Regulatory Filings • Mar 23, 2018
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Download Source FileN-Q 1 d495381dnq.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: 10/31/2018
Date of reporting period: 01/31/2018
Item 1 Schedule of Investments
Schedule of Investments (unaudited) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| Common Stocks 0.2% | |||
| Health Care Management Services 0.0% | |||
| New Millennium HoldCo, Inc. (a) | 9,191 | $ 1,002 | |
| Hotels, Restaurants & Leisure 0.1% | |||
| Caesars Entertainment Corp. (a) | 11,672 | 162,823 | |
| Household Durables 0.0% | |||
| Berkline Benchcraft Equity LLC (a)(b) | 6,155 | | |
| Internet Software & Services 0.0% | |||
| New Holdings LLC (a) | 365 | 127,750 | |
| Metals & Mining 0.0% | |||
| Ameriforge Group, Inc. (a) | 832 | 37,024 | |
| Software 0.1% | |||
| Avaya Holdings Corp. (a) | 21,537 | 449,693 | |
| Specialty Retail 0.0% | |||
| Things Remembered, Inc. (a)(b) | 551,052 | 6 | |
| Total Common Stocks 0.2% (Cost $1,003,193) | 778,298 | ||
| Asset-Backed Securities 2.0% | |||
| ALM VII R Ltd., Series 2013-7RA, Class BR, (3 mo. LIBOR US | |||
| + 2.70%), 4.42%, 10/15/28 (c)(d) | USD | 250 | 255,680 |
| ALM XVII Ltd., Series 2015-17A, Class C1, (3 mo. LIBOR US + | |||
| 4.15%), 5.87%, 01/15/28 (c)(d) | 250 | 253,554 | |
| AMMC CLO Ltd., Series 2014-15A, Class D, (3 mo. LIBOR US | |||
| + 4.20%), 5.74%, 12/09/26 (c)(d) | 250 | 255,541 | |
| Ares XXXIII CLO Ltd., Series 2015-1A, Class A2R, (3 mo. LIBOR US | |||
| + 1.95%), 3.44%, 12/05/25 (c)(d) | 300 | 303,311 | |
| Atlas Senior Loan Fund VI Ltd., Series 2014-6A, Class DR, (3 mo. | |||
| LIBOR US + 3.60%), 5.32%, 10/15/26 (c)(d) | 500 | 502,735 | |
| Benefit Street Partners CLO XII Ltd., Series 2017-12A, Class C, 4.40%, 10/15/30 (d)(e) | 250 | 252,583 | |
| Cedar Funding II CLO, Ltd., Series 2013-1A, Class A1R, | |||
| (3 mo. LIBOR US + 1.23%), 2.77%, 06/09/30 (c)(d) | 500 | 503,493 | |
| CIFC Funding II Ltd., Series 2014-2A, Class A3LR, (3 mo. LIBOR | |||
| US + 2.25%), 3.70%, 05/24/26 (c)(d) | 275 | 275,660 | |
| CIFC Funding Ltd. (d)(e) : | |||
| 1.00%, 04/18/31 | 375 | 375,000 |
| Security | Value | ||
|---|---|---|---|
| Asset-Backed Securities (continued) | |||
| CIFC Funding Ltd. (d)(e) (continued): | |||
| Series 2018-1A, Class B, 1.00%, 04/18/31 | USD | 375 | $ 375,000 |
| Galaxy CLO Ltd., Series 2015-21A, Class AR, 1.00%, 04/20/31 (d)(e) | 250 | 250,000 | |
| GoldentTree Loan Management US CLO 1 Ltd., Series 2017-1A, Class C, | |||
| (3 mo. LIBOR US + 2.20%), 3.56%, 04/20/29 (c)(d) | 250 | 250,690 | |
| Highbridge Loan Management Ltd. (d) : | |||
| Series 2013-2A, Class CR, 4.64%, 10/20/29 (e) | 250 | 256,337 | |
| Series 2015-7A, Class C, (3 mo. LIBOR US + 3.38%), 4.80%, | |||
| 11/15/26 (c) | 250 | 251,134 | |
| LCM XVIII LP, Series 18A, Class INC, 1.00%, | |||
| 04/20/27 (d)(e) | 750 | 446,568 | |
| Pinnacle Park CLO Ltd., Series 2014-1A, Class CR, (3 mo. LIBOR | |||
| US + 2.65%), 4.37%, 04/15/26 (c)(d) | 250 | 250,682 | |
| Symphony CLO Ltd., Series 2016-17A, Class D, (3 mo. LIBOR US | |||
| + 4.80%), 6.52%, 04/15/28 (c)(d) | 250 | 254,246 | |
| TCI-Cent CLO Ltd., Series 2016-1A, Class A2, (3 mo. LIBOR US + 2.20%), 3.57%, 12/21/29 (c)(d) | 250 | 253,183 | |
| Treman Park CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US | |||
| + 3.86%), 5.60%, 04/20/27 (c)(d) | 700 | 704,290 | |
| Voya CLO Ltd., Series 2013-3A, Class A2R, (3 mo. LIBOR US | |||
| + 1.50%), 3.23%, 01/18/26 (c)(d) | 250 | 250,197 | |
| Webster Park CLO Ltd., Series 2015-1A (c)(d) : | |||
| Class B1, (3 mo. LIBOR US + 3.10%), 4.84%, 01/20/27 | 250 | 250,498 | |
| Class C, (3 mo. LIBOR US + 4.05%), 5.79%, 01/20/27 | 250 | 250,443 | |
| Total Asset-Backed Securities 2.0% (Cost $7,145,580) | 7,020,825 | ||
| Corporate Bonds 7.8% | |||
| Aerospace & Defense 0.5% | |||
| Bombardier, Inc. (d) : | |||
| 7.75%, 03/15/20 | 940 | 1,012,850 |
1
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| Aerospace & Defense (continued) | |||
| Bombardier, Inc. (d) (continued): | |||
| 7.50%, 03/15/25 | USD | 713 | $ 740,629 |
| 1,753,479 | |||
| Airlines 0.5% | |||
| US Airways Pass-Through Trust, Series 2012-2, Class C, 5.45%, 06/03/18 | 1,585 | 1,596,887 | |
| Capital Markets 0.3% | |||
| Blackstone CQP Holdco LP (d) : | |||
| 6.50%, 03/20/21 | 941 | 954,174 | |
| 6.00%, 08/18/21 | 153 | 154,759 | |
| 1,108,933 | |||
| Chemicals 0.4% | |||
| Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, | |||
| 02/01/25 (d) | 527 | 539,516 | |
| Momentive Performance Materials, Inc., 3.88%, 10/24/21 | 665 | 694,573 | |
| 1,234,089 | |||
| Construction Materials 0.0% | |||
| HD Supply, Inc., 5.75%, 04/15/24 (d) | 137 | 146,590 | |
| Containers & Packaging 0.7% | |||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 7.25%, 05/15/24 (d) | 200 | 214,940 | |
| Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(3 mo. LIBOR US + | |||
| 3.50%), 5.22%, 07/15/21 (c)(d) | 2,330 | 2,370,775 | |
| 2,585,715 | |||
| Diversified Consumer Services 0.0% | |||
| Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23 (d) | 142 | 157,088 | |
| Diversified Telecommunication Services 0.5% | |||
| Level 3 Financing, Inc.: | |||
| 6.13%, 01/15/21 | 337 | 342,055 |
| Security | Value | ||
|---|---|---|---|
| Diversified Telecommunication Services (continued) | |||
| Level 3 Financing, Inc. (continued): | |||
| 5.25%, 03/15/26 | USD | 1,328 | $ 1,303,100 |
| 1,645,155 | |||
| Electric Utilities 0.0% | |||
| Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.50%, 10/01/20 (b)(d) | 654 | | |
| Environmental, Maintenance, & Security Service 0.1% | |||
| Tervita Escrow Corp., 7.63%, 12/01/21 (d) | 330 | 330,412 | |
| Health Care Providers & Services 0.1% | |||
| CHS/Community Health Systems, Inc., 5.13%, 08/01/21 | 339 | 316,118 | |
| Health Care Services 0.0% | |||
| Aveta Inc. Escrow, 7.00%, 04/01/19 (b)(d) | 827 | | |
| Hotels, Restaurants & Leisure 0.2% | |||
| New Red Finance, Inc., 5.00%, 10/15/25 (d) | 600 | 600,750 | |
| Scientific Games International, Inc., | |||
| 7.00%, 01/01/22 (d) | 237 | 250,035 | |
| 850,785 | |||
| Household Durables 0.0% | |||
| Berkline/Benchcraft LLC, 4.50%, 06/01/18 (b)(i) | 400 | | |
| Media 1.0% | |||
| Altice Financing SA (d) : | |||
| 6.63%, 02/15/23 | 335 | 339,322 | |
| 7.50%, 05/15/26 | 525 | 545,344 | |
| Altice US Finance I Corp., 5.50%, 05/15/26 (d) | 200 | 204,500 | |
| Clear Channel Worldwide Holdings, Inc.: | |||
| 6.50%, 11/15/22 | 752 | 774,161 | |
| Series B, 7.63%, 03/15/20 | 335 | 332,488 | |
| CSC Holdings LLC, 10.88%, 10/15/25 (d) | 335 | 398,968 | |
| SFR Group SA (d) : | |||
| 6.00%, 05/15/22 | 512 | 499,686 | |
| 7.38%, 05/01/26 | 378 | 372,330 | |
| 3,466,799 | |||
| Metals & Mining 1.4% | |||
| Constellium NV, 6.63%, 03/01/25 (d) | 250 | 263,750 | |
| Freeport-McMoRan, Inc.: | |||
| 2.38%, 03/15/18 | 1,238 | 1,237,629 | |
| 3.88%, 03/15/23 | 375 | 372,656 | |
| Novelis Corp., 6.25%, 08/15/24 (d) | 895 | 937,513 |
2
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| Metals & Mining (continued) | |||
| Teck Resources Ltd., 3.75%, 02/01/23 | USD | 1,875 | $ 1,879,687 |
| 4,691,235 | |||
| Oil, Gas & Consumable Fuels 1.0% | |||
| Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/24 | 415 | 472,062 | |
| CONSOL Energy, Inc., 5.88%, 04/15/22 | 1,385 | 1,423,212 | |
| Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21 (d) | 615 | 647,287 | |
| Halcon Resources Corp., Series WI, 6.75%, 02/15/25 | 175 | 184,188 | |
| NGPL PipeCo LLC (d) : | |||
| 4.38%, 08/15/22 | 365 | 368,760 | |
| 4.88%, 08/15/27 | 260 | 267,150 | |
| 3,362,659 | |||
| Pharmaceuticals 0.3% | |||
| Valeant Pharmaceuticals International, Inc., | |||
| 5.50%, 11/01/25 (d) | 1,150 | 1,158,625 | |
| Software 0.7% | |||
| Infor US, Inc., 6.50%, 05/15/22 | 720 | 742,500 | |
| Solera LLC/Solera Finance, | |||
| Inc., 10.50%, 03/01/24 (d) | 879 | 985,579 | |
| Veritas US, Inc./Veritas Bermuda | |||
| Ltd., 7.50%, 02/01/23 (d) | 541 | 561,287 | |
| 2,289,366 | |||
| Wireless Telecommunication Services 0.1% | |||
| Sprint Communications, Inc., 7.00%, 08/15/20 | 200 | 211,085 | |
| VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23 | 29 | 32,045 | |
| 243,130 | |||
| Total Corporate Bonds 7.8% (Cost $26,563,896) | 26,937,065 | ||
| Floating Rate Loan Interests (f) 133.5% | |||
| Advertising Agencies 0.2% | |||
| EIG Management Company LLC, 2018 Term Loan B, 1.00%, 01/31/25 (b)(g) | 785 | 785,000 | |
| Aerospace & Defense 2.1% | |||
| Accudyne Industries LLC, 2017 Term Loan, (1 mo. LIBOR + 3.75% 1.00% | |||
| Floor), 5.32%, 08/16/24 | 2,140 | 2,158,637 | |
| DAE Aviation Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.75% 1.00% Floor), | |||
| 5.32%, 07/07/22 | 314 | 317,191 | |
| Engility Corp.: | |||
| Term Loan B1, (1 mo. LIBOR + 2.75%), 4.32%, 08/12/20 | 192 | 193,884 |
| Security | Value | ||
|---|---|---|---|
| Aerospace & Defense (continued) | |||
| Engility Corp. (continued): | |||
| Term Loan B2, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.82%, 08/12/23 | USD | 348 | $ 351,383 |
| GTCR Valor Companies, Inc., 2017 Term Loan B1, (3 mo. LIBOR + 4.25%), 5.94%, 06/16/23 | 488 | 492,046 | |
| TransDigm, Inc., 2017 Extended Term Loan F, (1 mo. LIBOR + 2.75%), 4.44%, 06/09/23 | 3,692 | 3,723,305 | |
| 7,236,446 | |||
| Air Freight & Logistics 0.7% | |||
| Avolon TLB Borrower 1 (Luxembourg) Sarl, Term Loan B2, (1 mo. LIBOR + 2.25%), | |||
| 3.81%, 04/03/22 | 516 | 515,593 | |
| CEVA Group PLC, Letter of Credit, (3 mo. LIBOR + 5.50%), 6.50%, 03/19/21 (b) | 447 | 425,627 | |
| CEVA Intercompany BV, Dutch Term Loan, (3 mo. LIBOR + 5.50% 1.00% | |||
| Floor), 7.27%, 03/19/21 | 454 | 439,933 | |
| CEVA Logistics Canada ULC, Canadian Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), | |||
| 7.27%, 03/19/21 | 81 | 78,258 | |
| CEVA Logistics US Holdings, Inc., Term Loan, (3 mo. LIBOR + 5.50% 1.00% | |||
| Floor), 7.27%, 03/19/21 | 604 | 585,917 | |
| Livingston International Inc., Term Loan B3, (3 mo. LIBOR + 5.75%), 7.44%, 03/20/20 (b) | 326 | 318,708 | |
| 2,364,036 | |||
| Airlines 0.0% | |||
| Northwest Airlines, Inc., Term Loan, (6 mo. LIBOR + 1.23%), 2.68%, 09/10/18 (b) | 145 | 143,724 | |
| Auto Components 0.9% | |||
| Boing US Holdco Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% | |||
| Floor), 4.88%, 10/03/24 (b) | 775 | 780,813 | |
| Dayco Products LLC, 2017 Term Loan B, (3 mo. LIBOR + 5.00%), 6.48%, 05/19/23 (b) | 637 | 644,760 | |
| FPC Holdings, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.00%), 5.69%, 11/19/19 | 587 | 584,654 | |
| Goodyear Tire & Rubber Co., 2nd Lien Term Loan, (1 mo. LIBOR + | |||
| 2.00%), 3.56%, 04/30/19 | 374 | 375,381 | |
| GPX International Tire Corp., Term Loan (b)(i) : | |||
| 12.25%, 12/31/49 | 274 | |
3
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| Auto Components (continued) | |||
| GPX International Tire Corp., Term Loan (b)(i) (continued): | |||
| PIK, 13.00%, 12/31/49 | USD | 4 | $ |
| USI, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 4.69%, 05/16/24 | 798 | 801,392 | |
| 3,187,000 | |||
| Automobiles 0.3% | |||
| CH Hold Corp.: | |||
| 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.57%, 02/01/24 | 790 | 795,968 | |
| 2nd Lien Term Loan, (1 mo. LIBOR + 7.25% 1.00% Floor), 8.82%, 02/01/25 (b) | 150 | 151,875 | |
| 947,843 | |||
| Banks 0.3% | |||
| Capri Finance LLC, 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 5.02%, 11/01/24 | 1,005 | 1,005,834 | |
| Building Materials 0.3% | |||
| Allied Universal HoldCo LLC, 2015 Term Loan, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.44%, | |||
| 07/28/22 | 514 | 508,091 | |
| USAGM HoldCo LLC, 2015 2nd Lien Term Loan, (3 mo. LIBOR + 8.50% 1.00% Floor), 10.27%, 07/28/23 | 395 | 390,391 | |
| 898,482 | |||
| Building Products 1.5% | |||
| Continental Building Products LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.25%), 3.94%, | |||
| 08/18/23 | 681 | 686,784 | |
| CPG International Inc., 2017 Term Loan, (6 mo. LIBOR + 3.75% 1.00% Floor), 5.59%, 05/03/24 | 1,192 | 1,204,119 | |
| Jeld-Wen Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + | |||
| 2.00%), 3.69%, 12/14/24 | 995 | 1,001,219 | |
| NCI Building Systems, Inc., 2018 Term Loan, 2.50%, 01/26/25 | 190 | 190,357 | |
| Ply Gem Industries, Inc., Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.69%, 02/01/21 | 467 | 470,650 |
| Security | Value | ||
|---|---|---|---|
| Building Products (continued) | |||
| Wilsonart LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.95%, 12/19/23 | USD | 1,624 | $ 1,637,347 |
| 5,190,476 | |||
| Capital Markets 1.3% | |||
| Duff & Phelps Corp.: | |||
| 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.94%, 10/14/24 | 440 | 443,630 | |
| 2017 Term Loan B, 3.50%, 11/29/24 | 330 | 333,095 | |
| FinCo I LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.32%, 12/27/22 | 900 | 911,997 | |
| Greenhill & Co., Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.75% 1.00% Floor), 5.30%, | |||
| 10/12/22 (b) | 971 | 978,283 | |
| RPI Finance Trust, Term Loan B6, (3 mo. LIBOR + 2.00%), 3.69%, 03/27/23 | 1,648 | 1,658,920 | |
| 4,325,925 | |||
| Chemicals 4.0% | |||
| Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.69%, 01/31/24 | 627 | 631,865 | |
| Axalta Coating Systems US Holdings, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 3.69%, 06/01/24 | 1,431 | 1,440,429 | |
| CeramTec Acquisition Corp., Term Loan B2, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.23%, | |||
| 08/30/20 | 69 | 68,698 | |
| Charter NEX US Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.82%, | |||
| 05/16/24 | 891 | 894,702 | |
| Chemours Company, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.08%, 05/12/22 | 556 | 560,513 | |
| Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% | |||
| Floor), 5.19%, 06/28/24 | 380 | 381,265 | |
| Encapsys LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.82%, 11/07/24 | 640 | 645,600 | |
| Evergreen Acqco 1 LP, Term Loan, (3 mo. LIBOR + 3.75%), 5.49%, 07/09/19 | 271 | 259,045 | |
| H.B. Fuller Co., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.81%, 10/20/24 | 1,436 | 1,446,972 |
4
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| Chemicals (continued) | |||
| MacDermid, Inc.: | |||
| Term Loan B6, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.57%, 06/07/23 | USD | 800 | $ 805,504 |
| Term Loan B7, (1 mo. LIBOR + 2.50% 1.00% Floor), 4.07%, 06/07/20 | 1,178 | 1,186,238 | |
| OXEA Finance & Cy SCA, 2017 Term Loan B2, (3 mo. LIBOR + 3.50%), 5.25%, 10/11/24 | 2,195 | 2,206,475 | |
| PQ Corp.: | |||
| 2017 Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.02%, 11/04/22 | 844 | 849,237 | |
| 2018 Term Loan B, 3.00%, 02/08/25 | 911 | 918,638 | |
| Solenis International LP: | |||
| 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.73%, 07/31/21 | 913 | 911,795 | |
| 2nd Lien Term Loan, (3 mo. LIBOR + 6.75% 1.00% Floor), 8.23%, 07/31/22 | 357 | 343,807 | |
| Tata Chemicals North America, Inc., Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.50%, | |||
| 08/07/20 | 254 | 254,227 | |
| 13,805,010 | |||
| Commercial Services & Supplies 7.3% | |||
| Advanced Disposal Services, Inc., Term Loan B3, (1 Week LIBOR + 2.25%), 3.72%, 11/10/23 | 2,003 | 2,015,091 | |
| Aramark Services, Inc., 2017 Term Loan B1, (1 mo. LIBOR + 2.00%), 3.57%, 03/11/25 | 181 | 182,217 | |
| Asurion LLC: | |||
| 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.57%, 08/04/25 | 606 | 624,937 | |
| 2017 Term Loan B4, (1 mo. LIBOR + 2.75%), 4.32%, 08/04/22 | 1,212 | 1,220,455 | |
| 2017 Term Loan B5, (1 mo. LIBOR + 3.00%), 4.57%, 11/03/23 | 1,908 | 1,922,179 | |
| Camelot UK Holdco Ltd., 2017 Repriced Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.82%, | |||
| 10/03/23 | 2,378 | 2,401,210 | |
| Casella Waste Systems, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.06%, 10/17/23 (b) | 574 | 578,506 | |
| 2,246,928 |
| Security | Value | ||
|---|---|---|---|
| Commercial Services & Supplies (continued) | |||
| Clean Harbors, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.57%, 06/27/24 | USD | 403 | $ 405,244 |
| Convergint Technologies LLC (b) : | |||
| 2018 1st Lien Term Loan, 3.00%, 01/25/25 | 358 | 360,027 | |
| 2018 Delayed Draw Term Loan, 0.00%, | 38 | 38,559 | |
| Creative Artists Agency LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.06%, | |||
| 02/15/24 | 1,267 | 1,271,952 | |
| Dealer Tire, LLC, 2017 Term Loan B, (OR + 3.25% 1.00% Floor), 5.00%, 12/22/21 (b) | 756 | 769,011 | |
| Employbridge LLC, Exit Term Loan, (3 mo. LIBOR + 6.50% 1.00% Floor), 8.19%, 05/16/20 | 227 | 223,495 | |
| Garda World Security Corp., 2017 Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.97%, | |||
| 05/24/24 | 565 | 569,985 | |
| Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75% 1.00% Floor), 6.44%, | |||
| 11/03/23 | 585 | 590,853 | |
| KAR Auction Services, Inc.: | |||
| Term Loan B4, (3 mo. LIBOR + 2.25%), 4.00%, 03/11/21 | 527 | 532,149 | |
| Term Loan B5, (3 mo. LIBOR + 2.50%), 4.25%, 03/09/23 | 1,020 | 1,029,191 | |
| Phoenix Services International LLC, Term Loan, 4.50%, 01/26/25 | 660 | 664,950 | |
| Prime Security Services Borrower LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.32%, | |||
| 05/02/22 | 1,713 | 1,727,129 | |
| US Security Associates Holdings, Inc., 2016 Term Loan, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.69%, | |||
| 07/14/23 | 1,478 | 1,493,669 | |
| Catalent Pharma Solutions, Inc., Term Loan B, (1 mo. LIBOR + 2.25% 1.00% Floor), 3.82%, | |||
| 05/20/24 | 2,233 | 2,086,610 | |
| Wrangler Buyer Corp., Term Loan B, (1 mo. LIBOR + 3.00%), 4.57%, 09/27/24 | 2,216 | 2,232,025 | |
| 25,186,372 | |||
| Communications Equipment 1.6% | |||
| Avantor, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.56%, 11/21/24 | 1,718 | 1,741,623 | |
| Avaya, Inc., Exit Term Loan B, (1 mo. LIBOR + 4.75% 1.00% Floor), 6.31%, 12/15/24 | 902 | 905,929 |
5
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| Communications Equipment (continued) | |||
| Colorado Buyer, Inc., Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), | |||
| 4.38%, 05/01/24 | USD | 1,055 | $ 1,061,292 |
| CommScope, Inc., Term Loan B5, | |||
| (1 mo. LIBOR + 2.00%), 3.57%, 12/29/22 | 397 | 399,772 | |
| Riverbed Technology, Inc., 2016 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), | |||
| 4.83%, 04/24/22 | 177 | 175,379 | |
| Securus Technologies Holdings, Inc., 2017 1st Lien Term Loan, (2 mo. LIBOR + 4.50% 1.00% | |||
| Floor), 6.12%, 11/01/24 | 1,078 | 1,092,154 | |
| 5,376,149 | |||
| Construction & Engineering 1.6% | |||
| Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR | |||
| + 4.25% 1.00% Floor), 6.01%, 06/21/24 | 4,056 | 4,104,768 | |
| CNT Holdings III Corp., 2017 Term Loan, (2 mo. LIBOR + 3.25% 1.00% Floor), | |||
| 4.88%, 01/22/23 | 454 | 441,199 | |
| Pike Corp., Replacement Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.08%, 09/20/24 | 333 | 338,112 | |
| USIC Holdings, Inc., 2017 Term Loan B, (6 mo. LIBOR + 3.50% 1.00% Floor), | |||
| 5.00%, 12/08/23 | 567 | 571,636 | |
| 5,455,715 | |||
| Construction Materials 1.6% | |||
| Core & Main LP, 2017 Term Loan B, (6 mo. LIBOR + 3.00% 1.00% Floor), | |||
| 4.46%, 08/01/24 | 1,706 | 1,715,328 | |
| Filtration Group Corp., 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), | |||
| 4.57%, 11/21/20 | 2,532 | 2,561,419 | |
| GYP Holdings III Corp., 2017 Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), | |||
| 4.77%, 04/01/23 | 1,359 | 1,369,077 | |
| 5,645,824 | |||
| Containers & Packaging 1.6% | |||
| Berlin Packaging LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), | |||
| 4.82%, 10/01/21 | 358 | 361,163 | |
| Berry Plastics Group, Inc., Term Loan M, (1 mo. LIBOR + 2.25%), 3.80%, 10/01/22 | 3,102 | 3,125,192 |
| Security | Value | ||
|---|---|---|---|
| Containers & Packaging (continued) | |||
| BWAY Holding Co., 2017 Term Loan B, | |||
| (3 mo. LIBOR + 3.25%), 4.96%, 04/03/24 | USD | 1,098 | $ 1,105,716 |
| Plastipak Holdings, Inc., Term Loan B, (3 mo. LIBOR + 2.75%), 4.45%, 10/14/24 | 544 | 549,074 | |
| Proampac PG Borrower LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), | |||
| 5.07%, 11/18/23 | 302 | 305,429 | |
| 5,446,574 | |||
| Distributors 1.0% | |||
| American Builders & Contractors Supply Co., Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.50%), | |||
| 4.07%, 10/31/23 | 1,609 | 1,619,403 | |
| American Tire Distributors Holdings, Inc., 2015 Term Loan, (1 mo. LIBOR + 4.25% 1.00% Floor), | |||
| 5.82%, 09/01/21 | 565 | 571,380 | |
| TriMark USA LLC: | |||
| 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.07%, 08/28/24 | 1,356 | 1,368,555 | |
| Delayed Draw Term Loan, 3.50%, 08/28/24 | 44 | 44,591 | |
| 3,603,929 | |||
| Diversified Consumer Services 3.8% | |||
| AI Aqua Merger Sub, Inc., 2017 Incremental Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), | |||
| 5.07%, 12/13/23 | 1,287 | 1,296,426 | |
| Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), | |||
| 4.57%, 07/12/24 | 713 | 715,887 | |
| Bright Horizons Family Solutions, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.00%), | |||
| 3.57%, 11/07/23 | 1,994 | 2,012,138 | |
| Equian LLC, Term Loan B, (1 mo. LIBOR + 3.75% 1.00% Floor), 5.31%, 05/20/24 | 1,041 | 1,051,332 | |
| J.D. Power and Associates, 1st Lien Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), | |||
| 5.94%, 09/07/23 | 860 | 866,245 | |
| Nomad Foods Europe Midco Ltd.: | |||
| 2017 Delayed Draw Term Loan B6, 05/15/24 (g) | 141 | 141,016 | |
| 2017 Term Loan B4, (1 mo. LIBOR + 2.25%), 3.81%, 05/15/24 | 708 | 711,657 | |
| Serta Simmons Bedding LLC, 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), | |||
| 5.19%, 11/08/23 | 2,063 | 2,017,622 |
6
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| Diversified Consumer Services (continued) | |||
| ServiceMaster Co., 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 4.07%, 11/08/23 | USD | 1,497 | $ 1,505,799 |
| Spin Holdco Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.49%, | |||
| 11/14/22 | 718 | 723,175 | |
| Wand Intermediate I LP, 2017 1st Lien Term Loan, (2 mo. LIBOR + 3.00% 1.00% Floor), | |||
| 4.62%, 09/17/21 | 784 | 790,323 | |
| Weight Watchers International, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.75%), | |||
| 6.45%, 11/29/24 | 1,220 | 1,234,112 | |
| 13,065,732 | |||
| Diversified Financial Services 0.9% | |||
| AlixPartners LLP, 2017 Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.44%, | |||
| 04/04/24 | 1,877 | 1,890,124 | |
| Clipper Acquisitions Corp., 2017 Term Loan B, (2 mo. LIBOR + 2.00% 1.00% | |||
| Floor), 3.62%, 12/11/24 (b) | 410 | 413,075 | |
| Kingpin Intermediate Holdings LLC, 2017 1st Lien Term Loan B, (3 mo. LIBOR + 4.25% 1.00% Floor), 5.73%, | |||
| 06/28/24 (b) | 955 | 970,722 | |
| 3,273,921 | |||
| Diversified Telecommunication Services 6.5% | |||
| CenturyLink, Inc.: | |||
| 2017 Term Loan A, (1 mo. LIBOR + 2.75%), 4.32%, 11/01/22 | 650 | 646,263 | |
| 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.32%, 01/31/25 | 6,127 | 6,031,296 | |
| Consolidated Communications, Inc., 2016 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.57%, | |||
| 10/04/23 | 256 | 252,359 | |
| Frontier Communications Corp.: | |||
| 2017 Term Loan B1, (1 mo. LIBOR + 3.75%), 5.33%, 06/15/24 | 214 | 209,634 | |
| Delayed Draw Term Loan A, (1 mo. LIBOR + 2.75%), 4.33%, 03/31/21 | 878 | 869,321 | |
| Hargray Communications Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.57%, | |||
| 05/16/24 | 925 | 930,745 | |
| Intelsat Jackson Holdings SA, 2017 Term Loan B4, (3 mo. LIBOR + 4.50% 1.00% Floor), 6.19%, | |||
| 01/14/24 | 1,123 | 1,136,453 | |
| Level 3 Financing, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.25%), 3.70%, 02/22/24 | 4,291 | 4,308,893 |
| Security | Value | ||
|---|---|---|---|
| Diversified Telecommunication Services (continued) | |||
| Lumos Networks Operating Co.: | |||
| 1st Lien Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.82%, 11/17/24 | USD | 602 | $ 608,259 |
| MTN Topco Term Loan, 11/17/24 (g) | 589 | 592,772 | |
| Sprint Communications, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 2.50%), 4.13%, 02/02/24 | 1,772 | 1,775,297 | |
| Telenet International Finance Sarl, Term Loan AL, (1 mo. LIBOR + 2.50%), 4.06%, 03/01/26 | 2,855 | 2,870,560 | |
| Telesat Canada, Term Loan B4, (3 mo. LIBOR + 3.00%), 4.70%, 11/17/23 | 516 | 518,456 | |
| Virgin Media Investment Holdings Ltd., GBP Term Loan L, (LIBOR - GBP + 3.25%), 3.75%, 01/15/27 | GBP | 600 | 852,387 |
| Zayo Group LLC, 2017 Term Loan B1, (1 mo. LIBOR + 2.00%), 3.57%, 01/19/21 | USD | 695 | 698,183 |
| 22,300,878 | |||
| Electric Utilities 2.6% | |||
| Energy Future Intermediate Holding Co. LLC, 2017 DIP Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), | |||
| 4.57%, 06/30/18 | 6,505 | 6,527,052 | |
| PrimeLine Utility Services LLC, Term Loan, (1 mo. LIBOR + 5.50% 1.00% Floor), 7.07%, | |||
| 11/12/22 | 838 | 841,704 | |
| TEX Operations Co. LLC: | |||
| Exit Term Loan B, (1 mo. LIBOR + 2.50%), 4.06%, 08/04/23 | 1,254 | 1,263,653 | |
| Exit Term Loan C, (1 mo. LIBOR + 2.50%), 4.06%, 08/04/23 | 222 | 223,147 | |
| Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Term Loan, 1.00%, 11/10/18 (b)(i) | 1,050 | | |
| Vistra Operations Co. LLC, 2016 Term Loan B2, (1 mo. LIBOR + 2.75%), 4.31%, 12/14/23 | 226 | 227,327 | |
| 9,082,883 | |||
| Electrical Equipment 0.8% | |||
| Gates Global LLC, 2017 Repriced Term Loan B, (3 mo. LIBOR + 3.00% 1.00% | |||
| Floor), 4.69%, 04/01/24 | 2,457 | 2,474,645 |
7
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| Electrical Equipment (continued) | |||
| Generac Power Systems, Inc., 2017 1st Lien Term Loan B, (3 mo. | |||
| LIBOR + 2.00%), 3.69%, 05/31/23 | USD | 253 | $ 253,869 |
| 2,728,514 | |||
| Electronic Equipment, Instruments & Components 0.2% | |||
| EXC Holdings III Corp., 2017 1st Lien Term Loan, (6 mo. LIBOR + 3.50% 1.00% Floor), 5.16%, | |||
| 12/02/24 | 575 | 581,469 | |
| Energy Equipment & Services 1.1% | |||
| Exgen Texas Power LLC, Term Loan B, (3 mo. LIBOR + 4.75% 1.00% Floor), 1.47%, 09/16/21 | 524 | 333,112 | |
| Gavilan Resources LLC, 2nd Lien Term Loan, (1 mo. LIBOR + | |||
| 6.00% 1.00% Floor), 7.56%, 03/01/24 | 1,567 | 1,570,259 | |
| Ocean Rig UDW Inc., Term Loan, (Fixed + 8.00%), 8.00%, 09/20/24 | 81 | 81,759 | |
| Pioneer Energy Services Corp., Term Loan, (1 mo. LIBOR + 7.75% 1.00% Floor), 9.31%, 11/08/22 (b) | 520 | 538,200 | |
| Seadrill Partners Finco LLC, Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.69%, | |||
| 02/21/21 | 402 | 353,027 | |
| Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 2.30%), 3.88%, 07/13/20 | 790 | 772,397 | |
| 3,648,754 | |||
| Food & Staples Retailing 1.7% | |||
| BJs Wholesale Club, Inc., 2017 1st Lien Term Loan, (2 mo. LIBOR + 3.50% 1.00% Floor), 4.95%, | |||
| 02/03/24 | 1,145 | 1,143,836 | |
| Diplomat Pharmacy, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.50% 1.00% Floor), 6.07%, 12/12/24 | 590 | 593,688 | |
| Hostess Brands LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%), 3.82%, 08/03/22 | 1,688 | 1,698,678 | |
| US Foods, Inc., 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 4.07%, 06/27/23 | 2,550 | 2,574,638 | |
| 6,010,840 | |||
| Food Products 3.2% | |||
| Albertsons, LLC, 2017 Term Loan B4, (1 mo. LIBOR + 2.75%), 4.32%, 08/25/21 | 1,235 | 1,227,623 | |
| Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.07%, 10/10/23 | 1,673 | 1,685,287 |
| Security | Value | ||
|---|---|---|---|
| Food Products (continued) | |||
| Dole Food Co., Inc., 2017 Term Loan B, (PRIME + 1.75%), 4.31%, 04/06/24 | USD | 642 | $ 643,480 |
| JBS USA LLC, 2017 Term Loan B, (3 mo. LIBOR + 2.50%), 4.10%, 10/30/22 | 2,772 | 2,750,846 | |
| Pinnacle Foods Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.56%, 02/02/24 | 1,604 | 1,616,919 | |
| Reddy Ice Corp.: | |||
| 1st Lien Term Loan, (PRIME + 4.50%), 7.25%, 05/01/19 | 957 | 951,183 | |
| 2nd Lien Term Loan, (3 mo. LIBOR + 9.50%), 11.20%, 11/01/19 | 328 | 305,040 | |
| Reynolds Group Holdings, Inc., 2017 Term Loan, (1 mo. LIBOR | |||
| + 2.75%), 4.32%, 02/05/23 | 1,703 | 1,715,392 | |
| 10,895,770 | |||
| Health Care Equipment & Supplies 3.6% | |||
| Cotiviti Corp., Term Loan B, (3 mo. LIBOR + 2.50%), 4.20%, 09/28/23 | 1,037 | 1,043,767 | |
| CryoLife, Inc., Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.69%, 11/14/24 (b) | 1,130 | 1,144,125 | |
| DJO Finance LLC, 2015 Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.82%, 06/08/20 | 3,812 | 3,764,948 | |
| Immucor, Inc., Extended Term Loan B, (2 mo. LIBOR + 5.00% 1.00% | |||
| Floor), 6.65%, 06/15/21 | 2,199 | 2,240,404 | |
| Mallinckrodt International Finance SA, Term Loan B, (3 mo. LIBOR + | |||
| 2.75%), 4.44%, 09/24/24 | 900 | 897,290 | |
| Ortho-Clinical Diagnostics SA, Term Loan B, (3 mo. LIBOR + 3.75% 1.00% | |||
| Floor), 5.44%, 06/30/21 | 2,733 | 2,756,001 | |
| YI LLC (b): | |||
| 2017 1st Lien Delayed Draw Term Loan, 5.64%, 11/07/24 | 56 | 56,400 | |
| 2017 1st Lien Term Loan, (1 Week LIBOR + 4.00% 1.00% Floor), 5.69%, 11/07/24 | 620 | 621,550 | |
| 12,524,485 | |||
| Health Care Providers & Services 6.4% | |||
| Acadia Healthcare Co., Inc.: | |||
| Term Loan B1, (1 mo. LIBOR + 2.75%), 4.32%, 02/11/22 | 281 | 282,816 | |
| Tranche B-2 Term Loan, (1 mo. LIBOR + | |||
| 2.75%), 4.31%, 02/16/23 | 1,278 | 1,287,819 |
8
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| Health Care Providers & Services (continued) | |||
| Air Medical Group Holdings, Inc., 2017 Term Loan B2, 4.25%, 09/07/24 | USD | 890 | $ 900,457 |
| Auris Luxembourg III Sarl, 2017 Term Loan B7, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.69%, | |||
| 01/17/22 | 1,491 | 1,502,344 | |
| CHG Healthcare Services Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.77%, | |||
| 06/07/23 | 2,073 | 2,095,360 | |
| Community Health Systems, Inc., Term Loan G, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.23%, 12/31/19 | 294 | 290,019 | |
| Concentra Inc., 2018 1st Lien Term Loan, 06/01/22 (g) | 1,153 | 1,163,089 | |
| Curo Health Services Holdings, Inc., 2015 1st Lien Term Loan, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.41%, | |||
| 02/07/22 | 489 | 490,780 | |
| DaVita HealthCare Partners, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 4.32%, 06/24/21 | 510 | 516,606 | |
| DuPage Medical Group, Ltd.: | |||
| 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 4.42%, 08/15/24 | 698 | 703,487 | |
| 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%), 8.42%, 08/15/25 | 245 | 245,306 | |
| Envision Healthcare Corp., 2016 Term Loan B, (1 mo. LIBOR + 3.00%), 4.58%, 12/01/23 | 3,401 | 3,412,675 | |
| Explorer Holdings, Inc., 2016 Term Loan B, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.52%, | |||
| 05/02/23 | 662 | 664,950 | |
| HC Group Holdings III, Inc., Term Loan B, (1 mo. LIBOR + 5.00% 1.00% Floor), 6.57%, 04/07/22 | 875 | 885,126 | |
| HCA, Inc., Term Loan B9, (1 mo. LIBOR + 2.00%), 3.57%, 03/17/23 | 1,670 | 1,682,796 | |
| MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.69%, | |||
| 06/07/23 | 1,420 | 1,429,644 | |
| National Mentor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.00%), 4.69%, 01/31/21 | 293 | 296,416 | |
| nThrive, Inc., 2016 1st Lien Term Loan, (1 mo. LIBOR + 4.50% 1.00% Floor), 6.07%, 10/20/22 | 1,102 | 1,107,904 | |
| NVA Holdings, Inc.: | |||
| 1st Lien Term Loan B2, (3 mo. LIBOR + 3.50%), 5.19%, 08/14/21 | 1,064 | 1,067,969 | |
| Term Loan B3, 01/30/25 (g) | 53 | 53,398 | |
| Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.32%, | |||
| 02/06/24 | 1,075 | 1,053,395 |
| Security | Value | ||
|---|---|---|---|
| Health Care Providers & Services (continued) | |||
| Vizient, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 5.07%, 02/13/23 | USD | 398 | $ 402,667 |
| WP CityMD Bidco LLC, 1st Lien Term Loan, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.69%, 06/07/24 | 579 | 581,084 | |
| 22,116,107 | |||
| Health Care Technology 1.2% | |||
| Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.32%, | |||
| 03/01/24 | 2,217 | 2,230,987 | |
| Press Ganey Holdings, Inc.: | |||
| 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.57%, 10/21/23 | 980 | 989,965 | |
| 2nd Lien Term Loan, (1 mo. LIBOR + 6.50% 1.00% Floor), 8.07%, 10/21/24 (b) | 209 | 211,860 | |
| Quintiles IMS, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 3.69%, 03/07/24 | 681 | 684,738 | |
| 4,117,550 | |||
| Hotels, Restaurants & Leisure 7.0% | |||
| Amaya Holdings BV: | |||
| 2nd Lien Term Loan, (3 mo. LIBOR + 7.00% 1.00% Floor), 8.69%, 08/01/22 | 272 | 273,428 | |
| Repriced Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.19%, 08/01/21 | 1,617 | 1,628,304 | |
| Arbys Restaurant Group, Inc., 1st Lien Term Loan, | |||
| 01/17/25 (g) | 985 | 997,913 | |
| Aristocrat Leisure Ltd., 2017 Incremental Term Loan, (3 mo. LIBOR + 2.00%), 3.74%, 10/19/24 | 870 | 876,159 | |
| Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.50%), 3.97%, 09/15/23 | 1,140 | 1,147,474 | |
| Bronco Midstream Funding LLC, Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.44%, | |||
| 08/15/20 | 1,301 | 1,315,509 | |
| Burger King Newco Unlimited Liability Co., Term Loan B3, (1 mo. LIBOR + 2.25% 1.00% Floor), | |||
| 3.94%, 02/16/24 | 4,453 | 4,477,517 | |
| Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 4.32%, | |||
| 12/22/24 | 2,733 | 2,764,785 | |
| CCM Merger, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 4.32%, 08/08/21 | 788 | 794,571 |
9
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| Hotels, Restaurants & Leisure (continued) | |||
| CEC Entertainment, Inc., Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.82%, 02/14/21 | USD | 358 | $ 347,567 |
| Cyan Blue Holdco 3 Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.50%), 5.19%, 08/23/24 | 792 | 795,980 | |
| ESH Hospitality, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.82%, 08/30/23 | 1,975 | 1,991,303 | |
| Four Seasons Hotels Ltd., 1st Lien Term Loan, (1 mo. LIBOR + 2.50%), 4.07%, 11/30/23 | 138 | 139,842 | |
| Gateway Casinos & Entertainment Ltd., Term Loan B1, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.44%, | |||
| 02/22/23 | 184 | 186,663 | |
| Hilton Worldwide Finance LLC, Term Loan B2, (1 mo. LIBOR + 2.00%), 3.56%, 10/25/23 | 1,106 | 1,113,519 | |
| La Quinta Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.47%, | |||
| 04/14/21 | 500 | 501,933 | |
| Lakeland Tours LLC, 2017 1st Lien Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.59%, | |||
| 12/15/24 | 575 | 583,344 | |
| Playa Resorts Holding BV, 2017 Term Loan B, (2 mo. LIBOR + 3.25% 1.00% Floor), 4.89%, 04/05/24 | 974 | 980,700 | |
| Scientific Games International, Inc., 2017 Term Loan B4, (1 mo. LIBOR + 3.25%), 4.82%, 08/14/24 | 2,394 | 2,406,493 | |
| Yum! Brands, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 2.00%), 3.56%, 06/16/23 | 889 | 895,450 | |
| 24,218,454 | |||
| Household Durables 0.2% | |||
| Serta Simmons Bedding LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 8.00% 1.00% Floor), 9.56%, | |||
| 11/08/24 | 696 | 652,325 | |
| Household Products 0.9% | |||
| Diamond (BC) BV, Term Loan, (2 mo. LIBOR + 3.00%), 4.65%, 09/06/24 | 647 | 643,653 | |
| Spectrum Brands, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 3.40%, 06/23/22 | 2,345 | 2,354,732 | |
| 2,998,385 | |||
| Independent Power and Renewable Electricity Producers 3.1% | |||
| AES Corp., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 3.45%, 05/24/22 | 650 | 652,389 |
| Security | Value | ||
|---|---|---|---|
| Independent Power and Renewable Electricity Producers (continued) | |||
| Aria Energy Operating LLC, Term Loan, (1 mo. LIBOR + 4.50% 1.00% Floor), 6.07%, 05/27/22 (b) | USD | 672 | $ 676,363 |
| Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.07%, 01/15/25 | 775 | 778,456 | |
| Calpine Corp., Term Loan B6, (3 mo. LIBOR + 2.50% 1.00% Floor), 4.20%, 01/15/23 | 1,129 | 1,134,846 | |
| Compass Power Generation LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.39%, | |||
| 12/20/24 | 730 | 738,672 | |
| Dynegy Inc., 2017 Term Loan C2, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.31%, 02/07/24 | 1,944 | 1,962,843 | |
| Granite Acquisition, Inc.: | |||
| Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.19%, 12/19/21 | 2,013 | 2,043,611 | |
| Term Loan C, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.19%, 12/19/21 | 331 | 336,259 | |
| Nautilus Power LLC, Term Loan B, (1 mo. LIBOR + 4.25% 1.00% Floor), 5.82%, 05/16/24 | 1,579 | 1,602,272 | |
| Terra-Gen Finance Co. LLC, Term Loan B, (1 mo. LIBOR + 4.25% | |||
| 1.00% Floor), 5.82%, 12/09/21 | 786 | 683,927 | |
| 10,609,638 | |||
| Industrial Conglomerates 1.0% | |||
| Cortes NP Acquisition Corp., 2017 Term Loan B, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.57%, | |||
| 11/30/23 | 2,317 | 2,339,937 | |
| Sequa Corp., 1st Lien Term Loan, (3 mo. LIBOR + 5.00% 1.00% Floor), 6.55%, 11/28/21 | 955 | 968,435 | |
| 3,308,372 | |||
| Insurance 2.9% | |||
| Alliant Holdings I, Inc., 2015 Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), | |||
| 4.82%, 08/12/22 | 1,699 | 1,710,821 | |
| AmWINS Group, Inc.: | |||
| 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75% 1.00% Floor), 8.32%, 01/25/25 | 505 | 509,419 | |
| 2017 Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.32%, 01/25/24 | 1,144 | 1,150,597 |
10
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| Insurance (continued) | |||
| AssuredPartners, Inc., 2017 1st Lien Add-On Term Loan, (1 mo. LIBOR | |||
| + 3.50%), 5.07%, 10/22/24 | USD | 605 | $ 610,186 |
| Davis Vision Inc., 1st Lien Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.49%, | |||
| 11/01/24 | 1,136 | 1,148,780 | |
| Hub International Ltd., Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.41%, 10/02/20 | 884 | 890,254 | |
| Sedgwick Claims Management Services, Inc.: | |||
| 1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.32%, 03/01/21 | 1,942 | 1,946,742 | |
| 2nd Lien Term Loan, (1 mo. LIBOR + 5.75% 1.00% Floor), 7.32%, 02/28/22 | 1,595 | 1,612,944 | |
| Stratose Intermediate Holdings II, LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.82%, | |||
| 06/22/23 (b) | 448 | 451,108 | |
| 10,030,851 | |||
| Internet & Direct Marketing Retail 0.3% | |||
| Harbor Freight Tools USA, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.07%, 08/18/23 | 905 | 908,672 | |
| Internet Software & Services 2.0% | |||
| Go Daddy Operating Company LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%), 3.82%, 02/15/24 | 2,305 | 2,321,097 | |
| GTT Communications, Inc., 2017 Add on Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.88%, | |||
| 01/09/24 | 221 | 222,218 | |
| Inmar Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.07%, | |||
| 05/01/24 | 647 | 648,975 | |
| Intralinks, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.00%), 5.70%, 11/11/24 | 695 | 694,569 | |
| Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.38%, | |||
| 11/03/23 | 2,035 | 2,052,684 | |
| TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75% 1.00% Floor), 5.32%, | |||
| 05/06/24 | 950 | 954,976 | |
| 6,894,519 | |||
| IT Services 8.0% | |||
| Cologix, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.46%, | |||
| 03/20/24 | 1,077 | 1,077,315 |
| Security | Value | ||
|---|---|---|---|
| IT Services (continued) | |||
| First Data Corp.: | |||
| 2022 Term Loan, (1 mo. LIBOR + 2.25%), 3.81%, 07/08/22 | USD | 1,229 | $ 1,237,099 |
| 2024 Term Loan, (1 mo. LIBOR + 2.25%), 3.81%, 04/26/24 | 6,296 | 6,340,838 | |
| Term Loan A, (1 mo. LIBOR + 1.75%), 3.31%, 06/02/20 | 379 | 378,820 | |
| NeuStar, Inc.: | |||
| Term Loan B1, (3 mo. LIBOR + 3.25%), 4.65%, 01/08/20 | 129 | 129,504 | |
| Term Loan B2, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.15%, 08/08/24 | 474 | 479,165 | |
| Optiv Security, Inc.: | |||
| 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.63%, 02/01/24 | 2,259 | 2,145,321 | |
| 2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 8.63%, 02/01/25 | 700 | 639,497 | |
| Peak 10, Inc.: | |||
| 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.19%, 08/01/24 | 838 | 841,738 | |
| 2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 8.63%, 08/01/25 | 995 | 999,975 | |
| Sabre Global Inc., Incremental Term Loan B, (1 mo. LIBOR + 2.25% 1.00% Floor), 3.82%, | |||
| 02/22/24 | 1,566 | 1,576,048 | |
| TKC Holdings, Inc.: | |||
| 2017 1st Lien Term Loan, (2 mo. LIBOR + 4.25% 1.00% Floor), 5.91%, 02/01/23 | 1,417 | 1,433,350 | |
| 2017 2nd Lien Term Loan, (3 mo. LIBOR + 8.00% 1.00% Floor), 9.78%, 02/01/24 | 985 | 990,910 | |
| Trans Union LLC, Term Loan B3, (1 mo. LIBOR + 2.00%), 3.57%, 04/10/23 | 2,997 | 3,014,663 | |
| Vantiv LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.56%, 10/14/23 | 668 | 672,159 | |
| VF Holding Corp., Reprice Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.82%, 06/30/23 | 2,928 | 2,957,949 |
11
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| IT Services (continued) | |||
| WEX, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.25%), 3.82%, 06/30/23 | USD | 2,415 | $ 2,441,712 |
| 27,356,063 | |||
| Leisure Products 0.2% | |||
| MND Holdings III Corp., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.44%, 06/19/24 (b) | 642 | 649,373 | |
| Life Sciences Tools & Services 0.8% | |||
| Albany Molecular Research, Inc.: | |||
| 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.82%, 08/30/24 | 1,218 | 1,222,515 | |
| 2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00% 1.00% Floor), 8.57%, 08/30/25 (b) | 560 | 560,000 | |
| Parexel International Corp., Term Loan B, (1 mo. LIBOR + 2.75%), 4.32%, 09/27/24 | 1,018 | 1,025,831 | |
| 2,808,346 | |||
| Machinery 2.4% | |||
| Clark Equipment Co., 2017 Term Loan B, (3 mo. LIBOR + 2.50%), 4.19%, 05/18/24 | 689 | 695,499 | |
| Columbus McKinnon Corp., Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.69%, 01/31/24 (b) | 124 | 125,548 | |
| Faenza Acquisition GmbH: | |||
| Term Loan B1, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.23%, 08/30/20 | 536 | 535,087 | |
| Term Loan B3, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.23%, 08/30/20 | 164 | 163,856 | |
| Gardner Denver, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.75%), 4.44%, 07/30/24 | 1,469 | 1,475,552 | |
| Hayward Industries, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.07%, 08/05/24 | 1,004 | 1,010,910 | |
| Infiltrator Systems, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.69%, | |||
| 05/27/22 | 1,201 | 1,212,793 | |
| Mueller Water Products, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.50%), 4.07%, 11/25/21 (b) | 485 | 490,557 | |
| Rexnord LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.81%, 08/21/24 | 665 | 670,239 |
| Security | Value | ||
|---|---|---|---|
| Machinery (continued) | |||
| Signode Industrial Group US, Inc., Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.32%, | |||
| 05/04/21 | USD | 509 | $ 508,638 |
| Tecomet Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.88%, 05/01/24 | 1,201 | 1,215,633 | |
| 8,104,312 | |||
| Media 10.3% | |||
| Altice Financing SA: | |||
| 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 4.47%, 01/31/26 | 431 | 424,010 | |
| 2017 Term Loan B, (3 mo. LIBOR + 2.75%), 4.47%, 07/15/25 | 167 | 164,941 | |
| Altice US Finance I Corp., 2017 Term Loan, (1 mo. LIBOR + 2.25%), 3.82%, 07/28/25 | 3,481 | 3,485,445 | |
| CBS Radio Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.75%), 4.17%, 11/17/24 | 529 | 531,746 | |
| Charter Communications Operating LLC: | |||
| 2017 Term Loan A2, 03/31/23 (g) | 1,773 | 1,772,112 | |
| 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.58%, 04/30/25 | 2,110 | 2,121,994 | |
| CSC Holdings LLC: | |||
| 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.25%), 3.81%, 07/17/25 | 2,604 | 2,607,150 | |
| 2018 Term Loan B, 01/12/26 (g) | 1,045 | 1,052,190 | |
| DHX Media Ltd., Term Loan B, (1 mo. LIBOR + 3.75% 1.00% Floor), 5.32%, 12/29/23 (b) | 483 | 486,194 | |
| Getty Images, Inc., Term Loan B, (1 Week LIBOR + 3.50%), 5.19%, 10/18/19 | 353 | 333,697 | |
| Gray Television, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.81%, 02/07/24 | 396 | 398,618 | |
| Hemisphere Media Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%), 5.07%, 02/08/24 | 968 | 928,413 | |
| Houghton Mifflin Harcourt Publishing Co., 2015 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.57%, | |||
| 05/31/21 | 356 | 334,295 |
12
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| Media (continued) | |||
| iHeartCommunications, Inc.: | |||
| Extended Term Loan E, (3 mo. LIBOR + 7.50%), 9.19%, 07/30/19 | USD | 315 | $ 239,926 |
| Term Loan D, (3 mo. LIBOR + 6.75%), 8.44%, 01/30/19 | 3,806 | 2,908,877 | |
| Learfield Communications LLC (b) : | |||
| 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.83%, 12/01/23 | 1,161 | 1,172,942 | |
| 2017 1st Lien Term Loan, 12/01/23 (g) | 387 | 390,706 | |
| Live Nation Entertainment, Inc., Term Loan B3, (1 mo. LIBOR + 2.25%), 3.88%, 10/31/23 | 292 | 294,719 | |
| Mediacom Illinois LLC, Term Loan K, (1 Week LIBOR + 2.25%), 3.72%, 02/15/24 (b) | 492 | 497,793 | |
| Mission Broadcasting, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.50%), 4.07%, 01/17/24 | 103 | 103,344 | |
| Nexstar Broadcasting, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.50%), 4.07%, 01/17/24 | 824 | 828,632 | |
| Numericable Group SA, Term Loan B12, (3 mo. LIBOR + 3.00%), 4.72%, 01/31/26 | 337 | 324,232 | |
| PSAV Holdings LLC, Term Loan B, (2 mo. LIBOR + 3.50% 1.00% Floor), 4.88%, 04/27/24 (b) | 1,129 | 1,132,148 | |
| Radiate Holdco LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.57%, 02/01/24 | 630 | 631,927 | |
| SBA Senior Finance II LLC, Term Loan B1, (1 mo. LIBOR + 2.25%), 3.83%, 03/24/21 | 2,648 | 2,665,063 | |
| Sinclair Television Group Inc., 2017 Term Loan B, | |||
| 12/12/24 (g) | 755 | 761,289 | |
| Sinclair Television Group, Inc., Term Loan B2, (1 mo. LIBOR + 2.25%), 3.83%, 01/03/24 | 628 | 630,647 | |
| Trader Corp., 2017 Term Loan B, (OR + 3.00% 1.00% Floor), 4.69%, 09/28/23 | 884 | 884,812 | |
| Tribune Media Co., Term Loan C, (1 mo. LIBOR + 3.00%), 4.57%, 01/27/24 | 2,255 | 2,257,683 | |
| Unitymedia Finance LLC, Term Loan B, (1 mo. LIBOR + 2.25%), 3.81%, 09/30/25 | 1,245 | 1,247,590 | |
| Univision Communications, Inc., Term Loan C5, (1 mo. LIBOR + 2.75% 1.00% Floor), | |||
| 4.32%, 03/15/24 | 171 | 171,509 |
| Security | Value | ||
|---|---|---|---|
| Media (continued) | |||
| Virgin Media Bristol LLC, 2017 Term Loan, (1 mo. LIBOR + 2.50%), 4.06%, 01/15/26 | USD | 2,416 | $ 2,429,433 |
| William Morris Endeavor Entertainment LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), | |||
| 4.83%, 05/06/21 | 149 | 149,354 | |
| Ziggo Secured Finance Partnership, Term Loan E, (1 mo. LIBOR + 2.50%), 4.06%, 04/15/25 | 1,150 | 1,148,954 | |
| 35,512,385 | |||
| Metals & Mining 0.3% | |||
| AMG Advanced Metallurgical Group NV, 2018 Term Loan B, | |||
| 01/29/25 (b)(g) | 750 | 755,625 | |
| WireCo WorldGroup, Inc., 2016 1st Lien Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), | |||
| 6.98%, 09/30/23 | 454 | 456,526 | |
| 1,212,151 | |||
| Multiline Retail 0.6% | |||
| Eyemart Express LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.56%, 08/04/24 | 604 | 606,131 | |
| Hudsons Bay Co., 2015 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), | |||
| 4.72%, 09/30/22 | 1,360 | 1,312,427 | |
| 1,918,558 | |||
| Oil, Gas & Consumable Fuels 4.8% | |||
| BCP Raptor LLC, Term Loan B, (3 mo. LIBOR + 4.25% 1.00% Floor), 5.73%, 06/24/24 | 1,080 | 1,087,672 | |
| BCP Renaissance Parent LLC, 2017 Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), | |||
| 5.77%, 10/31/24 | 1,300 | 1,315,444 | |
| California Resources Corp.: | |||
| 2017 1st Lien Term Loan, (1 mo. LIBOR + 4.75%), 6.31%, 12/31/22 | 1,492 | 1,518,140 | |
| Second Out Term Loan, (1 mo. LIBOR + 10.37%), 11.94%, 12/31/21 | 1,327 | 1,503,364 | |
| Chesapeake Energy Corp., Term Loan, (3 mo. LIBOR + 7.50% 1.00% Floor), 8.95%, 08/23/21 | 1,642 | 1,755,954 | |
| CITGO Holding, Inc., 2015 Term Loan B, (3 mo. LIBOR + 8.50% 1.00% Floor), 10.19%, 05/12/18 | 612 | 615,122 | |
| CONSOL Energy, Inc.: | |||
| 1st Lien Term Loan A, 11/26/21 (b)(g) | 245 | 244,388 |
13
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| Oil, Gas & Consumable Fuels (continued) | |||
| CONSOL Energy, Inc. (continued): | |||
| 1st Lien Term Loan B, (3 mo. LIBOR + 6.00% 1.00% Floor), 7.47%, 10/26/22 | USD | 525 | $ 535,060 |
| EWT Holdings III Corp., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 4.69%, 12/20/24 | 896 | 904,108 | |
| Medallion Midland Acquisition LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.82%, | |||
| 10/30/24 (b) | 963 | 967,815 | |
| MEG Energy Corp., 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.20%, 12/31/23 | 1,397 | 1,401,147 | |
| PowerTeam Services LLC: | |||
| 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.94%, 05/06/20 | 302 | 303,259 | |
| 2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 8.94%, 11/06/20 | 285 | 285,713 | |
| Ultra Resources, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.41%, 04/12/24 (b) | 887 | 890,326 | |
| Veresen Midstream LP, Reprice Term Loan B, (3 mo. LIBOR + 3.00%), 4.69%, 03/31/22 | 1,664 | 1,681,011 | |
| Vine Oil & Gas LP, Term Loan B, (1 mo. LIBOR + 6.87% 1.00% Floor), 8.45%, 12/12/21 (b) | 740 | 738,150 | |
| Woodford Express, LLC, 2018 Term Loan B, | |||
| 01/17/25 (b)(g) | 925 | 920,375 | |
| 16,667,048 | |||
| Personal Products 1.3% | |||
| Clover Merger Sub, Inc.: | |||
| 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.07%, 09/26/24 | 2,364 | 2,336,297 | |
| 2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.75% 1.00% Floor), 9.32%, 09/26/25 | 1,075 | 1,023,938 | |
| Prestige Brands, Inc., Term Loan B4, (1 mo. LIBOR + 2.75%), 4.32%, 01/26/24 | 1,128 | 1,137,563 | |
| 4,497,798 | |||
| Pharmaceuticals 2.3% | |||
| Akorn, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 5.88%, 04/16/21 (b) | 1,535 | 1,537,220 |
| Security | Value | ||
|---|---|---|---|
| Pharmaceuticals (continued) | |||
| Grifols Worldwide Operations USA, Inc., 2017 Acquisition Term Loan, (1 Week LIBOR + 2.25%), | |||
| 3.72%, 01/31/25 | USD | 2,499 | $ 2,513,517 |
| Jaguar Holding Co. II, 2017 Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.32%, 08/18/22 | 2,389 | 2,405,798 | |
| Valeant Pharmaceuticals International, Inc., Series F4 Term Loan B, (1 mo. LIBOR + 3.50%), 5.06%, | |||
| 04/01/22 | 1,612 | 1,635,742 | |
| 8,092,277 | |||
| Professional Services 1.3% | |||
| Cast and Crew Payroll LLC, 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00%), | |||
| 4.70%, 09/27/24 | 1,447 | 1,460,175 | |
| Information Resources, Inc., 1st Lien Term Loan, (OR + 4.25% 1.00% Floor), 5.81%, 01/18/24 | 476 | 479,139 | |
| Research Now Group, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), | |||
| 7.13%, 12/20/24 | 780 | 766,350 | |
| SIRVA Worldwide, Inc., 2016 Term Loan, (3 mo. LIBOR + 6.50% 1.00% Floor), 8.20%, 11/14/22 (b) | 483 | 489,463 | |
| Sterling Infosystems, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), | |||
| 5.07%, 06/20/22 | 1,170 | 1,175,855 | |
| 4,370,982 | |||
| Real Estate Investment Trusts (REITs) 1.2% | |||
| Capital Automotive LP, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.50% 1.00% Floor), 4.08%, | |||
| 03/24/24 | 470 | 472,291 | |
| MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, (1 mo. LIBOR + 2.25%), | |||
| 3.82%, 04/25/23 | 2,831 | 2,851,038 | |
| RHP Hotel Properties LP, 2017 Term Loan B, (3 mo. LIBOR + 2.25%), 3.67%, 05/11/24 | 834 | 838,393 | |
| 4,161,722 | |||
| Real Estate Management & Development 1.5% | |||
| CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.07%, 04/18/24 | 2,210 | 2,225,635 | |
| DTZ US Borrower LLC, 2015 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.02%, | |||
| 11/04/21 | 174 | 174,081 | |
| Realogy Corp.: | |||
| 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.82%, 07/20/22 | 1,399 | 1,408,742 |
14
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| Real Estate Management & Development (continued) | |||
| Realogy Corp. (continued): | |||
| 2018 Term Loan B, 01/25/25 (g) | USD | 69 | $ 69,434 |
| Term Loan A, (1 mo. LIBOR + 2.00%), 3.56%, 10/23/20 | 629 | 627,288 | |
| SMG (Stadium Management Group), 2017 1st Lien Term Loan, (2 mo. LIBOR + 3.25%), | |||
| 4.89%, 01/11/25 | 595 | 601,694 | |
| 5,106,874 | |||
| Road & Rail 0.9% | |||
| PODS LLC, Term Loan B3, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.56%, 12/06/24 | 2,295 | 2,317,193 | |
| Road Infrastructure Investment LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), | |||
| 5.07%, 06/13/23 | 760 | 760,375 | |
| 3,077,568 | |||
| Semiconductors & Semiconductor Equipment 0.5% | |||
| Cavium, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.82%, 08/16/22 (b) | 500 | 503,533 | |
| MaxLinear, Inc., Term Loan B, (1 mo. LIBOR + 2.50%), 4.06%, 05/12/24 (b) | 221 | 222,736 | |
| Microsemi Corp., 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.00%), 3.56%, 01/15/23 | 238 | 238,981 | |
| ON Semiconductor Corp., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.57%, 03/31/23 | 333 | 335,555 | |
| Versum Materials, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 3.69%, 09/29/23 | 583 | 586,634 | |
| 1,887,439 | |||
| Software 12.7% | |||
| Almonde, Inc.: | |||
| 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.98%, 06/13/24 | 1,227 | 1,233,182 | |
| 2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 8.73%, 06/13/25 | 337 | 338,938 | |
| Applied Systems, Inc.: | |||
| 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.94%, 09/19/24 | 1,283 | 1,295,291 | |
| 2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00% 1.00% Floor), 8.69%, 09/19/25 | 302 | 311,867 |
| Security | Value | ||
|---|---|---|---|
| Software (continued) | |||
| Aptean, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 5.95%, 12/20/22 | USD | 675 | $ 678,558 |
| Barracuda Networks, Inc., 1st Lien Term Loan, | |||
| 01/03/25 (g) | 595 | 600,504 | |
| BMC Software Finance, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), | |||
| 4.82%, 09/10/22 | 2,774 | 2,787,780 | |
| Cypress Intermediate Holdings, Inc.: | |||
| 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.58%, 04/27/24 | 563 | 566,206 | |
| 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75% 1.00% Floor), 8.32%, 04/27/25 | 496 | 506,852 | |
| Dell Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.58%, 09/07/23 | 1,535 | 1,540,475 | |
| Digicel International Finance Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.75%), | |||
| 5.52%, 05/28/24 | 1,341 | 1,354,046 | |
| DTI Holdco, Inc., 2016 Term Loan B, (2 mo. LIBOR + 5.25% 1.00% Floor), 7.02%, 09/30/23 | 889 | 896,124 | |
| Flexera Software LLC, 2018 1st Lien Term | |||
| Loan, 01/23/25 (g) | 380 | 382,850 | |
| Hyland Software, Inc.: | |||
| 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.82%, 07/01/22 | 892 | 897,575 | |
| 2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 8.57%, 07/07/25 (b) | 260 | 266,500 | |
| Infor (US), Inc., Term Loan B6, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.44%, 02/01/22 | 2,281 | 2,292,749 | |
| Informatica Corp., 2018 Term Loan, (3 mo. LIBOR + 3.25%), 4.94%, 08/05/22 | 1,730 | 1,738,525 | |
| IQOR US, Inc., Term Loan B, (3 mo. LIBOR + 5.00% 1.00% Floor), 6.69%, 04/01/21 | 791 | 789,964 | |
| Kronos, Inc.: | |||
| 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.90%, 11/01/23 | 2,807 | 2,833,170 | |
| 2nd Lien Term Loan, (3 mo. LIBOR + 8.25% 1.00% Floor), 9.63%, 11/01/24 | 1,045 | 1,086,800 | |
| LANDesk Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.25% 1.00% Floor), 5.83%, 01/20/24 | 19 | 18,657 |
15
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| Software (continued) | |||
| MA FinanceCo. LLC, Term Loan B3, (1 mo. LIBOR + 2.75%), 4.32%, 06/21/24 | USD | 160 | $ 161,116 |
| McAfee LLC, 2017 Term Loan B, (1 mo. LIBOR + 4.50% 1.00% Floor), 6.07%, 09/30/24 | 1,147 | 1,157,782 | |
| Mitchell International, Inc.: | |||
| 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.94%, 11/29/24 | 2,437 | 2,446,984 | |
| 2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 8.94%, 11/20/25 | 785 | 791,625 | |
| Project Alpha Intermediate Holding, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.04%, | |||
| 04/26/24 | 770 | 752,855 | |
| Project Leopard Holdings, Inc., Term Loan B, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.19%, | |||
| 07/07/23 | 534 | 537,334 | |
| Prometric, Inc., 1st Lien Term | |||
| Loan, 01/08/25 (g) | 240 | 242,700 | |
| Seattle Spinco, Inc., Term Loan B3, (1 mo. LIBOR + 2.75%), 4.32%, 06/21/24 | 1,083 | 1,088,057 | |
| SolarWinds Holdings, Inc., 2017 Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.07%, | |||
| 02/05/23 | 1,970 | 1,979,222 | |
| Solera LLC, Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.82%, 03/03/23 | 2,445 | 2,462,190 | |
| Sophia LP, 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.94%, 09/30/22 | 2,730 | 2,745,386 | |
| SS&C Technologies, Inc.: | |||
| 2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 3.82%, 07/08/22 | 2,449 | 2,462,005 | |
| 2017 Term Loan B2, (1 mo. LIBOR + 2.25%), 3.82%, 07/08/22 | 38 | 38,217 | |
| Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 3.00%), 4.57%, 05/01/24 | 2,040 | 2,048,684 | |
| Tibco Software Inc., Repriced Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.07%, | |||
| 12/04/20 | 1,484 | 1,492,320 |
| Security | Value | ||
|---|---|---|---|
| Software (continued) | |||
| Veritas Bermuda Ltd., Repriced Term Loan B, (3 mo. LIBOR + 4.50% 1.00% Floor), 6.19%, | |||
| 01/27/23 | USD | 750 | $ 753,417 |
| 43,576,507 | |||
| Specialty Retail 2.2% | |||
| Academy Ltd., 2015 Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.49%, 07/01/22 | 854 | 685,195 | |
| Belron SA, Term Loan B, (3 mo. LIBOR + 2.50%), 3.89%, 11/07/24 | 1,510 | 1,526,353 | |
| Leslies Poolmart, Inc., 2016 Term Loan, (2 mo. LIBOR + 3.75% 1.00% Floor), 5.37%, | |||
| 08/16/23 | 1,247 | 1,249,813 | |
| Michaels Stores, Inc., 2016 Term Loan B1, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.32%, 01/30/23 | 789 | 794,177 | |
| National Vision, Inc., 2017 Repriced Term Loan, (1 mo. LIBOR + 2.75%), 4.32%, 11/20/24 | 527 | 529,189 | |
| Party City Holdings, Inc., 2016 Term Loan, (3 mo. LIBOR + 3.00%), 4.70%, 08/19/22 | 547 | 549,682 | |
| Petco Animal Supplies, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.77%, | |||
| 01/26/23 | 531 | 401,036 | |
| PetSmart, Inc., Term Loan B2, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.57%, 03/11/22 | 111 | 90,283 | |
| Staples, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.49%, 09/12/24 | 1,001 | 995,374 | |
| Things Remembered, Inc., 2016 Term Loan, (PIK + 11.00%), 6.00%, 02/29/20 (b) | 645 | | |
| TruGreen Limited Partnership, 2017 Term Loan, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.54%, | |||
| 04/13/23 | 712 | 719,484 | |
| 7,540,586 | |||
| Technology Hardware, Storage & Peripherals 0.9% | |||
| Western Digital Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.56%, 04/29/23 | 3,033 | 3,053,143 | |
| Textiles, Apparel & Luxury Goods 0.5% | |||
| Ascend Performance Materials Operations LLC, Term Loan B, (3 mo. LIBOR + 5.25% 1.00% Floor), 6.94%, | |||
| 08/12/22 (b) | 1,474 | 1,485,431 |
16
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | ||
|---|---|---|---|
| Textiles, Apparel & Luxury Goods (continued) | |||
| Varsity Brands, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.07%, 12/15/24 | USD | 330 | $ 333,439 |
| 1,818,870 | |||
| Thrifts & Mortgage Finance 0.5% | |||
| IG Investment Holdings LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), | |||
| 5.19%, 10/29/21 | 1,681 | 1,697,490 | |
| Trading Companies & Distributors 1.3% | |||
| Beacon Roofing Supply, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.25%), 3.82%, 01/02/25 | 1,981 | 1,995,501 | |
| HD Supply, Inc.: | |||
| Term Loan B3, (3 mo. LIBOR + 2.25%), 3.94%, 08/13/21 | 1,461 | 1,473,492 | |
| Term Loan B4, (3 mo. LIBOR + 2.50%), 4.19%, 10/17/23 | 619 | 624,566 | |
| Nexeo Solutions LLC, 2017 Repriced Term Loan, (3 mo. LIBOR + 3.25%), 4.94%, 06/09/23 | 152 | 154,210 | |
| Oxbow Carbon LLC, 2017 Repriced Term | |||
| Loan, 12/14/22 (b)(g) | 175 | 176,750 | |
| 4,424,519 | |||
| Transportation 0.6% | |||
| Direct ChassisLink Inc., 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.57%, 06/15/23 (b) | 430 | 439,675 | |
| Gruden Acquisition, Inc., 2017 Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), | |||
| 7.19%, 08/18/22 | 480 | 483,892 | |
| Safe Fleet Acquisition, Corp.(g): | |||
| 2018 1st Lien Term Loan, 01/22/25 | 695 | 698,690 | |
| 2018 2nd Lien Term Loan, 01/22/26 | 305 | 307,288 | |
| 1,929,545 | |||
| Utilities 0.1% | |||
| ExGen Renewables IV LLC, Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.47%, 11/28/24 | 305 | 308,813 | |
| Wireless Telecommunication Services 2.6% | |||
| GEO Group, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.25%), 3.95%, 03/22/24 | 1,490 | 1,495,791 | |
| Ligado Networks LLC, PIK Exit Term Loan (9.75% PIK), 9.75%, 12/07/20 | 4,148 | 3,837,148 |
| Security | |||
|---|---|---|---|
| Wireless Telecommunication Services (continued) | |||
| VICI Properties 1 LLC, Replacement Term Loan B, (1 mo. LIBOR + 2.25%), 3.81%, 12/20/24 | USD | 3,450 | $ 3,475,124 |
| 8,808,063 | |||
| Total Floating Rate Loan Interests 133.5% (Cost $458,159,429) | 459,152,890 | ||
| Investment Companies 2.0% | |||
| United States 2.0% | |||
| iShares iBoxx USD High Yield Corporate Bond | |||
| ETF (j) | 49,000 | 4,277,700 | |
| SPDR Bloomberg Barclays Short Term High Yield Bond ETF | 90,000 | 2,496,600 | |
| Total Investment Companies 2.0% (Cost $6,783,358) | 6,774,300 | ||
| Other Interests (h) 0.0% | |||
| Afghanistan 0.0% | |||
| Lear Corp. Escrow (b) | USD | 500 | 5 |
| United States 0.0% | |||
| Millennium Corp. (b) | 1921 | | |
| Total Other Interests 0.0% (Cost $) | 5 | ||
| Rights 0.0% | |||
| Electric Utilities 0.0% | |||
| Vista Energy (a)(b) | 28,707 | 26,985 | |
| Warrants 0.0% (a) | |||
| Chemicals 0.0% | |||
| British Vita Holdings Co. (Non-Expiring) (b) | 166 | | |
| Metals & Mining 0.0% | |||
| AFGlobal Corp. (Expires12/20/20) (b) | 2,642 | | |
| Software 0.0% | |||
| Bankruptcy Management Solutions, Inc., (Expires | |||
| 07/01/19) (b) | 195 | | |
| Bankruptcy Management Solutions, Inc., (Expires | |||
| 07/01/20) (b) | 292 | |
17
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)
| Security | Value | |
|---|---|---|
| Software (continued) | ||
| Bankruptcy Management Solutions, Inc., (Expires 07/02/18) (b) | 181 | $ |
| HMH Holdings/EduMedia (Issued/exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price | ||
| $42.27) (b) | 1,501 | 4 |
| Total Warrants 0.0% (Cost $50,055) | 4 | |
| Total Long-Term Investments 145.5% (Cost $499,705,511) | 500,690,372 |
| Security | Value | |
|---|---|---|
| Options Purchased 0.1% (Cost $86,373) | $147,136 | |
| Total Investments 145.6% (Cost $499,791,884) | 500,837,508 | |
| Liabilities in Excess of Other Assets (45.6)% | (156,882,893 | ) |
| Net Assets 100.0% | $ 343,954,615 |
(a) Non-income producing security.
(b) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(c) Floating rate security. Rate shown is the rate in effect as of period end.
(d) 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.
(e) Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
(f) Variable rate security. Rate shown is the rate in effect as of period end.
(g) Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(h) Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(i) Issuer filed for bankruptcy and/or is in default.
(j) During the period ended January 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Trust were as follows:
| Affiliate Persons and/or Related Parties — BlackRock Liquidity Funds, T-Fund, Institutional Class | 1,895,053 | | (1,895,053 | | Value at 01/31/18 — $ | Income — $ 7,026 | Net Realized Gain (Loss) (a) — $ 8 | Change in Unrealized Appreciation (Depreciation) — $ | |
|---|---|---|---|---|---|---|---|---|---|
| iShares iBoxx USD High Yield Corporate Bond ETF | 19,000 | 30,000 | | 49,000 | 4,277,700 | 42,865 | | (6,550 | ) |
| $ 4,277,700 | $ 49,891 | $ 8 | $ (6,550 | ) |
(a) Includes net capital gain distributions, if applicable.
(b) Represents net shares sold.
For Trust compliance purposes, the Trusts industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
18
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Float Rate Income Trust (BGT)
| Portfolio Abbreviations | |
|---|---|
| CLO | Collateralized Loan Obligation |
| DIP | Debtor-In-Possession |
| ETF | Exchange-Traded Fund |
| GBP | British Pound |
| LIBOR | London Interbank Offered Rate |
| PIK | Payment-In-Kind |
| SPDR | Standard & Poors Depository Receipts |
| USD | U.S. Dollar |
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts
| CurrencyPurchased — USD | 848,028 | Currency Sold — GBP | 625,000 | Counterparty — JPMorgan Chase Bank N.A. | 02/05/18 | Unrealized Appreciation (Depreciation) — $ (39,480 | ) |
|---|---|---|---|---|---|---|---|
| USD | 884,117 | GBP | 623,000 | Barclays Bank PLC | 03/05/18 | (1,471 | ) |
| Net Unrealized Depreciation | $ (40,951 | ) |
OTC Interest Rate Swaptions Purchased
| Description | Received by the Trust | Counterparty | Value | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Rate | Frequency | Rate | Frequency | |||||||
| Put | ||||||||||
| 10-Year Interest Rate Swap, 03/02/28 | 2.62 % | Semi-annual | 3-Month LIBOR | Quarterly | JPMorgan Chase Bank N.A. | 02/28/18 | 2.62 % | USD | 900 | $ 12,777 |
| 10-Year Interest Rate Swap, 03/02/28 | 2.65 | Semi-annual | 3-Month LIBOR | Quarterly | JPMorgan Chase Bank N.A. | 02/28/18 | 2.65 | USD | 800 | 9,753 |
| 10-Year Interest Rate Swap, 04/18/28 | 2.75 | Semi-annual | 3-Month LIBOR | Quarterly | JPMorgan Chase Bank N.A. | 04/16/18 | 2.75 | USD | 6,900 | 78,110 |
| 10-Year Interest Rate Swap, 04/18/28 | 2.75 | Semi-annual | 3-Month LIBOR | Quarterly | JPMorgan Chase Bank N.A. | 04/16/18 | 2.75 | USD | 1,300 | 14,716 |
| 10-Year Interest Rate Swap, 04/27/28 | 2.65 | Semi-annual | 3-Month LIBOR | Quarterly | JPMorgan Chase Bank N.A. | 04/25/18 | 2.65 | USD | 900 | 15,594 |
| 10-Year Interest Rate Swap, 05/20/28 | 2.82 | Semi-annual | 3-Month LIBOR | Quarterly | JPMorgan Chase Bank N.A. | 05/18/18 | 2.82 | USD | 1,500 | 16,186 |
| $ 147,136 |
19
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT)
OTC Options Purchased
| Description | Counterparty | Value | ||||||
|---|---|---|---|---|---|---|---|---|
| Call | ||||||||
| Marsico Parent Superholdco LLC | Goldman Sachs & Co. | 26 | 12/14/19 | USD | 942.86 | USD | | $ |
OTC Credit Default Swaps Buy Protection
| Reference Obligation/Index — CenturyLink, Inc. | 1.00 % | Payment Frequency — Quarterly | JPMorgan Chase Bank N.A. | 12/20/22 | USD | 766 | Value — $ 98,861 | Upfront Premium Paid (Received) — $ 98,458 | Unrealized Appreciation (Depreciation) — $ 403 | |
|---|---|---|---|---|---|---|---|---|---|---|
| CenturyLink, Inc. | 1.00 | Quarterly | Goldman Sachs Bank USA | 12/20/22 | USD | 784 | 101,185 | 103,413 | (2,228 | ) |
| $ 200,046 | $ 201,871 | $ (1,825 | ) |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
Level 1 Unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that 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 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. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the Global Valuation Committee) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trusts policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in these securities For information about the Trusts policy regarding valuation of investments, refer to the Trusts most recent financial statements as contained in its annual report.
20
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT)
Fair Value Hierarchy as of Period End (continued)
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 | $ | $ 7,020,825 | $ | $ 7,020,825 | ||
| Common Stocks | 612,516 | 165,776 | 6 | 778,298 | ||
| Corporate Bonds | | 26,937,065 | | 26,937,065 | ||
| Floating Rate Loan Interests | | 432,951,099 | 26,201,791 | 459,152,890 | ||
| Investment Companies | 6,774,300 | | | 6,774,300 | ||
| Other Interests | | | 5 | 5 | ||
| Rights | | | 26,985 | 26,985 | ||
| Warrants | | | 4 | 4 | ||
| Options Purchased : | ||||||
| Interest rate contracts | | 147,136 | | 147,136 | ||
| Unfunded Floating Rate Loan Interests (a) | | 2,647 | 740 | 3,387 | ||
| $ 7,386,816 | $ 467,224,548 | $ 26,229,531 | $ 500,840,895 | |||
| Derivative Financial | ||||||
| Instruments (b) | ||||||
| Assets: | ||||||
| Credit contracts | $ | $ 403 | $ | $ 403 | ||
| Liabilities: | ||||||
| Credit contracts | | (2,228 | ) | | (2,228 | ) |
| Foreign currency exchange contracts | | (40,951 | ) | | (40,951 | ) |
| $ | $ (42,776 | ) | $ | $ (42,776 | ) |
(a) Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b) Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $149,000,000 are categorized as Level 2 within the disclosure hierarchy.
During the period ended January 31, 2018, there were no transfers between Level 1 and Level 2.
21
Schedule of Investments (unaudited) (continued) January 31, 2018 BlackRock Floating Rate Income Trust (BGT)
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 | Rights | Warrants | Unfunded Floating Rate Loan Interests | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets: | ||||||||||||
| Opening Balance, as of October 31, 2017 | $ | $ 6 | $ 17,889,778 | $ | 5 | $ 27,272 | $ 45 | $ | $ 17,917,106 | |||
| Transfers into Level 3 (a) | | | 9,603,137 | | | | | 9,603,137 | ||||
| Transfers out of Level 3 (b) | | | (7,749,602 | ) | | | | | (7,749,602 | ) | ||
| Accrued discounts (premiums) | | | 20,309 | | | | | 20,309 | ||||
| Net realized gain (loss) | | | 10,120 | | | | | 10,120 | ||||
| Net change in unrealized appreciation (depreciation) (c) | | | 80,368 | | (287 | ) | (41 | ) | 740 | 80,780 | ||
| Purchases | | | 9,550,346 | | | | | 9,550,346 | ||||
| Sales | | | (3,202,665 | ) | | | | | (3,202,665 | ) | ||
| Closing Balance, as of January 31, 2018 | $ | $ 6 | $ 26,201,791 | $ | 5 | $ 26,985 | $ 4 | $ 740 | $ 26,229,531 | |||
| Net change in unrealized appreciation (depreciation) on investments still held at January 31, 2018 (c) | $ | $ | $ 107,822 | $ | | $ (287 | ) | $ (41 | ) | $ 740 | $ 108,234 |
(a) As of October 31, 2017, the Trust used observable inputs in determining the value of certain investments. As of January 31, 2018, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.
(b) As of October 31, 2017, the Trust used significant unobservable inputs in determining the value of certain investments. As of January 31, 2018, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.
(c) Any difference between net change in unrealized appreciation (depreciation) on investments still held at January 31, 2018 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 could result in a significantly lower or higher value of such Level 3 investments.
22
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 21, 2018
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: |
|---|
| John M. Perlowski |
| Chief Executive Officer (principal executive officer) of |
| BlackRock Floating Rate Income Trust |
Date: March 21, 2018
| By: |
|---|
| Neal J. Andrews |
| Chief Financial Officer (principal financial officer) of |
| BlackRock Floating Rate Income Trust |
Date: March 21, 2018
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