Regulatory Filings • Mar 31, 2011
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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 52 nd Street, New York, NY 10055
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 10/31/2011
Date of reporting period: 01/31/2011
Item 1 Schedule of Investments
insert
| BlackRock Floating Rate Income Trust (BGT) | |
|---|---|
| Schedule of Investments January 31, 2011 (Unaudited) | (Percentages shown are based on Net Assets) |
| Asset-Backed
Securities | Par (000) | | Value |
| --- | --- | --- | --- |
| ARES CLO
Funds (a)(b): | | | |
| Series 2005-10A, Class B, 0.69%, 9/18/17 | USD | 1,000 | $ 865,000 |
| Series 2011-16A, Class C, 2.90%, 5/17/21 (c) | | 850 | 838,355 |
| Castle Garden Funding, Series 2005-1A, Class B1, 1.05%, 10/27/20 (a)(b) | | 1,350 | 1,022,760 |
| Flagship CLO, Series 2006-1A, Class B, 0.65%, 9/20/19 (a)(b) | | 696 | 549,840 |
| LCM LP, Series 8A, Class C, 3.37%, 1/14/21 (a)(b) | | 2,200 | 2,080,100 |
| MAPS CLO Fund LLC, Series 2005-1A, Class C, 1.25%, 12/21/17 (a)(b) | | 705 | 615,113 |
| Portola CLO Ltd., Series 2007-1X, Class B1, 1.76%, 11/15/17 | | 950 | 878,750 |
| Total Asset-Backed Securities 2.0% | | | 6,849,918 |
| Common
Stocks (d) | Shares | | |
| Construction & Engineering 0.0% | | | |
| USI United Subcontractors Common | | 7,645 | 159,900 |
| Hotels, Restaurants & Leisure 0.2 % | | | |
| Twin River | | 50,832 | 508,320 |
| Metals & Mining 0.1% | | | |
| Euramax
International | | 1,135 | 300,828 |
| Paper & Forest Products 0.1% | | | |
| Ainsworth
Lumber Co. Ltd. | | 55,255 | 190,373 |
| Ainsworth
Lumber Co. Ltd. (a) | | 62,685 | 215,971 |
| | | | 406,344 |
| Software 0.2% | | | |
| Bankruptcy Management Solutions, Inc. | | 2,947 | 10,315 |
| HMH
Holdings/EduMedia | | 115,632 | 578,160 |
| | | | 588,475 |
| Total Common Stocks 0.6% | | | 1,963,867 |
| Corporate
Bonds | Par (000 ) | | |
| --- | --- | --- | --- |
| Airlines 0.2% | | | |
| Air Canada,
9.25%, 8/01/15 (a) | USD | 700 | 745,500 |
| Corporate
Bonds | Par (000) | | Value |
| Auto Components 1.0% | | | |
| Delphi International Holdings Unsecured, 12.00%, 10/06/14 | USD | 39 | $ 41,093 |
| Icahn Enterprises LP, 7.75%, 1/15/16 | | 3,175 | 3,274,219 |
| | | | 3,315,312 |
| Beverages 0.5% | | | |
| Central European Distribution Corp., 2.62%, 5/15/14 | EUR | 1,500 | 1,786,741 |
| Capital Markets 0.2% | | | |
| E*Trade Financial Corp., 3.37%, 8/31/19 (a)(e)(f) | USD | 439 | 702,949 |
| Chemicals 0.2% | | | |
| OXEA Finance/Cy SCA, 9.50%, 7/15/17 (a) | | 715 | 783,819 |
| Commercial Banks 1.2% | | | |
| VTB Capital
SA, 6.88%, 5/29/18 | | 3,940 | 4,196,100 |
| Commercial Services & Supplies 0.3% | | | |
| AWAS Aviation Capital Ltd., 7.00%, 10/15/16 (a) | | 1,124 | 1,129,620 |
| Containers & Packaging 0.7% | | | |
| Ardagh Packaging Finance Plc, 7.38%, 10/15/17 (a) | EUR | 400 | 559,982 |
| Smurfit
Kappa Acquisitions (a): | | | |
| 7.25%, 11/15/17 | | 655 | 943,875 |
| 7.75%, 11/15/19 | | 620 | 901,928 |
| | | | 2,405,785 |
| Diversified Financial Services 0.9% | | | |
| Ally Financial, Inc., 2.50%, 12/01/14 (b) | USD | 2,700 | 2,572,460 |
| Reynolds Group Issuer, Inc., 6.88%, 2/15/21 (a)(c) | | 490 | 494,288 |
| | | | 3,066,748 |
| Diversified Telecommunication Services 1.0% | | | |
| ITC Deltacom, Inc., 10.50%, 4/01/16 | | 660 | 722,700 |
| Telefonica Emisiones SAU, 5.43%, 2/03/14 | EUR | 2,000 | 2,859,470 |
| | | | 3,582,170 |
| Electronic Equipment, Instruments & Components 0.2% | | | |
| CDW LLC,
8.00%, 12/15/18 (a) | USD | 630 | 655,200 |
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:
| CAD | Canadian
Dollar |
| --- | --- |
| CHF | Swiss Franc |
| CLO | Collateral
Loan Obligations |
| EUR | Euro |
| FKA | Formerly
Known As |
| GBP | British
Pound |
| MSCI | Morgan Stanley
Capital International |
| USD | U.S. Dollar |
BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2011 1
| BlackRock Floating Rate Income Trust (BGT) | |
|---|---|
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) |
| Corporate
Bonds | Par (000) | | Value |
| --- | --- | --- | --- |
| Energy Equipment & Services 0.0% | | | |
| Compagnie Generale de Geophysique-Veritas: | | | |
| 7.50%, 5/15/15 | USD | 50 | $ 51,500 |
| 7.75%, 5/15/17 | | 45 | 47,363 |
| | | | 98,863 |
| Food Products 0.4% | | | |
| B&G Foods, Inc., 7.63%, 1/15/18 | | 700 | 742,000 |
| Smithfield Foods, Inc., 10.00%, 7/15/14 | | 590 | 693,987 |
| | | | 1,435,987 |
| Health Care Equipment & Supplies 0.2% | | | |
| DJO Finance LLC, 10.88%, 11/15/14 | | 635 | 696,913 |
| Health Care Providers & Services 0.4% | | | |
| HCA, Inc., 7.25%, 9/15/20 | | 1,230 | 1,316,100 |
| Tenet Healthcare Corp.: | | | |
| 9.00%, 5/01/15 | | 95 | 104,975 |
| 10.00%, 5/01/18 | | 35 | 41,081 |
| | | | 1,462,156 |
| Household Durables 0.5% | | | |
| Beazer Homes USA, Inc., 12.00%, 10/15/17 | | 1,500 | 1,751,250 |
| Berkline/BenchCraft, LLC, 4.50%, 11/03/12 (d)(g) | | 400 | |
| | | | 1,751,250 |
| Independent Power Producers & Energy
Traders 2.1% | | | |
| AES Ironwood LLC, 8.86%, 11/30/25 | | 78 | 78,336 |
| Calpine Construction Finance Co. LP, 8.00%, 6/01/16 (a) | | 1,000 | 1,072,500 |
| Energy Future Holdings Corp., 10.25%, 1/15/20 (a) | | 1,000 | 1,058,105 |
| Energy Future Intermediate Holding Co. LLC, 10.00%, 12/01/20 | | 2,350 | 2,492,422 |
| NRG Energy, Inc., 7.63%, 1/15/18 (a) | | 2,500 | 2,531,250 |
| | | | 7,232,613 |
| Machinery 0.0% | | | |
| Synventive Molding Solutions, Sub-Series A, 14.00%, 7/14/11 (h) | | 1,137 | 22,750 |
| Media 2.0% | | | |
| CCH II LLC, 13.50%, 11/30/16 | | 224 | 270,506 |
| Clear Channel Worldwide Holdings, Inc.: | | | |
| 9.25%, 12/15/17 | | 501 | 553,605 |
| Series B, 9.25%, 12/15/17 | | 1,704 | 1,887,180 |
| UPC Germany GmbH, 8.13%, 12/01/17 (a) | | 2,500 | 2,700,000 |
| Ziggo Finance BV, 6.13%, 11/15/17 (a) | EUR | 1,005 | 1,400,076 |
| | | | 6,811,367 |
| Metals & Mining 1.0% | | | |
| FMG Resources August 2006 Property Ltd., 7.00%, 11/01/15 (a) | USD | 1,055 | 1,089,287 |
| Corporate Bonds | Par (000) | Value | |
|---|---|---|---|
| Metals & Mining (concluded): | |||
| Foundation PA Coal Co., 7.25%, 8/01/14 | USD | 505 | $ 518,888 |
| New World Resources NV, 7.88%, 5/01/18 | EUR | 285 | 418,498 |
| Novelis, Inc., 8.38%, 12/15/17 (a) | USD | 1,170 | 1,260,675 |
| 3,287,348 | |||
| Oil, Gas & Consumable Fuels 5.1% | |||
| Coffeyville Resources LLC, 9.00%, 4/01/15 (a) | 342 | 372,780 | |
| Morgan Stanley Bank AG for OAO Gazprom, 9.63%, 3/01/13 | 7,230 | 8,169,900 | |
| OPTI Canada, Inc., 9.00%, 12/15/12 (a) | 910 | 889,525 | |
| Petroleos de Venezuela SA: | |||
| 16.29%, 7/10/11 (f) | 4,000 | 3,860,000 | |
| 5.25%, 4/12/17 | 4,000 | 2,266,000 | |
| Repsol International Finance BV, 6.50%, 3/27/14 | EUR | 1,500 | 2,221,104 |
| 17,779,309 | |||
| Paper & Forest Products 0.3% | |||
| Ainsworth Lumber Co. Ltd., 11.00%, 7/29/15 (a)(h) | USD | 519 | 512,471 |
| Verso Paper Holdings LLC, Series B, 4.05%, 8/01/14 (b) | 450 | 432,563 | |
| 945,034 | |||
| Pharmaceuticals 0.2% | |||
| Angiotech Pharmaceuticals, Inc., 4.05%, 12/01/13 (b) | 765 | 631,125 | |
| Novasep Holding SAS, 9.63%, 12/15/16 (a) | EUR | 159 | 163,271 |
| 794,396 | |||
| Tobacco 0.6% | |||
| Imperial Tobacco Finance Plc, 4.38%, 11/22/13 | 1,500 | 2,136,770 | |
| Transportation Infrastructure 0.4% | |||
| Aguila 3 SA, 7.88%, 1/31/18 | CHF | 1,100 | 1,194,386 |
| Wireless Telecommunication Services 1.0% | |||
| Cricket Communications, Inc., 7.75%, 5/15/16 | USD | 1,950 | 2,052,375 |
| iPCS, Inc., 2.43%, 5/01/13 (b) | 1,155 | 1,123,237 | |
| Nextel Communications, Inc., Series E, 6.88%, 10/31/13 | 355 | 357,219 | |
| 3,532,831 | |||
| Total Corporate Bonds 20.6% | 71,551,917 | ||
| Floating Rate Loan Interests (b) | |||
| Aerospace & Defense 2.4% | |||
| DynCorp International, Inc., Term Loan, 6.25%, 7/07/16 | 1,496 | 1,506,724 | |
| Hawker Beechcraft Acquisition Co., LLC: | |||
| Letter of Credit Linked Deposit, 2.30%, 3/26/14 | 85 | 75,219 |
2 BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2011
| BlackRock Floating Rate Income Trust (BGT) | |
|---|---|
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) |
| Floating
Rate Loan Interests (b) | Par (000) | | Value |
| --- | --- | --- | --- |
| Aerospace & Defense (concluded): | | | |
| Hawker Beechcraft Acquisition Co., LLC
(concluded): | | | |
| Term Loan, 2.26% - 2.30%, 3/26/14 | USD | 1,454 | $ 1,291,385 |
| SI Organization, Inc., Term Loan B, 5.75%, 11/03/16 | | 2,325 | 2,362,781 |
| TASC, Inc., Tranche A Term Loan, 5.50%, 12/18/14 | | 466 | 467,925 |
| TransDigm, Inc., Tranche Term Loan B, 5.00%, 11/09/16 | | 2,500 | 2,536,875 |
| | | | 8,240,909 |
| Airlines 0.4% | | | |
| Delta Air Lines, Inc., Credit-Linked Deposit Loan, 0.11% - 2.26%, 4/30/12 | | 1,250 | 1,240,625 |
| Auto Components 1.1% | | | |
| Allison Transmission, Inc., Term Loan, 3.02% - 3.04%, 8/07/14 | | 1,520 | 1,514,766 |
| GPX International Tire Corp., Tranche B Term Loan (d)(g): | | | |
| 8.37% - 11.33%, 3/30/12 | | 274 | |
| 12.00%, 4/11/12 | | 4 | |
| Global Autocare, Term Loan B, 6.00%, 11/02/16 | | 1,200 | 1,203,000 |
| UCI International, Inc., Term Loan, 5.50%, 7/06/17 | | 950 | 958,906 |
| | | | 3,676,672 |
| Automobiles 0.6% | | | |
| Ford Motor Co., Tranche B-1 Term Loan, 3.02%, 12/15/13 | | 2,258 | 2,262,125 |
| Beverages 0.1% | | | |
| Le-Natures, Inc., Tranche B Term Loan, 9.50%, 3/01/11 (d)(g) | | 1,000 | 297,500 |
| Biotechnology 0.3% | | | |
| Grifols SA, Term Loan B, 5.84%, 10/01/16 | | 1,100 | 1,116,041 |
| Building Products 2.8% | | | |
| Armstrong World Industries, Inc., Term Loan B, 5.00%, 5/17/16 | | 1,875 | 1,899,844 |
| Goodman Global, Inc., Term Loan B, 5.75%, 10/13/16 | | 5,985 | 6,029,852 |
| Momentive Performance Materials (Blitz 06-103 GmbH): | | | |
| Tranche B-1 Term Loan, 2.56%, 12/04/13 | | 585 | 581,330 |
| Tranche B-2 Term Loan, 3.12%, 12/04/13 | EUR | 821 | 1,093,731 |
| United Subcontractors, Inc., Term Loan (First Lien), 1.80%, 6/30/15 | USD | 179 | 154,084 |
| | | | 9,758,841 |
| Capital Markets 1.9% | | | |
| American Capital Ltd., Term Loan B, 7.50%, 12/31/13 | | 758 | 761,245 |
| HarbourVest Partners, Term Loan (First Lien), 6.25%, 11/10/16 | | 2,500 | 2,518,750 |
| Marsico Parent Co., LLC, Term Loan, 5.31%, 12/15/14 | | 375 | 294,118 |
| Floating Rate Loan Interests (b) | Par (000) | Value | |
|---|---|---|---|
| Capital Markets (concluded): | |||
| Nuveen Investments, Inc.: | |||
| Term Loan, 5.78% - 5.80%, 5/13/17 | USD | 1,773 | $ 1,784,838 |
| Term Loan (First Lien), 3.30%, 11/13/14 | 1,175 | 1,146,684 | |
| 6,505,635 | |||
| Chemicals 6.8% | |||
| Arizona Chemical, Term Loan B, 6.75%, 11/18/16 | 1,385 | 1,402,998 | |
| Brenntag Holding GmbH & Co. KG: | |||
| Acquisition Facility 1, 3.76% - 3.95%, 1/20/14 | 232 | 231,844 | |
| Acquisition Facility 2, 4.28% - 4.75%, 1/20/14 | EUR | 267 | 359,495 |
| Facility 2 (Second Lien), 6.45%, 7/17/15 | USD | 1,000 | 1,008,333 |
| Facility B2, 3.76% - 3.79%, 1/20/14 | 1,332 | 1,332,385 | |
| Facility B6A and B6B, 4.72%, 11/24/37 | EUR | 414 | 572,810 |
| CF Industries, Inc., Term Loan B-1, 4.25%, 4/05/15 | USD | 224 | 225,231 |
| Chemtura Corp., Exit Term Loan, 5.50%, 8/16/16 | 1,800 | 1,819,499 | |
| Gentek Holding, LLC, Term Loan B, 6.75%, 9/30/15 | 2,195 | 2,238,390 | |
| Ineos US Finance LLC, Senior Credit Term A2 Facility, 7.00%, 12/17/12 | 98 | 100,758 | |
| MacDermid, Inc., Tranche C Term Loan, 3.07%, 12/15/13 | EUR | 1,529 | 1,933,255 |
| PQ Corp. (FKA Niagara Acquisition, Inc.), Term Loan (First Lien), 3.51% - 3.56%, 7/30/14 | USD | 2,088 | 2,049,125 |
| Rockwood Specialties Group, Inc., Term Loan H, 6.00%, 5/15/14 | 1,024 | 1,023,976 | |
| Solutia, Inc., Term Loan, 4.50%, 3/17/17 | 972 | 978,492 | |
| Styron Sarl: | |||
| Term Loan, 7.50%, 6/17/16 | 1,853 | 1,873,341 | |
| Term Loan B, 6.00%, 7/27/17 | 3,100 | 3,100,000 | |
| Tronox Worldwide LLC, Exit Term Loan, 7.00%, 12/24/15 | 3,200 | 3,240,992 | |
| 23,490,924 | |||
| Commercial Banks 1.0% | |||
| CIT Group, Inc., Tranche 3 Term Loan, 6.25%, 1/20/12 | 3,250 | 3,326,681 | |
| Commercial Services & Supplies 3.7% | |||
| AWAS Finance Luxembourg Sarl, Term Loan B, 7.75%, 6/10/16 | 644 | 661,196 | |
| Advanced Disposal Services, Inc., Term Loan B, 6.00%, 1/14/15 | 1,238 | 1,246,781 | |
| Altegrity, Inc., Incremental Term Loan, 7.75%, 2/21/15 | 2,139 | 2,165,991 | |
| Casella Waste Systems, Inc., Term Loan B, 7.00%, 4/09/14 | 1,084 | 1,083,500 | |
| Delos Aircraft, Inc., Term Loan 2, 7.00%, 3/17/16 | 2,175 | 2,194,031 | |
| Diversey, Inc. (FKA Johnson Diversey, Inc.), Tranche B Dollar Term Loan, 5.25%, 11/24/15 | 944 | 953,734 |
BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2011 3
| BlackRock Floating Rate Income Trust (BGT) | |
|---|---|
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) |
| Floating
Rate Loan Interests (b) | Par (000) | | Value |
| --- | --- | --- | --- |
| Commercial Services & Supplies (concluded): | | | |
| Protection One, Inc., Term Loan, 6.00%, 6/04/16 | USD | 828 | $ 828,456 |
| Quad/Graphics, Inc., Term Loan, 5.50%, 4/20/16 | | 721 | 716,253 |
| Synagro Technologies, Inc., Term Loan (First Lien), 2.27%, 4/02/14 | | 1,946 | 1,782,039 |
| Volume Services America, Inc. (Centerplate), Term Loan B, 10.50%, 8/24/16 | | 1,222 | 1,229,575 |
| | | | 12,861,556 |
| Communications Equipment 1.4% | | | |
| Avaya, Inc., Term Loan B, 3.03%, 10/24/14 | | 2,700 | 2,635,762 |
| CommScope, Inc., Term Loan B, 5.00%, 1/06/18 | | 2,300 | 2,346,000 |
| | | | 4,981,762 |
| Construction & Engineering 0.7% | | | |
| Brand Energy & Infrastructure Services, Inc. (FR Brand Acquisition Corp.), Synthetic Letter of Credit, Term Loan (First Lien), 2.56%, 2/07/14 | | 500 | 490,834 |
| Safway Services, LLC, First Out Tranche Loan, 9.00%, 12/18/17 | | 2,100 | 2,100,000 |
| | | | 2,590,834 |
| Construction Materials 0.3% | | | |
| Fairmount Minerals Ltd., Term Loan B, 6.25% - 6.75%, 8/05/16 | | 1,046 | 1,064,689 |
| Consumer Finance 1.2% | | | |
| AGFS Funding Co., Term Loan, 7.25%, 4/21/15 | | 4,000 | 4,054,444 |
| Containers & Packaging 1.0% | | | |
| Graham Packaging Co., LP: | | | |
| Term Loan C, 6.75%, 4/05/14 | | 716 | 725,924 |
| Term Loan D, 6.00%, 9/16/16 | | 1,397 | 1,418,903 |
| Smurfit Kappa Acquisitions (JSG): | | | |
| Term B1, 3.89% - 4.16%, 7/16/14 | EUR | 458 | 627,920 |
| Term Loan Facility C1, 4.13% - 4.40%, 7/16/15 | | 453 | 620,726 |
| | | | 3,393,473 |
| Diversified Consumer Services 3.1% | | | |
| Coinmach Laundry Corp., Delayed Draw Term Loan, 3.26% - 3.28%, 11/14/14 | USD | 491 | 458,070 |
| Coinmach Service Corp., Term Loan, 3.28%, 11/14/14 | | 3,206 | 2,905,765 |
| Laureate Education: | | | |
| Delayed Draw Term Loan, 3.55%, 8/15/14 | | 208 | 202,359 |
| Series A New Term Loan, 7.00%, 8/15/14 | | 3,097 | 3,091,713 |
| Term Loan B, 3.55%, 8/17/14 | | 1,392 | 1,351,641 |
| Floating Rate Loan Interests (b) | Par (000) | Value | |
|---|---|---|---|
| Diversified Consumer Services (concluded): | |||
| ServiceMaster Co.: | |||
| Closing Date Term Loan, 2.76% - 2.81%, 7/24/14 | USD | 2,511 | $ 2,472,976 |
| Delayed Draw Term Loan, 2.76%, 7/24/14 | 250 | 246,271 | |
| 10,728,795 | |||
| Diversified Financial Services 3.1% | |||
| MSCI, Inc., Term Loan, 4.75%, 6/01/16 | 1,965 | 1,982,320 | |
| Professional Service Industries, Inc., Term Loan (First Lien), 3.01%, 10/31/12 | 423 | 359,576 | |
| Reynolds Group Holdings, Inc.: | |||
| Incremental US Term Loan, 6.25%, 5/05/16 | 3,555 | 3,572,775 | |
| Return of Capital Euro, 6.75%, 10/28/15 | EUR | 2,437 | 3,358,162 |
| Whitelabel IV SA: | |||
| Term Loan B1, 6.75%, 8/11/17 | 424 | 586,345 | |
| Term Loan B2, 6.75%, 8/11/17 | 701 | 970,322 | |
| 10,829,500 | |||
| Diversified Telecommunication Services | |||
| 4.2% | |||
| BCM Ireland Holdings Ltd. (Eircom): | |||
| Facility B, 2.75%, 8/14/14 | 499 | 576,766 | |
| Facility C, 3.00%, 8/14/13 | 499 | 576,784 | |
| Hawaiian Telcom Communications, Inc., Term Loan, 9.00%, 10/28/15 | USD | 1,139 | 1,153,321 |
| Integra Telecom Holdings, Inc., Term Loan, 9.25%, 4/15/15 | 2,015 | 2,046,609 | |
| Level 3 Communications: | |||
| Incremental Term Loan, 2.55%, 3/13/14 | 4,800 | 4,671,998 | |
| Term Loan B, 11.50%, 3/13/14 | 325 | 351,650 | |
| Nordic Telephone Co. Holdings APS, Swiss: | |||
| Facility B2, 2.53%, 4/06/14 | EUR | 856 | 1,169,694 |
| Facility C2, 3.16%, 4/06/15 | 476 | 650,650 | |
| Wind Telecomunicazioni SpA, Term Loan B, 5.69%, 11/18/17 | 2,500 | 3,427,630 | |
| 14,625,102 | |||
| Electric Utilities 1.1% | |||
| New Development Holdings LLC, Term Loan, 7.00%, 7/03/17 | USD | 3,196 | 3,225,732 |
| TPF Generation Holdings, LLC: | |||
| Synthetic Letter of Credit Deposit (First Lien), 2.30%, 12/15/13 | 151 | 149,602 | |
| Synthetic Revolving Deposit, 2.30%, 12/15/11 | 47 | 46,897 | |
| Term Loan (First Lien), 2.30%, 12/15/13 | 344 | 341,720 | |
| 3,763,951 |
4 BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2011
| Schedule of Investments (continued) |
|---|
| (Percentages shown are based on Net Assets) |
| Floating Rate Loan Interests (b) | Par (000) | Value | |
|---|---|---|---|
| Electronic | |||
| Equipment, Instruments & Components 1.8% | |||
| CDW LLC (FKA CDW Corp.): | |||
| Term Loan, 4.26%, 10/10/14 | USD | 1,750 | $ 1,743,924 |
| Term Loan B, 5.26%, 7/15/17 | 1,211 | 1,219,353 | |
| Flextronics International | |||
| Ltd.: | |||
| Closing | |||
| Date Loan A, 2.51%, 10/01/14 | 1,148 | 1,143,795 | |
| Closing | |||
| Date Loan B, 2.51%, 10/01/12 | 2,227 | 2,222,528 | |
| 6,329,600 | |||
| Energy Equipment & Services 0.7% | |||
| MEG Energy Corp., Tranche D Term Loan, 6.00%, 4/03/16 | 2,477 | 2,489,030 | |
| Food & Staples Retailing 3.7% | |||
| AB Acquisitions UK Topco 2 Ltd. (FKA Alliance Boots), Facility B1, 3.57%, 7/09/15 | GBP | 4,525 | 6,849,691 |
| Pilot Travel Centers LLC, Initial Tranche B Term Loan, 5.25%, 6/30/16 | USD | 3,004 | 3,050,976 |
| Rite Aid Corp., Term Loan B, 6.00%, 7/09/14 | 593 | 595,023 | |
| U.S. Foodservice, Inc., Term Loan B, 2.76%, 7/03/14 | 2,416 | 2,326,687 | |
| 12,822,377 | |||
| Food Products 4.8% | |||
| Advance Pierre Foods, Term Loan (Second Lien): | |||
| 7.00%, 9/29/16 | 2,165 | 2,183,515 | |
| 11.25%, 9/29/17 | 1,400 | 1,435,000 | |
| Birds Eye Iglo Group Ltd. (Liberator Midco Ltd.): | |||
| Sterling | |||
| Tranche Loan (Mezzanine), 11.35%, 11/02/15 (h) | GBP | 433 | 697,057 |
| Term Loan B, 5.62%, 4/30/16 | EUR | 3,000 | 4,169,802 |
| CII Investment, LLC (FKA Cloverhill): | |||
| Delayed | |||
| Draw Term Loan, 8.50%, 10/14/14 | USD | 250 | 249,819 |
| Term | |||
| Loan A, 8.50%, 10/14/14 | 1,048 | 1,047,993 | |
| Term | |||
| Loan B, 8.50%, 10/14/14 | 1,275 | 1,274,597 | |
| Dole Food Co., Inc., Tranche B-1 Term Loan, 5.00% - 5.50%, 3/02/17 | 151 | 152,655 | |
| Green Mountain Coffee, Inc., Term Loan B, 5.50%, 11/09/16 | 900 | 903,375 | |
| Michael Foods Group, Inc. (FKA M- Foods Holdings, Inc.), Term Loan B, 6.25%, 6/29/16 | 1,158 | 1,174,367 | |
| Pilgrims Pride Corp., Term Loan A, 6.99%, 12/01/12 | 1,535 | 1,511,975 | |
| Pinnacle Foods Finance LLC, Tranche D Term Loan, 6.00%, 4/02/14 | 1,468 | 1,483,338 | |
| Solvest, Ltd. (Dole), Tranche C-1 Term Loan, 5.00% - 5.50%, 3/02/17 | 378 | 380,763 | |
| 16,664,256 | |||
| Floating | |||
| Rate Loan Interests (b) | Par (000) | Value | |
| Health Care Equipment & Supplies 1.0% | |||
| Biomet, Inc., Euro Term Loan, 3.74% - 3.94%, 3/25/15 | EUR | 993 | $ 1,348,672 |
| DJO Finance LLC (FKA ReAble Therapeutics Finance LLC), Term Loan, 3.26%, 5/20/14 | USD | 910 | 900,700 |
| Fresenius SE: | |||
| Tranche | |||
| C-1 Dollar Term Loan, 4.50%, 9/10/14 | 832 | 835,871 | |
| Tranche | |||
| C-2 Term Loan, 4.50%, 9/10/14 | 445 | 447,322 | |
| 3,532,565 | |||
| Health Care Providers & Services 5.0 % | |||
| CHS/Community Health Systems, Inc.: | |||
| Delayed | |||
| Draw Term Loan, 2.54%, 7/25/14 | 104 | 103,805 | |
| Term | |||
| Loan B, 3.79%, 1/25/17 | 683 | 687,221 | |
| Term | |||
| Loan Facility, 2.54%, 7/25/14 | 2,028 | 2,015,123 | |
| ConvaTec Ltd., Term Loan B, 5.75%, 12/20/16 | 1,225 | 1,240,823 | |
| DaVita, Inc., Term Loan B, 4.50%, 10/20/16 | 1,900 | 1,925,433 | |
| HCA, Inc., Tranche A-1 Term Loan, 1.55%, 11/16/12 | 2,335 | 2,319,630 | |
| Harden Healthcare, Inc.: | |||
| Add-on | |||
| Term Loan, 7.50%, 3/02/15 | 1,568 | 1,536,150 | |
| Tranche | |||
| A Term Loan, 8.50%, 2/22/15 | 900 | 882,223 | |
| inVentiv Health, Inc. (FKA Ventive Health, Inc.), Term Loan B, 6.50%, 7/31/16 | 3,070 | 3,108,412 | |
| Renal Advantage Holdings, Inc., Term Loan B, 5.75%, 12/03/16 | 1,500 | 1,521,563 | |
| Vanguard Health Holding Co. II, LLC (Vanguard Health Systems, Inc.), Initial Term Loan, 5.00%, 1/29/16 | 2,094 | 2,109,432 | |
| 17,449,815 | |||
| Health Care Technology 1.2% | |||
| IMS Health, Inc., Tranche B Dollar Term Loan, 5.25%, 2/26/16 | 2,570 | 2,598,654 | |
| MedAssets, Inc., Term Loan B, 5.25%, 11/15/16 | 1,500 | 1,519,375 | |
| 4,118,029 | |||
| Hotels, Restaurants & Leisure 8.8% | |||
| Boyd Gaming Corp., Term Loan A, 4.16%, 12/31/15 | 3,125 | 3,093,750 | |
| Dunkin Finance Corp., Term Loan B, 5.75%, 11/09/17 | 2,800 | 2,843,968 | |
| Gateway Casinos & Entertainment, Ltd., Term Loan B, 6.50% - 7.50%, 10/20/15 | CAD | 4,440 | 4,467,269 |
| Harrahs Operating Co., Inc.: | |||
| Term | |||
| Loan B-2, 3.30%, 1/28/15 | USD | 1,000 | 930,469 |
| Term | |||
| Loan B-3, 3.29% - 3.30%, 1/28/15 | 5,787 | 5,388,327 |
BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2011 5
| Schedule of Investments (continued) |
|---|
| (Percentages shown are based on Net Assets) |
| Floating Rate Loan Interests (b) | Par (000) | Value | |
|---|---|---|---|
| Hotels, | |||
| Restaurants & Leisure (concluded): | |||
| Harrahs Operating Co., | |||
| Inc. (concluded): | |||
| Term | |||
| Loan B-4, 9.50%, 10/31/16 | USD | 1,760 | $ 1,867,526 |
| OSI Restaurant Partners, LLC, Pre-Funded RC Loan, 0.12% - 2.56%, 6/14/13 | 32 | 31,590 | |
| SW Acquisitions Co., Inc., Term Loan, 5.75%, 6/01/16 | 3,093 | 3,124,117 | |
| Six Flags Theme Parks, Inc., Tranche B Term Loan (First Lien), 5.50%, 6/30/16 | 2,225 | 2,257,325 | |
| Travelport LLC (FKA Travelport, Inc.), Delayed Draw Term Loan, 4.96%, 8/21/15 | 592 | 575,655 | |
| Twin River, Senior Secured Term Loan, 8.50%, 11/05/15 | 1,476 | 1,481,285 | |
| Universal City Development Partners Ltd., Term Loan, 5.50%, 11/16/14 | 447 | 451,455 | |
| VML US Finance LLC (FKA Venetian Macau): | |||
| New | |||
| Project Term Loan, 4.80%, 5/27/13 | 158 | 158,320 | |
| Term | |||
| B Delayed Draw Project Loan, 4.80%, 5/25/12 | 1,440 | 1,445,575 | |
| Term | |||
| B Funded Project Loan, 4.80%, 5/27/13 | 2,336 | 2,344,107 | |
| 30,460,738 | |||
| Household | |||
| Durables 0.5% | |||
| Berkline/Benchcraft, LLC, Term Loan, 14.00%, 11/03/11 (d)(g)(h) | 128 | 6,418 | |
| Visant Corp. (FKA Jostens), Term Loan B, 7.00%, 12/20/16 | 1,596 | 1,615,618 | |
| 1,622,036 | |||
| IT | |||
| Services 5.1% | |||
| Amadeus IT Group SA/Amadeus Verwaltungs GmbH (WAM Acquisition): | |||
| Term | |||
| B3 Facility, 4.28%, 6/30/13 | EUR | 615 | 838,685 |
| Term | |||
| B4 Facility, 4.28%, 6/30/13 | 317 | 432,721 | |
| Term | |||
| C3 Facility, 4.78%, 6/30/14 | 615 | 838,686 | |
| Term | |||
| C4 Facility, 4.78%, 6/30/14 | 314 | 427,962 | |
| Ceridian Corp., US Term Loan, 3.26%, 11/09/14 | USD | 1,872 | 1,835,526 |
| EVERTEC, Inc., Term Loan B, 7.00%, 8/20/16 | 468 | 474,347 | |
| First Data Corp.: | |||
| Initial | |||
| Tranche B-1 Term Loan, 3.01%, 9/24/14 | 4,724 | 4,469,031 | |
| Initial | |||
| Tranche B-2 Term Loan, 3.01%, 9/24/14 | 612 | 579,181 | |
| Initial | |||
| Tranche B-3 Term Loan, 3.01%, 9/24/14 | 3,112 | 2,943,506 | |
| TransUnion LLC, Term Loan, 6.75%, 6/15/17 | 2,860 | 2,891,267 | |
| Floating Rate Loan Interests (b) | Par (000) | Value | |
| IT | |||
| Services (concluded): | |||
| Travelex Plc: | |||
| Tranche B5, 2.95%, 10/31/13 | USD | 1,033 | $ 1,025,320 |
| Tranche C5, 3.45%, 10/31/14 | 1,033 | 1,025,320 | |
| 17,781,552 | |||
| Independent | |||
| Power Producers & Energy Traders 0.8% | |||
| Texas Competitive Electric Holdings Co., LLC (TXU): | |||
| Initial | |||
| Tranche B-1 Term Loan, 3.76% - 3.80%, 10/10/14 | 2,446 | 2,022,267 | |
| Initial | |||
| Tranche B-2 Term Loan, 3.76% - 3.80%, 10/10/14 | 626 | 516,940 | |
| Initial | |||
| Tranche B-3 Term Loan, 3.76% - 3.80%, 10/10/14 | 376 | 310,509 | |
| 2,849,716 | |||
| Industrial | |||
| Conglomerates 1.5% | |||
| Sequa Corp., Term Loan, 3.56%, 12/03/14 | 1,497 | 1,474,782 | |
| Tomkins Plc, Term Loan B, 6.25%, 9/16/16 | 3,700 | 3,751,280 | |
| 5,226,062 | |||
| Insurance | |||
| 0.7% | |||
| CNO Financial Group, Inc., Term Loan, 7.50%, 9/30/16 | 2,375 | 2,398,750 | |
| Internet | |||
| & Catalog Retail 0.2% | |||
| FTD Group, Inc., Tranche B Term Loan, 6.75%, 8/26/14 | 536 | 537,258 | |
| Machinery | |||
| 0.3% | |||
| Navistar Financial Corp., Term Loan B, 4.55%, 12/16/12 | 1,025 | 1,025,513 | |
| Marine | |||
| 0.3% | |||
| Horizon Lines, LLC: | |||
| Return | |||
| of Capital, 3.31% - 5.25%, 8/08/12 | 614 | 571,098 | |
| Term | |||
| Loan, 3.31%, 8/08/12 | 335 | 321,127 | |
| 892,225 | |||
| Media | |||
| 22.3% | |||
| Affinion Group, Inc., Tranche B Term Loan, 5.00%, 10/09/16 | 1,985 | 1,997,406 | |
| Amsterdamse Beheer - En Consultingmaatschappij BV (Casema), Kabelcom Term Loan Facility B, 3.62%, 11/02/14 | EUR | 619 | 848,470 |
| Atlantic Broadband Finance, LLC, Term Loan B, 5.00%, 11/12/15 | USD | 1,207 | 1,214,817 |
| Bresnan Telecommunications Co. LLC, Term Loan, 4.50%, 11/30/17 | 2,750 | 2,774,827 | |
| Cengage Learning Acquisitions, Inc. (Thomson Learning): | |||
| Term | |||
| Loan, 2.55%, 7/03/14 | 3,740 | 3,676,416 | |
| Tranche | |||
| 1 Incremental Term Loan, 7.50%, 7/03/14 | 1,130 | 1,137,161 | |
| Charter Communications Operating, LLC: | |||
| Term | |||
| Loan B1, 7.25%, 3/06/14 | 675 | 695,810 | |
| Term | |||
| Loan C, 3.56%, 9/06/16 | 3,459 | 3,465,528 |
6 BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2011
| Schedule of Investments (continued) |
|---|
| (Percentages shown are based on Net Assets) |
| Floating Rate Loan Interests (b) | Par (000) | |||
|---|---|---|---|---|
| Media | ||||
| (continued): | ||||
| Clarke American Corp., Term Loan B, 2.76%, 6/30/14 | USD | 1,091 | $ | 1,018,250 |
| FoxCo Acquisition Sub, LLC, Term Loan, 7.50%, 7/14/15 | 1,006 | 1,003,462 | ||
| Getty Images, Inc., Term Loan B, 5.25%, 10/29/16 | 2,594 | 2,631,321 | ||
| HIT Entertainment, Inc., Term Loan (Second Lien), 5.79%, 2/26/13 | 300 | 268,500 | ||
| HMH Publishing Co., Ltd., Tranche A Term Loan, 5.76%, 6/12/14 | 1,935 | 1,801,915 | ||
| Hanley-Wood, LLC (FSC Acquisition), Term Loan, 2.56%, 3/10/14 | 2,184 | 1,009,970 | ||
| Intelsat Jackson Holdings Ltd., Term Loan B, 5.25%, 3/07/18 | 8,250 | 8,351,062 | ||
| Interactive Data Corp., Term Loan, 6.75%, 1/29/17 | 1,592 | 1,611,887 | ||
| Kabel Deutschland GmbH: | ||||
| Facility | ||||
| A1 (Consent and Roll), 3.12%, 6/01/12 | EUR | 3,913 | 5,357,545 | |
| Mezzanine, | ||||
| 5.86%, 12/31/16 | 1,000 | 1,376,284 | ||
| Knology, Inc., Term Loan B, 5.50%, 9/27/16 | USD | 1,300 | 1,313,407 | |
| Lavena Holding 3 GmbH (Prosiebensat.1 Media AG): | ||||
| Facility B1, 3.68%, 6/28/15 | EUR | 304 | 378,321 | |
| Facility C1, 3.93%, 6/30/16 | 608 | 756,641 | ||
| Liberty Cablevision of Puerto Rico, Ltd., Initial Term Facility, 2.30%, 6/17/14 | USD | 1,448 | 1,342,556 | |
| MCNA Cable Holdings LLC (OneLink Communications), Loan, 7.00%, 3/01/13 (h) | 901 | 802,022 | ||
| Mediacom Illinois, LLC (FKA Mediacom Communications, LLC), Tranche D Term Loan, 5.50%, 3/31/17 | 2,229 | 2,218,191 | ||
| Newsday, LLC: | ||||
| Fixed | ||||
| Rate Term Loan, 10.50%, 8/01/13 | 1,500 | 1,594,687 | ||
| Floating | ||||
| Rate Term Loan, 6.55%, 8/01/13 | 1,250 | 1,270,312 | ||
| Nielsen Finance LLC: | ||||
| Class | ||||
| A Dollar Term Loan, 2.26%, 8/09/13 | 65 | 65,217 | ||
| Class | ||||
| B Dollar Term Loan, 4.01%, 5/01/16 | 2,264 | 2,279,341 | ||
| Penton Media, Inc., Term Loan (First Lien), 5.00%, 8/01/14 | 3 | 2,271 | ||
| Sinclair Television Group, Inc., New Tranche B Term Loan, 5.50%, 10/29/15 | 1,018 | 1,035,424 | ||
| Springer Science+Business Media SA, Facility A1, 6.75%, 7/01/16 | EUR | 3,200 | 4,447,000 | |
| Sunshine Acquisition Ltd. (FKA HIT Entertainment), Term Facility, 5.54%, 6/01/12 | USD | 1,965 | 1,932,313 | |
| TWCC Holdings Corp., Replacement Term Loans, 5.00%, 9/14/15 | 2,111 | 2,117,469 | ||
| Floating | ||||
| Rate Loan Interests (b) | Par (000) | Value | ||
| Media (concluded): | ||||
| Telecommunications Management, LLC: | ||||
| Multi-Draw | ||||
| Term Loan, 3.26%, 6/30/13 | USD | 229 | $ | 205,955 |
| Term | ||||
| Loan, 3.26%, 6/30/13 | 907 | 816,525 | ||
| Telesat: | ||||
| Delayed | ||||
| Draw Term Loan, 3.26%, 10/31/14 | 218 | 217,348 | ||
| Term | ||||
| Loan B, 3.26%, 10/31/14 | 2,532 | 2,530,361 | ||
| UPC Financing Partnership, Facility U, 4.79%, 12/31/17 | EUR | 2,186 | 2,965,544 | |
| Univision Communications, Inc., Exit Term Loan, 4.51%, 3/31/17 | USD | 2,473 | 2,429,399 | |
| Virgin Media Investment Holdings Ltd., Facility B, 4.52%, 12/31/15 | GBP | 4,000 | 6,410,265 | |
| Yell Group Plc, Facility B1, 4.01%, 7/31/14 | USD | | (i) | 10 |
| 77,371,210 | ||||
| Metals & Mining 1.4% | ||||
| Euramax International, Inc., Domestic Term Loan: | ||||
| 10.00%, 6/29/13 | 642 | 612,976 | ||
| 14.00%, 6/29/13 | 608 | 580,774 | ||
| Novelis Corp., Term Loan B, 5.25%, 12/01/16 | 3,500 | 3,559,062 | ||
| 4,752,812 | ||||
| Multi-Utilities 0.0% | ||||
| Mach Gen, LLC, Synthetic Letter of Credit Loan (First Lien), 0.05%, 2/22/13 | 69 | 63,725 | ||
| Multiline Retail 1.8% | ||||
| Hema Holding BV: | ||||
| Facility B, 2.77%, 7/06/15 | EUR | 172 | 232,254 | |
| Facility C, 3.52%, 7/05/16 | 172 | 232,254 | ||
| Facility D, 5.77%, 1/01/17 | 3,800 | 5,098,716 | ||
| The Neiman Marcus Group, Inc., Term Loan B, 4.30%, 4/06/16 | USD | 796 | 799,886 | |
| 6,363,110 | ||||
| Oil, Gas & Consumable Fuels 1.4% | ||||
| EquiPower Resources Holdings, LLC, Term Loan B, 5.75%, 1/11/18 | 1,750 | 1,776,250 | ||
| Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/30/15 | 3,017 | 3,077,642 | ||
| 4,853,892 | ||||
| Paper & Forest Products 0.1% | ||||
| Verso Paper Finance Holdings LLC, 6.54% - 7.29%, 2/01/13 (h) | 392 | 352,395 | ||
| Personal Products 0.3% | ||||
| NBTY, Inc., Term Loan B, 6.25%, 9/20/17 | 1,075 | 1,090,677 | ||
| Pharmaceuticals 0.6% | ||||
| Warner Chilcott Co., LLC, Term Loan A, 6.00%, 10/30/14 | 861 | 861,708 |
BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2011 7
| Schedule of Investments (continued) |
|---|
| (Percentages shown are based on Net Assets) |
| Floating Rate Loan Interests (b) | Par (000) | |||
|---|---|---|---|---|
| Pharmaceuticals (concluded): | ||||
| Warner Chilcott Corp.: | ||||
| Additional | ||||
| Term Loan, 6.25%, 4/30/15 | USD | 524 | $ | 527,492 |
| Term | ||||
| Loan B-1, 6.25%, 4/30/15 | 223 | 224,425 | ||
| Term | ||||
| Loan B-2, 6.25%, 4/30/15 | 373 | 375,291 | ||
| Term | ||||
| Loan B-3, 6.50%, 2/20/16 | 226 | 228,003 | ||
| 2,216,919 | ||||
| Professional Services 2.2% | ||||
| Booz Allen Hamilton, Inc.: | ||||
| Term | ||||
| Loan B, 3.78%, 8/01/17 | 3,600 | 3,604,813 | ||
| Tranche | ||||
| B Term Loan, 7.50%, 7/31/15 | 980 | 980,481 | ||
| Tranche | ||||
| C Term Loan, 6.00%, 7/31/15 | 1,238 | 1,237,809 | ||
| Fifth Third Processing Solutions, LLC, Term Loan B, 5.50%, 10/21/16 | 1,700 | 1,723,375 | ||
| 7,546,478 | ||||
| Real | ||||
| Estate Investment Trusts (REITs) 0.1% | ||||
| iStar Financial, Inc., Term Loan (Second Lien), 8.64%, 6/28/11 | 300 | 292,286 | ||
| Real | ||||
| Estate Management & Development 1.8% | ||||
| Pivotal Promontory, LLC, Term Loan (Second Lien), 12.00%, 8/31/11 (d)(g) | 750 | 1 | ||
| Realogy Corp.: | ||||
| Delayed | ||||
| Draw Term Loan B, 3.26% - 3.30%, 10/10/13 | 2,560 | 2,477,213 | ||
| Exit | ||||
| Term Loan, 3.29%, 10/16/16 | 700 | 682,500 | ||
| Initial | ||||
| Term Loan B, 13.50%, 10/10/13 | 2,999 | 2,901,747 | ||
| Synthetic | ||||
| Letter of Credit, 0.11%, 10/10/13 | 355 | 343,876 | ||
| 6,405,337 | ||||
| Road & Rail 0.2% | ||||
| Transtar Industries, Term Loan B, 6.25%, 12/07/16 | 625 | 633,594 | ||
| Semiconductors | ||||
| & Semiconductor Equipment 0.5% | ||||
| Freescale Semiconductor, Inc., Extended Maturity Term Loan, 4.51%, 12/01/16 | 566 | 566,938 | ||
| Microsemi Corp., Term Loan B, 5.00%, 10/25/17 | 1,100 | 1,113,750 | ||
| 1,680,688 | ||||
| Software 0.2% | ||||
| Bankruptcy Management Solutions, Inc.: | ||||
| Facility | ||||
| (Second Lien), 8.30%, 8/20/15 (h) | 245 | 12,559 | ||
| Term | ||||
| Loan B, 7.50%, 8/20/14 | 719 | 331,805 | ||
| Floating | ||||
| Rate Loan Interests (b) | Par (000) | Value | ||
| Software (concluded): | ||||
| Vertafore, Inc., Term Loan B, 6.75% - 7.25%, 7/28/16 | USD | 507 | $ | 508,064 |
| 852,428 | ||||
| Specialty Retail 2.8% | ||||
| Burlington Coat Factory Warehouse Corp., Term Loan, 2.54% - 2.56%, 5/28/13 | 675 | 671,747 | ||
| Gymboree Corp., Term Loan B, 5.50%, 11/09/17 | 1,400 | 1,416,843 | ||
| Matalan Finance Plc, Term Facility, 5.60%, 3/24/16 | GBP | 1,248 | 1,990,606 | |
| Michaels Stores, Inc., Term Loan B-1, 2.56%, 10/31/13 | USD | 820 | 816,099 | |
| Petco Animal Supplies, Inc., Term Loan B, 6.00%, 8/18/17 | 2,660 | 2,693,250 | ||
| Toys R US, Inc., Term Loan B, 6.00%, 8/17/16 | 1,980 | 2,004,774 | ||
| 9,593,319 | ||||
| Textiles, Apparel & Luxury Goods 1.2 % | ||||
| PVH/Hilfiger, Euro Term Loan B, 5.00%, 5/04/16 | EUR | 3,037 | 4,131,469 | |
| Wireless | ||||
| Telecommunication Services 2.0% | ||||
| Digicel International Finance Ltd., US Term Loan (Non-Rollover), 2.81%, 3/30/12 | USD | 4,565 | 4,496,894 | |
| Vodafone Americas Finance 2 Inc., Initial Loan, 6.88%, 7/30/15 | 2,250 | 2,328,750 | ||
| 6,825,644 | ||||
| Total Floating Rate Loan Interests 112.5% | 390,035,564 | |||
| Foreign | ||||
| Agency Obligations | ||||
| Argentina Bonos: | ||||
| 0.47%, 8/03/12 (b) | 2,500 | 2,361,514 | ||
| 7.00%, 10/03/15 | 2,000 | 1,827,722 | ||
| Colombia Government International Bond, 3.86%, 3/17/13 (b) | 840,000 | 882,000 | ||
| Republic of Venezuela, 1.30%, 4/20/11 (b) | 4,000,000 | 3,972,000 | ||
| Uruguay Government International Bond, 6.88%, 1/19/16 | EUR | 950,000 | 1,424,259 | |
| Total Foreign Agency Obligations 3.0% | 10,467,495 | |||
| Other | ||||
| Interests (j) | Beneficial Interest (000 ) | |||
| Auto Components 1.6% | ||||
| Delphi Debtor-in-Possession Holding Co. LLP | USD | | (i) | 5,367,621 |
| Lear Corp. Escrow | 500 | 16,250 | ||
| 5,383,871 |
8 BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2011
| Schedule of Investments (continued) |
|---|
| (Percentages |
| shown are based on Net Assets) |
| Other
Interests (j) | Beneficial Interest (000) | | | Value | |
| --- | --- | --- | --- | --- | --- |
| Diversified Financial Services 0.3% | | | | | |
| J.G. Wentworth LLC Preferred Equity Interests (k) | USD | | (i) | $ 1,130,844 | |
| Health Care Providers & Services 0.0% | | | | | |
| Critical Care Systems International, Inc. | | | (i) | 95 | |
| Hotels, Restaurants & Leisure 0.0% | | | | | |
| WEMBLEY CONTIGENT | | 2 | | 10,500 | |
| Household Durables 0.0% | | | | | |
| Berkline Benchcraft Equity LLC | | 6 | | | |
| Total Other Interests 1.9% | | | | 6,525,310 | |
| Warrants (l) | Shares | | | | |
| Machinery 0.0% | | | | | |
| Synventive Molding Solutions (Expires 1/15/13) | | 2 | | | |
| Media 0.0% | | | | | |
| New Vision Holdings LLC: | | | | | |
| (Expires 9/30/14) | | 3,424 | | 34 | |
| (Expires 9/30/14) | | 19,023 | | 190 | |
| | | | | 224 | |
| Software 0.0% | | | | | |
| Bankruptcy Management Solutions, Inc. (Expires 9/29/17) | | 251 | | 3 | |
| HMH Holdings/EduMedia (Expires 3/09/17) | | 21,894 | | | |
| | | | | 3 | |
| Total Warrants 0.0% | | | | 227 | |
| Total Long-Term Investments (Cost $480,898,708) 140.6% | | | | 487,394,298 | |
| Short-Term Securities | | | | | |
| BlackRock Liquidity Funds, TempFund, Institutional Class, 0.17% (m)(n) | | 1,911,259 | | 1,911,259 | |
| Total Short-Term Securities (Cost $1,911,259) 0.6% | | | | 1,911,259 | |
| Options Purchased | Contracts | | | Value | |
| Over-the Counter Call Options 0.0% | | | | | |
| Marsico Parent Superholdco LLC, Strike Price USD 942.86, Expires 12/21/19, Broker Goldman Sachs Bank USA | | 26 | | | |
| Total Options Purchased (Cost - $25,422)
0.0% | | | | | |
| Total Investments (Cost $482,835,389*) 141.2% | | | | 489,305,557 | |
| Liabilities in Excess of Other Assets
(41.2)% | | | | (142,670,675 | ) |
| Net Assets 100.0% | | | | $ 346,634,882 | |
| Aggregate
cost | $ | |
| --- | --- | --- |
| Gross
unrealized appreciation | $ 20,694,339 | |
| Gross
unrealized depreciation | (11,462,664 | ) |
| Net
unrealized appreciation | $ 9,231,675 | |
| (a) | Security
exempt from registration under Rule 144A of the Securities Act of 1933. These
securities may be resold in transactions exempt from registration to
qualified institutional investors. |
| --- | --- |
| (b) | Variable
rate security. Rate shown is as of report date. |
| (c) | When-issued
security. Unsettled when-issued transactions were as follows: |
| Counterparty | Value | Unrealized Appreciation |
|---|---|---|
| Banc of | ||
| America NA | $ 838,355 | |
| Credit | ||
| Suisse Securities (USA) LLC | $ 494,288 | $ 4,288 |
| (d) | Non-income
producing security. |
| --- | --- |
| (e) | Convertible
security. |
| (f) | Represents a
zero-coupon bond. Rate shown reflects the current yield as of report date. |
| (g) | Issuer filed
for bankruptcy and/or is in default of interest payments. |
| (h) | Represents a
payment-in-kind security which may pay interest/dividends in additional
par/shares. |
| (i) | Amount is
less than $1,000. |
| (j) | Other
interests represent beneficial interest in liquidation trusts and other
reorganization entities and are non-income producing. |
| (k) | The
investment is held by a wholly-owned taxable subsidiary of the Fund. |
| (l) | Warrants
entitle the Fund to purchase a predetermined number of shares of common stock
and are non-income producing. The purchase price and number of shares are
subject to adjustment under certain conditions until the expiration date, if
any. |
BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2011 9
Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT)
(m) Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliate — BlackRock Liquidity Funds, TempFund,
Institutional Class | 8,770,511 | (6,859,252 | ) | 1,911,259 | Income — $ 1,381 |
| --- | --- | --- | --- | --- | --- |
| (n) | Represents
the current yield as of report date. |
| --- | --- |
| | For Fund
compliance purposes, the Funds industry classifications refer to any 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 Fund
management. This definition may not apply for purposes of this report, which
may combine such industry sub-classifications for reporting ease. |
| | Foreign
currency exchange contracts as of January 31, 2011 were as follows: |
| Currency Purchased — EUR | 98,000 | Currency Sold — USD | 134,436 | Counterparty — Citibank NA | 2/01/11 | Unrealized Appreciation (Depreciation) — $ (260 | ) |
|---|---|---|---|---|---|---|---|
| USD | 680,655 | EUR | 500,000 | BNP Paribas SA | 2/01/11 | (3,920 | ) |
| USD | 4,482,119 | CAD | 4,444,500 | Citibank NA | 4/14/11 | 50,461 | |
| USD | 1,165,905 | CHF | 1,099,500 | Citibank NA | 4/14/11 | 341 | |
| USD | 13,125,840 | GBP | 8,414,000 | Citibank NA | 4/14/11 | (344,334 | ) |
| USD | 143,827 | GBP | 90,000 | UBS AG | 4/14/11 | (256 | ) |
| EUR | 500,000 | USD | 679,972 | BNP Paribas SA | 4/27/11 | 3,870 | |
| USD | 63,005,917 | EUR | 46,040,000 | Citibank NA | 4/27/11 | 37,827 | |
| Total | $ (256,271 | ) |
| | |
|---|---|
| | Level 1 |
| price quotations in active markets/exchanges for identical assets and | |
| liabilities | |
| | 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 Funds own assumptions used in determining the fair value of investments | |
| and derivatives) | |
| The inputs | |
| or methodologies used for valuing securities are not necessarily an | |
| indication of the risk associated with investing in those securities. For | |
| information about the Funds policy regarding valuation of investments and | |
| other significant accounting policies, please refer to the Funds most recent | |
| financial statements as contained in its annual report. |
10 BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2011
Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT)
The following tables summarize the inputs used as of January 31, 2011 in determining the fair valuation of the Funds investments and derivatives:
| Valuation
Inputs | Level 1 | Level 2 | Level 3 | | | |
| --- | --- | --- | --- | --- | --- | --- |
| Assets: | | | | | | |
| Investments in Securities: | | | | | | |
| Long-Term Investments: | | | | | | |
| Asset-Backed Securities | | | $ 6,849,918 | $ | 6,849,918 | |
| Common Stocks | $ 190,373 | $ 687,014 | 1,086,480 | | 1,963,867 | |
| Corporate Bonds | | 70,293,688 | 1,258,229 | | 71,551,917 | |
| Floating Rate Loan Interests | | 322,889,255 | 67,146,309 | | 390,035,564 | |
| Foreign Agency Obligations | | 6,278,259 | 4,189,236 | | 10,467,495 | |
| Other Interests | | 5,367,621 | 1,157,689 | | 6,525,310 | |
| Warrants | | | 227 | | 227 | |
| Short- Term Securities | 1,911,259 | | | | 1,911,259 | |
| Unfunded Loan Commitments | | | 81,744 | | 81,744 | |
| Liabilities: | | | | | | |
| Unfunded Loan Commitments | | | (9,191 | ) | (9,191 | ) |
| Total | $ 2,101,632 | $ 405,515,837 | $ 81,760,641 | $ | 489,378,110 | |
| Valuation Inputs | Derivative Financial Instruments 1 — Level 1 | Level 2 | Level 3 | Total | ||
|---|---|---|---|---|---|---|
| Assets: | ||||||
| Foreign currency exchange contracts | | $ 92,499 | | $ 92,499 | ||
| Liabilities: | ||||||
| Foreign currency exchange contracts | | (348,770 | ) | | $ (348,770 | ) |
| Total | | $ (256,271 | ) | | $ (256,271 | ) |
| 1 |
| --- |
| The
following table is a reconciliation of Level 3 investments for which
significant unobservable inputs were used to determine fair value: |
| Asset-Backed Securities | Common Stocks | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets: | |||||||||||||
| Balance, as of October 31, 2010 | | $ 595,520 | $ | 61,912 | $ | 64,699,477 | $ | 4,228,067 | $ | 5,533,239 | $ | 85,828 | |
| Accrued discounts/premiums | $ 15,515 | | 82,131 | 201,095 | 52,468 | | | ||||||
| Net realized gain (loss) | | (348,191 | ) | | (3,677,005 | ) | | | 136,990 | ||||
| Net change in unrealized appreciation/depreciation 2 | 29,453 | 393,043 | (84,862 | ) | 5,583,136 | (91,299 | ) | 984,571 | (31,032 | ) | |||
| Purchases | 6,255,110 | 484,868 | 1,199,048 | 22,990,429 | | 7,500 | | ||||||
| Sales | | (38,760 | ) | | (17,322,833 | ) | | | (191,786 | ) | |||
| Transfers in 3 | 549,840 | | | 5,790,603 | | | | ||||||
| Transfers out 3 | | | | (11,118,593 | ) | | (5,367,621 | ) | | ||||
| Balance, as of January 31, 2011 | $ 6,849,918 | $ 1,086,480 | $ | 1,258,229 | $ | 67,146,309 | $ | 4,189,236 | $ | 1,157,689 | |
BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2011 11
Schedule of Investments (concluded) BlackRock Floating Rate Income Trust (BGT)
| Warrants | Unfunded Loan Commitments | ||||
|---|---|---|---|---|---|
| Assets: | |||||
| Balance, as of October 31, 2010 | $ 227 | $ 160,394 | $ | 75,364,664 | |
| Accrued discounts/premiums | | | 351,209 | ||
| Net realized gain (loss) | | | (3,888,206 | ) | |
| Net change in unrealized | |||||
| appreciation/depreciation 2 | | (78,650 | ) | 6,704,360 | |
| Purchases | | | 30,936,955 | ||
| Sales | | | (17,553,379 | ) | |
| Transfers in 3 | | | 6,340,443 | ||
| Transfers out 3 | | | (16,486,214 | ) | |
| Balance, as of January 31, 2011 | $ 227 | $ 81,744 | $ | 81,769,832 |
| Unfunded Loan Commitments | ||
|---|---|---|
| Liabilities: | ||
| Balance, as | ||
| of October 31, 2010 | $ (42,707 | ) |
| Accrued | ||
| discounts/premiums | | |
| Net realized | ||
| gain (loss) | | |
| Net change | ||
| in unrealized appreciation/depreciation 2 | 33,516 | |
| Purchases | | |
| Sales | | |
| Transfers in 3 | | |
| Transfers | ||
| out 3 | | |
| Balance, as of January 31, 2011 | $ (9,191 | ) |
| 2 | The net
change in unrealized appreciation/depreciation on securities still held at
January 31, 2011 was $856,136. |
| --- | --- |
| 3 | The Funds
policy is to recognize transfers in and transfers out as of the end of the
period of the event or the change in circumstances that caused the transfer. |
| Credit Contracts | Assets | Liabilities | Total | ||
|---|---|---|---|---|---|
| Balance, as of October 31, 2010 | $ 19,172 | | $ 19,172 | ||
| Accrued discounts/premiums | | | | ||
| Net realized gain (loss) | | | | ||
| Net change in unrealized | |||||
| appreciation/depreciation 4 | 73,327 | $ (348,770 | ) | (275,443 | ) |
| Purchases | | | | ||
| Sales | | | | ||
| Transfers in 5 | | | | ||
| Transfers out 5 | | | | ||
| Balance, as of January 31, 2011 | $ 92,499 | $ (348,770 | ) | $ (256,271 | ) |
| 4 | The net
change in unrealized appreciation/depreciation on securities still held at
January 31, 2011 was $(275,443). |
| --- | --- |
| 5 | The Funds
policy is to recognize transfers in and transfers out as of the end of the
period of the event or the change in circumstances that caused the transfer. |
12 BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2011
end
| 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 25, 2011 | ||
| 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 25, 2011 | ||
| By: | /s/ Neal J. Andrews | |
| Neal J. Andrews | ||
| Chief Financial Officer (principal financial officer) of | ||
| BlackRock Floating Rate Income Trust | ||
| Date: March 25, 2011 |
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