c54049_ncsr.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

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: 12/31/2008

Date of reporting period: 01/01/2008 – 06/30/2008


Item 1 – Report to Stockholders


EQUITIES  

FIXED INCOME  

REAL ESTATE  

LIQUIDITY  

ALTERNATIVES  

BLACKROCK SOLUTIONS

 

Semi-Annual Report

JUNE 30, 2008 | (UNAUDITED)


 

 

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

 

A Letter to Shareholders

3

Semi-Annual Report:

 

Trust Summaries

4

The Benefits and Risks of Leveraging

7

Swap Agreements

7

Financial Statements:

 

Schedules of Investments

8

Statements of Assets and Liabilities

25

Statements of Operations

26

Statements of Changes in Net Assets

27

Statements of Cash Flows

28

Financial Highlights

29

Notes to Financial Statements

32

Disclosure of Investment Advisory Agreement and Subadvisory Agreement

38

Officers and Trustees

41

Additional Information

42

 

 

 

 

 

 

 

 

 

 

 

 

 

2

SEMI-ANNUAL REPORT

JUNE 30, 2008

 

 


A Letter to Shareholders

 

THIS PAGE NOT PART OF YOUR FUND REPORT

 

 

 

Dear Shareholder

Throughout the past year, investors were overwhelmed by lingering credit and financial market troubles, surging oil prices and more recently, renewed inflation concerns. Healthy nonfinancial corporate profits and robust exporting activity remained among the few bright spots, helping the economy to grow at a modest, but still positive, pace.

The Federal Reserve Board (the “Fed”) has been aggressive in its attempts to stoke economic growth and ease financial market instability. In addition to slashing the target federal funds rate 325 basis points (3.25%) between September 2007 and April 2008, the central bank introduced the new Term Securities Lending Facility, granted broker-dealers access to the discount window and used its own balance sheet to help negotiate the sale of Bear Stearns. As widely anticipated, the end of the period saw a pause in Fed action, as the central bank held the target rate steady at 2.0% amid rising inflationary pressures.

As the Fed’s bold response to the financial crisis helped ease credit turmoil and investor anxiety, U.S. equity markets sank sharply over the last six months, notwithstanding a brief rally in the spring. International markets were not immune to the tumult, with most regions also registering declines.

Treasury securities also traded in a volatile fashion, but generally rallied (yields fell as prices correspondingly rose), with investors continuing to seek safety as part of a broader flight to quality. The yield on 10-year Treasury issues, which fell to 3.34% in March 2008, climbed up to the 4.20% range in mid-June as investors temporarily shifted out of Treasury issues in favor of riskier assets (such as stocks and other high-quality fixed income sectors), then reversed course and declined to 3.99% by period-end when credit fears re-emerged.

Tax-exempt issues eked out gains for the reporting period, but underperformed their taxable counterparts, as the group continued to be pressured by problems among municipal bond insurers and the breakdown in the market for auction rate securities.

The major benchmark indexes generated results that largely reflected heightened investor risk aversion:

 

 

 

Total Returns as of June 30, 2008

6-month

12-month

 

 

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

(11.91

)%

(13.12

)%

 

 

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

(9.37

)%

(16.19

)%

 

 

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

(10.96

)%

(10.61

)%

 

 

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

1.13

%

7.12

%

 

 

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

0.02

%

3.23

%

 

 

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

(1.08

)%

(1.74

)%

 

 

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only.

You cannot invest directly in an index.

As you navigate today’s volatile markets, we encourage you to review your investment goals with your financial professional and to make portfolio changes, as needed. For more up-to-date commentary on the economy and financial markets, we invite you to visit 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 months and years ahead.

Sincerely,


Rob Kapito
President, BlackRock Advisors, LLC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 


Trust Summary as of June 30, 2008

BlackRock Global Floating Rate Income Trust

 

Investment Objective

BlackRock Global Floating Rate Income Trust (BGT) (the “Trust”) seeks to provide a high level of current income and to seek the preservation of capital.

 

Performance

For the six months ended June 30, 2008, the Trust returned (2.21)% based on market price and (2.82)% based on net asset value (“NAV”). For the same period, the closed-end Lipper Loan Participation Funds category posted an average return of (4.17)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust was conservatively positioned in an adverse market for floating-rate loans, which aided relative performance. The Trust’s allocations to high yield (15% at 3/31/08) and investment-grade corporates (7.5% at 3/31/08) also aided relative performance as those sectors outperformed loans. During the period, the Trust’s discount to NAV narrowed modestly, which accounts for the difference between performance based on price and performance based on NAV.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

Trust Information

 

Symbol on New York Stock Exchange

 

BGT

Initial Offering Date

 

August 30, 2004

Yield on Closing Market Price as of June 30, 2008 ($14.83)1

 

8.50%

Current Monthly Distribution per Share2

 

$0.105

Current Annualized Distribution per Share2

 

$1.26

Leverage as of June 30, 20083

 

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. A portion of the distribution may be deemed a tax return of capital or net realized gain at fiscal year-end.

 

3

As a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowing that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).

The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

6/30/08

 

12/31/07

 

Change

 

High

 

Low

 

Market Price

 

$14.83

 

$15.78

 

(6.02)%

 

$16.54

 

$13.37

 

Net Asset Value

 

$16.54

 

$17.71

 

(6.61)%

 

$17.76

 

$15.69

 

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

 

Portfolio Composition

 

 

6/30/08

 

12/31/07

 

Floating Rate Loan Interests

79

%

 

74

%

 

Corporate Bonds

13

 

 

14

 

 

Foreign Government Obligations

8

 

 

12

 

 

 

Credit Quality4

 

Credit Rating

 

6/30/08

 

12/31/07

 

A/A

 

21

%

 

 

 

BBB/Baa

 

24

 

 

39

%

 

BB/Ba

 

17

 

 

26

 

 

B/B

 

20

 

 

27

 

 

CCC/Caa

 

9

 

 

8

 

 

CC/Ca

 

1

 

 

 

 

Not Rated

 

8

 

 

 

 

 

4

Using the higher of Standard & Poor’s or Moody’s Investors Service ratings.

 

 

 

 

 

 

 

 

 

 

 

 

 

4

SEMI-ANNUAL REPORT

JUNE 30, 2008

 

 


Trust Summary as of June 30, 2008

BlackRock High Income Shares

 

Investment Objective

BlackRock High Income Shares (HIS) (the “Trust”) seeks to provide a high level of current income and, to a lesser extent, seek capital appreciation, by investing in a diversified portfolio of below investment grade securities.

 

Performance

For the six months ended June 30, 2008, the Trust returned (0.05)% based on market price and (2.00)% based on NAV. For the same period, the closed-end Lipper High Current Yield Funds (Leveraged) category posted an average return of (8.34)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust was conservatively positioned in an adverse market, which aided relative performance. The Trust also was moderately leveraged relative to its peers (17% at 3/31/08), which also aided relative results. During the period, the Trust’s discount to NAV narrowed modestly, which accounts for the difference between performance based on price and performance based on NAV.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

Trust Information

 

Symbol on New York Stock Exchange

 

HIS

Initial Offering Date

 

August 10, 1988

Yield on Closing Market Price as of June 30, 2008 ($2.05)1

 

10.65%

Current Monthly Distribution per Share2

 

$0.0182

Current Annualized Distribution per Share2

 

$0.2184

Leverage as of June 30, 20083

 

15%

 

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 total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowing that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).

The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

6/30/08

 

12/31/07

 

Change

 

High

 

Low

 

Market Price

 

$2.05

 

$2.14

 

(4.21)%

 

$2.28

 

$1.85

 

Net Asset Value

 

$2.32

 

$2.47

 

(6.07)%

 

$2.47

 

$2.25

 

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

 

Portfolio Composition

 

 

6/30/08

 

12/31/07

 

Corporate Bonds

88

%

 

93

%

 

Floating Rate Loan Interests

9

 

 

5

 

 

Perferred Stocks

2

 

 

2

 

 

Capital Trusts

1

 

 

 

 

 

Credit Quality4

 

Credit Rating

 

6/30/08

 

12/31/07

 

BBB/Baa

 

4

%

 

1

%

 

BB/Ba

 

22

 

 

21

 

 

B/B

 

55

 

 

54

 

 

CCC/Caa

 

16

 

 

21

 

 

Not Rated

 

3

 

 

3

 

 

 

4

Using the higher of Standard & Poor’s or Moody’s Investors Service ratings.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

JUNE 30, 2008

5

 


Trust Summary as of June 30, 2008

BlackRock Preferred Opportunity Trust

 

Investment Objective

BlackRock Preferred Opportunity Trust (BPP) (the “Trust”) seeks to provide a high level of current income consistent with capital preservation.

 

Performance

For the six months ended June 30, 2008, the Trust returned 5.09% based on market price and (6.62)% based on NAV. For the same period, the closed-end Lipper Income & Preferred Stock Funds category posted an average return of (9.44)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust was 65% invested in the banking and insurance sector, which makes up most of the market. This detracted from performance as the financial sector came under pressure during the period. The Trust maintained an underweight to $25 par preferreds, which we believed would underperform. This generally hurt relative performance, but began to aid results later in the period as these securities’ prices began to drop. Additionally, many of the funds in the Lipper category also are equity funds, and equities underperformed preferreds during the period.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

Trust Information

 

Symbol on New York Stock Exchange

 

BPP

Initial Offering Date

 

February 28, 2003

Yield on Closing Market Price as of June 30, 2008 ($17.55)1

 

8.55%

Current Monthly Distribution per Share2

 

$0.125

Current Annualized Distribution per Share2

 

$1.50

Leverage as of June 30, 20083

 

39%

 

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 total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowing that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage).

The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

6/30/08

 

12/31/07

 

Change

 

High

 

Low

 

Market Price

 

$17.55

 

$17.31

 

1.39%

 

$19.90

 

$15.62

 

Net Asset Value

 

$17.54

 

$19.47

 

 (9.91)%

 

$20.18

 

$17.53

 

 

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

 

Portfolio Composition4

 

 

 

6/30/08

 

12/31/07

Financials

 

89

%

 

85

%

Consumer Discretionary

 

4

 

 

5

 

Energy

 

3

 

 

3

 

Utilities

 

1

 

 

2

 

Materials

 

1

 

 

1

 

Industrials

 

1

 

 

2

 

Telecommunication Services

 

1

 

 

1

 

Information Technology

 

 

 

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

 

6/30/08

 

12/31/07

 

AA/Aa

 

23

%

 

26

%

 

A

 

44

 

 

39

 

 

BBB/Baa

 

26

 

 

24

 

 

BB/Ba

 

5

 

 

5

 

 

B

 

2

 

 

6

 

 

 

5

Using the higher of Standard & Poor’s or Moody’s Investors Service ratings.

 

 

 

 

 

 

 

 

 

 

 

 

 

6

SEMI-ANNUAL REPORT

JUNE 30, 2008

 

 


The Benefits and Risks of Leveraging

 

The Trusts utilize leveraging through borrowings or issuance of short-term debt securities. The concept of leveraging is based on the premise that the cost of assets to be obtained from leverage will be based on short-term interest rates, or dividends on Preferred Shares, which normally will be lower than the income earned by each Trust on its longer-term portfolio investments. To the extent that the total assets of each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trust’s Common Shareholders will be the beneficiaries of the incremental yield.

Leverage creates risks for holders of Common Shares including the likelihood of greater NAV and market price volatility. In addition, there is the risk that fluctuations in interest rates on borrowings (or in the dividend rates on any Preferred Shares) may reduce the Common Shares’ yield and negatively impact its NAV and market price. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, each Trust’s net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, each Trust’s net income will be less than if leverage had not been used, and therefore the amount available for distribution to Common Shareholders will be reduced.

As of June 30, 2008, the Trusts incurred leverage as a percentage of managed assets, as set forth in the table below. BGT’s leverage is from borrowings through a credit facility and its issuance of Preferred Shares. HIS’s leverage is from borrowings through a credit facility. BPP’s leverage is from reverse repurchase agreements and its issuance of Preferred Shares. The Trusts are subject to certain leverage limitations, including limitations under the Investment Company Act of 1940. As of June 30, 2008, the Trusts were in compliance with those leverage limitations.

 

 

 

Leverage as of
June 30, 2008

 

BlackRock Global Floating Rate Income Trust (BGT)

 

38%

 

BlackRock High Income Shares (HIS)

 

15%

 

BlackRock Preferred Opportunity Trust (BPP)

 

39%

 

 

Swap Agreements

 

The Trusts may invest in swap agreements, which are over-the-counter contracts in which one party agrees to make periodic payments based on the change in market value of a specified bond, basket of bonds or index in return for periodic payments based on a fixed or variable interest rate or the change in market value of a different bond, basket of bonds or index. Swap agreements may be used to obtain exposure to a bond or market without owning or taking physical custody of securities. Swap agreements involve the risk that the party with whom the Trust has entered into the swap will default on its obligation to pay the Trust and the risk that the Trust will not be able to meet its obligations to pay the other party to the agreement.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

JUNE 30, 2008

7

 


Schedule of Investments June 30, 2008 (Unaudited)

BlackRock Global Floating Rate Income Trust (BGT)

 

(Percentages shown are based on Net Assets)

 

Corporate Bonds

 

Par
(000)

 

Value

 

Air Freight & Logistics—0.0%

 

 

 

 

 

 

 

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

 

$

125

 

$

100,000

 

Auto Components—0.1%

 

 

 

 

 

 

 

The Goodyear Tire & Rubber Co., 6.678%, 12/01/09 (a)

 

 

60

 

 

59,550

 

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

 

 

100

 

 

78,000

 

Metaldyne Corp., 10%, 11/01/13

 

 

120

 

 

62,400

 

 

 

 

 

 

 

199,950

 

Building Products—0.0%

 

 

 

 

 

 

 

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

 

 

90

 

 

75,150

 

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

 

 

130

 

 

96,850

 

 

 

 

 

 

 

172,000

 

Capital Markets—1.3%

 

 

 

 

 

 

 

E*Trade Financial Corp., 12.50%, 11/30/17 (b)

 

 

2,500

 

 

2,687,500

 

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

 

 

1,501

 

 

1,350,900

 

Marsico Parent Holdco, LLC, 12.50%, 7/15/16 (b)(c)

 

 

537

 

 

482,973

 

Marsico Parent Superholdco, LLC, 14.50%, 1/15/18 (b)(c)

 

 

360

 

 

318,349

 

 

 

 

 

 

 

4,839,722

 

Chemicals—0.6%

 

 

 

 

 

 

 

American Pacific Corp., 9%, 2/01/15

 

 

125

 

 

122,187

 

Ames True Temper, Inc., 6.713%, 1/15/12 (a)

 

 

1,100

 

 

946,000

 

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

 

 

10

 

 

8,650

 

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

 

 

750

 

 

727,500

 

Ineos Group Holdings Plc, 7.875%, 2/15/16 (b)

 

EUR

225

 

 

229,379

 

Key Plastics LLC, 11.75%, 3/15/13 (b)

 

$

625

 

 

281,250

 

 

 

 

 

 

 

2,314,966

 

Commercial Banks—0.7%

 

 

 

 

 

 

 

TuranAlem Finance B.V., 4.283%, 1/22/09 (a)(b)

 

 

3,000

 

 

2,850,000

 

Commercial Services & Supplies—0.1%

 

 

 

 

 

 

 

DI Finance Series B, 9.50%, 2/15/13

 

 

307

 

 

307,000

 

Containers & Packaging—0.2%

 

 

 

 

 

 

 

Berry Plastics Holding Corp.:

 

 

 

 

 

 

 

6.651%, 9/15/14 (a)

 

 

500

 

 

400,000

 

8.875%, 9/15/14

 

 

110

 

 

95,150

 

Impress Holdings BV, 5.838%, 9/15/13 (a)(b)

 

 

150

 

 

136,500

 

 

 

 

 

 

 

631,650

 

Diversified Telecommunication Services—0.9%

 

 

 

 

 

 

 

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

 

 

310

 

 

302,250

 

Qwest Communications International, Inc., 6.176%, 2/15/09 (a)

 

 

784

 

 

780,080

 

Qwest Corp., 6.026%, 6/15/13 (a)

 

 

2,500

 

 

2,387,500

 

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

 

 

150

 

 

157,500

 

 

 

 

 

 

 

3,627,330

 

Electrical Equipment—0.0%

 

 

 

 

 

 

 

Superior Essex Communications LLC, 9%, 4/15/12

 

 

140

 

 

142,800

 

Electronic Equipment & Instruments—0.3%

 

 

 

 

 

 

 

Sanmina-SCI Corp.:

 

 

 

 

 

 

 

6.75%, 3/01/13

 

 

55

 

 

49,362

 

8.125%, 3/01/16

 

 

1,065

 

 

958,500

 

 

 

 

 

 

 

1,007,862

 

Energy Equipment & Services—0.1%

 

 

 

 

 

 

 

Compagnie Generale de Geophysique-Veritas:

 

 

 

 

 

 

 

7.50%, 5/15/15

 

 

70

 

 

69,825

 

7.75%, 5/15/17

 

 

50

 

 

50,063

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

Energy Equipment & Services (concluded)

 

 

 

 

 

 

 

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

 

$

40

 

$

40,621

 

SemGroup LP, 8.75%, 11/15/15 (b)

 

 

220

 

 

213,400

 

 

 

 

 

 

 

373,909

 

Health Care Equipment & Supplies—0.4%

 

 

 

 

 

 

 

ReAble Therapeutics Finance LLC, 10.875%, 11/15/14 (b)

 

 

1,500

 

 

1,500,000

 

Health Care Providers & Services—0.1%

 

 

 

 

 

 

 

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

 

 

250

 

 

235,625

 

Hotels, Restaurants & Leisure—0.1%

 

 

 

 

 

 

 

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

 

 

140

 

 

127,050

 

Greektown Holdings, LLC, 10.75%, 12/01/13 (b)(d)(e)

 

 

122

 

 

90,280

 

Universal City Florida Holding Co. I, 7.623%, 5/01/10 (a)

 

 

80

 

 

77,200

 

Wynn Las Vegas LLC, 6.625%, 12/01/14

 

 

20

 

 

18,300

 

 

 

 

 

 

 

312,830

 

Household Durables—0.0%

 

 

 

 

 

 

 

Berkline/BenchCraft, LLC, 4.50%, 11/03/12 (c)(d)(e)(f)

 

 

400

 

 

 

Independent Power Producers & Energy Traders—0.0%

 

 

 

 

 

 

 

AES Ironwood LLC, 8.875%, 11/30/25

 

 

86

 

 

89,598

 

Machinery—0.1%

 

 

 

 

 

 

 

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

 

 

210

 

 

165,900

 

Synventive Molding Solutions Sub-Series A, 14%, 1/14/11

 

 

800

 

 

360,000

 

 

 

 

 

 

 

525,900

 

Media—1.0%

 

 

 

 

 

 

 

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

 

 

50

 

 

50,125

 

Cablevision Systems Corp. Series B, 7.133%, 4/01/09 (a)

 

 

100

 

 

100,000

 

Charter Communications:

 

 

 

 

 

 

 

Holdings I, LLC, 11%, 10/01/15

 

 

445

 

 

329,856

 

Holdings II, LLC, 10.25%, 9/15/10

 

 

625

 

 

604,575

 

EchoStar DBS Corp.,:

 

 

 

 

 

 

 

6.375%, 10/01/11

 

 

135

 

 

130,275

 

7%, 10/01/13

 

 

158

 

 

150,495

 

7.125%, 2/01/16

 

 

230

 

 

212,175

 

Nielsen Finance LLC, 10%, 8/01/14

 

 

410

 

 

413,075

 

R.H. Donnelley Corp., 8.875%, 10/15/17 (b)

 

 

16

 

 

9,520

 

R.H. Donnelley, Inc., 11.75%, 5/15/15 (b)

 

 

575

 

 

517,095

 

Rainbow National Services LLC, 8.75%, 9/01/12 (b)

 

 

750

 

 

761,250

 

Windstream Regatta Holdings, Inc., 11%, 12/01/17 (b)

 

 

977

 

 

674,130

 

 

 

 

 

 

 

3,952,571

 

Metals & Mining—0.3%

 

 

 

 

 

 

 

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

 

 

495

 

 

496,238

 

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

 

 

505

 

 

505,000

 

Freeport-McMoRan Copper & Gold, Inc., 5.883%, 4/01/15 (a)

 

 

250

 

 

252,465

 

 

 

 

 

 

 

1,253,703

 

Oil, Gas & Consumable Fuels—7.9%

 

 

 

 

 

 

 

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

 

 

135

 

 

117,112

 

Morgan Stanley Bank AG for OAO Gazprom, 9.625%, 3/01/13

 

 

14,430

 

 

15,931,442

 

Pemex Project Funding Master Trust,:

 

 

 

 

 

 

 

9.375%, 12/02/08

 

 

404

 

 

413,090

 

6.058%, 10/15/09 (g)

 

 

12,700

 

 

12,750,800

 

SandRidge Energy, Inc., 6.416%, 4/01/14 (a)(b)

 

 

1,400

 

 

1,373,887

 

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

 

 

300

 

 

297,750

 

 

 

 

 

 

 

30,884,081

 

Paper & Forest Products—1.4%

 

 

 

 

 

 

 

Abitibi-Consolidated, Inc., 6.276%, 6/15/11 (a)

 

 

1,000

 

 

490,000

 

 

Portfolio Abbreviations

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

 

CORTS

 

Corporate Backed Trust Securities

EUR

 

Euro

GBP

 

British Pound

MXN

 

Mexican Peso

PPLUS

 

Preferred Plus

REIT

 

Real Estate Investment Trust

SATURNS

 

Structured Asset Trust Unit Repackagings

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

8

SEMI-ANNUAL REPORT

JUNE 30, 2008

 

 


Schedule of Investments (continued)

BlackRock Global Floating Rate Income Trust (BGT)

 

(Percentages shown are based on Net Assets)

 

Corporate Bonds

 

Par
(000)

 

Value

 

Paper & Forest Products (concluded)

 

 

 

 

 

 

 

Ainsworth Lumber Co. Ltd.:

 

 

 

 

 

 

 

6.551%, 10/01/10 (a)

 

$

900

 

$

414,000

 

7.25%, 10/01/12

 

 

100

 

 

46,000

 

Bowater, Inc., 5.776%, 3/15/10 (a)

 

 

2,040

 

 

1,723,800

 

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

 

 

20

 

 

19,050

 

NewPage Corp. 9.123%, 5/01/12 (a)

 

 

1,500

 

 

1,507,500

 

Verso Paper Holdings LLC, Series B, 6.623%, 8/01/14 (a)

 

 

1,215

 

 

1,117,800

 

 

 

 

 

 

 

5,318,150

 

Pharmaceuticals—0.4%

 

 

 

 

 

 

 

Angiotech Pharmaceuticals, Inc., 6.432%, 12/01/13 (a)

 

 

1,750

 

 

1,522,500

 

Real Estate Management & Development—1.3%

 

 

 

 

 

 

 

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

 

 

6,350

 

 

5,070,640

 

Road & Rail—0.0%

 

 

 

 

 

 

 

Avis Budget Car Rental LLC, 5.176%, 5/15/14 (a)

 

 

150

 

 

116,250

 

Semiconductors & Semiconductor Equipment—0.0%

 

 

 

 

 

 

 

Freescale Semiconductor, Inc.:

 

 

 

 

 

 

 

8.875%, 12/15/14

 

 

60

 

 

48,750

 

9.125%, 12/15/14 (c)

 

 

75

 

 

58,312

 

 

 

 

 

 

 

107,062

 

Specialty Retail—0.3%

 

 

 

 

 

 

 

AutoNation, Inc.:

 

 

 

 

 

 

 

4.713%, 4/15/13 (a)

 

 

70

 

 

59,150

 

7%, 4/15/14

 

 

60

 

 

53,400

 

General Nutrition Centers, Inc., 7.199%, 3/15/14 (a)(c)

 

 

500

 

 

416,936

 

Lazy Days’ R.V. Center, Inc., 11.75%, 5/15/12

 

 

380

 

 

262,200

 

Michaels Stores, Inc., 10%, 11/01/14

 

 

210

 

 

181,912

 

 

 

 

 

 

 

973,598

 

Tobacco—0.5%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,083,626

 

Wireless Telecommunication Services—1.3%

 

 

 

 

 

 

 

Centennial Communications Corp., 8.541%, 1/01/13 (a)

 

 

1,250

 

 

1,206,250

 

iPCS, Inc., 4.998%, 5/01/13 (a)

 

 

1,755

 

 

1,579,500

 

Nordic Telephone Co. Holdings ApS, 10.107%, 5/01/16 (g)

 

EUR 

1,500

 

 

2,326,259

 

 

 

 

 

 

 

5,112,009

 

Total Corporate Bonds—19.4%

 

 

 

 

 

75,625,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Government Obligations

 

 

 

 

 

 

 

Brazilian Government International Bond:

 

 

 

 

 

 

 

8.551%, 6/29/09

 

$

9,435

 

 

9,953,925

 

10.25%, 6/17/13

 

 

475

 

 

581,163

 

Colombia Government International Bond, 8.541%,3/17/13 (a)(g)

 

 

1,200

 

 

1,272,000

 

Costa Rica Government International Bond, 9.335%, 5/15/09 (g)

 

 

3,200

 

 

3,323,200

 

Islamic Republic of Pakistan, 6.75%, 2/19/09 (g)

 

 

1,600

 

 

1,566,486

 

Malaysia Government International Bond, 8.75%, 6/01/09

 

 

800

 

 

834,206

 

Mexican Bonos Series M, 9%, 12/22/11

 

MXN 

13,520

 

 

1,328,521

 

Republic of Venezuela, 6.18%, 4/20/11 (a)(g)

 

$

4,000

 

 

3,588,000

 

South Africa Government International Bond, 7.375%, 4/25/12

 

 

2,400

 

 

2,532,000

 

Turkey Government International Bond, 7%, 9/26/16

 

 

2,735

 

 

2,618,762

 

Ukraine Government International Bond:

 

 

 

 

 

 

 

6.391%, 8/05/09 (a)(b)

 

 

16,100

 

 

16,180,500

 

6.875%, 3/04/11 (b)

 

 

2,800

 

 

2,744,000

 

Uruguay Government International Bond, 6.875%, 1/19/16

 

EUR 

950

 

 

1,491,994

 

Total Foreign Government Obligations—12.3%

 

 

 

 

 

48,014,757

 

 

Floating Rate Loan Interests

 

Par
(000)

 

Value

 

Aerospace & Defense—1.5%

 

 

 

 

 

 

 

DynCorp Term Loan C, 4.625%, 6/28/12

 

$

870

 

$

831,421

 

Hawker Beechcraft Acquisition Co. LLC:

 

 

 

 

 

 

 

Letter of Credit, 2.596%, 3/31/14

 

 

187

 

 

175,990

 

Term Loan B, 4.801%, 3/31/14

 

 

3,215

 

 

3,012,368

 

IAP Worldwide Services, Inc. First Lien Term Loan, 9.00%, 12/20/12

 

 

1,042

 

 

841,971

 

Wesco Aircraft Hardware Corp. First Lien Term Loan, 4.95%, 9/25/13

 

 

972

 

 

941,502

 

 

 

 

 

 

 

5,803,252

 

Airlines—0.5%

 

 

 

 

 

 

 

US Airways Group, Inc. Term Loan B, 4.883%, 3/22/14

 

 

1,980

 

 

1,294,920

 

United Air Lines, Inc. Term Loan B, 4.31%—4.938%, 1/30/14

 

 

718

 

 

532,764

 

 

 

 

 

 

 

1,827,684

 

Auto Components—2.8%

 

 

 

 

 

 

 

Allison Transmission Term Loan B, 5.23%—5.74%, 8/07/14

 

 

5,982

 

 

5,325,625

 

Dana Corp. Term Loan B, 6.75%, 1/31/15

 

 

2,522

 

 

2,299,903

 

Delphi Automotive Systems:

 

 

 

 

 

 

 

Delay Draw Term Loan, 8.50%, 12/31/08

 

 

184

 

 

172,226

 

Term Loan, 8.50%, 12/31/08

 

 

1,407

 

 

1,311,387

 

GPX International Tire Corp. Term Loan B, 9.72%—11.00%, 4/06/12

 

 

896

 

 

627,232

 

Mark IV Industries First Lien Term Loan, 7.14%—8.26%, 6/01/11

 

 

863

 

 

630,070

 

Metaldyne Corp.:

 

 

 

 

 

 

 

Letter of Credit, 3.146%—6.50%, 1/15/12

 

 

103

 

 

67,760

 

Term Loan B, 6.563%, 1/15/14

 

 

706

 

 

460,765

 

 

 

 

 

 

 

10,894,968

 

Beverages—0.3%

 

 

 

 

 

 

 

Culligan International Second Lien Term Loan, 9.214%—9.615%, 4/24/13

 

EUR

1,000

 

 

787,228

 

Le-Nature’s, Inc. Term Loan B, 9.50%, 12/28/12 (d)(e)

 

$

1,000

 

 

570,000

 

 

 

 

 

 

 

1,357,228

 

Biotechnology—0.2%

 

 

 

 

 

 

 

Talecris Biotherapeutics, Inc. First Lien Term Loan, 6.18%, 11/13/14

 

 

965

 

 

883,067

 

Building Products—2.5%

 

 

 

 

 

 

 

Armstrong World Term Loan B, 4.233%, 10/02/13

 

 

194

 

 

187,955

 

Building Material Corp. of America First Lien Term Loan, 5.688%, 2/22/14

 

 

2,462

 

 

2,177,056

 

Custom Building Products Second Lien Term Loan, 7.801%, 4/29/12

 

 

1,500

 

 

1,200,000

 

Lafarge Roofing SA:

 

 

 

 

 

 

 

Term Loan B, 4.506%, 5/01/15

 

 

230

 

 

155,104

 

Term Loan B, 6.856%, 5/01/15

 

EUR

845

 

 

888,717

 

Term Loan C, 4.756%, 5/01/16

 

$

230

 

 

155,104

 

Term Loan C, 7.106%, 5/01/16

 

EUR

842

 

 

885,562

 

Masonite International:

 

 

 

 

 

 

 

Term Loan, 4.63%—4.92%, 4/06/13

 

$

241

 

 

223,041

 

Term Loan B, 4.63%—5.046%, 4/06/13

 

 

242

 

 

223,421

 

Momentive Performance Materials, Inc., Term Loan B, 4.689%, 12/04/13

 

 

2,473

 

 

2,258,446

 

United Subcontractors Inc. First Lien Term Loan, 7.25%—7.566%, 12/27/12

 

 

2,265

 

 

1,325,484

 

 

 

 

 

 

 

9,679,890

 

Capital Markets—0.1%

 

 

 

 

 

 

 

Marsico Parent Company, LLC Term Loan B, 5.50%—7.25%, 11/14/14

 

 

497

 

 

417,900

 

Chemicals—9.4%

 

 

 

 

 

 

 

Brenntag AG:

 

 

 

 

 

 

 

Second Lien Term Loan, 5.794%, 1/19/13

 

 

392

 

 

365,236

 

Second Lien Term Loan, 7.794%, 7/17/15

 

 

1,000

 

 

802,500

 

Term Loan B, 6.793%, 11/24/37

 

EUR

500

 

 

738,223

 

Term Loan B2, 5.794%, 1/24/13

 

$

1,607

 

 

1,494,764

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

JUNE 30, 2008

9 

 


Schedule of Investments (continued)

BlackRock Global Floating Rate Income Trust (BGT)

 

(Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests

 

Par
(000)

 

Value

 

Chemicals (concluded)

 

 

 

 

 

 

 

British Vita Plc Mezzanine, 10.205%, 7/22/13

 

EUR

1,945

 

$

2,312,636

 

Cognis Deutschland:

 

 

 

 

 

 

 

Term Loan A, 6.961%, 11/17/13

 

 

803

 

 

1,153,431

 

Term Loan B, 6.961%, 11/16/13

 

 

196

 

 

282,473

 

Flint Group Term Loan, 4.88%, 12/20/14

 

$

1,000

 

 

868,333

 

Huish Detergents, Inc. First Lien Term Loan, 4.81%, 4/15/14

 

 

1,250

 

 

1,125,000

 

Ineos Group Plc:

 

 

 

 

 

 

 

Term Loan A, 4.664%—4.635%, 2/20/13

 

 

1,523

 

 

1,378,605

 

Term Loan B, 4.885%, 2/20/15

 

 

1,715

 

 

1,543,500

 

Term Loan C, 5.385%, 2/20/14

 

 

1,715

 

 

1,543,500

 

Innophos Holdings, Inc. Term Loan B, 4.81%, 8/13/10

 

 

2,318

 

 

2,271,818

 

Invista:

 

 

 

 

 

 

 

Term Loan, 4.301%, 4/29/11

 

 

1,227

 

 

1,172,233

 

Term Loan B1, 4.301%, 4/29/11

 

 

2,315

 

 

2,211,450

 

Lucite International Finance Plc, 13.805%, 7/03/14 (c)

 

EUR

1,067

 

 

1,075,646

 

MacDermid, Inc. Term Loan C, 7.204%, 12/15/13

 

 

1,796

 

 

2,545,267

 

Nalco Co. Tranche B Term Loan, 4.23%—4.92%, 11/04/10

 

$

1,629

 

 

1,608,472

 

PQ Corp.:

 

 

 

 

 

 

 

First Lien Term Loan, 6.15%, 5/29/15

 

 

2,000

 

 

1,877,500

 

Second Lien Term Loan, 9.40%, 5/29/16

 

 

2,250

 

 

1,957,500

 

Rockwood Specialties Group, Inc. Tranche D Term Loan, 4.399%, 12/10/12

 

 

2,775

 

 

2,668,812

 

Viridian Group Plc Term Loan:

 

 

 

 

 

 

 

9.766%, 4/20/12

 

EUR

1,787

 

 

2,511,532

 

8.744%, 12/21/12

 

GBP

1,800

 

 

3,137,138

 

 

 

 

 

 

 

36,645,569

 

Commercial Services & Supplies—3.7%

 

 

 

 

 

 

 

Aramark Corp.:

 

 

 

 

 

 

 

Letter of Credit, 5.198%, 1/30/14

 

$

184

 

 

174,127

 

Term Loan B, 4.571%, 1/30/14

 

 

2,907

 

 

2,740,875

 

Brickman Group, Inc. Term Loan, 4.801%, 1/30/14

 

 

1,036

 

 

959,109

 

EnviroSolutions Term Loan B, 8.25%, 7/01/12

 

 

2,000

 

 

1,790,000

 

Euramax International Plc Second Lien Term Loan, 10.978%, 6/29/13

 

 

1,214

 

 

813,571

 

John Maneely Co. Term Loan B, 5.966%—6.020%, 12/15/13

 

 

1,766

 

 

1,645,030

 

Kion GmbH:

 

 

 

 

 

 

 

Term Loan B, 4.563%, 3/15/15

 

 

250

 

 

232,125

 

Term Loan C, 5.063%, 3/15/16

 

 

250

 

 

232,125

 

Language Line Services Term Loan B1, 6.06%, 11/14/11

 

 

605

 

 

566,376

 

Sirva Worldwide Tranche B Term Loan, 6.21%, 12/01/10 (d)(e)

 

 

322

 

 

144,937

 

Synagro Technologies, Inc.:

 

 

 

 

 

 

 

Second Lien Term Loan, 7.44%, 10/01/14

 

 

500

 

 

355,000

 

Term Loan B, 4.69%—4.70%, 3/31/14

 

 

1,496

 

 

1,292,361

 

Thermo Fluids, Inc. Term Loan, 5.88%—6.39%, 6/27/13

 

 

1,192

 

 

834,694

 

West Corp. Term Loan, 4.858%—5.295%, 10/31/13

 

 

2,955

 

 

2,701,801

 

 

 

 

 

 

 

14,482,131

 

Communications Equipment—1.3%

 

 

 

 

 

 

 

Alltel Corp.:

 

 

 

 

 

 

 

Term Loan B2, 5.55%, 5/16/15

 

 

1,492

 

 

1,481,661

 

Term Loan B3, 5.564%, 5/18/15

 

 

3,482

 

 

3,457,208

 

 

 

 

 

 

 

4,938,869

 

Computers & Peripherals—1.3%

 

 

 

 

 

 

 

Intergraph Corp. Term Loan:

 

 

 

 

 

 

 

4.646%, 5/15/14

 

 

1,168

 

 

1,119,021

 

8.646%, 11/15/14

 

 

750

 

 

723,750

 

Reynolds and Reynolds Co. First Lien Term Loan, 4.383%, 10/31/12

 

 

3,627

 

 

3,446,387

 

 

 

 

 

 

 

5,289,158

 

 

Floating Rate Loan Interests

 

Par
(000)

 

Value

 

Construction & Engineering—0.9%

 

 

 

 

 

 

 

Brand Energy & Infrastructure Services, Inc.:

 

 

 

 

 

 

 

Letter of Credit, 2.688%, 2/15/14

 

$

500

 

$

456,875

 

Term Loan B, 5.00%—5.188%, 2/15/14

 

 

992

 

 

907,181

 

Term Loan B, 8.688%—8.938%, 2/15/15

 

 

500

 

 

445,625

 

Grupo Ferrovial SA (BAA) Second Lien Term Loan, 9.935%, 4/07/11

 

GBP

982

 

 

1,713,596

 

 

 

 

 

 

 

3,523,277

 

Construction Materials—0.3%

 

 

 

 

 

 

 

Headwaters, Inc. Term Loan B-1, 4.49%, 4/30/11

 

$

1,312

 

 

1,253,437

 

Containers & Packaging—3.7%

 

 

 

 

 

 

 

Atlantis Plastics Second Lien Term Loan, 12.25%, 3/22/12 (d)(e)

 

 

500

 

 

125,000

 

Consolidated Container Co. LLC Second Lien Term Loan, 7.983%—8.399%, 10/15/14

 

 

550

 

 

250,250

 

Graham Packaging Co. LP Term Loan B, 4.875%—5.00%, 4/15/11

 

 

3,139

 

 

3,006,139

 

Graphic Packaging International Corp. Term Loan B, 5.542%, 5/16/14

 

 

1,990

 

 

1,917,449

 

Mivisa Envases SAU Term Loan B, 7.376%, 6/03/15

 

EUR

1,000

 

 

1,376,665

 

Owens-Illinois, Inc. Term Loan D, 5.972%, 6/14/13

 

 

1,915

 

 

2,743,726

 

Pregis Corp. Term Loan B, 7.454%, 9/30/12

 

 

486

 

 

689,021

 

SCA Packaging Second Lien Term Loan, 8.18%, 3/07/15

 

$

500

 

 

150,000

 

Smurfit Kappa Group:

 

 

 

 

 

 

 

Term Loan B1, 6.349%—6.836%, 7/16/14

 

EUR

750

 

 

1,097,915

 

Term Loan C1, 6.599%—7.086%, 7/16/15

 

 

750

 

 

1,097,915

 

Smurfit-Stone Container Corp. Term Loan B, 4.50%, 11/01/11

 

$

140

 

 

135,686

 

Solo Cup Co. Term Loan, 5.96%—6.59%, 2/27/11 (b)

 

 

1,810

 

 

1,771,101

 

 

 

 

 

 

 

14,360,867

 

Distributors—0.3%

 

 

 

 

 

 

 

Keystone Automotive Operations, Inc. Term Loan B, 5.95%—6.399%, 1/15/12

 

 

1,672

 

 

1,329,693

 

Diversified Consumer Services—0.7%

 

 

 

 

 

 

 

Coinmach Laundry Corp. Term Loan B, 5.70%—7.00%, 11/15/14

 

 

3,000

 

 

2,760,000

 

Diversified Financial Services—1.0%

 

 

 

 

 

 

 

JG Wentworth Manufacturing Term Loan B, 4.921%, 4/15/14

 

 

3,800

 

 

3,135,000

 

Professional Services Term Loan, 5.14%, 10/31/12

 

 

752

 

 

676,849

 

 

 

 

 

 

 

3,811,849

 

Diversified Telecommunication Services—6.5%

 

 

 

 

 

 

 

Cavalier Telephone Term Loan B, 10.50%, 12/15/12

 

 

388

 

 

318,262

 

Country Road Communications Second Lien Term Loan, 10.24%, 7/15/13

 

 

500

 

 

485,000

 

Eircom Group Plc:

 

 

 

 

 

 

 

Second Lien Term Loan, 8.981%, 2/14/16

 

EUR

1,000

 

 

1,413,468

 

Term Loan B, 6.606%, 8/14/14

 

 

3,000

 

 

4,400,743

 

Term Loan C, 6.856%, 8/14/13

 

 

3,000

 

 

4,404,994

 

Iowa Telecom Term Loan B, 4.43%—4.54%, 11/23/11

 

$

2,000

 

 

1,930,000

 

TDC A/S ex-Tele Danmark AS:

 

 

 

 

 

 

 

Term Loan, 6.59%, 4/06/15

 

EUR

1,091

 

 

1,671,217

 

Term Loan B, 6.34%, 4/06/14

 

 

911

 

 

1,395,810

 

Time Warner Telecom Term Loan B, 4.49%, 2/23/14

 

$

1,484

 

 

1,419,995

 

Wind Telecomunicazione SpA:

 

 

 

 

 

 

 

Term Loan A, 6.225%—6.645%, 9/22/12

 

EUR

1,307

 

 

1,952,391

 

Term Loan B, 7.17%, 9/22/13

 

 

2,000

 

 

3,039,749

 

Term Loan C, 7.744%, 9/22/14

 

 

2,000

 

 

3,039,749

 

 

 

 

 

 

 

25,471,378

 

Electric Utilities—0.3%

 

 

 

 

 

 

 

Astoria Generating Company Acquisitions, LLC First Lien Term Loan, 4.43%, 2/23/13

 

$

444

 

 

427,522

 

TPF Generation Holdings LLC:

 

 

 

 

 

 

 

First Lien Term Loan, 4.801%, 11/28/13

 

 

742

 

 

715,592

 

Letter of Credit, 2.596%, 11/28/13

 

 

150

 

 

144,991

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

10

SEMI-ANNUAL REPORT

JUNE 30, 2008

 

 


Schedule of Investments (continued)

BlackRock Global Floating Rate Income Trust (BGT)

 

(Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests

 

Par
(000)

 

Value

 

Electric Utilities (concluded)

 

 

 

 

 

 

 

Revolving Credit, 2.596%, 11/28/13

 

$

47

 

$

45,452

 

 

 

 

 

 

 

1,333,557

 

Electrical Equipment—0.4%

 

 

 

 

 

 

 

Electrical Components International Holdings Second Lien Term Loan, 9.46%, 5/05/14

 

 

500

 

 

225,000

 

Generac Power Systems, Inc. First Lien Term Loan, 5.184%, 11/15/13

 

 

1,479

 

 

1,226,693

 

 

 

 

 

 

 

1,451,693

 

Electronic Equipment & Instruments—1.6%

 

 

 

 

 

 

 

Deutsch Connectors Second Lien Term Loan, 7.384%, 1/27/16

 

 

500

 

 

415,000

 

Flextronics International Ltd.:

 

 

 

 

 

 

 

Delay Draw Term Loan, 7.455%, 10/01/14

 

 

223

 

 

203,218

 

Delay Draw Term Loan, 4.963%, 10/05/14

 

 

549

 

 

500,449

 

Term Loan B, 4.95%, 10/01/14

 

 

1,931

 

 

1,757,747

 

Term Loan B2, 6.50%, 10/01/14

 

 

774

 

 

704,667

 

SafeNet, Inc. Second Lien Term Loan, 8.96%, 5/11/15

 

 

2,000

 

 

1,660,000

 

Tinnerman Palnut Second Lien Term Loan, 11.85%, 11/01/11

 

 

2,119

 

 

1,059,771

 

 

 

 

 

 

 

6,300,852

 

Energy Equipment & Services—1.1%

 

 

 

 

 

 

 

Dresser, Inc.:

 

 

 

 

 

 

 

First Lien Term Loan, 4.983%, 5/15/14

 

 

974

 

 

935,446

 

Second Lien Term Loan, 8.469%, 5/15/15

 

 

1,500

 

 

1,442,812

 

MEG Energy Corp. Term Loan B, 4.80%, 4/03/13

 

 

488

 

 

466,451

 

Trinidad Energy Services Term Loan, 4.959%, 4/15/11

 

 

1,467

 

 

1,379,450

 

 

 

 

 

 

 

4,224,159

 

Food & Staples Retailing—4.0%

 

 

 

 

 

 

 

Advantage Sales & Marketing Term Loan B, 4.48%—4.70%, 4/15/13

 

 

973

 

 

911,594

 

Alliance Boots Plc Term Loan B, 7.087%, 7/09/15

 

GBP

2,500

 

 

4,531,421

 

Bolthouse Farms, Inc.:

 

 

 

 

 

 

 

First Lien Term Loan, 5.00%, 11/29/12

 

$

977

 

 

945,731

 

Second Lien Term Loan, 8.301%, 11/29/12

 

 

500

 

 

471,875

 

DS Waters LP Term Loan B, 6.459%, 3/31/12

 

 

1,000

 

 

930,000

 

Dole Food Co., Inc.:

 

 

 

 

 

 

 

Letter of Credit, 2.58%, 4/12/13

 

 

138

 

 

128,731

 

Term Loan B, 4.75%—6.25%, 4/12/13

 

 

305

 

 

283,129

 

Term Loan C, 4.875%—6.25%, 4/04/13

 

 

1,017

 

 

943,762

 

IGLO Birds Eye:

 

 

 

 

 

 

 

Mezzanine, 13.951%, 11/02/15

 

GBP

382

 

 

698,123

 

Term Loan B, 7.018%, 10/27/19

 

EUR

500

 

 

758,145

 

Term Loan C, 7.393%, 10/27/15

 

 

488

 

 

741,031

 

McJunkin Corp. Term Loan B, 6.051%, 1/30/14

 

$

985

 

 

965,711

 

Roundy’s, Inc. Term Loan B, 5.23%, 10/22/11

 

 

1,369

 

 

1,311,691

 

Sturm Foods, Inc.:

 

 

 

 

 

 

 

First Lien Term Loan, 5.438%, 1/30/14 (c)

 

 

1,855

 

 

1,567,639

 

Second Lien Term Loan, 8.938%, 6/30/14

 

 

750

 

 

455,000

 

 

 

 

 

 

 

15,643,583

 

Food Products—2.7%

 

 

 

 

 

 

 

Fresh Start Bakeries:

 

 

 

 

 

 

 

First Lien Term Loan, 4.938%, 9/29/13

 

 

496

 

 

451,587

 

Second Lien Term Loan, 8.438%, 3/29/14

 

 

500

 

 

430,000

 

Jetro Holdings, Inc. Term Loan, 5.05%, 5/11/14

 

 

1,453

 

 

1,358,672

 

OSI Industries Term Loan B, 4.671%—4.801%, 9/02/11

 

 

3,358

 

 

3,308,691

 

United Biscuits Finance Plc Term Loan B:

 

 

 

 

 

 

 

6.829%, 12/14/14

 

EUR

534

 

 

768,562

 

7.962%, 1/23/15

 

GBP

1,651

 

 

2,959,895

 

Weetabix Food Co. Term Loan, 13.968%, 7/26/14 (c)

 

 

612

 

 

1,079,275

 

 

 

 

 

 

 

10,356,682

 

 

Floating Rate Loan Interests

 

Par
(000)

 

Value

 

Gaming—0.1%

 

 

 

 

 

 

 

Golden Nugget, Inc., Delay Draw Term Loan, 4.47%, 6/30/13

 

$

272

 

$

248,182

 

Health Care Equipment & Supplies—3.7%

 

 

 

 

 

 

 

Arizant, Inc. Term Loan B, 5.178%, 7/14/10

 

 

2,840

 

 

2,755,064

 

Bausch & Lomb, Inc.:

 

 

 

 

 

 

 

Delay Draw Term Loan, 6.051%, 4/26/15

 

 

300

 

 

293,994

 

Term Loan B, 6.051%, 4/26/15

 

 

1,196

 

 

1,170,097

 

Biomet, Inc. Term Loan B:

 

 

 

 

 

 

 

5.801%, 12/28/14

 

 

497

 

 

486,714

 

7.954%, 3/25/15

 

EUR

2,553

 

 

3,899,866

 

Molnlycke HealthCare AB:

 

 

 

 

 

 

 

Second Lien Term Loan, 8.214%, 10/09/16

 

 

500

 

 

629,782

 

Term Loan B, 6.374%, 4/09/15

 

 

1,500

 

 

2,150,608

 

Term Loan C, 6.726%, 4/09/16

 

 

1,382

 

 

1,982,300

 

Select Medical Term Loan B, 4.63%—6.25%, 2/24/12

 

$

965

 

 

893,933

 

 

 

 

 

 

 

14,262,358

 

Health Care Providers & Services—3.6%

 

 

 

 

 

 

 

CCS Medical First Lien Term Loan, 5.93%, 10/31/12

 

 

718

 

 

607,416

 

Capio AB Term Loan C, 7.212%, 4/15/16

 

EUR

1,500

 

 

2,267,217

 

Community Health Systems, Inc.:

 

 

 

 

 

 

 

Delay Draw Term Loan, 0.50%, 6/18/14

 

$

233

 

 

220,166

 

Term Loan B, 4.733%—4.899%, 6/18/14

 

 

4,573

 

 

4,304,892

 

HealthSouth Corp. Term Loan B, 5.29%, 3/12/14

 

 

2,402

 

 

2,265,863

 

National Renal Institutes Term Loan B, 5.051%, 4/07/13

 

 

465

 

 

402,503

 

Surgical Care Affiliates Term Loan B, 5.051%, 12/26/14

 

 

497

 

 

430,327

 

US Oncology Holdings, Inc. Term Loan B, 5.446%—5.649%, 8/20/11

 

 

2,746

 

 

2,633,173

 

Vanguard Health Systems Term Loan B, 5.051%, 9/23/11

 

 

972

 

 

935,144

 

 

 

 

 

 

 

14,066,701

 

Hotels, Restaurants & Leisure—4.0%

 

 

 

 

 

 

 

Golden Nugget, Inc.:

 

 

 

 

 

 

 

Term Loan, 4.49%, 5/30/14

 

 

477

 

 

434,318

 

Term Loan Second Lien, 5.74%, 11/30/14

 

 

1,000

 

 

690,000

 

Green Valley Ranch Gaming LLC Term Loan,:

 

 

 

 

 

 

 

4.644%—4.671%, 1/29/12

 

 

475

 

 

403,837

 

5.894%, 8/30/14

 

 

1,500

 

 

945,000

 

Harrah’s Entertainment, Inc.:

 

 

 

 

 

 

 

Term Loan B2, 5.801%—5.906%, 1/29/15

 

 

5,386

 

 

4,911,443

 

Term Loan B3, 5.801%—5.906%, 1/29/15

 

 

908

 

 

828,459

 

Harrah’s Operating Term Loan B, 5.801%, 1/31/15

 

 

316

 

 

289,458

 

OSI Restaurant Partners, Inc.:

 

 

 

 

 

 

 

Revolving Credit, 2.596%, 5/15/14

 

 

39

 

 

33,370

 

Term Loan B, 5.125%, 5/15/14

 

 

403

 

 

344,551

 

Penn National Gaming, Inc. Term Loan B, 4.23%, 10/03/12

 

 

2,500

 

 

2,415,625

 

QCE LLC Second Lien Term Loan, 8.551%, 11/05/13

 

 

2,500

 

 

2,068,750

 

Travelport, Inc. Standby Letter of Credit, 4.946%, 8/31/13

 

 

46

 

 

42,001

 

Universal City Development Term Loan B, 4.21%—4.47%, 6/09/11

 

 

925

 

 

897,691

 

Wembley, Inc.:

 

 

 

 

 

 

 

First Lien Term Loan, 6.63%—7.19%, 8/12/12

 

 

972

 

 

632,432

 

Second Lien Term Loan, 6.93%—7.19%, 2/12/13

 

 

1,500

 

 

487,500

 

 

 

 

 

 

 

15,424,435

 

Household Durables—0.8%

 

 

 

 

 

 

 

American Residential Services Second Lien Term Loan, 12%, 4/17/15 (f)

 

 

2,000

 

 

1,971,658

 

Berkline Corp. First Lien Term Loan, 8.488%, 11/10/11 (f)

 

 

94

 

 

4,735

 

Josten’s, Inc. Term Loan B, 5.171%, 10/04/11

 

 

1,300

 

 

1,277,368

 

 

 

 

 

 

 

3,253,761

 

Household Products—0.3%

 

 

 

 

 

 

 

VJCS Acquisition Term Loan B, 4.788%—5.23%, 4/30/14

 

 

1,100

 

 

1,003,750

 

 

 

See Notes to Financial Statements.

   

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

JUNE 30, 2008

11

 


Schedule of Investments (continued)

BlackRock Global Floating Rate Income Trust (BGT)

 

(Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests

 

 

Par
(000)

 

 

Value

 

IT Services—3.0%

 

 

 

 

 

 

 

Activant Solutions Term Loan B, 4.688%—4.75%, 5/02/13

 

$

465

 

$

411,340

 

Affiliated Computer Services Term Loan B, 4.483%, 3/20/13

 

 

731

 

 

707,254

 

Audio Visual Services Corp. Second Lien Term Loan, 8.20%, 9/15/14

 

 

1,000

 

 

890,000

 

Ceridian Corp. Term Loan, 5.48%, 11/07/14

 

 

2,000

 

 

1,865,000

 

First Data Corp.:

 

 

 

 

 

 

 

Term Loan B, 5.231%—5.552%, 9/24/14

 

 

2,484

 

 

2,277,804

 

Term Loan B2, 5.552%, 9/24/14

 

 

500

 

 

458,500

 

Term Loan B3, 5.551%, 9/24/14

 

 

997

 

 

915,611

 

RedPrairie Corp. Term Loan:

 

 

 

 

 

 

 

5.688%, 7/31/12

 

 

980

 

 

921,200

 

9.27%, 1/31/13

 

 

1,250

 

 

1,075,000

 

SunGard Data Systems, Inc. Term Loan B, 4.508%, 2/28/14

 

 

2,425

 

 

2,293,066

 

 

 

 

 

 

 

11,814,775

 

Independent Power Producers & Energy Traders—3.4%