Regulatory Filings • Mar 25, 2015
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Download Source FileN-Q 1 d867757dnq.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: 10/31/2015
Date of reporting period: 01/31/2015
Item 1 Schedule of Investments
Schedule of Investments January 31, 2015 (Unaudited) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Common Stocks | Value | ||
|---|---|---|---|
| Construction & Engineering 0.1% | |||
| USI United Subcontractors | 8,067 | $ 225,889 | |
| Diversified Consumer Services 0.6% | |||
| Cengage Thomson Learning | 19,588 | 427,998 | |
| Houghton Mifflin Harcourt Co. (a) | 75,047 | 1,476,925 | |
| 1,904,923 | |||
| Household Durables 0.0% | |||
| Berkline Benchcraft Equity LLC | 6,155 | | |
| Paper & Forest Products 0.2% | |||
| Ainsworth Lumber Co. Ltd. (a) | 220,483 | 631,588 | |
| Ainsworth Lumber Co. Ltd. (a)(b) | 62,685 | 179,565 | |
| 811,153 | |||
| Total Common Stocks 0.9% | 2,941,965 | ||
| Asset-Backed Securities | Par (000) | ||
| ALM Loan Funding, Series 2013-7RA (b)(c): | |||
| Class C, 3.71%, 4/24/24 | USD | 630 | 600,076 |
| Class D, 5.26%, 4/24/24 | 550 | 506,059 | |
| ALM XIV Ltd., Series 2014-14A, Class C, 3.71%, 7/28/26 (b)(c) | 713 | 662,923 | |
| Apidos CDO XI, Series 2012-11A, Class D, 4.51%, 1/17/23 (b)(c) | 500 | 492,980 | |
| Atlas Senior Loan Fund Ltd., Series 2014-6A, Class D, 3.96%, 10/15/26 (b)(c) | 525 | 489,422 | |
| Atrium CDO Corp., Series 9A, Class D, 3.74%, 2/28/24 (b)(c) | 500 | 472,001 | |
| Carlyle Global Market Strategies CLO Ltd. (b)(c): | |||
| Series 2012-4A, Class D, 4.76%, 1/20/25 | 450 | 448,747 | |
| Series 2013-1A, Class C, 4.23%, 2/14/25 | 250 | 243,077 | |
| Series 2014-5A, Class C, 4.38%, 10/16/25 | 1,250 | 1,206,700 | |
| Cent CLO 22, Ltd., Series 2014-22A, Class C, 3.98%, 11/07/26 (b)(c) | 750 | 709,875 | |
| Fraser Sullivan CLO VII Ltd., Series 2012-7A, Class C, 4.26%, 4/20/23 (b)(c) | 575 | 558,339 | |
| ING Investment Management, Series 2012-2A, Class D, 4.80%, 10/15/22 (b)(c) | 950 | 949,974 | |
| Madison Park Funding XI Ltd., Series 2013-11A, Class D, 3.76%, 10/23/25 (b)(c) | 250 | 234,522 | |
| Asset-Backed Securities | Par (000) | Value | |
| North End CLO Ltd., Series 2013-1A, Class D, 3.76%, 7/17/25 (b)(c) | USD | 500 | $ 466,308 |
| Octagon Investment Partners XVII Ltd., Series 2013-1A, Class D, 3.46%, 10/25/25 (b)(c) | 750 | 689,629 | |
| OZLM Funding Ltd., Series 2012-2A, Class C, 4.60%, 10/30/23 (b)(c) | 500 | 491,061 | |
| Symphony CLO Ltd., Class D (b)(c): | |||
| Series 2012-10A, 5.51%, 7/23/23 | 925 | 926,376 | |
| Series 2012-9A, 4.50%, 4/16/22 | 775 | 769,061 | |
| Voya CLO, Ltd., Series 2014-4A, Class SUB, 0.00%, 10/14/26 (b) | 1,000 | 910,900 | |
| Total Asset-Backed Securities 3.5% | 11,828,030 | ||
| Corporate Bonds | |||
| Airlines 0.7% | |||
| American Airlines Pass-Through Trust, Series 2013-2, Class C, 6.00%, 1/15/17 (b) | 600 | 609,000 | |
| US Airways Pass-Through Trust, Series 2012-2, Class C, 5.45%, 6/03/18 | 1,585 | 1,608,775 | |
| 2,217,775 | |||
| Auto Components 0.4% | |||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
| 3.50%, 3/15/17 | 410 | 407,950 | |
| 4.88%, 3/15/19 | 863 | 878,102 | |
| 1,286,052 | |||
| Capital Markets 0.5% | |||
| Blackstone CQP Holdco LP, 9.30%, 3/18/19 | 568 | 562,495 | |
| E*Trade Financial Corp., 0.00%, 8/31/19 (b)(d)(e) | 439 | 986,104 | |
| 1,548,599 | |||
| Commercial Services & Supplies 0.2% | |||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 2.98%, 12/01/17 (c) | 179 | 178,105 | |
| AWAS Aviation Capital Ltd., 7.00%, 10/17/16 (b) | 387 | 395,213 |
BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015 1
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 | $ 216,825 |
| 790,143 | |||
| Communications Equipment 0.4% | |||
| Altice Financing SA, 6.63%, 2/15/23 (b) | 335 | 335,000 | |
| Avaya, Inc., 7.00%, 4/01/19 (b) | 232 | 225,330 | |
| Zayo Group LLC/Zayo Capital, Inc., 8.13%, 1/01/20 | 909 | 963,540 | |
| 1,523,870 | |||
| Construction & Engineering 0.1% | |||
| Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (b) | 237 | 230,554 | |
| Construction Materials 0.1% | |||
| HD Supply, Inc., 5.25%, 12/15/21 (b) | 485 | 499,550 | |
| Diversified Telecommunication Services 0.3% | |||
| Level 3 Financing, Inc.: | |||
| 3.83%, 1/15/18 (c) | 607 | 610,035 | |
| 6.13%, 1/15/21 | 337 | 349,638 | |
| 959,673 | |||
| Energy Equipment & Services 0.2% | |||
| Peabody Energy Corp., 6.00%, 11/15/18 | 875 | 702,188 | |
| Health Care Providers & Services 0.9% | |||
| Care UK Health & Social Care PLC, 5.56%, 7/15/19 | GBP | 482 | 656,512 |
| CHS/Community Health Systems, Inc., 6.88%, 2/01/22 | USD | 192 | 203,928 |
| HCA, Inc.: | |||
| 5.88%, 5/01/23 | 225 | 244,125 | |
| 5.38%, 2/01/25 | 505 | 518,887 | |
| Tenet Healthcare Corp. (b): | |||
| 5.00%, 3/01/19 | 850 | 852,125 | |
| 5.50%, 3/01/19 | 635 | 645,319 | |
| 3,120,896 | |||
| Household Durables 0.0% | |||
| Berkline/Benchcraft LLC, 4.50%, 11/03/15 (a)(f) | 400 | | |
| Independent Power and Renewable Electricity Producers 0.3% | |||
| Calpine Corp., 6.00%, 1/15/22 (b) | 212 | 227,370 | |
| Corporate Bonds | Par (000) | Value | |
| Independent Power and Renewable Electricity Producers (concluded) | |||
| Dynegy Finance I, Inc./Dynegy Finance II, Inc., 6.75%, 11/01/19 (b) | USD | 850 | $ 873,375 |
| 1,100,745 | |||
| Media 0.2% | |||
| NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (b) | 248 | 256,680 | |
| Numericable Group SA, 6.00%, 5/15/22 (b) | 512 | 523,725 | |
| 780,405 | |||
| Metals & Mining 0.0% | |||
| Novelis, Inc., 8.38%, 12/15/17 | 155 | 161,006 | |
| Oil, Gas & Consumable Fuels 0.5% | |||
| Antero Resources Finance Corp., 5.38%, 11/01/21 | 350 | 341,250 | |
| CONSOL Energy, Inc., 5.88%, 4/15/22 | 380 | 329,650 | |
| EP Energy LLC/Everest Acquisition Finance, Inc., 6.88%, 5/01/19 | 385 | 389,812 | |
| Newfield Exploration Co., 5.75%, 1/30/22 | 350 | 345,625 | |
| Range Resources Corp., 6.75%, 8/01/20 | 175 | 182,000 | |
| 1,588,337 | |||
| Pharmaceuticals 0.2% | |||
| Endo Finance LLC / Endo, Ltd. / Endo Finco, Inc., 6.00%, 2/01/25 (b) | 630 | 643,781 | |
| Road & Rail 0.2% | |||
| Florida East Coast Holdings Corp., 6.75%, 5/01/19 (b) | 535 | 528,313 | |
| Wireless Telecommunication Services 1.0% | |||
| Digicel Group Ltd., 8.25%, 9/30/20 (b) | 830 | 807,590 | |
| Sprint Communications, Inc., 7.00%, 3/01/20 (b) | 2,140 | 2,332,600 | |
| T-Mobile USA, Inc., 6.13%, 1/15/22 | 135 | 138,881 | |
| 3,279,071 | |||
| Total Corporate Bonds 6.2% | 20,960,958 | ||
| Floating Rate Loan Interests (c) | |||
| Aerospace & Defense 2.3% | |||
| BE Aerospace, Inc., 2014 Term Loan B, 4.00%, 12/16/21 | 1,800 | 1,799,244 |
2 BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015
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 | |
|---|---|---|---|
| Aerospace & Defense (concluded) | |||
| DigitalGlobe, Inc., Term Loan B, 3.75%, 1/31/20 | USD | 1,341 | $ 1,334,407 |
| TASC, Inc., 2nd Lien Term Loan, 12.00%, 5/30/21 | 725 | 738,594 | |
| Transdigm, Inc.: | |||
| Term Loan C, 3.75%, 2/28/20 | 510 | 501,874 | |
| Term Loan D, 3.75%, 6/04/21 | 522 | 514,633 | |
| TransUnion LLC, Term Loan, 4.00%, 4/09/21 | 2,893 | 2,850,464 | |
| 7,739,216 | |||
| Air Freight & Logistics 0.4% | |||
| CEVA Group PLC, Synthetic LC, 6.50%, 3/19/21 | 423 | 386,820 | |
| CEVA Intercompany BV, Synthetic LC, 6.50%, 3/19/21 | 442 | 404,859 | |
| CEVA Logistics Canada ULC, Canadian Term Loan, 6.50%, 3/19/21 | 69 | 63,414 | |
| CEVA Logistics US Holdings, Inc., Term Loan, 6.50%, 3/19/21 | 610 | 558,427 | |
| 1,413,520 | |||
| Airlines 0.5% | |||
| Northwest Airlines, Inc.: | |||
| 2.18%, 3/10/17 | 395 | 382,656 | |
| 1.56%, 9/10/18 | 580 | 551,091 | |
| US Airways Group, Inc., Term Loan B1, 3.50%, 5/23/19 | 693 | 683,180 | |
| 1,616,927 | |||
| Auto Components 4.2% | |||
| Autoparts Holdings Ltd.: | |||
| 1st Lien Term Loan, 6.50%, 7/29/17 | 1,581 | 1,571,136 | |
| 2nd Lien Term Loan, 10.50%, 1/29/18 | 546 | 527,573 | |
| Dayco Products LLC, Term Loan B, 5.25%, 12/12/19 | 963 | 948,284 | |
| FPC Holdings, Inc., 1st Lien Term Loan, 5.25%, 11/19/19 | 896 | 875,702 | |
| Gates Global, Inc., Term Loan B, 4.25%, 7/05/21 | 5,406 | 5,265,882 | |
| Goodyear Tire & Rubber Co., 2nd Lien Term Loan, 4.75%, 4/30/19 | 1,705 | 1,708,206 | |
| GPX International Tire Corp., Term Loan (a)(f): | |||
| PIK, 13.00%, 3/30/2012 | 4 | | |
| 12.25%, 3/31/2012 | 274 | | |
| INA Beteiligungsgesellschaft mbH, Term Loan E, 4.25%, 5/15/20 | 1,535 | 1,538,653 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Auto Components (concluded) | |||
| Transtar Holding Co., 1st Lien Term Loan, 5.75%, 10/09/18 | USD | 942 | $ 918,873 |
| UCI International, Inc., Term Loan B, 5.50%, 7/26/17 | 912 | 904,877 | |
| 14,259,186 | |||
| Automobiles 0.3% | |||
| Chrysler Group LLC, Term Loan B: | |||
| 2018, 3.25%, 12/31/18 | 501 | 496,827 | |
| 3.50%, 5/24/17 | 521 | 518,810 | |
| 1,015,637 | |||
| Banks 0.3% | |||
| Redtop Acquisitions Ltd.: | |||
| 1st Lien Term Loan, 4.50%, 12/03/20 | 871 | 861,399 | |
| 2nd Lien Term Loan, 8.25%, 6/03/21 | 183 | 182,692 | |
| 1,044,091 | |||
| Beverages 0.0% | |||
| Le-Natures, Inc., Tranche B Term Loan, 10.25%, 3/01/2011 (a)(f) | 1,000 | | |
| Building Products 3.6% | |||
| Continental Building Products LLC, 1st Lien Term Loan, 4.00%, 8/28/20 | 892 | 874,138 | |
| CPG International, Inc., Term Loan, 4.75%, 9/30/20 | 2,501 | 2,459,630 | |
| GYP Holdings III Corp., 1st Lien Term Loan, 4.75%, 4/01/21 | 888 | 858,308 | |
| Interline Brands, Inc., 2021 Term Loan, 4.00%, 3/17/21 | 1,062 | 1,028,788 | |
| Jeld-Wen, Inc., Term Loan B, 5.25%, 10/15/21 | 1,875 | 1,865,625 | |
| Nortek, Inc., Term Loan, 3.75%, 10/30/20 | 1,274 | 1,259,272 | |
| Ply Gem Industries, Inc., Term Loan, 4.00%, 2/01/21 | 615 | 596,890 | |
| Quikrete Holdings, Inc., 1st Lien Term Loan, 4.00%, 9/28/20 | 1,046 | 1,031,813 | |
| United Subcontractors, Inc., Term Loan, 4.26%, 6/30/15 | 214 | 210,136 | |
| Wilsonart LLC: | |||
| Incremental Term Loan B2, 4.00%, 10/31/19 | 510 | 499,337 |
BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015 3
Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Value | ||
|---|---|---|---|
| Building Products (concluded) | |||
| Wilsonart LLC (concluded): | |||
| Term Loan B, 4.00%, 10/31/19 | USD | 1,524 | $ 1,492,479 |
| 12,176,416 | |||
| Capital Markets 0.5% | |||
| Affinion Group, Inc.: | |||
| 2nd Lien Term Loan, 8.50%, 10/12/18 | 450 | 383,863 | |
| Term Loan B, 6.75%, 4/30/18 | 801 | 746,023 | |
| American Capital Holdings, Inc., 2017 Term Loan, 3.50%, 8/22/17 | 486 | 483,818 | |
| 1,613,704 | |||
| Chemicals 4.6% | |||
| Allnex (Luxembourg) & Cy SCA, Term Loan B1, 4.50%, 10/03/19 | 590 | 584,516 | |
| Allnex USA, Inc., Term Loan B2, 4.50%, 10/03/19 | 306 | 303,277 | |
| Axalta Coating Systems US Holdings, Inc., Term Loan, 3.75%, 2/01/20 | 1,189 | 1,164,087 | |
| CeramTec Acquisition Corp., Term Loan B2, 4.25%, 8/30/20 | 71 | 70,269 | |
| Charter NEX US Holdings, Inc., Term Loan B, 5.75%, 1/15/22 | 720 | 716,400 | |
| Chemtura Corp., Term Loan B, 3.50%, 8/27/16 | 141 | 140,220 | |
| Chromaflo Technologies Corp.: | |||
| 1st Lien Term Loan, 4.50%, 12/02/19 | 693 | 677,408 | |
| 2nd Lien Term Loan, 8.25%, 5/30/20 | 295 | 289,100 | |
| Evergreen Acqco 1 LP, Term Loan, 5.00%, 7/09/19 | 1,254 | 1,206,773 | |
| INEOS US Finance LLC, 6 Year Term Loan, 3.75%, 5/04/18 | 520 | 505,568 | |
| MacDermid, Inc.: | |||
| 1st Lien Term Loan, 4.00%, 6/07/20 | 1,726 | 1,719,708 | |
| Term Loan B2, 4.00%, 6/07/20 | 459 | 458,190 | |
| Minerals Technologies, Inc., Term Loan B, 4.00%, 5/07/21 | 1,292 | 1,279,313 | |
| Nexeo Solutions LLC, Term Loan B, 5.00%, 9/08/17 | 1,169 | 1,112,438 | |
| OXEA Finance LLC: | |||
| 2nd Lien Term Loan, 8.25%, 7/15/20 | 845 | 787,963 | |
| Term Loan B2, 4.25%, 1/15/20 | 1,412 | 1,341,519 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Chemicals (concluded) | |||
| Royal Adhesives and Sealants LLC, 1st Lien Term Loan, 5.50%, 7/31/18 | USD | 411 | $ 411,774 |
| Solenis International LP: | |||
| 1st Lien Term Loan, 4.25%, 7/31/21 | 943 | 912,888 | |
| 2nd Lien Term Loan, 7.75%, 7/31/22 | 1,055 | 999,613 | |
| Tata Chemicals North America, Inc., Term Loan B, 3.75%, 8/07/20 | 350 | 343,556 | |
| Univar, Inc., Term Loan B, 5.00%, 6/30/17 | 600 | 577,598 | |
| 15,602,178 | |||
| Commercial Services & Supplies 6.0% | |||
| ADS Waste Holdings, Inc., Term Loan, 3.75%, 10/09/19 | 1,859 | 1,802,947 | |
| ARAMARK Corp.: | |||
| Term Loan E, 3.25%, 9/07/19 | 1,698 | 1,673,311 | |
| Term Loan F, 3.25%, 2/24/21 | 529 | 518,645 | |
| Brand Energy & Infrastructure Services, Inc., Term Loan B, 4.75%, 11/26/20 | 2,301 | 2,166,481 | |
| Catalent Pharma Solutions, Inc., Term Loan B, 4.25%, 5/20/21 | 2,773 | 2,762,976 | |
| Connolly Corp.: | |||
| 1st Lien Term Loan, 5.00%, 5/14/21 | 1,841 | 1,837,308 | |
| 2nd Lien Term Loan, 8.00%, 5/14/22 | 900 | 887,247 | |
| Creative Artists Agency LLC, Term Loan B, 5.50%, 12/17/21 | 640 | 637,600 | |
| Dealer Tire LLC, Term Loan B, 5.50%, 12/17/21 | 550 | 551,375 | |
| KAR Auction Services, Inc., Term Loan B2, 3.50%, 3/11/21 | 824 | 808,848 | |
| Koosharem LLC, Exit Term Loan, 7.50%, 5/15/20 | 1,443 | 1,419,305 | |
| Livingston International, Inc., 1st Lien Term Loan, 5.00%, 4/18/19 | 808 | 777,411 | |
| Spin Holdco, Inc., Term Loan B, 4.25%, 11/14/19 | 2,805 | 2,756,836 | |
| US Ecology, Inc., Term Loan, 3.75%, 6/17/21 | 548 | 544,031 |
4 BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015
Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Value | ||
|---|---|---|---|
| Commercial Services & Supplies (concluded) | |||
| West Corp., Term Loan B10, 3.25%, 6/30/18 | USD | 1,405 | $ 1,386,181 |
| 20,530,502 | |||
| Communications Equipment 3.1% | |||
| Amaya Holdings BV: | |||
| 1st Lien Term Loan, 5.00%, 8/01/21 | 509 | 497,833 | |
| 2nd Lien Term Loan, 8.00%, 8/01/22 | 3,285 | 3,218,709 | |
| Applied Systems, Inc.: | |||
| 1st Lien Term Loan, 4.25%, 1/25/21 | 873 | 865,919 | |
| 2nd Lien Term Loan, 7.50%, 1/23/22 | 230 | 226,262 | |
| Avaya, Inc., Extended Term Loan B3, 4.67%, 10/26/17 | 839 | 800,645 | |
| CommScope, Inc., Term Loan B3, 2.83%, 1/21/17 | 417 | 415,358 | |
| Telesat Canada, Term Loan A, 4.40%, 3/24/17 | CAD | 2,491 | 1,947,694 |
| Zayo Group LLC/Zayo Capital, Inc., Term Loan B, 4.00%, 7/02/19 | USD | 2,729 | 2,699,213 |
| 10,671,633 | |||
| Construction & Engineering 0.4% | |||
| AECOM Technology Corp., Term Loan B, 3.75%, 10/15/21 | 515 | 515,126 | |
| Centaur Acquisition LLC, 2nd Lien Term Loan, 8.75%, 2/20/20 | 745 | 740,031 | |
| 1,255,157 | |||
| Construction Materials 1.6% | |||
| Filtration Group Corp., 1st Lien Term Loan, 4.50%, 11/21/20 | 584 | 579,720 | |
| HD Supply, Inc., Term Loan B, 4.00%, 6/28/18 | 4,443 | 4,398,622 | |
| McJunkin Red Man Corp., Term Loan, 5.00%, 11/08/19 | 395 | 360,931 | |
| 5,339,273 | |||
| Containers & Packaging 1.2% | |||
| Ardagh Holdings USA, Inc., Incremental Term Loan, 4.00%, 12/17/19 | 561 | 550,248 | |
| Berry Plastics Holding Corp., Term Loan E, 3.75%, 1/06/21 | 1,523 | 1,499,956 | |
| BWAY Holding Company, Inc., Term Loan B, 5.50%, 8/14/20 | 915 | 916,544 | |
| PODS Enterprises, Inc., 1st Lien Term Loan, 5.00%, 1/08/22 | 650 | 650,273 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Containers & Packaging (concluded) | |||
| Rexam PLC, 1st Lien Term Loan, 4.25%, 5/02/21 | USD | 473 | $ 467,507 |
| 4,084,528 | |||
| Distributors 1.1% | |||
| ABC Supply Co., Inc., Term Loan, 3.50%, 4/16/20 | 1,799 | 1,754,330 | |
| American Tire Distributors Holdings, Inc., Term Loan B, 5.75%, 6/01/18 | 884 | 883,083 | |
| Crossmark Holdings, Inc., 1st Lien Term Loan, 4.50%, 12/20/19 | 490 | 476,525 | |
| VWR Funding, Inc., Term Loan, 3.42%, 4/03/17 | 534 | 531,048 | |
| 3,644,986 | |||
| Diversified Consumer Services 2.8% | |||
| Allied Security Holdings LLC: | |||
| 1st Lien Term Loan, 4.25%, 2/12/21 | 1,753 | 1,725,908 | |
| 2nd Lien Term Loan, 8.00%, 8/13/21 | 254 | 249,990 | |
| Bright Horizons Family Solutions, Inc.: | |||
| Incremental Term Loan B1, 4.25%, 1/30/20 | 320 | 317,600 | |
| Term Loan B, 3.75%, 1/30/20 | 1,475 | 1,459,237 | |
| CT Technologies Intermediate Holdings, Inc., 2014 Term Loan, 6.00%, 12/01/21 | 355 | 352,632 | |
| Garda World Securities Corp.: | |||
| Delayed Draw Term Loan, 4.00%, 11/06/20 | 137 | 133,665 | |
| Term Loan B, 4.00%, 11/06/20 | 537 | 522,509 | |
| Iglo Foods Midco Ltd., Term Loan B, 4.25%, 6/30/20 | EUR | 1,020 | 1,123,243 |
| ROC Finance LLC, Term Loan, 5.00%, 6/20/19 | USD | 652 | 606,127 |
| ServiceMaster Company, 2014 Term Loan B, 4.25%, 7/01/21 | 2,314 | 2,283,097 | |
| Transfirst Holdings, Inc., 2014 2nd Lien Term Loan, 9.00%, 11/12/22 | 461 | 454,827 | |
| Weight Watchers International, Inc., Term Loan B2, 4.00%, 4/02/20 | 586 | 393,247 | |
| 9,622,082 | |||
| Diversified Financial Services 3.2% | |||
| AssuredPartners Capital, Inc., 1st Lien Term Loan, 4.50%, 3/31/21 | 908 | 890,705 |
BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015 5
Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Value | ||
|---|---|---|---|
| Diversified Financial Services (concluded) | |||
| Diamond US Holding LLC, Term Loan B, 4.75%, 12/17/21 | USD | 600 | $ 594,498 |
| IG Investment Holdings LLC, Term Loan B, 6.00%, 10/29/21 | 1,181 | 1,172,043 | |
| RPI Finance Trust, Term Loan B3, 3.25%, 11/09/18 | 234 | 234,027 | |
| SAM Finance Luxembourg Sarl, Term Loan, 4.25%, 12/17/20 | 1,559 | 1,550,674 | |
| SIG Euro Holdings AG & Co. KG, 2013 Term Loan, 4.25%, 12/02/18 | EUR | 4,900 | 5,512,202 |
| TransFirst, Inc., 2014 1st Lien Term Loan, 5.50%, 11/12/21 | USD | 831 | 830,286 |
| 10,784,435 | |||
| Diversified Telecommunication Services 4.6% | |||
| Altice Financing SA, Term Loan: | |||
| Delayed Draw, 4.76%, 7/02/19 | 1,074 | 1,072,359 | |
| 5.25%, 1/27/22 | 425 | 425,531 | |
| Consolidated Communications, Inc., Term Loan B, 4.25%, 12/23/20 | 1,843 | 1,829,540 | |
| General Communications, Inc., Term Loan B, 4.75%, 12/18/21 | 1,185 | 1,185,000 | |
| Hawaiian Telcom Communications, Inc., Term Loan B, 5.00%, 6/06/19 | 1,437 | 1,434,118 | |
| Integra Telecom, Inc.: | |||
| 2nd Lien Term Loan, 9.75%, 2/21/20 | 685 | 677,006 | |
| Term Loan B, 5.25%, 2/22/19 | 1,213 | 1,194,179 | |
| Level 3 Financing Inc., Incremental Term Loan B5, 4.50%, 1/31/22 | 2,245 | 2,246,055 | |
| Level 3 Financing, Inc.: | |||
| 2019 Term Loan, 4.00%, 8/01/19 | 902 | 893,529 | |
| 2020 Term Loan B, 4.00%, 1/15/20 | 4,685 | 4,640,118 | |
| 15,597,435 | |||
| Electric Utilities 1.2% | |||
| American Energy - Utica LLC: | |||
| 2nd Lien Delayed Draw Term Loan, 11.00%, 9/30/18 | 136 | 114,530 | |
| 2nd Lien Term Loan, 5.50%, 9/30/18 | 629 | 549,003 | |
| Incremental 2nd Lien Term Loan, 11.00%, 9/30/18 | 134 | 112,959 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Electric Utilities (concluded) | |||
| Energy Future Intermediate Holding Co LLC, DIP Term Loan, 4.25%, 6/19/16 | USD | 3,237 | $ 3,232,301 |
| 4,008,793 | |||
| Electrical Equipment 1.4% | |||
| Southwire Co., Term Loan, 3.25%, 2/10/21 | 610 | 590,294 | |
| Texas Competitive Electric Holdings Co. LLC: | |||
| DIP Term Loan, 3.75%, 5/05/16 | 1,203 | 1,205,501 | |
| Extended Term Loan, 4.66%, 10/10/17 (a)(f) | 4,525 | 2,819,346 | |
| 4,615,141 | |||
| Electronic Equipment, Instruments & Components 0.5% | |||
| CDW LLC, Term Loan, 3.25%, 4/29/20 | 1,754 | 1,714,236 | |
| Energy Equipment & Services 1.1% | |||
| Dynegy Holdings, Inc., Term Loan B2, 4.00%, 4/23/20 | 2,546 | 2,514,958 | |
| Exgen Texas Power LLC, Term Loan B, 5.75%, 9/16/21 | 210 | 207,482 | |
| MEG Energy Corp., Refinancing Term Loan, 3.75%, 3/31/20 | 954 | 895,669 | |
| 3,618,109 | |||
| Food & Staples Retailing 1.3% | |||
| New Albertsons, Inc., Term Loan, 4.75%, 6/27/21 | 898 | 885,684 | |
| Rite Aid Corp., 2nd Lien Term Loan, 5.75%, 8/21/20 | 540 | 541,015 | |
| Supervalu, Inc., Refinancing Term Loan B, 4.50%, 3/21/19 | 1,079 | 1,067,924 | |
| US Food Service, Inc., Refinancing Term Loan, 4.50%, 3/31/19 | 2,055 | 2,046,780 | |
| 4,541,403 | |||
| Food Products 3.2% | |||
| CTI Foods Holding Co. LLC, 1st Lien Term Loan, 4.50%, 6/29/20 | 514 | 509,007 | |
| Diamond Foods, Inc., Term Loan, 4.25%, 8/20/18 | 1,818 | 1,805,044 | |
| Dole Food Co., Inc., Term Loan B, 4.50%, 11/01/18 | 1,445 | 1,434,908 | |
| Hearthside Group Holdings LLC, Term Loan, 4.50%, 6/02/21 | 1,318 | 1,311,783 | |
| Pabst Brewing Company, Inc., Term Loan, 5.75%, 10/21/21 | 1,187 | 1,175,980 |
6 BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015
Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Value | ||
|---|---|---|---|
| Food Products (concluded) | |||
| Performance Food Group Co., 2nd Lien Term Loan, 6.25%, 11/14/19 | USD | 1,011 | $ 989,421 |
| Pinnacle Foods Finance LLC: | |||
| Incremental Term Loan H, 3.00%, 4/29/20 | 1,034 | 1,010,719 | |
| Term Loan G, 3.00%, 4/29/20 | 995 | 971,607 | |
| Reddy Ice Corp.: | |||
| 1st Lien Term Loan, 6.75%, 5/01/19 | 1,484 | 1,261,039 | |
| 2nd Lien Term Loan, 10.75%, 11/01/19 | 725 | 551,000 | |
| 11,020,508 | |||
| Health Care Equipment & Supplies 5.1% | |||
| Arysta LifeScience SPC LLC, 1st Lien Term Loan, 4.50%, 5/29/20 | 1,409 | 1,407,317 | |
| Auris Luxembourg II SA, Term Loan B, 5.50%, 1/15/22 | 765 | 767,394 | |
| Biomet, Inc., Term Loan B2, 3.67%, 7/25/17 | 1,361 | 1,357,934 | |
| Capsugel Holdings US, Inc., Term Loan B, 3.50%, 8/01/18 | 949 | 939,624 | |
| DJO Finance LLC, 2017 Term Loan, 4.25%, 9/15/17 | 2,282 | 2,274,039 | |
| Iasis Healthcare LLC, Term Loan B2, 4.50%, 5/03/18 | 1,670 | 1,667,078 | |
| Immucor, Inc., Refinancing Term Loan B2, 5.00%, 8/17/18 | 1,703 | 1,688,401 | |
| Leonardo Acquisition Corp., Term Loan, 4.25%, 1/31/21 | 1,419 | 1,400,356 | |
| Millennium Laboratories, Inc., Term Loan B, 5.25%, 4/16/21 | 1,592 | 1,585,361 | |
| National Vision, Inc., 1st Lien Term Loan, 4.00%, 3/12/21 | 1,670 | 1,623,192 | |
| Ortho-Clinical Diagnostics, Inc., Term Loan B, 4.75%, 6/30/21 | 2,438 | 2,337,802 | |
| Sage Products Holdings III LLC, Refi Term Loan B, 5.00%, 12/13/19 | 269 | 270,335 | |
| 17,318,833 | |||
| Health Care Providers & Services 6.8% | |||
| Amedisys, Inc., 2nd Lien Term Loan, 8.50%, 6/25/20 | 900 | 891,000 | |
| Amsurg Corp., 1st Lien Term Loan B, 3.75%, 7/16/21 | 1,793 | 1,786,266 | |
| Ardent Medical Services, Inc., Term Loan, 6.75%, 7/02/18 | 647 | 646,227 | |
| CareCore National LLC, Term Loan B, 5.50%, 3/05/21 | 613 | 610,474 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Health Care Providers & Services (concluded) | |||
| CHG Healthcare Services Inc., Term Loan, 4.25%, 11/19/19 | USD | 1,047 | $ 1,039,020 |
| CHS/Community Health Systems, Inc., Term Loan D, 4.25%, 1/27/21 | 5,227 | 5,221,189 | |
| ConvaTec, Inc., Term Loan, 4.00%, 12/22/16 | 1,102 | 1,100,433 | |
| DaVita HealthCare Partners, Inc., Term Loan B, 3.50%, 6/24/21 | 5,905 | 5,872,728 | |
| Envision Acquisition Co. LLC, Term Loan, 5.75%, 11/04/20 | 627 | 625,495 | |
| Envision Healthcare Corp., Term Loan, 4.00%, 5/25/18 | 908 | 902,976 | |
| Genesis HealthCare Corp., Term Loan B, 10.00%, 12/04/17 | 527 | 537,512 | |
| Ikaria, Inc., 1st Lien Term Loan, 5.00%, 2/12/21 | 174 | 173,237 | |
| MPH Acquisition Holdings LLC, Term Loan, 3.75%, 3/31/21 | 1,250 | 1,217,793 | |
| National Mentor Holdings, Inc., Term Loan B, 4.25%, 1/31/21 | 691 | 678,252 | |
| Surgery Center Holdings, Inc., 1st Lien Term Loan, 5.25%, 11/03/20 | 597 | 581,750 | |
| Surgical Care Affiliates, Inc., Class C Incremental Term Loan, 4.00%, 6/29/18 | 837 | 825,386 | |
| U.S. Renal Care, Inc., Term Loan, 4.25%, 7/03/19 | 535 | 529,650 | |
| 23,239,388 | |||
| Health Care Technology 1.0% | |||
| Emdeon Business Services LLC, Term Loan B3, 3.75%, 12/02/18 | 200 | 196,258 | |
| IMS Health, Inc., Term Loan, 3.50%, 3/17/21 | 1,995 | 1,955,026 | |
| MedAssets, Inc., Term Loan B, 4.00%, 12/13/19 | 1,162 | 1,153,138 | |
| 3,304,422 | |||
| Hotels, Restaurants & Leisure 10.2% | |||
| 1011778 B.C. Unlimited Liability Company, 2014 Term Loan B, 4.50%, 12/12/21 | 3,430 | 3,431,303 | |
| Boyd Gaming Corp., Term Loan B, 4.00%, 8/14/20 | 682 | 669,899 | |
| Bronco Midstream Funding LLC, Term Loan B, 5.00%, 8/15/20 | 1,832 | 1,703,501 | |
| Caesars Entertainment Operating Co., Inc., Term Loan B7, 9.75%, 1/28/18 | 386 | 343,841 |
BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015 7
Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Value | ||
|---|---|---|---|
| Hotels, Restaurants & Leisure (concluded) | |||
| Caesars Entertainment Resort Properties LLC, Term Loan B, 7.00%, 10/11/20 | USD | 2,329 | $ 2,217,660 |
| CCM Merger, Inc., Term Loan B, 4.50%, 8/08/21 | 1,011 | 1,005,607 | |
| Dave & Busters, Inc., Term Loan, 4.25%, 7/25/20 | 410 | 407,361 | |
| Diamond Resorts Corp., Term Loan, 5.50%, 5/09/21 | 1,168 | 1,164,955 | |
| Hilton Worldwide Finance LLC, Term Loan B2, 3.50%, 10/26/20 | 2,513 | 2,480,609 | |
| Intrawest ULC, Term Loan, 5.50%, 12/09/20 | 777 | 777,150 | |
| La Quinta Intermediate Holdings LLC, Term Loan B, 4.00%, 4/14/21 | 5,196 | 5,143,559 | |
| Las Vegas Sands LLC, Term Loan B, 3.25%, 12/19/20 | 1,730 | 1,716,642 | |
| MGM Resorts International, Term Loan B, 3.50%, 12/20/19 | 2,154 | 2,119,231 | |
| Pinnacle Entertainment, Inc., Term Loan B2, 3.75%, 8/13/20 | 978 | 964,064 | |
| Playa Resorts Holding BV, Term Loan B, 4.00%, 8/09/19 | 662 | 649,223 | |
| RHP Hotel Properties LP, Term Loan B, 3.75%, 1/15/21 | 786 | 783,598 | |
| Sabre, Inc.: | |||
| Incremental Term Loan, 4.50%, 2/19/19 | 306 | 303,829 | |
| Term Loan B, 4.00%, 2/19/19 | 1,413 | 1,390,760 | |
| Scientific Games International, Inc., 2014 Term Loan B1, 6.00%, 10/18/20 | 934 | 921,304 | |
| Station Casinos LLC, Term Loan B, 4.25%, 3/02/20 | 3,367 | 3,312,692 | |
| Travelport Finance (Luxembourg) Sarl, 2014 Term Loan B, 6.00%, 9/02/21 | 2,045 | 2,045,859 | |
| Twin River Management Group, Inc., Term Loan B, 5.25%, 7/10/20 | 672 | 670,918 | |
| Wendys International, Inc., Term Loan B, 3.25%, 5/15/19 | 572 | 567,441 | |
| 34,791,006 | |||
| Household Products 1.1% | |||
| Bass Pro Group LLC, Term Loan, 3.75%, 11/20/19 | 1,681 | 1,659,517 | |
| Prestige Brands, Inc., Term Loan, 4.13%, 1/31/19 | 659 | 656,218 | |
| Spectrum Brands, Inc.: | |||
| Term Loan A, 3.00%, 9/04/17 | 471 | 466,823 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Household Products (concluded) | |||
| Spectrum Brands, Inc. (concluded): | |||
| Term Loan C, 3.50%, 9/04/19 | USD | 897 | $ 890,879 |
| 3,673,437 | |||
| Independent Power and Renewable Electricity Producers 1.7% | |||
| Calpine Corp., Term Loan B1, 4.00%, 4/01/18 | 2,665 | 2,645,102 | |
| Granite Acquisition, Inc.: | |||
| Term Loan B, 5.00%, 12/19/21 | 1,902 | 1,911,217 | |
| Term Loan C, 5.00%, 12/19/21 | 84 | 84,094 | |
| Terra-Gen Finance Company LLC, Term Loan B, 5.25%, 12/09/21 | 1,010 | 1,004,950 | |
| 5,645,363 | |||
| Industrial Conglomerates 0.5% | |||
| Sequa Corp., Term Loan B, 5.25%, 6/19/17 | 1,736 | 1,661,185 | |
| Insurance 2.4% | |||
| Alliant Holdings I, Inc., Term Loan B, 4.25%, 12/20/19 | 1,101 | 1,090,047 | |
| AmWINS Group LLC, 2014 2nd Lien Term Loan, 9.50%, 9/06/20 | 619 | 608,058 | |
| CNO Financial Group, Inc., Term Loan B2, 3.75%, 9/28/18 | 1,370 | 1,349,796 | |
| Cooper Gay Swett & Crawford Ltd.: | |||
| 1st Lien Term Loan, 5.00%, 4/16/20 | 1,098 | 1,006,756 | |
| 2nd Lien Term Loan C, 8.25%, 10/16/20 | 530 | 461,100 | |
| Onex York Acquisition Corp., Term Loan B, 4.75%, 10/01/21 | 1,291 | 1,280,441 | |
| Sedgwick Claims Management Services, Inc.: | |||
| 1st Lien Term Loan, 3.75%, 3/01/21 | 1,166 | 1,123,913 | |
| 2nd Lien Term Loan, 6.75%, 2/28/22 | 1,230 | 1,153,125 | |
| 8,073,236 | |||
| Internet Software & Services 2.2% | |||
| Dealertrack Technologies, Inc., Term Loan B, 3.25%, 2/28/21 | 1,163 | 1,145,166 | |
| Go Daddy Operating Co. LLC, Term Loan B, 4.75%, 5/13/21 | 1,567 | 1,557,581 | |
| Interactive Data Corp., 2014 Term Loan, 4.75%, 5/02/21 | 3,427 | 3,411,195 | |
| W3 Co.: | |||
| 1st Lien Term Loan, 5.75%, 3/13/20 | 1,071 | 1,010,686 |
8 BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015
Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Value | ||
|---|---|---|---|
| Internet Software & Services (concluded) | |||
| W3 Co. (concluded): | |||
| 2nd Lien Term Loan, 9.25%, 9/11/20 | USD | 419 | $ 398,003 |
| 7,522,631 | |||
| IT Services 3.6% | |||
| First Data Corp.: | |||
| 2018 Extended Term Loan, 3.67%, 3/23/18 | 7,645 | 7,499,076 | |
| 2018 Term Loan, 3.67%, 9/24/18 | 730 | 716,312 | |
| Genpact International, Inc., Term Loan B, 3.50%, 8/30/19 | 1,145 | 1,137,248 | |
| InfoGroup, Inc., Term Loan, 7.50%, 5/26/18 | 314 | 286,612 | |
| SunGard Availability Services Capital, Inc., Term Loan B, 6.00%, 3/31/19 | 614 | 513,364 | |
| SunGard Data Systems, Inc.: | |||
| Term Loan C, 3.92%, 2/28/17 | 925 | 920,088 | |
| Term Loan E, 4.00%, 3/08/20 | 170 | 169,237 | |
| Vantiv LLC, 2014 Term Loan B, 3.75%, 6/13/21 | 1,052 | 1,042,399 | |
| 12,284,336 | |||
| Leisure Products 0.3% | |||
| Bauer Performance Sports Ltd., Term Loan B, 4.00%, 4/15/21 | 977 | 959,594 | |
| FGI Operating Co. LLC, Term Loan, 5.50%, 4/19/19 | 228 | 220,938 | |
| 1,180,532 | |||
| Machinery 2.4% | |||
| Alliance Laundry Systems LLC: | |||
| 2nd Lien Term Loan, 9.50%, 12/10/19 | 286 | 286,186 | |
| Refinancing Term Loan, 4.25%, 12/10/18 | 871 | 860,197 | |
| Faenza Acquisition GmbH: | |||
| Term Loan B1, 4.25%, 8/30/20 | 715 | 708,340 | |
| Term Loan B3, 4.25%, 8/30/20 | 214 | 211,739 | |
| Generac Power Systems, Inc., Term Loan B, 3.25%, 5/31/20 | 829 | 810,378 | |
| Intelligrated, Inc., 1st Lien Term Loan, 4.50%, 7/30/18 | 679 | 664,865 | |
| Mueller Water Products, Inc., Term Loan B, 4.00%, 11/25/21 | 500 | 499,220 | |
| Rexnord LLC, 1st Lien Term Loan B, 4.00%, 8/21/20 | 1,493 | 1,467,298 | |
| Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19 | 1,783 | 1,666,422 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Machinery (concluded) | |||
| STS Operating, Inc., Term Loan, 4.75%, 2/12/21 | USD | 417 | $ 408,513 |
| Wabash National Corp., Term Loan B, 4.50%, 5/08/19 | 461 | 461,360 | |
| 8,044,518 | |||
| Media 12.6% | |||
| Cengage Learning Acquisitions, Inc.: | |||
| 0.00%, 7/03/15 (f) | 1,101 | | |
| 0.00%, 7/03/15 (f) | 195 | | |
| 1st Lien Term Loan, 7.00%, 3/31/20 | 3,662 | 3,636,799 | |
| Charter Communications Operating LLC, Term Loan G, 4.25%, 9/12/21 | 2,505 | 2,514,719 | |
| Clear Channel Communications, Inc.: | |||
| Term Loan B, 3.82%, 1/29/16 | 408 | 402,526 | |
| Term Loan D, 6.92%, 1/30/19 | 3,932 | 3,661,097 | |
| Cumulus Media Holdings, Inc., 2013 Term Loan, 4.25%, 12/23/20 | 1,067 | 1,042,796 | |
| Getty Images, Inc., Term Loan B, 4.75%, 10/18/19 | 122 | 110,068 | |
| Gray Television, Inc., 2014 Term Loan B, 3.75%, 6/10/21 | 677 | 667,155 | |
| Hemisphere Media Holdings LLC, Term Loan B, 5.00%, 7/30/20 | 1,207 | 1,199,771 | |
| Hubbard Radio LLC, Term Loan B, 4.50%, 4/29/19 | 755 | 743,684 | |
| Intelsat Jackson Holdings SA, Term Loan B2, 3.75%, 6/30/19 | 2,622 | 2,590,251 | |
| Liberty Cablevision of Puerto Rico LLC, 2014 1st Lien Term Loan, 4.50%, 1/07/22 | 910 | 890,662 | |
| Live Nation Entertainment, Inc., 2020 Term Loan B1, 3.50%, 8/17/20 | 301 | 296,670 | |
| MCC Iowa LLC: | |||
| Term Loan I, 2.64%, 6/30/17 | 667 | 658,317 | |
| Term Loan J, 3.75%, 6/30/21 | 323 | 319,333 | |
| Media General, Inc., Delayed Draw Term Loan B, 4.25%, 7/31/20 | 1,641 | 1,630,558 | |
| Mediacom Communications Corp., Term Loan F, 2.64%, 3/31/18 | 506 | 494,533 | |
| Mediacom Illinois LLC, Term Loan G, 3.75%, 6/30/21 | 828 | 815,763 | |
| NEP/NCP Holdco, Inc., Incremental Term Loan, 4.25%, 1/22/20 | 1,054 | 1,020,196 | |
| Numericable U.S. LLC: | |||
| Term Loan B1, 4.50%, 5/21/20 | 1,357 | 1,349,783 |
BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015 9
Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Floating Rate Loan Interests (c) | Value | ||
|---|---|---|---|
| Media (concluded) | |||
| Numericable U.S. LLC (concluded): | |||
| Term Loan B2, 4.50%, 5/21/20 | USD | 1,174 | $ 1,167,747 |
| Salem Communications Corp., Term Loan B, 4.50%, 3/13/20 | 973 | 955,678 | |
| SBA Senior Finance II LLC, Term Loan B1, 3.25%, 3/24/21 | 1,821 | 1,787,474 | |
| Sinclair Television Group, Inc., Term Loan B, 3.00%, 4/09/20 | 1,140 | 1,119,699 | |
| Tribune Co., 2013 Term Loan, 4.00%, 12/27/20 | 2,305 | 2,273,587 | |
| Univision Communications, Inc., Term Loan C4, 4.00%, 3/01/20 | 3,348 | 3,295,560 | |
| UPC Financing Partnership, Term Loan AG, 3.77%, 3/31/21 | EUR | 910 | 1,025,091 |
| Virgin Media Investment Holdings Ltd.: | |||
| Term Loan B, 3.50%, 6/07/20 | USD | 815 | 801,389 |
| Term Loan E, 4.25%, 6/30/23 | GBP | 1,105 | 1,651,570 |
| WideOpenWest Finance LLC, Term Loan B, 4.75%, 4/01/19 | USD | 1,089 | 1,080,902 |
| William Morris Endeavor Entertainment LLC: | |||
| 1st Lien Term Loan, 5.25%, 5/06/21 | 278 | 270,928 | |
| 2nd Lien Term Loan, 8.25%, 5/01/22 | 325 | 309,020 | |
| Ziggo Financing Partnership: | |||
| Term Loan B1, 3.50%, 1/15/22 | 1,108 | 1,078,878 | |
| Term Loan B2A, 3.50%, 1/15/22 | 719 | 699,895 | |
| Term Loan B3, 3.50%, 1/15/22 | 1,182 | 1,151,076 | |
| 42,713,175 | |||
| Metals & Mining 1.0% | |||
| Ameriforge Group, Inc., 2nd Lien Term Loan, 8.75%, 12/19/20 | 265 | 244,462 | |
| Novelis, Inc., Term Loan, 3.75%, 3/10/17 | 1,575 | 1,558,965 | |
| Windsor Financing LLC, Term Loan B, 6.25%, 12/05/17 | 1,547 | 1,547,234 | |
| 3,350,661 | |||
| Multiline Retail 1.5% | |||
| 99¢ Only Stores, Term Loan, 4.50%, 1/11/19 | 1,120 | 1,107,542 | |
| BJs Wholesale Club, Inc.: | |||
| 1st Lien Term Loan, 4.50%, 9/26/19 | 1,577 | 1,550,584 | |
| 2nd Lien Term Loan, 8.50%, 3/26/20 | 375 | 366,915 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Multiline Retail (concluded) | |||
| Hudsons Bay Co., 1st Lien Term Loan, 4.75%, 11/04/20 | USD | 367 | $ 367,617 |
| Neiman Marcus Group, Inc., 2020 Term Loan, 4.25%, 10/25/20 | 1,633 | 1,581,580 | |
| 4,974,238 | |||
| Oil, Gas & Consumable Fuels 4.1% | |||
| American EnergyMarcellus LLC, 1st Lien Term Loan, 5.25%, 8/04/20 | 565 | 463,238 | |
| Arch Coal, Inc., Term Loan B, 6.25%, 5/16/18 | 1,129 | 806,491 | |
| Drillships Financing Holding, Inc., Term Loan B1, 6.00%, 3/31/21 | 2,269 | 1,747,769 | |
| EP Energy LLC/Everest Acquisition Finance, Inc., Term Loan B3, 3.50%, 5/24/18 | 1,170 | 1,087,129 | |
| Fieldwood Energy LLC: | |||
| 1st Lien Term Loan, 3.88%, 9/28/18 | 820 | 750,256 | |
| 2nd Lien Term Loan, 8.38%, 9/30/20 | 360 | 214,920 | |
| Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15 | 322 | 318,880 | |
| Offshore Group Investment Ltd., Term Loan B, 5.75%, 3/28/19 | 66 | 40,246 | |
| Packers Holdings LLC, Term Loan B, 5.00%, 12/02/21 | 1,005 | 1,001,231 | |
| Panda Patriot LLC, Term Loan B1, 6.75%, 12/19/20 | 865 | 860,675 | |
| Panda Power Funds, Term Loan B1, 6.50%, 11/10/21 | 545 | 547,725 | |
| Panda Temple II Power LLC, Term Loan B, 7.25%, 4/03/19 | 940 | 922,375 | |
| Power Buyer LLC, 2nd Lien Term Loan, 8.25%, 11/06/20 | 285 | 275,381 | |
| Samchully Midstream 3 LLC, Term Loan B, 5.75%, 10/20/21 | 1,100 | 1,023,000 | |
| Seventy Seven Operating LLC, Term Loan B, 3.75%, 6/25/21 | 162 | 138,932 | |
| Southcross Energy Partners LP, 1st Lien Term Loan, 5.25%, 8/04/21 | 716 | 682,371 | |
| Southcross Holdings Borrower LP, Term Loan B, 6.00%, 8/04/21 | 577 | 519,390 | |
| Stonewall Gas Gathering LLC, Term Loan B, 1.00%, 1/08/22 | 685 | 667,875 | |
| TPF II Power, LLC, Term Loan B, 5.50%, 10/02/21 | 985 | 987,157 |
10 BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015
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., 1st Lien Term Loan, 4.75%, 1/15/21 | USD | 1,040 | $ 1,021,309 |
| 14,076,350 | |||
| Personal Products 0.1% | |||
| Prestige Brands, Inc., Term Loan B2, 4.50%, 9/03/21 | 260 | 259,317 | |
| Pharmaceuticals 5.7% | |||
| Akorn, Inc., Term Loan B, 4.50%, 4/16/21 | 1,362 | 1,356,482 | |
| Amneal Pharmaceuticals LLC, New Term Loan, 5.00%, 11/01/19 | 637 | 635,496 | |
| CCC Information Services, Inc., Term Loan, 4.00%, 12/20/19 | 510 | 501,319 | |
| Endo Luxembourg Finance Co. I Sarl, 2014 Term Loan B, 3.25%, 3/01/21 | 715 | 704,060 | |
| Grifols Worldwide Operations USA, Inc., Term Loan B, 3.17%, 2/27/21 | 2,612 | 2,578,750 | |
| JLL/Delta Dutch Newco BV, Term Loan, 4.25%, 3/11/21 | 970 | 944,659 | |
| Mallinckrodt International Finance SA: | |||
| Incremental Term Loan B1, 3.50%, 3/19/21 | 878 | 866,353 | |
| Term Loan B, 3.25%, 3/19/21 | 1,409 | 1,379,204 | |
| Par Pharmaceutical Cos., Inc., Term Loan B2, 4.00%, 9/30/19 | 2,269 | 2,227,791 | |
| Pharmaceutical Product Development LLC, Term Loan B, 4.00%, 12/05/18 | 2,581 | 2,567,196 | |
| Quintiles Transnational Corp., Term Loan B3, 3.75%, 6/08/18 | 1,261 | 1,246,795 | |
| Salix Pharmaceuticals, Ltd., Term Loan, 4.25%, 1/02/20 | 1,234 | 1,226,980 | |
| Valeant Pharmaceuticals International, Inc.: | |||
| Series C2 Term Loan B, 3.50%, 12/11/19 | 975 | 967,795 | |
| Series D2 Term Loan B, 3.50%, 2/13/19 | 943 | 936,205 | |
| Series E Term Loan B, 3.50%, 8/05/20 | 1,158 | 1,149,366 | |
| 19,288,451 | |||
| Professional Services 2.3% | |||
| Advantage Sales & Marketing, Inc.: | |||
| 2014 1st Lien Term Loan, 4.25%, 7/23/21 | 1,211 | 1,196,530 | |
| 2014 2nd Lien Term Loan, 7.50%, 7/25/22 | 465 | 454,538 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Professional Services (concluded) | |||
| Advantage Sales & Marketing, Inc. (concluded): | |||
| Delayed Draw Term Loan, 4.25%, 7/23/21 | USD | 40 | $ 39,884 |
| Ceridian LLC, 2014 Term Loan, 4.50%, 9/15/20 | 1,047 | 1,026,305 | |
| Emdeon Business Services LLC, Term Loan B2, 3.75%, 11/02/18 | 1,254 | 1,235,841 | |
| Intertrust Group Holding BV: | |||
| 2nd Lien Term Loan, 8.00%, 4/16/22 | 725 | 714,727 | |
| Term Loan B4, 4.33%, 4/16/21 | EUR | 1,000 | 1,133,254 |
| SIRVA Worldwide, Inc., Term Loan, 7.50%, 3/27/19 | USD | 1,110 | 1,099,123 |
| Truven Health Analytics, Inc., Term Loan B, 4.50%, 6/06/19 | 1,027 | 991,364 | |
| 7,891,566 | |||
| Real Estate Management & Development 1.7% | |||
| CityCenter Holdings LLC, Term Loan B, 4.25%, 10/16/20 | 1,396 | 1,386,998 | |
| DTZ US Borrower LLC, 1st Lien Term Loan, 5.50%, 11/04/21 | 1,317 | 1,314,415 | |
| Realogy Corp.: | |||
| Extended Letter of Credit, 0.02%, 10/10/16 | 109 | 107,502 | |
| Term Loan B, 3.75%, 3/05/20 | 2,877 | 2,829,175 | |
| 5,638,090 | |||
| Road & Rail 0.8% | |||
| Hertz Corp., Term Loan B2, 3.50%, 3/11/18 | 885 | 871,990 | |
| Road Infrastructure Investment LLC: | |||
| 1st Lien Term Loan, 4.25%, 3/31/21 | 1,236 | 1,167,701 | |
| 2nd Lien Term Loan, 7.75%, 9/21/21 | 600 | 541,500 | |
| 2,581,191 | |||
| Semiconductors & Semiconductor Equipment 1.9% | |||
| Avago Technologies Cayman Ltd., Term Loan B, 3.75%, 5/06/21 | 3,303 | 3,295,967 | |
| Freescale Semiconductor, Inc.: | |||
| Term Loan B4, 4.25%, 2/28/20 | 2,006 | 1,976,366 | |
| Term Loan B5, 5.00%, 1/15/21 | 430 | 429,683 |
BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015 11
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) | |||
| NXP BV, Term Loan D, 3.25%, 1/11/20 | USD | 859 | $ 847,097 |
| 6,549,113 | |||
| Software 3.5% | |||
| GCA Services Group, Inc.: | |||
| 2nd Lien Term Loan, 9.25%, 10/22/20 | 400 | 395,000 | |
| Term Loan B, 4.25%, 11/01/19 | 1,039 | 1,026,598 | |
| Infor US, Inc.: | |||
| Term Loan B3, 3.75%, 6/03/20 | 523 | 508,547 | |
| Term Loan B5, 3.75%, 6/03/20 | 2,637 | 2,572,060 | |
| IQOR US, Inc., Term Loan B, 6.00%, 4/01/21 | 540 | 501,939 | |
| Kronos Worldwide, Inc., 2014 Term Loan, 4.75%, 2/18/20 | 308 | 307,675 | |
| Kronos, Inc., 2nd Lien Term Loan, 9.75%, 4/30/20 | 1,088 | 1,109,707 | |
| Mitchell International, Inc.: | |||
| 1st Lien Term Loan, 4.50%, 10/12/20 | 1,352 | 1,335,435 | |
| 2nd Lien Term Loan, 8.50%, 10/11/21 | 1,000 | 985,000 | |
| Regit Eins GmbH, 1st Lien Term Loan, 6.00%, 1/08/21 | 587 | 573,319 | |
| Sophia LP, 2014 Term Loan B, 4.00%, 7/19/18 | 1,942 | 1,919,239 | |
| Tibco Software, Inc., Term Loan B, 6.50%, 12/04/20 | 195 | 190,271 | |
| Websense, Inc., 2nd Lien Term Loan, 8.25%, 12/24/20 | 350 | 313,250 | |
| 11,738,040 | |||
| Specialty Retail 4.0% | |||
| Academy Ltd., Term Loan, 4.50%, 8/03/18 | 1,254 | 1,241,243 | |
| Equinox Holdings, Inc., Repriced Term Loan B, 5.00%, 1/31/20 | 802 | 795,819 | |
| General Nutrition Centers, Inc., Term Loan, 3.25%, 3/04/19 | 1,565 | 1,518,753 | |
| The Gymboree Corp., Initial Term Loan, 5.00%, 2/23/18 | 70 | 48,105 | |
| Jo-Ann Stores, Inc., Term Loan, 4.00%, 3/16/18 | 989 | 963,713 | |
| Leslies Poolmart, Inc., New Term Loan, 4.25%, 10/16/19 | 1,222 | 1,188,789 | |
| Michaels Stores, Inc.: | |||
| Incremental 2014 Term Loan B2, 4.00%, 1/28/20 | 1,776 | 1,755,543 | |
| Term Loan B, 3.75%, 1/28/20 | 896 | 879,129 | |
| Floating Rate Loan Interests (c) | Par (000) | Value | |
| Specialty Retail (concluded) | |||
| Party City Holdings, Inc., Term Loan, 4.00%, 7/27/19 | USD | 2,616 | $ 2,556,558 |
| Petco Animal Supplies, Inc., Term Loan, 4.00%, 11/24/17 | 1,824 | 1,803,072 | |
| Things Remembered, Inc., Term Loan B, 8.00%, 5/24/18 | 946 | 799,241 | |
| 13,549,965 | |||
| Technology Hardware, Storage & Peripherals 0.6% | |||
| Dell Inc., Term Loan C, 3.75%, 10/29/18 | 1,028 | 1,026,031 | |
| Dell, Inc., Term Loan B, 1.00%, 4/29/20 | 1,213 | 1,213,348 | |
| 2,239,379 | |||
| Textiles, Apparel & Luxury Goods 2.0% | |||
| ABG Intermediate Holdings 2 LLC, 1st Lien Term Loan, 5.50%, 5/27/21 | 1,315 | 1,310,131 | |
| Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18 | 1,398 | 1,188,421 | |
| J. Crew Group, Inc., Term Loan B, 4.00%, 3/05/21 | 1,469 | 1,326,784 | |
| Kate Spade & Co., Term Loan B, 4.00%, 4/09/21 | 1,333 | 1,303,301 | |
| Nine West Holdings, Inc.: | |||
| Guarantee Term Loan, 6.25%, 1/08/20 | 495 | 443,436 | |
| Term Loan B, 4.75%, 10/08/19 | 332 | 309,062 | |
| Polymer Group, Inc., 1st Lien Term Loan, 5.25%, 12/19/19 | 1,017 | 1,008,342 | |
| 6,889,477 | |||
| Wireless Telecommunication Services 0.8% | |||
| Crown Castle Operating Co., Term Loan B2, 3.00%, 1/31/21 | 1,208 | 1,187,014 | |
| LTS Buyer LLC, 1st Lien Term Loan, 4.00%, 4/13/20 | 1,606 | 1,568,221 | |
| 2,755,235 | |||
| Total Floating Rate Loan Interests 129.3% | 438,762,231 | ||
| Non-Agency Mortgage-Backed Securities 0.2% | |||
| Collateralized Mortgage Obligations 0.2% | |||
| Hilton USA Trust, Series 2013-HLT, Class EFX, 5.22%, 11/05/30 (b)(c) | 813 | 834,877 |
12 BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015
Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Investment Companies | Value | |||
|---|---|---|---|---|
| United States 0.0% | ||||
| Eaton Vance Floating-Rate Income Trust | 34 | $ 471 | ||
| Eaton Vance Senior Income Trust | 8,925 | 55,781 | ||
| Total Investment Companies 0.0% | 56,252 | |||
| Other Interests (g) | Beneficial Interest (000) | Value | ||
| United States 0.0% | ||||
| Lear Corp. Escrow | USD | 500 | 4,375 | |
| USI Senior Holdings | 8 | | ||
| Total Other Interests 0.0% | 4,375 | |||
| Warrants (h) | Shares | Value | ||
| Chemicals 0.0% | ||||
| British Vita Holdings Co. (Non-Expiring) | 166 | | ||
| Media 0.0% | ||||
| New Vision Holdings LLC (Expires 12/31/15) | 22,447 | 1,214 | ||
| Software 0.0% | ||||
| Bankruptcy Management Solutions, Inc. (Expires 07/01/19) | 195 | | ||
| Warrants (h) | Shares | Value | ||
| Software (concluded) | ||||
| Bankruptcy Management Solutions, Inc. (Expires 07/01/20) | 292 | | ||
| Bankruptcy Management Solutions, Inc. (Expires 07/02/18) | 181 | | ||
| HMH Holdings/EduMedia (Issued/Exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 06/22/19, Strike Price $42.27) | 1,501 | $ 8,461 | ||
| 8,461 | ||||
| Total Warrants 0.0% | 9,675 | |||
| Total Long-Term Investments (Cost $487,363,910) 140.1% | 475,398,363 | |||
| Short-Term Securities | ||||
| BlackRock Liquidity Funds, TempFund, Institutional Class, 0.06% (i)(j) | 3,577,394 | 3,577,394 | ||
| Total Short-Term Securities (Cost $3,577,394) 1.1% | 3,577,394 | |||
| Options Purchased (Cost $25,422) 0.0% | | |||
| Total Investments (Cost $490,966,726*) 141.2% | 478,975,757 | |||
| Liabilities in Excess of Other Assets (41.2)% | (139,760,258 | ) | ||
| Net Assets 100.0% | $ 339,215,499 | |||
| * As of January 31, 2015, gross unrealized appreciation and depreciation based on cost for federal | ||||
| income tax purposes were as follows: | ||||
| Tax cost | $ 492,059,374 | |||
| Gross unrealized appreciation | $ 2,509,328 | |||
| Gross unrealized depreciation | (15,592,945 | ) | ||
| Net unrealized depreciation | $ (13,083,617 | ) |
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.
BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015 13
Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT)
(h) 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.
(i) Investments in issuers considered to be an affiliate of the Trust during the period ended January 31, 2015, 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 | 2,630,534 | 946,860 | 3,577,394 | Income — $ 108 |
|---|---|---|---|---|
(j) Represents the current yield as of report date.
Portfolio Abbreviations
ADS American Depositary Shares
CAD Canadian Dollar
CLO Collateralized Loan Obligation
DIP Debtor-In-Possession
EUR Euro
GBP British Pound
OTC Over-the-Counter
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.
As of January 31, 2015, forward foreign currency exchange contracts outstanding were as follows:
| Currency Purchased — EUR | 72,000 | Currency Sold — USD | 85,601 | Counterparty — BNP Paribas SA | 2/04/15 | Unrealized Appreciation/ (Depreciation) — $ (4,240 |
|---|---|---|---|---|---|---|
| USD | 332,863 | EUR | 275,000 | Deutsche Bank AG | 2/04/15 | 22,110 |
| EUR | 341,000 | USD | 385,498 | Royal Bank of Scotland PLC | 4/21/15 | 101 |
| USD | 2,370,284 | CAD | 2,836,000 | UBS AG | 4/21/15 | 140,642 |
| USD | 8,781,940 | EUR | 7,610,000 | Citibank N.A. | 4/21/15 | 176,622 |
| USD | 2,032,673 | GBP | 1,340,000 | Bank of America N.A. | 4/21/15 | 15,429 |
| Total | $ 350,664 |
As of January 31, 2015, OTC options purchased were as follows:
| Description — Marsico Parent Superholdco LLC | Counterparty — Goldman Sachs & Co. | Call | USD 942.86 | 12/14/19 | 26 | Value — |
|---|---|---|---|---|---|---|
14 BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015
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 statement purposes. 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. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:
Level 1 unadjusted quoted prices 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)
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. For information about the Trusts policy regarding valuation of investments and derivative financial instruments, refer to the Trusts most recent financial statements as contained in its annual report.
As of January 31, 2015, the following tables summarize the Trusts investments and derivative financial instruments categorized in the disclosure hierarchy:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| Assets: | ||||
| Investments: | ||||
| Long-Term Investments: | ||||
| Asset-Backed Securities | | $ 9,000,555 | $ 2,827,475 | $ 11,828,030 |
| Common Stocks | $ 2,108,513 | 607,563 | 225,889 | 2,941,965 |
| Corporate Bonds | | 20,398,463 | 562,495 | 20,960,958 |
| Floating Rate Loan Interests | | 405,679,607 | 33,082,624 | 438,762,231 |
| Investment Companies | 56,252 | | | 56,252 |
| Non-Agency Mortgage-Backed Securities | | 834,877 | | 834,877 |
| Other Interests | | | 4,375 | 4,375 |
| Warrants | | | 9,675 | 9,675 |
| Short-Term Securities | 3,577,394 | | | 3,577,394 |
| Total | $ 5,742,159 | $ 436,521,065 | $ 36,712,533 | $ 478,975,757 |
BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015 15
Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT)
| Level 2 | Total | |||||
|---|---|---|---|---|---|---|
| Derivative Financial Instruments 1 | ||||||
| Assets: | ||||||
| Foreign currency exchange contracts | | $ 354,904 | | $ 354,904 | ||
| Liabilities: | ||||||
| Foreign currency exchange contracts | | (4,240 | ) | | (4,240 | ) |
| Total | | $ 350,664 | | $ 350,664 | ||
| 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 for financial statement purposes. As of January 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
| Level 1 | Level 2 | Total | ||||
|---|---|---|---|---|---|---|
| Assets: | ||||||
| Cash | $ 268,104 | | | $ 268,104 | ||
| Foreign currency at value | 2,368 | | | 2,368 | ||
| Liabilities: | ||||||
| Bank borrowings payable | | $ (141,000,000 | ) | | (141,000,000 | ) |
| Total | $ 270,472 | $ (141,000,000 | ) | | $ (140,729,528 | ) |
During the period ended January 31, 2015, there were no transfers between Level 1 and Level 2.
A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
| | Asset-Backed Securities | | Common Stocks | Corporate Bonds | | Floating Rate
Loan Interests | | | Warrants | Total | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets: | | | | | | | | | | | |
| Opening Balance, as of October 31, 2014 | $ 715,650 | | $ 153,282 | $ 560,826 | | $ 37,080,633 | $ | 4,375 | $ 1,214 | $ 38,515,980 | |
| Transfers into Level 3 2 | | | | | | 13,486,415 | | | 8,274 | 13,494,689 | |
| Transfers out of Level 3 3 | | | | | | (16,891,364 | ) | | | (16,891,364 | ) |
| Accrued discounts/premiums | 2,162 | | | (135 | ) | 14,635 | | | | 16,662 | |
| Net realized gain (loss) | | | | | | (28,000 | ) | | | (28,000 | ) |
| Net change in unrealized appreciation/
depreciation 4 | (21,300 | ) | 72,607 | (11,100 | ) | (770,721 | ) | | 187 | (730,327 | ) |
| Purchases | 2,130,963 | | | 12,904 | | 3,783,909 | | | | 5,927,776 | |
| Sales | | | | | | (3,592,883 | ) | | | (3,592,883 | ) |
| Closing Balance, end of year January 31, 2015 | $ 2,827,475 | | $ 225,889 | $ 562,495 | | $ 33,082,624 | $ | 4,375 | $ 9,675 | $ 36,712,533 | |
| Net change in unrealized appreciation/depreciation on investments still held at January 31, 2015 4 | $ (21,299 | ) | $ 72,607 | $ (11,100 | ) | $ (773,081 | ) | | $ 188 | $ (732,685 | ) |
16 BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015
Schedule of Investments (concluded) BlackRock Floating Rate Income Trust (BGT)
2 As of October 31, 2014, the Trust used observable inputs in determining the value of certain investments. As of January 31, 2015, 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 $13,494,689 transferred from Level 2 to Level 3 in the disclosure hierarchy.
3 As of October 31, 2014, the Trust used significant unobservable inputs in determining the value of certain investments. As of January 31, 2015, the Trust used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $16,891,364 transferred from Level 3 to Level 2 in the disclosure hierarchy.
4 Any difference between Net change in unrealized appreciation/depreciation and Net change in unrealized appreciation/depreciation on investments still held at January 31, 2015 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.
BLACKROCK FLOATING RATE INCOME TRUST JANUARY 31, 2015 17
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: March 25, 2015 |
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, 2015 | |
| By: | /s/ Neal J. Andrews |
| Neal J. Andrews | |
| Chief Financial Officer (principal financial officer) of | |
| BlackRock Floating Rate Income Trust | |
| Date: March 25, 2015 |
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