NPORT-EX 2 NPORT_D2I8_16588425_0922.htm BlackRock Floating Rate Income Trust

Schedule of Investments (unaudited)

September 30, 2022

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security               
Shares		      Value  

Common Stocks

        
Auto Components — 0.0%                    

Lear Corp.

        178      $ 21,305  
       

 

 

  
Construction & Engineering — 0.0%  

McDermott International Ltd.(a)

       76,644        34,490  
       

 

 

  
Household Durables — 0.0%                    

Berkline Benchcraft Equity LLC(b)

       6,155        —  
       

 

 

  
Metals & Mining — 0.0%                    

Ameriforge Group, Inc.

        832        416  

Project Investor Holdings LLC, (Acquired 02/12/19,
Cost: $131,156)(a)(b)(c)

       7,476        456  
       

 

 

  
          872  
Software — 0.0%  

Avaya Holdings Corp.

        40        64  
       

 

 

  
Specialty Retail — 0.2%                    

NMG Parent LLC

        2,218        375,212  
       

 

 

  

Total Common Stocks — 0.2%
(Cost: $1,378,110)

 

      431,943  
       

 

 

  
             Par
(000)		          

Corporate Bonds

        
Airlines — 0.3%                    

Allegiant Travel Co., 8.50%, 02/05/24(d)

    USD        740        731,505  
       

 

 

  
Auto Components — 0.1%                    

Clarios Global LP, 6.75%, 05/15/25(d)

       275        269,288  
       

 

 

  
Building Materials — 0.0%                    

Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(d)

       73        64,240  
       

 

 

  
Building Products — 0.1%  

White Cap Buyer LLC, 6.88%, 10/15/28(d)

       155        126,474  
       

 

 

  
Capital Markets — 0.0%                    

AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27(d)

       74        69,560  
       

 

 

  
Chemicals(d) — 0.1%  

Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28

        32        26,560  

WR Grace Holdings LLC, 5.63%, 08/15/29

        239        179,250  
       

 

 

  
     205,810  
Construction Materials — 0.2%  

Wesco Aircraft Holdings, Inc., 9.00%, 11/15/26(d)

       940        564,000  
       

 

 

  
Diversified Telecommunication Services(d) — 0.1%  

Lumen Technologies, Inc., 5.38%, 06/15/29

        246        182,818  

Zayo Group Holdings, Inc., 6.13%, 03/01/28

        155        108,745  
       

 

 

  
              291,563  
Electric Utilities — 0.0%  

Pike Corp., 5.50%, 09/01/28(d)

       89        72,090  

Texas Competitive Electric Holdings, 1.00%, 11/10/21(b)(e)

       1,050        —  
       

 

 

  
          72,090  
Electronic Equipment, Instruments & Components — 0.2%  

Vertiv Group Corp., 4.13%, 11/15/28(d)

       556        447,580  
       

 

 

  
Security           Par
(000)		      Value  
Health Care Equipment & Supplies — 0.1%         

Avantor Funding, Inc., 3.88%, 11/01/29(d)

    USD        231      $ 187,618  
       

 

 

  
Health Care Providers & Services — 0.1%         

Medline Borrower LP, 5.25%, 10/01/29(d)

       237        178,935  
       

 

 

  
Hotels, Restaurants & Leisure(d) — 0.1%         

Caesars Entertainment, Inc., 4.63%, 10/15/29

        240        183,380  

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30

        235        178,474  
       

 

 

  
          361,854  
Household Products — 0.0%                    

Berkline Benchcraft LLC, 4.50%, 06/01/22(b)(e)

       400        —  
       

 

 

  
Insurance — 0.1%                    

Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer, 6.75%, 10/15/27(d)

       220        189,594  
       

 

 

  
Internet Software & Services(d) — 0.1%         

Uber Technologies, Inc.

        

6.25%, 01/15/28

        137        127,410  

4.50%, 08/15/29

        235        197,547  
       

 

 

  
          324,957  
Machinery — 0.2%                    

Madison IAQ LLC, 5.88%, 06/30/29(d)

       742        516,847  
       

 

 

  
Media(d) — 0.2%                    

Liberty Broadband Corp., 2.75%, 09/30/50

        315        301,998  

Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(f)

       139        54,266  

Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26

        353        289,541  
       

 

 

  
          645,805  
Oil, Gas & Consumable Fuels — 0.1%         

Occidental Petroleum Corp., 6.63%, 09/01/30

        382        387,730  
       

 

 

  
Real Estate Management & Development — 0.0%         

Realogy Group LLC/Realogy Co.-Issuer Corp., 5.75%, 01/15/29(d)

       165        119,006  
       

 

 

  
Wireless Telecommunication Services — 0.0%         

VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25(d)

       85        79,987  
       

 

 

  

Total Corporate Bonds — 2.1%
(Cost: $6,967,746)

 

          5,834,443  
       

 

 

  

Floating Rate Loan Interests(g)

 

Aerospace & Defense — 4.4%  

Atlas CC Acquisition Corp.

        

Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 7.32%, 05/25/28

        1,761        1,540,280  

Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 7.32%, 05/25/28

        358        313,278  

Bleriot U.S. Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 4.00%, 10/31/26

        440        424,346  

Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, (6 mo. LIBOR + 3.75%, 0.50% Floor), 7.06%, 08/03/29

        230        219,650  

Dynasty Acquisition Co., Inc.

        

2020 CAD Term Loan B2, (1 mo. LIBOR + 3.50%), 6.62%, 04/06/26

        1,051        966,978  

2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 6.62%, 04/06/26

        1,955        1,798,751  

Nordam Group, Inc., Term Loan B,
(1 mo. LIBOR + 5.50%), 8.63%, 04/09/26(b)

       455        350,720  
 

 

 

1  

    

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security           Par
(000)		      Value  
Aerospace & Defense (continued)         

Peraton Corp.

        

2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 10.57%, 02/01/29

     USD        1,049      $ 988,909  

Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 6.87%, 02/01/28

        3,519        3,329,432  

Spirit Aerosystems, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 6.87%, 01/15/25

        606        598,859  

TransDigm, Inc., 2020 Term Loan F, (3 mo. LIBOR + 2.25%), 5.92%, 12/09/25

        1,553        1,485,113  
       

 

 

  
              12,016,316  
Air Freight & Logistics — 0.4%                    

AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.04%, 04/06/28

        357        325,672  

Kestrel Bidco, Inc., Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.99%, 12/11/26

        256        224,299  

PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%, 0.50% Floor), 7.37%, 12/15/28

        594        505,097  
       

 

 

  
          1,055,068  
Airlines — 3.0%                    

AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.46%, 04/20/28

        1,009        975,895  

Air Canada, 2021 Term Loan B,
(3 mo. LIBOR + 3.50%, 0.75% Floor), 6.42%, 08/11/28

        1,258        1,193,930  

American Airlines, Inc.

        

2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 4.87%, 01/29/27

        169        155,066  

2017 Incremental Term Loan, (1 mo. LIBOR + 2.00%), 4.82%, 12/15/23

        960        946,537  

2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.83%, 06/27/25

        773        749,018  

Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 8.78%, 06/21/27

        2,026        2,030,134  

United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.53%, 04/21/28

        2,277        2,169,466  
       

 

 

  
          8,220,046  
Auto Components — 2.4%                    

Adient U.S. LLC, 2021 Term
Loan B, (1 mo. LIBOR + 3.25%), 6.37%, 04/10/28

        502        472,494  

Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 6.37%, 04/30/26

        2,248        2,121,604  

Truck Hero, Inc., 2021 Term
Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 6.62%, 01/31/28

        16        13,460  

USI, Inc.

        

2017 Repriced Term Loan, (3 mo. LIBOR + 2.75%), 6.42%, 05/16/24

        2,318        2,252,624  

2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 6.92%, 12/02/26

        132        127,083  

Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 6.12%, 02/05/26

        1,584        1,464,758  
       

 

 

  
          6,452,023  
Security           Par
(000)		      Value  
Banks — 0.8%                    

Directv Financing LLC, Term Loan,
(1 mo. LIBOR + 5.00%, 0.75% Floor), 8.12%, 08/02/27

     USD        1,501      $ 1,394,651  

LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 0.50% Floor), 8.12%, 10/29/28

        993        892,476  
       

 

 

  
          2,287,127  
Beverages — 0.8%                    

Naked Juice LLC

        

2nd Lien Term Loan, (3 mo. SOFR + 6.00%, 0.50% Floor), 9.65%, 01/24/30

        726        657,280  

Term Loan, (3 mo. SOFR + 3.25%, 0.50% Floor), 6.90%, 01/24/29

        1,564        1,430,514  
       

 

 

  
              2,087,794  
Building Materials — 0.0%                    

Cornerstone Building Brands, Inc., 2021 Term
Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 6.07%, 04/12/28

        158        129,593  
       

 

 

  
Building Products — 1.8%                    

CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.62%, 11/23/27

        907        786,320  

CPG International LLC, 2022 Term
Loan B, (6 mo. SOFR CME + 2.50%, 0.50% Floor), 4.09%, 04/28/29(b)

       483        464,888  

Jeld-Wen, Inc., 2021 Term Loan B,
(1 mo. LIBOR + 2.25%), 5.37%, 07/28/28

        506        468,895  

New AMI I LLC, 2022 Term Loan B,
(1 mo. SOFR + 6.00%, 0.50% Floor), 9.03%, 03/08/29(b)

       524        461,054  

Standard Industries, Inc., 2021 Term Loan B, (6 mo. LIBOR + 2.50%, 0.50% Floor), 6.68%, 09/22/28

        998        966,355  

Wilsonart LLC, 2021 Term Loan E,
(3 mo. LIBOR + 3.25%, 1.00% Floor), 6.93%, 12/31/26

        1,961        1,785,784  
       

 

 

  
          4,933,296  
Capital Markets — 3.3%                    

AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%, 0.50% Floor), 8.81%, 08/02/29

        1,663        1,488,150  

Deerfield Dakota Holding LLC

        

2020 USD Term Loan B,
(1 mo. SOFR CME + 3.75%, 1.00% Floor), 6.78%, 04/09/27

        3,802        3,579,760  

2021 USD 2nd Lien Term Loan,
(1 mo. LIBOR + 6.75%, 0.75% Floor), 9.87%, 04/07/28(b)

       1,114        1,075,010  

Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 6.69%, 11/12/27

        935        890,654  

FinCo I LLC, 2020 Term Loan B,
(1 mo. LIBOR + 2.50%), 5.62%, 06/27/25

        381        376,576  

Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.50%, 0.50% Floor), 5.62%, 06/30/28

        908        877,837  

Greenhill & Co., Inc., Term Loan B,
(1 mo. LIBOR + 3.25%), 6.32%, 04/12/24(b)

       721        703,327  
       

 

 

  
          8,991,314  
Chemicals — 4.5%                    

Ascend Performance Materials Operations LLC, 2021 Term Loan B, (6 mo. SOFR CME + 4.75%, 0.75% Floor), 8.83%, 08/27/26

        1,563        1,526,968  

Axalta Coating Systems U.S. Holdings, Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 5.42%, 06/01/24

        429        421,998  

CPC Acquisition Corp., Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 7.42%, 12/29/27

        450        349,236  

Discovery Purchaser Corp., 10/04/29(h)

       820        748,250  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   2

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security           Par
(000)		      Value  
Chemicals (continued)                    

Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 5.12%, 01/31/26

     USD        1,225      $ 1,214,476  

Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 6.62%, 06/30/27

        860        777,143  

Lonza Group AG, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 7.67%, 07/03/28

        664        589,106  

Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 6.17%, 03/02/26

        1,465        1,398,588  

Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 6.37%, 05/15/24

        926        897,078  

Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (1 mo. LIBOR + 3.25%), 5.94%, 10/14/24

        1,063        959,091  

PQ Corp., 2021 Term Loan B,
(3 mo. LIBOR + 2.50%, 0.50% Floor), 5.31%, 06/09/28

        1,070        1,017,059  

Pregis TopCo Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 4.00%, 0.50% Floor), 6.81%, 07/31/26(b)

       433        410,565  

SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.81%, 03/16/27

        651        603,400  

Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 5.80%, 08/02/28

        1,017        963,117  

Starfruit Finco BV, 2018 USD Term Loan B, (1 mo. LIBOR + 2.75%), 5.87%, 10/01/25

        98        91,901  

W.R. Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.50% Floor), 7.44%, 09/22/28

        332        309,533  
       

 

 

  
              12,277,509  
Commercial Services & Supplies — 4.6%         

Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 6.87%, 05/12/28

        1,617        1,418,199  

Amentum Government Services Holdings LLC, 2022 Term Loan, (3 mo. SOFR CME + 4.00%), 7.39%, 02/15/29(b)

       487        463,658  

Aramark Services, Inc.,

        

2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 4.87%, 03/11/25

        95        91,885  

Asurion LLC

        

2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 6.12%, 11/03/24

        692        646,236  

2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 8.37%, 01/31/28

        689        516,527  

2021 2nd Lien Term Loan B4, (1 mo. LIBOR + 5.25%), 8.37%, 01/20/29

        984        747,840  

Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.00%), 5.12%, 10/08/28

        431        426,528  

Covanta Holding Corp.

        

2021 Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 5.62%, 11/30/28

        701        678,666  

2021 Term Loan C, (1 mo. LIBOR + 2.50%, 0.50% Floor), 5.62%, 11/30/28

        53        51,092  

Creative Artists Agency LLC, 2020 Incremental Term Loan B1,
(1 mo. LIBOR + 4.25%, 1.00% Floor), 7.37%, 11/27/26

        1,198        1,178,025  

Dealer Tire LLC, 2020 Term
Loan B, (1 mo. LIBOR + 4.25%), 7.37%, 12/12/25

        1,568        1,523,077  

EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 7.42%, 05/09/25

        318        293,453  

Packers Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 6.01%, 03/09/28

        1,034        946,355  

Prime Security Services Borrower LLC, 2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.75% Floor), 5.30%, 09/23/26

        1,214        1,171,346  
Security           Par
(000)		      Value  
Commercial Services & Supplies (continued)  

Vericast Corp., 2021 Term Loan,
(3 mo. LIBOR + 7.75%, 1.00% Floor), 11.42%, 06/16/26

     USD        204      $ 141,011  

Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 7.12%, 08/27/25

        1,923        1,860,817  

Viad Corp., Initial Term Loan, (1 mo. LIBOR + 5.00%, 0.50% Floor), 8.12%, 07/30/28

        484        456,675  
       

 

 

  
              12,611,390  
Communications Equipment — 0.5%         

ViaSat, Inc., Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 7.65%, 03/02/29

        1,556        1,375,230  
       

 

 

  
Construction & Engineering — 2.1%                

Brand Energy & Infrastructure Services, Inc., 2017 Term Loan,
(3 mo. LIBOR + 4.25%, 1.00% Floor), 6.95%, 06/21/24

        2,292        1,989,190  

New Arclin U.S. Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 0.50% Floor), 10.12%, 09/30/29(b)

       572        537,680  

Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 6.12%, 01/21/28

        644        624,054  

SRS Distribution, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 6.31%, 06/02/28

        1,715        1,579,515  

USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 6.62%, 05/12/28

        1,083        1,011,848  
       

 

 

  
          5,742,287  
Construction Materials — 1.8%         

Core & Main LP, 2021 Term Loan B, (3 mo. LIBOR + 2.50%), 5.58%, 07/27/28

        2,534        2,416,713  

Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 6.12%, 03/29/25

        1,467        1,405,735  

Oscar AcquisitionCo, LLC, Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 8.15%, 04/29/29

        683        624,378  

Tamko Building Products LLC, Term Loan B, (3 mo. LIBOR + 3.00%), 6.08%, 06/01/26

        534        503,381  
       

 

 

  
          4,950,207  
Containers & Packaging — 1.6%         

BWAY Holding Co., 2017 Term
Loan B, (1 mo. LIBOR + 3.25%), 5.81%, 04/03/24

        1,474        1,369,664  

Charter Next Generation, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.56%, 12/01/27

        1,410        1,334,776  

Pregis TopCo Corp., 1st Lien Term Loan, (3 mo. LIBOR + 4.00%), 6.81%, 07/31/26

        380        360,939  

Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 6.65%, 08/18/27

        728        637,531  

Trident TPI Holdings, Inc.

        

2021 Delayed Draw Term Loan,
(3 mo. LIBOR + 4.00%, 0.50% Floor), 6.30%, 09/15/28

        55        52,295  

2021 Incremental Term Loan,
(3 mo. LIBOR + 4.00%, 0.50% Floor), 7.67%, 09/15/28

        620        586,517  
       

 

 

  
          4,341,722  
Distributors — 0.8%                    

American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 5.12%, 01/15/27

        735        710,288  
       

 

 

  
 

 

 

3  

    

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security           Par
(000)		      Value  
Distributors (continued)                    

TMK Hawk Parent Corp.(b)

        

2020 Super Priority First Out Term Loan A, (3 mo. LIBOR + 9.50%, 1.00% Floor), 12.57%, 05/30/24

     USD        592      $ 544,786  

2020 Super Priority Second Out Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.57%, 08/28/24

        1,895        995,098  
       

 

 

  
          2,250,172  
Diversified Consumer Services — 2.9%  

2U, Inc., Term Loan, (1 mo. LIBOR + 5.75%, 0.75% Floor), 8.87%, 12/30/24

        882        838,627  

Ascend Learning LLC

        

2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 8.87%, 12/10/29

        482        417,234  

2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.62%, 12/11/28

        1,188        1,094,169  

Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.50% Floor), 5.37%, 11/24/28

        574        553,587  

Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.87%, 07/11/25

        1,384        1,339,643  

Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (3 mo. LIBOR + 2.25%), 5.16%, 05/15/24

        686        649,600  

OLA Netherlands BV, Term Loan,
(1 mo. SOFR CME + 6.25%, 0.75% Floor), 9.20%, 12/15/26

        535        507,540  

PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.56%, 10/28/27

        431        408,134  

Serta Simmons Bedding LLC

        

2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 10.79%, 08/10/23

        287        277,445  

2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 10.79%, 08/10/23

        451        234,941  

Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%, 0.50% Floor), 7.01%, 01/15/27

        1,097        1,058,944  

Voyage Australia Pty. Ltd., USD Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 6.21%, 07/20/28

        456        438,422  
       

 

 

  
              7,818,286  
Diversified Financial Services — 7.5%  

Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 7.62%, 07/31/26

        629        596,614  

Alchemy Copyrights LLC, Term
Loan B, (1 mo. LIBOR + 3.00%, 0.50% Floor), 5.56%, 03/10/28(b)

       519        505,139  

AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 5.87%, 02/04/28

        1,070        1,025,907  

AqGen Island Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.19%, 08/02/28(b)

       2,192        1,988,901  

Castlelake Aviation Ltd., Term
Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 6.04%, 10/22/26

        1,437        1,386,212  

Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 5.62%, 09/01/28

        987        951,899  

Delta TopCo, Inc.

        

2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 10.33%, 12/01/28

        412        360,500  

2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.83%, 12/01/27

        1,069        965,289  

EG America LLC, 2018 USD Term Loan, (3 mo. LIBOR + 4.00%), 7.67%, 02/07/25

        556        517,788  

Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 7.67%, 10/01/27

        1,914        1,819,377  
Security           Par
(000)		      Value  
Diversified Financial Services (continued)         

I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (3 mo. SOFR CME + 4.00%, 0.50% Floor), 7.70%, 02/16/28

     USD        263      $ 251,783  

Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.62%, 07/03/24

        1,026        987,987  

KKR Apple Bidco LLC

        

2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 8.87%, 09/21/29

        153        145,860  

2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.50% Floor), 5.87%, 09/23/28

        372        354,587  

LBM Acquisition LLC, Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 7.12%, 12/17/27

        314        273,825  

Radiate Holdco LLC, 2021 Term
Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 6.37%, 09/25/26

        1,347        1,242,995  

RVR Dealership Holdings LLC, Term Loan B, (1 mo. SOFR + 3.75%, 0.75% Floor), 6.87%, 02/08/28

        451        396,801  

Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR + 2.00%), 5.67%, 11/05/28

        826        805,350  

SMG U.S. Midco 2, Inc., 2020 Term Loan, (1 mo. LIBOR + 2.50%), 5.62%, 01/23/25

        942        896,204  

SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 7.92%, 07/30/25

        619        587,487  

Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 8.67%, 09/01/25

        2,295        1,812,123  

VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 6.12%, 02/28/27

        906        875,062  

White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 6.78%, 10/19/27

        757        706,450  

Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 5.32%, 04/30/28

        1,003        955,859  
       

 

 

  
              20,409,999  
Diversified Telecommunication Services — 1.7%  

Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 6.07%, 11/30/27

        350        334,251  

Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 6.63%, 10/02/27

        497        427,996  

Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 7.44%, 05/01/28

        1,219        1,128,155  

Iridium Satellite LLC, 2021 Term
Loan B2, (1 mo. LIBOR + 2.50%, 0.75% Floor), 5.62%, 11/04/26

        1,189        1,153,830  

Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 4.87%, 03/01/27

        917        869,241  

Virgin Media SFA Finance Ltd., GBP Term Loan L, (1 mo. SONIA + 3.25%), 4.97%, 01/15/27

     GBP        600        595,038  
       

 

 

  
          4,508,511  
Electric Utilities — 0.9%  

ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 5.57%, 12/15/27

     USD        772        754,545  

Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.17%, 03/31/28

        1,989        1,780,462  
       

 

 

  
          2,535,007  
Electrical Equipment — 0.9%  

Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (6 mo. LIBOR + 4.75%, 0.75% Floor), 8.92%, 06/23/28(b)

       944        873,625  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   4

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security           Par
(000)		      Value  
Electrical Equipment (continued)                    

AZZ, Inc., Term Loan B, (1 mo. SOFR CME + 4.25%, 0.50% Floor), 7.08%, 05/13/29

     USD        203      $ 164,893  

Gates Global LLC, 2021 Term
Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 5.62%, 03/31/27

        1,495            1,433,899  
       

 

 

  
          2,472,417  
Electronic Equipment, Instruments & Components — 0.4%  

Coherent Corp., 2022 Term Loan B,
(1 mo. LIBOR + 2.75%, 0.50% Floor), 5.31%, 07/02/29

        1,070        1,034,337  
       

 

 

  
Environmental, Maintenance & Security Service — 0.7%  

Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 4.87%, 09/07/27

        1,213        1,180,312  

TruGreen LP, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 7.12%, 11/02/27

        749        705,354  
       

 

 

  
          1,885,666  
Equity Real Estate Investment Trusts (REITs) — 0.2%  

RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 5.12%, 05/11/24

        534        522,567  
       

 

 

  
Food & Staples Retailing — 0.4%                    

U.S. Foods, Inc.

        

2019 Term Loan B, (1 mo. LIBOR + 2.00%), 5.12%, 09/13/26

        753        729,837  

2021 Term Loan B, (1 mo. LIBOR + 2.75%), 5.87%, 11/22/28

        410        399,203  
       

 

 

  
          1,129,040  
Food Products — 2.3%                    

8th Avenue Food & Provisions, Inc.

        

2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.87%, 10/01/25

        735        641,342  

2021 Incremental Term Loan, (1 mo. LIBOR + 4.75%, 0.75% Floor), 7.87%, 10/01/25

        942        827,152  

Chobani LLC, 2020 Term Loan B,
(1 mo. LIBOR + 3.50%, 1.00% Floor), 6.62%, 10/25/27

        1,204        1,093,440  

Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 5.37%, 01/29/27

        2,185        2,057,383  

Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 6.37%, 02/05/26

        247        235,917  

Sovos Brands Intermediate, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 6.62%, 06/08/28

        938        891,490  

UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. SOFR CME + 3.00%), 6.15%, 01/20/28

        423        409,412  
       

 

 

  
          6,156,136  
Gas Utilities — 0.7%                    

Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 6.21%, 12/21/28

        2,063        1,905,204  
       

 

 

  
Health Care Equipment & Supplies — 1.7%         

Electron BidCo, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 6.12%, 11/01/28

        1,354        1,281,270  

Insulet Corp., Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 6.37%, 05/04/28

        473        460,005  

Medline Borrower LP, USD Term
Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 6.37%, 10/23/28

        2,689        2,467,595  

Venga Finance SARL, 2021 USD Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.82%, 12/04/28(b)

       402        369,584  
       

 

 

  
          4,578,454  
Security           Par
(000)		      Value  
Health Care Providers & Services — 3.1%         

CCRR Parent, Inc., Term Loan B,
(1 mo. LIBOR + 3.75%, 0.75% Floor), 6.87%, 03/06/28

     USD        1,003      $ 963,619  

CHG Healthcare Services, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.37%, 09/29/28

        633        606,382  

Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 7.46%, 01/08/27

        895        840,061  

Envision Healthcare Corp.

        

2022 1st Out Term Loan, (3 mo. SOFR CME + 7.88%, 1.00% Floor), 10.53%, 03/31/27

        147        140,355  

2022 2nd Out Term Loan, (3 mo. SOFR CME + 4.25%, 1.00% Floor), 6.83%, 03/31/27

        978        425,512  

EyeCare Partners LLC

        

2020 Term Loan, (3 mo. LIBOR + 3.75%), 7.42%, 02/18/27

        1,037        938,570  

2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.50% Floor), 10.42%, 11/15/29

        358        326,054  

2021 Incremental Term Loan, (3 mo. LIBOR + 3.75%, 0.50% Floor), 7.42%, 11/15/28(b)

       331        308,766  

Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 8.17%, 03/05/26

        645        570,790  

Orbcomm, Inc., Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 7.34%, 09/01/28

        539        492,246  

PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%, 0.75% Floor), 6.62%, 02/14/25

        32        29,862  

Sotera Health Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.50% Floor), 5.87%, 12/11/26

        1,564        1,368,500  

Vizient, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 2.25%, 0.50% Floor), 5.37%, 04/28/29

        209        207,306  

WP CityMD Bidco LLC, 2021 1st Lien Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.92%, 12/22/28

        1,147        1,094,639  
       

 

 

  
              8,312,662  
Health Care Services — 0.3%         

Azalea Topco, Inc., Term Loan, (1 mo. LIBOR + 3.50%), 6.62%, 07/24/26

        600        544,597  

Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%, 0.50% Floor), 9.88%, 11/01/29(b)

       377        358,150  
       

 

 

  
          902,747  
Health Care Technology — 3.1%         

Athenahealth, Inc., 2022 Term Loan B,
(1 mo. SOFR CME + 3.50%, 0.50% Floor), 6.58%, 02/15/29

        1,778        1,589,676  

Change Healthcare Holdings LLC, 2017 Term Loan B, (PRIME + 1.50%), 7.75%, 03/01/24

        852        849,123  

GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.87%, 10/10/25

        445        424,255  

IQVIA, Inc., 2017 USD Term Loan B1, (1 mo. LIBOR + 1.75%), 4.87%, 03/07/24

        292        291,190  

Polaris Newco LLC, USD Term Loan B, (1 mo. LIBOR + 4.00%, 0.50% Floor), 7.67%, 06/02/28

        2,679        2,466,152  

Press Ganey Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 6.87%, 07/24/26

        1,036        941,465  

Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 0.50% Floor), 10.12%, 04/02/29(b)

       1,902        1,844,940  
       

 

 

  
          8,406,801  
Hotels, Restaurants & Leisure — 6.9%         

1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 4.87%, 11/19/26

        1,001        954,688  

Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 6.87%, 02/02/26

        129        113,286  
 

 

 

5  

    

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

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

Aristocrat Technologies, Inc., 2022 Term Loan B, (3 mo. SOFR CME + 2.25%, 0.50% Floor), 5.90%, 05/24/29

     USD        62      $ 61,194  

Caesars Resort Collection LLC

        

2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 5.87%, 12/23/24

        1,077        1,049,790  

2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 6.62%, 07/21/25

        429        421,776  

Carnival Corp., USD Term Loan B,
(6 mo. LIBOR + 3.00%, 0.75% Floor), 5.88%, 06/30/25

        893        808,199  

Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 5.12%, 03/17/28

        478        461,802  

ECL Entertainment LLC, Term Loan,
(1 mo. LIBOR + 7.50%, 0.75% Floor), 10.62%, 05/01/28

        566        557,350  

Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 6.67%, 03/08/24

        2,393        1,805,939  

Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFR + 4.00%, 0.50% Floor), 7.03%, 01/27/29

        2,342        2,168,880  

Flutter Financing BV, 2022 USD Term Loan B, 07/29/28

        731        712,608  

Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 5.12%, 11/30/23

        808        803,765  

IRB Holding Corp., 2020 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.87%, 02/05/25

        972        937,550  

Penn National Gaming, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 2.75%, 0.50% Floor), 5.88%, 05/03/29

        917        880,409  

Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 5.87%, 03/13/28

        1,058        1,011,749  

Scientific Games International, Inc., 2022 USD Term Loan, (1 mo. SOFR CME + 3.00%, 0.50% Floor), 5.91%, 04/14/29

        504        488,373  

Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 5.89%, 07/21/26

        687        659,972  

Station Casinos LLC, 2020 Term
Loan B, (1 mo. LIBOR + 2.25%, 0.25% Floor), 5.37%, 02/08/27

        1,263        1,205,881  

Travelport Finance Luxembourg SARL

        

2020 Super Priority Term Loan,
(3 mo. LIBOR + 1.50%, 1.00% Floor, 8.75% PIK), 5.17%, 02/28/25(f)

       891        880,082  

2021 Consented Term Loan, (3 mo. LIBOR + 6.75%), 10.42%, 05/29/26

        1,031        720,864  

Twin River Worldwide Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 5.93%, 10/02/28

        555        500,067  

Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 6.37%, 08/03/28

        1,398        1,291,103  

Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 4.87%, 05/30/25

        332        322,301  
       

 

 

  
          18,817,628  
Household Durables — 1.6%                    

ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.25%, 0.50% Floor), 7.32%, 05/17/28

        1,017        746,156  

Hunter Douglas Inc., USD Term
Loan B1, (3 mo. SOFR CME + 3.50%), 6.34%, 02/26/29

        1,391        1,138,136  

Reynolds Consumer Products LLC, Term Loan, (1 mo. LIBOR + 1.75%), 4.87%, 02/04/27

        927        891,136  

Snap One Holdings Corp., Term
Loan B, (6 mo. LIBOR + 4.50%, 0.50% Floor), 7.38%, 12/08/28

        664        602,829  
Security           Par
(000)		      Value  
Household Durables (continued)                    

Springs Windows Fashions LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 7.60%, 10/06/28

     USD        509      $ 396,344  

Weber-Stephen Products LLC, Term
Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 6.37%, 10/30/27

        844        682,118  
       

 

 

  
          4,456,719  
Household Products — 0.1%                    

Spectrum Brands, Inc., 2021 Term Loan,
(1 mo. LIBOR + 2.00%, 0.50% Floor), 5.12%, 03/03/28

        330        312,651  
       

 

 

  
Independent Power and Renewable Electricity Producers — 0.6%  

Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 5.12%, 01/15/25

        311        301,727  

Calpine Corp.

        

2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 5.12%, 08/12/26

        467        447,447  

Term Loan B9, (1 mo. LIBOR + 2.00%), 5.12%, 04/05/26

        869        833,852  
       

 

 

  
          1,583,026  
Industrial Conglomerates — 2.2%                    

AVSC Holding Corp.(f)

        

2020 Term Loan B1, (3 mo. LIBOR + 3.25%, 1.00% Floor, 0.25% PIK), 6.39%, 03/03/25

        861        751,308  

2020 Term Loan B3, (3 mo. LIBOR + 5.00%, 10.00% PIK), 8.67%, 10/15/26

        592        599,247  

Diamond BC BV, 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 5.56%, 09/29/28

        1,070        983,435  

Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 9.76%, 11/28/23

        418        417,026  

Stitch Aquisition Corp., Term Loan B,
(3 mo. LIBOR + 6.75%, 0.75% Floor), 10.42%, 07/28/28

        671        578,370  

Vertical U.S. Newco, Inc., Term Loan B,
(6 mo. LIBOR + 3.50%, 0.50% Floor), 6.87%, 07/30/27

        1,167        1,119,605  

Vertiv Group Corp., 2021 Term Loan B,
(1 mo. LIBOR + 2.75%), 5.30%, 03/02/27

        1,506        1,430,093  
       

 

 

  
          5,879,084  
Insurance — 4.6%                    

Alliant Holdings Intermediate LLC

        

2018 Term Loan B, (1 mo. LIBOR + 3.25%), 6.37%, 05/09/25

        1,775        1,698,363  

2021 Term Loan B4, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.49%, 11/06/27

        2,345        2,219,292  

Term Loan B, (1 mo. LIBOR + 3.25%), 6.37%, 05/09/25

        627        599,879  

AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 5.37%, 02/19/28

        1,191        1,136,823  

AssuredPartners, Inc.

        

2020 Term Loan B, (1 mo. LIBOR + 3.50%), 6.62%, 02/12/27

        625        590,956  

2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.62%, 02/12/27

        604        570,831  

Hub International Ltd.

        

2018 Term Loan B, (3 mo. LIBOR + 3.00%), 5.77%, 04/25/25

        1,760        1,690,108  

2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 5.98%, 04/25/25

        1,652        1,585,481  

NFP Corp., 2020 Term Loan, (1 mo. LIBOR + 3.25%), 6.37%, 02/15/27

        115        107,646  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   6

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  
Insurance (continued)                  

Ryan Specialty Group LLC, Term Loan,
(1 mo. SOFR CME + 3.00%, 0.75% Floor), 6.13%, 09/01/27(b)

    USD       843     $ 813,327  

Sedgwick Claims Management Services, Inc.

      

2018 Term Loan B, (1 mo. LIBOR + 3.25%), 6.37%, 12/31/25

       486       458,970  

2019 Term Loan B, (1 mo. LIBOR + 3.75%), 6.87%, 09/03/26

       623       594,432  

2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 7.37%, 09/03/26

       504       484,709  
     

 

 

  
            12,550,817  
Interactive Media & Services — 2.4%                  

Adevinta ASA, USD Term Loan B, (3 mo. LIBOR + 3.00%, 0.75% Floor), 6.67%, 06/26/28

       1,068       1,038,425  

Arches Buyer, Inc., 2021 Term Loan B,
(1 mo. LIBOR + 3.25%, 0.50% Floor), 6.37%, 12/06/27

       455       407,507  

Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 6.12%, 10/30/26

       1,741       1,680,055  

Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 5.12%, 08/10/27

       452       436,340  

Grab Holdings, Inc., Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 7.62%, 01/29/26

       3,126       2,920,907  
     

 

 

  
        6,483,234  
Internet & Direct Marketing Retail — 0.5%        

CNT Holdings I Corp., 2020 Term Loan,
(1 mo. SOFR CME + 3.50%, 0.75% Floor), 6.25%, 11/08/27

       1,135       1,079,830  

PUG LLC, 2021 Incremental Term Loan B, (1 mo. LIBOR + 4.25%, 0.50% Floor), 7.37%, 02/12/27(b)

      228       199,237  
     

 

 

  
        1,279,067  
Internet Software & Services — 0.4%                  

Uber Technologies, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 6.57%, 02/25/27

       1,093       1,063,033  
     

 

 

  
IT Services — 6.9%                  

Aruba Investments, Inc.

      

2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 0.75% Floor), 10.83%, 11/24/28

       885       800,925  

2020 USD Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 7.08%, 11/24/27

       472       433,502  

Boxer Parent Co., Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 6.87%, 10/02/25

       1,255       1,186,901  

Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 6.12%, 10/30/26

       1,348       1,301,610  

CCC Intelligent Solutions, Inc., Term Loan, (1 mo. LIBOR + 2.25%, 0.50% Floor), 4.37%, 09/21/28

       1,040       1,003,735  

CoreLogic, Inc.

      

2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.50% Floor), 9.63%, 06/04/29(b)

      873       585,178  

Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.63%, 06/02/28

       2,084       1,558,020  

Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 1.75%), 4.87%, 04/28/28

       1,255       1,206,798  

Greeneden U.S. Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 7.12%, 12/01/27

       3,074       2,919,664  

PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 6.62%, 02/12/27(b)

      1,560       1,349,263  
Security          Par
(000)		     Value  
IT Services (continued)                  

Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 11.67%, 10/09/28

     USD       2,590     $ 2,570,575  

Trans Union LLC

      

2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 4.87%, 11/16/26

       1,147       1,104,226  

2021 Term Loan B6, (1 mo. LIBOR + 2.25%, 0.50% Floor), 5.37%, 12/01/28

       1,607       1,553,692  

Virtusa Corp., 1st Lien Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 6.87%, 02/11/28

       643       601,127  

WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 5.37%, 03/31/28

       602       582,841  

ZoomInfo LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 6.12%, 02/02/26

       135       132,907  
     

 

 

  
            18,890,964  
Leisure Products — 0.5%                  

Fender Musical Instruments Corp., 2021 Term Loan B, (1 mo. SOFR + 4.00%, 0.50% Floor), 6.75%, 12/01/28

       603       510,815  

MND Holdings III Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.62%, 06/19/24

       612       591,113  

Peloton Interactive, Inc., Term Loan, (6 mo. SOFR CME + 6.50%, 0.50% Floor), 8.35%, 05/25/27

       212       206,890  
     

 

 

  
        1,308,818  
Life Sciences Tools & Services — 3.0%                  

Avantor Funding, Inc., 2021 Term Loan B5,
(1 mo. LIBOR + 2.25%, 0.50% Floor), 5.37%, 11/08/27

       1,421       1,380,328  

eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 7.62%, 02/04/27

       2,047       1,900,003  

ICON Luxembourg SARL, LUX Term Loan,
(3 mo. LIBOR + 2.25%, 0.50% Floor), 5.94%, 07/03/28

       1,638       1,599,092  

Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3 mo. SOFR + 3.00%, 0.50% Floor), 5.55%, 10/19/27

       923       892,174  

Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 6.37%, 11/15/28

       2,108       2,007,677  

PRA Health Sciences, Inc., US Term Loan,
(3 mo. LIBOR + 2.25%, 0.50% Floor), 5.94%, 07/03/28

       408       398,416  
     

 

 

  
        8,177,690  
Machinery — 3.3%                  

Albion Acquisitions Ltd., USD Term Loan, (3 mo. LIBOR + 5.25%, 0.50% Floor), 8.01%, 08/17/26

       1,135       1,073,513  

ASP Blade Holdings, Inc., Initial Term Loan,
(3 mo. LIBOR + 4.00%, 0.50% Floor), 7.67%, 10/13/28

       169       147,887  

Clark Equipment Co., 2022 Term Loan B, (3 mo. SOFR CME + 2.50%, 0.50% Floor), 6.15%, 04/20/29

       187       182,617  

Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 6.44%, 05/14/28

       244       237,916  

Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.62%, 10/21/28

       726       687,267  

Fluidra SA, 2022 USD Term Loan B, (1 mo. SOFR CME + 2.10%), 5.13%, 01/29/29

       192       185,122  

Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. SOFR CME + 1.75%), 4.88%, 03/01/27

       1,382       1,338,111  

Madison IAQ LLC, Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.82%, 06/21/28

       2,294       2,114,584  

SPX Flow, Inc., 2022 Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 7.53%, 04/05/29

       852       785,672  
 

 

 

7  

    

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  
Machinery (continued)                  

Titan Acquisition Ltd., 2018 Term Loan B,
(6 mo. LIBOR + 3.00%), 5.88%, 03/28/25

     USD       2,395     $ 2,140,003  

Zurn LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.50% Floor), 5.37%, 10/04/28

       77       76,185  
     

 

 

  
            8,968,877  
Media — 12.3%                  

Altice Financing SA

      

2017 USD Term Loan B,
(3 mo. LIBOR + 2.75%), 5.26%, 07/15/25

       690       647,102  

USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 5.26%, 01/31/26

       953       889,665  

Altice France SA, 2018 Term Loan B13,
(3 mo. LIBOR + 4.00%), 6.91%, 08/14/26(b)

      2,136       1,932,711  

AMC Entertainment Holdings, Inc., 2019 Term Loan B, (3 mo. LIBOR + 3.00%), 5.76%, 04/22/26

       931       726,479  

Cable One, Inc., 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 5.12%, 05/03/28

       302       296,322  

Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 4.87%, 04/30/25

       1,608       1,575,652  

City Football Group Ltd., Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 6.48%, 07/21/28

       979       928,863  

Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 6.31%, 08/21/26

       2,347       2,089,282  

CMG Media Corp., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 6.62%, 12/17/26

       — (i)       135  

Connect Finco SARL, 2021 Term Loan B,
(1 mo. LIBOR + 3.50%, 1.00% Floor), 6.62%, 12/11/26

       3,470       3,220,800  

CSC Holdings LLC

      

2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 5.07%, 07/17/25

       1,309       1,244,014  

2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 5.32%, 04/15/27

       1,102       1,028,340  

E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 5.87%, 01/07/28

       505       487,338  

Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 6.37%, 12/01/23

       539       440,353  

Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 5.37%, 03/24/25

       816       785,274  

Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 4.81%, 10/17/26

       1,559       1,465,107  

MH Sub I LLC

      

2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 6.62%, 09/13/24

       1,893       1,800,657  

2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.87%, 09/13/24

       1,792       1,699,675  

2021 2nd Lien Term Loan, (1 mo. SOFR CME + 6.25%), 9.28%, 02/23/29

       689       643,455  

Nexstar Broadcasting, Inc., 2019 Term
Loan B4, (1 mo. LIBOR + 2.50%), 5.62%, 09/18/26

       538       530,237  

Sinclair Television Group, Inc., 2022 Term Loan B4, (1 mo. SOFR CME + 3.75%), 6.88%, 04/21/29

       1,121       1,057,652  

Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 6.11%, 09/28/23(b)

      2,539       2,437,028  

UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 2.92%), 5.74%, 01/31/29

       474       451,176  

Virgin Media Bristol LLC 2020 USD Term Loan Q, (1 mo. LIBOR + 3.25%), 6.07%, 01/31/29

       278       268,617  
Security          Par
(000)		     Value  
Media (continued)                  

Virgin Media Bristol LLC (continued)

      

USD Term Loan N, (1 mo. LIBOR + 2.50%), 5.32%, 01/31/28

     USD       609     $ 580,369  

Voyage Digital Ltd., USD Term Loan B, (3 mo. SOFR + 4.50%, 0.50% Floor), 7.26%, 05/11/29(b)

      626       609,945  

William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.87%, 05/18/25

       1,817       1,730,003  

WMG Acquisition Corp., 2021 Term Loan G,
(1 mo. LIBOR + 2.12%), 5.24%, 01/20/28

       1,308       1,265,945  

Zayo Group Holdings, Inc., USD Term Loan,
(1 mo. LIBOR + 3.00%), 6.12%, 03/09/27

       3,113       2,592,404  
     

 

 

  
            33,424,600  
Oil, Gas & Consumable Fuels — 1.5%                  

Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 6.87%, 12/13/25

       563       491,298  

Lealand Finance Co. BV

      

2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 6.12%, 06/28/24

       25       14,951  

2020 Take Back Term Loan, (1 mo. LIBOR + 1.00%, 3.00% PIK), 3.52%, 06/30/25(f)

      184       91,866  

M6 ETX Holdings II Midco LLC, Term Loan B,
(3 mo. SOFR CME + 4.50%, 0.50% Floor), 7.99%, 09/19/29

       165       161,700  

Medallion Midland Acquisition LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 6.87%, 10/18/28

       1,191       1,149,315  

Murphy USA, Inc., Term Loan B, (1 mo. LIBOR + 1.75%, 0.50% Floor), 4.32%, 01/31/28

       394       392,424  

Oryx Midstream Services Permian Basin LLC, Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.21%, 10/05/28

       1,932       1,870,908  
     

 

 

  
        4,172,462  
Personal Products — 1.4%                  

Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3 mo. SOFR + 6.00%, 1.00% Floor), 8.94%, 12/22/26

       252       238,860  

Prestige Brands, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.00%, 0.50% Floor), 5.12%, 07/03/28

       131       130,450  

Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 7.42%, 10/01/26

       3,748       3,478,372  
     

 

 

  
        3,847,682  
Pharmaceuticals — 2.7%                  

Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 6.90%, 05/04/25

       749       620,695  

Bausch Health Cos., Inc., 2022 Term Loan B,
(1 mo. SOFR CME + 5.25%, 0.50% Floor), 8.10%, 02/01/27

       710       543,595  

Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%, 0.50% Floor), 5.06%, 02/22/28

       986       975,387  

Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 4.31%, 08/01/27

       950       902,318  

Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 5.12%, 11/15/27

       982       929,809  

Jazz Financing Lux SARL, USD Term Loan,
(1 mo. LIBOR + 3.50%, 0.50% Floor), 6.62%, 05/05/28

       1,255       1,211,107  

Option Care Health, Inc., 2021 Term Loan B,
(1 mo. LIBOR + 2.75%, 0.50% Floor), 5.87%, 10/27/28

       433       422,859  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   8

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  
Pharmaceuticals (continued)                  

Organon & Co., USD Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 6.19%, 06/02/28

     USD       951     $ 927,529  

Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 6.67%, 11/18/27(b)

      862       794,980  
     

 

 

  
            7,328,279  
Professional Services — 1.5%                  

Dun & Bradstreet Corp.

      

2022 Incremental Term Loan B2, (1 mo. SOFR CME + 3.25%), 6.28%, 01/18/29

       441       424,366  

Term Loan, (1 mo. LIBOR + 3.25%), 6.33%, 02/06/26

       1,443       1,392,904  

Element Materials Technology Group U.S. Holdings, Inc.

      

2022 USD Delayed Draw Term Loan, (3 mo. LIBOR + 4.25%, 0.50% Floor), 7.90%, 07/06/29

       375       351,055  

2022 USD Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 7.90%, 07/06/29

       812       760,618  

Galaxy U.S. Opco, Inc., Term Loan, (1 mo. SOFR CME + 4.75%, 0.50% Floor), 7.78%, 04/29/29(b)

      1,244       1,166,250  
     

 

 

  
        4,095,193  
Real Estate Management & Development — 1.0%        

Chamberlain Group, Inc., Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.62%, 11/03/28

       1,520       1,377,063  

Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 5.87%, 08/21/25

       1,454       1,387,155  
     

 

 

  
        2,764,218  
Road & Rail — 0.4%                  

Avis Budget Car Rental LLC, 2020 Term
Loan B, (1 mo. LIBOR + 1.75%), 4.87%, 08/06/27

       407       383,457  

SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 5.50%), 8.48%, 08/04/25(b)

      726       655,918  
     

 

 

  
        1,039,375  
Semiconductors & Semiconductor Equipment — 0.1%        

Synaptics, Inc., Term Loan B, (3 mo. LIBOR + 2.25%, 0.50% Floor), 4.36%, 12/02/28

       387       382,251  
     

 

 

  
Software — 15.1%                  

Applied Systems, Inc.

      

2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 6.67%, 09/19/24

       302       293,688  

2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.50%, 0.75% Floor), 9.17%, 09/19/25

       439       430,879  

Barracuda Networks, Inc., 2022 Term Loan,
(1 mo. SOFR CME + 4.50%, 0.50% Floor), 7.53%, 08/15/29

       473       443,773  

Central Parent, Inc., 2022 USD Term Loan B,
(3 mo. SOFR CME + 4.50%, 0.50% Floor), 6.61%, 07/06/29

       452       434,589  

Cloudera, Inc.(b)

      

2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%, 0.50% Floor), 9.12%, 10/08/29

       602       505,680  

2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 6.87%, 10/08/28

       1,843       1,612,398  

ConnectWise LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.17%, 09/29/28

       626       583,994  

Cornerstone OnDemand, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 6.87%, 10/16/28(b)

      738       616,472  

Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 6.37%, 05/28/24

       792       704,644  

E2open LLC, 2020 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 6.64%, 02/04/28

       176       167,847  
Security          Par
(000)		     Value  
Software (continued)                  

Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 10.87%, 07/31/28

     USD       1,316     $ 1,279,152  

Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 3.75%), 7.45%, 03/11/28

       1,315       1,240,162  

Informatica LLC, 2021 USD Term Loan B,
(1 mo. LIBOR + 2.75%), 5.88%, 10/27/28

       3,167       3,065,861  

Instructure Holdings, Inc., 2021 Term Loan B,
(3 mo. LIBOR + 2.75%, 0.50% Floor), 6.12%, 10/30/28(b)

      451       437,213  

IPS Corp.(b)

      

2021 2nd Lien Term Loan B, (1 mo. LIBOR + 7.00%, 0.50% Floor), 10.12%, 10/01/29

       645       580,500  

2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.62%, 10/02/28

       361       335,158  

Magenta Buyer LLC

      

2021 USD 1st Lien Term Loan, (1 mo. LIBOR + 4.75%, 0.75% Floor), 7.87%, 07/27/28

       1,496       1,346,137  

2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 8.25%, 0.75% Floor), 11.37%, 07/27/29

       1,358       1,244,134  

McAfee LLC, 2022 USD Term Loan B, (1 mo. SOFR CME + 3.75%), 6.36%, 03/01/29

       2,149       1,954,079  

Netsmart Technologies, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 7.12%, 10/01/27

       963       914,650  

Planview Parent, Inc.

      

2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 10.92%, 12/18/28(b)

      572       543,400  

Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 7.67%, 12/17/27

       1,317       1,244,947  

Proofpoint, Inc.

      

1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.32%, 08/31/28

       1,733       1,623,575  

2nd Lien Term Loan, (3 mo. LIBOR + 6.25%, 0.50% Floor), 9.32%, 08/31/29

       895       858,081  

RealPage, Inc.

      

1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 6.12%, 04/24/28

       3,881       3,629,508  

2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 9.62%, 04/23/29

       1,825       1,757,815  

Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 6.37%, 05/30/25

       416       395,154  

Severin Acquisition LLC, 2018 Term Loan B,
(3 mo. SOFR CME + 3.00%), 6.03%, 08/01/25

       1,712       1,658,723  

Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.17%, 10/07/27

       1,351       1,296,910  

Tempo Acquisition LLC, 2022 Term Loan B,
(1 mo. SOFR CME + 3.00%), 6.03%, 08/31/28

       2,970       2,887,297  

Tibco Software, Inc., 2022 USD Term Loan,
(3 mo. SOFR CME + 4.50%, 0.50% Floor), 8.02%, 03/20/29

       2,368       2,121,894  

Ultimate Software Group, Inc.

      

2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.25%, 0.50% Floor), 7.54%, 05/03/27

       865       813,179  

2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 5.54%, 05/04/26

       2,677           2,541,161  

Term Loan B, (1 mo. LIBOR + 3.75%), 6.87%, 05/04/26

       1,771       1,684,469  
     

 

 

  
        41,247,123  
Specialty Retail — 5.5%                  

Belron Finance U.S. LLC

      

2018 Term Loan B, (3 mo. LIBOR + 2.25%), 5.19%, 11/13/25(b)

      269       261,153  
 

 

 

9  

    

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  
Specialty Retail (continued)                  

Belron Finance U.S. LLC (continued)

      

2019 USD Term Loan B3, (3 mo. LIBOR + 2.25%), 5.06%, 10/30/26(b)

    USD       656     $ 636,744  

2021 USD Term Loan B, (3 mo. LIBOR + 2.50%, 0.50% Floor), 5.38%, 04/13/28

       1,705       1,648,556  

CD&R Firefly Bidco Ltd., 2018 GBP Term Loan B1, (1 day SONIA + 4.25%), 5.44%, 06/23/25

     GBP       1,000       976,981  

EG Group Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.25%, 0.50% Floor), 7.92%, 03/31/26

     USD       350       326,537  

Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.06%, 11/24/28(b)

      422       405,994  

Mavis Tire Express Services Corp., 2021 Term Loan B, (1 mo. SOFR CME + 4.00%, 0.75% Floor), 7.25%, 05/04/28

       1,853       1,733,301  

MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 7.37%, 08/31/26

       1,056       885,365  

Midas Intermediate Holdco II LLC, (1 mo. SOFR CME + 8.35%, 0.75% Floor), 11.20%, 06/30/27

       1,921       1,731,266  

PetSmart, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 6.87%, 02/11/28

       3,253       3,071,424  

Research Now Group, Inc., 2017 1st Lien Term Loan, (6 mo. LIBOR + 5.50%, 1.00% Floor), 8.84%, 12/20/24

       607       545,765  

Restoration Hardware, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.25%, 0.50% Floor), 6.38%, 10/20/28

       535       485,678  

Reverb Buyer, Inc.

      

2021 1st Lien Term Loan, 11/01/28

       1,553       1,478,796  

2021 Delayed Draw Term Loan, 3.50%, 11/01/28

       250       237,322  

Woof Holdings, Inc.(b)

      

1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 7.32%, 12/21/27

       336       316,572  

2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 10.82%, 12/21/28

       345       329,475  
     

 

 

  
            15,070,929  
Technology Hardware, Storage & Peripherals — 0.2%  

Electronics for Imaging, Inc., Term Loan,
(1 mo. LIBOR + 5.00%), 8.12%, 07/23/26

       626       501,133  
     

 

 

  
Textiles, Apparel & Luxury Goods — 0.4%                  

Crocs, Inc., Term Loan B, (3 mo. SOFR + 3.50%, 0.50% Floor), 7.20%, 02/17/29

       1,160       1,089,243  
     

 

 

  
Trading Companies & Distributors — 0.9%  

Beacon Roofing Supply, Inc., 2021 Term
Loan B, (1 mo. LIBOR + 2.25%), 5.37%, 05/19/28

       848       816,133  

Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.06%, 01/31/28

       655       586,726  

ION Trading Finance Ltd., 2021 USD Term Loan, (3 mo. LIBOR + 4.75%), 8.42%, 04/03/28

       417       385,887  

SRS Distribution, Inc., 2022 Incremental Term Loan, (3 mo. SOFR CME + 3.50%), 6.18%, 06/02/28

       612       561,572  
     

 

 

  
          2,350,318  
Security         

Par

(000)

     Value  
Wireless Telecommunication Services — 1.1%        

GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.56%, 04/30/28

     USD       675     $ 654,150  

MetroNet Systems Holdings LLC, 2021 1st Lien Term Loan, (1 mo. SOFR + 3.86%), 6.61%, 06/02/28

       436       408,383  

SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.87%, 04/11/25

       2,059           1,999,655  
     

 

 

  
        3,062,188  
     

 

 

  

Total Floating Rate Loan Interests — 136.7%
(Cost: $397,412,808)

 

     372,445,530  
     

 

 

  
          Shares        

 

  

Investment Companies

 

  
Fixed Income Funds — 0.3%        

Invesco Senior Loan ETF

       35,400       714,726  
     

 

 

  

Total Investment Companies — 0.3%
(Cost: $772,949)

 

     714,726  
     

 

 

  
          Benefical
Interest (000)		        

 

  

Other Interests

 

  
IT Services(b)(j) — 0.0%                  

Millennium Corp. Claim

     USD       930       —  

Millennium Lender Claim Trust

       991       —  
     

 

 

  

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

 

       —  
     

 

 

  
         

    

Shares

        

 

  

Warrants

      
Metals & Mining — 0.0%                  

Ameriforge Group, Inc.

       2,642       —  
     

 

 

  
Oil, Gas & Consumable Fuels — 0.0%  

California Resources Corp., (Issued/Exercisable 11/03/20, 1 Share for 1 Warrant, Expires 10/27/24, Strike Price
USD 36.00)(a)

      617       6,417  
     

 

 

  

Total Warrants — 0.0%
(Cost: $ — )

         6,417  
     

 

 

  

Total Investments — 139.3%
(Cost: $406,531,613)

 

     379,433,059  

Liabilities in Excess of Other Assets — (39.3)%

 

     (106,986,830 ) 
     

 

 

  

Net Assets — 100.0%

       $   272,446,229  
     

 

 

  

 

(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)

Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $456, representing less than 0.05% of its net assets as of period end, and an original cost of $131,156.

 

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   10

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Floating Rate Income Trust (BGT)

 

(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) 

Issuer filed for bankruptcy and/or is in default.

(f) 

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

(g) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(h) 

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

(i) 

Rounds to less than 1,000.

(j) 

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

 

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer  

Value at

12/31/21

    

Purchases

at Cost

    

Proceeds

from Sales

    

Net

Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

09/30/22

    

Shares

Held at

09/30/22

     Income    

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, T-Fund, Institutional Class(a)

  $ —     $ —     $ —     $ —     $ —     $ —       —     $ 2,395     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a)

As of period end, the entity is no longer held.

 

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

 

               
Currency Purchased             Currency Sold      Counterparty            Settlement Date             

Unrealized

Appreciation

(Depreciation)

  

USD

         1,655,368                           GBP        1,440,000        HSBC Bank USA N.A.           12/21/22                          $ 45,647  
                        

 

 

  

Centrally Cleared Credit Default Swaps — Sell Protection

 

                 
Reference Obligation/Index    

 Financing

Rate Received

by the Trust

  

 

 

    

 Payment

Frequency

  

 

     

 Termination

Date

  

 

     

 Credit

Rating

  

(a) 

    

 Notional

Amount (000)

  

(b) 

     Value      

 Upfront

Premium

Paid

(Received)

  

 

 

 

     

 Unrealized

Appreciation

(Depreciation)

  

 

 

CDX.NA.HY.37.V2

     5.00 %      Quarterly        12/20/26        B-       USD     3,465     $ (11,816 )    $ 219,662      $ (231,478 ) 

CDX.NA.HY.38.V2

     5.00       Quarterly        06/20/27        B       USD     2,802       (58,360 )      20,925        (79,285 ) 
             

 

 

    

 

 

     

 

 

  
              $ (70,176 )    $ 240,587      $ (310,763 ) 
             

 

 

    

 

 

     

 

 

  

 

  (a) 

Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

 
  (b) 

The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

 

Fair Value Hierarchy as of Period End

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

 

  •  

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

 

  •  

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

 

 

11  

    

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Floating Rate Income Trust (BGT)

 

Fair Value Hierarchy as of Period End (continued)

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of 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 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. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                       
         
     Level 1      Level 2     Level 3     Total  

Assets

         

Investments

         

Long-Term Investments

         

Common Stocks

         

Auto Components

   $ 21,305      $ —     $ —     $ 21,305  

Construction & Engineering

     34,490        —       —       34,490  

Household Durables

     —        —       —       —  

Metals & Mining

     —        416       456       872  

Software

     64        —       —       64  

Specialty Retail

     —        375,212       —       375,212  

Corporate Bonds

     —        5,834,443       —       5,834,443  

Floating Rate Loan Interests

     —        343,065,043       29,380,487       372,445,530  

Investment Companies

     714,726        —       —       714,726  

Other Interests

     —        —       —       —  

Warrants

     6,417        —       —       6,417  

Liabilities

         

Unfunded Floating Rate Loan Interests

     —        (33,827 )      (8,067 )      (41,894 ) 
 

 

 

     

 

 

    

 

 

    

 

 

  
  $ 777,002      $ 349,241,287     $ 29,372,876     $ 379,391,165  
 

 

 

     

 

 

    

 

 

    

 

 

  

Derivative Financial Instruments(a)

        

Assets

         

Foreign Currency Exchange Contracts

   $ —      $ 45,647     $ —     $ 45,647  

Liabilities

         

Credit Contracts

     —        (310,763 )      —       (310,763 ) 
 

 

 

     

 

 

    

 

 

    

 

 

  
  $ —      $ (265,116 )    $ —     $ (265,116 ) 
 

 

 

     

 

 

    

 

 

    

 

 

  

 

  (a) 

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 reporting purposes. As of period end, bank borrowings payable of $111,000,000 are categorized as Level 2 within the fair value hierarchy.

A reconciliation of Level 3 financial instruments 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:    

 

 

  
   

Common

Stocks

    

Corporate

Bonds

    

Floating

Rate Loan

Interests

    

Unfunded

Floating

Rate Loan

Interests

    

Other

Interests

     Total  

 

  

Assets/Liabilities

            

Opening balance, as of December 31, 2021

   $ 486     $ — (a)    $ 17,379,496     $ (182 )    $ — (a)    $ 17,379,800  

Transfers into Level 3(b)

    —       —       21,229,394       (1,028 )      —       21,228,366  

Transfers out of Level 3(c)

    —       —       (5,356,539 )      —       —       (5,356,539 ) 

Accrued discounts/premiums

     —       —       171,699       —       —       171,699  

Net realized gain (loss)

     —       —       53,908       —       —       53,908  

Net change in unrealized appreciation (depreciation)(d)

    (30 )      —       (3,082,692 )      (6,857 )      —       (3,089,579 ) 

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   12

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Floating Rate Income Trust (BGT)

 

 

  
   

Common

Stocks

    

Corporate

Bonds

    

Floating

Rate Loan

Interests

    

Unfunded

Floating

Rate Loan

Interests

    

Other

Interests

     Total  

 

  

Purchases

   $ —     $ —     $ 3,663,073     $ —     $ —     $ 3,663,073  

Sales

     —       —       (4,677,852 )      —       —       (4,677,852 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Closing balance, as of September 30, 2022

   $ 456     $ — (a)    $ 29,380,487     $ (8,067 )    $ — (a)    $ 29,372,876  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022(d)

  $ (30 )    $ —     $ (3,006,739 )    $ (6,857 )    $ —     $ (3,013,626 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

  (a) 

Rounds to less than $1.

 
  (b) 

As of December 31, 2021, the Trust used observable inputs in determining the value of certain investments. As of September 30, 2022, 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.

 
  (c) 

As of December 31, 2021, the Trust used significant unobservable inputs in determining the value of certain investments. As of September 30, 2022, 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.

 
  (d) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

 

Currency Abbreviation

 

GBP   British Pound
USD   United States Dollar

Portfolio Abbreviation

 

CME   Chicago Mercantile Exchange
DIP   Debtor-In-Possession
ETF   Exchange-Traded Fund
LIBOR   London Interbank Offered Rate
PIK   Payment-in-Kind
SOFR   Secured Overnight Financing Rate
SONIA   Sterling Overnight Interbank Average Rate

 

 

13