BLACKROCK FLOATING RATE INCOME TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21566

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

Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Floating Rate Income Trust, 55 East 52nd Street, New York, NY 10055

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

Date of fiscal year end: 10/31/2019

Date of reporting period: 01/31/2019

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security       
Shares		     Value  

Common Stocks — 0.1%

 

Auto Components — 0.0%  

Lear Corp.

       89     $ 13,700  
   

 

 

  
Health Care Management Services — 0.0%  

New Millennium HoldCo, Inc.(a)

       9,191       505  
   

 

 

  
Household Durables — 0.0%  

Berkline Benchcraft Equity LLC(a)(b)

       6,155       —  
   

 

 

  
Interactive Media & Services — 0.0%  

New Holdings LLC(a)(b)

       365       120,450  
   

 

 

  
Metals & Mining — 0.0%  

Ameriforge Group, Inc.(a)

       832       45,760  
   

 

 

  
Software — 0.0%  

Avaya Holdings Corp.(a)

       38       643  
   

 

 

  
Utilities — 0.1%  

Texgen LLC(a)(b)

       5,193       202,527  
   

 

 

  

Total Common Stocks — 0.1%
(Cost — $673,673)

 

     383,585  
   

 

 

  
     Par
(000)		         

Asset-Backed Securities — 1.7%

 

Cedar Funding II CLO Ltd., Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.23%), 4.00%, 06/09/30(c)(d)

     USD       500       498,462  

CIFC Funding Ltd., Series 2018-4A, Class B, 4.53%, 10/17/31(c)(e)

       425       410,641  

Galaxy XVIII CLO Ltd., Series 2018-28A, Class C, 4.74%, 07/15/31(c)(e)

       250       238,623  

GoldentTree Loan Management US CLO Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 2.20%), 4.96%, 04/20/29(c)(d)

       250       245,886  

Harbor Park CLO Ltd., Series 2018-1A, Class B1, 4.54%, 01/20/31(c)(e)

       250       247,702  

LCM XVIII LP, Series 18A, Class INC,
0.00%, 04/20/31(c)(e)

       1,000       574,946  

LCM XXIV Ltd., Series 24A, Class C, (3 mo. LIBOR US + 2.25%), 5.01%, 03/20/30(c)(d)

       500       490,352  

Octagon Investment Partners XVI Ltd.,
Series 2013-1A, Class CR,
4.62%, 07/17/30(c)(e)

       500       478,030  

Palmer Square CLO Ltd.(c)(e):

      

Series 2013-2A, Class BRR, 4.97%, 10/17/31

       700       681,041  

Series 2018-1A, Class A2, 4.23%, 04/18/31

       250       243,874  

Series 2018-1A, Class B, 4.53%, 04/18/31

       250       237,053  
Security   Par
(000)		     Value  

RR 5 Ltd., Series 2018-5A, Class B,
5.04%, 10/15/31(c)(e)

     USD       250     $ 240,116  

TICP CLO XII Ltd., Series 2018-12A(c)(e):

      

Class C, 4.81%, 01/15/31

       250       242,803  

Class D, 5.61%, 01/15/31(b)

       250       234,375  

Voya CLO Ltd., Series 2014-4A, Class BR2, 4.89%, 07/14/31(c)(e)

       400       387,031  
   

 

 

  

Total Asset-Backed Securities — 1.7%
(Cost — $5,807,572)

 

     5,450,935  
   

 

 

  

Corporate Bonds — 3.2%

 

Aerospace & Defense — 0.8%

 

TransDigm, Inc., 6.25%, 03/15/26(c)(f)

       2,489       2,526,335  
   

 

 

  
Capital Markets — 0.3%  

Blackstone CQP Holdco LP(c):

      

6.50%, 03/20/21

       941       938,648  

6.00%, 08/18/21

       153       152,082  
   

 

 

  
        1,090,730  
Chemicals — 0.2%  

Chemours Co., 6.63%, 05/15/23

       500       516,875  
   

 

 

  
Diversified Consumer Services — 0.1%  

Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23(c)

       262       277,065  
   

 

 

  
Diversified Telecommunication Services — 0.1%  

Level 3 Financing, Inc., 6.13%, 01/15/21

       337       337,843  
   

 

 

  
Electric Utilities — 0.0%  

Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc.,
11.50%, 10/01/20(b)(c)

       654       —  
   

 

 

  
Health Care Providers & Services — 0.0%  

NVA Holdings, Inc., 6.88%, 04/01/26(c)

       114       108,836  
   

 

 

  
Health Care Services — 0.0%  

Aveta, Inc. Escrow, 7.00%, 04/01/19(b)(c)

       827       —  
   

 

 

  
Household Products — 0.0%  

Berkline Benchcraft LLC, 4.50%, 06/01/19(a)(b)(g)

       400       —  
   

 

 

  
Machinery: Tools — 0.0%  

CFX Escrow Corp., 6.00%, 02/15/24(c)

       126       126,000  
   

 

 

  
Media — 0.3%  

Clear Channel Worldwide Holdings, Inc.:

      

7.63%, 03/15/20

       335       334,581  

6.50%, 11/15/22

       602       615,545  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Media (continued)  

CSC Holdings LLC, 10.88%, 10/15/25(c)

     USD       65     $ 74,925  
   

 

 

  
        1,025,051  
Metals & Mining — 0.2%  

Freeport-McMoRan, Inc.:

      

3.10%, 03/15/20

       350       346,062  

3.88%, 03/15/23

       375       358,594  
   

 

 

  
        704,656  
Oil, Gas & Consumable Fuels — 0.8%  

CNX Resources Corp., 5.88%, 04/15/22

       1,380       1,373,100  

CONSOL Energy, Inc., 11.00%, 11/15/25(c)

       605       665,500  

Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21(c)

       540       481,950  
   

 

 

  
        2,520,550  
Software — 0.4%  

Infor US, Inc., 6.50%, 05/15/22

       720       732,600  

Informatica LLC, 7.13%, 07/15/23(c)

       405       406,012  
   

 

 

  
        1,138,612  
   

 

 

  

Total Corporate Bonds — 3.2%
(Cost — $10,426,616)

 

     10,372,553  
   

 

 

  

Floating Rate Loan Interests(d) — 131.7%

 

Aerospace & Defense — 2.7%

 

Accudyne Industries LLC, 2017 Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 08/18/24

       2,289       2,228,544  

Atlantic Aviation FBO, Inc., 2018 Term
Loan B, (1 mo. LIBOR + 3.75%),
6.27%, 11/29/25(b)

       721       722,802  

DAE Aviation Holdings, Inc.:

      

1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.25%, 07/07/22

       311       309,859  

2019 Term Loan B, 01/23/26(h)

       1,693       1,685,614  

Term Loan, 01/23/26(h)

       910       906,244  

TransDigm, Inc., 2018 Term Loan F,
06/09/23(h)

       2,697       2,637,088  
Security   Par
(000)		     Value  
Aerospace & Defense (continued)  

WP CPP Holdings LLC, 2018 Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.51%, 04/30/25

     USD       245     $ 240,907  
   

 

 

  
        8,731,058  
Air Freight & Logistics — 0.2%  

Avolon TLB Borrower 1 (US) LLC, Term Loan B3, (1 mo. LIBOR + 2.00%), 4.50%, 01/15/25

       367       362,602  

XPO Logistics, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 02/24/25

       163       160,158  
   

 

 

  
        522,760  
Airlines — 0.3%  

Allegiant Travel Co., Term Loan B, 01/15/24(b)(h)

       926       914,425  
   

 

 

  
Auto Components — 0.3%  

USI, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.80%, 05/16/24

       974       932,227  
   

 

 

  
        932,227  
Automobiles — 0.3%  

CH Hold Corp.:

      

1st Lien Term Loan, (PRIME + 2.00%),
7.50%, 02/01/24

       781       778,572  

2nd Lien Term Loan, (PRIME + 6.25%), 11.75%, 02/01/25

       150       149,250  
   

 

 

  
        927,822  
Banks — 0.3%  

Capri Finance LLC, 2017 1st Lien Term Loan,
(3 mo. LIBOR + 3.25%), 5.99%, 11/01/24

       995       965,105  
   

 

 

  
Beverages — 0.2%  

Jacobs Douwe Egberts International BV, 2018 USD Term Loan B, (3 mo. LIBOR + 2.00%), 4.56%, 11/01/25

       500       493,782  
   

 

 

  
Building Materials — 0.2%  

Allied Universal HoldCo LLC, 2015 Term Loan,
(1 mo. LIBOR + 3.75%, 1.00% Floor),
6.25%, 07/28/22

       508       484,725  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Building Materials (continued)  

USAGM HoldCo LLC, 2015 2nd Lien Term Loan, (1 mo. LIBOR + 8.50%, 1.00% Floor), 11.00%, 07/28/23

     USD       280     $ 265,061  
   

 

 

  
        749,786  
Building Products — 1.1%  

Continental Building Products LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 08/18/23

       143       139,210  

CPG International, Inc., 2017 Term Loan,
(6 mo. LIBOR + 3.75%, 1.00% Floor),
6.63%, 05/05/24

       883       851,790  

Jeld-Wen, Inc., 2017 1st Lien Term Loan,
(3 mo. LIBOR + 2.00%), 4.80%, 12/14/24

       736       712,234  

Ply Gem Midco, Inc., 2018 Term Loan, (3 mo. LIBOR + 3.75%), 6.55%, 04/12/25

       269       256,194  

Wilsonart LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor),
6.06%, 12/19/23

       1,608       1,587,934  
   

 

 

  
        3,547,362  
Capital Markets — 1.7%  

Duff & Phelps Corp., 2017 Term Loan B,
(1 mo. LIBOR + 3.25%, 1.00% Floor),
5.75%, 02/13/25

       526       506,409  

EIG Management Co. LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.27%, 02/22/25

       1,040       1,031,107  

Fortress Investment Group LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.00%),
4.50%, 12/27/22

       822       809,462  

Greenhill & Co., Inc., 1st Lien Term Loan,
(3 mo. LIBOR + 3.75%, 1.00% Floor),
6.54%, 10/12/22

       910       904,623  

GreenSky Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.75%, 03/31/25

       655       645,224  

RPI Finance Trust, Term Loan B6, (1 mo. LIBOR + 2.00%), 4.50%, 03/27/23

       1,594       1,576,594  
   

 

 

  
        5,473,419  
Chemicals — 5.4%  

Alpha 3 BV, 2017 Term Loan B1, 01/31/24(h)

       2,939       2,846,963  

Axalta Coating Systems US Holdings, Inc., Term Loan, (3 mo. LIBOR + 1.75%),
4.55%, 06/01/24

       2,176       2,133,037  
Security   Par
(000)		     Value  
Chemicals (continued)  

Charter NEX US Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 05/16/24

     USD       882     $ 847,969  

Chemours Co. (The), 2018 Term Loan B,
(1 mo. LIBOR + 1.75%),
4.25%, 04/03/25

       900       883,009  

Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor),
6.30%, 06/28/24

       376       371,735  

Encapsys LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor),
5.75%, 11/07/24

       635       613,762  

Evergreen Acqco 1 LP, Term Loan, (3 mo. LIBOR + 3.75%), 6.53%, 07/09/19

       268       253,586  

Invictus US LLC:

      

1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.50%, 03/28/25

       1,003       986,571  

2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 9.25%, 03/25/26(b)

       265       261,025  

Messer Industries LLC, 2018 USD Term Loan, 10/01/25(h)

       2,796       2,733,090  

Oxea Holding Drei GmbH, 2017 Term Loan B2, (1 mo. LIBOR + 3.50%), 6.06%, 10/14/24

       2,237       2,206,276  

Plaskolite LLC, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%, 1.00% Floor),
6.76%, 12/12/25

       323       321,925  

PQ Corp., 2018 Term Loan B, 02/08/25(h)

       1,673       1,627,164  

Starfruit Finco BV, 2018 USD Term Loan B,
(1 mo. LIBOR + 3.25%), 5.75%, 10/01/25

       785       766,851  

Tata Chemicals North America, Inc., Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 5.56%, 08/07/20

       254       251,053  

Vectra Co., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.75%, 03/08/25

       579       544,394  
   

 

 

  
        17,648,410  
Commercial Services & Supplies — 7.5%  

Advanced Disposal Services, Inc., Term
Loan B3, (1 Week LIBOR + 2.25%),
4.66%, 11/10/23

       1,904       1,880,667  

Aramark Services, Inc., 2018 Term Loan B3,
(1 mo. LIBOR + 1.75%), 4.25%, 03/11/25

       169       167,279  

Asurion LLC:

      

2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 9.00%, 08/04/25

       1,406       1,413,030  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Commercial Services & Supplies (continued)  

2017 Term Loan B4, (1 mo. LIBOR + 3.00%), 5.50%, 08/04/22

     USD       1,071     $ 1,052,686  

2018 Term Loan B6, (1 mo. LIBOR + 3.00%), 5.50%, 11/03/23

       1,833       1,802,529  

2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 5.50%, 11/03/24

       719       707,393  

BrightView Landscapes LLC, 2018 1st Lien Term Loan B, 08/15/25(b)(h)

       1,020       1,007,397  

Camelot UK Holdco Ltd., 2017 Repriced Term Loan, 10/03/23(h)

       1,848       1,832,943  

Cast and Crew Payroll LLC, 2019 1st Lien Term Loan, 01/17/26(h)

       643       641,644  

Catalent Pharma Solutions, Inc., Term
Loan B, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.75%, 05/20/24

       1,181       1,171,961  

Creative Artists Agency LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%),
5.50%, 02/15/24

       1,865       1,835,046  

EnergySolutions LLC, 2018 Term Loan B,
(3 mo. LIBOR + 3.75%, 1.00% Floor),
6.55%, 05/09/25

       357       305,410  

GFL Environmental, Inc., 2018 USD Term Loan B, 05/30/25(h)

       2,029       1,954,577  

Harland Clarke Holdings Corp., Term Loan, (3 mo. LIBOR + 4.75%, 1.00% Floor), 7.55%, 11/03/23

       551       511,451  

KAR Auction Services, Inc., Term Loan B5,
(3 mo. LIBOR + 2.50%), 5.31%, 03/09/23

       1,530       1,514,080  

Prime Security Services Borrower LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 05/02/22

       1,696       1,670,029  

Verscend Holding Corp., 2018 Term Loan B, (1 mo. LIBOR + 4.50%), 7.00%, 08/27/25

       3,083       3,053,704  

West Corp., 2017 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.50%, 10/10/24

       2,000       1,830,889  
   

 

 

  
        24,352,715  
Communications Equipment — 1.1%  

Avantor, Inc., 2017 1st Lien Term Loan,
(3 mo. LIBOR + 3.75%, 1.00% Floor),
6.57%, 11/21/24

       2,377       2,366,883  

Avaya, Inc., 2018 Term Loan B, (1 mo. LIBOR + 4.25%), 6.76%, 12/15/24

       893       877,157  
Security   Par
(000)		     Value  
Communications Equipment (continued)  

Ciena Corp., 2018 Term Loan B, (PRIME + 2.00%), 4.50%, 09/26/25

     USD       432     $ 429,444  
   

 

 

  
        3,673,484  
Construction & Engineering — 1.4%  

AECOM, Term Loan B, (1 mo. LIBOR + 1.75%), 4.25%, 03/13/25

       446       435,192  

Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 7.01%, 06/21/24

       2,386       2,283,705  

Pike Corp., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 03/23/25

       484       482,576  

SRS Distribution, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.75%, 05/23/25

       742       703,110  

USIC Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor),
5.75%, 12/08/23

       562       540,497  
   

 

 

  
        4,445,080  
Construction Materials — 1.5%  

Core & Main LP, 2017 Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor),
5.74%, 08/01/24

       1,693       1,670,334  

Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.50%, 03/29/25

       3,002       2,973,550  

GYP Holdings III Corp., 2018 Term Loan B,
(1 mo. LIBOR + 2.75%),
5.25%, 06/01/25

       264       252,071  
   

 

 

  
        4,895,955  
Containers & Packaging — 1.4%  

Berry Global, Inc., Term Loan Q, 10/01/22(h)

       2,803       2,772,840  

BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 6.03%, 04/03/24

       1,086       1,046,397  

Flex Acquisition Co., Inc., 2018 Incremental Term Loan, (1 mo. LIBOR + 3.25%),
5.77%, 06/29/25

       911       884,045  
   

 

 

  
        4,703,282  
Distributors — 1.1%  

American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 10/31/23

       1,764       1,718,973  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Distributors (continued)  

TriMark USA LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 6.00%, 08/28/24

     USD       2,015     $ 1,799,432  
   

 

 

  
        3,518,405  
Diversified Consumer Services — 4.7%  

AI Aqua Merger Sub, Inc., 2017 Incremental Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 12/13/23

       1,274       1,206,997  

Ascend Learning LLC, 2017 Term Loan B,
(1 mo. LIBOR + 3.00%, 1.00% Floor),
5.50%, 07/12/24

       706       691,722  

Bright Horizons Family Solutions, Inc., 2017 Term Loan B, (1 mo. LIBOR + 1.75%), 4.25%, 11/07/23

       1,975       1,937,563  

CHG PPC Parent LLC, 2018 Term Loan B,
(1 mo. LIBOR + 2.75%), 5.25%, 03/31/25(b)

       428       418,223  

Equian LLC, Add on Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor),
5.75%, 05/20/24

       1,163       1,133,536  

Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.75%),
6.55%, 07/12/25

       857       837,573  

J.D. Power and Associates, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.25%, 09/07/23

       851       835,134  

Nomad Foods Europe Midco Ltd., 2017 Term Loan B4, (1 mo. LIBOR + 2.25%),
4.76%, 05/15/24

       1,035       1,005,480  

Serta Simmons Bedding LLC, 1.00% Floor):

      

1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 6.01%, 11/08/23

       657       558,170  

2nd Lien Term Loan, (1 mo. LIBOR + 8.00%, 10.51%, 11/08/24

       183       129,189  

ServiceMaster Co., 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 5.00%, 11/08/23

       589       585,654  

Spin Holdco, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor),
6.03%, 11/14/22

       1,668       1,626,802  

Uber Technologies, 2018 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor),
6.52%, 04/04/25

       796       789,035  

Wand Intermediate I LP:

      

2017 1st Lien Term Loan, (2 mo. LIBOR + 3.00%, 1.00% Floor), 5.62%, 09/17/21

       776       773,140  

2019 1st Lien Term Loan, 01/23/26(h)

       878       875,805  
Security   Par
(000)		     Value  
Diversified Consumer Services (continued)  

Weight Watchers International, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.75%),
7.56%, 11/29/24

     USD       1,898     $ 1,885,914  
   

 

 

  
        15,289,937  
Diversified Financial Services — 2.0%  

AlixPartners LLP, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor),
5.25%, 04/04/24

       2,469       2,435,914  

CRCI Longhorn Holdings, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%),
6.02%, 08/08/25

       448       436,681  

Edelman Financial Center LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%),
6.04%, 07/21/25

       482       476,977  

EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 6.81%, 02/07/25

       1,026       989,446  

Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 07/03/24(b)

       1,058       1,049,517  

LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, (1 mo. LIBOR + 3.50%),
6.00%, 09/06/25

       632       610,015  

SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (2 mo. LIBOR + 4.25%),
6.90%, 07/30/25

       448       441,159  
   

 

 

  
        6,439,709  
Diversified Telecommunication Services — 4.6%  

CenturyLink, Inc.:

      

2017 Term Loan A, (1 mo. LIBOR + 2.75%), 5.25%, 11/01/22

       374       366,122  

2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.25%, 01/31/25

       1,770       1,689,767  

Consolidated Communications, Inc., 2016 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 10/04/23

       253       243,907  

Frontier Communications Corp., Delayed Draw Term Loan A, (1 mo. LIBOR + 2.75%), 5.25%, 03/31/21

       498       482,213  

Hargray Communications Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 05/16/24

       916       890,172  

Level 3 Financing, Inc., 2017 Term Loan B,
(1 mo. LIBOR + 2.25%), 4.76%, 02/22/24

       1,753       1,720,380  

MTN Infrastructure TopCo, Inc, 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 11/15/24

       1,182       1,163,041  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Diversified Telecommunication Services (continued)  

Sprint Communications, Inc.:

      

1st Lien Term Loan B, (1 mo. LIBOR + 2.50%), 5.00%, 02/02/24(b)

     USD       1,754     $ 1,712,111  

2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.50%, 02/02/24

       421       414,424  

TDC A/S, Term Loan, (EURIBOR + 2.75%), 2.75%, 06/04/25

     EUR       819       935,627  

Telenet Financing USD LLC, Term Loan AN, (1 mo. LIBOR + 2.25%), 4.76%, 08/15/26

     USD       2,420       2,352,042  

Telesat Canada, Term Loan B4, (3 mo. LIBOR + 2.50%), 5.31%, 11/17/23

       500       489,835  

Virgin Media Investment Holdings Ltd., Term Loan L, (LIBOR - GBP + 3.25%),
3.98%, 01/15/27

     GBP       600       777,012  

Zayo Group LLC:

      

2017 Incremental Term Loan, (1 mo. LIBOR + 2.25%, 1.00% Floor),
4.75%, 01/19/24

     USD       175       173,337  

2017 Term Loan B1, (1 mo. LIBOR + 2.00%), 4.50%, 01/19/21

       1,444       1,432,262  
   

 

 

  
        14,842,252  
Electric Utilities — 0.9%  

Dayton Power & Light Co., Term Loan B,
(1 mo. LIBOR + 2.00%),
4.50%, 08/24/22

       315       313,829  

TEX Operations Co. LLC, Exit Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 08/04/23

       1,242       1,220,925  

Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Term Loan, 5.03%, 11/10/19(b)

       1,050       —  

Vistra Energy Corp., 1st Lien Term Loan B3, (1 mo. LIBOR + 2.00%), 4.51%, 12/31/25

       1,215       1,191,408  

Vistra Operations Co. LLC, 2016 Term Loan B2, (1 mo. LIBOR + 2.25%),
4.75%, 12/14/23

       224       221,300  
   

 

 

  
        2,947,462  
Electrical Equipment — 0.8%  

AL Alpine AT Bidco GmbH, 2018 Term
Loan B, (3 mo. LIBOR + 3.25%),
5.81%, 10/31/25(b)

       333       319,680  
Security   Par
(000)		     Value  
Electrical Equipment (continued)  

Gates Global LLC, 2017 Repriced Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor),
5.25%, 04/01/24

     USD       2,492     $ 2,437,112  
   

 

 

  
        2,756,792  
Energy Equipment & Services — 1.2%  

Gavilan Resources LLC, 2nd Lien Term Loan,
(1 mo. LIBOR + 6.00%, 1.00% Floor),
8.52%, 03/01/24

       609       486,567  

GrafTech Finance, Inc., 2018 Term Loan B,
(1 mo. LIBOR + 3.50%, 1.00% Floor),
6.00%, 02/12/25(b)

       1,087       1,066,741  

Pioneer Energy Services Corp., Term Loan,
(1 mo. LIBOR + 7.75%, 1.00% Floor),
10.26%, 11/08/22

       520       517,400  

Seadrill Partners Finco LLC, Term Loan B,
(3 mo. LIBOR + 6.00%, 1.00% Floor),
8.80%, 02/21/21

       381       306,022  

Weatherford International Ltd., Term Loan,
(1 mo. LIBOR + 1.43%),
3.93%, 07/13/20(b)

       653       623,416  

Woodford Express LLC, 2018 Term Loan B,
(1 mo. LIBOR + 5.00%, 1.00% Floor),
7.50%, 01/17/25

       918       883,635  
   

 

 

  
        3,883,781  
Equity Real Estate Investment Trusts (REITs) — 2.4%  

Capital Automotive LP, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 5.00%, 03/24/24

       465       451,537  

Iron Mountain, Inc., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.25%, 01/02/26

       517       500,578  

MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 03/21/25

       2,803       2,755,656  

RHP Hotel Properties LP, 2017 Term Loan B,
(3 mo. LIBOR + 2.00%), 4.78%, 05/11/24

       825       816,701  

VICI Properties 1 LLC, Replacement Term
Loan B, (1 mo. LIBOR + 2.00%),
4.50%, 12/20/24

       3,293       3,230,068  
   

 

 

  
        7,754,540  
Food & Staples Retailing — 1.5%  

Albertsons LLC, Term Loan B7, (1 mo. LIBOR + 3.00%), 5.50%, 11/17/25

       1,068       1,043,576  

Hearthside Food Solutions LLC:

      

2018 Incremental Term Loan, 05/23/25(h)

       808       783,760  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Food & Staples Retailing (continued)  

2018 Term Loan B, (1 mo. LIBOR + 3.69%), 6.19%, 05/23/25

     USD       357     $ 342,935  

Hostess Brands LLC, 2017 Repriced Term Loan, 08/03/22(h)

       1,693       1,632,441  

US Foods, Inc., 2016 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 06/27/23

       980       963,002  
   

 

 

  
        4,765,714  
Food Products — 2.5%  

8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.25%, 10/01/25(b)

       353       352,118  

Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor),
6.00%, 10/10/23

       1,364       1,304,772  

JBS USA LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 5.30%, 10/30/22

       3,076       3,041,967  

Post Holdings, Inc., 2017 Series A Incremental Term Loan, (1 mo. LIBOR + 2.00%),
4.52%, 05/24/24

       987       973,439  

Reynolds Group Holdings, Inc., 2017 Term Loan, 02/05/23(h)

       2,416       2,379,354  
   

 

 

  
        8,051,650  
Gas Utilities — 0.3%  

AL Midcoast Holdings LLC, 2018 Term Loan B, (3 mo. LIBOR + 5.50%), 8.30%, 07/31/25

       877       848,885  
   

 

 

  
Health Care Equipment & Supplies — 4.0%  

CryoLife, Inc., Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 6.05%, 11/14/24(b)

       1,119       1,110,310  

DJO Finance LLC, 2015 Term Loan, (2 mo. LIBOR + 3.25%, 1.00% Floor),
5.88%, 06/08/20

       6,121       6,106,222  

Immucor, Inc., Extended Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor),
7.80%, 06/15/21(b)

       2,177       2,163,461  

Mallinckrodt International Finance SA, Term Loan B, (3 mo. LIBOR + 2.75%),
5.55%, 09/24/24

       517       479,913  
Security   Par
(000)		     Value  
Health Care Equipment & Supplies (continued)  

Ortho-Clinical Diagnostics SA, 2018 Term
Loan B, (1 mo. LIBOR + 3.25%),
5.76%, 06/30/25

     USD       3,202     $ 3,094,398  
   

 

 

  
        12,954,304  
Health Care Providers & Services — 7.4%  

Acadia Healthcare Co., Inc., 2018 Term
Loan B4, (1 mo. LIBOR + 2.50%),
5.00%, 02/16/23

       376       369,469  

AHP Health Partners, Inc., 2018 Term Loan,
(1 mo. LIBOR + 4.50%, 1.00% Floor),
7.00%, 06/30/25

       505       501,457  

Auris Luxembourg III Sarl, 2017 Term Loan B7, (1 mo. LIBOR + 3.00%, 1.00% Floor),
5.50%, 01/17/22

       1,475       1,463,272  

CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%,
1.00% Floor), 5.74%, 06/07/23

       2,164       2,140,285  

Concentra, Inc.:

      

2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.27%, 06/01/22

       1,164       1,153,093  

2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 1.00% Floor), 9.02%, 06/01/23

       850       844,331  

DaVita HealthCare Partners, Inc., Term
Loan B, (1 mo. LIBOR + 2.75%),
5.25%, 06/24/21

       505       502,235  

DentalCorp Perfect Smile ULC, 1.00% Floor):

      

1st Lien Delayed Draw Term Loan, (1 mo. LIBOR + 3.75%, 6.25%, 06/06/25

       132       95,114  

1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 6.25%, 06/06/25

       529       516,330  

Diplomat Pharmacy, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor),
7.00%, 12/20/24(b)

       612       605,977  

DuPage Medical Group Ltd.:

      

2018 Term Loan, (1 mo. LIBOR + 2.75%), 5.25%, 08/15/24

       526       505,588  

2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 9.52%, 08/15/25

       245       235,200  

Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%),
6.25%, 10/10/25

       1,605       1,509,503  

Explorer Holdings, Inc., 2016 Term Loan B,
(3 mo. LIBOR + 3.75%, 1.00% Floor),
6.55%, 05/02/23

       655       647,831  

Gentiva Health Services, Inc.:

      

2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.25%, 07/02/25(b)

       1,017       1,009,791  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Health Care Providers & Services (continued)  

2018 2nd Lien Term Loan, 07/02/26(h)

     USD       484     $ 489,265  

HC Group Holdings III, Inc., 2018 Term
Loan B, (1 mo. LIBOR + 3.75%),
6.25%, 04/07/22(b)

       1,247       1,225,266  

HCA, Inc.:

      

2018 Term Loan B10, (1 mo. LIBOR + 2.00%), 4.50%, 03/13/25

       591       588,110  

Term Loan B11, (1 mo. LIBOR + 1.75%), 4.25%, 03/18/23

       1,384       1,375,773  

Lifescan Global Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 6.00%),
8.80%, 09/27/24

       221       211,747  

MPH Acquisition Holdings LLC, 2016 Term Loan B, 06/07/23(h)

       2,179       2,105,758  

National Mentor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.00%), 5.80%, 01/31/21

       290       289,110  

nThrive, Inc., 2016 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor),
7.00%, 10/20/22

       1,090       1,049,414  

NVA Holdings, Inc., Term Loan B3, (1 mo. LIBOR + 2.75%, 1.00% Floor),
5.25%, 02/02/25

       1,251       1,194,282  

ScribeAmerica Intermediate Holdco LLC, 2018 Term Loan, (1 mo. LIBOR + 4.50%), 7.01%, 04/03/25

       641       634,169  

Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%,
1.00% Floor), 5.25%, 02/06/24(b)

       1,161       1,042,217  

Vizient, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor),
5.25%, 02/13/23

       377       373,561  

WP CityMD Bidco LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%,
1.00% Floor), 6.30%, 06/07/24

       642       621,350  

Zotec Partners LLC, 2018 Term Loan, (1 mo. LIBOR + 5.00%, 1.00% Floor),
7.52%, 02/14/24(b)

       741       726,027  
   

 

 

  
        24,025,525  
Health Care Services — 0.2%  

Sound Inpatient Physicians:

      

2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.25%, 06/27/25

       430       422,589  
Security   Par
(000)		     Value  
Health Care Services (continued)  

2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 9.25%, 06/26/26

     USD       234     $ 230,490  
   

 

 

  
        653,079  
Health Care Technology — 1.2%  

Change Healthcare Holdings, Inc., 2017 Term Loan B, 03/01/24(h)

       1,658       1,621,804  

GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.51%, 10/10/25

       354       347,954  

Press Ganey Holdings, Inc., 1.00% Floor):

      

2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 5.25%, 10/23/23

       1,171       1,149,682  

2nd Lien Term Loan, 10/21/24(h)

       359       356,182  

Quintiles IMS, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 4.80%, 03/07/24

       307       303,645  
   

 

 

  
        3,779,267  
Hotels, Restaurants & Leisure — 8.8%  

Aristocrat Technologies, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 1.75%),
4.53%, 10/19/24

       806       790,215  

Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.25%), 4.66%, 09/15/23

       1,123       1,106,567  

Bronco Midstream Funding LLC, Term Loan B, (1 mo. LIBOR + 3.50%), 6.02%, 08/14/23

       366       359,628  

Burger King Newco Unlimited Liability Co., Term Loan B3, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.75%, 02/16/24

       4,417       4,340,114  

Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%),
5.25%, 12/22/24

       2,706       2,665,437  

CCM Merger, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 4.75%, 08/08/21

       958       946,617  

CEC Entertainment, Inc., Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor),
5.75%, 02/14/21

       354       337,945  

ESH Hospitality, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 08/30/23

       1,749       1,714,942  

Four Seasons Hotels Ltd., 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 4.50%, 11/30/23

       137       134,828  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Hotels, Restaurants & Leisure (continued)  

Gateway Casinos & Entertainment Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 5.80%, 12/01/23

     USD       94     $ 93,018  

GVC Holdings PLC, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor),
5.00%, 03/29/24

       576       567,735  

Hilton Worldwide Finance LLC, Term Loan B2, (1 mo. LIBOR + 1.75%),
4.26%, 10/25/23

       1,203       1,188,892  

IRB Holding Corp., 1st Lien Term Loan, 02/05/25(h)

       2,013       1,957,042  

KFC Holding Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.26%, 04/03/25

       880       871,097  

Lakeland Tours LLC, 2017 1st Lien Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.79%, 12/15/24

       646       638,571  

Marriott Ownership Resorts, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.25%),
4.75%, 08/29/25

       756       749,861  

Penn National Gaming, Inc., 2018 1st Lien Term Loan B, (1 mo. LIBOR + 2.25%), 4.76%, 10/15/25

       370       364,835  

Playa Resorts Holding BV, 2017 Term
Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 04/29/24

       878       846,230  

Sabre GLBL, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 02/22/24

       1,550       1,528,334  

Scientific Games International, Inc., 2018 Term Loan B5, 08/14/24(h)

       1,858       1,799,634  

Stars Group Holdings BV, 2018 Incremental Term Loan, (3 mo. LIBOR + 3.50%), 6.30%, 07/10/25

       3,788       3,748,268  

Station Casinos LLC, 2016 Term Loan B, 06/08/23(h)

       1,000       986,750  

Wyndham Hotels & Resorts, Inc., Term
Loan B, (1 mo. LIBOR + 1.75%),
4.25%, 05/30/25

       968       950,468  
   

 

 

  
        28,687,028  
Household Products — 0.4%  

Energizer Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.76%, 06/20/25

       435       431,737  

Mastronardi Produce Ltd., Term Loan B,
(1 mo. LIBOR + 3.25%), 5.77%, 05/01/25

       358       355,514  
Security   Par
(000)		     Value  
Household Products (continued)  

SIWF Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 6.75%, 06/15/25

     USD       538     $ 527,226  
   

 

 

  
        1,314,477  
Independent Power and Renewable Electricity Producers — 1.7%  

AES Corp., 2018 Term Loan B, (3 mo. LIBOR + 1.75%), 4.46%, 05/31/22

       456       454,353  

Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.50%),
5.00%, 01/15/25

       768       750,248  

Calpine Corp., Term Loan B6, (3 mo. LIBOR + 2.50%), 5.31%, 01/15/23

       1,117       1,098,088  

Compass Power Generation LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 12/20/24

       706       702,581  

EIF Channelview Cogeneration LLC, 2018 Term Loan B, (1 mo. LIBOR + 4.25%, 1.00% Floor), 6.75%, 05/03/25

       270       268,472  

Granite Acquisition, Inc., 1.00% Floor):

      

Term Loan B, (3 mo. LIBOR + 3.50%,
6.30%, 12/19/21

       1,255       1,250,769  

Term Loan C, (3 mo. LIBOR + 3.50%,
6.30%, 12/19/21

       166       165,170  

NRG Energy, Inc., 2016 Term Loan B, (1 mo. LIBOR + 1.75%), 4.25%, 06/30/23

       1,000       982,500  
   

 

 

  
        5,672,181  
Industrial Conglomerates — 1.0%  

Cortes NP Acquisition Corp., 2017 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor),
6.71%, 11/30/23

       2,468       2,289,661  

Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.73%, 11/28/21

       946       927,967  
   

 

 

  
        3,217,628  
Insurance — 3.5%  

Achilles Acquisition LLC, 2018 Term Loan,
(1 mo. LIBOR + 4.00%), 6.50%, 10/03/25

       505       499,319  

Alliant Holdings I, Inc., 2018 Term Loan B,
(1 mo. LIBOR + 2.75%), 5.26%, 05/09/25

       1,826       1,753,351  

AmWINS Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor),
5.25%, 01/25/24

       1,617       1,582,648  

AssuredPartners, Inc., 2017 1st Lien Add-On Term Loan, (1 mo. LIBOR + 3.25%),
5.75%, 10/22/24

       961       928,603  
 

 

 

     9  

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Insurance (continued)  

Davis Vision, Inc., 1st Lien Term Loan B,
(1 mo. LIBOR + 3.00%, 1.00% Floor),
5.50%, 12/02/24

     USD       1,125     $ 1,082,230  

Hub International Ltd., 2018 Term Loan B,
(3 mo. LIBOR + 2.75%),
5.51%, 04/25/25

       987       950,332  

Sedgwick Claims Management Services, Inc., 2018 Term Loan B, 12/31/25(h)

       4,179       4,067,546  

Stratose Intermediate Holdings II LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 06/22/23

       507       499,348  
   

 

 

  
        11,363,377  
Interactive Media & Services — 1.5%  

Go Daddy Operating Co. LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%), 4.75%, 02/15/24

       1,827       1,801,983  

Inmar Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 05/01/24

       640       620,242  

Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.58%, 11/03/23

       1,211       1,121,193  

ZPG PLC, 2018 Term Loan B, (LIBOR - GBP + 4.75%), 5.48%, 06/30/25

     GBP       1,000       1,293,237  
   

 

 

  
        4,836,655  
Internet & Direct Marketing Retail — 0.3%  

Harbor Freight Tools USA, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.50%),
5.00%, 08/18/23

     USD       891       860,332  
   

 

 

  
Internet Software & Services — 0.2%  

TierPoint LLC, 2017 1st Lien Term Loan,
(1 mo. LIBOR + 3.75%, 1.00% Floor),
6.25%, 05/06/24(b)

       780       738,725  
   

 

 

  
IT Services — 5.5%  

Access CIG LLC:

      

2018 1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 6.46%, 02/27/25

       322       318,625  

2018 Incremental Term Loan, (3 mo. LIBOR + 3.75%), 6.46%, 02/27/25

       45       44,149  

Altran Technologies SA, 1st Lien Term Loan, (3 mo. LIBOR + 2.25%), 5.04%, 03/20/25

       412       404,292  
Security   Par
(000)		     Value  
IT Services (continued)  

Evertec Group LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 6.00%, 11/27/24

     USD       566     $ 563,170  

First Data Corp., 2024 Term Loan, (1 mo. LIBOR + 2.00%), 4.52%, 04/26/24

       4,952       4,931,614  

Flexential Intermediate Corp., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%),
6.30%, 08/01/24

       829       748,624  

Global Payments, Inc.:

      

2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 4.25%, 04/21/23

       524       514,011  

2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 4.25%, 10/17/25

       175       171,136  

Greeneden US Holdings II LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%),
5.75%, 12/01/23

       1,267       1,235,327  

Optiv Security, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor),
5.75%, 02/01/24

       863       798,415  

Peak 10 Holding Corp., 2nd Lien Term Loan,
(3 mo. LIBOR + 7.25%, 1.00% Floor),
9.79%, 08/01/25

       795       686,681  

TKC Holdings, Inc., 1.00% Floor):

      

2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 6.25%, 02/01/23

       671       648,924  

2017 2nd Lien Term Loan, (1 mo. LIBOR + 8.00%, 10.50%, 02/01/24

       515       493,113  

Trans Union LLC:

      

2018 Term Loan B4, (1 mo. LIBOR + 2.00%), 4.50%, 06/19/25

       11       10,793  

Term Loan B3, (1 mo. LIBOR + 2.00%), 4.50%, 04/10/23

       3,134       3,090,003  

WEX, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.25%), 4.75%, 06/30/23

       2,391       2,351,686  

Worldpay LLC, 2018 1st Lien Term Loan B4, 08/09/24(h)

       967       960,547  
   

 

 

  
        17,971,110  
Leisure Products — 0.2%  

MND Holdings III Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.30%, 06/19/24(b)

       636       622,981  
   

 

 

  
Life Sciences Tools & Services — 0.2%  

Albany Molecular Research, Inc., 1.00% Floor):

      

2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 5.75%, 08/30/24

       340       329,005  
 

 

 

10   

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Life Sciences Tools & Services (continued)  

2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 9.50%, 08/30/25

     USD       240     $ 233,400  
   

 

 

  
        562,405  
Machinery — 2.2%  

Clark Equipment Co., 2018 Term Loan B,
(3 mo. LIBOR + 2.00%), 4.80%, 05/18/24

       542       531,551  

Columbus McKinnon Corp., 2018 Term
Loan B, (3 mo. LIBOR + 2.50%, 1.00% Floor), 5.30%, 01/31/24(b)

       104       103,223  

Gardner Denver, Inc., 2017 Term Loan B, 07/30/24(h)

       1,356       1,346,464  

Hayward Industries, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 6.00%, 08/05/24

       817       797,612  

Infiltrator Systems, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.80%, 05/27/22(b)

       1,192       1,168,723  

Tecomet, Inc., 2017 Repriced Term Loan,
(1 mo. LIBOR + 3.50%, 1.00% Floor),
6.02%, 05/01/24

       990       975,570  

Titan Acquisition Ltd., 2018 Term Loan B,
(1 mo. LIBOR + 3.00%),
5.50%, 03/28/25

       1,917       1,803,016  

Welbilt, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 5.00%, 10/23/25

       604       589,850  
   

 

 

  
        7,316,009  
Media — 10.1%  

Altice Financing SA:

      

2017 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.25%, 01/31/26

       426       394,544  

2017 Term Loan B, (3 mo. LIBOR + 2.75%), 5.23%, 07/15/25

       165       153,559  

Altice France SA, 2018 Term Loan B13, (1 mo. LIBOR + 4.00%), 6.51%, 08/14/26

       2,693       2,536,476  

Charter Communications Operating LLC:

      

2017 Term Loan A2, (1 mo. LIBOR + 1.50%), 4.00%, 03/31/23

       1,424       1,394,479  

2017 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 04/30/25

       2,778       2,737,193  

CSC Holdings LLC:

      

2017 1st Lien Term Loan, (1 mo. LIBOR + 2.25%), 4.76%, 07/17/25

       1,705       1,649,286  
Security   Par
(000)		     Value  
Media (continued)  

2018 Term Loan B, (1 mo. LIBOR + 2.50%), 5.01%, 01/25/26

     USD       1,037     $ 1,012,094  

Getty Images, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 6.00%, 10/18/19

       250       248,186  

Gray Television, Inc.:

      

2017 Term Loan B, (3 mo. LIBOR + 2.25%), 4.77%, 02/07/24

       371       364,072  

2018 Term Loan C, (3 mo. LIBOR + 2.50%), 5.02%, 01/02/26

       903       889,834  

Hubbard Radio LLC, 2015 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.02%, 03/28/25

       136       133,681  

iHeartCommunications, Inc.(a)(g):

      

Extended Term Loan E, 0.00%, 07/30/19

       315       211,838  

Term Loan D, 0.00%, 01/30/20

       2,569       1,728,366  

Intelsat Jackson Holdings SA, 2017 Term
Loan B4, (1 mo. LIBOR + 4.50%, 1.00% Floor), 7.00%, 01/02/24

       1,123       1,135,802  

Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 12/01/23(b)

       1,537       1,521,203  

Lions Gate Capital Holdings LLC, 2018 Term Loan B, 03/24/25(h)

       834       818,959  

Live Nation Entertainment, Inc., Term Loan B3, (1 mo. LIBOR + 1.75%), 4.25%, 10/31/23

       289       287,412  

MCC Iowa LLC, Term Loan N, (1 Week LIBOR + 1.75%), 4.17%, 02/15/24

       489       481,640  

Meredith Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.25%, 01/31/25

       520       516,749  

MH Sub I LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.27%, 09/13/24

       515       504,975  

Numericable Group SA, Term Loan B12, (1 mo. LIBOR + 3.69%), 6.20%, 01/31/26

       334       311,843  

PSAV Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor),
5.75%, 03/01/25

       629       600,630  

Radiate Holdco LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.50%, 02/01/24

       624       605,015  

Sinclair Television Group, Inc., Term Loan B2, (1 mo. LIBOR + 2.25%), 4.75%, 01/03/24

       621       615,665  

Trader Corp., 2017 Term Loan B, 09/28/23(h)

       1,989       1,956,773  
 

 

 

     11  

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Media (continued)  

Tribune Media Co., Term Loan C, (1 mo. LIBOR + 3.00%), 5.50%, 01/27/24

     USD       2,255     $ 2,240,772  

Unitymedia Finance LLC:

      

Term Loan B, (1 mo. LIBOR + 2.25%), 4.76%, 09/30/25

       1,245       1,224,570  

USD Term Loan D, (1 mo. LIBOR + 2.25%), 4.76%, 01/15/26

       225       221,287  

Unitymedia Hessen GmbH & Co. KG, 2018 Term Loan E, (1 mo. LIBOR + 2.00%), 4.51%, 06/01/23

       599       588,734  

Univision Communications, Inc., Term Loan C5, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 03/15/24

       726       675,183  

Virgin Media Bristol LLC, 2017 Term Loan,
(1 mo. LIBOR + 2.50%),
5.01%, 01/15/26

       1,666       1,633,963  

William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, 05/18/25(h)

       2,033       1,909,409  

Ziggo Secured Finance Partnership, Term Loan E, (1 mo. LIBOR + 2.50%),
5.01%, 04/15/25

       1,476       1,425,850  
   

 

 

  
        32,730,042  
Metals & Mining — 0.3%  

AMG Advanced Metallurgical Group NV, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.50%, 02/01/25

       378       366,594  

Ball Metalpack LLC, 2018 1st Lien Term
Loan B, (1 mo. LIBOR + 4.50%),
7.00%, 07/24/25

       438       432,328  

Preferred Proppants LLC, Term Loan B2, 07/27/20(b)(h)

       136       20,357  
   

 

 

  
        819,279  
Multiline Retail — 0.6%  

Eyemart Express LLC, 2017 Term Loan B,
(1 mo. LIBOR + 3.00%, 1.00% Floor),
5.56%, 08/04/24

       598       587,729  

Hudson’s Bay Co., 2015 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor),
5.75%, 09/30/22

       884       863,300  
Security   Par
(000)		     Value  
Multiline Retail (continued)  

Neiman Marcus Group, Inc., 2020 Term Loan,
(1 mo. LIBOR + 3.25%, 1.00% Floor),
5.76%, 10/25/20

     USD       741     $ 655,590  
   

 

 

  
        2,106,619  
Oil & Gas Equipment & Services — 0.3%  

McDermott Technology Americas, Inc., 2018
1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 1.00% Floor), 7.50%, 05/10/25

       975       933,479  
   

 

 

  
Oil, Gas & Consumable Fuels — 2.5%  

BCP Raptor II LLC, 1st Lien Term Loan, (2 mo. LIBOR + 4.75%), 7.37%, 11/03/25

       733       696,350  

BCP Raptor LLC, Term Loan B, (2 mo. LIBOR + 4.25%, 1.00% Floor), 6.87%, 06/24/24

       521       496,042  

California Resources Corp., 1.00% Floor):

      

2017 1st Lien Term Loan, (1 mo. LIBOR + 4.75%, 7.25%, 12/31/22

       1,492       1,459,668  

Second Out Term Loan, (1 mo. LIBOR + 10.38%, 12.87%, 12/31/21

       1,327       1,385,551  

CONSOL Energy, Inc.:

      

1st Lien Term Loan A, (1 mo. LIBOR + 4.25%), 6.75%, 11/26/21(b)

       181       180,688  

1st Lien Term Loan B, (1 mo. LIBOR + 6.00%, 1.00% Floor), 8.50%, 11/28/22

       1,303       1,311,737  

Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 6.25%, 12/13/25

       1,042       1,030,798  

EG Group Ltd., 2018 USD Term Loan B, (3 mo. LIBOR + 4.00%), 6.81%, 02/07/25

       491       473,601  

Keane Group Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.25%, 05/25/25(b)

       697       652,134  

Lucid Energy Group II LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.52%, 02/17/25

       354       331,670  
 

 

 

12   

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Oil, Gas & Consumable Fuels (continued)  

MEG Energy Corp., 2017 Term Loan B,
(1 mo. LIBOR + 3.50%, 1.00% Floor),
6.00%, 12/31/23

     USD       257     $ 254,623  
   

 

 

  
    8,272,862  
Personal Products — 0.4%  

Clover Merger Sub, Inc., 2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%),
10.25%, 09/26/25

       766       614,215  

Prestige Brands, Inc., Term Loan B4, (1 mo. LIBOR + 2.00%), 4.50%, 01/26/24

       555       546,793  
   

 

 

  
    1,161,008  
Pharmaceuticals — 4.2%  

Akorn, Inc., Term Loan B, (1 mo. LIBOR + 5.50%, 1.00% Floor), 8.00%, 04/16/21

       405       324,493  

Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%),
6.00%, 05/04/25

       2,109       2,086,935  

Endo Luxembourg Finance Company I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 6.75%, 04/29/24

       1,648       1,630,620  

Grifols Worldwide Operations USA, Inc., 2017 Acquisition Term Loan, (1 Week LIBOR + 2.25%), 4.66%, 01/31/25

       2,228       2,197,167  

Jaguar Holding Co. II, 2018 Term Loan,
(1 mo. LIBOR + 2.50%, 1.00% Floor),
5.00%, 08/18/22

       2,565       2,510,143  

Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, 06/02/25(h)

       4,848       4,791,866  
   

 

 

  
    13,541,224  
Professional Services — 1.2%  

Cast and Crew Payroll LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.50%), 5.00%, 09/27/24

       1,490       1,487,048  

Guidehouse LLP, 2018 Term Loan, (1 mo. LIBOR + 3.00%), 5.50%, 05/01/25(b)

       582       567,523  

Information Resources, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 4.50%), 7.00%, 12/01/25

       620       608,530  

ON Assignment, Inc., 2018 Term Loan B,
(1 mo. LIBOR + 2.00%),
4.50%, 04/02/25

       721       710,541  
Security   Par
(000)		     Value  
Professional Services (continued)  

SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 5.50%),
8.30%, 08/04/25(b)

     USD       700     $ 682,500  
   

 

 

  
    4,056,142  
Real Estate Management & Development — 2.1%  

CityCenter Holdings LLC, 2017 Term Loan B,
(1 mo. LIBOR + 2.25%), 4.75%, 04/18/24

       2,629       2,578,331  

DTZ US Borrower LLC, 2018 Add On Term Loan B, 08/21/25(h)

       1,829       1,791,809  

Forest City Enterprises LP, Term Loan B, (1 mo. LIBOR + 4.00%), 6.51%, 12/07/25

       1,306       1,303,819  

Realogy Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.76%, 02/08/25

       485       472,431  

SMG Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.50%, 01/23/25

       739       721,244  
   

 

 

  
    6,867,634  
Road & Rail — 0.3%  

Moda Ingleside Energy Center LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%),
5.75%, 09/29/25

       453       446,490  

Road Infrastructure Investment LLC, 2016
1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.25%, 06/13/23

       753       687,757  
   

 

 

  
    1,134,247  
Semiconductors & Semiconductor Equipment — 1.0%  

MaxLinear, Inc., Term Loan B, (1 mo. LIBOR + 2.50%), 5.01%, 05/12/24(b)

       160       158,645  

Microchip Technology, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 05/29/25

       2,236       2,196,652  

ON Semiconductor Corp., 2018 1st Lien Term Loan B, (1 mo. LIBOR + 1.75%),
4.25%, 03/31/23

       314       309,466  

Versum Materials, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 4.80%, 09/29/23

       577       574,562  
   

 

 

  
    3,239,325  
Software — 15.5%  

Almonde, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor),
6.30%, 06/13/24

       774       741,425  
 

 

 

     13  

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Software (continued)  

Applied Systems, Inc., 1.00% Floor):

      

2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 5.50%, 09/19/24

     USD       1,485     $ 1,447,738  

2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 9.50%, 09/19/25

       302       299,994  

BMC Software Finance, Inc., 2017 Term
Loan B, 10/02/25(h)

       2,210       2,155,546  

Cypress Intermediate Holdings III, Inc.,
1.00% Floor):

      

2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 5.50%, 04/26/24

       557       542,049  

2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 9.25%, 04/27/25

       496       488,253  

Dell, Inc., 2017 1st Lien Term Loan, 09/07/23(h)

       1,649       1,625,120  

Digicel International Finance Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.25%),
5.96%, 05/28/24

       1,011       925,877  

DTI Holdco, Inc., 2018 Term Loan B, (2 mo. LIBOR + 4.75%, 1.00% Floor),
7.38%, 09/30/23

       881       822,505  

Financial & Risk US Holdings, Inc., 2018 USD Term Loan, (1 mo. LIBOR + 3.75%),
6.25%, 10/01/25

       4,156       3,987,183  

Help/Systems Holdings, Inc, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%),
6.25%, 03/28/25(b)

       721       708,751  

Infor (US), Inc., Term Loan B6, 02/01/22(h)

       4,431       4,080,565  

Informatica Corp., 2018 Term Loan, (1 mo. LIBOR + 3.25%), 5.75%, 08/05/22

       1,743       1,736,224  

IQOR US, Inc., Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.80%, 04/01/21

       783       698,273  

Kronos, Inc., 1.00% Floor):

      

2017 Term Loan B, 11/01/23(h)

       2,989       2,926,361  

2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 10.79%, 11/01/24

       1,315       1,331,714  

McAfee LLC, 2018 USD Term Loan B, 09/30/24(h)

       2,140       2,126,053  
Security   Par
(000)		     Value  
Software (continued)  

Mitchell International, Inc.:

      

2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.75%, 11/29/24

     USD       2,778     $ 2,658,360  

2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 9.75%, 12/01/25

       523       510,512  

PowerSchool, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.76%, 08/01/25

       619       603,141  

Renaissance Learning, Inc., 2018 Add On Term Loan, (1 mo. LIBOR + 3.25%),
5.75%, 05/30/25

       433       415,694  

SolarWinds Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.25%, 02/05/24

       2,270       2,210,690  

Solera LLC, Term Loan B, (1 mo. LIBOR + 2.75%), 5.25%, 03/03/23

       2,760       2,699,332  

SonicWALL, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 6.14%, 05/16/25

       349       335,596  

Sophia LP, 2017 Term Loan B, 09/30/22(h)

       3,162       3,092,141  

SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 2.25%), 4.75%, 04/16/25

       1,112       1,088,969  

SS&C Technologies, Inc.:

      

2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 4.75%, 07/08/22

       2,129       2,108,020  

2018 Term Loan B3, (1 mo. LIBOR + 2.25%), 4.75%, 04/16/25

       2,892       2,831,387  

2018 Term Loan B5, (1 mo. LIBOR + 2.25%), 4.75%, 04/16/25

       1,098       1,076,541  

Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 3.00%), 5.50%, 05/01/24

       1,569       1,538,430  

Tibco Software, Inc., Repriced Term Loan B, 12/04/20(h)

       2,629       2,601,371  
   

 

 

  
        50,413,815  
Specialty Retail — 2.1%  

Academy Ltd., 2015 Term Loan B, (1 mo. LIBOR + 4.00%, 1.00% Floor),
6.51%, 07/01/22

       844       579,469  

Belron Finance US LLC:

      

2018 Term Loan B, (3 mo. LIBOR + 2.50%), 5.11%, 11/13/25

       279       275,164  

Term Loan B, (3 mo. LIBOR + 2.25%), 4.84%, 11/07/24(b)

       1,495       1,474,345  
 

 

 

14   

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Specialty Retail (continued)  

CD&R Firefly Bidco Ltd., 2018 Term Loan B1, (LIBOR - GBP + 4.50%), 5.41%, 06/23/25

     GBP       1,000     $ 1,271,845  

Leslie’s Poolmart, Inc., 2018 Term Loan,
(1 mo. LIBOR + 3.50%, 1.00% Floor),
6.00%, 08/16/23

     USD       753       731,171  

National Vision, Inc., 2017 Repriced Term Loan, (1 mo. LIBOR + 2.50%),
5.00%, 11/20/24

       153       151,878  

Petco Animal Supplies, Inc., 2017 Term
Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.99%, 01/26/23

       526       401,774  

Research Now Group, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 5.50%, 1.00% Floor), 8.00%, 12/20/24

       772       764,478  

Staples, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor),
6.54%, 09/12/24

       515       505,079  

TruGreen LP, 2017 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.51%, 04/13/23(b)

       705       706,541  
   

 

 

  
        6,861,744  
Technology Hardware, Storage & Peripherals — 0.7%  

Western Digital Corp., 2018 Term Loan B4,
(1 mo. LIBOR + 1.75%), 4.26%, 04/29/23

       2,501       2,438,152  
   

 

 

  
Textiles, Apparel & Luxury Goods — 0.5%  

Ascend Performance Materials Operations LLC, Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 8.05%, 08/12/22(b)

       1,459       1,444,811  

Varsity Brands, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor),
6.00%, 12/15/24

       327       321,256  
   

 

 

  
        1,766,067  
Thrifts & Mortgage Finance — 0.6%  

IG Investment Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.30%, 05/23/25

       1,972       1,940,994  
   

 

 

  
Trading Companies & Distributors — 1.2%  

Beacon Roofing Supply, Inc., 2017 Term
Loan B, (1 mo. LIBOR + 2.25%),
4.77%, 01/02/25

       733       711,089  

Foundation Building Materials LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%),
5.75%, 08/13/25(b)

       498       473,856  

HD Supply, Inc., Term Loan B5, (1 mo. LIBOR + 1.75%), 4.25%, 10/17/23

       2,420       2,390,400  
Security   Par
(000)		     Value  
Trading Companies & Distributors (continued)  

Nexeo Solutions LLC, 2017 Repriced Term Loan, (3 mo. LIBOR + 3.25%),
6.05%, 06/09/23

     USD       151     $ 150,809  

Oxbow Carbon LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 3.50%),
6.00%, 01/04/23(b)

       166       165,419  

United Rentals, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 4.25%, 10/31/25

       137       136,568  
   

 

 

  
        4,028,141  
Transportation — 0.4%  

Gruden Acquisition, Inc., 2017 Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 8.30%, 08/18/22

       300       293,918  

Safe Fleet Holdings LLC, 1.00% Floor)(b):

      

2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 5.52%, 02/01/25

       794       746,360  

2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 9.27%, 02/01/26

       325       305,500  
   

 

 

  
        1,345,778  
Utilities — 0.1%  

ExGen Renewables IV LLC, Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.71%, 11/28/24

       299       269,800  
   

 

 

  
Wireless Telecommunication Services — 1.7%  

Geo Group, Inc., 2018 Term Loan B,
(1 mo. LIBOR + 2.00%), 4.50%, 03/22/24

       1,222       1,187,539  

Ligado Networks LLC, PIK Exit Term Loan (9.75% PIK), 0.00%, 12/07/20(i)

       2,582       1,739,769  

SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.00%),
4.50%, 04/11/25

       2,628       2,577,694  
   

 

 

  
        5,505,002  
   

 

 

  

Total Floating Rate Loan Interests — 131.7%
(Cost — $439,195,685)

 

     428,082,236  
   

 

 

  
            Shares         

Investment Companies — 4.3%

 

United States — 4.3%

 

Invesco Senior Loan ETF

       615,000       13,800,600  
   

 

 

  

Total Investment Companies — 4.3%
(Cost — $14,019,300)

 

     13,800,600  
   

 

 

  
 

 

 

     15  

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security  

Beneficial

Interests (000)

     Value  

Other Interests(j)(b) — 0.0%

 

Afghanistan — 0.0%

 

Lear Corp. Escrow

     USD       500     $             5  
   

 

 

  
United States — 0.0%  

Millennium Corp.

       991       —  

Millennium Lender Claims

       930       —  
   

 

 

  
    —  
   

 

 

  

Total Other Interests — 0.0%
(Cost — $—)

 

     5  
   

 

 

  

Warrants(b) — 0.0%

 

Metals & Mining — 0.0%  

AFGlobal Corp. (Expires 06/08/22)

       2,642       —  
   

 

 

  
Software — 0.0%  

Bankruptcy Management Solutions, Inc.
(Expires 06/28/19)

       195       —  
Security  

Beneficial

Interests (000)

     Value  
Software (continued)  

Bankruptcy Management Solutions, Inc. (Expires 06/28/20)

                  292     $ —  

HMH Holdings/EduMedia (Issued/exercisable 03/09/10, 19 Shares for 1 Warrant, Expires 06/22/19, Strike Price $42.27)

       1,501       —  
   

 

 

  
    —  
   

 

 

  

Total Warrants — 0.0%
(Cost — $4,590)

 

     —  
   

 

 

  

Total Long-Term Investments — 141.0%
(Cost — $470,127,436)

 

     458,089,914  
   

 

 

  

Total Investments — 141.0%
(Cost — $470,152,858)

 

     458,089,914  

Liabilities in Excess of Other Assets — (41.0)%

 

     (133,129,297 ) 
   

 

 

  

Net Assets — 100.0%

 

   $ 324,960,617  
   

 

 

  
 
(a) 

Non-income producing security.

(b) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(c) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d) 

Variable rate security. Rate shown is the rate in effect as of period end.

(e) 

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(f) 

When-issued security.

(g) 

Issuer filed for bankruptcy and/or is in default.

(h) 

Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(i) 

Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

(j) 

Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

 

•  

During the period ended January 31, 2019, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Trust were as follows:

 

Affiliate    Shares
Held at
10/31/18		      Net
Activity		      Shares
Held at
01/31/19		      Value at
01/31/19		      Income      Net
Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      282,908        (282,908 )       —      $ —      $ 4,711      $ —      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

 

 

16   

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

 

Currency Abbreviations

EUR — Euro

GBP — British Pound

USD — United States Dollar

Portfolio Abbreviations

CLO — Collateralized Loan Obligation

CR — Custodian Receipt

ETF — Exchange-Traded Fund

LIBOR — London Interbank Offered Rate

MTN — Medium-Term Note

PIK — Payment-In-Kind

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

 

Currency
Purchased		        Currency
Sold		        Counterparty      Settlement Date        Unrealized
Appreciation
(Depreciation)		  
USD     910,279        EUR     790,000        Nomura International PLC        03/05/19        $ 3,831  
USD     3,335,431        GBP     2,539,000        State Street Bank and Trust Co.        03/05/19          332  
                       

 

 

  
                          4,163  
                       

 

 

  
EUR     790,000        USD     908,134        Nomura International PLC        02/05/19          (3,824 ) 
USD     908,620        EUR     797,000        UBS AG        02/05/19          (3,702 ) 
USD     3,283,026        GBP     2,567,000        JPMorgan Chase Bank N.A.        02/05/19          (84,022 ) 
                       

 

 

  
                          (91,548 ) 
                       

 

 

  
       $ (87,385 ) 
                       

 

 

  

OTC Options Purchased

 

Description    Counterparty    Number of
Contracts		      Expiration
Date		      Exercise
Price		      Notional
Amount (000)		      Value  
Call  

Marsico Parent Superholdco LLC

    Goldman Sachs & Co.      26        12/14/19      USD     942.86      USD     —      $ —  
                     

 

 

  

OTC Total Return Swaps

 

                       

Counterparty

   

Effective

Date

     

Termination

Date

     

Notional

Amount/

Contract

Amount (000)

     

Value

     

Upfront

Premium

Paid

(Received)

     

Unrealized

Appreciation

(Depreciation)

  
                
Paid by the Trust    Received by the Trust
Reference    Frequency    Rate    Frequency
3-Month
LIBOR,
2.74%		    Quarterly    Markit
iboxx
USDLiquid
Leveraged
Loans
Total
Return
Index		    Quarterly    JPMorgan Chase Bank N.A.      N/A        03/20/19      USD     2,344      $ 18,938      $ —      $ 18,938  
                         

 

 

     

 

 

     

 

 

  

 

 

     17  

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

 

  •  

Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.

The following table summarizes the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

 

Investments:

 

Long-Term Investments:

 

Asset-Backed Securities

   $ —        $ 5,216,560        $ 234,375        $ 5,450,935  

Common Stocks

     14,343          46,265          322,977          383,585  

Corporate Bonds

     —          10,372,553          —          10,372,553  

Floating Rate Loan Interests

     —          399,309,447          28,772,789          428,082,236  

Investment Companies

     13,800,600          —          —          13,800,600  

Other Interests

     —          —          5          5  

Liabilities:

 

Unfunded Floating Rate Loan Interests(a)

      —          (1,334 )         (1,695 )         (3,029 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 13,814,943        $ 414,943,491        $ 29,328,451        $ 458,086,885  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

 

Assets:

 

Forward foreign currency contracts

   $ —        $ 4,163        $ —        $ 4,163  

Equity contracts

      —          18,938          —          18,938  

Liabilities:

 

Forward foreign currency contracts

     —          (91,548 )         —          (91,548 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (68,447 )       $ —        $ (68,447 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

18   

Schedule of Investments  (unaudited) (continued)

January 31, 2019

   

BlackRock Floating Rate Income Trust (BGT)

 

  (a) 

Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

 
  (b) 

Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $129,000,000 are categorized as Level 2 within the disclosure hierarchy.

During the period ended January 31, 2019, there were no transfers between Level 1 and Level 2.

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

 

     

Asset-

Backed
Securities

        Common
Stocks		       

Floating
Rate Loan

Interests

        Other
Interests		        Unfunded
Floating Rate
Loan Interests		     Warrants        Total  

Assets:

                              

Opening balance, as of October 31, 2018

    $ 2,699,975        $ 529,149        $ 27,220,796        $ 5        $    (138)    $ —        $ 30,449,787  

Transfers into Level 3(a)

      —          —          16,386,431          —          —       —          16,386,431  

Transfers out of Level 3(b)

     (949,975 )         —          (13,018,382 )         —          (185 )      —          (13,968,542 ) 

Accrued discounts/premiums

      —          —          4,617          —          —       —          4,617  

Net realized gain (loss)

      (50,365 )         38,883          (371,468 )         —          —       (44,528 )         (427,478 ) 

Net change in unrealized appreciation (depreciation)(c)

      (15,625 )         (42,257 )         (253,305 )         —          (1,372 )      44,528          (268,031 ) 

Purchases

      250,000          —          3,804,741          —          —       —          4,054,741  

Sales

      (1,699,635 )         (202,798 )         (5,000,641 )         —          —       —          (6,903,074 ) 
  

 

 

       

 

 

       

 

 

       

 

 

       

 

 

    

 

 

       

 

 

  

Closing Balance, as of January 31, 2019

    $ 234,375        $ 322,977        $ 28,772,789        $ 5        $    (1,695)    $ —        $ 29,328,451  
  

 

 

       

 

 

       

 

 

       

 

 

       

 

 

    

 

 

       

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at January 31, 2019(c)

    $ (15,625 )       $  (42,257 )       $ (328,720 )       $  —        $  (1,695 )    $ —        $ (388,297 ) 
  

 

 

       

 

 

       

 

 

       

 

 

       

 

 

    

 

 

       

 

 

  

 

  (a) 

As of October 31, 2018, the Trust used observable inputs in determining the value of certain investments. As of January 31, 2019, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

 
  (b) 

As of October 31, 2018, the Trust used significant unobservable inputs in determining the value of certain investments. As of January 31, 2019, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

 
  (c) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at January 31, 2019 is generally due to investments no longer held or categorized as Level 3 at period end.

 

The Trust’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

 

 

    
 19
  

Item 2 – Controls and Procedures

 

2(a) –

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

2(b) –

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

 Certifications – Attached hereto

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.

 

BlackRock Floating Rate Income Trust
By:       /s/ John M. Perlowski                    
   John M. Perlowski
   Chief Executive Officer (principal executive officer) of
   BlackRock Floating Rate Income Trust
Date: March 22, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:       /s/ John M. Perlowski                    
   John M. Perlowski
   Chief Executive Officer (principal executive officer) of
   BlackRock Floating Rate Income Trust
Date: March 22, 2019
By:       /s/ Neal J. Andrews                       
   Neal J. Andrews
   Chief Financial Officer (principal financial officer) of
   BlackRock Floating Rate Income Trust
Date: March 22, 2019