Regulatory Filings • Sep 25, 2014
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Download Source FileN-Q 1 d747399dnq.htm BLACKROCK FLOATING RATE INCOME TRUST 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 52 nd Street, New York, NY 10055
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 10/31/2014
Date of reporting period: 07/31/2014
Item 1 Schedule of Investments
Consolidated Schedule of Investments July 31, 2014 (Unaudited) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Common Stocks | Shares | Value | |
|---|---|---|---|
| Auto Components 0.0% | |||
| Lear Corp. | 402 | $ 37,856 | |
| Construction & Engineering 0.0% | |||
| USI United Subcontractors | 8,067 | 153,282 | |
| Diversified Consumer Services 0.2% | |||
| Cengage Thomson Learning | 19,588 | 675,179 | |
| Paper & Forest Products 0.2% | |||
| Ainsworth Lumber Co. Ltd. (a) | 220,483 | 541,931 | |
| Ainsworth Lumber Co. Ltd. (a)(b) | 62,685 | 154,075 | |
| 696,006 | |||
| Software 0.4% | |||
| HMH Holdings/EduMedia | 75,047 | 1,314,073 | |
| Total Common Stocks 0.8% | 2,876,396 | ||
| Asset-Backed Securities (b)(c) | Par (000) | ||
| ACAS CLO Ltd., Series 2012-1A, Class D, 5.08%, 9/20/23 | USD | 750 | 750,562 |
| ALM Loan Funding, Series 2013-7RA: | |||
| Class C, 3.68%, 4/24/24 | 630 | 602,172 | |
| Class D, 5.23%, 4/24/24 | 550 | 522,833 | |
| ALM XIV Ltd., Series 2014-14A: | |||
| Class B, 3.18%, 7/28/26 | 563 | 553,331 | |
| Class C, 3.68%, 7/28/26 | 713 | 677,160 | |
| Apidos CDO XI, Series 2012-11A, Class D, 4.48%, 1/17/23 | 500 | 499,985 | |
| Atrium CDO Corp., Series 9A, Class D, 3.73%, 2/28/24 | 500 | 480,462 | |
| Carlyle Global Market Strategies CLO Ltd.: | |||
| Series 2012-4A, Class D, 4.73%, 1/20/25 | 450 | 451,590 | |
| Series 2013-1A, Class C, 4.23%, 2/14/25 | 250 | 246,541 | |
| Cent CLO LP, Series 2013-17A, Class C, 3.74%, 1/30/25 | 500 | 475,496 | |
| Fraser Sullivan CLO VII Ltd., Series 2012-7A, Class C, 4.23%, 4/20/23 | 575 | 570,486 | |
| ING Investment Management, Series 2012-2A, Class D, 4.78%, 10/15/22 | 950 | 951,535 | |
| Madison Park Funding XI Ltd., Series 2013-11A, Class D, 3.73%, 10/23/25 | 250 | 239,774 | |
| North End CLO Ltd., Series 2013-1A, Class D, 3.73%, 7/17/25 | 500 | 474,097 | |
| Asset-Backed Securities | Par (000) | Value | |
| Octagon Investment Partners XVII Ltd., Series 2013-1A, Class D, 3.43%, 10/25/25 | USD | 750 | $ 704,276 |
| OZLM Funding Ltd., Series 2012-2A, Class C, 4.59%, 10/30/23 | 500 | 501,388 | |
| Race Point CLO Ltd., Series 2012-6A, Class D, 4.73%, 5/24/23 | 675 | 675,074 | |
| Symphony CLO Ltd., Class D: | |||
| Series 2012-9A, 4.48%, 4/16/22 | 775 | 776,214 | |
| Series 2012-10A, 5.48%, 7/23/23 | 925 | 927,085 | |
| Total Asset-Backed Securities 3.2% | 11,080,061 | ||
| Corporate Bonds | |||
| Airlines 0.6% | |||
| American Airlines Pass-Through Trust, Series 2013-2, Class C, 6.00%, 1/15/17 (b) | 600 | 628,500 | |
| US Airways Pass-Through Trust, Series 2012-2, Class C, 5.45%, 6/03/18 | 1,585 | 1,636,512 | |
| 2,265,012 | |||
| Auto Components 0.2% | |||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
| 3.50%, 3/15/17 | 410 | 407,950 | |
| 4.88%, 3/15/19 | 263 | 264,315 | |
| 672,265 | |||
| Capital Markets 0.4% | |||
| Blackstone CQP Holdco LP, 2.32%, 3/18/19 | 504 | 502,955 | |
| E*Trade Financial Corp., 0.00%, 8/31/19 (b)(d)(e) | 439 | 895,011 | |
| 1,397,966 | |||
| Commercial Services & Supplies 0.2% | |||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 2.98%, 12/01/17 (c) | 179 | 177,658 | |
| AWAS Aviation Capital Ltd., 7.00%, 10/17/16 (b) | 418 | 427,575 |
BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014 1
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Corporate Bonds | Par (000) | Value | |
|---|---|---|---|
| Commercial Services & Supplies (concluded) | |||
| United Rentals North America, Inc., 5.75%, 7/15/18 | USD | 210 | $ 219,555 |
| 824,788 | |||
| Communications Equipment 0.4% | |||
| Avaya, Inc., 7.00%, 4/01/19 (b) | 232 | 226,780 | |
| Zayo Group LLC/Zayo Capital, Inc., 8.13%, 1/01/20 | 1,010 | 1,070,600 | |
| 1,297,380 | |||
| Construction & Engineering 0.1% | |||
| Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (b) | 237 | 248,258 | |
| Diversified Financial Services 0.3% | |||
| Ally Financial, Inc., 2.91%, 7/18/16 (c) | 875 | 881,492 | |
| Diversified Telecommunication Services 0.3% | |||
| Level 3 Financing, Inc. (b): | |||
| 3.82%, 1/15/18 (c) | 607 | 611,553 | |
| 6.13%, 1/15/21 | 337 | 348,795 | |
| 960,348 | |||
| Hotels, Restaurants & Leisure 0.3% | |||
| Caesars Entertainment Operating Co., Inc., 9.00%, 2/15/20 | 1,389 | 1,152,192 | |
| Household Durables 0.0% | |||
| Berkline/Benchcraft LLC, 1.00%, 11/03/14 (a)(f) | 400 | | |
| Independent Power and Renewable Electricity Producers 0.1% | |||
| Calpine Corp., 6.00%, 1/15/22 (b) | 212 | 223,660 | |
| Media 0.2% | |||
| NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (b) | 248 | 255,440 | |
| Numericable Group SA, 6.00%, 5/15/22 (b) | 512 | 514,560 | |
| 770,000 | |||
| Oil, Gas & Consumable Fuels 0.1% | |||
| EP Energy LLC/Everest Acquisition Finance, Inc., 6.88%, 5/01/19 | 385 | 403,288 | |
| Road & Rail 0.2% | |||
| Florida East Coast Holdings Corp., 6.75%, 5/01/19 (b) | 535 | 553,725 | |
| Wireless Telecommunication Services 0.0% | |||
| T-Mobile USA, Inc., 6.13%, 1/15/22 | 135 | 138,881 | |
| Total Corporate Bonds 3.4% | 11,789,255 | ||
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Aerospace & Defense 1.7% | |||
| DigitalGlobe, Inc., New Term Loan B, 3.75%, 1/31/20 | USD | 1,348 | $ 1,345,916 |
| TASC, Inc., 2nd Lien Term Loan, 12.00%, 5/30/21 | 725 | 712,312 | |
| Transdigm, Inc.: | |||
| Term Loan C, 3.75%, 2/28/20 | 512 | 509,229 | |
| Term Loan D, 3.75%, 6/04/21 | 525 | 519,488 | |
| TransUnion LLC, New Term Loan, 4.00%, 4/09/21 | 2,908 | 2,896,285 | |
| 5,983,230 | |||
| Air Freight & Logistics 0.5% | |||
| Ceva Group PLC, Synthetic LC, 6.50%, 3/19/21 | 450 | 434,201 | |
| Ceva Intercompany BV, Dutch Term Loan, 6.50%, 3/19/21 | 473 | 461,867 | |
| Ceva Logistics Canada ULC, Canadian Term Loan, 6.50%, 3/19/21 | 82 | 79,632 | |
| Ceva Logistics US Holdings, Inc., Term Loan, 6.50%, 3/19/21 | 653 | 637,057 | |
| 1,612,757 | |||
| Airlines 0.5% | |||
| Northwest Airlines, Inc.: | |||
| 2.18%, 3/10/17 | 474 | 460,965 | |
| 1.56%, 9/10/18 | 652 | 621,332 | |
| US Airways Group, Inc., New Term Loan B1, 3.50%, 5/23/19 | 693 | 689,105 | |
| 1,771,402 | |||
| Auto Components 3.8% | |||
| Autoparts Holdings Ltd.: | |||
| 1st Lien Term Loan, 6.50%, 7/28/17 | 1,586 | 1,589,197 | |
| 2nd Lien Term Loan, 10.50%, 1/29/18 | 650 | 606,125 | |
| Dayco Products LLC, New Term Loan B, 5.25%, 12/12/19 | 968 | 967,575 | |
| FPC Holdings, Inc., 1st Lien Term Loan, 5.25%, 11/19/19 | 900 | 891,425 | |
| Gates Global, Inc., Term Loan B, 4.25%, 7/05/21 | 5,420 | 5,369,215 | |
| The Goodyear Tire & Rubber Co., New 2nd Lien Term Loan, 4.75%, 4/30/19 | 1,705 | 1,709,791 | |
| GPX International Tire Corp., Term Loan (a)(f): | |||
| PIK, 13.00%, 3/30/12 | 4 | | |
| 12.25%, 3/31/12 | 274 | |
2 BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Par (000) | Value | |
|---|---|---|---|
| Auto Components (concluded) | |||
| Transtar Holding Co., 1st Lien Term Loan, 5.75%, 10/09/18 | USD | 1,282 | $ 1,283,242 |
| UCI International, Inc., New Term Loan B, 5.50%, 7/26/17 | 917 | 917,896 | |
| 13,334,466 | |||
| Automobiles 0.3% | |||
| Chrysler Group LLC: | |||
| 2018 Term Loan B, 3.25%, 12/31/18 | 504 | 499,204 | |
| New Term Loan B, 3.50%, 5/24/17 | 524 | 521,687 | |
| 1,020,891 | |||
| Banks 0.3% | |||
| Redtop Acquisitions Ltd.: | |||
| 1st Lien Term Loan, 4.50%, 12/03/20 | 876 | 879,978 | |
| 2nd Lien Term Loan, 8.25%, 6/03/21 | 184 | 187,756 | |
| 1,067,734 | |||
| Beverages 0.0% | |||
| Le-Natures, Inc., Tranche B Term Loan, 0.00%, 3/01/11 (a)(f) | 1,000 | | |
| Building Products 3.1% | |||
| Continental Building Products LLC, 1st Lien Term Loan, 4.25%, 8/28/20 | 1,018 | 1,012,492 | |
| CPG International, Inc., New Term Loan, 4.75%, 9/30/20 | 2,514 | 2,501,423 | |
| GYP Holdings III Corp., 1st Lien Term Loan, 4.75%, 4/01/21 | 893 | 883,835 | |
| Interline Brands, Inc., 2021 Term Loan, 4.00%, 3/17/21 | 1,067 | 1,058,434 | |
| Nortek, Inc., New Term Loan, 3.75%, 10/30/20 | 1,280 | 1,276,403 | |
| Ply Gem Industries, Inc., Term Loan, 4.00%, 2/01/21 | 618 | 612,265 | |
| Quikrete Holdings, Inc., 1st Lien Term Loan, 4.00%, 9/28/20 | 1,098 | 1,095,242 | |
| United Subcontractors, Inc., Term Loan, 4.24%, 6/30/15 | 214 | 203,704 | |
| Wilsonart LLC: | |||
| Incremental Term Loan B2, 4.00%, 10/31/19 | 512 | 507,941 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Building Products (concluded) | |||
| Wilsonart LLC (concluded): | |||
| Term Loan B, 4.00%, 10/31/19 | USD | 1,532 | $ 1,518,274 |
| 10,670,013 | |||
| Capital Markets 0.5% | |||
| Affinion Group, Inc.: | |||
| 2nd Lien Term Loan, 8.50%, 10/12/18 | 635 | 621,046 | |
| Term Loan B, 6.75%, 4/30/18 | 805 | 795,625 | |
| American Capital Holdings, Inc., 2017 Term Loan, 3.50%, 8/22/17 | 491 | 489,628 | |
| 1,906,299 | |||
| Chemicals 4.6% | |||
| Allnex (Luxembourg) & Cy SCA, Term Loan B1, 4.50%, 10/03/19 | 593 | 592,743 | |
| Allnex USA, Inc., Term Loan B2, 4.50%, 10/03/19 | 308 | 307,546 | |
| Axalta Coating Systems US Holdings, Inc., Term Loan, 4.00%, 2/01/20 | 1,921 | 1,907,559 | |
| CeramTec Acquisition Corp., Term Loan B2, 4.25%, 8/28/20 | 71 | 71,292 | |
| Chemtura Corp., Term Loan B, 3.50%, 8/27/16 | 356 | 356,239 | |
| Chromaflo Technologies Corp.: | |||
| 1st Lien Term Loan, 4.50%, 12/02/19 | 697 | 695,629 | |
| 2nd Lien Term Loan, 8.25%, 5/30/20 | 295 | 293,525 | |
| Evergreen Acqco 1 LP, New Term Loan, 5.00%, 7/09/19 | 1,260 | 1,261,388 | |
| INEOS US Finance LLC: | |||
| 3 Year Term Loan, 2.20%, 5/04/15 | 229 | 228,995 | |
| 6 Year Term Loan, 3.75%, 5/04/18 | 522 | 518,599 | |
| MacDermid, Inc., 1st Lien Term Loan, 4.00%, 6/07/20 | 747 | 746,052 | |
| Minerals Technology, Inc., Term Loan B, 4.00%, 5/09/21 | 1,375 | 1,377,585 | |
| Momentive Performance Materials, Inc., DIP Term Loan B, 4.00%, 4/15/15 | 275 | 273,969 | |
| Nexeo Solutions LLC, Term Loan B, 5.00%, 9/08/17 | 1,175 | 1,172,068 | |
| OXEA Finance LLC: | |||
| 2nd Lien Term Loan, 8.25%, 7/15/20 | 845 | 848,701 |
BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014 3
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Par (000) | Value | |
|---|---|---|---|
| Chemicals (concluded) | |||
| OXEA Finance LLC (concluded): | |||
| Term Loan B2, 4.25%, 1/15/20 | USD | 1,419 | $ 1,412,179 |
| Royal Adhesives and Sealants LLC, 1st Lien Term Loan, 5.50%, 7/31/18 | 413 | 413,901 | |
| Solenis International LP: | |||
| 1st Lien Term Loan, 4.25%, 7/02/21 | 945 | 937,620 | |
| 2nd Lien Term Loan, 7.75%, 7/02/22 | 880 | 875,054 | |
| Tata Chemicals North America, Inc., Term Loan B, 3.75%, 8/07/20 | 351 | 350,132 | |
| Tronox Pigments (Netherlands) BV, 2013 Term Loan, 4.00%, 3/19/20 | 945 | 944,307 | |
| Univar, Inc., Term Loan B, 5.00%, 6/30/17 | 603 | 602,318 | |
| 16,187,401 | |||
| Commercial Services & Supplies 5.3% | |||
| ADS Waste Holdings, Inc., New Term Loan, 3.75%, 10/09/19 | 1,884 | 1,870,610 | |
| ARAMARK Corp., Term Loan E, 3.25%, 9/07/19 | 1,746 | 1,726,720 | |
| AWAS Finance Luxembourg 2012 SA, New Term Loan, 3.50%, 7/16/18 | 240 | 239,564 | |
| Brand Energy & Infrastructure Services, Inc., New Term Loan B, 4.75%, 11/26/20 | 2,313 | 2,310,784 | |
| Catalent Pharma Solutions, Inc., New Term Loan, 6.50%, 12/29/17 | 300 | 300,750 | |
| Connolly Corp.: | |||
| 1st Lien Term Loan, 5.00%, 5/14/21 | 1,850 | 1,860,175 | |
| 2nd Lien Term Loan, 8.00%, 5/14/22 | 900 | 908,154 | |
| KAR Auction Services, Inc., Term Loan B2, 3.50%, 3/11/21 | 827 | 823,550 | |
| Koosharem LLC, Exit Term Loan, 7.50%, 4/29/20 | 1,450 | 1,456,351 | |
| Livingston International, Inc.: | |||
| 1st Lien Term Loan, 5.00%, 4/16/19 | 812 | 811,126 | |
| 2nd Lien Term Loan, 9.00%, 4/20/20 | 528 | 530,826 | |
| OSG International, Inc., Exit Term Loan B, 1.00%, 7/22/19 | 51 | 51,412 | |
| Protection One, Inc., Term Loan, 4.25%, 3/21/19 | 1,196 | 1,194,304 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Commercial Services & Supplies (concluded) | |||
| Spin Holdco, Inc., New Term Loan B, 4.25%, 11/14/19 | USD | 2,544 | $ 2,528,007 |
| US Ecology, Inc., Term Loan, 3.75%, 6/17/21 | 575 | 574,644 | |
| West Corp., Term Loan B10, 3.25%, 6/30/18 | 1,405 | 1,388,021 | |
| 18,574,998 | |||
| Communications Equipment 3.1% | |||
| Alcatel-Lucent USA, Inc., Term Loan C, 4.50%, 1/30/19 | 3,117 | 3,108,187 | |
| Applied Systems, Inc.: | |||
| New 1st Lien Term Loan, 4.25%, 1/25/21 | 458 | 455,869 | |
| New 2nd Lien Term Loan, 7.50%, 1/23/22 | 230 | 232,185 | |
| Avaya, Inc., Extended Term Loan B3, 4.73%, 10/26/17 | 844 | 815,516 | |
| CommScope, Inc., Term Loan B3, 2.73%, 1/21/17 | 419 | 418,509 | |
| Telesat Canada, Term Loan A, 4.37%, 3/24/17 | CAD | 2,637 | 2,406,397 |
| Zayo Group LLC/Zayo Capital, Inc., Term Loan B, 4.00%, 7/02/19 | USD | 3,281 | 3,253,958 |
| 10,690,621 | |||
| Construction & Engineering 0.4% | |||
| BakerCorp International, Inc., New Term Loan, 4.25%, 2/14/20 | 560 | 547,473 | |
| Centaur Acquisition LLC, New 2nd Lien Term Loan, 8.75%, 2/15/20 | 745 | 753,381 | |
| 1,300,854 | |||
| Construction Materials 1.6% | |||
| Filtration Group Corp.: | |||
| 1st Lien Term Loan, 4.50%, 11/21/20 | 587 | 587,537 | |
| 2nd Lien Term Loan, 8.25%, 11/21/21 | 320 | 324,800 | |
| HD Supply, Inc., Term Loan B, 4.00%, 6/28/18 | 4,466 | 4,458,380 | |
| McJunkin Red Man Corp., New Term Loan, 5.00%, 11/08/19 | 397 | 397,000 | |
| 5,767,717 | |||
| Containers & Packaging 0.8% | |||
| Ardagh Holdings USA, Inc., Incremental Term Loan, 4.00%, 12/17/19 | 564 | 561,006 | |
| Berry Plastics Holding Corp., Term Loan E, 3.75%, 1/06/21 | 1,676 | 1,660,927 |
4 BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Par (000) | Value | |
|---|---|---|---|
| Containers & Packaging (concluded) | |||
| Rexam PLC, 1st Lien Term Loan, 4.25%, 5/02/21 | USD | 475 | $ 473,518 |
| 2,695,451 | |||
| Distributors 1.4% | |||
| ABC Supply Co., Inc., Term Loan, 3.50%, 4/16/20 | 2,834 | 2,808,794 | |
| American Tire Distributors Holdings, Inc., Term Loan B, 5.75%, 6/01/18 | 888 | 886,972 | |
| Crossmark Holdings, Inc., 1st Lien Term Loan, 4.50%, 12/20/19 | 493 | 489,422 | |
| VWR Funding, Inc., Term Loan, 3.41%, 4/03/17 | 724 | 721,204 | |
| 4,906,392 | |||
| Diversified Consumer Services 3.3% | |||
| Allied Security Holdings LLC: | |||
| New 1st Lien Term Loan, 4.25%, 2/12/21 | 1,761 | 1,751,015 | |
| New 2nd Lien Term Loan, 8.00%, 8/13/21 | 254 | 252,425 | |
| Bright Horizons Family Solutions, Inc., New Term Loan B, 3.75%, 1/30/20 | 1,482 | 1,476,866 | |
| Fitness International LLC, Term Loan B, 5.50%, 7/01/20 | 680 | 673,764 | |
| Garda World Securities Corp.: | |||
| Delayed Draw Term Loan, 4.00%, 11/06/20 | 138 | 137,533 | |
| New Term Loan B, 4.00%, 11/06/20 | 539 | 537,628 | |
| Iglo Foods Midco Ltd., Term Loan B, 4.35%, 6/30/20 | EUR | 2,620 | 3,506,263 |
| ROC Finance LLC, Term Loan, 5.00%, 6/20/19 | USD | 655 | 638,674 |
| ServiceMaster Company, 2014 Term Loan B, 4.25%, 7/01/21 | 1,635 | 1,611,832 | |
| Weight Watchers International, Inc., Term Loan B2, 4.00%, 4/02/20 | 1,234 | 972,293 | |
| 11,558,293 | |||
| Diversified Financial Services 2.8% | |||
| AssuredPartners Capital, Inc.: | |||
| 1st Lien Term Loan, 4.50%, 3/31/21 | 910 | 905,450 | |
| 2nd Lien Term Loan, 7.75%, 4/04/22 | 275 | 274,541 | |
| Mauser Industrieverpackungen GmbH, 1st Lien Term Loan, 1.00%, 6/04/21 | 100 | 99,438 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Diversified Financial Services (concluded) | |||
| RPI Finance Trust, Term Loan B3, 3.25%, 11/09/18 | USD | 235 | $ 235,242 |
| SAM Finance Luxembourg Sarl, Term Loan, 4.25%, 12/17/20 | 1,567 | 1,568,112 | |
| SIG Euro Holdings AG & Co. KG, 2013 Term Loan, 4.25%, 12/02/18 | EUR | 4,925 | 6,629,782 |
| 9,712,565 | |||
| Diversified Telecommunication Services 3.7% | |||
| Consolidated Communications, Inc., New Term Loan B, 4.25%, 12/23/20 | USD | 1,852 | 1,852,669 |
| Hawaiian Telcom Communications, Inc., Term Loan B, 5.00%, 6/06/19 | 1,444 | 1,450,511 | |
| Integra Telecom, Inc.: | |||
| 2nd Lien Term Loan, 9.75%, 2/22/20 | 685 | 696,131 | |
| Term Loan B, 5.25%, 2/22/19 | 1,220 | 1,222,233 | |
| Level 3 Financing, Inc.: | |||
| 2020 Term Loan B, 4.00%, 1/15/20 | 4,225 | 4,208,269 | |
| New 2019 Term Loan, 4.00%, 8/01/19 | 560 | 558,460 | |
| Syniverse Holdings, Inc., Term Loan B, 4.00%, 4/23/19 | 1,183 | 1,178,014 | |
| US Telepacific Corp., New Term Loan B, 5.75%, 2/23/17 | 1,869 | 1,872,625 | |
| 13,038,912 | |||
| Electric Utilities 1.1% | |||
| American Energy Marcellus LLC, 1st Lien Term Loan, 5.25%, 6/20/20 | 1,073 | 1,068,710 | |
| American Energy Utica LLC: | |||
| 2nd Lien Delayed Draw Term Loan, 11.00%, 9/30/18 | 262 | 276,206 | |
| 2nd Lien Term Loan, 5.50%, 9/30/18 | 612 | 661,059 | |
| Energy Future Intermediate Holding Co LLC, DIP Term Loan, 4.25%, 6/19/16 | 870 | 869,461 | |
| Sandy Creek Energy Associates LP, Term Loan B, 5.00%, 11/06/20 | 1,031 | 1,037,004 | |
| 3,912,440 | |||
| Electrical Equipment 1.5% | |||
| Southwire Co., Term Loan, 3.25%, 2/10/21 | 613 | 609,960 |
BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014 5
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Par (000) | Value | |
|---|---|---|---|
| Electrical Equipment (concluded) | |||
| Texas Competitive Electric Holdings Co. LLC: | |||
| DIP Term Loan, 3.75%, 5/05/16 | USD | 1,560 | $ 1,569,715 |
| Extended Term Loan, 4.65%, 10/10/17 (a)(f) | 4,025 | 3,061,012 | |
| 5,240,687 | |||
| Electronic Equipment, Instruments & Components 0.7% | |||
| CDW LLC, New Term Loan, 3.25%, 4/29/20 | 2,605 | 2,569,013 | |
| Energy Equipment & Services 0.6% | |||
| Dynegy Holdings, Inc., Term Loan B2, 4.00%, 4/23/20 | 975 | 974,152 | |
| MEG Energy Corp., Refinancing Term Loan, 3.75%, 3/31/20 | 959 | 957,634 | |
| 1,931,786 | |||
| Food & Staples Retailing 2.4% | |||
| Alliance Boots Holdings Ltd., Term Loan B1, 3.48%, 7/09/15 | GBP | 3,381 | 5,699,574 |
| New Albertsons, Inc., Term Loan, 4.75%, 6/25/21 | USD | 900 | 903,924 |
| Rite Aid Corp., 2nd Lien Term Loan, 5.75%, 8/21/20 | 540 | 547,652 | |
| Supervalu, Inc., Refinancing Term Loan B, 4.50%, 3/21/19 | 1,079 | 1,075,205 | |
| 8,226,355 | |||
| Food Products 3.5% | |||
| AdvancePierre Foods, Inc., Term Loan, 5.75%, 7/10/17 | 534 | 535,091 | |
| CTI Foods Holding Co. LLC, New 1st Lien Term Loan, 4.50%, 6/29/20 | 516 | 513,520 | |
| Del Monte Foods, Inc., 1st Lien Term Loan, 4.25%, 2/18/21 | 1,348 | 1,336,994 | |
| Diamond Foods, Inc., New Term Loan, 4.25%, 8/20/18 | 1,827 | 1,821,011 | |
| Dole Food Co., Inc., New Term Loan B, 4.50%, 11/01/18 | 1,473 | 1,468,567 | |
| GFA Brands, Inc., New Term Loan B, 5.00%, 7/09/20 | 292 | 291,808 | |
| Hearthside Group Holdings LLC, Term Loan, 4.50%, 6/02/21 | 1,325 | 1,322,933 | |
| Performance Food Group Co., 2nd Lien Term Loan, 6.25%, 11/14/19 | 1,016 | 1,023,025 | |
| Pinnacle Foods Finance LLC: | |||
| Incremental Term Loan H, 3.25%, 4/29/20 | 1,039 | 1,029,125 | |
| Term Loan G, 3.25%, 4/29/20 | 995 | 985,351 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Food Products (concluded) | |||
| Reddy Ice Corp.: | |||
| 1st Lien Term Loan, 6.75%-7.75%, 5/01/19 | USD | 1,491 | $ 1,442,663 |
| 2nd Lien Term Loan, 10.75%, 11/01/19 | 725 | 645,250 | |
| 12,415,338 | |||
| Health Care Equipment & Supplies 6.2% | |||
| Arysta LifeScience Corp.: | |||
| 1st Lien Term Loan, 4.50%, 5/29/20 | 2,084 | 2,076,133 | |
| 2nd Lien Term Loan, 8.25%, 11/30/20 | 885 | 894,585 | |
| Biomet, Inc., Term Loan B2, 3.66%-3.73%, 7/25/17 | 1,361 | 1,358,696 | |
| Capsugel Holdings US, Inc., New Term Loan B, 3.50%, 8/01/18 | 1,016 | 1,009,239 | |
| DJO Finance LLC, 2017 Term Loan, 4.25%, 9/15/17 | 2,293 | 2,294,623 | |
| Fresenius SE & Co. KGaA, Term Loan B: | |||
| Incremental, 2.46%, 6/30/19 | EUR | 318 | 425,612 |
| 2.23%, 8/07/19 | USD | 1,354 | 1,352,373 |
| The Hologic, Inc., New Term Loan B, 3.25%, 8/01/19 | 2,193 | 2,180,858 | |
| Immucor, Inc., Refinancing Term Loan B2, 5.00%, 8/17/18 | 1,712 | 1,713,604 | |
| Kinetic Concepts, Inc., Term Loan E1, 4.00%, 5/04/18 | 318 | 316,276 | |
| Leonardo Acquisition Corp., Term Loan, 4.25%, 1/31/21 | 1,426 | 1,418,409 | |
| LHP Hospital Group, Inc., Term Loan, 9.00%, 7/03/18 | 332 | 316,355 | |
| Millennium Laboratories, Inc., Term Loan B, 5.25%, 4/16/21 | 1,600 | 1,600,000 | |
| National Vision, Inc.: | |||
| 1st Lien Term Loan, 4.00%, 3/12/21 | 1,679 | 1,652,352 | |
| 2nd Lien Term Loan, 6.75%, 3/07/22 | 325 | 318,906 | |
| Onex Carestream Finance LP, 2nd Lien Term Loan, 9.50%, 12/07/19 | 332 | 337,595 | |
| Ortho-Clinical Diagnostics, Inc., Term Loan B, 4.75%, 6/30/21 | 2,450 | 2,443,875 | |
| 21,709,491 | |||
| Health Care Providers & Services 7.0% | |||
| Amedisys, Inc., 2nd Lien Term Loan, 8.50%, 6/25/20 | 900 | 877,500 | |
| American Renal Holdings, Inc., 1st Lien Term Loan, 4.50%, 9/20/19 | 1,575 | 1,566,211 |
6 BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Par (000) | Value | |
|---|---|---|---|
| Health Care Providers & Services (concluded) | |||
| Amsurg Corp., 1st Lien Term Loan B, 3.75%, 7/16/21 | USD | 800 | $ 797,200 |
| Ardent Medical Services, Inc., Term Loan, 6.75%, 7/02/18 | 650 | 652,010 | |
| Care UK Health & Social Care PLC, 1,774.79%-5.56%, 7/15/19 (c) | GBP | 482 | 799,520 |
| CHG Buyer Corp., New Term Loan, 4.25%, 11/19/19 | USD | 1,052 | 1,050,975 |
| CHS/Community Health Systems, Inc., Term Loan D, 4.25%, 1/27/21 | 5,254 | 5,258,854 | |
| ConvaTec, Inc., Term Loan, 4.00%, 12/22/16 | 1,102 | 1,098,373 | |
| DaVita HealthCare Partners, Inc., Term Loan B, 3.50%, 6/24/21 | 5,935 | 5,918,798 | |
| Envision Acquisition Co. LLC, 1st Lien Term Loan, 5.75%, 11/04/20 | 630 | 631,025 | |
| Envision Healthcare Corp., Term Loan, 4.00%, 5/25/18 | 913 | 912,186 | |
| Genesis HealthCare Corp., Term Loan B, 10.00%, 9/25/17 | 534 | 543,063 | |
| HCA, Inc., Extended Term Loan B4, 2.98%, 5/01/18 | 328 | 326,890 | |
| Ikaria, Inc.: | |||
| 1st Lien Term Loan, 5.00%, 2/12/21 | 540 | 540,340 | |
| 2nd Lien Term Loan, 8.75%, 2/14/22 | 195 | 197,681 | |
| inVentiv Health, Inc., Incremental Term Loan B3, 7.75%-8.50%, 5/15/18 | 241 | 240,733 | |
| MPH Acquisition Holdings LLC, Term Loan, 4.00%, 3/31/21 | 1,365 | 1,357,463 | |
| National Mentor Holdings, Inc., Term Loan B, 4.75%, 1/31/21 | 404 | 403,103 | |
| Surgery Center Holdings, Inc., New 1st Lien Term Loan, 1.00%, 7/09/20 | 597 | 597,433 | |
| Surgical Care Affiliates, Inc., Class C Incremental Term Loan, 4.00%, 6/29/18 | 842 | 835,887 | |
| 24,605,245 | |||
| Health Care Technology 0.9% | |||
| IMS Health, Inc., New Term Loan, 3.50%, 3/17/21 | 2,005 | 1,989,938 | |
| MedAssets, Inc., Term Loan B, 4.00%, 12/13/19 | 1,172 | 1,167,194 | |
| 3,157,132 | |||
| Hotels, Restaurants & Leisure 10.3% | |||
| Bally Technologies, Inc., Term Loan B, 4.25%, 11/25/20 | 856 | 855,269 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Hotels, Restaurants & Leisure (continued) | |||
| Belmond Interfin Ltd., Term Loan B, 4.00%, 3/21/21 | USD | 1,327 | $ 1,329,169 |
| Boyd Gaming Corp., Term Loan B, 4.00%, 8/14/20 | 706 | 705,340 | |
| Bronco Midstream Funding LLC, Term Loan B, 5.00%, 8/17/20 | 1,885 | 1,899,423 | |
| Caesars Entertainment Operating Co., Inc.: | |||
| Extended Term Loan B6, 6.95%, 1/26/18 | 95 | 87,635 | |
| Term Loan B7, 9.75%, 3/01/17 | 1,445 | 1,415,493 | |
| Caesars Entertainment Resort Properties LLC, Term Loan B, 7.00%, 10/12/20 | 3,149 | 3,148,800 | |
| CCM Merger, Inc., New Term Loan B, 4.50%, 7/18/21 | 1,035 | 1,029,825 | |
| Dave & Busters, Inc., New Term Loan, 4.50%, 7/25/20 | 505 | 504,687 | |
| Diamond Resorts Corp., New Term Loan, 5.50%, 5/09/21 | 1,425 | 1,426,781 | |
| Dunkin Brands, Inc., Term Loan B4, 3.25%, 2/07/21 | 882 | 863,785 | |
| ESH Hospitality, Inc., Term Loan, 5.00%, 6/24/19 | 265 | 267,981 | |
| Four Seasons Holdings, Inc., 2nd Lien Term Loan, 6.25%, 12/28/20 | 745 | 748,725 | |
| Hilton Worldwide Finance LLC, Term Loan B2, 3.50%, 10/26/20 | 3,478 | 3,454,249 | |
| Intrawest ULC, Term Loan, 5.50%, 11/26/20 | 781 | 785,957 | |
| La Quinta Intermediate Holdings LLC, Term Loan B, 4.00%, 4/14/21 | 6,512 | 6,483,638 | |
| Las Vegas Sands LLC, New Term Loan B, 3.25%, 12/19/20 | 2,284 | 2,275,190 | |
| MGM Resorts International, Term Loan B, 3.50%, 12/20/19 | 2,165 | 2,147,820 | |
| Pinnacle Entertainment, Inc., Term Loan B2, 3.75%, 8/13/20 | 1,134 | 1,130,156 | |
| Playa Resorts Holding BV, Term Loan B, 4.00%, 8/06/19 | 1,077 | 1,075,517 | |
| RHP Hotel Properties LP, Term Loan B, 3.75%, 1/15/21 | 790 | 791,730 | |
| Sabre, Inc.: | |||
| Incremental Term Loan, 4.50%, 2/19/19 | 308 | 307,770 | |
| Term Loan B, 4.25%, 2/19/19 | 842 | 840,089 | |
| Travelport LLC: | |||
| 2nd Lien Term Loan 1, 9.50%, 1/29/16 | 575 | 588,081 |
BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014 7
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Par (000) | Value | |
|---|---|---|---|
| Hotels, Restaurants & Leisure (concluded) | |||
| Travelport LLC (concluded): | |||
| Refinancing Term Loan, 6.25%, 6/26/19 | USD | 659 | $ 666,371 |
| Twin River Management Group, Inc., New Term Loan B, 5.25%, 7/10/20 | 690 | 689,427 | |
| Wendys International, Inc., New Term Loan B, 3.25%, 5/15/19 | 575 | 572,494 | |
| 36,091,402 | |||
| Household Products 1.1% | |||
| Bass Pro Group LLC, New Term Loan, 3.75%, 11/20/19 | 1,690 | 1,685,701 | |
| Prestige Brands, Inc., New Term Loan, 3.75%, 1/31/19 | 797 | 796,665 | |
| Spectrum Brands, Inc.: | |||
| Term Loan A, 3.00%, 9/07/17 | 572 | 572,144 | |
| Term Loan C, 3.50%, 9/04/19 | 901 | 899,149 | |
| 3,953,659 | |||
| Independent Power and Renewable Electricity Producers 0.4% | |||
| Calpine Corp., Term Loan B1, 4.00%, 4/01/18 | 558 | 558,852 | |
| La Frontera Generation LLC, Term Loan, 4.50%, 9/30/20 | 830 | 831,174 | |
| 1,390,026 | |||
| Industrial Conglomerates 0.7% | |||
| Sequa Corp., New Term Loan B, 5.25%, 6/19/17 | 2,564 | 2,525,975 | |
| Insurance 2.3% | |||
| Alliant Holdings I, Inc., New Term Loan B, 4.25%, 12/20/19 | 1,105 | 1,103,162 | |
| Asurion LLC: | |||
| New 2nd Lien Term Loan, 8.50%, 3/03/21 | 410 | 419,910 | |
| New Term Loan B1, 5.00%, 5/24/19 | 1,223 | 1,225,784 | |
| CNO Financial Group, Inc., Term Loan B2, 3.75%, 9/20/18 | 1,378 | 1,376,079 | |
| Cooper Gay Swett & Crawford Ltd.: | |||
| 1st Lien Term Loan, 5.00%, 4/16/20 | 1,104 | 1,056,936 | |
| 2nd Lien Term Loan C, 8.25%, 10/16/20 | 530 | 503,500 | |
| Sedgwick, Inc.: | |||
| 1st Lien Term Loan, 3.75%, 3/01/21 | 1,172 | 1,148,410 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Insurance (concluded) | |||
| Sedgwick, Inc. (concluded): | |||
| 2nd Lien Term Loan, 6.75%, 2/28/22 | USD | 1,230 | $ 1,226,408 |
| 8,060,189 | |||
| Internet Software & Services 1.6% | |||
| Dealertrack Technologies, Inc., Term Loan B, 3.50%, 2/28/21 | 1,163 | 1,156,072 | |
| Go Daddy Operating Co. LLC, New Term Loan B, 4.75%, 5/13/21 | 1,575 | 1,567,865 | |
| Interactive Data Corp., 2014 Term Loan, 4.75%, 5/02/21 | 1,225 | 1,226,911 | |
| W3 Co.: | |||
| 1st Lien Term Loan, 5.75%, 3/13/20 | 1,076 | 1,062,920 | |
| 2nd Lien Term Loan, 9.25%, 9/11/20 | 419 | 417,903 | |
| 5,431,671 | |||
| IT Services 5.2% | |||
| Ceridian Corp., New Term Loan B, 4.41%, 5/09/17 | 1,679 | 1,678,818 | |
| First Data Corp.: | |||
| New 2018 Extended Term Loan, 3.67%, 3/23/18 | 7,645 | 7,571,549 | |
| New 2018 Term Loan, 3.67%, 3/23/18 | 730 | 720,875 | |
| Genpact International, Inc., Term Loan B, 3.50%, 8/30/19 | 1,151 | 1,153,186 | |
| InfoGroup, Inc., New Term Loan, 7.50%, 5/25/18 | 314 | 294,700 | |
| Station Casinos LLC, Term Loan B, 4.25%, 3/02/20 | 3,384 | 3,370,378 | |
| SunGard Availability Services Capital, Inc., Term Loan B, 6.00%, 3/31/19 | 973 | 962,837 | |
| SunGard Data Systems, Inc.: | |||
| Term Loan C, 3.91%, 2/28/17 | 925 | 926,739 | |
| Term Loan E, 4.00%, 3/08/20 | 170 | 170,031 | |
| Vantiv LLC, 2014 Term Loan B, 3.75%, 5/12/21 | 1,235 | 1,235,519 | |
| 18,084,632 | |||
| Leisure Products 0.4% | |||
| Bauer Performance Sports Ltd., Term Loan B, 4.00%, 4/15/21 | 977 | 974,859 |
8 BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Par (000) | Value | |
|---|---|---|---|
| Leisure Products (concluded) | |||
| FGI Operating Co. LLC, Term Loan, 5.50%, 4/19/19 | USD | 505 | $ 507,021 |
| 1,481,880 | |||
| Machinery 3.7% | |||
| Alliance Laundry Systems LLC: | |||
| 2nd Lien Term Loan, 9.50%, 12/10/19 | 286 | 288,692 | |
| Refinancing Term Loan, 4.25%, 12/10/18 | 903 | 904,702 | |
| Faenza Acquisition GmbH: | |||
| Term Loan B1, 4.25%, 8/31/20 | 719 | 719,363 | |
| Term Loan B3, 4.25%, 8/28/20 | 218 | 218,063 | |
| Gardner Denver, Inc.: | |||
| 4.25%, 7/30/20 | 2,357 | 2,343,902 | |
| 4.75%, 7/30/20 | EUR | 330 | 442,969 |
| Generac Power Systems, Inc., Term Loan B, 3.25%, 5/31/20 | USD | 885 | 869,857 |
| Husky Injection Molding Systems Ltd., New Term Loan B, 4.25%, 6/30/21 | 195 | 194,792 | |
| Intelligrated, Inc., 1st Lien Term Loan, 4.50%, 7/30/18 | 1,179 | 1,176,562 | |
| Mirror Bidco Corp., New Term Loan, 4.25%, 12/28/19 | 1,049 | 1,047,767 | |
| Navistar International Corp., Term Loan B, 5.75%, 8/17/17 | 549 | 552,481 | |
| Rexnord LLC, 1st Lien Term Loan B, 4.00%, 8/21/20 | 1,501 | 1,497,032 | |
| Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19 | 1,768 | 1,758,314 | |
| STS Operating, Inc., Term Loan, 4.75%, 2/19/21 | 419 | 421,045 | |
| Wabash National Corp., Term Loan B, 4.50%, 5/08/19 | 511 | 511,503 | |
| 12,947,044 | |||
| Media 13.0% | |||
| Acosta, Inc., New Term Loan B, 3.41%, 3/02/18 | 114 | 114,366 | |
| Activision Blizzard, Inc., Term Loan B, 3.25%, 10/12/20 | 1,564 | 1,560,088 | |
| Advanstar Communications, Inc., New 2nd Lien Term Loan, 9.50%, 6/06/20 | 685 | 691,850 | |
| CBS Outdoor Americas Capital LLC, Term Loan B, 3.00%, 1/31/21 | 455 | 451,396 | |
| Cengage Learning Acquisitions, Inc.: | |||
| 0.00%, 7/03/15 | 1,101 | | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Media (continued) | |||
| Cengage Learning Acquisitions, Inc. (concluded): | |||
| 1st Lien Term Loan, 0.00%, 7/03/15 | USD | 195 | |
| 1st Lien Term Loan, 7.00%, 3/31/20 | 3,681 | $ 3,697,633 | |
| Clear Channel Communications, Inc.: | |||
| Term Loan B, 3.81%, 1/29/16 | 843 | 833,848 | |
| Term Loan D, 6.91%, 1/30/19 | 4,332 | 4,244,556 | |
| Cumulus Media Holdings, Inc., 2013 Term Loan, 4.25%, 12/23/20 | 1,117 | 1,116,234 | |
| Getty Images, Inc., Term Loan B, 4.75%, 10/18/19 | 123 | 118,227 | |
| Gray Television, Inc., 2014 Term Loan B, 3.75%, 6/10/21 | 760 | 757,386 | |
| Hemisphere Media Holdings LLC, Term Loan B, 6.25%, 7/30/20 | 1,213 | 1,210,350 | |
| Hubbard Radio LLC, Term Loan B, 4.50%, 4/29/19 | 824 | 826,041 | |
| IMG Worldwide Holdings LLC: | |||
| 1st Lien Term Loan, 5.25%, 5/06/21 | 1,420 | 1,407,930 | |
| 2nd Lien Term Loan, 8.25%, 5/01/22 | 560 | 554,865 | |
| Intelsat Jackson Holdings SA, Term Loan B2, 3.75%, 6/30/19 | 2,622 | 2,612,069 | |
| Liberty Cablevision of Puerto Rico LLC, 1st Lien Term Loan, 4.50%, 1/07/22 | 910 | 910,227 | |
| Lions Gate Entertainment Corp., 2nd Lien Term Loan, 5.00%, 7/17/20 | 390 | 394,875 | |
| Live Nation Entertainment, Inc., 2020 Term Loan B1, 3.50%, 8/17/20 | 303 | 300,064 | |
| MCC Iowa LLC: | |||
| Term Loan I, 2.63%, 6/30/17 | 670 | 668,325 | |
| Term Loan J, 3.75%, 6/30/21 | 325 | 324,324 | |
| Media General, Inc., Delayed Draw Term Loan B, 4.25%, 7/31/20 | 1,039 | 1,039,982 | |
| Mediacom Communications Corp., Term Loan F, 2.63%, 3/31/18 | 509 | 503,638 | |
| Mediacom Illinois LLC, Term Loan G, 3.75%, 6/13/21 | 830 | 830,000 | |
| NEP/NCP Holdco, Inc.: | |||
| 2nd Lien Term Loan, 9.50%, 7/22/20 | 349 | 356,414 | |
| Incremental Term Loan, 4.25%, 1/22/20 | 1,414 | 1,410,322 |
BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014 9
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Par (000) | Value | |
|---|---|---|---|
| Media (concluded) | |||
| Numericable U.S. LLC: | |||
| Term Loan B1, 4.50%, 5/21/20 | USD | 1,357 | $ 1,358,618 |
| Term Loan B2, 4.50%, 5/21/20 | 1,174 | 1,175,391 | |
| Salem Communications Corp., Term Loan B, 4.50%, 3/13/20 | 1,026 | 1,027,232 | |
| SBA Senior Finance II LLC, Term Loan B1, 3.25%, 3/24/21 | 1,510 | 1,489,237 | |
| Sinclair Television Group, Inc., Term Loan B, 3.00%, 4/09/20 | 1,145 | 1,127,299 | |
| Tribune Co., 2013 Term Loan, 4.00%, 12/27/20 | 2,488 | 2,478,172 | |
| Univision Communications, Inc., Term Loan C4, 4.00%, 3/01/20 | 2,112 | 2,097,845 | |
| UPC Financing Partnership, Term Loan AG, 3.85%, 3/31/21 | EUR | 910 | 1,222,678 |
| Virgin Media Investment Holdings Ltd.: | |||
| Term Loan B, 3.50%, 6/07/20 | USD | 815 | 807,730 |
| Term Loan E, 4.25%, 6/30/23 | GBP | 1,105 | 1,870,533 |
| WideOpenWest Finance LLC, Term Loan B, 4.75%, 4/01/19 | USD | 1,095 | 1,095,981 |
| Ziggo BV: | |||
| Term Loan B1A, 3.25%, 1/15/22 | 1,108 | 1,086,201 | |
| Term Loan B2A, 3.25%, 1/15/22 | 719 | 704,646 | |
| Term Loan B3, 2.75%, 1/15/22 | 1,182 | 1,158,890 | |
| 45,635,463 | |||
| Metals & Mining 1.8% | |||
| Ameriforge Group, Inc., 2nd Lien Term Loan, 8.75%, 12/19/20 | 495 | 504,900 | |
| API Heat Transfer, Inc., Term Loan, 5.25%, 5/03/19 | 980 | 974,564 | |
| FMG Resources August 2006 Property Ltd., New Term Loan B, 3.75%, 6/30/19 | 1,460 | 1,450,672 | |
| Novelis, Inc., New Term Loan, 3.75%, 3/10/17 | 1,583 | 1,581,712 | |
| Windsor Financing LLC, Term Loan B, 6.25%, 12/05/17 | 1,599 | 1,638,591 | |
| 6,150,439 | |||
| Multiline Retail 1.8% | |||
| 99¢ Only Stores, New Term Loan, 4.50%, 1/11/19 | 1,125 | 1,126,653 | |
| BJs Wholesale Club, Inc.: | |||
| New 1st Lien Term Loan, 4.50%, 9/26/19 | 1,084 | 1,077,031 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Multiline Retail (concluded) | |||
| BJs Wholesale Club, Inc. (concluded): | |||
| New 2nd Lien Term Loan, 8.50%, 3/26/20 | USD | 375 | $ 379,688 |
| Hudsons Bay Co., 1st Lien Term Loan, 4.75%, 11/04/20 | 1,045 | 1,051,197 | |
| The Neiman Marcus Group, Inc., 2020 Term Loan, 4.25%, 10/25/20 | 2,650 | 2,634,832 | |
| 6,269,401 | |||
| Oil, Gas & Consumable Fuels 3.5% | |||
| Arch Coal, Inc., Term Loan B, 6.25%, 5/16/18 | 1,135 | 1,110,946 | |
| Drillships Ocean Ventures Inc., Term Loan B, 5.50%, 7/18/21 | 1,775 | 1,780,911 | |
| EP Energy LLC/Everest Acquisition Finance, Inc., Term Loan B3, 3.50%, 5/24/18 | 1,170 | 1,162,687 | |
| Fieldwood Energy LLC: | |||
| 1st Lien Term Loan, 3.88%, 9/28/18 | 824 | 821,266 | |
| 2nd Lien Term Loan, 8.38%, 9/30/20 | 360 | 367,020 | |
| Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15 | 515 | 519,018 | |
| Offshore Group Investment Ltd., Term Loan B, 5.75%, 3/28/19 | 304 | 302,551 | |
| Panda Patriot LLC, Term Loan B1, 6.75%, 12/19/20 | 865 | 886,625 | |
| Panda Temple II Power LLC, New Term Loan B, 7.25%, 4/03/19 | 940 | 963,500 | |
| Power Buyer LLC, 2nd Lien Term Loan, 8.25%, 11/06/20 | 285 | 277,875 | |
| Seventy Seven Operating LLC, Term Loan B, 3.75%, 6/25/21 | 675 | 672,894 | |
| Southcross Energy Partners LP, 1st Lien Term Loan, 5.25%, 7/15/21 | 720 | 723,132 | |
| Southcross Holdings Borrower LP, Term Loan B, 6.00%, 7/16/21 | 580 | 581,815 | |
| Western Refining, Inc., Term Loan B, 4.25%, 11/12/20 | 886 | 887,215 | |
| WTG Holdings III Corp.: | |||
| 1st Lien Term Loan, 4.75%, 1/15/21 | 1,045 | 1,043,883 |
10 BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Value | ||
|---|---|---|---|
| Oil, Gas & Consumable Fuels (concluded) | |||
| WTG Holdings III Corp. (concluded): | |||
| 2nd Lien Term Loan, 8.50%, 1/15/22 | USD | 85 | $ 85,177 |
| 12,186,515 | |||
| Pharmaceuticals 6.1% | |||
| Akorn, Inc.: | |||
| Incremental Term Loan, 1.00%, 4/16/21 | 425 | 424,469 | |
| Term Loan B, 4.50%, 4/16/21 | 940 | 937,650 | |
| Amneal Pharmaceuticals LLC, New Term Loan, 4.75%-6.00%, 11/01/19 | 640 | 641,366 | |
| Catalent Pharma Solutions, Inc., Term Loan B, 4.50%, 5/20/21 | 2,175 | 2,179,524 | |
| CCC Information Services, Inc., Term Loan, 4.00%, 12/20/19 | 512 | 509,480 | |
| Endo Luxembourg Finance Co. I Sarl, 2014 Term Loan B, 3.25%, 2/28/21 | 718 | 713,352 | |
| Grifols Worldwide Operations USA, Inc., Term Loan B, 3.16%, 2/27/21 | 3,207 | 3,190,190 | |
| JLL/Delta Dutch Newco BV, Term Loan, 4.25%, 3/11/21 | 975 | 964,645 | |
| Mallinckrodt International Finance SA, Term Loan: | |||
| 3.50%, 7/17/21 | 880 | 873,673 | |
| B, 3.50%, 3/19/21 | 1,416 | 1,407,300 | |
| Par Pharmaceutical Cos., Inc., Term Loan B2, 4.00%, 9/30/19 | 2,279 | 2,268,368 | |
| Pharmaceutical Product Development LLC, New Term Loan B, 4.00%, 12/05/18 | 2,594 | 2,586,779 | |
| Prescrix, Inc., 2nd Lien Term Loan, 8.00%, 5/02/22 | 165 | 165,206 | |
| Quintiles Transnational Corp., Term Loan B3, 3.75%, 6/08/18 | 1,280 | 1,273,305 | |
| Valeant Pharmaceuticals International, Inc.: | |||
| Series C2 Term Loan B, 3.75%, 12/11/19 | 975 | 971,901 | |
| Series D2 Term Loan B, 3.75%, 2/13/19 | 943 | 940,185 | |
| Series E Term Loan B, 3.75%, 8/05/20 | 1,158 | 1,153,673 | |
| 21,201,066 | |||
| Professional Services 3.3% | |||
| Amaya BV: | |||
| 1st Lien Term Loan, 5.00%, 7/16/21 | 510 | 504,584 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Professional Services (concluded) | |||
| Amaya BV (concluded): | |||
| 2nd Lien Term Loan, 8.00%, 6/12/22 | USD | 3,550 | $ 3,576,625 |
| Emdeon Business Services LLC, Term Loan B2, 3.75%, 11/02/18 | 1,259 | 1,255,096 | |
| Intertrust Group Holding BV: | |||
| 2nd Lien Term Loan, 8.00%, 4/16/22 | 725 | 727,414 | |
| Term Loan B4, 4.46%, 4/16/21 | EUR | 1,000 | 1,346,375 |
| Karman Buyer Corp.: | |||
| 1st Lien Term Loan, 1.00%, 6/26/21 | USD | 871 | 865,742 |
| 2nd Lien Term Loan, 1.00%, 6/26/22 | 790 | 789,407 | |
| Delayed Draw Term Loan, 1.00%, 7/09/21 | 29 | 28,858 | |
| SIRVA Worldwide, Inc., Term Loan, 7.50%, 3/27/19 | 1,116 | 1,135,403 | |
| Truven Health Analytics, Inc., Term Loan B, 4.50%, 6/06/19 | 1,483 | 1,467,723 | |
| 11,697,227 | |||
| Real Estate Management & Development 1.3% | |||
| CityCenter Holdings LLC, Term Loan B, 4.25%, 10/16/20 | 1,396 | 1,393,684 | |
| Realogy Corp.: | |||
| Extended Letter of Credit, 4.40%, 10/10/16 | 168 | 167,215 | |
| New Term Loan B, 3.75%, 3/05/20 | 2,891 | 2,862,256 | |
| 4,423,155 | |||
| Road & Rail 1.3% | |||
| RAC Finance Ltd.: | |||
| Term Loan B, 5.29%-5.31%, 9/30/18 | GBP | 1,182 | 1,994,598 |
| Term Loan D, 5.31%, 10/29/19 | 500 | 843,398 | |
| Road Infrastructure Investment LLC: | |||
| New 1st Lien Term Loan, 4.25%, 3/31/21 | USD | 1,242 | 1,238,013 |
| New 2nd Lien Term Loan, 7.75%, 9/21/21 | 600 | 593,502 | |
| 4,669,511 | |||
| Semiconductors & Semiconductor Equipment 1.6% | |||
| Avago Technologies Cayman Ltd., Term Loan B, 3.75%, 5/06/21 | 2,860 | 2,851,420 |
BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014 11
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Value | ||
|---|---|---|---|
| Semiconductors & Semiconductor Equipment (concluded) | |||
| Freescale Semiconductor, Inc.: | |||
| Term Loan B4, 4.25%, 2/28/20 | USD | 1,396 | $ 1,387,402 |
| Term Loan B5, 5.00%, 1/15/21 | 432 | 431,556 | |
| NXP BV, Term Loan D, 3.25%, 1/11/20 | 863 | 853,761 | |
| 5,524,139 | |||
| Software 4.3% | |||
| BMC Software Finance, Inc., Term Loan, 5.00%, 9/10/20 | 1,431 | 1,420,083 | |
| GCA Services Group, Inc.: | |||
| 2nd Lien Term Loan, 9.25%, 10/22/20 | 400 | 402,668 | |
| New Term Loan B, 4.25%-5.50%, 11/01/19 | 1,094 | 1,091,502 | |
| Infor (US), Inc., Term Loan B3, 3.75%, 6/03/20 | 534 | 527,200 | |
| Infor US, Inc., Term Loan B5, 3.75%, 6/03/20 | 2,703 | 2,674,899 | |
| IQOR US, Inc., Term Loan B, 6.00%, 4/01/21 | 542 | 519,178 | |
| Kronos Worldwide, Inc., 2014 Term Loan, 4.75%, 2/18/20 | 309 | 310,128 | |
| Kronos, Inc., 2nd Lien Term Loan, 9.75%, 4/30/20 | 1,088 | 1,121,946 | |
| Mitchell International, Inc.: | |||
| New 1st Lien Term Loan, 4.50%, 10/12/20 | 1,359 | 1,356,761 | |
| New 2nd Lien Term Loan, 8.50%, 10/11/21 | 1,000 | 1,011,880 | |
| Regit Eins GmbH, 1st Lien Term Loan, 6.00%, 6/30/21 | 710 | 694,912 | |
| RP Crown Parent LLC, 2013 Term Loan, 6.00%, 12/21/18 | 958 | 960,574 | |
| Shield Finance Co. Sarl, Term Loan, 5.00%, 1/29/21 | 419 | 419,126 | |
| Sophia LP, 2014 Term Loan B, 4.00%, 7/19/18 | 2,024 | 2,015,433 | |
| Websense, Inc., 2nd Lien Term Loan, 8.25%, 12/24/20 | 445 | 446,482 | |
| 14,972,772 | |||
| Specialty Retail 4.5% | |||
| Academy Ltd., Term Loan, 4.50%, 8/03/18 | 1,260 | 1,260,673 | |
| Burlington Coat Factory Warehouse Corp., New Term Loan B2, 4.25%, 2/23/17 | 348 | 345,784 | |
| Equinox Holdings, Inc., Repriced Term Loan B, 4.25%, 1/31/20 | 646 | 645,989 | |
| General Nutrition Centers, Inc., New Term Loan, 3.25%, 3/04/19 | 1,567 | 1,549,721 |
| Floating Rate Loan Interests (c) | Value | ||
|---|---|---|---|
| Specialty Retail (concluded) | |||
| The Gymboree Corp., Initial Term Loan, 5.00%, 2/23/18 | USD | 70 | $ 57,183 |
| Harbor Freight Tools USA, Inc., New 1st Lien Term Loan, 4.75%, 7/26/19 | 963 | 964,609 | |
| Jo-Ann Stores, Inc., Term Loan, 4.00%, 3/16/18 | 1,105 | 1,094,928 | |
| Leslies Poolmart, Inc., New Term Loan, 4.25%, 10/16/19 | 1,228 | 1,225,172 | |
| Michaels Stores, Inc.: | |||
| Incremental Term Loan, 4.00%, 1/28/20 | 1,785 | 1,773,094 | |
| New Term Loan, 3.75%, 1/28/20 | 901 | 893,414 | |
| Party City Holdings, Inc., Term Loan, 4.00%, 7/27/19 | 2,629 | 2,600,782 | |
| Petco Animal Supplies, Inc., New Term Loan, 4.00%, 11/24/17 | 1,833 | 1,831,783 | |
| Things Remembered, Inc., New Term Loan B, 8.00%, 5/24/18 | 1,008 | 1,002,513 | |
| Toys R Us-Delaware, Inc.: | |||
| Incremental Term Loan B2, 5.25%, 5/25/18 | 466 | 384,327 | |
| Term Loan B3, 5.25%, 5/25/18 | 98 | 80,661 | |
| 15,710,633 | |||
| Textiles, Apparel & Luxury Goods 2.1% | |||
| ABG Intermediate Holdings 2 LLC, 1st Lien Term Loan, 5.50%, 5/27/21 | 1,322 | 1,323,339 | |
| Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18 | 1,405 | 1,391,278 | |
| J. Crew Group, Inc., New Term Loan B, 4.00%, 3/05/21 | 1,476 | 1,438,477 | |
| Kate Spade & Co., Term Loan B, 4.00%, 4/09/21 | 1,340 | 1,328,275 | |
| Nine West Holdings, Inc.: | |||
| Guarantee Term Loan, 6.25%, 1/08/20 | 495 | 495,411 | |
| Term Loan B, 4.75%, 10/08/19 | 580 | 583,381 | |
| Polymer Group, Inc., 1st Lien Term Loan, 5.25%, 12/19/19 | 931 | 932,808 | |
| 7,492,969 | |||
| Thrifts & Mortgage Finance 0.3% | |||
| IG Investment Holdings LLC, 1st Lien Term Loan, 5.25%, 10/31/19 | 1,187 | 1,191,376 | |
| Wireless Telecommunication Services 0.8% | |||
| Crown Castle Operating Co., Term Loan B2, 3.00%, 1/31/21 | 1,214 | 1,203,691 |
12 BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Par (000) | Value | |
|---|---|---|---|
| Wireless Telecommunication Services (concluded) | |||
| LTS Buyer LLC, 1st Lien Term Loan, 4.00%, 4/13/20 | USD | 1,614 | $ 1,605,970 |
| 2,809,661 | |||
| Total Floating Rate Loan Interests 133.0% | 465,468,288 | ||
| Non-Agency Mortgage-Backed Securities | |||
| Commercial Mortgage-Backed Securities 0.2% | |||
| Hilton USA Trust, Series 2013-HLT, Class EFX, 5.61%, 11/05/30 (b)(c) | 813 | 832,854 | |
| Investment Companies | Shares | ||
| Capital Markets 0.0% | |||
| Eaton Vance Floating-Rate Income Trust | 34 | 512 | |
| Eaton Vance Senior Income Trust | 8,925 | 60,244 | |
| Total Investment Companies 0.0% | 60,756 | ||
| Other Interests (g) | Beneficial Interest (000) | ||
| Auto Components 0.0% | |||
| Lear Corp. Escrow | USD | 500 | 4,375 |
| Construction Materials 0.0% | |||
| USI Senior Holdings | 8 | | |
| Diversified Financial Services 0.1% | |||
| J.G. Wentworth LLC Preferred Equity Interests, (Acquired 11/18/13, cost $837,898) (h) | 12 | 136,453 | |
| J.G. Wentworth LLC Preferred Equity Interests (180-day lock), (Acquired 11/18/13, cost $837,899) (h) | 12 | 136,442 | |
| 272,895 | |||
| Household Durables 0.0% | |||
| Berkline Benchcraft Equity LLC | 6,155 | | |
| Total Other Interests 0.1% | 277,270 |
| Warrants (i) | Value | ||
|---|---|---|---|
| Chemicals 0.0% | |||
| British Vita Holdings Co. (Non-Expiring) | 166 | | |
| Media 0.0% | |||
| New Vision Holdings LLC (Expires 9/30/14) | 22,447 | $ 1,215 | |
| Software 0.0% | |||
| Bankruptcy Management Solutions, Inc.: | |||
| (Expires 6/28/18) | 181 | | |
| (Expires 6/28/19) | 195 | | |
| (Expires 6/28/20) | 292 | | |
| HMH Holdings/EduMedia (Issued/exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27) | 1,501 | 6,046 | |
| 6,046 | |||
| Total Warrants 0.0% | 7,261 | ||
| Total Long-Term Investments (Cost $494,966,462) 140.7% | 492,392,141 | ||
| Short-Term Securities | |||
| BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (j)(k) | 4,257,286 | 4,257,286 | |
| Total Short-Term Securities (Cost $4,257,286) 1.2% | 4,257,286 | ||
| Options Purchased | |||
| (Cost $25,422) 0.0% | | ||
| Total Investments (Cost $499,249,170*) 141.9% | 496,649,427 | ||
| Liabilities in Excess of Other Assets (41.9)% | (146,693,061 | ) | |
| Net Assets 100.0% | $ 349,956,366 | ||
| * As | |||
| of July 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: | |||
| Tax cost | $ 500,925,248 | ||
| Gross unrealized appreciation | $ 4,032,581 | ||
| Gross unrealized depreciation | (8,308,402 | ) | |
| Net unrealized depreciation | $ (4,275,821 | ) |
BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014 13
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT)
Notes to Schedule of Investments
(a) Non-income producing security.
(b) 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.
(c) Variable rate security. Rate shown is as of report date.
(d) Zero-coupon bond.
(e) Convertible security.
(f) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(g) Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(h) Restricted security as to resale. As of report date, the Trust held restricted securities with a current value of $272,895 and an original cost of $1,675,797 which was 0.1% of its net assets.
(i) Warrants entitle the Trust 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.
(j) Represents the current yield as of report date.
(k) Investments in issuers considered to be an affiliate of the Trust during the period ended July 31, 2014, 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 | 3,378,158 | 879,128 | 4,257,286 | Income — $ 365 |
|---|---|---|---|---|
Portfolio Abbreviations
| CAD | Canadian Dollar |
|---|---|
| CLO | Collateralized Loan Obligation |
| DIP | Debtor-In-Possession |
| EUR | Euro |
| GBP | British Pound |
| PIK | Payment-In-Kind |
| USD | U.S. Dollar |
For Trust compliance purposes, the Trusts 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 the investment advisor. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Forward foreign currency exchange contracts outstanding as of July 31, 2014 were as follows:
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation/ (Depreciation) | |||
|---|---|---|---|---|---|---|---|
| GBP | 700,000 | USD | 1,195,569 | Deutsche Bank AG | 10/21/14 | $ (14,531 | ) |
| GBP | 150,000 | USD | 255,768 | Goldman Sachs Bank USA | 10/21/14 | (2,689 | ) |
| USD | 2,820,325 | CAD | 3,038,000 | UBS AG | 10/21/14 | 39,387 | |
| USD | 13,096,750 | EUR | 9,680,000 | Citibank N.A. | 10/21/14 | 131,329 | |
| USD | 12,466,602 | GBP | 7,296,000 | Bank of America N.A. | 10/21/14 | 156,816 | |
| Total | $ 310,312 |
14 BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT)
OTC options purchased as of July 31, 2014 were as follows:
| Description — Marsico Parent Superholdco LLC | Counterparty — Goldman Sachs & Co. | Call | USD 942.86 | 12/21/19 | 26 | Market Value — |
|---|---|---|---|---|---|---|
OTC credit default swaps sold protection outstanding as of July 31, 2014 were as follows:
| Issuer/Index | Counterparty/ Clearinghouse | Expiration Date | Credit Rating 1 | Market Value | Premiums (Received) | Unrealized Depreciation | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Caesars Entertainment Operating Co., Inc. | 5.00 % | Citibank N.A. | 12/20/15 | CCC- | USD 189 | $ (82,638 | ) | $ (29,321 | ) | $ (53,317 | ) |
| Caesars Entertainment Operating Co., Inc. | 5.00 % | Citibank N.A. | 12/20/15 | CCC- | USD 91 | (39,821 | ) | (12,661 | ) | (27,160 | ) |
| Caesars Entertainment Operating Co., Inc. | 5.00 % | JPMorgan Chase Bank N.A. | 12/20/15 | CCC- | USD 319 | (139,681 | ) | (55,535 | ) | (84,146 | ) |
| Caesars Entertainment Operating Co., Inc. | 5.00 % | Goldman Sachs Bank USA | 3/20/16 | CCC- | USD 131 | (61,595 | ) | (20,183 | ) | (41,412 | ) |
| Caesars Entertainment Operating Co., Inc. | 5.00 % | Goldman Sachs Bank USA | 3/20/16 | CCC- | USD 131 | (61,595 | ) | (20,183 | ) | (41,412 | ) |
| Caesars Entertainment Operating Co., Inc. | 5.00 % | Goldman Sachs Bank USA | 3/20/16 | LCCC- | USD 385 | (180,914 | ) | (56,502 | ) | (124,412 | ) |
| Caesars Entertainment Operating Co., Inc. | 5.00 % | Citibank N.A. | 3/20/16 | CCC- | USD 73 | (34,217 | ) | (8,333 | ) | (25,884 | ) |
| Caesars Entertainment Operating Co., Inc. | 5.00 % | Goldman Sachs Bank USA | 6/20/16 | CCC- | USD 350 | (176,237 | ) | (57,386 | ) | (118,851 | ) |
| Caesars Entertainment Operating Co., Inc. | 5.00 % | Citibank N.A. | 9/20/16 | CCC- | USD 43 | (22,839 | ) | (10,255 | ) | (12,584 | ) |
| Caesars Entertainment Operating Co., Inc. | 5.00 % | Goldman Sachs Bank USA | 9/20/16 | CCC- | USD 1,126 | (605,273 | ) | (180,389 | ) | (424,884 | ) |
| Caesars Entertainment Operating Co., Inc. | 5.00 % | Goldman Sachs Bank USA | 3/20/17 | CCC- | USD 238 | (137,218 | ) | (48,942 | ) | (88,276 | ) |
| Caesars Entertainment Operating Co., Inc. | 5.00 % | Deutsche Bank AG | 6/20/17 | CCC- | USD 339 | (202,445 | ) | (75,947 | ) | (126,498 | ) |
| Total | $ (1,744,473 | ) | $ (575,637 | ) | $ (1,168,836 | ) | |||||
| 1 Using | |||||||||||
| S&Ps rating of the issuer. | |||||||||||
| 2 The maximum potential | |||||||||||
| amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |
BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014 15
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT)
Fair Value Measurements Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure 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 Trusts 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.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trusts policy, transfers between different levels of the fair value disclosure 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 investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trusts policy regarding valuation of investments and derivative financial instruments, please refer to the Trusts most recent financial statements as contained in its semi-annual report.
The following tables summarize the Trusts investments and derivative financial instruments categorized in the disclosure hierarchy as of July 31, 2014:
| Level 1 | Level 2 | Total | ||||
|---|---|---|---|---|---|---|
| Assets: | ||||||
| Investments: | ||||||
| Long-Term Investments: | ||||||
| Asset-Backed Securities | | $ 9,849,570 | $ | 1,230,491 | $ 11,080,061 | |
| Common Stocks | $ 579,787 | 2,143,327 | 153,282 | 2,876,396 | ||
| Corporate Bonds | | 11,286,300 | 502,955 | 11,789,255 | ||
| Floating Rate Loan Interests | | 421,305,926 | 44,162,362 | 465,468,288 | ||
| Investment Companies | 60,756 | | | 60,756 | ||
| Non-Agency Mortgage-Backed Securities | | 832,854 | | 832,854 | ||
| Other Interests | 272,895 | | 4,375 | 277,270 | ||
| Warrants | | 6,046 | 1,215 | 7,261 | ||
| Short-Term Securities | 4,257,286 | | | 4,257,286 | ||
| Unfunded Loan Commitments | | | 228 | 228 | ||
| Liabilities: | ||||||
| Unfunded Loan Commitments | | (5,526 | ) | | (5,526 | ) |
| Total | $ 5,170,724 | $ 445,418,497 | $ | 46,054,908 | $ 496,644,129 |
16 BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT)
| Level 1 | Level 2 | Level 3 | Total | |||
|---|---|---|---|---|---|---|
| Derivative Financial Instruments 1 | ||||||
| Assets: | ||||||
| Foreign currency exchange contracts | | $ 327,532 | | $ 327,532 | ||
| Liabilities: | ||||||
| Foreign currency exchange contracts | | (17,220 | ) | | (17,220 | ) |
| Credit contracts | | (1,168,836 | ) | | (1,168,836 | ) |
| Total | | $ (858,524 | ) | | $ (858,524 | ) |
| 1 Derivative financial instruments are swaps and forward foreign currency exchange contracts which 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 or face value, including accrued interest, for financial reporting purposes. As of July 31, 2014, such assets and/or liabilities are categorized within the disclosure | ||||||
| hierarchy as follows: | ||||||
| Level 1 | Level 2 | Level 3 | Total | |||
| Assets: | ||||||
| Cash | $ 363,226 | | | $ 363,226 | ||
| Cash pledged as collateral for OTC derivatives | 1,200,000 | | | 1,200,000 | ||
| Foreign currency at value | 21,173 | | | 21,173 | ||
| Liabilities: | ||||||
| Bank bond payable | | (129,000,000 | ) | | (129,000,000 | ) |
| Total | $ 1,584,399 | (129,000,000 | ) | | $ (127,415,601 | ) |
BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014 17
Consolidated Schedule of Investments (concluded) BlackRock Floating Rate Income Trust (BGT)
There were no transfers between Level 1 and Level 2 during the period ended July 31, 2014.
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 | | | | | | | | Total | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets: | | | | | | | | | | | | | | | | | | |
| Opening Balance, as of October 31, 2013 | $ 14,250,070 | | $ 2,637,960 | | | | $ 28,839,567 | | $ 1,426,986 | $ | 1,548 | $ | 14,706 | $ | (902 | ) | $ 47,169,935 | |
| Transfers into Level 3 1 | | | | | | | 15,949,291 | | | | | | | | | | 15,949,291 | |
| Transfers out of Level 3 2 | (10,429,567 | ) | (1,289,973 | ) | | | (3,360,656 | ) | | | | | (14,706 | ) | | | (15,094,902 | ) |
| Accrued discounts/premiums | 12,662 | | | $ | (42 | ) | 76,237 | | | | | | | | | | 88,857 | |
| Net realized gain (loss) | 255,059 | | 1,318,544 | | | | 60,267 | | 1,361,240 | | | | | | | | 2,995,110 | |
| Net change in unrealized appreciation/
depreciation 3,4 | (238,574 | ) | (620,997 | ) | (3,114 | ) | (266,058 | ) | 1,098,585 | | (333 | ) | 228 | | 902 | | (29,361 | ) |
| Purchases | 1,230,491 | | | | 506,111 | | 17,582,866 | | | | | | | | | | 19,319,468 | |
| Sales | (3,849,650 | ) | (1,892,252 | ) | | | (14,719,152 | ) | (3,882,436 | ) | | | | | | | (24,343,490 | ) |
| Closing Balance, end of period July 31, 2014 | $ 1,230,491 | | $ 153,282 | $ | 502,955 | | $ 44,162,362 | | $ 4,375 | $ | 1,215 | $ | 228 | | | | $ 46,054,908 | |
| Net change in unrealized appreciation/depreciation on investments still held at July 31, 2014 | $ (530 | ) | $ 266,098 | $ | (3,114 | ) | $ (181,591 | ) | $ 1,875 | $ | 5,712 | | | | | | $ 88,450 | |
1 As of October 31, 2013, the Trust used observable inputs in determining the value of certain investments. As of July 31, 2014, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $15,949,292 transferred from Level 2 to Level 3 in the disclosure hierarchy.
2 As of October 31, 2013, the Trust used significant unobservable inputs in determining the value of certain investments. As of July 31, 2014, the Trust used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $15,080,196 transferred from Level 3 to Level 2 in the disclosure hierarchy.
3 Included in the related net change in unrealized appreciation/depreciation in the Statements of Operations.
4 Any difference between Net change in unrealized appreciation/depreciation and Net change in unrealized appreciation/depreciation on investments still held at July 31, 2014 is generally due to investments no longer held or categorized as Level 3 at period end.
The Trusts 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 inputs could result in a significantly lower or higher value of such Level 3 investments.
18 BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2014
Item 2 Controls and Procedures
2(a) The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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: September 25, 2014 |
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: September 25, 2014 | |
| By: | /s/ Neal J. Andrews |
| Neal J. Andrews | |
| Chief Financial Officer (principal financial officer) of | |
| BlackRock Floating Rate Income Trust | |
| Date: September 25, 2014 |
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