 

 

155,000

 

 

100

 

7.875%, 10/15/11

 

 

102,375

 

 

 

 

Equistar Chemicals LP/Equistar Funding Corp.,

 

 

 

 

 

125

 

8.75%, 2/15/09

 

 

129,375

 

 

714

 

10.625%, 5/01/11

 

 

751,485

 

 

 

 

FMG Finance Ltd. (Australia)

 

 

 

 

 

240

1

10.00%, 9/01/13

 

 

264,600

 

 

500

1

10.625%, 9/01/16

 

 

595,000

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 


 

 

 

Basic Materials—(cont’d)

 

 

 

 

 

 

 

Freeport-McMoRan Copper & Gold, Inc.,

 

 

 

 

$

1,815

 

8.375%, 4/01/17

 

$

1,932,975

 

 

500

2

8.564%, 4/01/15

 

 

523,750

 

 

500

1

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

 

 

525,000

 

 

1,450

 

Huntsman LLC, 11.625%, 10/15/10

 

 

1,558,750

 

 

475

1

Ineos Group Holdings Plc, 8.50%, 2/15/16 (United Kingdom)

 

 

464,312

 

 

1,170

 

Innophos, Inc., 8.875%, 8/15/14

 

 

1,210,950

 

 

205

1

Key Plastics LLC/Key Plastics Finance Corp., 11.75%, 3/15/13

 

 

203,462

 

 

390

 

Lyondell Chemical Co., 8.00%, 9/15/14

 

 

400,725

 

 

755

1

MacDermid, Inc., 9.50%, 4/15/17

 

 

777,650

 

 

 

 

NewPage Corp.,

 

 

 

 

 

1,040

 

10.00%, 5/01/12

 

 

1,123,200

 

 

610

 

12.00%, 5/01/13

 

 

666,425

 

 

785

2

NOVA Chemicals Corp., 8.484%, 11/15/13 (Canada)

 

 

785,000

 

 

385

 

Terra Capital, Inc., Ser. B, 7.00%, 2/01/17

 

 

371,525

 

 

125

1

Verso Paper Holdings LLC/Verso Paper, Inc., 11.375%, 8/01/16

 

 

133,438

 

 

 

 

 

 



 

 

 

 

Total Basic Materials

 

 

17,849,041

 

 

 

 

 

 



 

 

 

 

Building & Development—2.3%

 

 

 

 

 

450

 

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

 

 

445,500

 

 

1,000

 

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

 

 

875,000

 

 

20

 

Masonite Corp., 11.00%, 4/06/15

 

 

18,100

 

 

470

 

Nortek, Inc., 8.50%, 9/01/14

 

 

444,150

 

 

1,560

 

North American Energy Partners, Inc., 8.75%, 12/01/11 (Canada)

 

 

1,575,600

 

 

 

 

 

 



 

 

 

 

Total Building & Development

 

 

3,358,350

 

 

 

 

 

 



 

 

 

 

Commercial Services—0.5%

 

 

 

 

 

275

 

FTI Consulting, Inc., 7.75%, 10/01/16

 

 

280,500

 

 

400

1

Quebecor World, Inc., 9.75%, 1/15/15 (Canada)

 

 

405,000

 

 

 

 

 

 



 

 

 

 

Total Commercial Services

 

 

685,500

 

 

 

 

 

 



 

 

 

 

Consumer Products—12.9%

 

 

 

 

 

1,070

2

Ames True Temper, Inc., 9.356%, 1/15/12

 

 

1,078,025

 

 

70

2

Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 7.86%, 5/15/14

 

 

71,050

 

 

210

1

Beverages & More, Inc., 9.25%, 3/01/12

 

 

212,625

 

 

425

 

Buffets, Inc., 12.50%, 11/01/14

 

 

406,938

 

 

510

 

Burlington Coat Factory Warehouse Corp., 11.125%, 4/15/14

 

 

497,250

 

 

 

 

Claire’s Stores, Inc.,

 

 

 

 

 

210

1

9.25%, 6/01/15

 

 

199,500

 

 

360

1

9.625%, 6/01/15

 

 

333,000

 

 

210

1

10.50%, 6/01/17

 

 

191,625

 

 

 

 

General Nutrition Centers, Inc.,

 

 

 

 

 

1,000

1,2

9.796%, 3/15/14

 

 

965,000

 

 

990

1

10.75%, 3/15/15

 

 

980,100

 

 

1,170

 

Jarden Corp., 7.50%, 5/01/17

 

 

1,155,375

 

 

2,354

 

Lazy Days RV Center, Inc., 11.75%, 5/15/12

 

 

2,424,620

 

 

 

 

Michaels Stores, Inc.,

 

 

 

 

 

1,160

1

10.00%, 11/01/14

 

 

1,194,800

 

 

1,470

1

11.375%, 11/01/16

 

 

1,536,150

 

 

190

 

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

 

 

203,300

 

 

185

1,2

Nutro Products, Inc., 9.37%, 10/15/13

 

 

195,286

 

 

400

 

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

 

 

376,000

 

 

350

 

Reynolds American, Inc., 7.625%, 6/01/16

 

 

370,577

 

See Notes to Financial Statements.

14


 

 

BlackRock High Income Shares (HIS) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 


 

 

 

Consumer Products—(cont’d)

 

 

 

 

 

 

 

Rite Aid Corp.,

 

 

 

 

$

1,730

 

7.50%, 3/01/17

 

$

1,675,937

 

 

250

 

8.125%, 5/01/10

 

 

252,813

 

 

650

1

9.375%, 12/15/15

 

 

624,000

 

 

 

 

Sally Holdings LLC,

 

 

 

 

 

240

1

9.25%, 11/15/14

 

 

240,600

 

 

1,130

1

10.50%, 11/15/16

 

 

1,135,650

 

 

310

 

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

 

 

328,147

 

 

 

 

United Rentals NA, Inc.,

 

 

 

 

 

1,150

 

7.00%, 2/15/14

 

 

1,121,250

 

 

500

 

7.75%, 11/15/13

 

 

500,625

 

 

 

 

Yankee Acquisition Corp.,

 

 

 

 

 

90

 

Ser. B, 8.50%, 2/15/15

 

 

88,650

 

 

590

 

Ser. B, 9.75%, 2/15/17

 

 

581,150

 

 

 

 

 

 



 

 

 

 

Total Consumer Products

 

 

18,940,043

 

 

 

 

 

 



 

 

 

 

Containers & Packaging—5.6%

 

 

 

 

 

 

 

Berry Plastics Holding Corp.,

 

 

 

 

 

695

 

8.875%, 9/15/14

 

 

703,688

 

 

375

2

9.235%, 9/15/14

 

 

378,750

 

 

255

 

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

 

 

256,275

 

 

125

 

Graham Packaging Co., Inc., 8.50%, 10/15/12

 

 

125,781

 

 

65

 

Graphic Packaging Intl. Corp., 9.50%, 8/15/13

 

 

67,519

 

 

775

1,2

Impress Holdings BV, 8.481%, 9/15/13 (Netherlands)

 

 

793,010

 

 

1,000

 

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

 

 

970,000

 

 

2,600

 

Owens Brockway, 8.25%, 5/15/13

 

 

2,691,000

 

 

1,034

 

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

 

 

1,163,250

 

 

1,140

 

Smurfit-Stone Container Enterprises, Inc., 8.00%, 3/15/17

 

 

1,105,800

 

 

 

 

 

 



 

 

 

 

Total Containers & Packaging

 

 

8,255,073

 

 

 

 

 

 



 

 

 

 

Ecological Services & Equipment—1.2%

 

 

 

 

 

445

1

Aleris Intl., Inc., 9.00%, 12/15/14

 

 

448,894

 

 

400

 

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

 

 

415,000

 

 

800

 

Waste Services, Inc., 9.50%, 4/15/14

 

 

841,000

 

 

 

 

 

 



 

 

 

 

Total Ecological Services & Equipment

 

 

1,704,894

 

 

 

 

 

 



 

 

 

 

Energy—11.1%

 

 

 

 

 

250

 

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

 

 

261,250

 

 

275

 

Berry Petroleum Co., 8.25%, 11/01/16

 

 

277,750

 

 

515

 

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

 

 

503,412

 

 

 

 

Chesapeake Energy Corp.,

 

 

 

 

 

350

 

6.375%, 6/15/15

 

 

333,812

 

 

235

 

6.625%, 1/15/16

 

 

226,188

 

 

 

 

Compagnie Generale de Geophysique-Veritas (France)

 

 

 

 

 

135

 

7.50%, 5/15/15

 

 

135,000

 

 

220

 

7.75%, 5/15/17

 

 

223,300

 

 

290

 

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

 

 

286,375

 

 

1,100

1,2

Corral Finans AB, 6.855%, 4/15/10 (Sweden)

 

 

1,117,556

 

 

75

 

Denbury Resources, Inc., 7.50%, 12/15/15

 

 

74,813

 

 

740

 

East Cameron Gas Co., 11.25%, 7/09/19 (Cayman Islands)

 

 

710,400

 

 

35

 

Edison Mission Energy, 7.50%, 6/15/13

 

 

34,650

 

 

50

 

El Paso Natural Gas Co., 8.875%, 6/15/32

 

 

58,630

 

 

492

 

Elwood Energy LLC, 8.159%, 7/05/26

 

 

516,368

 

 

 

 

Encore Acquisition Co.,

 

 

 

 

 

130

 

6.00%, 7/15/15

 

 

114,725

 

 

140

 

7.25%, 12/01/17

 

 

128,800

 

 

1,115

 

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

 

 

1,109,425

 

 

550

1

Forest Oil Corp., 7.25%, 6/15/19

 

 

533,500

 

 

100

 

Grant Prideco, Inc., Ser. B, 6.125%, 8/15/15

 

 

94,750

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 


 

 

 

Energy—(cont’d)

 

 

 

 

$

151

 

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

 

$

166,024

 

 

900

 

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

 

 

888,750

 

 

154

 

Midwest Generation LLC, Ser. B, 8.56%, 1/02/16

 

 

164,670

 

 

810

 

Mirant Americas Generation LLC, 8.30%, 5/01/11

 

 

836,325

 

 

 

 

NRG Energy, Inc.,

 

 

 

 

 

100

 

7.25%, 2/01/14

 

 

100,250

 

 

570

 

7.375%, 2/01/16

 

 

571,425

 

 

980

1

OPTI, Inc., 8.25%, 12/15/14 (Canada)

 

 

994,700

 

 

1,000

 

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

 

 

1,130,000

 

 

210

 

Reliant Energy, Inc., 6.75%, 12/15/14

 

 

214,200

 

 

420

1

Sabine Pass LNG LP, 7.50%, 11/30/16

 

 

414,750

 

 

682

 

Salton Sea Funding, Ser. E, 8.30%, 5/30/11

 

 

727,081

 

 

615

1

SemGroup LP, 8.75%, 11/15/15

 

 

618,075

 

 

305

 

Southern Natural Gas Co., 8.00%, 3/01/32

 

 

345,914

 

 

890

1,2

Stone Energy Corp., 8.106%, 7/15/10

 

 

890,000

 

 

345

1

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

 

 

350,175

 

 

1,305

 

Whiting Petroleum Corp., 7.25%, 5/01/12-5/01/13

 

 

1,239,750

 

 

 

 

 

 



 

 

 

 

Total Energy

 

 

16,392,793

 

 

 

 

 

 



 

 

 

 

Entertainment & Leisure—6.7%

 

 

 

 

 

470

 

AMC Entertainment, Inc., 11.00%, 2/01/16

 

 

519,350

 

 

500

 

Caesars Entertainment, Inc., 7.875%, 3/15/10

 

 

511,900

 

 

190

 

Cinemark, Inc., Zero Coupon, 3/15/14

 

 

172,900

 

 

440

1

French Lick Resorts & Casino LLC/French

 

 

 

 

 

 

 

Lick Resorts & Casino Corp., 10.75%, 4/15/14

 

 

376,200

 

 

 

 

Gaylord Entertainment Co.,

 

 

 

 

 

450

 

6.75%, 11/15/14

 

 

442,125

 

 

1,000

 

8.00%, 11/15/13

 

 

1,013,750

 

 

1,390

1

Great Canadian Gaming Corp., 7.25%, 2/15/15 (Canada)

 

 

1,379,575

 

 

790

1

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

 

 

837,400

 

 

1,460

 

Harrah’s Operating Co., Inc., 5.75%, 10/01/17

 

 

1,168,000

 

 

610

1

Pinnacle Entertainment, Inc., 7.50%, 6/15/15

 

 

588,650

 

 

705

 

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

 

 

694,425

 

 

630

 

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

 

 

638,662

 

 

410

1

Shingle Springs Tribal Gaming Authority, 9.375%, 6/15/15

 

 

411,538

 

 

125

 

Station Casinos, Inc., 6.625%, 3/15/18

 

 

107,500

 

 

 

 

Travelport LLC,

 

 

 

 

 

170

 

9.875%, 9/01/14

 

 

180,200

 

 

170

2

9.985%, 9/01/14

 

 

174,250

 

 

500

 

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

 

 

510,000

 

 

125

 

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

 

 

120,469

 

 

 

 

 

 



 

 

 

 

Total Entertainment & Leisure

 

 

9,846,894

 

 

 

 

 

 



 

 

 

 

Financial Institutions—10.6%

 

 

 

 

 

1,250

 

AES Red Oak LLC, Ser. B, 9.20%, 11/30/29

 

 

1,420,313

 

 

85

 

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

 

 

81,600

 

 

300

1,2

BMS Holdings, Inc., 12.40%, 2/15/12

 

 

297,750

 

 

 

 

Ford Motor Credit Co.,

 

 

 

 

 

490

2

8.105%, 1/13/12

 

 

488,757

 

 

140

 

8.625%, 11/01/10

 

 

142,196

 

 

1,500

 

Ford Motor Credit Co. LLC, 7.80%, 6/01/12

 

 

1,463,290

 

 

710

 

General Motors Acceptance Corp., 6.875%, 8/28/12

 

 

693,899

 

See Notes to Financial Statements.

15


BlackRock High Income Shares (HIS) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 






 

 

 

 

Financial Institutions—(cont’d)

 

 

 

 

$

110

 

General Motors Acceptance Corp. LLC, 8.00%, 11/01/31

 

$

112,484

 

 

 

 

Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC,

 

 

 

 

 

250

 

9.75%, 11/15/14

 

 

258,750

 

 

275

2

9.86%, 11/15/14

 

 

283,250

 

 

1,252

1

iPayment Investors LP, 11.625%, 7/15/14

 

 

1,295,375

 

 

335

 

iPayment, Inc., 9.75%, 5/15/14

 

 

335,000

 

 

745

 

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

 

 

789,700

 

 

120

1

Local TV Finance LLC, 9.25%, 6/15/15

 

 

118,800

 

 

 

 

Momentive Performance Materials, Inc.,

 

 

 

 

 

470

1

9.75%, 12/01/14

 

 

474,700

 

 

1,105

1

10.125%, 12/01/14

 

 

1,093,950

 

 

290

1

NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25

 

 

292,900

 

 

625

1,2

PNA Intermediate Holding Corp., 12.36%, 2/15/13

 

 

631,250

 

 

2,550

1

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

 

 

2,798,625

 

 

920

 

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

 

 

979,800

 

 

110

2

Universal City Florida Holding Co. I/II, 10.106%, 5/01/10

 

 

112,200

 

 

310

1,2

USI Holdings Corp., 9.23%, 11/15/14

 

 

308,450

 

 

1,215

1

Wimar Opco LLC/Wimar Opco Finance Corp., 9.625%, 12/15/14

 

 

1,169,438

 

 

 

 

 

 



 

 

 

 

Total Financial Institutions

 

 

15,642,477

 

 

 

 

 

 



 

 

 

 

Health Care—5.0%

 

 

 

 

 

150

 

Accellent, Inc., 10.50%, 12/01/13

 

 

148,875

 

 

500

2

Angiotech Pharmaceuticals, Inc., 9.11%, 12/01/13 (Canada)

 

 

517,500

 

 

1,390

1

Community Health Systems, Inc., 8.875%, 7/15/15

 

 

1,409,112

 

 

370

1

Cooper Cos., Inc., 7.875%, 2/15/15

 

 

366,300

 

 

900

 

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

 

 

947,250

 

 

360

 

Omnicare, Inc., Ser. OCR, 3.25%, 12/15/35

 

 

301,050

 

 

610

1

PTS Acquisition Corp., 9.50%, 4/15/15

 

 

600,850

 

 

 

 

Tenet Healthcare Corp.,

 

 

 

 

 

1,675

 

6.50%, 6/01/12

 

 

1,499,125

 

 

655

 

9.875%, 7/01/14

 

 

648,450

 

 

700

1

United Surgical Partners Intl., Inc., 8.875%, 5/01/17

 

 

701,750

 

 

 

 

Universal Hospital Services, Inc.,

 

 

 

 

 

150

1

8.50%, 6/01/15

 

 

148,500

 

 

140

1,2

8.759%, 6/01/15

 

 

140,000

 

 

 

 

 

 



 

 

 

 

Total Health Care

 

 

7,428,762

 

 

 

 

 

 



 

 

 

 

Industrials—4.8%

 

 

 

 

 

890

1

AGY Holding Corp., 11.00%, 11/15/14

 

 

934,500

 

 

90

1

Blaze Recycling & Metals LLC/Blaze Finance Corp., 10.875%, 7/15/12

 

 

92,250

 

 

 

 

Harland Clarke Holdings Corp.,

 

 

 

 

 

190

1

9.50%, 5/15/15

 

 

182,400

 

 

160

1,2

10.106%, 5/15/15

 

 

154,400

 

 

405

 

Hexcel Corp., 6.75%, 2/01/15

 

 

392,850

 

 

 

RBS Global, Inc./Rexnord Corp.

 

 

 

 

 

370

 

8.875%, 9/01/16

 

 

370,925

 

 

1,510

 

9.50%, 8/01/14

 

 

1,547,750

 

 

990

 

11.75%, 8/01/16

 

 

1,064,250

 

 

1,720

1

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

 

 

1,771,600

 

 

175

 

Terex Corp., 7.375%, 1/15/14

 

 

175,000

 

 

424

 

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

 

 

435,660

 

 

 

 

 

 



 

 

 

 

Total Industrials

 

 

7,121,585

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 






 

 

 

 

Media—18.6%

 

 

 

 

 

 

 

Affinion Group, Inc.,

 

 

 

 

$

730

 

10.125%, 10/15/13

 

$

779,275

 

 

315

 

11.50%, 10/15/15

 

 

340,200

 

 

160

 

American Media Operations, Inc., Ser. B, 10.25%, 5/01/09

 

 

152,000

 

 

230

1

Bonten Media Acquisition Co., 9.00%, 6/01/15

 

 

231,725

 

 

165

 

CBD Media Holdings LLC/CBD Holdings Finance, Inc., 9.25%, 7/15/12

 

 

170,775

 

 

865

1

CMP Susquehanna Corp., 9.875%, 5/15/14

 

 

865,000

 

 

750

2

Cablevision Systems Corp., Ser. B, 9.82%, 4/01/09

 

 

783,750

 

 

200

 

CanWest MediaWorks, Inc., 8.00%, 9/15/12 (Canada)

 

 

198,500

 

 

875

 

Charter Communications Holdings I LLC/ Charter Communications Holdings I Capital Corp., 11.00%, 10/01/15

 

 

912,344

 

 

 

 

Charter Communications Holdings II LLC/ Charter Communications Holdings II Capital Corp.,

 

 

 

 

 

2,940

 

10.25%, 9/15/10

 

 

3,072,300

 

 

515

 

Ser. B, 10.25%, 9/15/10

 

 

537,531

 

 

500

1

Charter Communications Operating LLC/ Charter Communications Operating Capital, 8.375%, 4/30/14

 

 

508,750

 

 

1,213

 

Dex Media West LLC/Dex Media Finance Co., Ser. B, 9.875%, 8/15/13

 

 

1,297,910

 

 

300

 

DirecTV Holdings LLC/DirecTV Financing Co., 8.375%, 3/15/13

 

 

313,875

 

 

 

 

EchoStar DBS Corp.,

 

 

 

 

 

1,415

 

7.00%, 10/01/13

 

 

1,393,775

 

 

325

 

7.125%, 2/01/16

 

 

317,688

 

 

575

1,2

ION Media Networks, Inc., 8.606%, 1/15/12

 

 

582,188

 

 

975

 

Idearc, Inc., 8.00%, 11/15/16

 

 

988,406

 

 

945

 

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

 

 

987,525

 

 

1,070

 

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

 

 

1,059,300

 

 

 

 

Nielsen Finance LLC/Nielsen Finance Co.,

 

 

 

 

 

1,405

1

10.00%, 8/01/14

 

 

1,485,787

 

 

575

1

Zero Coupon, 8/01/16

 

 

405,375

 

 

1,910

 

Primedia, Inc., 8.00%, 5/15/13

 

 

2,010,275

 

 

2,245

 

R.H. Donnelley Corp., Ser. A-3, 8.875%, 1/15/16

 

 

2,334,800

 

 

225

 

Sinclair Broadcast Group, Inc., 4.875%, 7/15/18

 

 

218,531

 

 

90

 

Sirius Satellite Radio, Inc., 9.625%, 8/01/13

 

 

88,200

 

 

1,570

1

TL Acquisitions, Inc., 10.50%, 1/15/15

 

 

1,522,900

 

 

1,025

1

Univision Communications, Inc., 9.75%, 3/15/15

 

 

1,022,437

 

 

 

 

Vertis, Inc.,

 

 

 

 

 

1,020

 

9.75%, 4/01/09

 

 

1,035,300

 

 

665

 

Ser. B, 10.875%, 6/15/09

 

 

651,700

 

 

1,100

 

Young Broadcasting, Inc., 10.00%, 3/01/11

 

 

1,094,500

 

 

 

 

 

 



 

 

 

 

Total Media

 

 

27,362,622

 

 

 

 

 

 



 

 

 

 

Real Estate—2.5%

 

 

 

 

 

 

 

Realogy Corp.,

 

 

 

 

 

800

1

10.50%, 4/15/14

 

 

750,000

 

 

1,580

1

11.00%, 4/15/14

 

 

1,473,350

 

 

1,630

1

12.375%, 4/15/15

 

 

1,475,150

 

 

 

 

 

 



 

 

 

 

Total Real Estate

 

 

3,698,500

 

 

 

 

 

 



 

 

 

 

Technology—7.6%

 

 

 

 

 

 

 

Amkor Technology, Inc.,

 

 

 

 

 

160

 

7.75%, 5/15/13

 

 

154,000

 

 

225

 

9.25%, 6/01/16

 

 

231,750

 

 

270

1

Belden CDT, Inc., 7.00%, 3/15/17

 

 

268,650

 

See Notes to Financial Statements.

16


BlackRock High Income Shares (HIS) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 







 

 

 

 

Technology—(cont’d)

 

 

 

 

$

1,235

 

Celestica, Inc., 7.625%, 7/01/13 (Canada)

 

$

1,154,725

 

 

500

1

Coleman Cable, Inc., 9.875%, 10/01/12

 

 

525,625

 

 

150

1

Cypress Semiconductor Corp., 1.00%, 9/15/09

 

 

165,750

 

 

 

 

Freescale Semiconductor, Inc.,

 

 

 

 

 

2,600

1

9.125%, 12/15/14

 

 

2,444,000

 

 

110

1,2

9.235%, 12/15/14

 

 

106,150

 

 

200

1

Hynix Semiconductor, Inc., 9.875%, 7/01/12 (South Korea)

 

 

223,000

 

 

 

 

NXP BV/NXP Funding LLC (Netherlands)

 

 

 

 

 

440

2

8.106%, 10/15/13

 

 

440,550

 

 

1,235

 

9.50%, 10/15/15

 

 

1,216,475

 

 

 

 

Sanmina-SCI Corp.,

 

 

 

 

 

25

 

6.75%, 3/01/13

 

 

22,750

 

 

530

 

8.125%, 3/01/16

 

 

492,900

 

 

430

 

Sensata Technologies, 8.00%, 5/01/14 (Netherlands)

 

 

414,950

 

 

550

1,2

Spansion, Inc., 8.485%, 6/01/13

 

 

549,312

 

 

 

 

SunGard Data Systems, Inc.,

 

 

 

 

 

210

 

9.125%, 8/15/13

 

 

214,988

 

 

1,600

 

10.25%, 8/15/15

 

 

1,692,000

 

 

830

 

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

 

 

846,600

 

 

 

 

 

 



 

 

 

 

Total Technology

 

 

11,164,175

 

 

 

 

 

 



 

 

 

 

Telecommunications—20.2%

 

 

 

 

 

1,000

 

American Tower Corp., 7.125%, 10/15/12

 

 

1,022,500

 

 

 

 

Centennial Communications Corp.,

 

 

 

 

 

645

 

8.125%, 2/01/14

 

 

659,513

 

 

650

2

11.11%, 1/01/13

 

 

679,250

 

 

2,085

 

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

 

 

2,137,125

 

 

750

1

Cricket Communications, Inc, 9.375%, 11/01/14

 

 

774,375

 

 

930

 

Cricket Communications, Inc., 9.375%, 11/01/14

 

 

962,550

 

 

 

 

Digicel Group Ltd. (Bermuda)

 

 

 

 

 

590

1

8.875%, 1/15/15

 

 

578,200

 

 

1,465

1

9.125%, 1/15/15

 

 

1,444,856

 

 

170

2

Hawaiian Telcom Communications, Inc., Ser. B, 10.86%, 5/01/13

 

 

173,400

 

 

1,025

 

Intelsat Corp., 9.00%, 6/15/16

 

 

1,073,687

 

 

100

 

Intelsat Intermediate Holding Co. Ltd., 9.25%, 2/01/15 (Bermuda)

 

 

82,250

 

 

 

 

Intelsat Ltd. (Bermuda)

 

 

 

 

 

330

2

8.872%, 1/15/15

 

 

337,425

 

 

420

 

9.25%, 6/15/16

 

 

446,250

 

 

550

 

11.25%, 6/15/16

 

 

616,000

 

 

925

2

11.409%, 6/15/13

 

 

980,500

 

 

855

 

Intelsat Subsidiary Holding Co. Ltd., 8.875%, 1/15/15 (Bermuda)

 

 

876,375

 

 

280

1,2

iPCS, Inc., 7.48%, 5/01/13

 

 

280,000

 

 

1,435

1

MetroPCS Wireless, Inc., 9.25%, 11/01/14

 

 

1,484,832

 

 

1,980

1

Nordic Telephone Co. Holdings ApS, 8.875%, 5/01/16 (Denmark)

 

 

2,098,800

 

 

 

 

Nortel Networks Ltd. (Canada)

 

 

 

 

 

905

1,2

9.606%, 7/15/11

 

 

962,694

 

 

345

1

10.125%, 7/15/13

 

 

370,013

 

 

1,517

 

PanAmSat Corp., 9.00%, 8/15/14

 

 

1,581,472

 

 

150

 

Orascom Telecom Finance SCA, 7.875%, 2/08/14 (Luxembourg)

 

 

145,125

 

 

3,000

3

Poland Telecom Finance BV, 14.00%, 12/01/07 (Netherlands)

 

 

 

 

1,335

1,2

ProtoStar I Ltd., Zero Coupon, 10/15/12 (Bermuda)

 

 

1,468,599

 

 

230

 

Qwest Capital Funding, Inc., 7.00%, 8/03/09

 

 

230,000

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 







 

 

 

 

Telecommunications—(cont’d)

 

 

 

 

 

 

 

Qwest Corp.,

 

 

 

 

$

850

2

8.61%, 6/15/13

 

$

922,250

 

 

1,440

 

9.125%, 3/15/12

 

 

1,551,600

 

 

1,000

 

Rural Cellular Corp., 8.25%, 3/15/12

 

 

1,022,500

 

 

 

 

West Corp.,

 

 

 

 

 

375

 

9.50%, 10/15/14

 

 

385,781

 

 

1,395

 

11.00%, 10/15/16

 

 

1,457,775

 

 

1,100

1

Wind Acquisition Finance S.A., 10.75%, 12/01/15 (Luxembourg)

 

 

1,262,250

 

 

 

 

Windstream Corp.,

 

 

 

 

 

855

 

8.125%, 8/01/13

 

 

893,475

 

 

820

 

8.625%, 8/01/16

 

 

867,150

 

 

 

 

 

 



 

 

 

 

Total Telecommunications

 

 

29,828,572

 

 

 

 

 

 



 

 

 

 

Transportation—3.6%

 

 

 

 

 

280

 

American Airlines, Inc., Ser. 99-1, 7.324%, 4/15/11

 

 

283,850

 

 

180

 

Britannia Bulk Plc, 11.00%, 12/01/11 (United Kingdom)

 

 

183,600

 

 

680

 

CHC Helicopter Corp., 7.375%, 5/01/14 (Canada)

 

 

647,700

 

 

1,616

 

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

 

 

1,708,920

 

 

850

1

Navios Maritime Holdings, Inc., 9.50%, 12/15/14 (Marshall Islands)

 

 

901,000

 

 

660

 

Overseas Shipholding Group, Inc., 8.25%, 3/15/13

 

 

676,500

 

 

1,020

1

St. Acquisition Corp., 12.50%, 5/15/17

 

 

963,900

 

 

 

 

 

 



 

 

 

 

Total Transportation

 

 

5,365,470

 

 

 

 

 

 



 

 

 

 

Total Corporate Bonds

 

 

197,098,364

 

 

 

 

 

 



 

 

 

 

Bank Loans—3.2%

 

 

 

 

 

160

 

Rexnord Holdings, Inc., LIBOR + 7.00%, 3/02/13

 

 

157,333

 

 

707

 

Rotech Healthcare, LIBOR + 6.00%, 9/26/11

 

 

706,823

 

 

340

 

Spectrum Brands, Inc., LIBOR + 4.00%, 4/15/13

 

 

341,579

 

 

2,510

 

Travelport Holdco, LIBOR + 7.00%, 3/22/12

 

 

2,484,900

 

 

940

 

Verso Paper Finance Holdings LLC, LIBOR + 6.25%, 2/01/13

 

 

943,525

 

 

 

 

 

 



 

 

 

 

Total Bank Loans

 

 

4,634,160

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

Shares

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

Common Stocks—0.0%

 

 

 

 

 

4,737

4

Critical Care Systems Intl., Inc.,

 

 

29,606

 

 

495

4

Crown Castle Intl. Corp.

 

 

17,954

 

 

64,467

4

Goss Holdings, Inc.

 

 

1

 

 

 

 

 

 



 

 

 

 

Total Common Stocks

 

 

47,561

 

 

 

 

 

 



 

 

 

 

Preferred Stocks—2.1%

 

 

 

 

 

10,000

 

Crown Castle Intl. Corp., 6.25%,

 

 

575,000

 

 

10,300

 

Emmis Communications Corp., 6.25%,

 

 

453,200

 

 

500

1

NRG Energy, Inc., 4.00%,

 

 

1,066,250

 

 

5,000

 

Owens Illinois, Inc., 4.75%,

 

 

211,250

 

 

30,000

 

Smurfit-Stone Container Corp., 7.00%,

 

 

697,500

 

 

60,000

 

Superior Essex Holding Corp., Ser. A, 9.50%,

 

 

60,000

 

 

 

 

 

 



 

 

 

 

Total Preferred Stocks

 

 

3,063,200

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

Units

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

Warrant—0.0%

 

 

 

 

 

18

4,5

Pliant Corp., expires 6/01/10, strike price $0.001

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $204,853,714)

 

 

204,843,285

 

 

 

 

 

 



 

See Notes to Financial Statements.

17


BlackRock High Income Shares (HIS) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 







 

 

 

 

SHORT-TERM INVESTMENT—0.3%

 

 

 

 

 

 

 

U.S. Government and Agency

 

 

 

 

 

 

 

Discount Notes—0.3%

 

 

 

 

$

500

6

Federal National Mortgage Assoc. Disc. Notes, 4.952%, 7/02/07 (cost $499,931)

 

$

499,931

 

 

 

 

 

 



 

 

 

 

Total Investments—139.4%
(cost $205,353,6457)

 

$

205,343,216

 

 

 

 

Liabilities in excess of other assets—(39.4)%

 

 

(58,074,199

)

 

 

 

 

 



 

 

 

 

Net Assets—100%

 

$

147,269,017

 

 

 

 

 

 



 


 

 


1

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, 2007, the Trust held 44.6% of its net assets, with a current market value of $65,731,004, in securities restricted as to resale.

2

Variable rate security. Rate shown is interest rate as of June 30, 2007.

3

Issuer is in default and/or bankruptcy.

4

Non-income producing security.

5

Security is fair valued.

6

Rate shown is the yield to maturity as of the date of purchase.

7

Cost for federal income tax purposes is $206,261,024. The net unrealized depreciation on a tax basis is $917,808, consisting of $4,575,721 gross unrealized appreciation and $5,493,529 gross unrealized depreciation.

For Trust compliance purposes, the Trust’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

 

 

 

 

 

 

KEY TO ABBREVIATIONS

LIBOR

London Interbank Offered Rate

 

 

 

See Notes to Financial Statements.

18


PORTFOLIO OF INVESTMENTS
JUNE 30, 2007 (unaudited)

BlackRock Preferred Opportunity Trust (BPP)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—145.8%

 

 

 

 

 

 

 

Preferred Stocks—48.4%

 

 

 

 

 

 

 

Energy—1.0%

 

 

 

 

 

5,000

 

Devon Energy Corp., Ser. A, 6.49%

 

$

503,125

 

 

155,000

 

Nexen, Inc., 7.35%

 

 

3,928,289

 

 

 

 

 

 



 

 

 

 

Total Energy

 

 

4,431,414

 

 

 

 

 

 



 

 

 

 

Financial Institutions—37.0%

 

 

 

 

 

298,400

 

ACE Ltd., Ser. C, 7.80%

 

 

7,618,540

 

 

190,000

 

Aegon N.V., Ser. 1, 6.235%

 

 

4,789,900

 

 

117,414

 

Arch Capital Group Ltd., 8.00%

 

 

3,019,747

 

 

80,000

1

Aspen Insurance Holdings Ltd., 7.401%

 

 

1,996,000

 

 

30,000

 

Banesto Holdings Ltd., Ser. A, 10.50%

 

 

885,000

 

 

78,000

 

Bear Stearns Co., Inc., 6.15%

 

 

3,817,973

 

 

60,000

 

Chevy Chase Capital Corp., Ser. A, 10.375%

 

 

3,210,000

 

 

80,000

 

Colonial Capital Trust IV, 7.875%

 

 

2,036,800

 

 

27,000

 

Countrywide Capital IV, 6.75%

 

 

631,800

 

 

237,730

 

Countrywide Capital V, 7.00%

 

 

5,861,542

 

 

 

 

Credit Suisse First Boston (SATURNS),

 

 

 

 

 

11,100

 

6.25%

 

 

272,172

 

 

12,300

 

7.00%

 

 

304,810

 

 

230,000

 

Deutsche Bank Contingent Capital Trust II, 6.55%,

 

 

5,646,500

 

 

69,000

 

Deutsche Bank Capital Funding Trust VIII, 6.375%

 

 

1,709,910

 

 

172,400

 

Endurance Specialty Holdings Ltd., 7.75%

 

 

4,487,796

 

 

30,000

 

Everest Re Capital Trust, Ser. B, 6.20%

 

 

689,100

 

 

 

 

Federal Home Loan Mortgage Corp.,

 

 

 

 

 

285,000

1

Ser. Q, 5.23%

 

 

12,781,800

 

 

310,000

 

Ser. V, 5.57%

 

 

7,316,000

 

 

155,000

 

Ser. W, 5.66%

 

 

3,690,938

 

 

15,200

 

Financial Security Assurance Holdings Ltd., 5.60%

 

 

322,392

 

 

120,000

 

First Republic Preferred Capital Corp., 7.25%

 

 

3,022,500

 

 

 

 

Goldman Sachs Group, Inc. (The),

 

 

 

 

 

102,900

 

(SATURNS), 6.00%

 

 

2,347,406

 

 

70,000

 

Ser. B, 6.20%

 

 

1,780,625

 

 

50,000

 

HSBC Bank, Inc., 6.50%

 

 

1,296,875

 

 

76,700

 

ING Groep N.V., 7.05%

 

 

1,934,282

 

 

100,000

2

Indymac Bank FSB, 8.50%

 

 

2,500,000

 

 

30,000

 

KeyCorp Capital IX, 6.75%

 

 

740,100

 

 

117,200

 

KeyCorp Capital V, 5.875%

 

 

2,647,993

 

 

100,000

 

Kraft Foods, Inc. (CORTS), 5.875%

 

 

2,390,630

 

 

31,100

 

Lehman Brothers Holdings, Inc., Ser. D, 5.67%

 

 

1,510,294

 

 

274,500

 

MetLife, Inc., Ser. B, 6.50%

 

 

6,982,594

 

 

101,300

 

Morgan Stanley (PPLUS), 7.05%

 

 

2,564,156

 

 

55,400

 

National City Capital Trust II, 6.625%

 

 

1,360,763

 

 

40,000

 

New York Community Capital Trust V, 6.00%

 

 

1,913,600

 

 

7,200

 

News Holdings Ltd. (CORTS), 8.125%

 

 

181,125

 

 

18,400

 

PLC Capital Trust IV, 7.25%

 

 

461,726

 

 

209,400

 

PartnerRE Ltd., Ser. C, 6.75%

 

 

5,123,767

 

 

79,385

 

Phoenix Cos., Inc., 7.45%

 

 

1,982,243

 

 

53,975

1

Principal Financial Group, Inc., Ser. B, 6.518%

 

 

1,460,698

 

 

82,000

 

Prudential Plc, 6.50%

 

 

2,047,442

 

 

235,000

 

RenaissanceRe Holdings Ltd., Ser. D, 6.60%

 

 

5,574,200

 

 

30

 

Roslyn Real Estate Asset Corp., Ser. C, 8.95%

 

 

3,107,813

 

 

23,600

 

Safeco Capital Trust (SATURNS), 8.25%

 

 

590,739

 

 

 

 

Safeco Corp. (CORTS),

 

 

 

 

 

2,000

 

8.375%

 

 

55,720

 

 

29,200

 

8.75%

 

 

848,625

 


 

 

 

 

 

 

 

Shares

 

Description

 

Value

 


 

 

 

Financial Institutions—(cont’d)

 

 

 

 

 

 

 

Santander Finance Preferred S.A. Unipersonal,

 

 

 

 

 

398,000

2

6.50%

 

$

9,738,582

 

 

140,000

2

6.80%

 

 

3,482,500

 

 

103,439

 

Structured Repackaged Asset-Backed Trust Securities, 6.50%

 

 

2,378,063

 

 

60

2

Union Planters Funding Corp., 7.75%

 

 

6,388,125

 

 

11,100

 

Valero Energy Corp. (PPLUS), 7.25%

 

 

280,164

 

 

50,000

 

Wachovia Capital Trust IV, 6.375%

 

 

1,193,000

 

 

175,000

 

Wachovia Capital Trust IX, 6.375%

 

 

4,227,352

 

 

250,000

 

Wachovia Funding Corp., Ser. A, 7.25%

 

 

6,679,700

 

 

2,000

1,2

Zurich RegCaPS Funding Trust, 6.58%

 

 

2,073,125

 

 

 

 

 

 



 

 

 

 

Total Financial Institutions

 

 

161,955,247

 

 

 

 

 

 



 

 

 

 

Media—5.4%

 

 

 

 

 

253,100

 

AOL Time Warner, Inc. (CABCO), Ser. A-1, 7.625%

 

 

6,340,155

 

 

 

 

Comcast Corp.,

 

 

 

 

 

110,000

 

2.00%

 

 

4,991,800

 

 

470,000

 

6.625%

 

 

11,228,300

 

 

50,000

 

7.00%

 

 

1,246,875

 

 

 

 

 

 



 

 

 

 

Total Media

 

 

23,807,130

 

 

 

 

 

 



 

 

 

 

Real Estate—4.9%

 

 

 

 

 

160,800

 

Duke Realty Corp. (REIT), Ser. K, 6.50%

 

 

3,829,050

 

 

 

 

Mills Corp.,

 

 

 

 

 

165,000

 

Ser. B, 9.00%

 

 

4,470,477

 

 

80,000

 

Ser. G, 7.875%

 

 

2,090,000

 

 

255,200

 

NB Capital Corp., 8.35%

 

 

6,655,616

 

 

20,000

 

PS Business Parks, Inc. (REIT), Ser. P, 6.70%

 

 

472,000

 

 

30

2

SunTrust Real Estate Investment Corp. (REIT), 9.00%

 

 

3,675,000

 

 

 

 

 

 



 

 

 

 

Total Real Estate

 

 

21,192,143

 

 

 

 

 

 



 

 

 

 

Technology—0.1%

 

 

 

 

 

787,326