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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-21566

Name of Fund: BlackRock Global Floating Rate Income Trust (BGT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Global Floating Rate Income Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2007

Date of reporting period: 01/01/2007 – 12/31/2007


Item 1 – Report to Stockholders




 

 

 

 

 

 

 

 

 

 

 

EQUITIES

 

FIXED INCOME

 

REAL ESTATE

 

LIQUIDITY

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS


 

 

 

 

 

 

BlackRock


(BLACKROCK LOGO)

 

Closed-End Funds

 

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT | DECEMBER 31, 2007

 

 

 

 

 

 

 


 

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

 

Page

 

 

 

 

Letter to Shareholders

 

1

Annual Report:

 

 

Trust Summaries

 

2

Financial Statements:

 

 

Portfolios of Investments

 

5

Statements of Assets and Liabilities

 

19

Statements of Operations

 

20

Statement of Cash Flows

 

21

Statements of Changes in Net Assets

 

22

Financial Highlights

 

23

Notes to Financial Statements

 

26

Report of Independent Registered Public Accounting Firm

 

33

The Benefits and Risks of Leveraging

 

34

Dividend Reinvestment Plans

 

35

BlackRock Privacy Principles

 

35

Additional Information

 

36

Section 19 Notices

 

38

Officers and Directors

 

39


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

 




 


 

A Letter to Shareholders


 

Dear Shareholder

 

Financial markets endured a heightened volatility during 2007, culminating in mixed results for some of the major benchmark indexes:

 

Total Returns as of December 31, 2007


 

 

 

 

 

 

 

 

 

 

6-month

 

12-month

 

 

U.S. equities (S&P 500 Index)

 

–1.37

%

 

+5.49

%

 

 

Small cap U.S. equities (Russell 2000 Index)

 

–7.53

 

 

–1.57

 

 

 

International equities (MSCI Europe, Australasia, Far East Index)

 

+0.39

 

 

+11.17

 

 

 

Fixed income (Lehman Brothers U.S. Aggregate Bond Index)

 

+5.93

 

 

+6.97

 

 

 

Tax-exempt fixed income (Lehman Brothers Municipal Bond Index)

 

+3.22

 

 

+3.36

 

 

 

High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Cap Index)

 

–0.67

 

 

+2.27

 

 

 

 

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.


 

Subprime mortgage woes dominated headlines for much of 2007, spawning a widespread liquidity and credit crisis with ramifications across global markets. The Federal Reserve Board (the “Fed”) stepped in to inject liquidity into the markets and bolster investor confidence, cutting the federal funds rate by 0.50% in September, 0.25% in October and 0.25% in December, which brought the target short-term interest rate to 4.25%. In taking action, the central bankers, who had long deemed themselves inflation fighters, were seeking to stem the fallout from the credit crunch and forestall a wider economic unraveling.

 

Amid the volatility, equity markets displayed surprising resilience. Market fundamentals generally held firm, dividend payouts and share buybacks continued, and valuations remained attractive. To some extent, the credit turmoil dampened corporate merger-and-acquisition (M&A) activity, a key source of strength for equity markets, but 2007 remained a record year for global M&A nonetheless. As the returns indicate, the most recent six months were more trying, reflecting the slowing U.S. economy, a troubled housing market and a more difficult corporate earnings backdrop. Overall, large cap stocks outperformed small caps as investors grew increasingly risk averse. International markets fared better than their U.S. counterparts, benefiting from generally stronger economies.

 

In fixed income markets, mixed economic signals and subprime fallout resulted in a flight to quality. Investors shunned bonds associated with the housing and credit markets in favor of higher-quality Treasury issues. The yield on 10-year Treasury issues, which touched 5.30% in June (its highest level in five years), fell to 4.04% by year-end, while prices correspondingly rose. The tax-exempt bond market waffled amid the economic uncertainty and concerns around the credit worthiness of bond insurers, but set a new-issuance record in 2007. A drop in municipal bond prices created buying opportunities, and the heightened supply was generally well absorbed.

 

As you navigate the uncertainties inherent in the financial markets, we encourage you to start the year by reviewing your investment goals with your financial professional and making portfolio changes, as needed. For more reflection on 2007 and our 10 predictions for 2008, please ask your financial professional for a copy of “What’s Ahead in 2008: An Investment Perspective,” or view it online at www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the new year and beyond.


 

Sincerely,

-s- Rob Kapito

Rob Kapito

President, BlackRock Advisors, LLC

 

THIS PAGE NOT PART OF YOUR TRUSTS REPORT


 

 

 

 

 

 

 

 

 

 

 

1




 

 


 

Trust Summary as of December 31, 2007

BlackRock Global Floating Rate Income Trust (BGT)

 

 

Investment Objective

 


 

The Trust’s investment objective is to provide a high level of current income and to seek the preservation of capital.


 

Trust Information

 


 

 

 

 

Symbol on New York Stock Exchange:

 

BGT

 

Initial Offering Date:

 

August 30, 2004

 

Yield on Closing Market Price as of 12/31/07 ($15.78):1

 

9.51%

 

Current Monthly Distribution per Share:2

 

$0.125

 

Current Annualized Distribution per Share:2

 

$1.500

 

Leverage as of 12/31/07:3

 

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.

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 net asset value per share:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

12/31/07

 

12/31/06

 

Change

 

High

 

Low

 

                                 

Market Price

 

 

$15.78

 

 

$19.27

 

(18.11

)%

 

 

$20.21

 

 

$14.80

 

Net Asset Value

 

 

$17.71

 

 

$19.11

 

(7.33

)%

 

 

$19.43

 

 

$17.73

 

                                 

 

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

 

12/31/07

 

12/31/06

 

 

Media

 

19

%

 

13

%

 

Foreign Government Bonds

 

12

 

 

13

 

 

Energy

 

11

 

 

10

 

 

Consumer Products

 

8

 

 

8

 

 

Telecommunications

 

7

 

 

8

 

 

Basic Materials

 

7

 

 

7

 

 

Financial Institutions

 

6

 

 

13

 

 

Health Care

 

5

 

 

5

 

 

Entertainment & Leisure

 

4

 

 

4

 

 

Technology

 

3

 

 

3

 

 

Industrials

 

3

 

 

2

 

 

Building & Development

 

3

 

 

2

 

 

Automotive

 

3

 

 

2

 

 

Containers & Packaging

 

2

 

 

3

 

 

Transportation

 

2

 

 

1

 

 

Real Estate

 

2

 

 

2

 

 

Conglomerates

 

2

 

 

3

 

 

Aerospace & Defense

 

1

 

 

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 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.


 

Corporate Bond Breakdown5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Rating

 

12/31/07

 

12/31/06

 

 

BBB/Baa

 

39

%

 

38

%

 

BB/Ba

 

26

 

 

37

 

 

B

 

27

 

 

19

 

 

CCC/Caa

 

8

 

 

6

 

 

 

 

 

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 December 31, 2007 and December 31, 2006, respectively.


 

 

 

 

 

 

 

 

2

ANNUAL REPORT

DECEMBER 31, 2007

 



 

 


 

Trust Summary as of December 31, 2007

BlackRock High Income Shares (HIS)

 

 

Investment Objective

 


 

 

 

The Trust’s investment objective is to provide the highest current income and, to a lesser extent, seek capital appreciation, by investing in a diversified portfolio of below investment grade securities.

 

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

HIS

 

Initial Offering Date:

 

August 10, 1988

 

Yield on Closing Market Price as of 12/31/07 ($2.14):1

 

10.21%

 

Current Monthly Distribution per Share:2

 

$0.0182

 

Current Annualized Distribution per Share:2

 

$0.2184

 

Leverage as of 12/31/07:3

 

25%

 

 

 

 

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.

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 net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

12/31/07

 

12/31/06

 

Change

 

High  

 

Low  

 

                                 

Market Price

 

 

$2.14

 

 

$2.55

 

 

(16.08

)%

 

$2.72

 

 

$1.87

 

Net Asset Value

 

 

$2.47

 

 

$2.68

 

 

(7.84

)%

 

$2.79

 

 

$2.47

 

                                 

 

 

 

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


 

 

Portfolio Composition4


 

 

 

 

 

 

 

Composition

 

12/31/07

 

12/31/06

 

Telecommunications

 

15

%

 

14

%

Media

 

13

 

 

13

 

Energy

 

12

 

 

12

 

Basic Materials

 

10

 

 

11

 

Financial Institutions

 

7

 

 

10

 

Consumer Products

 

7

 

 

7

 

Health Care

 

5

 

 

4

 

Technology

 

5

 

 

6

 

Automotive

 

5

 

 

4

 

Containers & Packaging

 

5

 

 

5

 

Industrials

 

4

 

 

3

 

Entertainment & Leisure

 

4

 

 

4

 

Building & Development

 

2

 

 

2

 

Transportation

 

2

 

 

2

 

Aerospace & Defense

 

2

 

 

2

 

Real Estate

 

1

 

 

 

Ecological Services & Equipment

 

1

 

 

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.

 

 

Corporate Bond Breakdown5


 

 

 

 

 

 

 

Credit Rating

 

12/31/07

 

12/31/06

 

BBB/Baa

 

1

%

 

3

%

BB/Ba

 

21

 

 

21

 

B/B

 

54

 

 

62

 

CCC/Caa

 

21

 

 

13

 

Not Rated

 

3

 

 

1

 

 

 

 

5

Using the higher of S&P, Moody’s or Fitch ratings. Corporate bonds represented approximately 122.0% and 134.0% of net assets on December 31, 2007 and December 31, 2006, respectively.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

3




 

 


 

Trust Summary as of December 31, 2007

BlackRock Preferred Opportunity Trust (BPP)

 

 

Investment Objective

 


 

 

 

The Trust’s investment objective is to seek high current income consistent with capital preservation.


 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BPP

 

Initial Offering Date:

 

February 28, 2003

 

Yield on Closing Market Price as of 12/31/07 ($17.31):1

 

8.67%

 

Current Monthly Distribution per Share:2

 

$0.125

 

Current Annualized Distribution per Share:2

 

$1.500

 

Leverage as of 12/31/07:3

 

38%

 

 

 

 

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.

 

 

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 net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    12/31/07

 

    12/31/06

 

Change

 

High  

 

Low    

 

 

Market Price

 

 

$17.31

 

 

$26.31

 

 

(34.21

)%

 

$27.25

 

 

$16.77

 

Net Asset Value

 

 

$19.47

 

 

$24.52

 

 

(20.60

)%

 

$25.03

 

 

$19.22

 

 

 

 

 

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


 

 

Portfolio Composition4


 

 

 

 

 

 

 

Corporate Portfolio Composition

 

12/31/07

 

12/31/06

 

Financial Institutions

 

83

%

 

75

%

Energy

 

5

 

 

5

 

Media

 

4

 

 

3

 

Real Estate

 

3

 

 

11

 

Telecommunications

 

2

 

 

1

 

Basic Materials

 

1

 

 

1

 

Technology

 

1

 

 

1

 

Building & Development

 

1

 

 

 

Consumer Products

 

 

 

1

 

Industrials

 

 

 

1

 

U.S. Government and Agency Securities

 

 

 

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.


 

Preferred, Trust Preferred and Corporate Bond Breakdown5


 

 

 

 

 

 

 

Credit Rating

 

12/31/07

 

12/31/06

 

AAA/Aaa

 

%

 

1

%

AA/Aa

 

26

 

 

16

 

A

 

39

 

 

41

 

BBB/Baa

 

24

 

 

28

 

BB/Ba

 

5

 

 

7

 

B

 

6

 

 

6

 

CCC/Caa

 

 

 

1

 

 

 

 

5

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


 

 

 

 

 

 

 

 

4

ANNUAL REPORT

DECEMBER 31, 2007

 



 

 

 

 


 

Portfolio of Investments as of December 31, 2007

 

BlackRock Global Floating Rate Income Trust (BGT)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

           

LONG-TERM INVESTMENTS—151.3%

 

 

 

 

Corporate Bonds—21.1%

 

 

 

 

Aerospace & Defense—0.2%

 

 

 

 

$

616

 

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

 

$

644,490

 

               

Automotive—0.1%

 

 

 

 

 

 

 

AutoNation, Inc.,

 

 

 

 

 

60

 

7.00%, 4/15/14

 

 

56,850

 

 

70

1

7.243%, 4/15/13

 

 

64,575

 

 

100

 

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

 

 

91,000

 

 

120

 

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

 

 

99,000

 

 

 

 

 

 

     

 

 

 

Total Automotive

 

 

311,425

 

               

Basic Materials—3.8%

 

 

 

 

 

1,000

1

Abitibi-Consolidated, Inc., 8.491%, 6/15/11 (Canada)

 

 

790,000

 

 

2,040

1

AbitibiBowater, Inc., 7.991%, 3/15/10

 

 

1,777,350

 

 

970

 

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

 

 

974,850

 

 

2,000

 

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

 

 

2,003,000

 

 

125

 

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

 

 

125,312

 

 

10

 

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

 

 

9,400

 

 

90

 

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

 

 

85,050

 

 

20

 

Domtar Corp., 7.125%, 8/15/15

 

 

19,600

 

 

250

1

Freeport-McMoRan Copper & Gold, Inc., 8.394%, 4/01/15

 

 

253,750

 

 

750

 

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

 

 

721,875

 

 

 

 

Ineos Group Holdings Plc (United Kingdom)

 

 

 

 

 

225

2

7.875%, 2/15/16 (EUR)

 

 

274,683

 

 

430

2

8.50%, 2/15/16

 

 

382,700

 

 

625

2

Key Plastics LLC/Key Plastics Finance Corp.,

 

 

 

 

 

 

 

11.75%, 3/15/13

 

 

500,000

 

 

4,000

1,2,3

Lecta S.A., 8.58%, 2/15/08 (Luxembourg) (EUR)

 

 

5,117,176

 

 

1,500

1

NewPage Corp., 11.161%, 5/01/12

 

 

1,546,875

 

 

1,215

1

Verso Paper Holdings LLC/Verson Paper, Inc.,
8.661%, 8/01/14

 

 

1,184,625

 

 

 

 

 

 

     

 

 

 

Total Basic Materials

 

 

15,766,246

 

               

Building & Development—0.2%

 

 

 

 

 

1,000

1

Ainsworth Lumber Co. Ltd., 8.58%, 10/01/10 (Canada)

 

 

720,000

 

 

20

 

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

 

 

20,600

 

 

 

 

 

 

     

 

 

 

Total Building & Development

 

 

740,600

 

               

Consumer Products—1.0%

 

 

 

 

 

1,100

1

Ames True Temper, Inc., 9.243%, 1/15/12

 

 

935,000

 

 

150

1

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
7.369%, 5/15/14

 

 

138,000

 

 

400

3,4

Berkline BenchCraft LLC, 7.61%, 5/03/12

 

 

 

 

500

1

General Nutrition Centers, Inc., 10.01%, 3/15/14

 

 

472,500

 

 

380

 

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

 

 

326,800

 

 

210

 

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

 

 

199,500

 

 

80

2

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

 

 

58,900

 

 

2,000

 

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

 

 

2,125,992

 

 

 

 

 

 

     

 

 

 

Total Consumer Products

 

 

4,256,692

 

               

Containers & Packaging—0.2%

 

 

 

 

 

 

 

Berry Plastics Holding Corp.,

 

 

 

 

 

500

1

8.866%, 9/15/14

 

 

467,500

 

 

110

 

8.875%, 9/15/14

 

 

104,500

 

 

150

1,2

Impress Holdings BV, 8.368%, 9/15/13 (Netherlands)

 

 

145,500

 

 

 

 

 

 

     

 

 

 

Total Containers & Packaging

 

 

717,500

 

               

Energy—7.6%

 

 

 

 

 

135

 

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

 

 

121,500

 

 

 

 

Compagnie Generale de Geophysique-Veritas (France)

 

 

 

 

 

70

 

7.50%, 5/15/15

 

 

70,875

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

           

Energy—(cont’d)

 

 

 

 

$

50

 

7.75%, 5/15/17

 

$

50,500

 

 

505

 

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

 

 

498,688

 

 

14,430

 

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

 

 

16,354,154

 

 

40

 

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

 

 

41,800

 

 

750

 

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

 

 

721,875

 

 

 

 

Pemex Project Funding Master Trust,

 

 

 

 

 

12,700

1

7.043%, 10/15/09

 

 

13,036,550

 

 

404

 

9.375%, 12/02/08

 

 

418,665

 

 

220

2

SemGroup LP, 8.75%, 11/15/15

 

 

209,000

 

 

300

 

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

 

 

295,500

 

 

 

 

 

 

     

 

 

 

Total Energy

 

 

31,819,107

 

               

Entertainment & Leisure—0.0%

 

 

 

 

 

130

2

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

 

 

126,425

 

 

20

 

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

 

 

19,650

 

 

 

 

 

 

     

 

 

 

Total Entertainment & Leisure

 

 

146,075

 

               

Financial Institutions—2.1%

 

 

 

 

 

88

 

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

 

 

96,579

 

 

140

 

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

 

 

131,600

 

 

2,500

2,3

E*Trade Financial Corp., 12.50%, 11/27/17

 

 

2,375,000

 

 

1,501

2

Marsico Parent Co. LLC, 10.625%, 1/15/16

 

 

1,508,505

 

 

515

2

Marsico Parent Holdco LLC, 12.50%, 7/15/16

 

 

517,575

 

 

343

2

Marsico Parent Superholdco LLC, 14.50%, 1/15/18

 

 

325,032

 

 

130

2

Momentive Performance Materials, Inc., 11.50%, 12/01/16

 

 

112,450

 

 

750

2

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

 

 

771,562

 

 

3,000

1,2

TuranAlem Finance BV, 6.555%, 1/22/09 (Netherlands)

 

 

2,760,000

 

 

300

1

Universal City Florida Holding Co. I/II, 9.661%, 5/01/10

 

 

300,000

 

 

 

 

 

 

     

 

 

 

Total Financial Institutions

 

 

8,898,303

 

               

Health Care—0.8%

 

 

 

 

 

1,750

1

Angiotech Pharmaceuticals, Inc., 8.874%, 12/01/13
(Canada)

 

 

1,662,500

 

 

1,500

2

ReAble Therapeutics Finance LLC/ReAble Therapeutics
Finance Corp., 10.875%, 11/15/14

 

 

1,473,750

 

 

250

 

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

 

 

222,500

 

 

 

 

 

 

     

 

 

 

Total Health Care

 

 

3,358,750

 

               

Industrials—0.1%

 

 

 

 

 

60

1

Goodyear Tire & Rubber Co. (The), 8.663%, 12/01/09

 

 

60,450

 

 

125

 

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

 

 

111,250

 

 

210

2

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

 

 

186,900

 

 

 

 

 

 

     

 

 

 

Total Industrials

 

 

358,600

 

               

Media—1.0%

 

 

 

 

 

50

 

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

 

 

50,563

 

 

100

1

Cablevision Systems Corp., 9.644%, 4/01/09

 

 

101,125

 

 

600

 

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

 

 

587,775

 

 

 

 

EchoStar DBS Corp.,

 

 

 

 

 

135

 

6.375%, 10/01/11

 

 

133,380

 

 

1,055

 

7.00%, 10/01/13

 

 

1,065,550

 

 

230

 

7.125%, 2/01/16

 

 

234,600

 

 

250

 

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

 

 

229,375

 

 

350

1,2

ION Media Networks, Inc., 8.493%, 1/15/12

 

 

340,812

 

 

80

 

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

 

 

78,400

 

 

410

 

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

 

 

419,225

 


 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names of many of the securities have been abbreviated according to the list on the right.

 

 

CORTS

Corporate Backed Trust Securities

EUR

Euro

EURIBOR

Euro Interbank Offered Rate

GBP

British Pound

LIBOR

London Interbank Offerred Rate

MXN

Mexican Peso

PPLUS

Preferred Plus

PRIME

Prime Rate

REIT

Real Estate Investment Trust

SATURNS

Structured Asset Trust Unit Repackagings


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

5



 

 

 


 

Portfolio of Investments as of December 31, 2007

 

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

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

           

Media—(cont’d)

 

 

 

 

 

 

 

R.H. Donnelley Corp.,

 

 

 

 

$

250

 

8.875%, 1/15/16

 

$

233,750

 

 

1,000

2

Ser. A, 8.875%, 10/15/17

 

 

925,000

 

 

 

 

 

 

     

 

 

 

Total Media

 

 

4,399,555

 

               

Real Estate—1.3%

 

 

 

 

 

6,350

 

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

 

 

5,484,152

 

               

Technology—0.2%

 

 

 

 

 

 

 

Freescale Semiconductor, Inc.,

 

 

 

 

 

100

1

8.866%, 12/15/14

 

 

85,000

 

 

180

 

9.125%, 12/15/14

 

 

153,000

 

 

 

 

Sanmina-SCI Corp.,

 

 

 

 

 

55

 

6.75%, 3/01/13

 

 

47,850

 

 

465

 

8.125%, 3/01/16

 

 

412,106

 

 

20

 

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

 

 

20,450

 

 

140

 

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

 

 

134,400

 

 

 

 

 

 

     

 

 

 

Total Technology

 

 

852,806

 

               

Telecommunications—2.5%

 

 

 

 

 

1,250

1

Centennial Communications Corp., 10.98%, 1/01/13

 

 

1,278,125

 

 

310

 

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

 

 

310,775

 

 

 

 

Intelsat Ltd. (Bermuda)

 

 

 

 

 

75

 

5.25%, 11/01/08

 

 

74,063

 

 

50

 

8.25%, 1/15/13

 

 

50,250

 

 

85

1

8.886%, 1/15/15

 

 

85,212

 

 

200

 

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

 

 

201,000

 

 

1,755

1

iPCS, Inc., 7.036%, 5/01/13

 

 

1,654,087

 

 

1,500

 

Nordic Telephone Co. Holdings ApS, 10.11%, 2/18/08
(Denmark) (EUR)

 

 

2,225,972

 

 

784

1

Qwest Communications Intl., Inc., 8.369%, 2/15/09

 

 

784,000

 

 

2,500

1

Qwest Corp., 8.241%, 6/15/13

 

 

2,550,000

 

 

150

2

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

 

 

163,500

 

 

977

2

Windstream Regatta Holdings, Inc., 11.00%, 12/01/17

 

 

967,230

 

 

 

 

 

 

     

 

 

 

Total Telecommunications

 

 

10,344,214

 

 

 

 

 

 

     

 

 

 

Total Corporate Bonds

 

 

88,098,515

 

               

Bank Loans—112.5%

 

 

 

 

Aerospace & Defense—0.9%

 

 

 

 

 

2,140

 

Caci Intl., Inc., LIBOR + 2.00%, 5/03/11

 

 

2,070,092

 

 

875

 

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

 

 

840,082

 

 

973

 

Wesco Aircraft Hardware Corp., First Lien Loan,
LIBOR + 2.25%, 9/30/13

 

 

955,481

 

 

 

 

 

 

     

 

 

 

Total Aerospace & Defense

 

 

3,865,655

 

               

Automotive—4.0%

 

 

 

 

 

983

 

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

 

 

707,400

 

 

1,132

 

IAP Worldwide Services, Inc., First Lien Loan,
LIBOR + 3.00%, 12/31/12

 

 

1,002,918

 

 

1,990

 

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

 

 

1,866,692

 

 

1,733

 

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

 

 

1,567,912

 

 

863

 

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

 

 

816,718

 

 

 

 

Metaldyne Corp.,

 

 

 

 

 

104

 

LIBOR + 3.75%, 1/15/12

 

 

91,385

 

 

706

 

LIBOR + 3.75%, 1/15/14

 

 

621,415

 

 

 

 

Navistar Intl. Corp.,

 

 

 

 

 

3,667

 

LIBOR + 3.25%, 1/30/12

 

 

3,523,667

 

 

1,333

 

Revolver Loan, Unfunded, 1/30/12

 

 

1,281,333

 

 

1,378

 

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

 

 

1,300,256

 

 

 

 

Reynolds & Reynolds Co.,

 

 

 

 

 

1,250

 

LIBOR + 5.50%, 10/31/13

 

 

1,231,250

 

 

2,780

 

Second Lien Loan, LIBOR + 2.00%, 10/31/12

 

 

2,685,763

 

 

 

 

 

 

     

 

 

 

Total Automotive

 

 

16,696,709

 

               

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

           

Basic Materials—6.9%

 

 

 

 

$

709

 

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

 

$

669,638

 

 

 

 

Brenntag Holdings,

 

 

 

 

 

393

 

Acquisition Loan, EURIBOR + 2.50%, 1/18/14

 

 

373,746

 

 

1,607

 

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

 

 

1,529,588

 

 

500

 

Loan B6, LIBOR + 2.00%, 9/15/14 (EUR)

 

 

697,520

 

 

1,000

 

Second Lien Loan, EURIBOR + 2.50%, 12/31/12

 

 

951,667

 

 

1,000

 

Cognis Group, LIBOR + 2.00%, 11/17/13 (EUR)

 

 

1,370,672

 

 

784

 

Compass Minerals Group, Inc., LIBOR + 2.00%, 12/31/12

 

 

765,863

 

 

 

 

Ineos Group Holdings Plc,

 

 

 

 

 

1,728

 

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

 

 

1,646,084

 

 

1,733

 

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

 

 

1,676,916

 

 

1,733

 

Loan C2, LIBOR + 2.25%, 12/16/14

 

 

1,676,916

 

 

2,336

 

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

 

 

2,289,636

 

 

 

 

Invista BV,

 

 

 

 

 

2,328

 

Loan Tranche B1, LIBOR + 1.75%, 4/29/11

 

 

2,250,915

 

 

1,234

 

Loan Tranche B2, LIBOR + 1.75%, 4/29/11

 

 

1,193,152

 

 

2,027

 

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

 

 

1,794,236

 

 

193

 

Kraton Polymers LLC, LIBOR + 2.50%, 5/15/13

 

 

182,433

 

 

1,858

 

MacDermid, Inc., LIBOR + 2.75%, 4/15/14 (EUR)

 

 

2,573,468

 

 

1,629

 

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

 

 

1,599,323

 

 

1,500

 

NewPage, Loan B, LIBOR + 3.75%, 12/07/14

 

 

1,489,921

 

 

489

 

Pregis Corp., Loan B2, EURIBOR + 2.75%,
10/15/12 (EUR)

 

 

689,567

 

 

2,790

 

Rockwood Specialties Group, Inc., Loan E, LIBOR + 2.00%,
7/30/12

 

 

2,686,333

 

 

473

 

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

 

 

470,797

 

 

 

 

 

 

     

 

 

 

Total Basic Materials

 

 

28,578,391

 

               

Building & Development—4.0%

 

 

 

 

 

2,000

 

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

 

 

1,980,000

 

 

196

 

Armstrong World Industries, Inc., LIBOR + 2.00%, 10/12/13

 

 

192,822

 

 

1,234

 

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

 

 

1,110,938

 

 

 

 

Brand Energy & Infrastructure Services, Inc.,

 

 

 

 

 

496

 

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

 

 

468,129

 

 

500

 

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

 

 

460,000

 

 

500

 

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

 

 

475,000

 

 

2,475

 

Building Materials Holding Corp., PRIME + 2.50%, 3/15/14

 

 

2,070,240

 

 

1,500

 

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

 

 

1,410,000

 

 

 

 

Euramax Intl., Inc.,

 

 

 

 

 

480

 

Second Lien Loan, LIBOR + 7.00%, 6/29/13

 

 

385,980

 

 

734

 

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

 

 

587,368

 

 

1,990

 

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

 

 

1,587,025

 

 

 

 

Lafarge Roofing Holdings, Inc.,

 

 

 

 

 

600

 

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

 

 

737,361

 

 

245

 

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

 

 

301,089

 

 

230

 

Loan B4, LIBOR, 2/28/14

 

 

192,417

 

 

556

 

Loan C1, LIBOR + 2.38%, 2/28/15 (EUR)

 

 

686,449

 

 

286

 

Loan C2, LIBOR + 2.38%, 2/28/15 (EUR)

 

 

353,101

 

 

230

 

Loan C4, LIBOR, 2/28/15

 

 

193,569

 

 

493

 

Nacco Industries, Inc., Unfunded, 3/31/13

 

 

474,031

 

 

968

 

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

 

 

894,938

 

 

2,272

 

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

 

 

1,908,508

 

 

 

 

 

 

     

 

 

 

Total Building & Development

 

 

16,468,965

 

               

Conglomerates—2.5%

 

 

 

 

 

500

 

Atlantis Plastics, Inc., Second Lien Loan,

 

 

 

 

 

 

 

LIBOR + 9.00%, 9/30/11

 

 

400,000

 

 

605

 

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

 

 

588,739

 

 

3,604

 

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

 

 

5,163,420

 

 

 

 

Invensys Plc,

 

 

 

 

 

1,000

 

Loan A, LIBOR + 2.25%, 12/15/10

 

 

969,167

 

 

1,783

 

Loan B, LIBOR + 2.25%, 12/15/10 (GBP)

 

 

3,462,976

 

 

 

 

 

 

     

 

 

 

Total Conglomerates

 

 

10,584,302

 

               

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

6

ANNUAL REPORT

DECEMBER 31, 2007

 



 

 

 


 

Portfolio of Investments as of December 31, 2007

 

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

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

           

Consumer Products—10.3%

 

 

 

 

$

1,000

 

Aearo Technologies, Inc., Second Lien Loan,
LIBOR + 6.50%, 9/30/13

 

$

990,625

 

 

983

 

24 Hour Fitness Worldwide, Inc., Loan B,
LIBOR + 2.50%, 6/08/12

 

 

943,200

 

 

750

 

American Safety Razor Co., Second Lien Loan,
LIBOR + 6.25%, 1/30/14

 

 

727,500

 

 

 

 

ARAMARK Corp.,

 

 

 

 

 

2,487

 

Letter of Credit, LIBOR + 2.00%, 1/26/14

 

 

2,362,032

 

 

178

 

Loan B, LIBOR + 2.13%, 1/26/14

 

 

168,817

 

 

446

 

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

 

 

433,984

 

 

95

4

Berkline BenchCraft, Loan B, PRIME + 3.00%, 10/31/11

 

 

56,821

 

 

1,042

 

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

 

 

987,413

 

 

517

 

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

 

 

453,787

 

 

 

 

Cenveo Corp.,

 

 

 

 

 

32

 

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

 

 

30,325

 

 

954

 

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

 

 

910,073

 

 

434

 

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

 

 

423,880

 

 

746

 

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

 

 

626,513

 

 

2,203

 

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

 

 

2,089,972

 

 

1,000

 

Culligan Intl. Co., Second Lien Loan, LIBOR + 4.75%,
4/24/13 (EUR)

 

 

950,333

 

 

993

 

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

 

 

913,100

 

 

500

 

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

 

 

452,500

 

 

 

 

Dole Food Co., Inc.,

 

 

 

 

 

139

 

Letter of Credit, LIBOR + 1.75%, 4/12/13

 

 

128,276

 

 

308

 

LIBOR + 1.75%, 4/12/13

 

 

284,292

 

 

1,025

 

Loan C, LIBOR + 1.75%, 3/31/13

 

 

947,640

 

 

1,000

 

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

 

 

950,000

 

 

 

 

Fresh Start Bakeries, Inc.,

 

 

 

 

 

499

 

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

 

 

473,812

 

 

500

 

Second Lien Loan, LIBOR + 6.00%, 3/30/14

 

 

470,000

 

 

447

 

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

 

 

441,578

 

 

 

 

Iglo Birds Eye (EUR)

 

 

 

 

 

500

 

Loan B1, EURIBOR + 2.50%, 10/27/14

 

 

708,311

 

 

500

 

Loan C1, EURIBOR + 3.00%, 10/27/15

 

 

711,444

 

 

382

 

Mezzanine Loan, EURIBOR + 8.00%, 10/27/16 (GBP)

 

 

759,617

 

 

1,453

 

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

 

 

1,409,531

 

 

639

 

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

 

 

615,378

 

 

571

 

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

 

 

1,108,696

 

 

1,000

4

Le-Natures, Inc., Loan B, LIBOR + 3.00%, 9/30/11

 

 

517,500

 

 

882

 

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

 

 

860,324

 

 

1,440

 

Neiman-Marcus Group, Inc., LIBOR + 2.25%, 4/06/13

 

 

1,382,879

 

 

1,500

 

Orchard Supply Hardware Stores Corp., Loan B2,
LIBOR + 3.00%, 12/09/10

 

 

1,395,000

 

 

 

 

Oriental Trading Co.,

 

 

 

 

 

961

 

LIBOR + 2.75%, 7/30/13

 

 

898,170

 

 

500

 

Second Lien Loan, LIBOR + 5.50%, 1/30/14

 

 

465,000

 

 

 

 

OSI Food Co.,

 

 

 

 

 

890

 

Loan B, LIBOR + 2.25%, 5/15/14

 

 

813,164

 

 

75

 

Revolver Loan, Unfunded, 5/15/14

 

 

68,734

 

 

750

 

OSI Foods GmbH & Co., LIBOR + 2.25%, 9/15/11

 

 

720,326

 

 

1,688

 

OSI Group LLC, Loan B, LIBOR + 2.25%, 9/15/11

 

 

1,620,733

 

 

938

 

OSI-Holland Finance BV, LIBOR + 2.25%, 9/15/11

 

 

900,407

 

 

396

 

PETCO Animal Supplies, Inc., LIBOR + 2.00%, 10/31/12

 

 

378,593

 

 

1,047

 

Pierre Foods, Inc., Loan B, LIBOR + 2.00%, 7/15/10

 

 

1,019,086

 

 

750

 

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

 

 

375,000

 

 

1,691

 

Prestige Brands Holdings, Inc., Loan B, LIBOR + 2.25%,
4/07/11

 

 

1,654,409

 

 

500

 

Rite Aid Corp., Loan 2, LIBOR + 1.75%, 6/04/14

 

 

466,875

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

           

Consumer Products—(cont’d)

 

 

 

 

$

1,470

 

Roundy’s Supermarkets, Inc., LIBOR + 3.00%, 11/15/11

 

$

1,438,451

 

 

 

 

Sturm Foods, Inc.,

 

 

 

 

 

1,365

 

LIBOR + 2.50%, 1/30/14

 

 

1,209,454

 

 

750

 

Second Lien Loan, LIBOR + 6.00%, 6/30/14

 

 

642,187

 

 

829

4

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

 

 

372,875

 

 

1,995

 

Thomson Learning, Loan B, LIBOR + 2.75%, 6/30/14

 

 

1,883,059

 

 

371

 

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

 

 

362,938

 

 

 

 

Wastequip, Inc.,

 

 

 

 

 

289

 

Delayed Draw Loan, LIBOR + 2.50%, 2/15/13

 

 

266,161

 

 

687

 

Loan B, LIBOR + 2.50%, 2/15/13

 

 

632,132

 

 

 

 

 

 

     

 

 

 

Total Consumer Products

 

 

42,872,907

 

               

Containers & Packaging—3.6%

 

 

 

 

 

 

 

Bluegrass Container Co. LLC,

 

 

 

 

 

364

 

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

 

 

363,864

 

 

340

 

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

 

 

336,728

 

 

1,137

 

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

 

 

1,125,381

 

 

1,136

 

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

 

 

1,137,074

 

 

 

 

Consolidated Container Co. LLC,

 

 

 

 

 

496

 

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

 

 

417,263

 

 

750

 

Second Lien Loan, LIBOR + 5.50%, 10/15/14

 

 

385,000

 

 

2,450

 

Georgia-Pacific Corp., First Lien Loan, LIBOR + 2.25%,
12/20/12

 

 

2,332,094

 

 

4,960

 

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

 

 

4,758,512

 

 

 

 

Smurfit-Stone Container Enterprises, Inc.,

 

 

 

 

 

140

 

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

 

 

137,011

 

 

750

 

Loan B1, EURIBOR + 1.88%, 2/18/14 (EUR)

 

 

1,030,745

 

 

750

3

Loan C1, EURIBOR + 1.88%, 2/15/15 (EUR)

 

 

1,052,781

 

 

1,845

 

Solo Cup, Inc., LIBOR + 2.00%, 2/27/11

 

 

1,822,631

 

 

 

 

 

 

     

 

 

 

Total Containers & Packaging

 

 

14,899,084

 

               

Ecological Services & Equipment—0.7%

 

 

 

 

 

2,000

 

Envirosolutions, Inc., Initial Loan, LIBOR + 3.75%,
7/15/12

 

 

1,880,000

 

 

495

 

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

 

 

482,625

 

 

500

 

Synagro Technologies, Inc., Second Lien Loan,
LIBOR + 4.75%, 9/30/14

 

 

471,250

 

 

 

 

 

 

     

 

 

 

Total Ecological Services & Equipment

 

 

2,833,875

 

               

Energy—9.7%

 

 

 

 

 

1,500

 

AES Corp., LIBOR + 2.25%, 4/30/08

 

 

1,479,375

 

 

498

 

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

 

 

481,689

 

 

 

 

Big West Oil LLC,

 

 

 

 

 

550

 

Delayed Draw Loan, LIBOR + 2.50%, 5/15/14

 

 

534,188

 

 

445

 

LIBOR + 2.50%, 5/15/14

 

 

432,206

 

 

 

 

Coffeyville Resources LLC,

 

 

 

 

 

1,058

 

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

 

 

1,022,697

 

 

324

 

Unfunded, 12/21/13

 

 

313,581

 

 

 

 

Coleto Creek Power,

 

 

 

 

 

127

 

Letter of Credit, LIBOR + 4.00%, 7/31/13

 

 

121,975

 

 

1,822

 

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

 

 

1,744,538

 

 

 

 

Dresser, Inc.,

 

 

 

 

 

982

 

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

 

 

938,902

 

 

1,500

 

Second Lien Loan, LIBOR + 5.75%, 5/15/15

 

 

1,417,500

 

 

 

 

ElectricInvest Holding Co. Ltd.,

 

 

 

 

 

1,800

 

Junior Loan, LIBOR + 3.75%, 12/21/12 (GBP)

 

 

3,350,180

 

 

1,787

 

LIBOR + 6.50%, 12/21/12 (EUR)

 

 

2,482,480

 

 

 

 

Flint,

 

 

 

 

 

833

 

Loan B7, LIBOR + 2.25%, 12/20/14 (EUR)

 

 

1,139,485

 

 

1,000

 

Loan B9, LIBOR + 2.25%, 12/20/14

 

 

935,250

 

 

833

 

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

 

 

1,144,968

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

7



 

 

 


 

 

 

Portfolio of Investments as of December 31, 2007

 

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.,

 

 

 

 

$

750

 

First Lien Loan, PRIME + 6.00%, 5/15/14

 

$

606,250

 

 

990

 

Second Lien Loan, PRIME + 2.50%, 11/15/13

 

 

883,928

 

 

 

 

MACH Gen LLC,

 

 

 

 

 

70

 

Letter of Credit, Unfunded, 2/22/14

 

 

66,375

 

 

673

 

LIBOR + 2.00%, 2/22/14

 

 

635,209

 

 

990

 

McJunkin Corp., Loan B, LIBOR + 3.25%, 1/30/14

 

 

979,481

 

 

491

 

MEG Energy Corp., Loan B, LIBOR + 2.00%, 4/03/13

 

 

475,530

 

 

793

 

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

 

 

757,476

 

 

 

 

Northeast Energy,

 

 

 

 

 

159

 

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

 

 

149,156

 

 

1,290

 

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

 

 

1,214,142

 

 

750

 

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

 

 

693,750

 

 

2,000

 

Safenet, Inc., Second Lien Loan, LIBOR + 6.00%, 5/11/15

 

 

1,820,000

 

 

1,400

 

SandRidge Energy, Inc., LIBOR + 4.50%, 3/01/14

 

 

1,393,000

 

 

 

 

Texas Competitive Electric Holdings Co., LLC,

 

 

 

 

 

1,746

 

Loan B2, LIBOR + 3.50%, 10/10/14

 

 

1,712,896

 

 

6,983

 

Loan B3, LIBOR + 3.50%, 10/10/14

 

 

6,851,585

 

 

 

 

TPF Generation Holdings LLC,

 

 

 

 

 

47

 

Letter of Credit, LIBOR + 1.75%, 12/31/13

 

 

45,319

 

 

763

 

Loan B, LIBOR + 2.00%, 12/31/13

 

 

732,693

 

 

151

 

Revolver, Unfunded, 12/31/13

 

 

144,568

 

 

1,475

 

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

 

 

1,452,875

 

 

924

 

Western Refining, LIBOR + 1.75%, 3/15/14

 

 

876,192

 

 

 

 

Wolf Hollow I LP,

 

 

 

 

 

469

 

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

 

 

433,973

 

 

500

 

Second Lien Loan, LIBOR + 4.50%, 12/15/12

 

 

472,500

 

 

400

 

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

 

 

370,000

 

 

100

 

Synthetic Revolver Loan, LIBOR + 2.50%, 6/22/12

 

 

92,500

 

 

 

 

 

 

     

 

 

 

Total Energy

 

 

40,398,412

 

               

Entertainment & Leisure—6.5%

 

 

 

 

 

571

 

Alpha III, Loan B1, LIBOR + 2.38%, 12/31/13

 

 

547,551

 

 

429

 

Alpha III Formula 1, Loan B2, LIBOR + 2.375%, 12/31/13

 

 

410,663

 

 

1,107

 

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

 

 

1,045,223

 

 

995

 

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

 

 

962,165

 

 

 

 

Golden Nugget, Inc.,

 

 

 

 

 

273

 

Delayed Draw Loan, LIBOR + 2.25%, 5/21/14

 

 

256,364

 

 

477

 

First Lien Loan, LIBOR + 2.25%, 5/30/14

 

 

448,636

 

 

1,000

 

Second Lien Loan, LIBOR + 3.25%, 11/30/14

 

 

905,000

 

 

1,668

 

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

 

 

1,584,331

 

 

 

 

Green Valley Ranch Gaming LLC,

 

 

 

 

 

478

 

First Lien Loan, LIBOR + 2.00%, 2/28/14

 

 

450,579

 

 

1,000

 

Second Lien Loan, LIBOR + 3.25%, 8/30/14

 

 

902,500

 

 

 

 

HIT Entertainment Ltd.,

 

 

 

 

 

1,470

 

LIBOR + 2.25%, 8/31/12

 

 

1,429,592

 

 

1,000

 

Second Lien Loan, LIBOR + 5.50%, 2/26/13

 

 

950,000

 

 

 

 

Hollywood Theaters, Inc.,

 

 

 

 

 

1,689

 

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

 

 

1,654,975

 

 

2,500

 

Second Lien Loan, LIBOR + 7.00%, 2/01/10

 

 

2,450,000

 

 

715

 

Kerasotes Theatres, Inc., Loan B, LIBOR + 2.75%,
11/01/11

 

 

696,859

 

 

 

 

Las Vegas Sands LLC,

 

 

 

 

 

500

 

Delayed Draw Loan, LIBOR + 1.75%, 5/04/14

 

 

467,955

 

 

1,990

 

Loan B, LIBOR + 1.75%, 5/04/14

 

 

1,862,459

 

 

2,948

 

Metro-Goldwyn-Mayer Studios, Inc., Loan B,
LIBOR + 3.25%, 4/08/12

 

 

2,725,768

 

 

2,000

 

RHI Entertainment, Inc., Second Lien Loan,
LIBOR + 3.25%, 4/15/14

 

 

1,940,000

 

 

726

 

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

 

 

719,022

 

 

743

 

Time Warner, Inc., Loan B, LIBOR + 2.00%, 1/07/13

 

 

713,728

 

 

 

 

Travelport, Inc.,

 

 

 

 

 

47

 

Letter of Credit, LIBOR + 3.00%, 8/31/13

 

 

44,360

 


 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 

               

Entertainment & Leisure—(cont’d)

 

 

 

 

$

233

 

LIBOR + 3.00%, 8/31/13

 

$

221,083

 

 

925

 

Universal City Development Partners LP, Loan B,
LIBOR + 2.00%, 6/09/11

 

 

905,789

 

 

 

 

Wembley, Inc.,

 

 

 

 

 

975

 

First Lien Loan, LIBOR + 2.00%, 8/31/11

 

 

906,774

 

 

1,500

 

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

 

 

1,365,000

 

 

739

 

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

 

 

659,777

 

 

 

 

 

 

     

 

 

 

Total Entertainment & Leisure

 

 

27,226,153

 

               

Financial Institutions—7.1%

 

 

 

 

 

981

 

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

 

 

927,124

 

 

998

 

Alliant Insurance Services, Loan B,
LIBOR + 3.00%, 10/23/14

 

 

952,612

 

 

975

 

Avio, Mezzanine Loan, LIBOR + 9.00%, 9/25/16

 

 

953,192

 

 

 

 

Bankruptcy Management,

 

 

 

 

 

988

 

LIBOR + 3.00%, 7/30/11

 

 

901,094

 

 

494

 

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

 

 

407,344

 

 

929

 

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

 

 

897,232

 

 

414

 

CCC Information Services Group, Inc., Loan B,
LIBOR + 2.75%, 2/15/13

 

 

406,282

 

 

741

 

Conseco, Inc., LIBOR + 2.00%, 5/31/13

 

 

679,221

 

 

2,000

 

Enclave, Loan B, LIBOR, 3/01/12

 

 

1,841,292

 

 

 

 

GS Holdings Corp.,

 

 

 

 

 

52

 

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

 

 

49,412

 

 

78

 

LIBOR + 1.75%, 5/15/11

 

 

74,081

 

 

538

 

LIBOR + 1.75%, 5/15/13

 

 

513,778

 

 

3,500

 

J.G. Wentworth LLC, First Lien Loan,
LIBOR + 2.25%, 4/15/14

 

 

3,206,875

 

 

1,300

 

Jostens, Inc., Loan C, LIBOR + 2.00%, 12/21/11

 

 

1,272,493

 

 

998

 

Lucite Intl. Finance Plc, LIBOR + 9.85%, 7/14/14 (EUR)

 

 

1,362,059

 

 

500

 

Marsico TL, LIBOR + 3.00%, 11/14/14

 

 

480,000

 

 

2,000

 

Moeller Group, EURIBOR + 2.75%, 9/17/12 (EUR)

 

 

2,835,769

 

 

1,915

 

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

 

 

2,628,337

 

 

752

 

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

 

 

737,014

 

 

495

 

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

 

 

464,989

 

 

250

 

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

 

 

242,500

 

 

1,108

 

Sedgewick Claims Management Services, Inc., Loan B,
LIBOR + 2.00%, 2/28/13

 

 

1,073,234

 

 

500

 

Tegrant Holding Corp., Second Lien Loan, LIBOR + 5.50%,
3/15/15

 

 

420,000

 

 

1,920

 

TPG Springs Ltd., Mezzanine Loan, 3/22/15 (EUR)

 

 

2,603,638

 

 

 

 

United Biscuits (United Kingdom)

 

 

 

 

 

1,651

 

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

 

 

3,086,965

 

 

535

 

Loan B2, LIBOR + 2.50%, 12/31/14 (EUR)

 

 

731,375

 

 

 

 

 

 

     

 

 

 

Total Financial Institutions

 

 

29,747,912

 

               

Health Care—7.4%

 

 

 

 

 

2,898

 

Arizant, Inc., LIBOR + 3.25%, 8/15/10

 

 

2,839,888

 

 

2,494

 

Cardinal Health, Inc., Loan B, LIBOR + 2.25%,
4/15/14 (EUR)

 

 

3,387,732

 

 

734

 

CCS Medical, Loan B, LIBOR + 13.0%, 10/31/12

 

 

711,626

 

 

 

 

Community Health Systems, Inc.,

 

 

 

 

 

186

 

Delayed Draw Loan, Unfunded, 6/18/14

 

 

178,403

 

 

3,691

 

Loan B, LIBOR + 2.25%, 6/18/14

 

 

3,547,246

 

 

500

 

Emdeon Business Services, LLC, Second Lien Loan,
LIBOR + 5.00%, 5/30/14

 

 

480,000

 

 

1,985

 

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

 

 

1,848,255

 

 

2,525

 

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

 

 

2,406,504

 

 

 

 

Molnlycke Health Care Ltd. (EUR)

 

 

 

 

 

1,500

 

Loan B, EURIBOR + 2.00%, 3/30/15

 

 

2,065,754

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

8

ANNUAL REPORT

DECEMBER 31, 2007

 



 

 

 


 

 

 

Portfolio of Investments as of December 31, 2007

 

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

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 

               

Health Care—(cont’d)

 

 

 

 

$

1,500

 

Loan C, EURIBOR + 2.25%, 3/30/16

 

$

2,075,502

 

 

500

 

Second Lien Loan D, EURIBOR + 3.75%, 9/30/16

 

 

672,543

 

 

468

 

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

 

 

451,327

 

 

 

 

Opica AB (EUR)

 

 

 

 

 

1,187

 

Loan C1, LIBOR + 2.38%, 3/20/16

 

 

1,708,033

 

 

171

 

Loan C2, LIBOR + 2.38%, 3/20/16

 

 

246,327

 

 

142

 

Loan C4, LIBOR + 2.38%, 3/20/16

 

 

204,905

 

 

 

 

Quintiles Transnational Corp.,

 

 

 

 

 

983

 

First Lien Loan, LIBOR + 2.25%, 3/31/13

 

 

944,838

 

 

250

 

Second Lien Loan, LIBOR + 4.50%, 3/31/14

 

 

236,875

 

 

973

 

Select Medical Corp., Loan B, LIBOR + 1.75%, 2/28/12

 

 

915,366

 

 

2,966

 

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

 

 

2,880,926

 

 

978

 

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

 

 

943,503

 

 

 

 

Warner Chilcott Corp.,

 

 

 

 

 

1,494

 

Loan B, LIBOR + 2.75%, 1/18/12

 

 

1,444,785

 

 

514

 

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

 

 

496,946

 

 

 

 

 

 

     

 

 

 

Total Health Care

 

 

30,687,284

 

               

Industrials—4.4%

 

 

 

 

 

1,481

 

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

 

 

1,410,891

 

 

1,000

3

BAA Ferrovial, Junior Loan 2, LIBOR + 4.00%,
9/30/11 (GBP)

 

 

1,879,127

 

 

 

 

Bolthouse Farms, Inc.,

 

 

 

 

 

983

 

First Lien Loan, LIBOR + 2.50%, 12/01/12

 

 

954,253

 

 

500

 

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

 

 

494,375

 

 

222

 

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

 

 

217,778

 

 

1,575

 

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

 

 

1,543,500

 

 

1,493

 

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

 

 

1,334,295

 

 

 

 

Kion Group,

 

 

 

 

 

250

 

Loan B, LIBOR + 2.00%, 3/15/15

 

 

238,665

 

 

250

 

Loan C, LIBOR + 2.50%, 3/15/16

 

 

239,915

 

 

500

 

Loan D, EURIBOR + 3.75%, 9/15/16 (EUR)

 

 

685,336

 

 

 

 

Lincoln Industrial Corp.,

 

 

 

 

 

271

 

Delayed Draw Loan B, LIBOR + 2.50%, 6/18/14

 

 

265,936

 

 

724

 

First Lien Loan, LIBOR + 2.50%, 6/18/14

 

 

709,609

 

 

 

 

Mivisa Envases S.A.U. (EUR)

 

 

 

 

 

826

 

Loan B1, LIBOR, 5/03/15

 

 

1,147,596

 

 

174

 

Loan B2, LIBOR, 5/03/15

 

 

241,352

 

 

2,469

 

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

 

 

2,366,633

 

 

 

 

Standard Steel LLC,

 

 

 

 

 

83

 

Delayed Draw Loan, Unfunded, 7/15/12

 

 

80,015

 

 

410

 

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

 

 

396,052

 

 

990

 

Stolle Machinery Co. LLC, First Lien Loan,
LIBOR + 2.75%, 9/29/13

 

 

970,200

 

 

1,199

 

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

 

 

1,030,827

 

 

2,076

 

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

 

 

1,826,573

 

 

 

 

Trimas Corp.,

 

 

 

 

 

94

 

Letter of Credit, LIBOR, 7/31/11

 

 

91,875

 

 

401

 

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

 

 

393,148

 

 

 

 

 

 

     

 

 

 

Total Industrials

 

 

18,517,951

 

               

Media—27.2%

 

 

 

 

 

475

 

Affinion Group, Inc., LIBOR + 6.25%, 3/01/12

 

 

437,396

 

 

1,000

 

American Media Operations, Inc., Loan B,
LIBOR + 2.75%, 1/31/13

 

 

977,500

 

 

1,970

 

Atlantic Broadband Finance LLC, Loan B2,
LIBOR + 2.50%, 8/15/11

 

 

1,901,984

 

 

1,000

 

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

 

 

950,000

 

 

250

 

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

 

 

242,500

 

 

3,930

 

Cablevision Systems Corp., Incremental Loan,
LIBOR + 1.75%, 3/28/13

 

 

3,708,588

 


 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 

               

Media—(cont’d)

 

 

 

 

$

750

 

Casema Bidco, Loan C, EURIBOR + 3.00%,
9/30/15 (EUR)

 

$

1,082,009

 

 

 

 

Casema Kabelcom (EUR)

 

 

 

 

 

750

 

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

 

 

1,076,891

 

 

576

 

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

 

 

826,619

 

 

299

 

Loan B2, EURIBOR + 2.50%, 9/30/14

 

 

429,388

 

 

875

 

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

 

 

1,262,003

 

 

6,948

 

Cequel Communications LLC, First Lien Loan,
LIBOR + 2.00%, 11/05/13

 

 

6,487,228

 

 

7,000

 

Charter Communications Holdings LLC,
LIBOR + 2.00%, 4/30/14

 

 

6,534,234

 

 

1,493

 

Cumulus Media, Inc., LIBOR + 1.75%, 5/21/14

 

 

1,430,312

 

 

 

 

Dex Media West LLC/Dex Media Finance Co.,

 

 

 

 

 

618

 

Loan B1, LIBOR + 1.75%, 3/09/10

 

 

601,715

 

 

1,114

 

Loan B2, LIBOR + 1.50%, 3/09/10

 

 

1,087,136

 

 

483

 

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

 

 

445,632

 

 

 

 

Gatehouse Media Operating, Inc.,

 

 

 

 

 

592

 

Delayed Draw Loan, LIBOR + 1.75%, 9/15/14

 

 

503,508

 

 

1,386

 

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

 

 

1,179,375

 

 

2,000

 

Gray Television, Inc., Delayed Draw Loan,
LIBOR + 1.50%, 9/18/14

 

 

1,857,500

 

 

 

 

HMH Publishing,

 

 

 

 

 

364

 

Bridge Loan, LIBOR + 4.00%, 5/15/09

 

 

347,727

 

 

2,636

 

Loan A, LIBOR + 4.00%, 11/14/14

 

 

2,521,023

 

 

6,750

 

Mezzanine Loan, LIBOR + 8.50%, 11/14/14

 

 

6,412,500

 

 

4,950

 

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

 

 

4,709,252

 

 

4,000

 

KDG Media Technologies AG, Loan A, LIBOR + 2.00%,
3/31/12 (EUR)

 

 

5,589,681

 

 

498

 

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

 

 

475,113

 

 

1,493

 

Liberty Cablevision of Puerto Rico Ltd., LIBOR + 2.25%,
5/21/14

 

 

1,412,278

 

 

1,485

 

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

 

 

1,370,973

 

 

1,289

 

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

 

 

1,212,030

 

 

1,955

 

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

 

 

1,818,382

 

 

1,902

 

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

 

 

1,816,536

 

 

356

 

Multicultural Radio Broadcasting, Inc., LIBOR + 2.50%,
12/15/12

 

 

348,880

 

 

1,000

 

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

 

 

937,188

 

 

 

 

New Wave Communications,

 

 

 

 

 

936

 

Loan A, LIBOR + 3.25%, 6/20/13

 

 

921,714

 

 

237

 

Loan Z, LIBOR + 3.25%, 6/20/13

 

 

233,445

 

 

1,801

 

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

 

 

1,720,017

 

 

3,456

 

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

 

 

3,272,408

 

 

 

 

NTL Investment Holding Ltd. (GBP)

 

 

 

 

 

1,116

 

Loan B1, LIBOR + 2.13%, 9/03/12

 

 

2,102,798

 

 

1,169

 

Loan B2, LIBOR + 2.13%, 9/03/12

 

 

2,202,929

 

 

1,500

 

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

 

 

2,814,211

 

 

1,500

 

NV Broadcasting, Second Lien Loan, LIBOR + 6.50%,
10/26/14

 

 

1,402,500

 

 

 

 

PagesJaunes Groupe SA (EUR)

 

 

 

 

 

1,000

 

Loan B2, EURIBOR + 2.75%, 1/11/15

 

 

1,395,445

 

 

1,000

 

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

 

 

1,395,445

 

 

500

 

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

 

 

690,819

 

 

 

 

Penton Media, Inc.,

 

 

 

 

 

1,117

 

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

 

 

1,007,698

 

 

1,000

 

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

 

 

850,000

 

 

 

 

ProSieben (EUR)

 

 

 

 

 

500

 

Loan B1, LIBOR + 2.38%, 6/30/15

 

 

642,693

 

 

1,000

 

Loan C1, LIBOR + 2.88%, 6/30/16

 

 

1,292,697

 

 

750

 

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

 

 

690,000

 

 

737

 

Quebecor Media, Inc., Loan B, LIBOR + 2.00%, 1/12/13

 

 

716,611

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

9



 

 

 


 

 

 

Portfolio of Investments as of December 31, 2007

 

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

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 

               

Media—(cont’d)

 

 

 

 

$

1,769

 

R.H. Donnelley, Inc., Loan D2, LIBOR + 1.50%, 6/30/11

 

$

1,710,358

 

 

995

 

RCN Corp., Loan B, LIBOR + 2.25%, 5/24/14

 

 

940,897

 

 

 

 

TDC (EUR)

 

 

 

 

 

912

 

Loan B, EURIBOR + 2.75%, 11/12/14

 

 

1,302,236

 

 

1,092

 

Loan C2, EURIBOR + 3.25%, 11/12/15

 

 

1,566,628

 

 

 

 

Univision Communications, Inc.,

 

 

 

 

 

5,933

 

LIBOR + 2.25%, 9/30/14

 

 

5,401,400

 

 

1,000

 

Loan B, LIBOR + 2.50%, 3/31/16

 

 

975,000

 

 

309

 

Second Lien Loan, Unfunded, 9/30/14

 

 

281,068

 

 

 

 

UPC Broadband Holding BV (EUR)

 

 

 

 

 

3,767

 

Loan M1, LIBOR + 2.00%, 12/31/14

 

 

5,191,166

 

 

4,069

 

Loan M2, LIBOR + 2.00%, 12/31/14

 

 

5,607,552

 

 

1,885

 

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

 

 

1,798,790

 

 

2,500

 

Yell Group Plc, Loan B, LIBOR + 1.75%, 2/15/13 (EUR)

 

 

3,502,393

 

 

 

 

 

 

     

 

 

 

Total Media

 

 

113,621,999

 

               

Real Estate—1.2%

 

 

 

 

 

2,000

 

Georgian Towers, Loan B5, LIBOR + 2.50%, 3/01/12

 

 

1,766,218

 

 

1,313

 

Headwaters, Inc., LIBOR + 3.25%, 4/30/11

 

 

1,260,000

 

 

 

 

Masonite Intl. Corp.,

 

 

 

 

 

243

 

LIBOR + 2.00%, 3/31/13

 

 

220,195

 

 

243

 

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

 

 

220,570

 

 

1,990

 

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

 

 

1,732,407

 

 

 

 

 

 

     

 

 

 

Total Real Estate

 

 

5,199,390

 

               

Technology—5.1%

 

 

 

 

 

465

 

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

 

 

434,613

 

 

735

 

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

 

 

713,409

 

 

3,000

 

Alliance Data, First Lien Loan B2, Unfunded,
12/15/14

 

 

2,790,000

 

 

1,460

 

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

 

 

1,303,220

 

 

500

 

Electrical Components Intl. Holdings Co.,
Second Lien Loan, LIBOR + 2.50%, 5/01/14

 

 

430,000

 

 

1,746

 

First Data Corp., Loan B1, LIBOR + 2.75%, 9/24/14

 

 

1,654,962

 

 

 

 

Flextronics Intl. Ltd.,

 

 

 

 

 

557

 

Delayed Draw Loan A, LIBOR + 2.25%, 10/01/14

 

 

542,725

 

 

1,942

 

Loan B, LIBOR + 2.25%, 10/01/14

 

 

1,893,415

 

 

 

 

Intergraph Corp.,

 

 

 

 

 

419

 

First Lien Loan, LIBOR + 2.50%, 5/15/14

 

 

401,943

 

 

750

 

Second Lien Loan, LIBOR + 6.00%, 11/15/14

 

 

736,406

 

 

987

 

Marvell Technology Group Ltd., Loan B, LIBOR + 2.00%,
11/15/09

 

 

957,269

 

 

 

 

RedPrairie Corp.,

 

 

 

 

 

985

 

Loan B, PRIME + 3.25%, 7/31/12

 

 

960,375

 

 

1,250

 

Second Lien Loan, LIBOR + 6.75%, 1/31/13

 

 

1,200,000

 

 

1,592

 

San Juan Cable, LIBOR + 2.25%, 3/15/13

 

 

1,479,198

 

 

 

 

Sensata Technologies BV,

 

 

 

 

 

1,478

 

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

 

 

2,042,065

 

 

978

 

Loan B, LIBOR + 1.75%, 4/30/13

 

 

926,584

 

 

2,438

 

SunGard Data Systems, Inc., Loan B, LIBOR + 2.00%,
2/11/13

 

 

2,351,279

 

 

244

 

Wire Rope Corp., LIBOR + 2.25%, 1/30/14

 

 

236,584

 

 

 

 

 

 

     

 

 

 

Total Technology

 

 

21,054,047

 

               

Telecommunications—8.0%

 

 

 

 

 

393

 

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

 

 

341,923

 

 

2,169

 

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

 

 

2,109,012

 

 

500

 

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

 

 

492,500

 

 

 

 

Eircom Group Plc (EUR)

 

 

 

 

 

3,000

 

Loan B, LIBOR + 2.50%, 9/15/14

 

 

4,194,112

 

 

3,000

 

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

 

 

4,216,578

 

 

1,000

 

Loan D, EURIBOR + 4.25%, 3/15/16

 

 

1,408,848

 

 

500

 

Hargray Communications, Inc., Second Lien Loan,
LIBOR + 5.25%, 12/31/14

 

 

480,000

 


 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 

               

Telecommunications—(cont’d)

 

 

 

 

$

4,000

 

Insight Midwest Holdings LLC, Loan B, Unfunded,
4/03/14

 

$

3,855,000

 

 

2,000

 

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

 

 

1,936,250

 

 

1,000

 

IPC Systems, Inc., Second Lien Loan, LIBOR + 5.50%,
5/25/15

 

 

790,000

 

 

 

 

NG Wireless,

 

 

 

 

 

140

 

Delayed Draw Loan, Unfunded, 7/31/14

 

 

138,269

 

 

610

 

First Lien Loan, PRIME + 2.75%, 7/31/14

 

 

600,481

 

 

1,695

 

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

 

 

1,670,901

 

 

441

 

Triton PCS, Inc., LIBOR + 3.25%, 11/18/09

 

 

439,182

 

 

2,970

 

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

 

 

2,824,152

 

 

 

 

Wind Acquisition Finance S.A. (EUR)

 

 

 

 

 

1,029

 

Loan A1, LIBOR + 2.25%, 6/17/12

 

 

1,474,836

 

 

279

 

Loan A2, LIBOR + 2.25%, 6/17/12

 

 

399,603

 

 

2,000

 

Loan B1, EURIBOR + 2.75%, 7/31/12

 

 

2,882,859

 

 

2,000

 

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

 

 

2,895,652

 

 

 

 

 

 

     

 

 

 

Total Telecommunications

 

 

33,150,158

 

               

Transportation—3.0%

 

 

 

 

 

 

 

Dockwise Transport N.V.,

 

 

 

 

 

1,000

 

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

 

 

960,000

 

 

733

 

Loan B2, LIBOR + 2.38%, 4/15/15

 

 

703,812

 

 

1,000

 

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

 

 

965,000

 

 

733

 

Loan C2, LIBOR + 2.88%, 4/15/16

 

 

707,478

 

 

650

 

Loan D, LIBOR + 4.50%, 1/11/17

 

 

621,563

 

 

1,000

 

Loan D2, LIBOR + 4.50%, 1/11/17

 

 

956,250

 

 

 

 

Hawker Beechraft Acquisition Co.,

 

 

 

 

 

78

 

Letter of Credit, Unfunded + 2.00%, 3/31/14

 

 

74,016

 

 

915

 

LIBOR + 2.00%, 3/31/14

 

 

868,174

 

 

1,000

 

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

 

 

770,000

 

 

1,750

 

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

 

 

1,710,625

 

 

322

 

Sirva Worldwide, Inc., LIBOR + 2.50%, 12/01/10

 

 

204,388

 

 

1,477

 

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

 

 

1,207,238

 

 

2,000

 

U.S. Airways, Loan B, LIBOR + 2.50%, 3/31/14

 

 

1,838,056

 

 

1,076

 

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

 

 

1,002,616

 

 

 

 

 

 

     

 

 

 

Total Transportation

 

 

12,589,216

 

 

 

 

 

 

     

 

 

 

Total Bank Loans

 

 

468,992,410

 

               

Foreign Government Bonds—17.6%

 

 

 

 

 

3,840

 

Argentina Republic, 4.005%, 8/03/12

 

 

2,169,600

 

 

 

 

Federative Republic of Brazil,

 

 

 

 

 

475

 

10.25%, 6/17/13

 

 

584,250

 

 

9,435

1

10.58%, 6/29/09

 

 

10,119,038

 

 

1,600

 

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

 

 

1,550,443

 

 

800

 

Malaysia, 8.75%, 6/01/09

 

 

842,759

 

 

2,400

 

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

 

 

2,488,560

 

 

1,200

1

Republic of Colombia, 8.541%, 3/17/13

 

 

1,296,000

 

 

3,200

 

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

 

 

3,355,200

 

 

2,000

 

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

 

 

2,022,500

 

 

 

 

Republic of Peru,

 

 

 

 

 

5,152

1

6.44%, 3/07/17

 

 

5,100,480

 

 

2,400

 

9.125%, 1/15/08

 

 

2,400,000

 

 

2,400

 

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

 

 

2,598,000

 

 

2,400

 

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

 

 

2,429,659

 

 

950

 

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

 

 

1,435,825

 

 

 

 

Republic of Venezuela,

 

 

 

 

 

4,000

1

6.18%, 4/20/11

 

 

3,612,000

 

 

2,000

 

11.00%, 3/05/08 (EUR)

 

 

2,943,107

 

 

2,735

 

Turkey, 7.00%, 9/26/16

 

 

2,892,263

 

 

 

 

Ukraine,

 

 

 

 

 

2,800

2

6.875%, 3/04/11

 

 

2,849,000

 

 

16,100

1,2

8.693%, 8/05/09

 

 

16,542,750

 

 

 

 

United Mexican States,

 

 

 

 

 

4,800

1

5.943%, 1/13/09

 

 

4,809,600

 

 

13,520

 

9.00%, 12/22/11 (MXN)

 

 

1,282,754

 

 

 

 

 

 

     

 

 

 

Total Foreign Government Bonds

 

 

73,323,788

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

10

ANNUAL REPORT

DECEMBER 31, 2007

 



 

 

 


 

Portfolio of Investments as of December 31, 2007

 

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

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

               

Common Stocks—0.1%

 

 

 

 

 

6,155

3,4,6

Berkline BenchCraft, Class B

 

$

 

 

947

3

Critical Care Systems Intl., Inc.

 

 

318

 

 

121,011

 

E*Trade Financial Corp.

 

 

429,589

 

 

 

 

 

 

     

 

 

 

Total Common Stocks

 

 

429,907

 

               

Preferred Stock—0.0%

 

 

 

 

 

100

2

Marsico Parent Superholdco LLC, 16.75%,

 

 

94,758

 

               

 

 

 

Total Long-Term Investments
(cost $644,394,541)

 

 

630,939,378

 

               

 

 

 

 

 

 

 

 


Principal
Amount
(000)

 

 

 

 

 

 

               

SHORT-TERM INVESTMENT—2.0%

 

 

 

 

U.S. Government and Agency Discount Notes—2.0%

 

 

 

 

$

8,500

5

Federal Home Loan Bank Disc. Note, 3.254%,
1/14/08 (cost $8,490,024)

 

 

8,490,024

 

               

 

 

 

 

 

 

 

 


Contracts

 

 

 

 

 

 

               

OUTSTANDING OPTION PURCHASED—0.0%

 

 

 

 

 

26

6,7

Marsico Parent Superholdco LLC, expires 12/14/19,
strike price $942.86 (cost $25,422)

 

 

25,549

 

               

Total Investments—153.3% (cost $652,909,9878)

 

$

639,454,951

 

Other assets in excess of liabilities—5.1%

 

 

21,255,627

 

Auction Preferred Shares at redemption value, including dividends
payable—(58.4)%

 

 

(243,624,472

)

 

 

     

Net Assets Applicable to Common Shareholders—100%

 

$

417,086,106

 

 

 

     

 

 

 

 

 

         

 

 

   

1

Variable rate security. Rate shown is interest rate as of December 31, 2007.

2

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of December 31, 2007, the Trust held 9.3% of its net assets, with a current market value of $38,728,208 in securities restricted as to resale.

3

Security is fair valued.

4

Issuer is in default and/or bankruptcy.

5

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

6

Non-income producing security.

7

Illiquid security. As of December 31, 2007, the Trust held 0.0% of its net assets, with a current market value of $25,549, in these securities.

8

Cost for federal income tax purposes is $652,979,919. The net unrealized depreciation on a tax basis is $13,524,968, consisting of $12,149,631 gross unrealized appreciation and $25,674,599 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.


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

11




 

 


 

Portfolio of Investments as of December 31, 2007

BlackRock High Income Shares (HIS)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

LONG-TERM INVESTMENTS—131.9%

 

 

 

 

Corporate Bonds—122.0%

 

 

 

 

Aerospace & Defense—2.0%

 

 

 

 

$

1,820

 

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

 

$

1,904,175

 

 

 

 

DRS Technologies, Inc.,

 

 

 

 

 

170

 

6.875%, 11/01/13

 

 

169,150

 

 

170

 

7.625%, 2/01/18

 

 

172,125

 

 

140

 

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

 

 

135,100

 

 

300

 

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

 

 

304,500

 

 

 

 

 

 

     

 

 

 

Total Aerospace & Defense

 

 

2,685,050

 

               

Automotive—6.1%

 

 

 

 

 

340

 

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

 

 

275,400

 

 

550

1

Allison Transmission, Inc., 11.25%, 11/01/15

 

 

485,375

 

 

240

 

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

 

 

212,400

 

 

 

 

AutoNation, Inc.,

 

 

 

 

 

360

 

7.00%, 4/15/14

 

 

341,100

 

 

360

2

7.243%, 4/15/13

 

 

332,100

 

 

1,330

 

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

 

 

1,253,525

 

 

300

 

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

 

 

232,500

 

 

 

 

Goodyear Tire & Rubber Co. (The),

 

 

 

 

 

150

 

7.857%, 8/15/11

 

 

151,875

 

 

512

 

8.625%, 12/01/11

 

 

533,760

 

 

400

 

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

 

 

265,000

 

 

540

 

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

 

 

491,400

 

 

22

 

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

 

 

21,340

 

 

935

 

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

 

 

771,375

 

 

710

 

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

 

 

663,850

 

 

1,910

 

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

 

 

1,781,075

 

 

525

 

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

 

 

506,625

 

 

 

 

 

 

     

 

 

 

Total Automotive

 

 

8,318,700

 

               

Basic Materials—12.0%

 

 

 

 

 

 

 

Abitibi-Consolidated, Inc. (Canada)

 

 

 

 

 

485

 

6.00%, 6/20/13

 

 

330,406

 

 

80

 

8.85%, 8/01/30

 

 

54,800

 

 

350

2

AbitibiBowater, Inc., 7.991%, 3/15/10

 

 

304,938

 

 

665

 

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

 

 

668,325

 

 

1,200

 

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

 

 

1,269,000

 

 

400

 

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

 

 

401,000

 

 

85

 

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

 

 

68,638

 

 

175

 

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

 

 

132,125

 

 

60

 

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

 

 

56,400

 

 

540

 

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

 

 

510,300

 

 

1,010

 

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

 

 

1,017,575

 

 

 

 

Domtar Corp.,

 

 

 

 

 

160

 

7.125%, 8/15/15

 

 

156,800

 

 

100

 

7.875%, 10/15/11

 

 

102,125

 

 

 

 

FMG Finance Property Ltd. (Australia)

 

 

 

 

 

240

1

10.00%, 9/01/13

 

 

262,800

 

 

735

1

10.625%, 9/01/16

 

 

841,575

 

 

 

 

Freeport-McMoRan Copper & Gold, Inc.,

 

 

 

 

 

1,820

 

8.375%, 4/01/17

 

 

1,951,950

 

 

550

2

8.394%, 4/01/15

 

 

558,250

 

 

500

 

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

 

 

525,000

 

 

1,450

 

Huntsman LLC, 11.625%, 10/15/10

 

 

1,537,000

 

 

475

1

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

 

 

422,750

 

 

1,170

 

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

 

 

1,164,150

 

 

205

1

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

 

 

164,000

 

 

755

1

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

 

 

709,700

 

 

 

 

NewPage Corp.,

 

 

 

 

 

1,010

 

10.00%, 5/01/12

 

 

1,015,050

 

 

435

 

12.00%, 5/01/13

 

 

449,137

 

 

200

2

NOVA Chemicals Corp., 7.863%, 11/15/13 (Canada)

 

 

187,000

 

 

 

 

Ryerson, Inc.,

 

 

 

 

 

300

1

12.00%, 11/01/15

 

 

296,250

 

 

180

1,2

12.574%, 11/01/14

 

 

172,800

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

Basic Materials—(cont’d)

 

 

 

 

$

230

1

Steel Dynamics, Inc., 7.375%, 11/01/12

 

$

231,150

 

 

385

 

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

 

 

376,337

 

 

325

 

Verso Paper Holdings LLC/Verson Paper, Inc., 9.125%, 8/01/14

 

 

328,250

 

 

 

 

 

 

     

 

 

 

Total Basic Materials

 

 

16,265,581

 

               

Building & Development—2.2%

 

 

 

 

 

450

 

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

 

 

463,500

 

 

1,000

 

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

 

 

560,000

 

 

185

 

Masonite Intl. Corp., 11.00%, 4/06/15 (Canada)

 

 

144,300

 

 

345

 

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

 

 

276,000

 

 

1,560

 

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

 

 

1,540,500

 

 

 

 

 

 

     

 

 

 

Total Building & Development

 

 

2,984,300

 

               

Commercial Services—0.4%

 

 

 

 

 

275

 

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

 

 

286,000

 

 

270

1

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

 

 

202,838

 

 

 

 

 

 

     

 

 

 

Total Commercial Services

 

 

488,838

 

               

Consumer Products—8.9%

 

 

 

 

 

1,070

2

Ames True Temper, Inc., 9.243%, 1/15/12

 

 

909,500

 

 

70

2

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
7.369%, 5/15/14

 

 

64,400

 

 

210

1

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

 

 

212,625

 

 

290

 

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

 

 

110,200

 

 

 

 

General Nutrition Centers, Inc.,

 

 

 

 

 

1,000

2

10.01%, 3/15/14

 

 

945,000

 

 

990

 

10.75%, 3/15/15

 

 

920,700

 

 

690

 

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

 

 

593,400

 

 

2,307

 

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

 

 

1,984,020

 

 

 

 

Michaels Stores, Inc.,

 

 

 

 

 

1,160

 

10.00%, 11/01/14

 

 

1,102,000

 

 

1,470

 

11.375%, 11/01/16

 

 

1,348,725

 

 

175

 

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

 

 

180,469

 

 

350

 

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

 

 

300,125

 

 

350

 

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

 

 

372,048

 

 

 

 

Rite Aid Corp.,

 

 

 

 

 

1,755

 

7.50%, 3/01/17

 

 

1,546,594

 

 

250

 

8.125%, 5/01/10

 

 

245,000

 

 

 

 

Sally Holdings LLC,

 

 

 

 

 

90

 

9.25%, 11/15/14

 

 

89,100

 

 

769

 

10.50%, 11/15/16

 

 

757,465

 

 

365

 

Yankee Acquisition Corp., 9.75%, 2/15/17

 

 

333,975

 

 

 

 

 

 

     

 

 

 

Total Consumer Products

 

 

12,015,346

 

               

Containers & Packaging—6.0%

 

 

 

 

 

 

 

Berry Plastics Holding Corp.,

 

 

 

 

 

375

2

8.866%, 9/15/14

 

 

350,625

 

 

695

 

8.875%, 9/15/14

 

 

660,250

 

 

255

 

Crown Americas LLC/Crown Americas Capital Corp.,

 

 

 

 

 

 

 

7.75%, 11/15/15

 

 

262,650

 

 

125

 

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

 

 

116,875

 

 

65

 

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

 

 

64,187

 

 

775

1,2

Impress Holdings BV, 8.368%, 9/15/13 (Netherlands)

 

 

751,750

 

 

1,000

 

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

 

 

957,500

 

 

2,600

 

Owens Brockway, 8.25%, 5/15/13

 

 

2,697,500

 

 

1,034

 

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

 

 

1,096,040

 

 

1,140

 

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

 

 

1,101,525

 

 

 

 

 

 

     

 

 

 

Total Containers & Packaging

 

 

8,058,902

 

               

Ecological Services & Equipment—1.1%

 

 

 

 

 

445

 

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

 

 

371,575

 

 

400

 

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

 

 

408,000

 

 

800

 

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

 

 

780,000

 

 

 

 

 

 

     

 

 

 

Total Ecological Services & Equipment

 

 

1,559,575

 

               

Energy—13.3%

 

 

 

 

 

250

 

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

 

 

258,750

 

 

275

 

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

 

 

281,187

 

 

515

 

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

 

 

463,500

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

12

ANNUAL REPORT

DECEMBER 31, 2007

 



 

 


 

Portfolio of Investments as of December 31, 2007

BlackRock High Income Shares (HIS) (continued)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

Energy—(cont’d)

 

 

 

 

 

 

 

Chesapeake Energy Corp.,

 

 

 

 

$

350

 

6.375%, 6/15/15

 

$

338,625

 

 

235

 

6.625%, 1/15/16

 

 

229,712

 

 

 

 

Compagnie Generale de Geophysique-Veritas (France)

 

 

 

 

 

135

 

7.50%, 5/15/15

 

 

136,688

 

 

220

 

7.75%, 5/15/17

 

 

222,200

 

 

245

 

Compton Petroleum Finance Corp.,

 

 

 

 

 

 

 

7.625%, 12/01/13 (Canada)

 

 

227,850

 

 

1,120

1,2

Corral Finans AB, 10.24%, 4/15/10 (Sweden)

 

 

1,019,182

 

 

75

 

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

 

 

75,750

 

 

740

3

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

 

 

540,200

 

 

35

 

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

 

 

35,875

 

 

50

 

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

 

 

58,570

 

 

484

 

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

 

 

484,126

 

 

 

 

Encore Acquisition Co.,

 

 

 

 

 

130

 

6.00%, 7/15/15

 

 

117,000

 

 

140

 

7.25%, 12/01/17

 

 

133,350

 

 

1,350

1

Energy Future Holdings Corp., 11.25%, 11/01/17

 

 

1,366,875

 

 

1,115

 

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

 

 

1,073,187

 

 

550

1

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

 

 

552,750

 

 

100

 

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

 

 

104,500

 

 

150

 

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

 

 

163,882

 

 

900

 

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

 

 

866,250

 

 

154

 

Midwest Generation LLC, 8.56%, 1/02/16

 

 

164,863

 

 

810

 

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

 

 

812,025

 

 

 

 

NRG Energy, Inc.,

 

 

 

 

 

100

 

7.25%, 2/01/14

 

 

97,500

 

 

570

 

7.375%, 2/01/16

 

 

555,750

 

 

980

1

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

 

 

970,200

 

 

1,000

 

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

 

 

1,090,000

 

 

420

 

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

 

 

401,100

 

 

656

 

Salton Sea Funding, 8.30%, 5/30/11

 

 

728,125

 

 

615

1

SemGroup LP, 8.75%, 11/15/15

 

 

584,250

 

 

305

 

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

 

 

339,799

 

 

345

1

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

 

 

332,925

 

 

 

 

Texas Competitive Electric Holdings Co. LLC,

 

 

 

 

 

1,400

1

10.25%, 11/01/15

 

 

1,386,000

 

 

430

1

10.50%, 11/01/16

 

 

424,625

 

 

1,305

 

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

 

 

1,285,425

 

 

 

 

 

 

     

 

 

 

Total Energy

 

 

17,922,596

 

               

Entertainment & Leisure—5.5%

 

 

 

 

 

470

 

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

 

 

494,675

 

 

500

 

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

 

 

470,000

 

 

440

1

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

 

 

321,200

 

 

 

 

Gaylord Entertainment Co.,

 

 

 

 

 

450

 

6.75%, 11/15/14

 

 

424,125

 

 

1,000

 

8.00%, 11/15/13

 

 

995,000

 

 

1,390

1

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

 

 

1,376,100

 

 

690

1

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

 

 

671,025

 

 

610

1

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

 

 

553,575

 

 

430

 

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

 

 

387,000

 

 

630

 

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

 

 

634,725

 

 

410

1

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

 

 

397,700

 

 

30

 

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

 

 

20,550

 

 

170

2

Travelport LLC, 9.749%, 9/01/14

 

 

164,475

 

 

500

 

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

 

 

425,000

 

 

100

 

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

 

 

98,250

 

 

 

 

 

 

     

 

 

 

Total Entertainment & Leisure

 

 

7,433,400

 

               

Financial Institutions—9.1%

 

 

 

 

 

1,250

 

AES Red Oak LLC, 9.20%, 11/30/29

 

 

1,387,500

 

 

800

1

Alliant Holdings I, Inc., 11.00%, 5/01/15

 

 

760,000

 

 

85

 

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

 

 

79,900

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

Financial Institutions—(cont’d)

 

 

 

 

$

319

1,2

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

 

$

309,540

 

 

 

 

Ford Motor Credit Co. LLC,

 

 

 

 

 

1,500

 

7.80%, 6/01/12

 

 

1,314,993

 

 

290

2

7.993%, 1/13/12

 

 

243,589

 

 

140

 

8.625%, 11/01/10

 

 

129,913

 

 

 

 

General Motors Acceptance Corp. LLC,

 

 

 

 

 

710

 

6.875%, 8/28/12

 

 

594,954

 

 

300

 

8.00%, 11/01/31

 

 

251,663

 

 

140

1

Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft
Notes Co., 8.875%, 4/01/15

 

 

138,600

 

 

 

 

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

 

 

 

 

 

275

2

9.369%, 11/15/14

 

 

280,500

 

 

250

 

9.75%, 11/15/14

 

 

270,000

 

 

1,331

1

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

 

 

1,397,927

 

 

335

 

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

 

 

313,225

 

 

 

 

Momentive Performance Materials, Inc.,

 

 

 

 

 

470

1

9.75%, 12/01/14

 

 

432,400

 

 

945

1

11.50%, 12/01/16

 

 

817,425

 

 

290

1

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

 

 

290,725

 

 

625

1,2

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

 

 

565,625

 

 

1,653

1

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

 

 

1,791,439

 

 

915

 

Tropicana Entertainment LLC, 9.625%, 12/15/14

 

 

581,025

 

 

110

2

Universal City Florida Holding Co. I/II, 9.661%, 5/01/10

 

 

110,000

 

 

310

1,2

USI Holdings Corp., 8.744%, 11/15/14

 

 

265,050

 

 

 

 

 

 

     

 

 

 

Total Financial Institutions

 

 

12,325,993

 

               

Health Care—6.6%

 

 

 

 

 

460

 

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

 

 

386,400

 

 

500

2

Angiotech Pharmaceuticals, Inc., 8.874%, 12/01/13 (Canada)

 

 

475,000

 

 

375

 

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

 

 

382,031

 

 

370

 

Cooper Cos., Inc. (The), 7.125%, 2/15/15

 

 

359,825

 

 

900

 

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

 

 

927,000

 

 

360

 

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

 

 

262,350

 

 

610

1

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

 

 

565,775

 

 

2,400

1

ReAble Therapeutics Finance LLC/ReAble Therapeutics
Finance Corp., 10.875%, 11/15/14

 

 

2,358,000

 

 

 

 

Tenet Healthcare Corp.,

 

 

 

 

 

1,735

 

6.50%, 6/01/12

 

 

1,544,150

 

 

655

 

9.875%, 7/01/14

 

 

623,888

 

 

700

 

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

 

 

691,250

 

 

 

 

Universal Hospital Services, Inc.,

 

 

 

 

 

140

2

8.288%, 6/01/15

 

 

140,000

 

 

150

 

8.50%, 6/01/15

 

 

151,500

 

 

 

 

 

 

     

 

 

 

Total Health Care

 

 

8,867,169

 

               

Industrials—5.7%

 

 

 

 

 

890

1

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

 

 

863,300

 

 

90

1

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

 

 

82,800

 

 

 

 

Harland Clarke Holdings Corp.,

 

 

 

 

 

190

 

9.50%, 5/15/15

 

 

164,350

 

 

160

2

9.619%, 5/15/15

 

 

134,000

 

 

405

 

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

 

 

396,900

 

 

600

 

Leucadia National Corp., 8.125%, 9/15/15

 

 

600,000

 

 

 

 

RBS Global, Inc./Rexnord Corp.,

 

 

 

 

 

370

 

8.875%, 9/01/16

 

 

351,500

 

 

1,510

 

9.50%, 8/01/14

 

 

1,494,900

 

 

880

 

11.75%, 8/01/16

 

 

860,200

 

 

1,720

1

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

 

 

1,530,800

 

 

 

 

Terex Corp.,

 

 

 

 

 

175

 

7.375%, 1/15/14

 

 

177,187

 

 

1,010

 

8.00%, 11/15/17

 

 

1,022,625

 

 

 

 

 

 

     

 

 

 

Total Industrials

 

 

7,678,562

 

               

Media—13.6%

 

 

 

 

 

 

 

Affinion Group, Inc.,

 

 

 

 

 

730

 

10.125%, 10/15/13

 

 

738,213

 


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

13




 

 


 

Portfolio of Investments as of December 31, 2007

BlackRock High Income Shares (HIS) (continued)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

Media—(cont’d)

 

 

 

 

$

315

 

11.50%, 10/15/15

 

$

309,094

 

 

160

 

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

 

 

136,600

 

 

230

1

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

 

 

200,675

 

 

750

2

Cablevision Systems Corp., 9.644%, 4/01/09

 

 

758,438

 

 

1,220

 

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

 

 

991,925

 

 

2,580

 

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

 

 

2,525,825

 

 

500

1

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

 

 

483,750

 

 

865

 

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

 

 

648,750

 

 

1,213

 

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

 

 

1,261,520

 

 

300

 

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

 

 

312,000

 

 

 

 

EchoStar DBS Corp.,

 

 

 

 

 

1,415

 

7.00%, 10/01/13

 

 

1,429,150

 

 

325

 

7.125%, 2/01/16

 

 

331,500

 

 

975

 

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

 

 

894,562

 

 

575

1,2

ION Media Networks, Inc., 8.493%, 1/15/12

 

 

559,906

 

 

945

 

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

 

 

926,100

 

 

1,405

 

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

 

 

1,436,612

 

 

 

 

R.H. Donnelley Corp.,

 

 

 

 

 

1,080

 

8.875%, 1/15/16

 

 

1,009,800

 

 

300

1

Ser. A, 8.875%, 10/15/17

 

 

277,500

 

 

225

 

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

 

 

205,594

 

 

90

 

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

 

 

85,050

 

 

1,570

1

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

 

 

1,509,162

 

 

1,020

 

Vertis, Inc., 9.75%, 4/01/09

 

 

938,400

 

 

550

 

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

 

 

429,688

 

 

 

 

 

 

     

 

 

 

Total Media

 

 

18,399,814

 

               

Real Estate—1.6%

 

 

 

 

 

 

 

Realogy Corp.,

 

 

 

 

 

800

1

10.50%, 4/15/14

 

 

598,000

 

 

1,580

1

11.00%, 4/15/14

 

 

1,098,100

 

 

675

1

12.375%, 4/15/15

 

 

425,250

 

 

 

 

 

 

     

 

 

 

Total Real Estate

 

 

2,121,350

 

               

Technology—6.2%

 

 

 

 

 

 

 

Amkor Technology, Inc.,

 

 

 

 

 

160

 

7.75%, 5/15/13

 

 

150,800

 

 

295

 

9.25%, 6/01/16

 

 

295,738

 

 

270

 

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

 

 

263,250

 

 

1,235

 

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

 

 

1,151,637

 

 

400

 

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

 

 

375,000

 

 

730

1

First Data Corp., 9.875%, 9/24/15

 

 

678,900

 

 

1,330

 

Freescale Semiconductor, Inc., 9.125%, 12/15/14

 

 

1,130,500

 

 

 

 

NXP BV/NXP Funding LLC (Netherlands)

 

 

 

 

 

440

2

7.993%, 10/15/13

 

 

404,800

 

 

210

 

9.50%, 10/15/15

 

 

192,413

 

 

 

 

Sanmina-SCI Corp.,

 

 

 

 

 

80

 

6.75%, 3/01/13

 

 

69,600

 

 

645

 

8.125%, 3/01/16

 

 

571,631

 

 

550

1,2

Spansion, Inc., 8.249%, 6/01/13

 

 

495,000

 

 

 

 

SunGard Data Systems, Inc.,

 

 

 

 

 

210

 

9.125%, 8/15/13

 

 

213,675

 

 

1,600

 

10.25%, 8/15/15

 

 

1,636,000

 

 

830

 

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

 

 

796,800

 

 

 

 

 

 

     

 

 

 

Total Technology

 

 

8,425,744

 

               

Telecommunications—19.7%

 

 

 

 

 

1,000

 

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

 

 

1,027,500

 

 

 

 

Centennial Communications Corp.,

 

 

 

 

 

645

 

8.125%, 2/01/14

 

 

635,325

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

Telecommunications—(cont’d)

 

 

 

 

$

650

2

10.98%, 1/01/13

 

$

664,625

 

 

2,085

 

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

 

 

2,090,212

 

 

 

 

Cricket Communications, Inc.,

 

 

 

 

 

480

 

9.375%, 11/01/14

 

 

450,000

 

 

690

1

9.375%, 11/01/14

 

 

646,875

 

 

 

 

Digicel Group Ltd. (Bermuda)

 

 

 

 

 

590

1

8.875%, 1/15/15

 

 

539,850

 

 

1,520

1

9.125%, 1/15/15

 

 

1,387,417

 

 

300

 

Fibertower Corp., 9.00%, 11/15/12

 

 

268,875

 

 

1,025

 

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

 

 

1,032,688

 

 

100

 

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

 

 

81,750

 

 

 

 

Intelsat Ltd. (Bermuda)

 

 

 

 

 

330

2

8.886%, 1/15/15

 

 

330,825

 

 

420

 

9.25%, 6/15/16

 

 

422,100

 

 

925

2

10.829%, 6/15/13

 

 

948,125

 

 

550

 

11.25%, 6/15/16

 

 

567,875

 

 

855

 

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

 

 

859,275

 

 

280

2

iPCS, Inc., 7.036%, 5/01/13

 

 

263,900

 

 

1,675

 

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

 

 

1,574,500

 

 

1,980

1

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

 

 

2,029,500

 

 

945

1,2

Nortel Networks Ltd., 9.493%, 7/15/11 (Canada)

 

 

921,375

 

 

150

 

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

 

 

141,000

 

 

1,517

 

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

 

 

1,524,585

 

 

1,358

1,2

ProtoStar I Ltd., 12.50%, 10/15/12 (Bermuda)

 

 

1,426,377

 

 

230

 

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

 

 

229,425

 

 

850

2

Qwest Corp., 8.241%, 6/15/13

 

 

867,000

 

 

1,000

 

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

 

 

1,037,500

 

 

 

 

West Corp.,

 

 

 

 

 

375

 

9.50%, 10/15/14

 

 

367,500

 

 

1,195

 

11.00%, 10/15/16

 

 

1,186,037

 

 

1,100

1

Wind Acquisition Finance S.A.,

 

 

 

 

 

 

 

10.75%, 12/01/15 (Luxembourg)

 

 

1,199,000

 

 

 

 

Windstream Corp.,

 

 

 

 

 

855

 

8.125%, 8/01/13

 

 

884,925

 

 

645

 

8.625%, 8/01/16

 

 

677,250

 

 

304

1

Windstream Regatta Holdings, Inc., 11.00%, 12/01/17

 

 

300,960

 

 

 

 

 

 

     

 

 

 

Total Telecommunications

 

 

26,584,151

 

               

Transportation—2.0%

 

 

 

 

 

280

 

American Airlines, Inc., 7.324%, 4/15/11

 

 

276,500

 

 

680

 

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

 

 

642,600

 

 

820

 

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

 

 

838,450

 

 

660

 

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

 

 

669,900

 

 

570

1

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

 

 

294,262

 

 

 

 

 

 

     

 

 

 

Total Transportation

 

 

2,721,712

 

 

 

 

 

 

     

 

 

 

Total Corporate Bonds

 

 

164,856,783

 

               

Bank Loans—7.3%

 

 

 

 

Basic Materials—0.7%

 

 

 

 

 

940

 

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

 

 

897,112

 

               

Consumer Products—0.2%

 

 

 

 

 

 

 

Spectrum Brands,

 

 

 

 

 

273

 

First Lien Loan B, LIBOR + 4.00%, 4/15/13

 

 

263,820

 

 

14

 

First Lien Loan C, LIBOR + 4.00%, 4/15/13

 

 

13,221

 

 

 

 

 

 

     

 

 

 

Total Consumer Products

 

 

277,041

 

               

Energy—1.3%

 

 

 

 

 

 

 

Texas Competitive Electric Holdings Co., LLC,

 

 

 

 

 

249

 

Loan B2, LIBOR + 3.50%, 10/10/14

 

 

244,699

 

 

1,496

 

Loan B3, LIBOR + 3.50%, 10/10/14

 

 

1,468,197

 

 

 

 

 

 

     

 

 

 

Total Energy

 

 

1,712,896

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

14

ANNUAL REPORT

DECEMBER 31, 2007

 



 

 

 


 

Portfolio of Investments as of December 31, 2007

 

BlackRock High Income Shares (HIS) (concluded)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

           

Health Care—0.5%

 

 

 

 

 

$

748

 

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

 

$

705,206

 

               

Industrials—0.1%

 

 

 

 

 

176

 

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

 

 

148,227

 

             

Media—2.6%

 

 

 

 

 

 

 

 

 

HMH Publishing,

 

 

 

 

 

152

 

Bridge Loan, LIBOR +4.00%, 5/15/09

 

 

144,886

 

 

1,098

 

Loan A, LIBOR + 4.00%, 11/14/14

 

 

1,050,426

 

 

2,500

 

Mezzanine Loan, LIBOR + 8.50%, 11/14/14

 

 

2,375,000

 

 

 

 

 

 

     

 

 

 

Total Media

 

 

3,570,312

 

           

Technology—0.7%

 

 

 

 

 

 

1,000

 

Alliance Data, First Lien Loan B2, Unfunded
12/15/14

 

 

930,000

 

               

Transportation—1.2%

 

 

 

 

 

 

1,672

 

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

 

 

1,560,488

 

 

 

 

 

 

     

 

 

 

Total Bank Loans

 

 

9,801,282

 

               

Trust Preferred Stock—0.4%

 

 

 

 

 

500

2

Citigroup Capital XXI, 8.30%, 12/21/57

 

 

522,096

 

               

 

 

 

 

 

 

 

 


 

 

Shares

 

 

 

 

 

 

               

Common Stocks—0.0%

 

 

 

 

 

4,737

3,4

Critical Care Systems Intl., Inc.

 

 

1,591

 

 

495

4

Crown Castle Intl. Corp.

 

 

20,592

 

 

64,467

3,4

Goss Holdings, Inc.

 

 

1

 

 

 

 

 

 

     

 

 

 

Total Common Stocks

 

 

22,184

 

               

Preferred Stocks—2.2%

 

 

 

 

 

10,000

 

Crown Castle Intl. Corp., 6.25%

 

 

606,250

 

 

10,300

 

Emmis Communications Corp., 6.25%

 

 

350,200

 

 

500

1

NRG Energy, Inc., 4.00%

 

 

1,108,313

 

 

5,000

 

Owens Illinois, Inc., 4.75%

 

 

249,375

 

 

30,000

 

Smurfit-Stone Container Corp., 7.00%

 

 

600,000

 

 

60,000

 

Superior Essex Holding Corp., 9.50%

 

 

42,000

 

 

 

 

 

 

     

 

 

 

Total Preferred Stocks

 

 

2,956,138

 

               

 

 

 

 

 

 

 

 


 

 

Units

 

 

 

 

 

 

               

 

Warrants—0.0%

 

 

 

 

 

 

 

18

3,4

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

 

 

 

               

 

 

 

Total Long-Term Investments

 

 

 

 

 

 

 

(cost $186,438,857)

 

 

178,158,483

 

               

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

             

SHORT-TERM INVESTMENT—1.2%

 

 

 

 

 

U.S. Government and Agency Discount Notes—1.2%

 

 

 

 

$

1,600

5

Federal Home Loan Bank Disc. Note,
3.251%, 1/02/08 (cost $1,599,856)

 

$

1,599,856

 

               

Total Investments—133.1% (cost $188,038,7136)

 

$

179,758,339

 

Liabilities in excess of other assets—(33.1)%

 

 

(44,660,203

)

 

 

 

 

 

     

Net Assets—100%

 

$

135,098,136

 

 

 

 

 

 

     

 

 

 

 

 

 

 

 

               

 

 

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 December 31, 2007, the Trust held 31.9% of its net assets, with a current market value of $43,059,598, in securities restricted as to resale.

2

Variable rate security. Rate shown is interest rate as of December 31, 2007.

3

Security is fair valued.

4

Non-income producing security.

5

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

6

Cost for federal income tax purposes is $188,576,521. The net unrealized depreciation on a tax basis is $8,818,182, consisting of $2,232,730 gross unrealized appreciation and $11,050,912 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.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

15



 

 

 


 

Portfolio of Investments as of December 31, 2007

 

BlackRock Preferred Opportunity Trust (BPP)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

             

LONG-TERM INVESTMENTS—153.4%

 

 

 

 

 

Preferred Stocks—34.0%

 

 

 

 

Energy—0.5%

 

 

 

 

$

50,000

 

Alabama Power Co., 6.50%

 

$

1,320,217

 

 

5,000

 

Devon Energy Corp., 6.49%

 

 

505,469

 

 

 

 

 

 

     

 

 

 

Total Energy

 

 

1,825,686

 

               

Financial Institutions—29.6%

 

 

 

 

 

298,400

 

ACE Ltd., 7.80%

 

 

7,131,760

 

 

117,414

 

Arch Capital Group Ltd., 8.00%

 

 

2,934,176

 

 

115,000

1

Aspen Insurance Holdings Ltd., 7.401%

 

 

2,512,750

 

 

30,000

2

Banesto Holdings Ltd., 10.50%

 

 

922,500

 

 

 

 

Bank of America Corp.,

 

 

 

 

 

192,000

 

6.625%

 

 

4,536,000

 

 

50,000

 

7.25%

 

 

1,282,500

 

 

75,000

 

Bear Stearns Cos., Inc. (The), 6.15%

 

 

3,000,000

 

 

60,000

 

Chevy Chase Capital Corp., 10.375%

 

 

3,015,000

 

 

172,400

 

Endurance Specialty Holdings Ltd., 7.75%

 

 

3,591,092

 

 

 

 

Federal Home Loan Mortgage Corp.,

 

 

 

 

 

202,000

1

5.16%

 

 

6,874,323

 

 

85,300

 

6.55%,

 

 

1,983,225

 

 

180,000

 

8.375%

 

 

4,707,000

 

 

265,000

 

Federal National Mortgage Assoc., 8.25%

 

 

6,744,250

 

 

120,000

 

First Republic Preferred Capital Corp., 7.25%

 

 

2,355,000

 

 

50,000

 

HSBC Bank, Inc., 6.50%

 

 

1,115,000

 

 

76,700

 

ING Groep N.V., 7.05%

 

 

1,677,813

 

 

31,100

 

Lehman Brothers Holdings, Inc., 5.67%

 

 

1,119,600

 

 

274,500

 

MetLife, Inc., 6.50%

 

 

6,004,687

 

 

209,400

 

PartnerRE Ltd., 6.75%

 

 

4,030,950

 

 

62,000

 

Prudential Plc, 6.50%

 

 

1,252,400

 

 

235,000

 

RenaissanceRe Holdings Ltd., 6.60%

 

 

4,328,700

 

 

30

 

Roslyn Real Estate Asset Corp., 8.95%

 

 

2,975,625

 

 

398,000

2

Santander Finance Preferred S.A. Unipersonal, 6.50%

 

 

8,283,375

 

 

140,000

 

Santander Finance S.A., 6.80%

 

 

3,087,000

 

 

60

2

Union Planter Preferred Funding Corp., 7.75%

 

 

6,800,625

 

 

321,800

 

Wachovia Corp., 8.00%

 

 

8,141,540

 

 

150,000

 

Wachovia Funding Corp., 7.25%

 

 

3,464,070

 

 

2,000

1,2

Zurich RegCaPS Funding Trust, 6.58%

 

 

1,996,250

 

 

 

 

 

 

     

 

 

 

Total Financial Institutions

 

 

105,867,211

 

               

Industrials—0.1%

 

 

 

 

 

 

787,326

 

Superior Essex Holding Corp., 9.50%

 

 

551,128

 

               

Media—1.3%

 

 

 

 

 

 

110,000

 

Comcast Corp., 2.00%

 

 

4,680,500

 

               

Real Estate—2.5%

 

 

 

 

 

 

255,200

 

NB Capital Corp., 8.35%

 

 

5,553,152

 

 

30

2

Sun Trust Real Estate Investment Trust (REIT), 9.00%

 

 

3,272,100

 

 

 

 

 

 

     

 

 

 

Total Real Estate

 

 

8,825,252

 

 

 

 

 

 

     

 

 

 

Total Preferred Stocks

 

 

121,749,777

 

               

Trust Preferred Stocks—80.4%

 

 

 

 

 

Building & Development—0.5%

 

 

 

 

 

1,945

1,2,3

C8 Capital SPV Ltd., 6.64% (British Virgin Islands)

 

 

1,843,160

 

               

Energy—4.2%

 

 

 

 

 

 

 

4,655

 

KN Capital Trust III, 7.63%, 4/15/28

 

 

4,198,810

 

 

155

3

Nexen, Inc., 7.35%, (Canada)

 

 

3,594,450

 

 

2,675

1

PPL Capital Funding, Inc., 6.70%, 3/30/67

 

 

2,461,262

 

 

925

1

Puget Sound Energy, Inc., 6.974%, 6/01/67

 

 

849,998

 

 

4,325

1

TransCanada Pipelines Ltd., 6.35%, 5/15/67 (Canada)

 

 

4,053,736

 

 

 

 

 

 

     

 

 

 

Total Energy

 

 

15,158,256

 

               

Financial Institutions—71.5%

 

 

 

 

 

1,425

1,3

Abbey National Capital Trust I, 8.963%

 

 

1,673,895

 

 

4,500

 

AFC Capital Trust I, 8.207%, 2/03/27

 

 

4,289,872

 

 

 

 

Allstate Corp. (The),

 

 

 

 

 

5,200

1

6.125%, 5/15/37

 

 

5,017,054

 

 

6,350

1

6.50%, 5/15/57

 

 

5,909,799

 


 

 

 

 

 

 

 

 

 

Principal
Amou