Edgar Filing: BLACKROCK GLOBAL FLOATING RATE INCOME TRUST

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21566

BlackRock Global Floating Rate Income Trust
(Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE		19809

(Address of principal executive offices)		(Zip code)

Robert S. Kapito, President

BlackRock Global Floating Rate Income Trust

40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)

Registrant's telephone number, including area code: 888-825-2257

Date of fiscal year end: December 31, 2005

Date of reporting period: June 30, 2005

Item 1. Reports to Shareholders.
The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:


FIXED INCOME		LIQUIDITY		EQUITIES		ALTERNATIVES		BLACKROCK SOLUTIONS



	BlackRock
	Closed-End Funds
	Semi-Annual Report

	JUNE 30, 2005 (Unaudited)



	BlackRock Advantage Term Trust (BAT)

	BlackRock Global Floating Rate Income Trust (BGT)

	BlackRock High Income Shares (HIS)

	BlackRock Preferred Opportunity Trust (BPP)



NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

TABLE OF CONTENTS


Letter to Shareholders		1

Trusts’ Summaries		2

Portfolios of Investments		6

Financial Statements

Statements of Assets and Liabilities		29

Statements of Operations		30

Statements of Cash Flows		31

Statements of Changes in Net Assets		32

Financial Highlights		34

Notes to Financial Statements		38

Dividend Reinvestment Plans		46

Board Review of Investment Management Agreements		46

Additional Information		49

Privacy Principles of the Trusts

The Trusts are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Trusts collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, the Trusts do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of shareholders may become available to the Trusts. The Trusts do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third-party administrator).

The Trusts restrict access to non-public personal information about their shareholders to BlackRock employees with a legitimate business need for the information. The Trusts maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.

LETTER TO SHAREHOLDERS

June 30, 2005

Dear Shareholder:

We are pleased to report that during the semi-annual period, the Trusts provided the opportunity to invest in various portfolios of fixed income securities. This report contains the Trusts’ unaudited financial statements and a listing of the portfolios’ holdings.

The portfolio management team continuously monitors the fixed income markets and adjusts the portfolios in order to gain exposure to various issuers and security types. This strategy enables the Trusts to move among different sectors, credits and coupons to capitalize on changing market conditions.

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

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



Trust (Ticker)	Yield¹			Market Price			NAV

BlackRock Advantage Term Trust (BAT)		5.85	%		$	10.26	$	10.32

BlackRock Global Floating Rate Income Trust (BGT)		6.33				17.70		19.30

BlackRock High Income Shares (HIS)		9.89				2.79		2.69

BlackRock Preferred Opportunity Trust (BPP)		8.06				24.80		25.18


¹ Yield is based on market price.

BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to managing fixed income securities. As of June 30, 2005, BlackRock managed $281 billion in fixed income securities, including 20 open-end and 48 closed-end bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, Inc., and its affiliate, BlackRock Financial Management, Inc., are wholly owned subsidiaries of BlackRock.

On behalf of BlackRock, we thank you for your continued confidence and assure you that we remain committed to excellence in managing your assets.


Sincerely,


Laurence D. Fink		Ralph L. Schlosstein
Chief Executive Officer		President
BlackRock Advisors, Inc.		BlackRock Advisors, Inc.


CONSOLIDATED TRUST SUMMARIES (unaudited)
JUNE 30, 2005

BlackRock Advantage Term Trust (BAT)

Trust Information



Symbol on New York Stock Exchange:	BAT

Initial Offering Date:	April 27, 1990

Termination Date (on or shortly before):	December 31, 2005

Closing Market Price as of 6/30/05:		$	10.26

Net Asset Value as of 6/30/05:		$	10.32

Yield on Closing Market Price as of 6/30/05 (10.26):¹			5.85	%

Current Monthly Distribution per Share:²		$	0.05

Current Annualized Distribution per Share:²		$	0.60


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	The distribution is not constant and is subject to change.

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



	6/30/05		12/31/04		Change			High		Low

Market Price	$	10.26	$	10.47		(2.01	)%	$	10.57	$	10.18

NAV	$	10.32	$	10.49		(1.62	)%	$	10.50	$	10.30

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

Portfolio Composition



Composition	June 30, 2005			December 31, 2004

U.S. Government and Agency Zero Coupon Bonds		84	%		76	%

Taxable Municipal Bonds		5			5

Corporate Bonds		3			5

Agency Multiple Class Mortgage Pass-Through Securities		3			6

Principal Only Mortgage-Backed Securities		3			2

Commercial Mortgage-Backed Securities		1			2

Inverse Floating Rate Mortgage Securities		1			1

U.S. Government and Agency Securities		—			2

Interest Only Mortgage-Backed Securities		—			1


TRUST SUMMARIES (unaudited)
JUNE 30, 2005

BlackRock Global Floating Rate Income Trust (BGT)

Trust Information



Symbol on New York Stock Exchange:	BGT

Initial Offering Date:	August 30, 2004

Closing Market Price as of 6/30/05:		$	17.70

Net Asset Value as of 6/30/05:		$	19.30

Yield on Closing Market Price as of 6/30/05 ($17.70):¹			6.33	%

Current Quarterly Distribution per Share:²		$	0.0933

Current Annualized Distribution per Share:²		$	1.1196


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	The distribution is not constant and is subject to change.

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



	6/30/05		12/31/04		Change			High		Low

Market Price	$	17.70	$	18.63		(4.99	)%	$	19.27	$	16.95

NAV	$	19.30	$	19.21		0.47	%	$	19.45	$	18.96

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

Portfolio Composition



Composition	June 30, 2005			December 31, 2004

Foreign Government Bonds		22	%		22	%

Media		11			13

Consumer Products		11			9

Energy		9			8

Basic Materials		8			10

Health Care		7			7

Telecommunications		5			5

Entertainment & Leisure		5			6

Financial Institutions		4			3

Real Estate		3			3

Containers & Packaging		3			3

Conglomerates		3			1

Technology		2			2

Automotive		2			2

Building & Development		2			2

Aerospace & Defense		1			1

Industrials		1			1

Ecological Services & Equipment		1			1

Transportation		—			1

Corporate Credit Breakdown³



Credit Rating	June 30, 2005			December 31, 2004

BBB/Baa		28	%		21	%

BB/Ba		42			20

B		28			29

CCC		2			2

Not Rated		—			28


³	Using the higher of Standard & Poor’s (“S&P”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch”) rating. Corporate bonds represented approximately 20.8% and 18.1% of net assets on June 30, 2005 and December 31, 2004, respectively.


TRUST SUMMARIES (unaudited)
JUNE 30, 2005

BlackRock High Income Shares (HIS)

Trust Information



Symbol on New York Stock Exchange:	HIS

Initial Offering Date:	August 10, 1988

Closing Market Price as of 6/30/05:		$	2.79

Net Asset Value as of 6/30/05:		$	2.69

Yield on Closing Market Price as of 6/30/05 ($2.79):¹			9.89	%

Current Monthly Distribution per Share:²		$	0.023

Current Annualized Distribution per Share:²		$	0.276


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	The distribution is not constant and is subject to change.

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



	6/30/05		12/31/04		Change			High		Low

Market Price	$	2.79	$	2.90		(3.79	)%	$	3.00	$	2.47

NAV	$	2.69	$	2.87		(6.27	)%	$	2.87	$	2.56

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

Corporate Portfolio Composition



Composition	June 30, 2005			December 31, 2004

Media		16	%		14	%

Energy		13			9

Basic Materials		12			12

Telecommunications		9			5

Industrials		8			5

Consumer Products		8			20

Financial Institutions		8			—

Containers & Packaging		4			4

Entertainment & Leisure		4			13

Health Care		4			6

Aerospace & Defense		3			4

Building & Development		3			2

Automotive		3			4

Transportation		2			—

Technology		1			1

Ecological Services & Equipment		1			1

Conglomerates		1			—

Corporate Credit Breakdown³



BBB/Baa	1	%	—	%

Ba/BB	20		21

B/B	68		71

CCC/Caa	10		8

Not Rated	1		—


³	Using the higher of S&P, Moody’s or Fitch rating. Corporate bonds represented approximately 137.8% and 140.5% of net assets on June 30, 2005, and December 31, 2004, respectively.


TRUST SUMMARIES (unaudited)
JUNE 30, 2005

BlackRock Preferred Opportunity Trust (BPP)

Trust Information



Symbol on New York Stock Exchange:	BPP

Initial Offering Date:	February 28, 2003

Closing Market Price as of 6/30/05:		$	24.80

Net Asset Value as of 6/30/05:		$	25.18

Yield on Closing Market Price as of 6/30/05 (24.80):¹			8.06	%

Current Monthly Distribution per Share:²		$	0.166667

Current Annualized Distribution per Share:²		$	2.000004


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	The distribution is not constant and is subject to change.

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



	6/30/05		12/31/04		Change			High		Low

Market Price	$	24.80	$	25.39		(2.32	)%	$	25.99	$	22.49

NAV	$	25.18	$	25.88		(2.70	)%	$	26.30	$	25.01

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

Portfolio Composition



Composition	June 30, 2005			December 31, 2004

Financial Institutions		73	%		71	%

Real Estate		13			12

Energy		5			7

Media		3			3

Consumer Products		2			2

Industrials		1			—

Basic Materials		1			1

Automotive		1			1

Telecommunications		1			1

Containers & Packaging		—			1

Other		—			1

Credit Breakdown³



Credit Rating	June 30, 2005			December 31, 2004

AAA/Aaa		—	%		1	%

AA/Aa		14			20

A		38			33

BBB/Baa		29			27

BB/Ba		10			10

B		8			9

Not Rated		1			—


³	Using the higher of S&P, Moody’s or Fitch rating.


CONSOLIDATED PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2005

BlackRock Advantage Term Trust (BAT)


Rating¹	Principal Amount (000)				Description		Value

					LONG-TERM INVESTMENTS—87.7%
					Agency Multiple Class Mortgage Pass-Through Securities—2.8%
					Federal Home Loan Mortgage Corp.,
		$	674		Ser. 2919, Class ZD, 4.50%, 1/15/20	$	674,060
			1,471		Ser. 2930, Class ZD, 4.50%, 2/15/20		1,470,309
			463		Ser. 2949, Class ZY, 5.50%, 3/15/35		462,175
			95		Federal National Mortgage Assoc., Ser. 43, Class E, 4/25/22		97,954

					Total Agency Multiple Class Mortgage Pass-Through Securities		2,704,498

					Inverse Floating Rate Mortgage Securities—0.8%
					Federal Home Loan Mortgage Corp.,
			152	²	Ser. 2752, Class SV, 9.69%, 9/15/33		151,812
			373	²	Ser. 2791, Class SE, 14.32%, 5/15/34		372,948
			221	²	Federal National Mortgage Assoc., Ser. 190, Class S, 15.894%, 11/25/07		236,024

					Total Inverse Floating Rate Mortgage Securities		760,784

					Interest Only Mortgage-Backed Securities—0.3%
			6,000		Deutsche Mortgage Secs., Inc. Mortgage Loan Trust, Ser. 2, Class AIO, 3.50%, 2/25/06		85,080
					Federal Home Loan Mortgage Corp.,
			77	²	Ser. 1543, Class VU, 11.41%, 4/15/23		8,594
			51		Ser. 1588, Class PM, 6.50%, 9/15/22		634
			3,204		Ser. 2543, Class IJ, 5.00%, 10/15/12		137,697
			1,882		Ser. 2620, Class WI, 5.50%, 4/15/33		44,109
					Federal National Mortgage Assoc.,
			46		Ser. 188, Class VA, 6.50%, 3/25/13		332
			174		Ser. 194, Class PV, 6.50%, 6/25/08		2,789
			111		Ser. 223, Class PT, 6.50%, 10/25/23		9,698

					Total Interest Only Mortgage-Backed Securities		288,933

					Principal Only Mortgage-Backed Securities—2.2%
AAA			8	³	Collateralized Mortgage Obligation Trust, Ser. 29, Class A, 11.50%, 5/23/17		8,226
					Federal National Mortgage Assoc.,
			1,444	³	Ser. 193, Class E, 8.50%, 9/25/23		1,189,321
			1,149	³	Ser. 225, Class ME, 8.00%, 11/25/23		953,802

					Total Principal Only Mortgage-Backed Securities		2,151,349

					Commercial Mortgage-Backed Securities—0.8%
AAA			754	⁴	New York City Mortgage Loan Trust, Multi-Family, Class A2, 6.75%, 6/25/11		775,371

					Asset-Backed Securities—0.1%
NR			391	^3,4,5,6	Global Rated Eligible Asset Trust, Ser. A, Class 1, 7.33%, 9/15/07		43,063
NR			839	^3,5,6	Structured Mortgage Asset Residential Trust, Ser. 3, 8.724%, 4/15/06		92,319

					Total Asset-Backed Securities		135,382

					Collateralized Mortgage Obligation Residuals—0.0%
			10	²	Federal Home Loan Mortgage Corp., Ser. 1035, Class R, 4.88%, 1/15/21		0

					U.S. Government and Agency Zero Coupon Bonds—73.2%
			6,203		Aid to Israel, 8/15/05		6,178,238
			11,026	⁷	Financing Corp. (FICO) Strips, 12/06/05		10,860,720
			22,926	⁷	Resolution Funding Corp., 7/15/05		22,903,991
			6,216	⁷	Tennessee Valley Authority, 11/01/05		6,152,970
					U.S. Treasury Strips,
			18,000		8/15/05		17,930,970
			8,000		11/15/05		7,902,632

					Total U.S. Government and Agency Zero Coupon Bonds		71,929,521

See Notes to Financial Statements.

BlackRock Advantage Term Trust (BAT) (continued)


Rating¹	Principal Amount (000)				Description		Value

					Corporate Bonds—3.1%
					Energy—1.1%
BBB+		$	1,000	⁴	Israel Electric Corp., Ltd., 7.25%, 12/15/06 (Israel)	$	1,040,340

					Financial Institutions—2.0%
AA+			950		Citigroup, Inc., 5.75%, 5/10/06		963,224
NR			1,035	⁴	Equitable Life Assurance Society, zero coupon, 12/01/05		1,018,836

							1,982,060

					Total Corporate Bonds		3,022,400

					U.S. Government and Agency Securities—0.4%
			337		Small Business Investment Cos., Ser. P10A, Class 1, 6.12%, 2/01/08		348,476

					Taxable Municipal Bonds—4.0%
AAA			1,000		Alameda Cnty. California Pension Oblig., zero coupon, 12/01/05		985,860
AAA			1,000		Alaska Energy Auth., zero coupon, 7/01/05		1,000,000
AAA			1,033		Kern Cnty. California Pension Oblig., zero coupon, 8/15/05		1,029,425
NR			1,034		Long Beach California Pension Oblig., zero coupon, 9/01/05		1,028,501

					Total Taxable Municipal Bonds		4,043,786

					Total Long-Term Investments (cost $85,712,526)		86,160,500

					SHORT-TERM INVESTMENTS—44.8%
					U.S. Government and Agency Zero Coupon Bonds—44.8%
			26,000		Federal Home Loan Bank Discount Notes, 7/01/05-7/20/05		25,960,020
			18,000		Federal National Mortgage Assoc. Discount Notes, 7/01/05		18,000,000

					Total Short-Term Investments (cost $43,960,021)		43,960,020

					Total investments—132.5% (cost $129,672,547⁸)		130,120,520
					Liabilities in excess of other assets—(32.5)%		(31,926,487	)

					Net Assets—100%	$	98,194,033



¹	Using the higher of S&P’s, Moody’s or Fitch’s ratings.
²	Security interest rate is as of June 30, 2005.
³	Interest rate shown is rate as of June 30, 2005 of the underlying collateral.
⁴	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of June 30, 2005, the Trust held 2.9% of its net assets, with a current market value of $2,877,610, in securities restricted as to resale.
⁵	Security is fair valued.
⁶	Illiquid securities representing 0.14% of net assets.
⁷	Entire or partial principal amount pledged as collateral for reverse repurchase agreements. See Note 4 in the Notes to Financial Statements for details of open reverse repurchase agreements.
⁸	Cost for Federal income tax purposes is $129,732,387. The net unrealized appreciation on a tax basis is $388,133 consisting of $860,230 gross unrealized appreciation and $472,097 gross unrealized depreciation.

See Notes to Financial Statements.


PORTFOLIO OF INVESTMENTS (unaudited) JUNE 30, 2005

BlackRock Global Floating Rate Income Trust (BGT)


Rating¹	Principal Amount (000)				Description	Value

					LONG-TERM INVESTMENTS—155.5%
					Corporate Bonds—20.8%
					Automotive—0.3%
B-		$	125		Accuride Corp., 8.50%, 2/01/15	$	122,188
BB+			475		ArvinMeritor, Inc., 8.75%, 3/01/12		496,375
B			30		Cooper-Standard Automotive, Inc., 7.00%, 12/15/12		27,450
B2			525	²	Delco Remy Intl., Inc., 7.141%, 4/15/09		526,312
B			215		Delphi Corp., 6.50%, 5/01/09		178,450
B-			40		Goodyear Tire & Rubber Co., 7.857%, 8/15/11		38,800
CCC+			150	³	Metaldyne Corp., 10.00%, 11/01/13		122,250

							1,511,825

					Basic Materials—1.5%
					Abitibi-Consolidated, Inc. (Canada)
BB-			1,000		6.91%, 6/15/11		992,500
BB-			90		8.375%, 4/01/15		91,912
B+			260	^2,3	Boise Cascade LLC, 6.016%, 10/15/12		260,650
BB			1,000		Bowater, Inc., 6.41%, 3/15/10		1,012,500
BB-			70		Donohue Forest Products, 7.625%, 5/15/07 (Canada)		71,050
Ba3			750		Hercules, Inc., 6.75%, 10/15/29		727,500
BB			95		Intl. Steel Group, Inc., 6.50%, 4/15/14		91,438
					Lyondell Chemical Co.,
BB-			300		11.125%, 7/15/12		339,750
BB-			300		Ser. A, 9.625%, 5/01/07		320,250
B-			565		Nalco Co., 8.875%, 11/15/13		604,550
					NewPage Corp.,
B3			1,500	³	9.46%, 5/01/12		1,507,500
B3			70	³	10.00%, 5/01/12		70,525
B-			100	³	PQ Corp., 7.50%, 2/15/13		98,250
B-			750		Trimas Corp., 9.875%, 6/15/12		630,000

							6,818,375

					Building & Development—0.3%
B+			1,000	²	Ainsworth Lumber Co. Ltd., 6.84%, 10/01/10 (Canada)		995,000
B2			90	³	Compression Polymers Corp., 10.50%, 7/01/13		91,575
B-			240	³	Goodman Global Holding Co., Inc., 7.875%, 12/15/12		222,000

							1,308,575

					Consumer Products—0.5%
B3			45		ALH Finance LLC/ALH Finance Corp., 8.50%, 1/15/13		41,400
B3			1,050	³	Duane Reade, Inc., 7.91%, 12/15/10		1,039,500
B+			110		Finlay Fine Jewelry Corp., 8.375%, 6/01/12		97,900
B			40		Gold Kist, Inc., 10.25%, 3/15/14		45,600
B-			400		Lazydays RV Center, Inc., 11.75%, 5/15/12		417,000
B-			180	²	Levi Strauss & Co., 7.73%, 4/01/12		170,550
B2			300	³	Movie Gallery, Inc., 11.00%, 5/01/12		315,000
B-			365	³	Rite Aid Corp., 6.125%, 12/15/08		344,925

							2,471,875

					Containers & Packaging—0.2%
B			750		Crown European Hldgs. SA, 10.875%, 3/01/13 (France)		885,000

					Ecological Services & Equipment—0.1%
BB-			625		Allied Waste NA, Ser. B, 5.75%, 2/15/11		584,375

					Energy—8.3%
BB+			750	³	AES Corp., 9.00%, 5/15/15		840,000
BB-			70	³	Compagnie Generale de Geophysique SA, 7.50%, 5/15/15 (France)		72,450
B			750		Compton Petroleum Corp., Ser. A, 9.90%, 5/15/09 (Canada)		787,500
B			750		El Paso Production Holding Co., 7.75%, 6/01/13		801,562
B1			750		Foundation Pennsylvania Coal Co., 7.25%, 8/01/14		787,500
BB-			14,430		Gazprom OAO, 9.625%, 3/01/13 (Russia)		17,662,320
B-			730		KCS Energy, Inc., 7.125%, 4/01/12		740,950

See Notes to Financial Statements.

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


Rating¹	Principal Amount (000)				Description	Value

					Energy—(cont’d)
B		$	60	³	North American Energy Partners, Inc., 9.00%, 5/15/10 (Canada)	$	60,600
					Pemex Project Funding Master Trust,
Baa1			800	³	9.375%, 12/02/08		910,800
Baa1			12,700	²	Ser. 15, 4.941%, 10/15/09		13,347,700
					Reliant Energy, Inc.,
BB-			250		6.75%, 12/15/14		245,000
BB-			750		9.25%, 7/15/10		811,875
BB-			300		Swift Energy Co., 7.625%, 7/15/11		309,750
B2			300		Whiting Petroleum Corp., 7.25%, 5/01/13		307,500

							37,685,507

					Entertainment & Leisure—0.2%
BB			750		MGM Mirage, 5.875%, 2/27/14		727,500
B			25		Poster Financial Group, Inc., 8.75%, 12/01/11		25,438
B+			70	³	Wynn Las Vegas LLC/Wynn Las Vegas Cap. Corp., 6.625%, 12/01/14		67,900

							820,838

					Financial Institutions—3.1%
B+			95		AES Ironwood LLC, 8.857%, 11/30/25		107,156
BB			140	³	American Real Estate Partners LP/American Real Estate Finance Corp., 7.125%, 2/15/13		137,900
BB			750		Crum & Forster Hldgs. Corp., 10.375%, 6/15/13		813,750
BBB			60		Ford Motor Credit Co., 7.25%, 10/25/11		58,075
Baa2			3,000	²	General Motors Acceptance Corp., 4.05%, 1/16/07		2,934,030
Baa2			8,455	³	Kazkommerts Intl. BV, 8.50%, 4/16/13 (Netherlands)		8,982,620
BBB			25	²	Marsh & McLennan Cos., Inc., 3.28%, 7/13/07		24,846
B+			750	³	Rainbow National Services LLC, 8.75%, 9/01/12		813,750
B-			300		Universal City Florida Hldg. Co. I/II, 7.96%, 5/01/10		312,000

							14,184,127

					Health Care—0.5%
CCC+			10		Curative Health Services, Inc., 10.75%, 5/01/11		7,600
B-			750		IASIS Healthcare LLC/IASIS Cap. Corp., 8.75%, 6/15/14		813,750
B3			70		Insight Health Services Corp., Ser. B, 9.875%, 11/01/11		54,950
					Tenet Healthcare Corp.,
B			30		6.375%, 12/01/11		28,650
B			50		9.875%, 7/01/14		53,750
B-			830		Universal Hospital Services, Inc., 10.125%, 11/01/11		848,675
B2			450		US Oncology, Inc., 9.00%, 8/15/12		481,500

							2,288,875

					Industrials—0.7%
B-			400		Cenveo Corp., 7.875%, 12/01/13		383,000
B-			705	³	DI Finance/DynCorp. Intl., 9.50%, 2/15/13		652,125
B-			125	³	Hydrochem Industrial Services, 9.25%, 2/15/13		115,000
B-			555	³	Knowledge Learning Corp., Inc., 7.75%, 2/01/15		525,863
B-			180	³	NationsRent Cos., Inc., 9.50%, 5/01/15		177,300
CCC+			325	³	Park-Ohio Inds., Inc., 8.375%, 11/15/14		284,375
B3			210	³	Sunstate Equipment Co. LLC, 10.50%, 4/01/13		215,250
B+			600		United Rentals NA, Inc., 7.00%, 2/15/14		573,000

							2,925,913

					Media—0.6%
NR			250		Cablecom SCA, 4.898%, 4/15/12 (Luxembourg) (EUR)		299,685
CCC+			780		Charter Communications Hldgs. II LLC/Charter Communications Hldgs. II Cap. Corp., 10.25%, 9/15/10		789,750
BB-			350	³	Choctaw Resort Development Enterprise, 7.25%, 11/15/19		349,125
BB-			750		Echostar DBS Corp., 6.375%, 10/01/11		744,375
B-			70	³	Nexstar Finance, Inc., 7.00%, 1/15/14		64,838
B			485		Primedia, Inc., 7.625%, 4/01/08		490,456

							2,738,229

					Real Estate—1.4%
BB+			6,350	⁴	Rouse Co., 5.375%, 11/26/13		6,220,714

					Technology—0.8%
BB+			1,500	²	Freescale Semiconductor, Inc., 5.891%, 7/15/09		1,563,750

See Notes to Financial Statements.


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


	Principal
	Amount
Rating¹	(000)				Description	Value

					Technology—(cont’d)
Ba3		$	1,875	³	MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co., 6.66%, 12/15/11 (Luxembourg)	$	1,865,625
B			140		Superior Essex Communications LLC/Essex Group, Inc., 9.00%, 4/15/12		139,300

							3,568,675

					Telecommunications—2.0%
B+			810		Cincinnati Bell, Inc., 7.25%, 7/15/13		852,525
					Dobson Cellular Systems, Inc.,
B2			325	³	7.96%, 11/01/11		338,000
B2			350	³	8.375%, 11/01/11		367,500
B-			115	³	Hawaiian Telcom Communications, Inc., 8.914%, 5/01/13		118,163
					Intelsat Ltd. (Bermuda)
B			75		5.25%, 11/01/08		70,031
B+			485	^2,3	7.805%, 11/15/12		493,488
B+			50	³	8.25%, 1/15/13		51,625
B+			200	³	8.625%, 1/15/15		210,500
B+			2,350		Qwest Communications Intl., Inc., 7.268%, 12/15/09		2,303,000
BB			2,500	³	Qwest Corp., 6.671%, 6/15/13		2,550,000
B+			945		Qwest Services Corp., 13.50%, 12/15/10		1,091,475
BB			400		Rogers Wireless Communications, Inc., 6.535%, 6/15/13 (Canada)		418,000
CCC			385		Rural Cellular Corp., 9.875%, 2/01/10		397,512

							9,261,819

					Transportation—0.3%
B3			400	³	Horizon Lines LLC, 9.00%, 11/01/12		417,000
B+			750		OMI Corp., 7.625%, 12/01/13 (Marshall Island)		750,000

							1,167,000

					Total Corporate Bonds		94,441,722

					Bank Loans—100.6%
					Aerospace & Defense—2.1%
			2,970		CACI Intl., Inc., Term Loan, LIBOR + 1.50%, 2/04/07		2,995,912
					Camp Acquisition Co., Term Loan A,
			984		PRIME + 2.00%, 8/30/11		983,871
			8		LIBOR + 3.25%, 8/30/11		8,064
			1,000		Dyncorp International LLC, Loan Term B, LIBOR + 2.75%, 1/31/11		1,007,917
			2,000		MRO Acquisition LLC, Term Loan, LIBOR + 5.25%, 9/15/11		2,035,000
			2,492		Standard Aero, Inc., Term Loan, LIBOR + 2.25%, 8/18/12		2,523,462

							9,554,226

					Automotive—2.8%
					Goodyear Tire & Rubber Co., Term Loan,
			500		LIBOR + 2.75%, 4/01/10		498,928
			1,000		LIBOR + 3.50%, 4/01/11		978,214
			998		Hilite Intl., Term Loan B, LIBOR + 4.00%, 4/15/10		988,356
			1,000		Metaldyne Co. LLC, Term Loan D, LIBOR + 4.50%, 12/31/09		956,667
			1,750		Polar Corp., Term Loan, LIBOR, 5/30/10		1,767,500
			1,861		Progressive Moulded Products, Ltd., Term Loan B, LIBOR + 2.50%, 8/30/11		1,704,908
			3,000		TI Group Automotive Systems NA, Term Loan C, LIBOR + 3.25%, 6/30/11		2,921,250
			496		TRW Automotive Acquisitions Corp.,
					Term Loan B, LIBOR + 1.50%, 6/30/12		497,225
					Term Loan E, LIBOR + 1.50%, 10/31/10		2,496,867

							12,809,915

					Basic Materials—11.4%
			2,978		Appleton Papers, Inc., Term Loan, LIBOR + 2.25%, 6/30/10		3,001,692
			1,000		Berry Plastics Corp., Term Loan, LIBOR + 2.25%, 7/22/10		1,014,750
			2,520		Boise Cascade LLC, Term Loan D, LIBOR + 1.75%, 10/31/11		2,550,099
			798		Buckeye Technologies, Inc., Term Loan, LIBOR + 2.00%, 4/15/10		808,092
					Celanese, Term Loan,
			383		0.75%, 4/06/11		385,769
			3,606		LIBOR + 2.25%, 6/03/11		3,653,238
			2,000		Cognis Deutschland, Term Loan, LIBOR + 4.75%, 11/15/13		2,030,000
			1,638		Foundation Coal Corp., Term Loan B, LIBOR + 2.00%, 7/30/11		1,656,729
			992		Hercules, Inc., Term Loan B, LIBOR + 1.75%, 4/07/10		1,000,898

See Notes to Financial Statements.


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


	Principal
	Amount
Rating¹	(000)			Description	Value

				Basic Materials—(cont’d)
		$	2,488	Huntsman Intl., LLC, Term Loan B, LIBOR + 2.25%, 12/31/10	$	2,493,858
			5,115	Huntsman LLC, Term Loan, LIBOR + 3.50%, 3/30/10		5,129,774
			3,900	Innophos, Inc., Term Loan, LIBOR + 2.75%, 8/15/10		3,921,213
			2,012	Intermet Corp., PRIME + 3.25%, 3/31/09		1,935,213
			4,824	Invista, New Term B, LIBOR + 2.25%, 4/30/11		4,890,449
			1,050	Koch Cellulose, LLC, Term Loan, LIBOR + 1.75%, 5/01/11		1,058,626
				Kraton Polymers, LLC, Term Loan,
			221	LIBOR + 2.75%, 12/15/10		224,024
			1	PRIME + 1.50%, 12/15/10		569
			5,831	Nalco Co., Term Loan B, LIBOR + 2.00%, 11/04/10		5,917,269
			500	PQ Corp., Term Loan, LIBOR + 2.00%, 2/28/12		503,750
			963	Professional Paint, Inc., Term Loan, PRIME + 3.25%, 9/30/11		972,125
			6,500	Rockwood Specialties Group, Inc., Term Loan D, LIBOR + 2.50%, 8/15/12		6,582,602
			1,980	Supresta LLC, Term Loan, LIBOR + 3.00%, 7/16/11		1,994,850

						51,725,589

				Building & Development—2.4%
				Atrium Companies, Inc., Term Loan,
			240	LIBOR + 2.75%, 12/30/11		229,637
			8	LIBOR + 2.75%, 12/30/11		8,261
			1,500	Custom Building Products, Inc., Term Loan, LIBOR + 5.00%, 4/30/12		1,485,000
			500	Euramax International, Inc., Term Loan, TBD, 7/15/13		500,000
			2,000	Juno Lighting, Inc., Term Loan, LIBOR + 5.50%, 5/10/11		2,015,000
			2,000	Landsource Communities Development, LLC, Term Loan B, LIBOR + 2.50%, 3/31/10		2,003,214
				Nortek, Inc., Term Loan B,
			988	LIBOR + 2.25%, 8/24/11		991,820
			5	PRIME + 1.25%, 8/24/11		5,022
			2,390	Ply Gem Industries, Inc., USD Term Loan, LIBOR + 2.50%, 2/12/11		2,389,613
			1,247	Walnut Investment Co. LLC, Term Loan, LIBOR + 2.75%, 4/30/12		1,253,110

						10,880,677

				Business Equipment & Services—0.2%
			998	Latham Intl. Ltd., Term Loan, LIBOR + 4.00%, 12/31/10		997,500

				Conglomerates—3.9%
				Atlantis Plastics, Inc., Term Loan,
			998	LIBOR + 2.75%, 9/30/11		1,006,228
			1,000	LIBOR + 7.25%, 9/30/11		1,002,500
			2	PRIME + 0.75%, 9/30/11		2,522
			1,850	Fidelity National Information Solutions, Inc., Term Loan B, LIBOR + 1.75%, 3/30/13		1,841,329
			500	Gentek, Inc., Term Loan, LIBOR + 5.75%, 3/15/12		462,000
				Honeywell Security Group, Term Loan B,
			3,465	LIBOR + 4.00%, 6/28/10		3,486,656
			9	PRIME + 3.00%, 6/28/10		8,805
			500	IAP Acquisition Corp., Term Loan, LIBOR + 2.75%, 3/31/11		501,875
				Invensys Intl. Holdings Ltd.,
			2,000	Term Loan, LIBOR, 3/05/09		1,940,000
			2,000	Term Loan, LIBOR + 4.75%, 11/30/09		2,035,000
			977	Term Loan B1, LIBOR + 3.50%, 8/30/09		991,232
			494	NDC Health Corp., Term Loan, LIBOR + 3.00%, 11/04/08		499,335
			500	Penn Engineering & Manufacturing, Term Loan, LIBOR, 4/30/11		502,500
			2,571	Polypore, Inc., Term Loan, LIBOR + 2.25%, 11/15/11		2,579,820
				Rexnord Corp., Term Loan,
			737	LIBOR + 2.25%, 10/31/09		742,445
			13	PRIME + 1.00%, 10/31/09		12,867

						17,615,114

				Consumer Products—16.2%
			1,000	24 Hour Fitness Worlwide, Inc., Term Loan B, LIBOR, 6/30/12		1,013,750
				Adams Outdoor Advertising, L.P., Term Loan,
			499	LIBOR + 2.00%, 10/15/12		504,569
			1	PRIME + 0.75%, 10/15/12		1,265
			1,995	Alliance One International, Inc., Term Loan B, LIBOR + 3.25%, 5/13/10		2,027,419

See Notes to Financial Statements.


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


	Principal
	Amount
Rating¹	(000)			Description		Value

				Consumer Products—(cont’d)
				Berkline/BenchCraft Holdings, LLC,
		$	2,000	Term Loan, LIBOR + 8.00%, 4/30/12	$	2,020,000
			1,975	Term Loan B, LIBOR + 3.00%, 10/31/11		1,979,937
			995	Carrols Corp., Term Loan, LIBOR + 2.50%, 12/31/10		1,004,121
			746	Central Garden Pet, Term Loan B, LIBOR + 1.75%, 5/30/09		753,680
				Chiquita Brands International,
			500	Term Loan B, LIBOR + 2.50%, 7/15/12		505,625
			500	Term Loan C, LIBOR + 2.50%, 7/15/13		505,625
			1,470	Church & Dwight Co., Inc., Term Loan B, LIBOR + 1.75%, 5/31/11		1,482,066
			1,384	CKE Restaurants, Inc., Term Loan, LIBOR + 2.00%, 5/17/09		1,397,942
				Coinmach Service Corp., Term Loan B,
			1,860	LIBOR + 3.00%, 7/30/09		1,880,739
			107	PRIME + 2.00%, 7/30/09		108,056
			1,191	Constellation Brands, Inc., Term Loan B, LIBOR + 1.75%, 12/31/11		1,201,113
			750	Culligan International Co., Term Loan B, LIBOR + 2.75%, 10/15/11		757,187
			2,486	Delaware Laboratories, Inc., Term Loan, LIBOR + 2.25%, 10/30/11		2,490,915
			3,500	Denny’s Corp., Term Loan, LIBOR + 5.13%, 8/25/10		3,605,000
			2,985	Desa International, Inc., Term Loan, LIBOR + 5.00%, 12/30/11		2,865,600
			993	Doane Pet Care Co., Term Loan, LIBOR + 4.00%, 11/15/09		1,009,869
			500	Fender Musical Instruments Corp., Term Loan, LIBOR + 4.50%, 9/30/12		506,250
			410	Herbalife Intl., Inc., Term Loan, LIBOR + 1.75%, 12/31/10		410,000
			1,669	Jarden Corp., Term Loan, LIBOR + 2.00%, 1/15/12		1,683,129
				Knoll, Inc., Term Loan,
			1,670	LIBOR + 3.00%, 10/15/11		1,693,559
			24	PRIME + 2.00%, 10/15/11		23,853
			995	Landry’s Restaurants, Inc., Term Loan, LIBOR + 1.75%, 12/31/10		1,004,328
			734	Language Line, Inc., Term Loan B, LIBOR + 4.25%, 6/14/11		741,313
				Maidenform, Inc., Term Loan,
			264	LIBOR + 2.75%, 5/14/10		264,172
			3	PRIME + 1.75%, 5/14/10		3,383
			590	PRIME + 6.50%, 5/11/11		595,900
			1,000	Mapco Express, Inc., Term Loan, LIBOR + 2.75%, 5/15/11		1,012,500
			3,500	Movie Gallery, Inc., Term Loan B, LIBOR + 3.00%, 4/30/11		3,535,000
			2,929	National Bedding Co., LLC, Term Loan B, LIBOR + 2.25%, 8/25/08		2,964,224
			3,000	NewPage Corp., Term Loan B, LIBOR + 3.00%, 4/30/12		3,030,000
			3,500	Olympus Cable Holdings, LLC, Term Loan B, PRIME + 1.25%, 9/30/10		3,455,623
			995	Oreck Corp., Term Loan B, LIBOR + 2.75%, 1/31/12		999,975
				Oriental Trading Co., Inc.,
			2,231	Term Loan, LIBOR + 4.75%, 12/02/10		1,488,750
			403	Term Loan B, LIBOR + 2.50%, 8/06/10		1,137,852
			3,473	OSI Group LLC, Term Loan, LIBOR + 2.50%, 9/15/11		3,499,992
			2,583	Pierre Foods, Inc., Term Loan B, LIBOR + 2.75%, 7/15/10		2,613,704
				Prestige Brands Holdings, Inc., Term Loan B,
			1,970	LIBOR + 2.25%, 4/07/11		1,988,059
			10	PRIME + 1.25%, 4/07/11		10,092
			975	Propex Fabrics, Inc., Term Loan, LIBOR + 2.25%, 12/31/10		976,219
				R.H. Donnelley, Inc.,
			601	Term Loan A3, LIBOR + 1.75%, 6/30/11		606,557
			2,124	Term Loan D, LIBOR + 1.75%, 12/31/11		2,142,942
			2,978	Rite Aid Corp., Term Loan, LIBOR + 1.75%, 9/15/09		2,989,907
			998	Spectrum Brands, Inc., Term Loan B, LIBOR + 2.00%, 1/31/12		1,007,892
				Travel Centers of America, Inc.,
			500	Term Loan, TBD, 6/30/11		503,750
			1,000	Term Loan C, LIBOR + 1.75%, 11/30/11		1,007,500
				United Subcontractors, Inc.,
			3,980	Term Loan B, LIBOR + 3.25%, 4/21/11		3,980,000
			490	Term Loan C, LIBOR + 7.00%, 10/21/11		499,800

						73,490,703

See Notes to Financial Statements.


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


	Principal
	Amount
Rating¹	(000)			Description		Value

				Containers & Packaging—3.9%
				FlexSol Packaging Corp., Term Loan,
		$	358	LIBOR + 3.25%, 11/30/11	$	357,464
			1,000	LIBOR + 7.00%, 11/30/12		970,000
			5	PRIME + 1.75%, 11/30/11		4,583
				Graham Packaging Co., Inc.,
			6,468	Term Loan B, LIBOR + 2.50%, 10/01/11		6,552,386
			2,000	Term Loan C, LIBOR + 4.25%, 4/01/12		2,053,334
			3,576	Graphic Packaging Intl., Inc., Term Loan C, LIBOR + 2.50%, 8/08/10		3,627,120
			998	Smurfit Stone Container Corp., Term Loan B, LIBOR + 2.00%, 11/01/11		1,010,218
			2,970	Solo Cup Co., Term Loan, LIBOR + 2.00%, 2/27/11		2,992,942

						17,568,047

				Ecological Services & Equipment—1.3%
			1,957	Allied Waste NA, Inc., Term Loan, LIBOR + 2.00%, 3/31/12		1,960,113
			3,775	Envirosolutions, Inc., Term Loan, LIBOR + 4.50%, 2/28/09		3,765,073

						5,725,186

				Energy—5.0%
			1,500	AES Corp., Term Loan, LIBOR + 1.75%, 4/30/08		1,511,625
				Belden & Blake Corp., Term Loan,
			1,231	LIBOR + 2.75%, 7/15/11		1,230,587
			3	PRIME + 1.75%, 7/15/11		3,456
			1,000	Cellnet Technology, Inc., Term Loan B, LIBOR + 3.00%, 4/30/12		995,000
			933	Cogentrix Delaware Holdings, Inc., Term Loan, LIBOR + 1.75%, 4/30/12		938,304
			500	Coleto Creek Power, Term Loan C1, LIBOR + 2.00%, 8/05/12		509,062
			1,980	Dynegy Holdings, Inc., Term Loan, LIBOR, 5/10/10		1,987,920
				El Paso Corp.,
			750	Term Loan, LIBOR + 2.77%, 11/30/09		754,219
			1,235	Term Loan B, LIBOR + 2.75%, 11/30/09		1,241,947
			500	Energy Transfer Co., Term Loan, TBD, 6/30/08		503,334
			1,000	Kerr-McGee Corp., Loan Term B, LIBOR + 2.50%, 4/19/11		1,014,722
			498	Mainline LP, Term Loan, LIBOR + 2.38%, 12/31/11		498,194
			5,485	Reliant Energy, Inc., Term Loan, LIBOR + 2.38%, 4/30/10		5,532,012
				Semgroup LP, Term Loan,
			2,524	LIBOR + 2.50%, 2/28/11		2,541,120
			700	PRIME + 1.00%, 2/28/11		704,813
			1,996	Texas Genco LLC, Term Loan, LIBOR + 2.00%, 12/15/11		2,023,080
			500	Trout Coal Holdings LLC, Loan Term, LIBOR + 5.00%, 3/31/12		499,688

						22,489,083

				Entertainment & Leisure—7.2%
			1,000	Blockbuster Entertainment Corp., Term Loan B, LIBOR + 2.75%, 8/20/11		993,125
			1,980	Boyd Gaming Corp., Term Loan, LIBOR + 1.75%, 5/14/11		1,988,415
			500	Country Road, Term Loan, TBD, 6/30/13		505,000
			1,900	Greektown Casino, LLC, Term Loan D, LIBOR + 3.50%, 12/31/05		1,908,228
				Hollywood Theaters, Inc., Term Loan
			1,737	LIBOR + 3.25%, 8/01/09		1,754,244
			2,500	LIBOR + 7.00%, 1/21/10		2,518,750
			2,993	Kerasotes Theatres, Inc., Term Loan B, LIBOR + 2.75%, 12/31/07-11/01/11		3,033,647
			4,924	Loews Cineplex Entertainment Corp., Term Loan B, LIBOR + 2.25%, 8/15/11		4,935,293
			998	Marina District Finance Co., Inc., Term Loan B, LIBOR + 1.75%, 10/15/11		1,002,072
			5,000	MGM Studios, Inc., Term Loan B, LIBOR + 2.25%, 4/15/12		5,014,375
			1,000	Penn National Gaming, Term Loan, LIBOR + 2.50%, 5/31/12		1,013,393
			995	Universal City Development Partners, Ltd., Term Loan, LIBOR + 2.00%, 6/30/12		1,003,291
			1,244	Venetian Casino Resorts LLC, Term Loan B, LIBOR + 1.75%, 6/15/11		1,254,915
				Wyndham Intl., Inc.,
			86	Term Loan, LIBOR + 3.25%, 5/15/11		86,422
			914	Term Loan B, LIBOR + 3.25%, 5/15/11		917,448
			417	Term Loan C, LIBOR + 8.00%, 11/15/11		435,938
			4,000	Wynn Las Vegas LLC/Wynn Las Vegas Cap. Corp., Term Loan, LIBOR + 2.13%, 12/31/11		4,023,752

						32,388,308

See Notes to Financial Statements.


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


	Principal Amount
Rating¹	(000)			Description		Value

				Financial Institutions—2.4%
		$	1,608	Global Cash Access, LLC, Term Loan, LIBOR + 2.75%, 3/15/10	$	1,628,395
			1,610	Refco Finance Holdings, LLC, Term Loan B, LIBOR + 2.00%, 7/30/11		1,613,623
				Titan Corp., Term Loan B,
			2,971	LIBOR + 2.50%, 4/24/09		2,987,287
			6	PRIME + 1.25%, 4/24/09		5,880
			499	USI Holdings Corp., Term Loan B, LIBOR + 2.50%, 7/30/08		499,666
			3,880	Visant Holding Corp., Term Loan C, LIBOR + 2.25%, 10/15/11		3,931,732

						10,666,583

				Health Care—10.2%
			5,545	Accredo Health, Inc., Term Loan B, LIBOR + 1.75%, 8/05/11		5,544,628
			1,243	Advanced Medical Optics, Term Loan B, LIBOR + 2.00%, 6/30/07		1,255,102
				Arizant, Inc., Term Loan,
			3,925	LIBOR + 3.75%, 8/15/10		3,939,719
			25	PRIME, 8/15/10		25,094
			5,418	Community Health Systems, Inc., Term Loan, LIBOR + 1.75%, 8/15/11		5,470,813
			4,458	Concentra Operating Corp., Term Loan, LIBOR + 2.50%, 6/30/10		4,491,071
			750	Cooper Companies, Term Loan, LIBOR + 1.75%, 11/15/11		755,000
			1,000	Davita Corp., Inc., Term Loan, TBD, 6/30/12		1,012,188
				HealthSouth Corp., Term Loan,
			2,000	10.38%, 1/15/11		2,105,000
			1,500	LIBOR + 2.50%, 3/31/10		1,516,407
			2,000	LIBOR + 5.00%, 3/21/10		2,020,000
			2,970	IASIS Healthcare Corp., Term Loan B, LIBOR + 2.25%, 6/30/11		3,001,292
			2,729	Jean Coutu Group, Inc., Term Loan B, LIBOR + 2.25%, 6/30/11		2,766,904
			689	Kinetic Concepts, Inc., Term Loan B2, LIBOR + 1.75%, 8/05/10		695,174
			516	Medco Health Solutions, Term Loan A, LIBOR + 1.25%, 3/13/08		516,671
			995	Pacificare Health Systems, Inc., Term Loan, LIBOR + 1.50%, 12/15/10		997,694
				Select Medial Corp., Term Loan B,
			997	LIBOR + 1.75%, 2/28/12		997,619
			1	PRIME + 0.75%, 2/28/12		949
			3,045	US Oncology, Inc., Term Loan, LIBOR + 2.75%, 6/30/11		3,081,514
			2,088	Vanguard Health Systems, Term Loan, LIBOR + 3.25%, 9/30/11		2,117,508
				Warner Chilcott,
			529	Term Loan, 1.38%, 1/18/11		529,613
			2,178	Term Loan B, LIBOR + 2.75%, 1/18/11		2,180,905
			878	Term Loan C, LIBOR + 2.75%, 1/18/11		878,798
			406	Term Loan D, LIBOR + 2.75%, 1/18/11		406,998

						46,306,661

				Industrials—1.2%
			540	Alderwoods Group, Inc., Term Loan B2, LIBOR + 2.00%, 9/29/09		546,350
			411	Hexcel Corp., Term Loan B, LIBOR + 1.75%, 2/28/12		414,194
			935	Novelis, Inc., Term B, LIBOR + 1.75%, 12/30/11		943,962
			2,000	Tinnerman Palnut Engineered Products, Inc., Term Loan, LIBOR + 7.25%, 11/01/11		1,900,000
			1,844	Worldspan, LP, Term Loan, LIBOR + 2.75%, 6/30/07		1,798,333

						5,602,839

				Media—17.0%
				Alliance Atlantis Communications, Inc., Term Loan B,
			1,993	LIBOR + 1.75%, 11/30/11		2,013,670
			2	PRIME + 0.75%, 11/30/11		2,527
			1,750	American Lawyers Media, Inc., Term Loan, LIBOR + 2.50%, 3/15/10		1,750,000
			1,985	Bragg Communication, Term Loan B, LIBOR + 2.50%, 9/15/11		2,004,850
			1,000	Bresnan Communications LLC, Term Loan B, LIBOR + 3.50%, 9/30/10		1,011,250
				Century TCI California LP, Term Loan,
			2,000	PRIME + 0.75%, 12/31/07		1,984,376
			10,000	TBD, 12/31/09		9,878,570
				Charter Communications Operating, LLC,
			5,995	Term Loan A, LIBOR + 3.00%, 4/27/10		5,952,178
			1,985	Term Loan B, LIBOR + 3.25%, 4/30/11		1,970,821
			3,661	Dex Media East, LLC, Term Loan B, LIBOR + 1.75%, 12/31/08		3,689,497

See Notes to Financial Statements.


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


	Principal Amount
Rating¹	(000)			Description		Value

				Media—(cont’d)
		$	1,749	Dex Media West, LLC, Term Loan B, LIBOR + 1.75%, 9/01/09	$	1,761,308
			2,000	DirecTV Holdings, LLC, Term Loan B, LIBOR + 1.50%, 3/06/10		2,005,834
			1,990	Emmis Operating Co., Term Loan B, LIBOR + 1.75%, 5/15/12		2,004,372
				Insight Midwest Holdings, LLC,
			4,455	Term Loan A, LIBOR + 1.50%, 6/30/09		4,451,076
			995	Term Loan B, LIBOR + 2.75%, 1/06/10		1,004,166
			3,474	Media News, Term Loan C, LIBOR + 1.50%, 8/25/10		3,480,986
				Mediacom Communications Corp.,
			2,161	Term Loan A, LIBOR + 1.25%, 3/31/10		2,135,759
			995	Term Loan C, LIBOR + 2.00%, 9/30/10		1,000,804
			1,993	Mediacom Illinois LLC, Term Loan B, LIBOR + 2.25%, 3/31/13		2,010,869
			1,946	Mission Broadcasting, Inc., Term Loan B, LIBOR + 1.75%, 8/14/12		1,953,213
			695	NEP Supershooters LP, Term Loan, LIBOR + 4.00%, 2/01/11		705,171
			487	New Skies Satellites, Term Loan B, LIBOR + 2.25%, 4/12/11		492,962
			2,054	Nexstar Broadcasting, Inc., Term Loan, LIBOR + 1.75%, 8/14/12		2,061,787
			5,000	NTL Investment Holding Ltd., Term Loan B, LIBOR + 3.00%, 4/13/12		5,014,585
			2,500	Raycom Media, Inc., Term Loan B, LIBOR + 1.75%, 4/01/12		2,512,500
			1,250	San Pascuale Band of Indians, Term Loan, LIBOR + 2.50%, 8/31/08		1,250,000
				Transwestern Publishing Co., Term Loan,
			1,500	LIBOR + 2.25%, 2/25/11		1,503,282
			980	LIBOR + 4.50%, 2/25/12		988,514
			1,000	UPC Distribution Corp., Term Loan, LIBOR + 2.75%, 10/30/12		998,472
			3,966	Warner Music Group, Corp., Term Loan B, LIBOR + 2.00%, 4/08/11		3,988,078
			4,977	Western Wireless Corp., Term Loan A, LIBOR + 2.25%, 5/28/10		4,982,856
			500	Young Broadcasting, Inc., Term Loan, LIBOR + 2.25%, 11/01/12		504,167

						77,068,500

				Publishing—0.2%
			750	Endurance Business Media, Term Loan B, LIBOR + 2.75%, 3/15/12		759,375

				Real Estate—3.5%
			1,000	Associated Materials, Inc., Term Loan, LIBOR + 2.25%, 4/19/09		1,005,000
				General Growth Properties,
			3,500	Term Loan, TBD, 11/12/08		3,524,231
			984	Term Loan A, LIBOR + 2.25%, 11/12/07		988,607
			3,492	Term Loan B, LIBOR + 2.25%, 11/12/08		3,516,328
				Headwaters, Inc., Term Loan,
			333	LIBOR + 5.50%, 4/30/11		341,666
			2,767	PRIME + 1.25%, 4/30/11		2,786,300
			913	Lake Las Vegas Resort, Term Loan, LIBOR + 2.75%, 10/13/09		922,068
				Macerich Partnership, L.P., Term Loan,
			1,000	LIBOR + 1.50%, 3/31/09		997,500
			1,000	LIBOR + 1.60%, 3/31/06		998,750
			500	Masonite Intl., Term Loan, TBD, 3/31/13		498,889
			487	Stewart Enterprises, Term Loan B, LIBOR + 1.75%, 11/30/11		489,810

						16,069,149

				Technology—2.9%
			2,916	Directed Electronics, Inc., Term Loan, LIBOR + 3.25%, 3/15/10		2,944,733
			499	Federal IT Systems, Inc., Term Loan, LIBOR + 2.75%, 4/30/11		501,867
			2,751	Knowles Electronics, Inc., Term Loan B2, LIBOR + 5.00%, 6/29/07		2,762,912
			2,483	UGS PLM, Term Loan B, LIBOR + 2.00%, 5/30/11		2,504,222
			2,976	Verifone, Inc., Term Loan B, LIBOR + 2.00%, 6/30/11		2,989,225
			1,471	Westcom Corp., Term Loan B, LIBOR + 2.75%, 12/31/10		1,477,987

						13,180,946

				Telecommunications—6.5%
			1,000	Alaska Communications Systems Holdings, Term Loan, LIBOR + 2.00%, 1/31/12		1,006,500
			2,000	Atlantic Broadband Finance, LLC, Term Loan B1, LIBOR + 2.75%, 1/30/11		2,010,000
			4,707	Centennial Cellular Operating Co., Term Loan, LIBOR + 2.25%, 2/09/11		4,771,445
			1,000	Fairpont Communications, Inc., Term Loan B, LIBOR + 2.00%, 2/15/12		1,009,750
			2,500	Freedom Communications, Inc., Term Loan B, LIBOR + 1.50%, 5/01/13		2,503,750

See Notes to Financial Statements.


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


Rating¹	Principal Amount (000)				Description		Value

					Telecommunications—(cont’d)
		$	998		Intelsat Bermuda, Ltd., Loan Term, LIBOR + 1.75%, 7/31/11	$	1,004,732
			2,000		Iowa Telecommunications Services, Inc., Term Loan B, LIBOR + 2.00%, 11/30/11		2,016,250
			748		Ntelos, Inc., Term Loan B, LIBOR + 2.50%, 2/24/10		745,319
					PanAmSat Corp.,
			1,248		Term Loan, LIBOR + 2.50%, 8/20/09		1,258,882
			1,985		Term Loan B1, LIBOR + 2.25%, 7/16/11		2,014,053
			2,000		Qwest Corp., Term Loan A, LIBOR + 4.75%, 6/30/07		2,059,062
			2,000		Satbirds Finance, Term Loan, LIBOR + 4.25%, 10/15/13		2,383,358
			4,489		Triton PCS, Inc., Term Loan, LIBOR + 3.25%, 11/15/09		4,494,361
			1,960		Valor Telecommunications, Term Loan B, LIBOR + 2.00%, 2/28/12		1,982,360

							29,259,822

					Transportation—0.3%
			500		Sirva Worldwide, Inc., Term Loan B, LIBOR + 2.50%, 12/31/09		466,666
			1,033		Transport Industries, LP, Term Loan B, LIBOR + 4.00%, 6/14/10		1,036,888

							1,503,554

					Total Bank Loans		455,661,777

					Foreign Government Bonds—34.1%
B-			4,790		Argentina Republic, 3.01%, 8/03/12		4,332,555
B			7,261		Bolivarian Republic of Venezuela, 4.563%, 12/18/07		7,243,344
					Federative Republic of Brazil,
BB-			10,133		zero coupon, 4/15/14		10,378,931
BB-			11,530		4.313%, 4/15/09		11,232,349
BB-			9,435	⁵	9.23%, 9/29/09		10,944,600
BB-			1,840		Ser. B, 10.00%, 8/07/11,		2,097,600
B+			1,600		Islamic Republic of Pakistan, 6.75%, 2/19/09		1,617,339
NR			5,689		Kingdom of Morocco, zero coupon, 1/05/09		5,617,776
A-			800	⁴	Malaysia, 8.75%, 6/01/09		924,952
BB			900		Philippines Republic, 8.875%, 4/15/08		978,750
BBB-			8,071		Republic of Bulgaria, 3.75%, 7/28/12		8,078,693
A			2,400	⁴	Republic of Chile, 6.875%, 4/28/09		2,622,960
BB+			10,063		Republic of Colombia, 9.75%, 4/09/11		11,502,288
Ba1			3,200		Republic of Costa Rica, 9.335%, 5/15/09		3,584,000
BB+			800		Republic of El Salvador, 9.50%, 8/15/06		845,600
					Republic of Panama,
Ba1			12,714		3.75%, 7/17/16		12,173,916
BB+			840		8.25%, 4/22/08		913,500
					Republic of Peru,
BB			5,544		5.00%, 3/07/17		5,239,080
BB			2,400		9.125%, 1/15/08		2,640,000
Baa1			2,400	⁴	Republic of South Africa, 7.375%, 4/25/12		2,749,440
BB-			1,500		Republic of the Philippines, 8.875%, 4/15/08		1,633,353
BB-			2,400		Republic of Turkey, 12.00%, 12/15/08		2,880,000
B			4,428		Republic of Venezuela, 4.313%, 3/07/17		4,408,733
BBB-			4,000		Russian Federation, 10.00%, 6/26/07		4,403,200
Baa2			2,000	²	Sberbank of Russia, 4.92%, 10/24/06		2,021,800
					Ukraine,
BB-			8,100	^2,3	6.365%, 8/05/09		8,701,020
BB-			2,800	³	6.875%, 3/04/11		2,944,200
					United Mexican States,
Baa1			4,800	^2,4	3.84%, 1/13/09		4,864,800
Baal			60,000		8.00%, 12/24/08		5,373,284
					Venezuela Republic,
B+			4,000	²	4.15%, 4/20/11		3,660,000
B+			4,800		9.125%, 6/18/07		5,064,000
B			2,000		11.00%, 3/05/08		2,797,064

					Total Foreign Government Bonds		154,469,127

					Total Long-Term Investments (cost $698,112,789)		704,572,626

See Notes to Financial Statements.


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


Principal Amount (000)			Description		Value

			SHORT-TERM INVESTMENTS—2.3%
			U.S. Government and Agency Zero Coupon Bonds—1.0%
	$	4,500	Federal Home Loan Bank Discount Note, 7/01/05	$	4,500,000

			Foreign Government Bonds—1.3%
		5,000	German Treasury Bill, 2.027%, 7/13/05		6,050,161

			Total Short-Term Investments (cost $11,183,111)		10,550,161

			Total investments—157.8% (cost $709,295,900⁵)	$	715,122,787
			Liabilities in excess of other assets—(4.1)%		(18,457,080	)
			Preferred shares at redemption value, including dividends payable—(53.7)%		(243,517,734	)

			Net Assets—100%	$	453,147,973


¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Security interest rate is as of June 30, 2005.
³	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that act, to qualified institutional buyers. As of June 30, 2005, the Trust held 8.0% of its net assets, with a current market value of $36,399,129, in securities restricted as to resale.
⁴	Entire or partial principal amount pledged as collateral for reverse repurchase agreements. See Note 4 in the Notes to Financial Statements for details of open reverse repurchase agreements.
⁵	Cost for Federal income tax purposes is $709,405,069. The net unrealized appreciation on a tax basis is $5,717,718 consisting of $9,164,858 gross unrealized appreciation and $3,447,140 gross unrealized depreciation.

A category in the Corporate Bonds and Bank Loans sections may contain multiple industries as defined by the SEC’s Standard Industry Codes.

KEY TO ABBREVIATIONS

EUR – European Monetary Unit

See Notes to Financial Statements.


PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2005

BlackRock High Income Shares (HIS)


Rating¹	Principal Amount (000)			Description		Value

				LONG-TERM INVESTMENTS—139.4%
				Corporate Bonds—137.8%
				Aerospace & Defense—4.4%
BB-	$	250		AAR Corp., 6.88%, 12/15/07	$	256,250
B		80		Argo-Tech Corp., 9.25%, 6/01/11		86,900
B+		80		Armor Holdings, Inc., 8.25%, 8/15/13		86,200
BB		1,750		Availl, Inc., 7.63%, 7/01/11		1,846,250
B-		1,940		BE Aerospace, Inc., 8.88%, 5/01/11		2,022,450
BB-		1,500		Sequa Corp., Ser. B, 8.88%, 4/01/08		1,612,500
B		500		Titan Corp., 8.00%, 5/15/11		535,000

						6,445,550

				Automotive—3.5%
BB+		225		ArvinMeritor, Inc., 8.75%, 3/01/12		235,125
B		170		Cooper-Standard Automotive, Inc., 7.00%, 12/15/12		155,550
				Delco Remy Intl., Inc.,
CCC+		500		9.38%, 4/15/12		400,000
CCC+		500		11.00%, 5/01/09		460,000
B		260		Delphi Corp., 6.50%, 5/01/09		215,800
B-		215		Dura Operating Corp., Ser. B, 8.63%, 4/15/12		194,575
B-		1,750		Goodyear Tire & Rubber Co., 7.86%, 8/15/11		1,697,500
CCC+		880	^2,3	Metaldyne Corp., 10.00%, 11/01/13		717,200
B-		200		Stanadyne Corp., 10.00%, 8/15/14		187,000
BB-		800		TRW Automotive, Inc., 9.38%, 2/15/13		886,000

						5,148,750

				Basic Materials—16.9%
BB-		510		Abitibi-Consolidated, Inc., 8.38%, 4/01/15 (Canada)		520,837
B3		1,200	²	Alpha Natural Resources LLC/Alpha Natural Resources Capital Corp., 10.00%, 6/01/12		1,320,000
B-		2,030		Caraustar Industries, Inc., 9.88%, 4/01/11		2,050,300
BB-		1,010		Del Monte Corp., 8.63%, 12/15/12		1,111,000
BB-		390		Donohue Forest Products, 7.63%, 5/15/07 (Canada)		395,850
				Equistar Chemicals LP/Equistar Funding Corp.,
BB-		2,780		10.13%, 9/01/08		3,009,350
BB-		1,250		10.63%, 5/01/11		1,387,500
BB+		2,000		Georgia-Pacific Corp., 8.00%, 1/15/14-1/15/24		2,258,750
B		500	²	Huntsman Intl. LLC, 7.38%, 1/01/15		493,750
BB-		1,450		Huntsman LLC, 11.63%, 10/15/10		1,700,125
BB		200		IMC Global, Inc., Ser. B, 10.88%, 6/01/08		224,750
CCC+		1,670	²	Innophos, Inc., 8.88%, 8/15/14		1,703,400
BBB+		165		Ispat Inland ULC, 9.75%, 4/01/14 (Canada)		191,813
B		500		Jacuzzi Brands, Inc., 9.63%, 7/01/10		542,500
BB-		790		Lyondell Chemical Co., 10.50%, 6/01/13		904,550
B-		715		Nalco Co., 8.88%, 11/15/13		765,050
BB-		225		Norske Skog Ltd., 7.38%, 3/01/14 (Canada)		220,500
B-		485	²	PQ Corp., 7.50%, 2/15/13		476,513
B-		1,000		Resolution Performance Products, Inc., 13.50%, 11/15/10		1,075,000
				Rhodia SA (France)
CCC+		1,915		8.88%, 6/01/11		1,838,400
B3		175		10.25%, 6/01/10		187,687
B-		2,730		Trimas Corp., 9.88%, 6/15/12		2,293,200

						24,670,825

				Building & Development—3.8%
B2		540	²	Compression Polymers Corp., 10.50%, 7/01/13 .		549,450
B-		3,000	²	Goodman Global Holding Co., Inc., 7.88%, 12/15/12		2,775,000
Ba2		1,000		K Hovnanian Enterprises, Inc., 7.75%, 5/15/13		1,040,000
CCC+		1,375		Nortek, Inc., 8.50%, 9/01/14		1,271,875

						5,636,325

BlackRock High Income Shares (HIS) (continued)


Rating¹		Principal Amount (000)		Description		Value

				Conglomerates—0.9%
B	$	1,300		JSG Funding PLC, 9.63%, 10/01/12 (Ireland)	$	1,293,500

				Consumer Products—11.4%
CCC		140		Ames True Temper, Inc., 10.00%, 7/15/12		113,400
B		880		Celestica, Inc., 7.63%, 7/01/13 (Canada)		884,400
B+		550		Cenveo Corp., 9.63%, 3/15/12		596,750
B2		650		Elizabeth Arden, Inc., 7.75%, 1/15/14		677,625
B+		1,035		Finlay Fine Jewelry Corp., 8.38%, 6/01/12		921,150
B-		486		FTD, Inc., 7.75%, 2/15/14		473,850
B		678		Gold Kist, Inc., 10.25%, 3/15/14		772,920
B-		500		Jarden Corp., 9.75%, 5/01/12		526,875
B		1,000	³	Johnsondiversey Holdings, Inc., zero coupon, 5/15/13		711,250
B-		2,425		Lazydays RV Center, Inc., 11.75%, 5/15/12		2,528,062
B-		810	³	Levi Strauss & Co., 7.73%, 4/01/12		767,475
B2		1,640	²	Movie Gallery, Inc., 11.00%, 5/01/12		1,722,000
B3		1,000	²	NewPage Corp., 10.00%, 5/01/12		1,007,500
B		500		Playtex Products, Inc., 8.00%, 3/01/11		534,375
				Rite Aid Corp.,
B-		750		4.75%, 12/01/06		738,750
B-		715	^2,3	6.13%, 12/15/18		675,675
B+		250		8.13%, 5/01/10		257,188
B2		2,000		Saks, Inc., 7.38%, 2/15/19		2,000,000
B-		250		Simmons Bedding Co., 7.88%, 1/15/14		215,000
B		500		Swift & Co., 12.50%, 1/01/10		558,125

						16,682,370

				Containers & Packaging—6.2%
B		1,425		Crown Cork & Seal, Inc., 8.00%, 4/15/23		1,382,250
B+		1,430		Crown European Holdings SA, 9.50%, 3/01/11 (France)		1,583,725
B-		1,000		Graphic Packaging Intl., Inc., 9.50%, 8/15/13		1,010,000
B+		1,000		Jefferson Smurfit Corp., 7.50%, 6/01/13		955,000
B		2,600		Owens Brockway, 8.25%, 5/15/13		2,821,000
B		250		Owens Illinois, Inc., 7.35%, 5/15/08		259,375
B		1,000		Stone-Container Corp. Enterprises, Inc., 9.75%, 2/01/11		1,057,500

						9,068,850

				Ecological Services & Equipment—1.6%
				Allied Waste NA, Inc.,
BB-		800		8.50%, 12/01/08		842,000
BB-		1,000		8.88%, 4/01/08		1,045,000
B		400		Casella Waste Systems, Inc., 9.75%, 2/01/13		432,000

						2,319,000

				Energy—18.1%
B+		250		AES Corp., 9.50%, 6/01/09		278,750
CCC+		960		Calpine Energy Finance ULC, 8.50%, 5/01/08 (Canada)		686,400
CCC+		680		Calpine Generating Co. LLC, 11.50%, 4/01/11		608,600
BB		750		Chesapeake Energy Corp., 7.75%, 1/15/15		810,000
				CMS Energy Corp.,
B+		80		7.50%, 1/15/09		84,300
B+		240		9.88%, 10/15/07		262,800
BB-		390	²	Compagnie Generale de Geophysique SA, 7.50%, 5/15/15 (France)		403,650
				Dynegy Holdings, Inc.,
B		180	²	9.88%, 7/15/10		198,000
B		400	²	10.13%, 7/15/13		452,000
				El Paso CGP Co.,
B-		1,000		7.75%, 6/15/10		1,021,250
B-		3,250		9.63%, 5/15/12		3,587,187
B		500		El Paso Production Holding Co., 7.75%, 6/01/13		534,375
B		1,600		Exco Resources, Inc., 7.25%, 1/15/11		1,584,000
B		285	²	Hilcorp Energy I LP/Hilcorp Finance Corp., 10.50%, 9/01/10		314,925
B-		760	²	KCS Energy, Inc., 7.13%, 4/01/12		772,650
				Midwest Generation LLC,
B+		250		8.56%, 1/02/16		276,250
B1		455		8.75%, 5/01/34		509,600


BlackRock High Income Shares (HIS) (continued)


	Principal
	Amount
Rating¹	(000)				Description		Value

					Energy—(cont’d)
B2		$	1,680		Mission Energy Holdings Co., 13.50%, 7/15/08	$	1,995,000
B			330	²	North American Energy Partners, Inc., 9.00%, 5/15/10 (Canada)		333,300
B-			240	²	Ocean Rig AS, 8.38%, 7/01/13 (Norway)		243,600
B			2,000		Orion Power Holdings, Inc., 12.00%, 5/01/10		2,395,000
B			25		Range Resources Corp., 6.38%, 3/15/15		24,875
					Reliant Energy, Inc.,
BB-			555		6.75%, 12/15/14		543,900
BB-			245		9.25%, 7/15/10		265,213
B			1,475		Roseton/Danskammer, Ser.A, 7.27%, 11/08/10		1,467,625
B1			1,000		Tennessee Gas Pipeline Co., 7.50%, 4/01/17		1,090,000
Ba2			60		Transcontinental Gas Pipe Line Corp., 7.25%, 12/01/26		65,400
BB+			200	²	TXU Corp., 6.55%, 11/15/34		195,071
Ba3			2,000		Universal Compression, Inc., 7.25%, 5/15/10		2,090,000
B2			835		Utilicorp Finance Corp., 7.75%, 6/15/11 (Canada)		860,050
B2			700		Whiting Petroleum Corp., 7.25%, 5/01/13		717,500
B+			1,550		Williams Cos., Inc., 8.13%, 3/15/12		1,759,250

							26,430,521

					Entertainment & Leisure—5.2%
B+			1,000		Boyd Gaming Corp., 7.75%, 12/15/12		1,068,750
BB+			500		Caesars Entertainment, Inc., 7.88%, 3/15/10		560,000
B1			250	³	Felcor Lodging LP, 7.78%, 6/01/11		257,500
					Gaylord Entertainment Co.,
B-			450		6.75%, 11/15/14		436,500
B-			1,000		8.00%, 11/15/13		1,051,250
B			75		Hammons John Q. Hotels LP, Ser. B, 8.88%, 5/15/12		82,125
B			650		Inn of the Mountain Gods Resort & Casino, 12.00%, 11/15/10		750,750
BB			450		K2, Inc., 7.38%, 7/01/14		472,500
B			720		Poster Financial Group, Inc., 8.75%, 12/01/11		732,600
B-			705		Riddell Bell Holdings, Inc., 8.38%, 10/01/12		715,575
BB+			500		Royal Caribbean Cruises Ltd., 6.88%, 12/01/13 (Liberia)		532,500
B+			1,000	²	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.63%, 12/01/14		970,000

							7,630,050

					Financial Institutions—11.1%
B-			1,640		BCP Crystal US Holdings Corp., 9.63%, 6/15/14		1,836,800
B-			200	²	Borden US Finance Corp./Nova Scotia Finance ULC, 9.00%, 7/15/14		203,000
BB			200		Crum & Forster Holdings Corp., 10.38%, 6/15/13		217,000
BB			1,250		Fairfax Financial Holdings Ltd., 7.75%, 4/26/12 (Canada)		1,187,500
					Ford Motor Credit Co.,
BBB			2,440		5.70%, 1/15/10		2,270,030
BBB			450		7.25%, 10/25/11		435,564
B-			1,945		K&F Acquisition, Inc., 7.75%, 11/15/14		1,979,037
B-			250	²	KRATON Polymers LLC/KRATON Polymers Cap. Corp., 8.13%, 1/15/14		240,000
B+			2,955	²	Rainbow National Services LLC, 10.38%, 9/01/14		3,398,250
B-			1,055	²	Standard Aero Holdings, Inc., 8.25%, 9/01/14		1,107,750
B-			610		UGS Corp., 10.00%, 6/01/12		683,200
B-			110		Universal City Florida Holding Co. I/II, 7.96%, 5/01/10		114,400
B-			2,500		Visant Corp., 7.63%, 10/01/12		2,468,750
BB-			110	³	Western Financial Bank, 9.63%, 5/15/12		119,350

							16,260,631

					Health Care—5.0%
CCC+			50		Curative Health Services, Inc., 10.75%, 5/01/11		38,000
BB+			500		Fisher Scientific Intl, Inc., 3.25%, 3/01/24		517,500
B-			500		Genesis Healthcare Corp., 8.00%, 10/15/13		541,250
B3			105		Insight Health Services Corp., Ser. B, 9.88%, 11/01/11		82,425
Ba3			315		NeighborCare, Inc., 6.88%, 11/15/13		334,294
B-			900		Norcross Safety Products LLC/Norcross Capital Corp., 9.88%, 8/15/11		940,500
					Tenet Healthcare Corp.,
B			180		6.38%, 12/01/11		171,900
B			180		9.88%, 7/01/14		193,500
B-			990		Universal Hospital Services, Inc., 10.13%, 11/01/11		1,012,275
CCC+			1,250		Vanguard Health Holding Co. II LLC, 9.00%, 10/01/14		1,353,125


BlackRock High Income Shares (HIS) (continued)


	Principal
	Amount
Rating¹	(000)				Description		Value

					Health Care—(cont’d)
B-		$	1,500		VWR Intl, Inc., 8.00%, 4/15/14	$	1,428,750
B+			600		WH Hldgs Ltd./WH Capital Corp., 9.50%, 4/01/11 (Cayman Islands)		642,000

							7,255,519

					Industrials—11.6%
B-			1,000		Blount, Inc., 8.88%, 8/01/12		1,070,000
B-			565		Cenveo Corp., 7.88%, 12/01/13		540,988
B-			2,975	²	DI Finance/DynCorp. Intl., 9.50%, 2/15/13		2,751,875
B-			2,000		ERICO Intl. Corp., 8.88%, 3/01/12		2,030,000
NR			2,764	^3,4,5,6	Goss Graphics Systems, 12.25%, 11/19/05		0
B-			1,000		H&E Equipment Services LLC/H&E Finance Corp., 11.13%, 6/15/12		1,102,500
B-			1,500	²	Knowledge Learning Corp., Inc., 7.75%, 2/01/15		1,421,250
B-			1,000	²	NationsRent Cos., Inc., 9.50%, 5/01/15		985,000
BB-			2,250		Rental-A-Center, Inc., 7.50%, 5/01/10		2,250,000
BB			1,387		Service Corp. Intl., 7.70%, 4/15/09		1,484,090
B3			1,170	²	Sunstate Equipment Co. LLC, 10.50%, 4/01/13		1,199,250
					United Rentals NA, Inc.,
B+			1,100		7.00%, 2/15/14		1,050,500
B+			1,100		7.75%, 11/15/13		1,078,000

							16,963,453

					Media—21.7%
B-			575		Allbritton Communications Co., 7.75%, 12/15/12		566,375
CCC+			500		American Media Operations, Inc., 10.25%, 5/01/09		501,250
B+			1,600		Argosy Gaming Co., 7.00%, 1/15/14		1,762,000
NR			1,250	³	Cablecom SCA, 4.90%, 4/15/12 (Luxembourg) (EUR)		1,498,427
B+			500	²	Charter Communciations Operating/Charter Communications Operating Capital, 8.38%, 4/30/14		497,500
CCC+			3,390		Charter Communications Holdings II, LLC/Charter Communications Holdings II Capital Corp., 10.25%, 9/15/10		3,432,375
CCC+			1,250		Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp., 11.13%, 1/15/11		937,500
B+			550		Corus Entertainment, Inc., 8.75%, 3/01/12 (Canada)		589,875
					CSC Holdings, Inc.,
BB-			600		7.88%, 2/15/18		588,000
B+			2,550		10.50%, 5/15/16		2,741,250
					Dex Media East LLC/Dex Media East Finance Co.,
B1			500		9.88%, 11/15/09		551,250
B			600		12.13%, 11/15/12		718,500
B			488		Dex Media West LLC/Dex Media Finance Co., 9.88%, 8/15/13		558,760
B			750		Dex Media, Inc., 8.00%, 11/15/13		806,250
B			1,000		Echostar Communications Corp., 5.75%, 5/15/08		992,500
BB-			365	³	Echostar DBS Corp., 6.35%, 10/01/08		373,213
B			250		General Cable Corp., 9.50%, 11/15/10		266,250
B-			410		Houghton Mifflin Co., 9.88%, 2/01/13		440,750
CCC+			1,200		Nebraska Book Co., Inc., 8.63%, 3/15/12		1,119,000
B-			2,150	²	Nexstar Finance, Inc., 7.00%, 1/15/14		1,998,000
					Primedia, Inc.,
B			323		7.63%, 4/01/08		326,634
B			600	³	8.64%, 5/15/10		633,000
B			1,310		8.88%, 5/15/11		1,375,500
B			1,035		Quebecor Media, Inc., 11.13%, 7/15/11 (Canada)		1,148,850
BB-			630	²	Seneca Gaming Corp., 7.25%, 5/01/12		651,262
					Sinclair Broadcast Group, Inc.,
B			2,150		8.00%, 3/15/12		2,203,750
B			450		8.75%, 12/15/11		472,500
					Vertis, Inc.,
CCC			1,710		10.88%, 6/15/09		1,624,500
Caa2			750	²	13.50%, 12/07/09		551,250
B-			95	^2,3	WMG Hldgs. Corp., 9.50%, 12/15/14		65,550
CCC			300		WRC Media, Inc./Weekly Reader Corp./JLC Learning Corp., 12.75%, 11/15/09		317,250
CCC			1,510		Young Broadcasting, Inc., 10.00%, 3/01/11		1,438,275

							31,747,346

BlackRock High Income Shares (HIS) (continued)


Rating¹	Principal Amount (000)				Description		Value

					Technology—1.8%
B+		$	200	²	Hynix Semiconductor, Inc., 9.88%, 7/01/12 (South Korea)	$	198,500
B1			1,060		Lucent Technologies, Inc., 6.45%, 3/15/29		948,700
					MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co. (Luxembourg)
Ba3			60	^2,3	6.66%, 12/15/11		59,700
Ba3			500	²	6.88%, 12/15/11		492,500
B			385		Superior Essex Communications LLC/Essex Group, Inc., 9.00%, 4/15/12		383,075
Ba2			500		Xerox Corp., 7.63%, 6/15/13		538,125

							2,620,600

					Telecommunications—12.0%
B2			750	³	Airgate PCS, Inc., 6.89%, 10/15/11		766,875
B+			1,000		American Tower Corp., 7.13%, 10/15/12		1,057,500
B+			2,085		Cincinnati Bell, Inc., 7.25%, 7/15/13		2,194,463
B-			170	^2,3	Hawaiian Telcom Communications, Inc., 8.91%, 5/01/13		174,675
B+			500		Insight Midwest LP/Insight Capital, 10.50%, 11/01/10		530,000
					Intelsat Ltd. (Bermuda)
B+			595	^2,3	7.81%, 1/15/12		605,413
B+			1,235	²	8.63%, 1/15/15		1,299,837
					Lucent Technologies, Inc.,
B1			550		5.50%, 11/15/08		548,625
B1			2,050		6.50%, 1/15/28		1,829,625
B+			1,072		PanAmSat Corp., 9.00%, 8/15/14		1,168,480
NR			3,000	^3,4,5,6	Poland Telecom Finance BV, 14.00%, 12/01/07 (Netherlands)		0
B			230		Qwest Capital Funding, Inc., 7.00%, 8/03/09		223,100
					Qwest Corp.,
BB			1,000	^2,3	6.67%, 6/15/13		1,033,750
BB-			3,190	^2,3	9.13%, 3/15/12		3,461,150
B+			535	³	Qwest Services Corp., 13.50%, 12/15/10		617,925
B+			350		Rogers Wireless Communications, Inc., 8.00%, 12/15/12 (Canada)		376,250
					Rural Cellular Corp.,
B2			1,000		8.25%, 3/15/12		1,045,000
CCC			560		9.88%, 2/01/10		578,200

							17,510,868

					Transportation—2.6%
B			755	²	CHC Helicopter Corp., 7.38%, 5/01/14 (Canada)		753,112
B+			200		General Maritime Corp., 10.00%, 3/15/13 (Marshall Island)		216,500
B3			2,050	²	Horizon Lines LLC, 9.00%, 11/01/12		2,137,125
BB+			660		Overseas Shipholding Group, Inc., 8.25%, 3/15/13		689,700

							3,796,437

					Total Corporate Bonds		201,480,595



Shares

			Common Stock—0.0%
	64	⁵	Goss Holdings Inc.	1
	0		Crown Castle Intl. Corp.	10,058

			Total Common Stock	10,059

			Preferred Securities—1.6%
			Consumer Products—0.5%
	30		Smurfit-Stone Container Corp.,	695,100

			Containers & Packaging—0.1%
	5		Owens Illinois, Inc.	202,600

			Energy—0.4%
	1	²	NRG Energy, Inc.,	547,938

			Media—0.3%
	10		Emmis Communications Corp.,	430,848

			Telecommunications—0.3%
	10		Crown Castle International Corp.,	484,650

			Total Preferred Securities	2,361,136

BlackRock High Income Shares (HIS) (continued)


Principal Amount (000)				Description		Value

				Warrants—0.0%
	$	4	^2,5,6	Pliant Corp., expires 6/01/10	$	0

				Total Long-Term Investments (cost $210,502,012)		203,851,790

				SHORT-TERM INVESTMENTS—4.7%
				U.S. Government and Agency Zero Coupon Bonds—4.7%
		6,900		Federal Home Loan Bank Discount Note, 2.65%, 7/1/05 (cost $6,900,000)		6,900,000

				Total investments—144.1% (cost $217,402,012⁷)	$	210,751,790
				Liabilities in excess of other assets—(44.1)%		(64,512,933	)

				Net Assets—100%	$	146,238,857



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
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 June 30, 2005, the Trust held 28.1% of its net assets, with a current market value of $41,157,321 in securities restricted as to resale.
³	Security interest rate is as of June 30, 2005.
⁴	Issuer is technically in default and/or bankruptcy.
⁵	Security is fair valued.
⁶	Illiquid security.
⁷	Cost for Federal income tax purposes is $217,445,531. The net unrealized depreciation on a tax basis is $6,703,741 consisting of $5,563,400 gross unrealized appreciation and $12,267,141 gross unrealized depreciation.

A category in the Corporate Bonds section may contain multiple industries as defined by the SEC’s Standard Industry Codes.

KEY TO ABBREVIATIONS

EUR – European Monetary Unit

PORTFOLIO OF INVESTMENTS (unaudited)

JUNE 30, 2005

BlackRock Preferred Opportunity Trust (BPP)


Rating¹	Shares			Description		Value

				LONG-TERM INVESTMENTS—148.2%
				Preferred Securities—67.7%
				Consumer Products—0.5%
BBB-		20,000	²	Dairy Farmers of America, Inc., 7.875%	$	2,091,250

				Energy—2.9%
BB+		5,000		Devon Energy Corp., Ser. A, 6.49%		506,250
B-		115,000		Hanover Compressor Cap. Trust, 7.25%, expires 12/14/29, price $17.875, 2.7972 shares		5,492,400
Baa3		275,000		Nexen, Inc., 7.35% (Canada)		7,251,750

						13,250,400

				Financial Institutions—49.7%
Aa2		600		ABN Amro NA, Inc., 6.46%		583,020
BBB-		300,000		ACE Ltd., Ser. C, 7.80% (United Kingdom)		8,081,250
A		433,100		Banco Santander Central Hispano SA, Ser. 1, 6.41% (Spain)		10,969,124
A2		30,000		Banesto Hldgs. Ltd., Ser. A, 10.50% (Bailiwick of Guernsey)		945,000
A3		100,000		Bear Stearns Co., Inc., Ser. E, 6.15%		5,130,000
B+		60,000		Chevy Chase Preferred Cap. Corp., Ser. A, 10.375%		3,489,000
A3		23,600		Citigroup Cap. I, 6.75% (CORTS)		611,476
AA		40,000		Citigroup Cap. X, 6.10%		1,008,000
AA		50,000		Citigroup Cap. XI, 6.00%		1,256,000
BB		80,000		Colonial Cap. Trust IV, 7.875%		2,076,800
				Credit Suisse First Boston, Inc. (SATURNS)
Aa3		11,100		6.25%		279,609
Aa3		12,300		7.00%		322,106
BBB+		137,500		Everest Re Cap. Trust, 7.85% (Barbados)		3,682,429
BBB+		30,000		Everest Re Cap. Trust II, Ser. B, 6.20%		708,000
				Federal Home Loan Mortgage Corp.
AA-		221,500		Ser. F, 5.00%		9,420,990
AA-		102,958		Ser. H, 5.10%		4,478,673
AA		15,200		Financial Security Assurance Holdings Ltd., 5.60%		376,960
				First Republic Bank,
BBB-		185,000		6.25%		4,538,050
BBB-		277,200		6.70%		7,224,525
BBB-		120,000		First Republic Preferred Cap. Corp., 7.25%		3,036,000
Aa3		85,000		Fleet Cap. Trust VII, 7.20%		2,188,750
Aa3		26,100		Fleet Cap. Trust VIII, 7.20%		677,556
				Goldman Sachs Group, Inc., The,
Aa3		20,000		5.625% (SATURNS)		469,200
Aa3		42,000		5.80% (CORTS)		1,047,060
Aa3		102,900		6.00% (SATURNS)		2,546,775
				ING Groep NV (Netherlands)
A-		76,700		7.05%		2,008,581
A-		560,337		7.20%		14,764,880
A1		80,000		JP Morgan Chase Cap. XII, 6.25%		2,030,000
A1		150,000		JP Morgan Chase Cap. XIV, 6.20%		3,774,000
A3		117,200		KeyCorp Cap. V, 5.875%		2,900,700
A2		263,400		Lehman Brothers Holdings Cap. Trust III, Ser. K, 6.375%		6,659,094
A2		90,000		Lehman Brothers Holdings Cap. Trust IV, Ser. L, 6.375%		2,286,000
A2		146,500		Lehman Brothers Holdings Cap. Trust V, Ser. M, 6.00%		3,627,340
A-		31,100		Lehman Brothers Holdings, Inc., Ser. D, 5.67%		1,568,606
A1		20,000		Merrill Lynch Preferred Cap. Trust III, 7.00%		522,500
A+		86,900		Merrill Lynch Preferred Cap. Trust V, 7.28%		2,315,016
A-		525,000		MetLife, Inc., Ser. B, 6.5%		13,219,500
A+		337,000		Morgan Stanley Cap. Trust III, 6.25%		8,482,290
BBB-		7,200		News Corp. Ltd., The, Ser. 9, Class 1, 8.125% (CORTS)		187,848
A		209,400		Partnerre Ltd., Ser. C, 6.75% (Bermuda)		5,352,788
BBB		79,385		Phoenix Cos. Inc., The, 7.45%		2,040,195
BBB+		18,400		PLC Cap. Trust IV, 7.25%		485,300
A-		409,975	³	Principal Financial Group, 6.518%		10,249,375
				Renaissancere Holdings Ltd. (Bermuda)
BBB+		271,725		Ser. B, 7.30%		7,192,235
BBB+		240,000		Ser. C, 6.08%		5,719,200
BBB-		30		Roslyn Real Estate Asset Corp., Ser. C, 8.95%		3,037,500
AA-		375,000		Royal Bank of Scotland Group PLC, ADR, 6.35%		9,450,000

See Notes to Financial Statements.


BlackRock Preferred Opportunity Trust (BPP) (continued)


Rating¹		Shares		Description		Value

				Financial Institutions—(cont’d)
				Safeco Cap. Trust I,
Baa2		4,100		8.072% (CORTS)	$	110,864
Baa2		23,600		8.25% (SATURNS)		622,551
Baa2		2,000		8.375% (CORTS)		54,480
Baa2		14,700		8.70% (CORTS)		394,107
Baa2		35,700		8.75% (CORTS)		1,056,945
				SLM Corp.,
A-		100,000	³	4.07%		10,000,000
A-		5,000		Ser. A, 6.97%		287,813
BBB-		51,000		Sprint Corp., Ser. 17, Class A1, 7.00% (CORTS)		1,259,434
BBB-		103,439		Structured Repackaged Asset-Backed Trust Securities, 6.50%		2,529,084
A		60	²	Union Planters Preferred Funding Corp., 7.75%		7,056,720
Aa3		55,000		USB Capital IV, 7.35%		1,433,438
BBB-		11,100		Valero Energy Corp., 7.25% (PPLUS)		288,156
A2		504,400		Wachovia Preferred Funding Corp., Ser. A, 7.25%		14,485,763
Baa1		5,200		Washington Mutual Cap. I, 7.65% (CORTS)		133,738
BBB+		13,500		XL Cap. Ltd., Ser. A, 8.00% (Cayman Islands)		358,173
Baa1		143,865		Zions Cap. Trust, 8.00%		3,879,866
Baa2		2,000	^2,3	Zurich Regcaps Funding Trust, 6.58%		2,125,820

						229,096,253

				Real Estate—14.6%
				AMB Property Corp.,
BBB		80,000		Ser. L, 6.50%		2,012,504
BBB		170,000		Ser. M, 6.75%		4,345,200
				BRE Properties,
BBB-		225,000		Ser. C, 6.75%		5,604,750
BBB-		80,000		Ser. D, 6.75%		1,995,000
BBB-		78,888		CarrAmerica Realty Corp., Ser. E, 7.50%		2,040,830
				Developers Diversified Realty Corp.,
BBB-		120,000		7.375%		3,048,756
BBB-		15,900		7.50%		407,040
				Duke Realty Corp.,
BBB		90,000		Ser. J, 6.625%		2,296,800
BBB		160,800		Ser. K, 6.50%		4,055,183
				Equity Residential,
BBB+		19,800		Ser. B, 9.125%		500,544
BBB		120,000		Ser. N, 6.48%,		3,001,200
BBB+		322,000		Kimco Realty Corp., Ser. F, 6.65%		8,251,250
BBB+		255,200		NB Cap. Corp., 8.35%		6,984,824
BBB		324,000		Regency Centers Corp., 7.45%		8,312,641
Aa3		30	²	Sun Trust Real Estate Investment Corp., 9.00%		3,679,500
BB-		100,000		Taubman Centers, Inc., Ser. H, 7.625%		2,512,500
A-		320,000		Weingarten Realty Investors, Ser. D, 6.75%		8,323,200

						67,371,722

				Total Preferred Securities		311,809,625


	Principal Amount (000)

				Trust Preferred Securities—44.3%
				Energy—1.8%
BB+	$	3,000		HL&P Cap. Trust II, Ser. B, 8.257%, 2/01/37		3,060,000
Baa3		4,655		K N Cap. Trust III, 7.63%, 4/15/28		5,448,678

						8,508,678

				Financial Institutions—39.9%
A2		2,500	³	Abbey National Cap. Trust I, 8.963%, 6/30/30		3,646,213
Ba2		6,500		AFC Cap. Trust I, Ser. B, 8.207%, 2/03/27		7,366,983
A2		6,000	^2,4	AgFirst Farm Credit Bank, 7.30%, 10/14/49		6,349,800
BBB		5,500		AON Corp., 8.205%, 1/01/27		6,511,065
BBB		5,000		Astoria Cap. Trust 1, Ser. B, 9.75%, 11/01/29		6,122,750
A3		9,774		AXA SA, 7.10%, 5/29/49 (France)		10,186,033
A+		3,557		BNP Paribas Cap. Trust V, zero coupon, 12/31/49		3,709,951
A1		5,500		California Preferred Funding Trust, 7.00%, 1/30/49		5,720,000
A2		8,000	^2,3	CBA Cap. Trust I, 5.805%, 12/31/49		8,446,640

See Notes to Financial Statements.


BlackRock Preferred Opportunity Trust (BPP) (continued)


Rating¹	Principal Amount (000)				Description	Value

					Financial Institutions—(cont’d)
BB		$	1,100		Colonial Cap. Trust II, Ser. A, 8.92%, 1/15/27	$	1,198,219
A1			3,000		Credit Agricole Preferred Fund Trust II, 7.00%, 8/29/49 (Luxembourg)		3,120,000
Aa3			10,000	^2,3	Danske Bank A/S, 5.914%, 12/31/49 (Denmark)		10,716,600
A			4,500	^2,3	Deutsche Bank Cap. Funding, 7.872%, 12/29/49		5,031,990
A3			8,000	²	Dresdner Funding Trust I, 8.151%, 6/30/31		10,257,920
Baa2			1,100		FCB/NC Cap. Trust I, 8.05%, 3/01/28		1,211,045
A3			5,000		Greenpoint Cap. Trust I, 9.10%, 6/01/27		5,557,100
					HBOS Cap. Funding LP,
A1			10,000	^2,3	6.071%, 12/31/49 (United Kingdom)		10,787,000
A1			5,000		6.85%, 3/29/49 (United Kingdom)		5,137,500
AA-			10,835	^2,3	HSBC Cap. Funding LP, 9.55%, 12/31/49 (Bailiwick of Jersey)		13,174,168
BBB-			1,400		HUBCO Cap. Trust I, Ser. B, 8.98%, 2/01/27		1,546,916
BBB-			3,000		HUBCO Cap. Trust II, Ser. B, 7.65%, 6/15/28		3,128,623
A1			1,000		JPM Cap. Trust II, 7.95%, 2/01/27		1,086,388
A1			156		JPM Chase Capital IX, zero coupon, 6/01/35		3,907,800
BBB+			10,000	^2,3	Mangrove Bay Pass-Through Trust, 6.102%, 7/15/33		10,275,300
BB+			3,145		Markel Cap. Trust I, Ser. B, 8.71%, 1/01/46		3,406,695
Aa3			1		Morgan Stanley, zero coupon (PPLUS)		33,597
A2			2,000		NBP Capital Trust III, 7.375%, 10/29/49		2,130,000
A3			3,000		North Fork Cap. Trust II, 8.00%, 12/15/27		3,295,020
BBB+			5,000		Old Mutual Cap. Funding, 8.00%, 5/29/49		5,292,500
BB+			4,200		Provident Financing Trust I, 7.405%, 3/15/38		3,916,500
A1			3,000		RBS Cap. Trust, 6.80%, 12/31/49 (United Kingdom)		3,096,530
A+			4,600	²	State Street Institutional Cap., Ser. A, 7.94%, 12/30/26		4,981,156
A+			7,500	²	Sun Life of Canada US Cap. Trust I, 8.526%, 5/29/49 (Canada)		8,256,900
BBB-			5,000	²	Webster Cap. Trust I, 9.36%, 1/29/27		5,468,650

							184,073,552

					Real Estate—2.6%
BB+			8,180	²	Sovereign Real Estate Investor Corp., 12.00%, 8/29/49		11,874,419

					Total Bank Trust Preferred Securities		204,456,649

					Corporate Bonds—36.2%
					Aerospace & Defense—0.3%
B-			1,625	²	DI Finance/Dyn Corp. Intl., 9.50%, 2/15/13		1,503,125

					Automotive—1.1%
B-			300		Accuride Corp., 8.50%, 2/01/15		293,250
BB+			125		Arvinmeritor, Inc., 8.75%, 3/01/12		130,625
B			70		Cooper-Standard Automotive, Inc., 7.00%, 12/15/12		64,050
B-			255		Delphi Corp., 6.50%, 5/01/09		211,650
B-			1,000		Dura Operating Corp., Ser. B, 8.625%, 4/15/12		905,000
B-			130		Goodyear Tire & Rubber Co., 7.857%, 8/15/11		126,100
CCC+			250	^2,3	Metaldyne Corp., 10.00%, 11/01/13		203,750
B-			2,850		Rexnord Corp., 10.125%, 12/15/12		3,120,750

							5,055,175

					Basic Materials—1.4%
BB-			375		Abitibi-Consolidated, Inc., 8.375%, 4/01/15 (Canada)		382,969
B-			2,045		Caraustar Industries, Inc., 9.875%, 4/01/11		2,065,450
BB-			200		Donohue Forest Products, 7.625%, 5/15/07 (Canada)		203,000
BB-			2,700		Lyondell Chemical Co., 11.125%, 7/15/12		3,057,750
B3			450	²	NewPage Corp., 10.00%, 5/01/12		453,375
B-			200	²	PQ Corp., 7.50%, 2/15/13		196,500

							6,359,044

					Building & Development—0.2%
B2			260	²	Compression Polymers Corp., 10.50%, 7/01/13		264,550
B-			790	²	Goodman Global Holding Co., Inc., 7.875%, 12/15/12		730,750

							995,300

					Consumer Products—2.5%
B3			115		ALH Finance LLC, 8.50%, 1/15/13		105,800
BB+			6,000		Delhaize America, Inc., 9.00%, 4/15/31		7,530,480
B+			320		Finlay Fine Jewelry Corp., 8.375%, 6/01/12		284,800
B			110		Gold Kist, Inc., 10.25%, 3/15/14		125,400
B-			1,260		Lazydays RV Center, Inc., 11.75%, 5/15/12		1,313,550
B-			510	³	Levi Strauss & Co., 7.73%, 4/01/12		483,225
B2			850	²	Movie Gallery, Inc., 11.00%, 5/01/12		892,500
B-			750	^2,3	Rite Aid Corp., 6.125%, 12/15/08		708,750

							11,444,505

See Notes to Financial Statements.


BlackRock Preferred Opportunity Trust (BPP) (continued)


Rating¹	Principal Amount (000)				Description	Value

					Containers & Packaging—0.7%
B+		$	3,000		Crown European Holdings SA, 9.50%, 3/01/11 (France)	$	3,322,500

					Ecological Services & Equipment—0.1%
BB-			400	²	Allied Waste North America, Inc., 7.25%, 3/15/15		385,000

					Energy—2.8%
B1			3,000		AES Corp., 8.875%, 2/15/11		3,345,000
BB-			210	²	Compagnie Generale de Geophysique SA, 7.50%, 5/15/15 (France)		217,350
B2			710		Dresser, Inc., 9.375%, 4/15/11		747,275
B			1,120	²	Dynegy Holdings, Inc., 10.125%, 7/15/13		1,265,600
B+			20		Midwest Generation LLC, 8.56%, 1/02/16		22,100
B			170	²	North American Energy Partners, Inc., 9.00%, 5/15/10 (Canada)		171,700
B-			130	²	Ocean Rig Norway AS, 8.375%, 7/01/13 (Norway)		131,950
B			2,950		Orion Power Holdings, Inc., 12.00%, 5/01/10		3,532,625
B2			1,185		Utilicorp Canada Finance Corp., 7.75%, 6/15/11 (Canada)		1,220,550
B+			2,000		Williams Cos., Inc., 7.125%, 9/01/11		2,165,000

							12,819,150

					Entertainment & Leisure—0.1%
B			130		Poster Financial Group, Inc., 8.75%, 12/01/11		132,275
B+			190	²	Wynn Las Vegas LLC, 6.625%, 12/01/14		184,300

							316,575

					Financial Institutions—18.5%
AA-			8,500	^2,4,5	American General Institute Cap., 7.57%, 12/01/45		11,011,920
BB			415	²	American Real Estate Partners LP, 7.125%, 2/15/13		408,775
Aa3			5,000		BAC Capital Trust V, 5.625%, 3/08/35		5,278,700
					Barclays Bank PLC,
NR			1,890	³	6.278%, 12/01/34		1,930,163
Aa3			1,105	^2,3	6.86%, 6/01/32 (United Kingdom)		1,296,055
B-			350		BCP Crystal US Holdings Corp., 9.625%, 6/15/14		392,000
BB			1,000		Crum & Forster Holdings Corp., 10.375%, 6/15/13		1,085,000
BB			8,000		Fairfax Financial Holdings Ltd., 7.75%, 4/26/12 (Canada)		7,600,000
BBB			11,500		First Midwest Cap. Trust I, Ser. B, 6.95%, 12/01/33		13,242,848
BBB			125		Ford Motor Credit Co., 7.25%, 10/25/11		120,990
Aa3			7,000		HSBC Bank USA, Inc., 5.875%, 11/01/34		7,725,690
BBB-			5,000		Kingsway America, Inc., 7.50%, 2/01/14		5,330,150
Aa2			7,399		Lloyds Bank Ltd., 6.90%, 11/22/49		7,731,215
A			8,000		Prudential, 6.50%, 6/29/49		8,040,000
A3			4,000		Resparcs Funding LP, 8.00%, 12/30/49 (United Kingdom)		4,210,000
Ba1			2,000		Sovereign Capital Trust 1, 9.00%, 4/01/27		2,162,160
NR			4,362	³	Structured Asset Receivable Trust, 1.649%, 1/21/10		4,344,050
B-			60	³	Universal City Florida Holding Co. I, 7.96%, 5/01/10		62,400
BB-			60		Western Financial Bank, 9.625%, 5/15/12		65,100
A2			3,000	^2,3	Westpac Cap. Trust IV, 5.256%, 3/31/16		3,017,340

							85,054,556

					Health Care—0.3%
B3			920		Insight Health Services Corp., Ser. B, 9.875%, 11/01/11		722,200
					Tenet Healthcare Corp.,
B			90		6.375%, 12/01/11		85,950
B			90		9.875%, 7/01/14		96,750
B-			520		Universal Hospital Services, Inc., 10.125%, 11/01/11		531,700

							1,436,600

					Industrials—1.4%
B+			3,000		Cenveo Corp., 9.625%, 3/15/12		3,255,000
B-			300		ERICO Intl. Corp., 8.875%, 3/01/12		304,500
B-			400	²	Hydrochem Industrial Services, 9.25%, 2/15/13		368,000
B-			3,000		Trimas Corp., 9.875%, 6/15/12		2,520,000

							6,447,500

					Media—3.8%
BBB+			253		AOL Time Warner, Inc., Ser. A-1, zero coupon (CABCO)		6,623,627
BBB			110		Comcast Corp., zero coupon, 11/15/29		5,032,500
B			1,950		Dex Media East, LLC, 12.125%, 11/15/12		2,335,125
B-			210	²	Nexstar Finance, Inc., 7.00%, 1/15/14		194,513
CCC			3,000		WRC Media, Inc., 12.75%, 11/15/09		3,180,000

							17,365,765

See Notes to Financial Statements.


BlackRock Preferred Opportunity Trust (BPP) (continued)


	Principal
	Amount
Rating¹	(000)				Description		Value

					Real Estate—1.4%
					Rouse Co.,
BB+		$	5,000		3.625%, 3/15/09	$	4,735,900
BB+			2,000		5.375%, 11/26/13		1,959,280

							6,695,180

					Technology—0.2%
B+			120	²	Hynix Semiconductor, Inc., 9.875%, 7/01/12 (South Korea)		119,100
B1			185		Lucent Technologies, Inc., 6.50%, 1/15/28		165,112
B			460		Superior Essex Communications LLC, 9.00%, 4/15/12		457,700

							741,912

					Telecommunications—1.0%
B+			290		Cincinnati Bell, Inc., 7.25%, 7/15/13		305,225
B-			190	^2,3	Hawaiian Telcom Communications, Inc., 8.914%, 5/01/13		195,225
					Intelsat Ltd.,
B			200		5.25%, 11/01/08 (Bermuda)		186,750
B+			185	^2,3	7.805%, 1/15/12 (Bermuda)		188,237
B+			250	²	8.25%, 1/15/13 (Bermuda)		258,125
B+			355	²	8.625%, 1/15/15 (Bermuda)		373,638
					Qwest Corp.,
BB			610	^2,3	6.671%, 6/15/13		622,200
BB			1,845	²	7.875%, 9/01/11		1,918,800
B+			450	³	Qwest Services Corp., 13.50%, 12/15/10		519,750

							4,567,950

					Transportation—0.4%
B3			40	²	Horizon Lines LLC, 9.00%, 11/01/12		41,700
B+			80		OMI Corp., 7.625%, 12/01/13 (Marshall Island)		80,000
B3			1,910		Sea Containers Ltd., 10.50%, 5/15/12 (Bermuda)		1,972,075

							2,093,775

					Total Corporate Bonds		166,603,612

					U.S. Government and Agency Securities—0.0%
			25		U. S. Treasury Notes, 4.00%, 2/15/15		25,145

					Total Investments before borrowed bonds and investments sold short (cost $659,642,630⁷)		682,895,031

					BORROWED BOND—5.4%
					U.S. Government and Agency Securities—5.4%
			25,236	⁶	U.S. Treasury Bonds, 2.25%, 7/01/05 (cost $25,235,875)		25,235,875

					INVESTMENT SOLD SHORT—(5.4)%
					U.S. Government and Agency Securities—(5.4)%
			(21,140	)	U.S. Treasury Bonds, 5.375%, 2/15/31 (proceeds $23,390,956)		(25,040,964	)

					Total investments net of borrowed bonds and investments sold short—148.2%	$	683,089,942
					Liabilities in excess of other assets—(0.3)%		(1,386,054	)
					Preferred shares at redemption value, including dividends payable—(47.9)%		(220,854,181	)

					Net Assets—100%	$	460,849,707



¹	Using the higher of S&P’s, Moody’s or Fitch’s ratings.
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 June 30, 2005, the Trust held 32.1% of its net assets, with a current market value of $147,896,661, in securities restricted as to resale.
³	Security interest rate is as of June 30, 2005.
⁴	Securities, or a portion thereof, pledged as collateral with a value of $8,031,521 on 1,327 short U.S. Treasury Note futures contracts expiring Sept. 2005. The value of such contracts on June 30, 2005 was $154,085,063, with an unrealized loss of $1,929,545.
⁵	Entire or partial principal amount pledged as collateral for reverse repurchase agreements. See Note 4 in the Notes to Financial Statements for details of open reverse repurchase agreements.
⁶	The interest rate and maturity date shown represent the terms of the bonds borrowed transaction, not the security borrowed (See Note 1).
⁷	Cost for Federal income tax purposes is $659,696,118. The net unrealized appreciation on a tax basis is $23,198,913 consisting of $25,826,255 gross unrealized appreciation and $2,627,342 gross unrealized depreciation.

A category in the Preferred Securities, Trust Preferred Securities and Corporate Bonds sections may contain multiple industries as defined by the SEC’s Standard Industry Codes.


KEY TO ABBREVIATIONS
CABCO	—	Corporate Asset Backed Corporation	PPLUS	—	Preferred Plus
CORTS	—	Corporate Backed Trust Securities	SATURNS	—	Structured Asset Trust Unit Repackagings

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES (unaudited)

June 30, 2005


	Advantage Term Trust¹(BAT)			Global Floating Rate Income Trust (BGT)			High Income Shares (HIS)			Preferred Opportunity Trust (BPP)

Assets
Investments at value²	$	130,120,520		$	715,122,787		$	210,751,790		$	682,895,031
Cash		131,908			100,276			21,424			2,898,657
Foreign currency at value³		—			37,907			605			—
Receivable from investments sold		—			14,076,904			4,241,909			740,391
Deposits with brokers as collateral for borrowed bonds		—			—			—			25,235,875
Unrealized gain on foreign currency exchange contracts		—			1,143,469			114,638			—
Income receivable		78,940			7,555,602			4,079,854			5,878,874
Unrealized appreciation on credit default swaps		589			3,163			—			—
Other assets		34,964			62,601			44,496			96,995

		130,366,921			738,102,709			219,254,716			717,745,823

Liabilities
Reverse repurchase agreement		31,903,403			23,723,000			—			1,437,000
Payable for investments purchased		—			16,327,183			5,126,138			2,996,400
Loan payable		—			—			66,000,000			—
Investments sold short at value⁴		—			—			—			25,040,964
Outstanding options written at value		—			—			—			—
Interest payable		60,844			30,168			139,226			1,509,525
Unrealized depreciation on interest rate swaps		—			—						4,009,523
Variation margin payable		—			—			—			529,313
Unrealized loss on foreign currency exchange contracts		—			216,927			—			—
Cash with brokers as collateral		—			400,000			—			—
Dividends payable		—			—			1,250,590			—
Investment advisory fee payable		40,362			326,416			258,805			366,709
Administration fee payable		13,934			—			—			—
Deferred Directors’ or Trustees’ fees		26,629			6,419			1,304			41,469
Payable to affiliates		12,224			25,902			—			—
Other accrued expenses		115,492			380,987			239,796			111,032

		32,172,888			41,437,002			73,015,859			36,041,935

Preferred Shares at Redemption Value
$.001 par value per share and $25,000 liquidation value per share, including dividends payable⁵		—			243,517,734			—			220,854,181

Net Assets Applicable to Common Shareholders	$	98,194,033		$	453,147,973		$	146,238,857		$	460,849,707

Composition of Net Assets Applicable to Common Shareholders:
Par value	$	95,107		$	23,481		$	—		$	18,306
Paid-in capital in excess of par		88,784,068			444,690,260			402,502,980			433,520,477
Undistributed (distributions in excess of) net investment income		10,616,024			1,741,018			(598,326	)		1,545,342
Accumulated net realized gain (loss)		(1,749,932	)		(59,826	)		(249,129,235	)		10,450,184
Net unrealized appreciation (depreciation)		448,766			6,753,040			(6,536,562	)		15,315,398

Net assets applicable to common shareholders, June 30, 2005	$	98,194,033		$	453,147,973		$	146,238,857		$	460,849,707

Net asset value per common share⁶	$	10.32		$	19.30		$	2.69		$	25.18


¹ Consolidated Statement of Assets and Liabilities
² Investments at cost	$	129,672,547		$	709,295,900		$	217,402,012		$	659,642,630
³ Foriegn currency at cost		—			40,386			650			—
⁴ Proceeds received		—			—			—			23,390,956
⁵ Preferred shares outstanding		—			9,738			—			8,832
⁶ Common shares outstanding		9,510,667			23,481,021			54,404,224			18,305,777

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS (unaudited)
For the six months ended June 30, 2005


	Advantage Term Trust¹ (BAT)			Global Floating Rate Income Trust (BGT)			High Income Shares (HIS)			Preferred Opportunity Trust (BPP)

Net Investment Income
Interest income	$	3,875,656		$	20,769,948		$	8,668,596		$	13,150,376
Dividend income		983			121			74,045			9,608,128

Total investment income		3,876,639			20,770,069			8,742,641			22,758,504

Expenses
Investment advisory		245,415			2,641,649			782,296			2,235,186
Administration		39,267			—			8,537			—
Transfer agent		7,702			10,780			11,198			7,421
Custodian		38,958			106,656			39,138			61,049
Reports to shareholders		15,307			56,872			41,310			46,571
Trustees		8,465			29,177			15,893			27,874
Registration		11,893			10,410			20,609			9,472
Independent accountants		21,199			25,204			25,950			19,452
Legal		14,795			21,832			9,140			24,395
Insurance		4,222			26,312			13,104			22,166
Auction agent		—			317,884			—			286,412
Miscellaneous		46,054			35,516			42,088			37,205

Total expenses excluding interest expense		453,277			3,282,292			1,009,263			2,777,203
Interest Expense		391,597			257,769			1,011,685			57,278

Total expenses		844,874			3,540,061			2,020,948			2,834,481
Less fees waived by Advisor		—			(704,440	)		—			—
Less fees paid indirectly		(1,174	)		(25,230	)		(2,950	)		(3,276	)

Net expenses		843,700			2,810,391			2,017,998			2,831,205

Net investment income		3,032,939			17,959,678			6,724,643			19,927,299


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		390,242			71,612			4,247,605			6,321,629
Foreign currency		—			(87,154	)		(11,610	)		—
Futures		—			—			—			(6,567,708	)

Total Realized Gain (Loss)		390,242			(15,542	)		4,235,995			(246,079	)

Net change in unrealized appreciation\depreciation on:
Investments		(2,504,956	)		(1,605,016	)		(13,123,609	)		(14,292,895	)
Foreign currency		—			—			85,624			—

		(2,504,956	)		(1,605,016	)		(13,037,985	)		(14,292,895	)

Net loss		(2,114,714	)		(1,620,558	)		(8,801,990	)		(14,538,974	)

Dividends to Preferred Shareholders from Net Investment Income		—			(3,364,567	)		—			(3,092,742	)


Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations	$	918,225		$	12,974,553		$	(2,077,347	)	$	2,295,583



¹	Consolidated Statement of Operations.

See Notes to Financial Statements.

STATEMENTS OF CASH FLOWS (unaudited)
For the six months ended June 30, 2005


	Advantage Term Trust¹ (BAT)			Global Floating Rate Income Trust (BGT)			High Income Shares (HIS)			Preferred Opportunity Trust (BPP)

Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used for) Operating Activities
Net Increase (Decrease) in net assets resulting from operations	$	918,225		$	16,339,120		$	(2,077,347	)	$	5,388,325

Purchases of long-term investments		(6,681,039	)		(171,348,766	)		(160,356,505	)		(238,953,267	)
Proceeds from sales of long-term investments		47,112,967			169,825,306			167,856,042			227,684,812
Increase in short-term investments		(29,408,355	)		22,133,201			(5,736,326	)		(7,463,113	)
Amortization of premium and discounts on investments		(3,693,390	)		(1,262,555	)		(4,592,727	)		13,607,455
Net realized loss (gain)		(390,242	)		15,542			(4,235,995	)		246,079
Decrease in unrealized appreciation/depreciation		2,504,956			1,605,016			13,037,985			14,292,895
Increase in interest rate floor		—			—			—			(529,313	)
Decrease (Increase) in receivable for investments sold		10,000,000			(13,624,538	)		(3,406,714	)		—
Increase in receivable for open forward foreign currency contracts		—			(16,410,298	)		(1,727,167	)		—
Decrease (Increase) in interest receivable		113,016			(1,953,679	)		(119,777	)		(276,678	)
Decrease (Increase) in other assets		(6,877	)		(22,649	)		296,539			(43,011	)
Increase (Decrease) in payable for investments purchased		—			(33,048,663	)		5,128,118			2,996,400
Increase in payable for open forward foreign currency contracts		—			16,060,292			1,613,461			—
Increase in payable for closed forward foreign currency contracts, net		—			400,000			—			—
Increase (Decrease) in interest payable		(6,215	)		30,168			(5,075	)		173,246
Increase (Decrease) in investment advisory fee payable		(2,833	)		1,542			127,796			(16,868	)
Increase (Decrease) in administration fee payable		(454	)		—			—			—
Increase (Decrease) in deferred Directors’/Trustees’ fees		2,649			4,324			(234,692	)		7,099
Decrease in accrued expenses		(88,555	)		(66,207	)		(122,484	)		(22,769	)
Increase in payable to affiliates		4,163			17,309			—			—

Total adjustments		19,459,791			(27,644,655	)		7,522,479			11,702,967

Net cash provided by (used for) operating activities	$	20,378,016		$	(11,305,535	)	$	5,445,132		$	17,091,292


Increase (Decrease) in Cash and Foreign Currency
Net cash provided by (used for) operating activities	$	20,378,016		$	(11,305,535	)	$	5,445,132		$	17,091,292

Cash provided by (used for) financing activities:
Increase (Decrease) in reverse repurchase agreements		(8,041,472	)		23,723,000			—			1,437,000
Increase in preferred shares at redemption value including dividends payable		—			32,028			—			22,327
Cash dividends paid		(2,456,919	)		(14,318,463	)		(6,246,769	)		(18,347,587	)

Net cash provided by (used for) financing activities		(10,498,391	)		9,436,565			(6,246,769	)		(16,888,260	)

Net increase (decrease) in cash		9,879,625			(1,868,970	)		(801,637	)		203,032
Cash and foreign currency at beginning of period		(9,747,717	)		2,007,153			823,106			2,695,625

Cash and foreign currency at end of period	$	131,908		$	138,183		$	21,469		$	2,898,657



¹	Consolidated Statement of Cash Flows.

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended June 30, 2005 (unaudited) and for the period ended December 31, 2004


	Advantage						Global Floating Rate
	Term Trust¹						Income Trust
	(BAT)						(BGT)

	2005			2004			2005			2004²

Increase (Decrease) in Net Assets Applicable to Common Shareholders

Operations:
Net investment income	$	3,032,939		$	6,403,416		$	17,959,678		$	7,644,992
Net realized gain (loss)		390,242			2,582,613			(15,542	)		104,561
Net change in unrealized appreciation/depreciation		(2,504,956	)		(8,219,268	)		(1,605,016	)		8,358,056
Dividends and distributions to preferred shareholders from:
Net investment income		—			—			(3,364,567	)		(945,917	)
Net realized gains		—			—			—			—

Net increase (decrease) in net assets applicable to common shareholders resulting from operations		918,225			766,761			12,974,553			15,161,692

Dividends and Distributions to Common Shareholders from:
Net investment income		(2,456,919	)		(554,749	)		(10,953,896	)		(8,763,117	)
Net realized gains		—			—			—			—
Tax return of capital distributions		—			(8,917,875	)		—			—

Total dividends and distributions		(2,456,919	)		(9,472,624	)		(10,953,896	)		(8,763,117	)

Capital Share Transactions:
Net proceeds from the issuance of common shares		—			—			—			438,510,001
Net proceeds from the underwriters’ over-allotment option exercised		—			—			—			9,053,500
Offering costs relating to the issuance of preferred shares		—			—			—			(2,834,760	)
Reinvestment of common dividends		—			—			—			—

Net proceeds from capital share transactions		—			—			—			444,728,741

Total increase (decrease)		(1,538,694	)		(8,705,863	)		2,020,657			451,127,316

Net Assets Applicable to Common Shareholders
Beginning of period		99,732,727			108,438,590			451,127,316			—

End of period	$	98,194,033		$	99,732,727		$	453,147,973		$	451,127,316


End of period undistributed (distributions in excess of) net investment income	$	10,616,024		$	10,040,004		$	1,741,018		$	(1,900,197	)



¹	Consolidated Statement of Changes in Net Assets.
²	Commencement of investment operations for Global Floating Rate Income was August 30, 2004. This information includes the initial investment by BlackRock Funding, Inc. The other Trusts’ statements are for a full year.

See Notes to Financial Statements


High Income						Preferred
Shares						Opportunity Trust
(HIS)						(BPP)

2005			2004			2005			2004


$	6,724,643		$	14,823,261		$	19,927,299		$	40,552,790
	4,235,995			(1,468,607	)		(246,079	)		12,492,981
	(13,037,985	)		2,948,471			(14,292,895	)		(6,235,228	)


	—			—			(3,092,742	)		(2,900,841	)
	—			—			—			(402,710	)


	(2,077,347	)		16,303,125			2,295,583			43,506,992



	(7,497,359	)		(16,001,963	)		(15,254,845	)		(36,611,627	)
	—			—			—			(1,328,999	)
	—			—			—			—

	(7,497,359	)		(16,001,963	)		(15,254,845	)		(37,940,626	)


	—			—			—			—

	—			—			—			—
	—			—			—			—
	515,237			698,683			—			—

	515,237			698,683			—			—

	(9,059,469	)		999,845			(12,959,262	)		5,566,366



	155,298,326			154,298,481			473,808,969			468,242,603

$	146,238,857		$	155,298,326		$	460,849,707		$	473,808,969


$	(598,326	)	$	186,113		$	1,545,342		$	(34,370	)

CONSOLIDATED FINANCIAL HIGHLIGHTS

BlackRock Advantage Term Trust (BAT)


	Six Months Ended June 30, 2005 (unaudited)

				Year Ended December 31,

				2004			2003			2002			2001			2000

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	10.49		$	11.40		$	12.01		$	11.64		$	10.83		$	10.04

Investment operations:
Net investment income		0.32			0.67			0.83			1.19			1.00			0.59
Net realized and unrealized gain (loss)		(0.23	)		(0.58	)		(0.74	)		(0.18	)		0.41			0.80

Net increase from investment operations		0.09			0.09			0.09			1.01			1.41			1.39

Dividends and distributions from:
Net investment income		(0.26	)		(0.06	)		(0.70	)		(0.64	)		(0.60	)		(0.60	)
Tax return of capital		—			(0.94	)		—			—			—			—

Total dividends and distributions		(0.26	)		(1.00	)		(0.70	)		(0.64	)		(0.60	)		(0.60	)

Net asset value, end of period	$	10.32		$	10.49		$	11.40		$	12.01		$	11.64		$	10.83

Market price, end of period	$	10.26		$	10.47		$	11.30		$	11.85		$	11.15		$	9.88

TOTAL INVESTMENT RETURN¹		0.47	%		1.45	%		1.25	%		12.26	%		19.44	%		16.28	%

RATIOS TO AVERAGE NET ASSETS:
Total expenses		1.72	%²		1.29	%		1.42	%		1.82	%		2.87	%		4.06	%
Net expenses		1.72	%²		1.29	%		1.42	%		1.82	%		2.87	%		4.06	%
Net expenses excluding interest expense and excise tax		0.92	%²		0.84	%		0.84	%		0.86	%		0.92	%		0.88	%
Net investment income		6.18	%²		6.04	%		7.04	%		9.98	%		8.78	%		5.72	%
SUPPLEMENTAL DATA:
Average net assets (000)	$	98,980		$	105,987		$	111,990		$	113,632		$	108,142		$	98,368
Portfolio turnover		5	%		20	%		8	%		4	%		17	%		17	%
Net assets, end of period (000)	$	98,194		$	99,733		$	108,439		$	114,256		$	110,685		$	103,010
Reverse repurchase agreements outstanding, end of period (000)	$	31,903		$	39,945		$	30,078		$	27,874		$	34,500		$	48,262
Asset coverage, end of period³	$	4,078		$	3,497		$	4,605		$	5,099		$	4,208		$	3,134
Reverse repurchase agreements average daily balance (000)	$	15,002		$	28,840		$	26,298		$	33,157		$	41,208		$	45,368
Reverse repurchase agreements weighted average interest rate		2.86	%		1.48	%		1.20	%		1.81	%		4.24	%		6.39	%



¹	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
²	Annualized.
³	Per $1,000 of reverse repurchase agreements outstanding.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

BlackRock Global Floating Rate Income Trust (BGT)


	Six Months Ended June 30, 2005 (unaudited)			For the period August 30, 2004¹ through December 31, 2004

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	19.21		$	19.10	²

Investment operations:
Net investment income		0.76			0.33
Net realized and unrealized gain (loss)		(0.06	)		0.35
Dividends to preferred shareholders from net investment income		(0.14	)		(0.04	)

Net increase from investment operations		0.56			0.64

Dividends to common shareholders from net investment income		(0.47	)		(0.37	)

Capital charges with respect to issuance of:
Common shares		—			(0.04	)
Preferred shares		—			(0.12	)

Total capital charges		—			(0.16	)

Net asset value, end of period	$	19.30		$	19.21

Market price, end of period	$	17.70		$	18.63

TOTAL INVESTMENT RETURN³		(3.05	)%		(5.00	)%

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:^4,5
Total expenses		1.58	%		1.26	%
Net expenses		1.26	%		0.97	%
Net expenses excluding interest expense		1.14	%		0.97	%
Net investment income before preferred share dividends		8.03	%		5.04	%
Preferred share dividends		1.50	%		0.62	%
Net investment income available to common shareholders		6.53	%		4.42	%
SUPPLEMENTAL DATA:
Average net assets (000)	$	451,228		$	446,660
Portfolio turnover		23	%		11	%
Net assets applicable to common shareholders, end of period (000)	$	453,148		$	451,126
Preferred shares outstanding (000)	$	243,450		$	243,450
Reverse repurchase agreements outstanding, end of period (000)	$	23,723		$	—
Reverse repurchase agreements average daily balance (000)	$	17,408		$	114
Reverse repurchase agreements weighted average interest rate		3.17	%		2.24	%
Asset coverage, end of period	$	73,997		$	71,330



¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $0.90 per share sales charge from the initial offering price of $20.00 per share.
³	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
⁴	Annualized.
⁵	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

See Notes to Financial Statements


FINANCIAL HIGHLIGHTS

BlackRock High Income Shares (HIS)


	Six Months Ended June 30, 2005			Year Ended December 31,

				2004			2003			2002			2001⁴			2000


PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	2.87		$	2.86		$	2.42		$	3.05		$	3.88		$	5.92

Investment operations:
Net investment income		0.13			0.28	¹		0.32	¹		0.36	¹		0.55	¹		0.68	¹
Net realized and unrealized gain (loss)		(0.17	)		0.03			0.40			(0.62	)		(0.81	)		(1.99	)

Net increase (decrease) from investment operations		(0.04	)		0.31			0.72			(0.26	)		(0.26	)		(1.31	)

Dividends and distributions from:
Net investment income		(0.14	)		(0.30	)		(0.28	)		(0.29	)		(0.57	)		(0.73	)
Tax return of capital		—			—			—			(0.08	)		—			—

Total dividends and distributions		(0.14	)		(0.30	)		(0.28	)		(0.37	)		(0.57	)		(0.73	)

Net asset value, end of period	$	2.69		$	2.87		$	2.86		$	2.42		$	3.05		$	3.88

Market value, end of period	$	2.79		$	2.90		$	2.87		$	2.32		$	3.36		$	4.19

TOTAL INVESTMENT RETURN²		1.18	%		12.24	%		37.23	%		(21.23	)%		(6.85	)%		(10.05	)%


RATIOS TO AVERAGE NET ASSETS:
Total expenses		2.73	%⁵		2.23	%		2.21	%		2.53	%		3.43	%		4.16	%
Net expenses		2.72	%⁵		2.23	%		2.21	%		2.53	%		3.43	%		4.16	%
Net expense, excluding interest expense		1.36	%⁵		1.39	%		1.46	%		1.49	%		1.26	%		1.09	%
Net investment income		9.07	%⁵		9.70	%		11.99	%		13.29	%		15.56	%		13.13	%

SUPPLEMENTAL DATA:
Average net assets (000)	$	149,512		$	152,815		$	143,397		$	144,665		$	174,851		$	267,845
Portfolio turnover		76	%		56	%		93	%		134	%		82	%		38	%
Net assets, end of period (000)	$	146,239		$	155,298		$	154,298		$	129,538		$	161,693		$	202,401
Loan outstanding, end of period (000)	$	66,000		$	69,000		$	68,000		$	51,000		$	73,800		$	86,963
Asset coverage, end of period³	$	3,216		$	3,251		$	3,269		$	3,540		$	3,191		$	3,326
Loan average daily balance (000)	$	66,000		$	64,081		$	60,604		$	68,577		$	74,023		$	107,036
Loan weighted average interest rate		3.01	%		2.01	%		1.72	%		2.20	%		5.50	%		7.68	%



¹	Net investment income per share has been recalculated in accordance with SEC requirements, with the exception that end-of-the-year accumulated undistributed/(overdistributed) net investment income has not been adjusted to reflect current-year permanent differences between financial and tax accounting.
²	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at rates obtained under the Trust dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results.
³	Per $1,000 of loan outstanding.
⁴	Effective January 1, 2001, the Trust was required to start amortizing premium and discount on all debt securities. The effect of this change on net investment income per share was an increase of $0.03 per share. The effect to the ratio of net investment income to average net assets was an increase of 0.77%. Per share ratios and supplemental data for periods prior to January 1, 2001, have not been restated to reflect this change in accounting principles.
⁵	Annualized.
	The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each year indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

	The performance set forth in this table is the financial data of BlackRock High Income Shares (formerly CIGNA High Income Shares). BlackRock began managing CIGNA High Income Shares on March 2, 2005.

See Notes to Financial Statements.


FINANCIAL HIGHLIGHTS

BlackRock Preferred Opportunity Trust (BPP)


	Six Months Ended June30, 2005			For the Year Ended December 31, 2004			For the Period February 28, 2003¹through December 31, 2003

PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	25.88		$	25.58		$	23.88	²

Investment operations:
Net investment income		1.09			2.22			1.72
Net realized and unrealized gain (loss)		(0.79	)		0.33			1.93
Dividends and distributions to preferred shareholders from:
Net investment income		(0.17	)		(0.l6	)		(0.10	)
Net realized gains		—			(0.02	)		—

Net increase from investment operations		0.13			2.37			3.55

Dividends and distributions to common shareholders from:
Net investment income		(0.83	)		(2.00	)		(1.66	)
Net realized gains		—			(0.07	)		—

Total dividends and distributions		(0.83	)		(2.07	)		(1.66	)

Capital charges with respect to issuance of:
Common shares		—			—			(0.05	)
Preferred shares		—			—			(0.14	)

Total capital charges		—			—			(0.19	)

Net asset value, end of period	$	25.18		$	25.88		$	25.58

Market price, end of period	$	24.80		$	25.39		$	24.83

TOTAL INVESTMENT RETURN³		2.60	%		11.01	%		6.28	%


RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:⁴
Total expenses		1.22	%⁵		1.44	%		1.52	%⁵
Net expenses		1.22	%⁵		1.44	%		1.52	%⁵
Net expenses excluding interest expense		1.19	%⁵		1.19	%		1.16	%⁵
Net investment income before preferred share dividends		8.57	%⁵		8.66	%		8.35	%⁵
Preferred share dividends		1.33	%⁵		0.62	%		0.48	%⁵
Net investment income available to common shareholders		7.24	%⁵		8.04	%		7.87	%⁵
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	468,851		$	468,110		$	449,345
Portfolio turnover		33	%		88	%		98	%
Net assets applicable to common shareholders, end of period (000)	$	460,850		$	473,809		$	468,243
Preferred shares value outstanding, end of period (000)	$	220,800		$	220,800		$	220,841
Reverse repurchase agreements outstanding, end of period (000)	$	1,437		$	—		$	3,486
Reverse repurchase agreements average daily balance (000)	$	3,726		$	782		$	19,822
Reverse repurchase agreements weighted average interest rate		3.10	%		1.50	%		1.44	%
Asset coverage, end of period	$	77,186		$	78,650		$	78,021



¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $1.12 per share sales charge from the initial offering price of $25.00 per share.
³	Total investment return is calculated assuming a purchase of a share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
⁴	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
⁵	Annualized.
	The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

NOTES TO FINANCIAL STATEMENTS (unaudited)

Note 1. Organization & Accounting Policies

The BlackRock Advantage Term Trust Inc. (“Advantage”), a Maryland corporation, and BlackRock High Income shares (“High Income”), a Massachusetts Business Trust, are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940 (the “1940 Act”), as amended. BlackRock Global Floating Rate Income Trust (“Global”) and BlackRock Preferred Opportunity Trust (“Preferred Opportunity”) are organized as Delaware statutory trusts and are registered as non-diversified and diversified, closed-end management investment companies, respectively, under the 1940 Act, as amended. Advantage, Global, High Income and Preferred Opportunity are individually referred to as a “Trust” and collectively as the “Trusts”.

Advantage transferred, on October 31, 1998, a substantial portion of its total assets to a 100% owned regulated investment company subsidiary called BAT Subsidiary, Inc. The financial statements and these notes to the financial statements for Advantage are consolidated and include the operations of Advantage and its wholly owned subsidiary after elimination of all intercompany transactions and balances.

The Board of Directors of Advantage adopted a Plan of Liquidation and Dissolution (the “Plan”) effective January 2, 2004. Pursuant to the terms of the Plan, the Board of Directors shall oversee the complete liquidation and winding up of Advantage in an orderly fashion on December 31, 2005.

The following is a summary of significant accounting policies followed by the Trusts.

Investment Valuation: The Trusts value most of their investments on the basis of current market quotations provided by dealers or pricing services selected under the supervision of each Trust’s Board (the “Board”) of Directors/Trustees (the “Trustees”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, market transactions in comparable investments, various relationships observed in the market between investments, and calculated yield measures based on valuation technology commonly employed in the market for such investments. Exchange-traded options are valued at their last sales price as of the close of options trading on applicable exchanges. In the absence of a last sale, options are valued at the average of the quoted bid and asked prices as of the close of business. A futures contract is valued at the last sale price as of the close of the commodities exchange on which it trades. Short-term securities may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value. Investments or assets for which such current market quotations are not readily available are valued at fair value (“Fair Value Assets”) as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust’s Board. The investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee. The valuation committee may accept, modify or reject any recommendations. The pricing of all Fair Value Assets shall be subsequently reported to and ratified by the Board.

When determining the price for a Fair Value Asset, the investment advisor and/or sub-advisor shall seek to determine the price that the Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that BlackRock Advisors deems relevant.

Investment Transactions and Investment Income: Investment transactions are recorded on trade date. Realized and unrealized gains and losses are calculated on the identified cost basis. Each Trust records interest income on an accrual basis and amortizes premium and/or accretes discount on securities purchased using the interest method. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed. These dividends are recorded as soon as the Trust is informed of the ex-dividend date. Dividend income on foreign securities is recorded net of any withholding tax.

Repurchase Agreements: In connection with transactions in repurchase agreements, a Trust’s custodian takes possession of the underlying collateral securities, the value of which at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Trust may be delayed or limited.

Bank Loans: In the process of buying, selling and holding bank loans, a Trust may receive and/or pay certain fees. These fees are in addition to interest payments received and may include facility fees, commitment fees, amendment fees, commissions and prepayment penalty fees. When a Trust buys a bank loan it may receive a facility fee and when it sells a bank loan it may pay a facility fee. On an ongoing basis, a Trust may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a bank loan. In certain circumstances, a Trust may receive a prepayment penalty fee upon the prepayment of a bank loan by a borrower. Other fees received by a Trust may include covenant waiver fees and covenant modification fees.

Option Writing/Purchasing: When a Trust writes or purchases an option, an amount equal to the premium received or paid by the Trust is recorded as an asset or a liability and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Trust on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or the proceeds from the sale in determining whether a Trust has realized a gain or a loss on investment transactions. A Trust, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option.

Options, when used by the Trusts, help in maintaining a targeted duration. Duration is a measure of the price sensitivity of a security or a portfolio to relative changes in interest rates. For instance, a duration of “one” means that a portfolio’s or a security’s price would be expected

to change by approximately one percent with a one percent change in interest rates, while a duration of five would imply that the price would move approximately five percent in relation to a one percent change in interest rates.

Option writing and purchasing may be used by the Trusts as an attempt to manage the duration of positions, or collections of positions, so that changes in interest rates do not adversely affect the targeted duration of the portfolio unexpectedly. A call option gives the purchaser of the option the right (but not obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying position at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying position at the exercise price at any time or at a specified time during the option period. Put or call options can be purchased or sold to help manage the targeted duration of the portfolio.

The main risk that is associated with purchasing options is that the option expires without being exercised. In this case, the option expires worthless and the premium paid for the option is considered the loss. The risk associated with writing call options is that a Trust may forgo the opportunity for a profit if the market value of the underlying position increases and the option is exercised. The risk in writing put options is that a Trust may incur a loss if the market value of the underlying position decreases and the option is exercised. In addition, the Trust risks not being able to enter into a closing transaction for the written option as the result of an illiquid market.

Stripped Mortgage-Backed Securities: Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Trust may not fully recoup its initial investment in IOs. Such securities will be considered liquid only if so determined in accordance with guidelines established by the Trustees.

Credit Default Swaps: Credit default swaps are agreements in which one party pays fixed periodic payments to a counterparty in consideration for a guarantee from the counterparty to make a specific payment should a negative credit event take place. Risks arise from the possible inability of the counterparties to meet the terms of their contracts.

Total Return Swaps: Total return swaps are agreements in which one party commits to pay interest in exchange for a market linked return. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Trust will receive a payment from or make a payment to the counterparty.

Interest Rate Swaps: Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. Interest rate swaps are efficient as asset/liability management tools. In more complex swaps, the notional principal amount may decline (or amortize) over time.

During the term of the swap, changes in the value of the swap are recognized as unrealized gains or losses by “marking-to-market” to reflect the market value of the swap. When the swap is terminated, a Trust will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract, if any.

The Trusts are exposed to credit loss in the event of non-performance by the other party to the swap. However, the Trusts closely monitor swaps and do not anticipate non-performance by any counterparty.

Swap Options: Swap options are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swap option is granting or buying the right to enter into a previously agreed upon interest rate swap agreement at any time before the expiration of the option. Premiums received or paid from writing or purchasing options are recorded as liabilities or assets and are subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by a Trust on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commission, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or the proceeds from the sale in determining whether a Trust has realized a gain or loss on investment transactions.

The main risk that is associated with purchasing swap options is that the swap option expires without being exercised. In this case, the option expires worthless and the premium paid for the swap option is considered the loss. The main risk that is associated with the writing of a swap option is the market risk of an unfavorable change in the value of the interest rate swap underlying the written swap option.

Swap options may be used by the Trusts to manage the duration of the Trusts’ portfolios in a manner similar to more generic options described above.

Interest Rate Caps: Interest rate caps are similar to interest rate swaps, except that one party agrees to pay a fee, while the other party pays the excess, if any, of a floating rate over a specified fixed or floating rate.

Interest rate caps are intended to both manage the duration of the Trusts’ portfolios and their exposure to changes in short-term interest rates. Owning interest rate caps reduces a portfolio’s duration, making it less sensitive to changes in interest rates from a market value perspective. The effect on income involves protection from rising short-term interest rates, which the Trusts experience primarily in the form of leverage.

The Trusts are exposed to credit loss in the event of non-performance by the other party to the interest rate cap. However, the Trusts do not anticipate non-performance by any counterparty.

Transaction fees paid or received by the Trusts are recognized as assets or liabilities and amortized or accreted into interest expense or income over the life of the interest rate cap. The asset or liability is subsequently adjusted to the current market value of the interest rate cap purchased or sold. Changes in the value of the interest rate cap are recognized as unrealized gains and losses.

Interest Rate Floors: Interest rate floors are similar to interest rate swaps, except that one party agrees to pay a fee, while the other party pays the deficiency, if any, of a floating rate under a specified fixed or floating rate.

Interest rate floors are used by the Trusts to both manage the duration of the portfolios and their exposure to changes in short-term interest rates. Selling interest rate floors reduces a portfolio’s duration, making it less sensitive to changes in interest rates from a market value perspective. The Trusts’ leverage provides extra income in a period of falling rates. Selling floors reduces some of that extra income by partially monetizing it as an up-front payment which the Trusts receive.

The Trusts are exposed to credit loss in the event of non-performance by the other party to the interest rate floor. However, the Trusts do not anticipate non-performance by any counterparty.

Transaction fees paid or received by the Trusts are recognized as assets or liabilities and amortized or accreted into interest expense or income over the life of the interest rate floor. The asset or liability is subsequently adjusted to the current market value of the interest rate floor purchased or sold. Changes in the value of the interest rate floor are recognized as unrealized gains and losses.

Financial Futures Contracts: A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, a Trust records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract.

Financial futures contracts, when used by the Trusts, help in maintaining a targeted duration. Futures contracts can be sold to effectively shorten an otherwise longer duration portfolio. In the same sense, futures contracts can be purchased to lengthen a portfolio that is shorter than its duration target. Thus, by buying or selling futures contracts, the Trusts may attempt to manage the duration of positions so that changes in interest rates do not change the duration of the portfolio unexpectedly.

Forward Currency Contracts: The Trusts enter into forward currency contracts primarily to facilitate settlement of purchases and sales of foreign securities and to help manage the overall exposure to foreign currency. A forward contract is a commitment to purchase or sell a foreign currency at a future date (usually the security transaction settlement date) at a negotiated forward rate. In the event that a security fails to settle within the normal settlement period, the forward currency contract is renegotiated at a new rate. The gain or loss arising from the difference between the settlement value of the original and renegotiated forward contracts is isolated and is included in net realized gains (losses) from foreign currency transactions. Risks may arise as a result of the potential inability of the counterparties to meet the terms of their contract.

Forward currency contracts, when used by the Trusts, help to manage the overall exposure to the foreign currency backing some of the investments held by the Trusts. Forward currency contracts are not meant to be used to eliminate all of the exposure to the foreign currency, rather they allow the Trusts to limit their exposure to foreign currency within a narrow band to the objectives of the Trusts.

Foreign Currency Translation: Foreign currency amounts are translated into United States dollars on the following basis:


	(i)	market value of investment securities, other assets and liabilities—at the London 4:00 PM rates of exchange.

	(ii)	Purchases and sales of investment securities, income and expenses—at the rates of exchange prevailing on the respective dates of such transactions.

The Trusts isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Trusts isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the period.

Net realized and unrealized foreign exchange gains and losses including realized foreign exchange gains and losses from sales and maturities of foreign portfolio securities, maturities of foreign reverse repurchase agreements, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of interest and discount recorded on the Trusts’ books and the U.S. dollar equivalent amounts actually received or paid and changes in unrealized foreign exchange gains and losses in the value of portfolio securities and other assets and liabilities arising as a result of changes in the exchange rate.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

Short Sales: The Trusts may make short sales of securities as a method of managing potential price declines in similar securities owned. When a Trust makes a short sale, it may borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Trusts may have to pay a fee to borrow the particular securities and may be obligated to pay over any payments received on such borrowed securities. A gain, limited to the price at which a Trust sold the security short, or a loss, unlimited as to dollar amount, will be recognized upon the termination of a short sale if the market price is greater or less than the proceeds originally received.

Bonds Borrowed Agreements: In a bonds borrowed agreement, the Trust borrows securities from a third party, with the commitment that they will be returned to the lender on an agreed-upon date. Bonds borrowed agreements are primarily entered into to settle short positions. In a bonds borrowed agreement, the Trust’s prime broker or third party broker takes possession of the underlying collateral securities or cash to settle such

short positions. The value of the underlying collateral securities approximates the principal amount of the bonds borrowed transaction, including accrued interest. To the extent that bonds borrowed transactions exceed one business day, the value of the collateral with any counterparty is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the lender defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the lender of the security, realization of the collateral by the Trust may be delayed or limited.

Segregation: In cases in which the Investment Company Act of 1940, as amended, and the interpretive positions of the Securities and Exchange Commission (the “Commission”) require a Trust to segregate assets in connection with certain investments (e.g., when-issued securities, reverse repurchase agreements or futures contracts), each Trust will, consistent with certain interpretive letters issued by the Commission, designate on its books and records cash or liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.

Federal Income Taxes: It is each Trust’s intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient amounts of their taxable income to shareholders. Therefore, no Federal income tax provisions are required. As part of a tax planning strategy, Advantage may retain a portion of their taxable income and pay excise tax on the undistributed amounts.

Dividends and Distributions: Each Trust declares and pays dividends and distributions to common shareholders monthly from net investment income, net realized short-term capital gains and other sources, if necessary. Net long-term capital gains, if any, in excess of loss car-ryforwards may be distributed in accordance with 1940 Act. Dividends and distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America.

Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees are required to defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock closed-end funds selected by the Trustees. This has the same economic effect for the Trustees as if the Trustees had invested the deferred amounts in such Trusts.

The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of those Trusts selected by the Trustees in order to match its deferred compensation obligations.

Note 2. Agreements

Advantage, Global and Preferred Opportunity have an Investment Management Agreement with BlackRock Advisors, Inc. (the “Advisor”), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc., a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to Global and Preferred Opportunity. BlackRock, Inc. is an indirect, majority owned subsidiary of The PNC Financial Services Group, Inc. The Investment Management Agreement for Global, High Income and Preferred Opportunity covers both investment advisory and administration services. Advantage has an Administration Agreement with the Advisor.

Effective March 2, 2005, High Income entered into an Investment Management Agreement with BlackRock Advisors, Inc. (the “Advisor”), and a sub-advisory agreement with BlackRock Financial Management, Inc. Prior to March 2, 2005, High Income had an Investment Management Agreement with CIGNA Investment Advisors, Inc. (“CIAI”) and a sub-advisory agreement with Shenkman Capital Management, Inc.

Each Trust’s, other than High Income, investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate, 0.50% of Advantage’s, average weekly net assets and 0.75% of Global’s and 0.65% of Preferred Opportunity’s average weekly managed assets. High Income’s investment advisory fee paid to the current Advisor and CIAI is/was computed weekly and payable monthly based on an annual rate of 0.75% of the first $200 million of the Trust’s average weekly managed assets and 0.50% thereafter. The Advisor, in turn, pays BFM its sub-advisory fee. “Managed assets” means the total assets of a 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 administration fee paid to the Advisor is computed weekly and payable monthly based on an annual rate of 0.08% for Advantage based on the Trust’s average weekly net assets.

Pursuant to the agreements, the Advisor provides continuous supervision of the investment portfolio and pays the compensation of officers of each Trust who are affiliated persons of the Advisor, as well as occupancy and certain clerical and accounting costs for each Trust. Each Trust bears all other costs and expenses, which include reimbursements to the Advisor for costs of employees that provide pricing, secondary market support and compliance services to each Trust. Prior to March 2, 2005, for administrative services, High Income reimbursed CIAI for a portion of the compensation and related expenses of the Treasurer and Secretary and certain persons who assist in carrying out the responsibilities of those offices. For the six months ended June 30, 2005, the Trusts reimbursed the Advisor the following amounts:


Trust	Amount

Advantage	$	4,163
Global		17,309
High Income		—
Preferred Opportunity		8,679

Pursuant to the terms of their custody agreements, each Trust received earnings credits from its custodian for positive cash balances maintained, which are used to offset custody fees.

Note 3. Portfolio Investments

Purchases and sales of investment securities, other than short-term investments, dollar rolls and U.S. government securities, for the six months ended June 30, 2005, aggregated as follows:


Trust	Purchases		Sales

Advantage	$	6,681,039	$	44,566,971
Global Floating Rate		174,348,766		169,825,306
High Income		160,356,505		167,856,042
Preferred Opportunity		225,042,230		213,793,796

Purchases and sales of U.S. government securities for the six months ended June 30, 2005, aggregated as follows:


Trust	Purchases		Sales

Advantage	$	—	$	2,545,996
Preferred Opportunity		13,911,037		13,891,016

A Trust may from time to time purchase in the secondary market certain mortgage pass-through securities packaged or master serviced by affiliates or mortgage-related securities containing loans or mortgages originated by PNC Bank or its affiliates, including Midland Loan Services, Inc., all of which are affiliates of the Advisor. It is possible under certain circumstances, that Midland Loan Services, Inc., or its affiliates, could have interests that are in conflict with the holders of these mortgage-backed securities, and such holders could have rights against Midland Loan Services, Inc. or its affiliates.

For Federal income tax purposes, the following Trust had capital loss carryforwards at December 31, 2004:


Trust	Capital Loss Carryforward Amount		Expires	Trust	Capital Loss Carryforward Amount		Expires

Advantage	$	98,294	2005	High Income	$	28,686,393	2007
		161,872	2008			35,363,213	2008
		127,941	2009			55,878,284	2009
		274,645	2010			102,576,339	2010
		83,667	2011			28,467,396	2011
		5,589,003	2012			2,339,279	2012

	$	6,335,422				253,310,904

Accordingly, no capital gain distributions are expected to be paid to shareholders of a Trust until that Trust has net realized capital gains in excess of its carryforward amounts.

Details of open forward currency contracts at June 30, 2005 were as follows:


Foreign Currency	Settlement Date		Contract to Purchase/ Receive			Value at Settlement Date		Value at June 30, 2005		Unrealized Appreciation (Depreciation)

Global:
Bought:
Euro		07/26/05		2,000,000	€	$	2,594,866	$	2,421,797	$	(173,069	)


Sold:
Euro		07/26/05		7,745,200	€	$	10,169,633	$	9,378,652	$	790,981
		07/26/05		1,800,000	€	$	2,358,243	$	2,179,618		178,625
		07/26/05		2,000,000	€	$	2,595,660	$	2,421,797		173,863
Mexican Peso		7/25/05	$	19,600,000		$	1,767,326	$	1,811,184		(43,858	)

										$	1,099,611

High Income:
Sold:
Euro		07/26/05		1,238,000	€	$	1,613,461	$	1,499,093	$	114,368

Details of open interest rate swaps at June 30, 2005 were as follows:


Trust	Notional Amount (000)		Fixed Rate			Floating Rate		Termination Date		Unrealized Appreciation

Preferred Opportunity	$	80,000		4.495	%(b)		3-month LIBOR		10/19/14	$	(1,002,984	)
		35,000		5.19	(b)		3-month LIBOR		10/19/34		(3,006,539	)

										$	(4,009,523	)

Details of credit default swaps at June 30, 2005 were as follows:
Advantage	$	800		0.23	%(a)		Contingent on		11/1/05	$	589
							Credit Event

Global	$	4,300		0.23	(a)		Contingent on		11/1/05	$	163
							Credit Event

(a) Trust pays floating interest rate and receives fixed rate.

(b) Trust pays a fixed interest rate and receives a floating rate.

Note 4. Borrowings

Reverse Repurchase Agreements: The Trusts may enter into reverse repurchase agreements with qualified third-party broker-dealers as determined by and under the direction of each Trust’s Board. Interest on the value of reverse repurchase agreements issued and outstanding is based upon competitive market rates at the time of issuance. At the time a Trust enters into a reverse repurchase agreement, it will establish and maintain a segregated account with the lender, containing liquid investment grade securities having a value not less than the repurchase price, including accrued interest of the reverse repurchase agreement. Details of open reverse repurchase agreements at June 30, 2005 were as follows:


Trust/Counter party	Rate			Trade Date		Maturity Date		Net Closing Amount		Par

Advantage
Lehman Brothers, Inc.		3.13	%		6/08/05		7/15/05	$	22,911,517	$	22,840,028
		3.13			6/08/05		7/15/05		8,991,556		8,963,500
		3.55			6/30/05		7/01/05		99,885		99,875

											31,903,403

Global
Lehman Brothers, Inc.		3.27	%		6/16/05		7/07/05	$	10,898,764	$	10,879,000
		3.27			6/16/05		7/07/05		12,844,010		12,844,000

											23,723,000

Preferred Opportunity
Lehman Brothers, Inc.		3.4			6/30/05		7/11/05	$	1,438,493	$	1,437,000

Details of underlying collateral for open reverse repurchase agreements at June 30, 2005 were as follows:


Trust/Counter party	Description	Rate			Maturity Date		Original Face		Current Face		Market Value

Advantage
Lehman Brothers, Inc.	Resolution Funding Corp.		0.00	%		7/15/05	$	22,926,000	$	22,926,000	$	22,835,213
	Financing Grp. (FICO) Strips		0.00			12/06/05		9,100,000		9,100,000		8,963,591
	Tennessee Valley Authority		0.00			11/01/05		100,000		100,000		98,986

												31,897,790

Global
Lehman Brothers, Inc.	Republic of Chile		6.875	%		4/28/09	$	2,400,000	$	2,400,000	$	2,622,960
	United Mexican States		3.84			1/13/09		4,800,000		4,800,000		4,864,800
	Republic of South Africa		7.375			4/25/12		2,400,000		2,400,000		2,749,440
	Malaxsio		8.75			6/01/09		800,000		800,000		924,952
	Rouse Co.		5.375			11/26/13		6,350,000		6,350,000		6,220,714
	Federative Republic of Brazil		9.23			9/29/09		7,000,000		7,000,000		8,120,000

												25,502,866

Preferred Opportunity
Lehman Brothers, Inc.	American General Institute
	Capital A		7.57	%		12/01/45	$	1,500,000	$	1,500,000	$	1,943,280

Loan Payable: High Income has an $80 million revolving credit Agreement (the “Agreement”), which expires on October 31, 2007. Prior to expiration of the Agreement, principal is repayable in whole or in part at the option of the Trust. Borrowings under this Agreement bear interest at a variable rate tied to the lender’s average daily cost of funds, or at fixed rates, as may be agreed to between the Trust and the lender. The Trust may borrow up to 33¹/₃% of its total assets up to the committed amount or 100% of the borrowing base eligible assets, as determined under the terms of the Agreement. In accordance with the terms of the Agreement, the Trust has pledged its portfolio assets as collateral for the borrowing.

Dollar Rolls: The Trusts may enter into dollar rolls in which a Trust sells securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. During the roll period the Trusts forgo principal and interest paid on the securities. The Trusts will be compensated by the interest earned on the cash proceeds of the initial sale and/or by the lower repurchase price at the future date. The Trusts did not enter into any dollar roll transactions during the period ended June 30, 2005.

Note 5. Distributions to Shareholders

The estimated tax character of distributions paid during the six months ended June 30, 2005, and the tax character of distributions paid during the year ended December 31, 2004, were as follows:


	June 30, 2005

Distributions Paid From:	Ordinary Income		Long-term Gains		Liquidating		Total Distributions

Advantage*	$	—	$	—	$	2,456,919	$	2,456,919
Global		14,318,463		—		—		14,318,463
High Income		7,497,359		—		—		7,497,359
Preferred Opportunity		18,347,587		—		—		18,347,587


	December 31, 2004

Distributions Paid From:	Ordinary Income		Long-term Gains		Liquidating		Total Distributions

Advantage*	$	554,749	$	—	$	8,917,875	$	9,472,624
Global		9,709,034		—		—		9,709,034
High Income		16,001,963		—		—		16,001,963
Preferred Opportunity		37,476,397		3,767,780		—		41,244,177

As of June 30, 2005, the components of distributable earnings on a tax basis were as follows:


Trust	Undistributed Ordinary Income		Undistributed Long-term Gains		Unrealized Net Appreciation

Advantage*	$	3,416,669	$	—	$	9,211,413
Global		2,723,323		—		5,710,909
High Income		615,006		—		—
Preferred Opportunity		499,409		9,313,602		17,497,913



* The Trust is currently under a plan of liquidation. Shareholders should consult their tax advisor as to the proper tax treatment of distribution from the Trust.

Note 6. Capital

There are 200 million of $0.01 par value common shares authorized for Advantage. There are an unlimited number of $0.001 par value common shares authorized for Preferred Opportunity and Global. There are an unlimited number of no par value shares authorized for High Income. At June 30, 2005, the common shares outstanding and the shares owned by affiliates of the Advisor of each Trust were as follows:


Trust	Common Shares Outstanding		Common Shares Owned

Advantage		9,510,667		—
Global		23,481,021		6,021
High Income		54,404,224		—
Preferred Opportunity		18,305,777		—

Transactions in common shares of beneficial interest from August 30, 2004 (commencement of investment operations) through December 31, 2004 for Global were as follows:

Shares from

Trust

Initial
Public Offering

Underwriters’ Exercising
the Over-allotment Option

Reinvestment
of Dividends

Net Increase in
Shares Outstanding

Global

23,006,021

475,000

—

23,481,021

During the six months ended June 30, 2005, there were no additional shares issued under the terms of Advantage’s, Global’s and Preferred Opportunity’s Dividend Reinvestment Plans. During the six months ended June 30, 2005, High Income issued 212,961 common shares under the terms of its Dividend Reinvestment Plan.

Offering costs of $924,000 ($0.04 per common share) incurred in connection with Global’s offering of common shares have been charged to paid-in capital in excess of par of the common shares.

As of June 30, 2005, Global and Preferred Opportunity have the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus any accumulated unpaid dividends.

Trust

Series

Shares

Trust

Series

Shares

Global

3,246

Preferred Opportunity

2,944

3,246

2,944

3,246

2,944

Underwriting discounts of $2,434,500 ($0.10 per common share) and offering costs of $400,260 ($0.02 per common share) incurred in connection with the preferred share offering of Global have been charged to paid-in capital in excess of par of the common shares.

Dividends on seven-day preferred shares are cumulative at a rate which is reset every seven days based on the results of an auction. The dividend range on the preferred shares for Global and Preferred Opportunity for the six months ended June 30, 2005 was 2.14% to 3.40%, and 2.21% to 3.46%, respectively.

Global and Preferred Opportunity may not declare dividends or make other distributions on common shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding preferred shares and any other borrowings would be less than 200%. The preferred shares are redeemable at the option of Global and Preferred Opportunity, in whole or in part, on any dividend payment date at $25,000 per share plus any accumulated or unpaid dividends whether or not declared. The preferred shares are also subject to mandatory redemption at $25,000 per share plus any accumulated or unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of Global and Preferred Opportunity, as set forth in Global’s and Preferred Opportunity’s Declaration of Trust, are not satisfied. The holders of preferred shares have voting rights equal to the holders of common shares (one vote per share) and will vote together with holders of common shares as a single class. However, holders of preferred shares, voting as a separate class, are also entitled to elect two Trustees for Global and Preferred Opportunity. In addition, the Investment Company Act of 1940, as amended, requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding preferred shares, voting separately as a class would be required to (a) adopt any plan of reorganization that would adversely affect the preferred shares, (b) change a Trust’s sub-classification as a closed-end investment company or change its fundamental investment restrictions and (c) change the nature of its business so as to cease to be an investment company.

Note 7. Dividends

Subsequent to June 30, 2005, each Board declared dividends from undistributed earnings per common share payable July 31, 2005, to shareholders of record on July 15, 2005. The per share common dividends declared were as follows:


Trust	Common Dividend Per Share

Advantage		$	0.050000
Global Floating Rate			0.093300
High Income			0.023000
Preferred Opportunity			0.166667

The dividends declared on preferred shares for the period July 1, 2005 to July 31, 2005 for Global and Preferred Opportunity were as follows:

Trust

Series

Dividends
Declared

Trust

Series

Dividends
Declared

Global

195,896

Preferred Opportunity

179,348

202,453

181,527

245,365

228,366

DIVIDEND REINVESTMENT PLANS

Pursuant to each Trust’s respective Dividend Reinvestment Plan (the “Plan”), shareholders of Advantage, Global and High Income may elect, while shareholders of Preferred Opportunity are automatically enrolled, to have all distributions of dividends and capital gains reinvested by Equiserve Trust Company, N.A. (the “Plan Agent”) in the respective Trust’s shares pursuant to the Plan. Shareholders who do not participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent, which serves as agent for the shareholders in administering the Plan.

After Advantage, Global and/or High Income declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participant’s account, by the purchase of outstanding shares on the open market, on the Trust’s primary exchange or elsewhere (“open market purchases”). These Trusts will not issue any new shares under the Plan.

After Preferred Opportunity declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participant’s account, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by open market purchases. If, on the dividend payment date, the NAV is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as “market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases.

Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

The Plan Agent’s fees for the handling of the reinvestment of dividends and distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends and distributions. The automatic reinvestment of dividends and distributions will not relieve participants of any Federal income tax that may be payable on such dividends or distributions.

Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, each Trust reserves the right to amend the Plan to include a service charge payable by the participants. Participants who request a sale of shares through the Plan Agent are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at 250 Royall Street, Canton, MA 02021 or (800) 699-1BFM.

BOARD REVIEW OF INVESTMENT MANAGEMENT AGREEMENTS

At a meeting held on May 26, 2005, the board of trustees (the “Board” or the “Trustees”) of each trust (each a “Trust”), including the independent trustees (the “Independent Trustees”), unanimously approved the continuance of an Investment Management Agreement between each Trust and BlackRock Advisors, Inc. (the “Advisor”). For each Investment Management Agreement, the Boards also approved a related Sub-Investment Advisory Agreement, when applicable, among each respective Trust, the Advisor and BlackRock Financial Management, Inc. (the “Sub-Advisor”). The Investment Management Agreements and the Sub-Investment Advisory Agreements sometimes are referred to herein collectively as the “Agreements”. The Advisor and the Sub-Advisor sometimes are referred to herein collectively as “BlackRock”.

Information Received by the Boards

To assist each Board in its evaluation of the Agreements, the Independent Trustees received information from BlackRock on or about April 27, 2005 which detailed, among other things: the organization, business lines and capabilities of BlackRock, including the responsibilities of various departments and key personnel and biographical information relating to key personnel; financial statements for BlackRock, Inc., the PNC Financial Services Group, Inc. and each Trust; the advisory and/or administrative fees paid by each Trust to BlackRock, including comparisons, compiled by an independent third party, with the management fees of funds with similar investment objectives (“Peers”); the profitability of BlackRock and certain industry profitability analyses for advisors to registered investment companies; the expenses of BlackRock in providing the various services; non-investment advisory reimbursements and “fallout” benefits to BlackRock; the expenses of each Trust, including comparisons of the respective Trust’s expense ratios (both before and after any fee waivers) with the expense ratios of its Peers; and each Trust’s performance for the past one-, three-, five- and ten-year periods, when applicable, as well as each Trust’s performance compared to its Peers. This information supplemented the information received by each Board throughout the year regarding each Trust’s performance, expense ratios, portfolio composition, trade execution and compliance.

In addition to the foregoing materials, independent legal counsel to the Independent Trustees provided a legal memorandum outlining, among other things, the duties of the Boards under the 1940 Act as well as the general principles of relevant law in reviewing and approving advisory contracts, the requirements of the 1940 Act in such matters, an advisor’s fiduciary duty with respect to advisory agreements and compensation, and the standards used by courts in determining whether investment company boards of directors have fulfilled their duties and factors to be considered by the boards in voting on advisory agreements.

Prior to the Board meeting, the Independent Trustees reviewed a preliminary binder of information, and, in consultation with independent counsel, submitted a memorandum on May 12, 2005, to BlackRock setting forth certain questions and requests for additional information. BlackRock responded to these questions in writing on May 24, 2005 and May 25, 2005. The Independent Trustees reviewed these responses with independent counsel on May 25, 2005.

At the Board meeting on May 26, 2005, BlackRock made a presentation to and responded to additional questions from the Boards. After the presentations and after reviewing the written materials, the Independent Trustees met in executive session with their legal counsel to review the Boards’ duties in reviewing the Agreements and to consider the renewal of the Agreements. With this background, the Boards considered each Agreement and, in consultation with independent counsel, reviewed the factors set out in judicial decisions and Securities and Exchange Commission statements relating to the renewal of the Agreements.

Matters Considered by the Boards

In connection with their deliberations, the Boards considered all factors they believed relevant with respect to each Trust, including the following: the nature, extent and quality of the services to be provided by BlackRock; the investment performance of each Trust; the costs of the services to be provided and profits to be realized by BlackRock and its affiliates from their relationship with the Trusts; the extent to which economies of scale would be realized as the BlackRock closed-end complex grows; and whether BlackRock realizes other benefits from its relationship with the Trusts.

Nature and Quality of Investment Advisory and Sub-Advisory Services. In evaluating the nature, extent and quality of BlackRock’s services, the Boards reviewed information concerning the types of services that BlackRock provides and is expected to provide to each Trust, narrative and statistical information concerning each Trust’s performance record and how such performance compares to each Trust’s Peers, information describing BlackRock’s organization and its various departments, the experience and responsibilities of key personnel and available resources. The Boards further noted the willingness of the personnel of BlackRock to engage in open, candid discussions with the Boards. The Boards further considered the quality of BlackRock’s investment process in making portfolio management decisions. Given the Boards’ experience with BlackRock, the Boards noted that they were familiar with and continue to have a good understanding of the organization, operations and personnel of BlackRock.

In addition to advisory services, the Independent Trustees considered the quality of the administrative or non-investment advisory services provided to the Trusts. In this regard, BlackRock provides each Trust with such administrative and other services (exclusive of, and in addition to, any such services provided by others for the Trusts) and officers and other personnel as are necessary for the operations of the respective Trust. In addition to investment management services, BlackRock and its affiliates provide each Trust with a wide range of services, including: preparing shareholder reports and communications, including annual and semi-annual financial statements and Trust web sites; communications with analysts to support secondary market trading; assisting with daily accounting and pricing; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; providing legal and compliance support (such as helping to prepare proxy statements and responding to regulatory inquiries); and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). In addition, in evaluating the administrative services, the Boards considered, in particular, BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations in light of the new Securities and Exchange Commission regulations governing compliance. The Boards noted BlackRock’s focus on compliance and its compliance systems. The Independent Trustees noted that BlackRock’s commitment to supporting the secondary market for the common shares of its closed-end funds is particularly noteworthy.

The Investment Performance of the Trusts. As previously noted, the Boards received myriad performance information regarding each Trust and its Peers. Among other things, the Boards received materials reflecting each Trust’s historic performance and each Trust’s performance compared to its Peers. More specifically, each Trust’s one-, three-, five- and ten-year total returns (when applicable) were evaluated relative to its respective Peers (including the performance of individual peers as well as the Peers’ average performance).

The Boards also reviewed a narrative analysis of the Peer rankings that was prepared by an independent third party and summarized by BlackRock at the Boards’ request. The summary placed the Peer rankings into context by analyzing various factors that affect these comparisons. In evaluating the performance information, in certain limited instances, the Boards noted that the Peers most similar to a given Trust still would not adequately reflect such Trust’s investment objectives and strategies, thereby limiting the usefulness of the comparisons of such Trust’s performance with that of its Peers. The Boards noted the quality of information provided by BlackRock throughout the year with respect to the performance of the Trusts. The Boards considered this information in connection with its deliberations as to whether the level of management services provided to each Trust, in light of all the other facts and circumstances relating to that Trust, supports a conclusion that the Trust’s Agreement should be renewed.

Fees and Expenses. In evaluating the management fees and expenses that a Trust is expected to bear, the Boards considered each Trust’s current management fee structure and the Trust’s expected expense ratios in absolute terms as well as relative to the fees and expense ratios of applicable Peers. In reviewing fees, the Boards, among other things, reviewed comparisons of each Trust’s gross management fees before and after any applicable reimbursements and fee waivers and total expense ratios before and after any applicable waivers with those of the applicable Peers. The Boards also reviewed a narrative analysis of the Peer rankings that was prepared by an independent third party and summarized by BlackRock at the request of the Boards. This summary placed the rankings into context by analyzing various factors that affect these comparisons.

The Boards also compared the management fees charged to the Trusts by BlackRock to the management fees BlackRock charges other types of clients (such as open-end investment companies and institutional separately managed accounts). With respect to open-end investment companies, the management fees charged to the Trusts generally were higher than those charged to the open-end investment companies. The Boards also noted that BlackRock provides the Trusts with certain services not provided to open-end funds, such as leverage management in connection with the issuance of preferred shares, stock exchange listing compliance requirements, rating agency compliance with respect to the leverage

employed by the Trusts and secondary market support and other services not provided to the Trusts, such as monitoring of subscriptions and redemptions. With respect to separately managed institutional accounts, the management fees for such accounts were generally lower than those charged to the comparable Trusts. The Boards noted, however, the various services that are provided and the costs incurred by BlackRock in managing and operating the Trusts. For instance, BlackRock and its affiliates provide numerous services to the Trusts that are not provided to institutional accounts including, but not limited to: preparing shareholder reports and communications, including annual and semi-annual financial statements; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; income monitoring; expense budgeting; preparing proxy statements; and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). Further, the Boards noted the increased compliance requirements for the Trusts in light of new Securities and Exchange Commission regulations and other legislation. These services are generally not required to the same extent, if at all, for separate accounts.

The Boards considered this information in connection with its deliberations as to whether the fees paid by each Trust under its Agreements, in light of all the other facts and circumstances relating to that Trust, supports a conclusion that the Trust’s Agreements should be renewed.

Profitability. The Trustees also considered BlackRock’s profitability in conjunction with their review of fees. The Trustees reviewed BlackRock’s revenues, expenses and profitability margins on an after-tax basis. In reviewing profitability, the Trustees recognized that one of the most difficult issues in determining profitability is establishing a method of allocating expenses. The Trustees also reviewed BlackRock’s assumptions and methodology of allocating expenses. In this regard, the methods of allocation used appeared reasonable but the Boards noted the inherent limitations in allocating costs among various advisory products. The Boards also recognized that individual fund or product line profitability of other advisors is generally not publicly available.

The Boards recognized that profitability may be affected by numerous factors including, among other things, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is somewhat limited. Nevertheless, to the extent available, the Boards considered BlackRock’s pre-tax profit margin compared to the pre-tax profitability of various publicly-traded investment management companies and/or investment management companies that publicly disclose some or all of their financial results.

In evaluating the reasonableness of BlackRock’s compensation, the Boards also considered any other revenues paid to BlackRock, including partial reimbursements paid to BlackRock for certain non-investment advisory services. The Boards noted that these payments were less than BlackRock’s costs for providing these services. The Boards also considered indirect benefits (such as soft dollar arrangements) that BlackRock and its affiliates are expected to receive that are attributable to their management of the Trusts.

In reviewing each Trust’s fees and expenses, the Boards examined the potential benefits of economies of scale, and whether any economies of scale should be reflected in the Trust’s fee structures, for example through the use of breakpoints. In this connection, the Boards reviewed information provided by BlackRock, noting that most closed-end fund complexes do not have fund-level breakpoints, as closed-end funds generally do not experience substantial growth after their initial public offering and each fund is managed independently consistent with its own investment objectives. The information also revealed that only one closed-end fund complex used a complex-level breakpoint structure, and that this complex generally is homogeneous with regard to the types of funds managed and is about four times as large as the Trust’s complex. The Boards concluded that breakpoints were not warranted at this time.

Other Benefits. In evaluating fees, the Boards also considered indirect benefits or profits BlackRock or its affiliates may receive as a result of their relationships with the Trusts. The Trustees, including the Independent Trustees, considered the intangible benefits that accrue to BlackRock and its affiliates by virtue of their relationships with the Trusts, including potential benefits accruing to BlackRock and its affiliates as a result of potentially stronger relationships with members of the broker-dealer community, increased name recognition of BlackRock and its affiliates, enhanced sales of other investment funds and products sponsored by BlackRock and its affiliates and increased assets under management which may increase the benefits realized by BlackRock from soft dollar arrangements with broker-dealers. The Boards also considered the unquantifiable nature of these potential benefits.

Miscellaneous. During the Boards’deliberations in connection with the Agreements, the Boards were aware that the Advisor pays compensation, out of its own assets, to the lead underwriter and to certain qualifying underwriters of many of its closed-end funds, and to employees of BlackRock and its affiliates that participated in the offering of such funds. The Boards considered whether the management fee met applicable standards in light of the services provided by BlackRock, without regard to whether BlackRock ultimately pays any portion of the anticipated compensation to the underwriters.

Conclusion

The Trustees did not identify any single factor discussed above as all-important or controlling. The Trustees, including a majority of Independent Trustees, determined that each of the factors described above, in light of all the other factors and all of the facts and circumstances applicable to each respective Trust, was acceptable for each Trust and supported the Trustees’ conclusion that the terms of each Agreement were fair and reasonable, that the respective Trust’s fees are reasonable in light of the services provided to the respective Trust, and that the renewal of each Agreement should be approved.

ADDITIONAL INFORMATION

The Joint Annual Meeting of Shareholders was held on May 26, 2005, to elect a certain number of Directors/Trustees for each of the following Trusts to three year terms, unless otherwise indicated, expiring in 2008:


Advantage

	Elected the Class I Director as follows:
	Director	Votes For	Votes Withheld

	R. Glenn Hubbard¹	7,765,403	774,075
	Elected the Class II Directors as follows:
	Director	Votes For	Votes Withheld

	Frank J. Fabozzi	7,772,629	757,849
	Kathleen F. Feldstein	7,765,148	765,330
	Walter F. Mondale	7,734,911	795,567
	Ralph L. Schlosstein	7,772,015	758,463

Global

	Elected the Class I Trustees as follows:
	Trustee	Votes For	Votes Withheld

	Richard E. Cavanagh²	7,729	24
	R. Glenn Hubbard¹	20,177,093	1,094,202
	James Clayburn La Force, Jr.	20,174,396	1,096,899
	Elected the Class II Trustee as follows:
	Trustee	Votes For	Votes Withheld

	Kathleen F. Feldstein¹	20,177,284	1,094,011

Preferred Opportunity

	Elected the Class II Trustees as follows:
	Trustee	Votes For	Votes Withheld

	Frank J. Fabozzi²	6,985	161
	Kathleen F. Feldstein	17,520,587	215,310
	Walter F. Mondale	17,451,899	283,998
	Ralph L. Schlosstein	17,524,145	211,752



¹	Mr. Hubbard and Ms. Feldstein will serve until the end of the term for the class of Directors/Trustees to which they were elected, if such class was not standing for election at May 26, 2005 annual shareholders meeting.

The following Trust had an additional proposal (Proposal #2A) to amend its Declaration of Trust in order to change the maximum number of permitted Trustees allowed on its Board to 11:


	Votes For	Votes Against	Votes Withheld
Preferred Opportunity	17,142,812	392,617	200,467

The following Trust had an additional proposal (Proposal #2B) to amend its Declaration of Trust in order to reduce the maximum number of permitted Trustees allowed on its Board from 15 to 11:

	Votes For	Votes Against	Votes Withheld

Global	19,981,501	1,093,656	196,138

On March 1, 2005, the shareholders of CIGNA High Income Shares approved proposals to: approve an advisory agreement between the Trust and BlackRock Advisors, Inc., approve a sub-advisory agreement among the Trust, BlackRock Advisors, Inc. and BlackRock Financial Management, Inc., and elect new Trustees, all of whom currently oversee BlackRock’s 54 closed-end funds, to serve until the next Annual Meeting of Shareholders. Upon approval of the Trustees, BlackRock Advisors, Inc. changed the name of the Trust to BlackRock High Income Shares.

There has been no material changes in the Trusts’ investment objective or policies or to their charters or by-laws that have not been approved by shareholders or in the principal risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

Quarterly performance and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com/indiv/products/closedendfunds/funds.html. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report.

Certain of the officers of the Trusts listed on the inside back cover of this Report to Shareholders are also officers of the Advisor or Sub-Advisor. They serve in the following capacities for the Advisor or Sub-Advisor: Robert S. Kapito—Director and Vice Chairman of the Advisor and the Sub-Advisor, Kevin M. Klingert—Director of BlackRock Advisors, Inc. and Managing Director of the Advisor and the Sub-Advisor, Henry Gabbay, Anne Ackerley and Bartholomew Battista—Managing Directors of the Advisor and the Sub-Advisor, James Kong and Vincent Tritto—Managing Directors of the Sub-Advisor, and Brian P. Kindelan—Managing Director of the Advisor.

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BlackRock Closed-End Funds

Directors/Trustees
Ralph L. Schlosstein, Chairman
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
Kathleen F. Feldstein¹R. Glenn Hubbard²Robert S. Kapito
James Clayburn La Force, Jr.
Walter F. Mondale

Officers
Robert S. Kapito, President
Henry Gabbay, Treasurer
Bartholomew Battista, Chief Compliance Officer
Anne Ackerley, Vice President
James Kong, Assistant Treasurer
Vincent B. Tritto, Secretary
Brian P. Kindelan, Assistant Secretary

Investment Advisor
BlackRock Advisors, Inc.
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM

Sub-Advisor³
BlackRock Financial Management, Inc.
40 East 52nd Street
New York, NY 10022

Accounting Agent and Custodian
State Street Bank and Trust Company
225 Franklin Street
Boston, MA 02110

Transfer Agent
Equiserve Trust Company, N.A.
c/o Computershare Investor Services
250 Royall Street
Canton, MA 02021
(800) 699-1BFM

Auction Agent³
Bank of New York
101 Barclay Street, 7 West
New York, NY 10286

Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, NY 10036

Legal Counsel – Independent Trustees
Debevoise & Plimpton LLP
919 Third Avenue
New York, NY 10022

This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change.

BlackRock Closed-End Funds
c/o BlackRock Advisors, Inc.
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM



¹	Appointed as a Director/Trustee of all Trusts on January 19, 2005 and elected by Shareholders on May 26, 2005.
²	Appointed as a Director/Trustee of each Trust on November 16, 2004. Elected by Shareholders on May 26, 2005 as a Director/Trustee for each Trust, except Preferred Opportunity for which Mr. Hubbard’s class of Directors/Trustees did not stand for election.
³	For Global and Preferred Opportunity.

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800) 699-1BFM.

The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor’s proxy voting policies and procedures. You may obtain a copy of these proxy voting policies and procedures, without charge, by calling (800) 699-1BFM. These policies and procedures are also available on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.

Information on how proxies relating to the Trusts’ voting securities were voted (if any) by the Advisor during the most recent 12-month period ended June 30th is available, upon request, by calling (800) 699-1BFM or on the website of the Commission at http://www.sec.gov.

The Trusts file their complete schedules of portfolio holdings for the first and third quarters of their respective fiscal years with the Commission on Form N-Q. Each Trust’s Form N-Q is available on the Commission’s website at http://www.sec.gov. Each Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trust’s Form N-Q may also be obtained upon request, without charge, by calling (800) 699-1BFM.


This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change.

CEF-SEMI-5

Item 2. Code of Ethics.
Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.

Item 6. Schedule of Investments.
The Registrant’s Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable for semi-annual reports.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.
Not applicable because no such purchases were made during the period covered by this report.

Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable because no applicable matters were voted on by shareholders during the period covered by this report.

Item 11. Controls and Procedures.

(a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures as of a date within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures are effective, as of such date, in ensuring that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The Registrant's principal executive officer and principal financial officer are aware of no changes in the Registrant's internal control over financial reporting that occurred during the Registrant's second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Not applicable.

(a) (2) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(a) (3) Not applicable.

(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)_____BlackRock Global Floating Rate Income Trust__________

By: /s/ Henry Gabbay
Name: Henry Gabbay
Title: Treasurer
Date: August 19, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Robert S. Kapito
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: August 19, 2005

By: /s/ Henry Gabbay
Name: Henry Gabbay
Title: Principal Financial Officer
Date: August 19, 2005