NPORT-EX 2 NPORT_D2I8_26153738_0323.htm BlackRock Floating Rate Income Trust

Schedule of Investments (unaudited)

March 31, 2023

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  
Asset-Backed Securities  

Golub Capital Partners CLO 66B Ltd., Series 2023-66, Class D, (3 mo. Term SOFR + 5.50%), 10.48%, 04/25/36

     USD       1,000     $ 1,000,000  

Pikes Peak CLO Ltd., Series 2023-14, Class D, (3 mo. Term SOFR + 5.45%), 0.00%, 04/20/36

       1,000       1,000,000  

Whitebox CLO IV Ltd., Series 2023-4A, Class D, (3 mo. Term SOFR + 5.15%), 9.93%, 04/20/36(a)(b)

      1,000       999,710  
     

 

 

  

Total Asset-Backed Securities — 1.1%
(Cost: $3,000,000)

 

         2,999,710  
     

 

 

  
            Shares         
Common Stocks                  
Automobile Components — 0.0%  

Lear Corp.

       178       24,829  
     

 

 

  
Construction & Engineering — 0.0%                  

McDermott International Ltd.(c)

      76,644       26,059  
     

 

 

  
Energy Equipment & Services — 0.0%                  

Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $131,156)(d)(e)

      3,738       897  
     

 

 

  
Household Products — 0.0%                  

Berkline Benchcraft Equity LLC(d)

      6,155       —  
     

 

 

  
Industrial Conglomerates — 0.0%                  

Ameriforge Group, Inc.

       832       416  
     

 

 

  
Specialty Retail — 0.1%                  

NMG Parent LLC

       2,218       280,948  
     

 

 

  

Total Common Stocks — 0.1%
(Cost: $1,378,110)

 

     333,149  
     

 

 

  
           

Par

(000)

         
Corporate Bonds                  
Automobile Components — 0.1%                  

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

    USD       275       277,929  
     

 

 

  
Building Materials — 0.0%                  

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

      73       68,985  
     

 

 

  
Building Products — 0.1%                  

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

      155       134,456  
     

 

 

  
Capital Markets — 0.0%                  

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

      74       74,482  
     

 

 

  
Chemicals(b) — 0.1%                  

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

       32       28,369  

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

       239       202,552  
     

 

 

  
        230,921  
Construction Materials — 0.0%                  

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

      926       74,080  
     

 

 

  
Security          Par
(000)		     Value  
Diversified Telecommunication Services — 0.0%  

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

    USD       155     $ 94,271  
     

 

 

  
Electric Utilities — 0.0%                  

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

      89       77,875  

Texas Competitive Electric Holdings, 1.00%, 11/10/21(c)(d)(f)

 

     1,050       —  
     

 

 

  
        77,875  
Electronic Equipment, Instruments & Components — 0.2%  

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

      556       490,589  
     

 

 

  
Health Care Providers & Services — 0.1%                  

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

      237       205,624  
     

 

 

  
Hotels, Restaurants & Leisure(b) — 0.2%                  

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

       240       209,880  

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

       395       324,978  
     

 

 

  
        534,858  
Household Products — 0.0%                  

Berkline Benchcraft LLC, 0.00%,
05/03/12(a)(c)(d)(f)

      400       —  
     

 

 

  
Insurance — 0.1%                  

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

      220       204,050  
     

 

 

  
Internet Software & Services(b) — 0.1%                  

Uber Technologies, Inc.

      

6.25%, 01/15/28

       137       136,657  

4.50%, 08/15/29

       235       214,144  
     

 

 

  
        350,801  
Machinery — 0.2%                  

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

      742       573,195  
     

 

 

  
Media(b) — 0.2%                  

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

      151       36,190  

Odeon Finco PLC, 12.75%, 11/01/27

       374       343,922  

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

       353       276,223  
     

 

 

  
        656,335  
Oil, Gas & Consumable Fuels — 0.2%                  

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

       382       402,311  
     

 

 

  
Passenger Airlines — 0.3%                  

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

      740       740,000  
     

 

 

  
Real Estate Management & Development — 0.1%  

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

      315       235,765  
     

 

 

  
Wireless Telecommunication Services — 0.0%  

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

      85       82,179  
     

 

 

  

Total Corporate Bonds — 2.0%
(Cost: $6,829,873)

             5,508,706  
     

 

 

  

Floating Rate Loan Interests(a)

     
Aerospace & Defense — 4.1%                  

Atlas CC Acquisition Corp.

      

Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 4.25%), 9.40%, 05/25/28

       1,752       1,500,815  
 

 

 

1

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

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

Atlas CC Acquisition Corp. (continued)

      

Term Loan C, (3 mo. SOFR CME at 0.75% Floor + 4.25%), 9.40%, 05/25/28

     USD       356     $ 305,251  

Bleriot U.S. Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR US + 4.00%), 9.16%, 10/31/26

       438       437,368  

Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, (6 mo. LIBOR US at 0.50% Floor + 3.50%), 8.56%, 08/03/29

       229       223,464  

Dynasty Acquisition Co., Inc.

      

2020 CAD Term Loan B2, (1 mo. SOFR CME + 3.50%), 8.41%, 04/06/26

       839       818,659  

2020 Term Loan B1, (1 mo. SOFR CME + 3.50%), 8.41%, 04/06/26

       1,562       1,522,886  

Nordam Group, Inc., Term Loan B, (1 mo. LIBOR US + 5.60%), 10.41%, 04/09/26

       453       351,848  

Peraton Corp.

      

2nd Lien Term Loan B1, (3 mo. LIBOR US at 0.75% Floor + 7.75%), 12.65%, 02/01/29

       1,049       1,017,083  

Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.59%, 02/01/28

       3,501       3,450,240  

TransDigm, Inc., 2023 Term Loan I, (3 mo. SOFR CME + 3.25%), 8.15%, 08/24/28

       1,851       1,843,791  
     

 

 

  
            11,471,405  
Air Freight & Logistics — 0.4%                  

AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.45%, 04/06/28

       356       342,546  

Kestrel Bidco, Inc., Term Loan B, (1 mo. SOFR CME at 1.00% Floor + 3.00%), 7.86%, 12/11/26

       254       243,101  

PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 4.25%), 9.09%, 12/15/28

       496       415,693  
     

 

 

  
        1,001,340  
Automobile Components — 1.4%                  

Adient U.S. LLC, 2021 Term Loan B, (1 mo. LIBOR US + 3.25%), 8.09%, 04/10/28

       323       320,105  

Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR US + 3.25%), 8.09%, 04/30/26

       2,248       2,231,197  

Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR US + 2.75%), 7.59%, 02/05/26

       1,576       1,543,825  
     

 

 

  
        4,095,127  
Banks — 0.8%                  

DirecTV Financing LLC, Term Loan, (1 mo. LIBOR US at 0.75% Floor + 5.00%), 9.84%, 08/02/27

       1,427       1,370,216  

LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 5.00%), 9.84%, 10/29/28

       987       955,406  
     

 

 

  
        2,325,622  
Beverages — 0.9%                  

Naked Juice LLC

      

2nd Lien Term Loan, (3 mo. SOFRTE at 0.50% Floor + 6.00%), 11.00%, 01/24/30

       1,111       828,823  

Term Loan, (3 mo. SOFRTE at 0.50% Floor + 3.25%), 8.25%, 01/24/29

       1,850       1,622,166  
     

 

 

  
        2,450,989  
Security          Par
(000)		     Value  
Building Materials — 0.0%                  

Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 7.93%, 04/12/28

     USD       157     $ 137,990  
     

 

 

  
Building Products — 1.8%                  

CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.50%), 8.41%, 11/23/27

       902       797,713  

CPG International LLC, 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.41%, 04/28/29

       481       473,775  

Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR US + 2.25%), 7.09%, 07/28/28

       504       487,698  

New AMI I LLC, 2022 Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 6.00%), 10.81%, 03/08/29

       521       447,233  

Standard Industries, Inc., 2021 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.00%), 7.12%, 09/22/28

       990       983,527  

Wilsonart LLC, 2021 Term Loan E, (6 mo. LIBOR US at 1.00% Floor + 3.25%), 8.46%, 12/31/26

       1,951       1,874,273  
     

 

 

  
        5,064,219  
Capital Markets — 4.0%                  

Ascensus Holdings, Inc.

      

2021 2nd Lien Term Loan, (3 mo. LIBOR US at 0.50% Floor + 6.50%), 11.31%, 08/02/29

       1,778       1,588,371  

Term Loan, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.38%, 08/02/28

       1,747       1,692,125  

Castlelake Aviation One DAC, 2023 Incremental Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 2.75%), 7.78%, 10/22/27

       445       437,936  

Deerfield Dakota Holding LLC

      

2020 USD Term Loan B, (1 mo. SOFR CME at 1.00% Floor + 3.75%), 8.65%, 04/09/27

       3,782       3,656,001  

2021 USD 2nd Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 6.75%), 11.91%, 04/07/28

       1,114       1,020,235  

Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR US at 0.75% Floor + 3.00%), 8.19%, 11/12/27

       930       911,037  

FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR US + 2.30%), 7.14%, 06/27/25

       381       380,783  

Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.31%, 06/30/28

       904       888,406  

Greenhill & Co., Inc., Term Loan B, (3 mo. LIBOR US + 3.25%), 8.20%, 04/12/24

       717       698,680  
     

 

 

  
            11,273,574  
Chemicals — 5.3%                  

Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 4.75%), 9.71%, 08/27/26

       1,555       1,525,897  

Axalta Coating Systems U.S. Holdings, Inc., 2022 USD Term Loan B4, (3 mo. SOFR CME at 0.50% Floor + 3.00%), 7.90%, 12/20/29

       744       763,410  

CPC Acquisition Corp., Term Loan, (3 mo. SOFR CME at 0.75% Floor + 3.75%), 8.91%, 12/29/27

       397       301,150  

Discovery Purchaser Corp., Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.375%), 8.96%, 10/04/29

       818       773,306  

Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR US + 2.00%), 6.81%, 01/31/26

       1,221       1,216,530  

HB Fuller Co., 2023 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.31%, 02/15/30

       180       180,619  

Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR US + 3.50%), 8.34%, 06/30/27

       855       840,089  
 

 

 

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)

March 31, 2023

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  
Chemicals (continued)                  

INEOS U.S. Finance LLC, 2023 USD Term Loan B, (3 mo. SOFR CME + 3.50%), 8.41%, 02/18/30

     USD       416     $ 413,250  

Lonza Group AG, USD Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 4.00%), 9.16%, 07/03/28

       660       610,423  

LSF11 A5 Holdco LLC, Term Loan, (1 mo. SOFRTE at 0.50% Floor + 3.50%), 8.42%, 10/15/28

       1,119       1,083,506  

Messer Industries GmbH, 2018 USD Term Loan, (3 mo. SOFR CME + 2.50%), 7.66%, 03/02/26

       1,331       1,326,108  

Momentive Performance Materials, Inc., 2023 Term Loan, (3 mo. SOFR + 4.50%), 9.29%, 03/31/28(d)(h)

      1,255       1,226,763  

OQ Chemicals Corp., 2017 USD Term Loan B2, (1 mo. LIBOR US + 3.25%), 8.00%, 10/14/24

       1,057       1,024,455  

PQ Corp., 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.50%), 7.33%, 06/09/28

       1,064       1,053,907  

Pregis TopCo Corp., 2021 Incremental Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.75%), 8.59%, 07/31/26

       431       418,463  

SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 4.00%), 8.83%, 03/16/27

       647       630,035  

Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.25%), 7.92%, 08/02/28

       1,012       999,374  

Starfruit Finco BV, 2018 USD Term Loan B, (3 mo. SOFR CME + 2.75%), 7.53%, 10/01/25

       98       96,590  

W.R. Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 3.75%), 8.94%, 09/22/28

       569       563,527  
     

 

 

  
            15,047,402  
Commercial Services & Supplies — 4.1%                  

Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.75%), 8.66%, 05/12/28

       1,609       1,525,335  

Amentum Government Services Holdings LLC, 2022 Term Loan, (3 mo. SOFR CME + 4.00%), 8.91%, 02/15/29

       484       472,435  

Aramark Services, Inc., 2018 Term Loan B3, (1 mo. LIBOR US + 1.75%), 6.59%, 03/11/25

       95       94,860  

Asurion LLC

      

2020 Term Loan B8, (1 mo. LIBOR US + 3.25%), 8.09%, 12/23/26

       182       168,705  

2021 2nd Lien Term Loan B3, (1 mo. LIBOR US + 5.25%), 10.09%, 01/31/28

       689       570,934  

2021 Second Lien Term Loan B4, (1 mo. LIBOR US + 5.25%), 10.09%, 01/20/29

       984       808,848  

2023 Term Loan B11, (1 mo. SOFR CME + 4.25%), 9.16%, 08/19/28

       819       757,751  

Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR US + 2.00%), 6.84%, 10/08/28

       429       429,968  

Covanta Holding Corp.

      

2021 Term Loan C, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.31%, 11/30/28

       53       52,512  

2021 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.31%, 11/30/28

       698       694,027  

Creative Artists Agency LLC, 2023 Term Loan B, (1 mo. SOFR CME + 3.50%), 8.31%, 11/27/28

       963       958,590  

EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR US at 1.00% Floor + 3.75%), 8.91%, 05/09/25

       316       304,138  

GFL Environmental, Inc., 2023 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.00%), 7.91%, 05/28/27

       788       787,792  

Packers Holdings LLC, 2021 Term Loan, (1 mo. SOFR CME at 0.75% Floor + 3.25%), 8.09%, 03/09/28

       558       503,733  
Security          Par
(000)		     Value  
Commercial Services & Supplies (continued)  

Prime Security Services Borrower LLC, 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 2.75%), 7.52%, 09/23/26

     USD       1,208     $ 1,202,920  

Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR US + 4.00%), 8.84%, 08/27/25

       1,914       1,909,204  

Viad Corp., Initial Term Loan, (1 mo. SOFR CME at 0.50% Floor + 5.00%), 9.92%, 07/30/28

       482       458,786  
     

 

 

  
            11,700,538  
Communications Equipment — 0.5%                  

Ciena Corp., 2023 Term Loan B, (1 mo. SOFR CME + 2.50%), 7.19%, 01/18/30

       131       130,755  

ViaSat, Inc., Term Loan, (1 mo. SOFR CME at 0.50% Floor + 4.50%), 9.42%, 03/02/29

       1,250       1,210,464  
     

 

 

  
        1,341,219  
Construction & Engineering — 1.9%                  

Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 7.00%), 11.84%, 09/30/29(d)

      572       483,340  

Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR US at 1.00% Floor + 4.25%), 9.13%, 06/21/24

       1,555       1,446,718  

Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR US + 3.00%), 7.85%, 01/21/28

       644       638,549  

SRS Distribution, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.34%, 06/02/28

       1,707       1,644,787  

USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.34%, 05/12/28

       1,077       1,040,400  
     

 

 

  
        5,253,794  
Construction Materials — 1.7%                  

Core & Main LP, 2021 Term Loan B, (1 mo. SOFR CME + 2.50%), 7.37%, 07/27/28(d)

      2,521       2,502,200  

Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR US + 3.00%), 7.84%, 03/29/25

       1,459       1,452,997  

Oscar AcquisitionCo. LLC, Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.50%, 04/29/29

       680       653,536  

Tamko Building Products LLC, Term Loan B, (3 mo. LIBOR US + 3.00%), 7.87%, 06/01/26

       223       216,767  
     

 

 

  
        4,825,500  
Consumer Staples Distribution & Retail — 0.4%  

H-Food Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR US + 3.688%), 8.53%, 05/23/25

       309       263,920  

U.S. Foods, Inc.

      

2019 Term Loan B, (1 mo. LIBOR US + 2.00%), 6.84%, 09/13/26

       646       641,964  

2021 Term Loan B, (1 mo. LIBOR US + 2.75%), 7.59%, 11/22/28

       374       372,950  
     

 

 

  
        1,278,834  
Containers & Packaging — 1.6%                  

Charter Next Generation, Inc., 2021 Term Loan, (1 mo. SOFR CME at 0.75% Floor + 3.75%), 8.67%, 12/01/27

       2,151       2,120,630  

Mauser Packaging Solutions Holding Co., Term Loan B, (3 mo. SOFR CME + 4.00%), 8.78%, 08/14/26

       775       767,529  

Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. SOFR CME + 3.75%), 8.67%, 07/31/26

       378       367,965  
 

 

 

3

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  
Containers & Packaging (continued)                  

Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.42%, 08/18/27

     USD       724     $ 555,725  

Trident TPI Holdings, Inc., 2021 Incremental Term Loan, (3 mo. LIBOR US at 0.50% Floor + 4.00%), 9.16%, 09/15/28

       705       680,025  
     

 

 

  
        4,491,874  
Distributors — 1.6%                  

American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. SOFR CME + 2.00%), 6.91%, 01/15/27

       731       725,848  

CNT Holdings I Corp., 2020 Term Loan, (3 mo. SOFR CME at 0.75% Floor + 3.50%), 8.13%, 11/08/27

       1,130       1,109,497  

Dealer Tire Financial LLC, Term Loan B2, (1 mo. SOFR CME at 0.50% Floor + 4.50%), 9.31%, 12/14/27

       1,564       1,551,539  

Go Daddy Operating Co. LLC, 2022 Term Loan B5, (1 mo. SOFR CME + 3.25%), 8.06%, 11/09/29

       915       912,997  

PUG LLC, 2021 Incremental Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 4.25%), 9.09%, 02/12/27(d)

      226       161,983  
     

 

 

  
            4,461,864  
Diversified Consumer Services — 2.0%                  

2U, Inc., 2023 Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 6.50%), 11.32%, 12/28/26

       588       564,399  

Ascend Learning LLC

      

2021 2nd Lien Term Loan, (1 mo. SOFR CME at 0.50% Floor + 5.75%), 10.66%, 12/10/29

       482       413,715  

2021 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.50%), 8.41%, 12/11/28

       1,182       1,088,952  

Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.25%), 7.17%, 11/24/28

       571       561,146  

Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR US + 3.75%), 8.59%, 07/11/25

       629       623,985  

OLA Netherlands BV, Term Loan, (1 mo. SOFR CME at 0.75% Floor + 6.25%), 11.11%, 12/15/26

       526       496,672  

PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.75%), 8.58%, 10/28/27

       628       587,464  

Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 4.50%), 9.33%, 01/15/27

       1,092       1,083,621  

Voyage Australia Pty. Ltd., USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 3.50%), 8.40%, 07/20/28

       201       197,715  
     

 

 

  
        5,617,669  
Diversified REITs — 0.2%                  

RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR US + 2.00%), 6.85%, 05/11/24

       530       528,663  
     

 

 

  
Diversified Telecommunication Services — 1.7%  

Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 7.93%, 11/30/27

       144       141,749  

Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.38%, 10/02/27

       497       390,476  

Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.63%, 05/01/28

       1,213       1,149,039  

Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. SOFR CME at 0.75% Floor + 2.50%), 7.41%, 11/04/26

       1,109       1,107,054  
Security          Par
(000)		     Value  
Diversified Telecommunication Services (continued)  

Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. SOFR CME + 1.75%), 6.67%, 03/01/27

     USD       917     $ 770,747  

Lumen Technologies, Inc., 2020 Term Loan B, (3 mo. SOFR CME + 2.25%), 7.17%, 03/15/27

       847       556,669  

Virgin Media SFA Finance Ltd., GBP Term Loan L, (1 mo. SONIA + 3.25%), 7.21%, 01/15/27

     GBP       600       693,767  
     

 

 

  
            4,809,501  
Electric Utilities — 0.9%                  

Constellation Renewables LLC, 2020 Term Loan, (3 mo. LIBOR US at 1.00% Floor + 2.50%), 7.46%, 12/15/27

     USD       772       767,285  

Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.66%, 03/31/28

       1,979       1,768,697  
     

 

 

  
        2,535,982  
Electrical Equipment — 0.9%                  

Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.91%, 06/23/28

       939       894,472  

AZZ, Inc., Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 4.25%), 9.16%, 05/13/29

       161       160,609  

Gates Global LLC, 2021 Term Loan B3, (1 mo. SOFR CME at 0.75% Floor + 2.50%), 7.41%, 03/31/27

       1,488       1,476,873  
     

 

 

  
        2,531,954  
Electronic Equipment, Instruments & Components — 0.4%  

Coherent Corp., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.75%), 7.67%, 07/02/29

       1,023       1,011,110  
     

 

 

  
Energy Equipment & Services — 0.7%                  

Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.06%, 10/05/28

       1,904       1,868,478  
     

 

 

  
Entertainment — 0.8%                  

Cirque Du Soleil Holding USA Newco, Inc., 2023 Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.25%), 9.13%, 03/08/30

       558       551,025  

City Football Group Ltd., Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 7.78%, 07/21/28

       1,033       982,996  

Delta 2 Lux SARL, Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.06%, 01/15/30

       796       796,334  
     

 

 

  
        2,330,355  
Environmental, Maintenance & Security Service — 0.8%  

Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR US + 1.75%), 6.59%, 09/07/27

       1,207       1,199,506  

TruGreen LP, 2020 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 4.00%), 8.84%, 11/02/27

       1,015       935,603  
     

 

 

  
        2,135,109  
Financial Services — 5.9%                  

Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.00%), 9.05%, 02/16/28

       263       253,605  

Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR US + 4.50%), 9.34%, 07/31/26

       625       614,028  

AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 2.75%), 7.61%, 02/04/28

       1,065       1,059,821  

Altice France SA/France, 2023 USD Term Loan B14, (2 mo. SOFR CME + 5.50%), 10.17%, 08/15/28(d)

      1,171       1,112,188  

Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.62%, 10/22/26

       983       971,854  
 

 

 

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)

March 31, 2023

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  
Financial Services (continued)                  

Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 2.50%), 7.34%, 09/01/28

     USD       982     $ 968,125  

Delta TopCo, Inc., 2020 2nd Lien Term Loan, (3 mo. SOFR CME at 0.75% Floor + 7.25%), 12.16%, 12/01/28

       237       200,857  

EG America LLC, 2018 USD Term Loan, (3 mo. LIBOR US + 4.00%), 8.84%, 02/07/25

       884       843,689  

Gainwell Acquisition Corp., Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 4.00%), 9.00%, 10/01/27

       1,904       1,813,450  

KKR Apple Bidco LLC, 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 2.75%), 7.59%, 09/23/28

       575       568,121  

LBM Acquisition LLC, Term Loan B, (6 mo. LIBOR US at 0.75% Floor + 3.75%), 8.59%, 12/17/27

       313       293,945  

Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.25%), 8.09%, 09/25/26

       1,574       1,282,427  

RVR Dealership Holdings LLC, Term Loan B, (1 mo. SOFRTE at 0.75% Floor + 3.75%), 8.55%, 02/08/28

       149       126,152  

Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR US + 2.00%), 7.16%, 11/05/28

       826       825,174  

SMG U.S. Midco 2, Inc., 2020 Term Loan, (3 mo. LIBOR US + 2.50%), 7.33%, 01/23/25

       937       925,165  

SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR US + 4.00%), 8.90%, 07/30/25

       615       608,685  

Veritas U.S., Inc., 2021 USD Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 5.00%), 9.84%, 09/01/25

       2,056       1,554,639  

VS Buyer LLC, Term Loan B, (2 mo. LIBOR US + 3.00%), 7.70%, 02/28/27

       1,020       1,008,040  

White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 8.56%, 10/19/27

       753       743,128  

Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR US + 2.50%), 7.18%, 04/30/28

       1,003       989,068  
     

 

 

  
            16,762,161  
Food Products — 2.5%                  

8th Avenue Food & Provisions, Inc.

      

2018 1st Lien Term Loan, (1 mo. LIBOR US + 3.75%), 8.59%, 10/01/25

       732       641,777  

2021 Incremental Term Loan, (1 mo. LIBOR US at 0.75% Floor + 4.75%), 9.59%, 10/01/25

       937       827,275  

Chobani LLC, 2020 Term Loan B, (1 mo. SOFR CME at 1.00% Floor + 3.50%), 8.42%, 10/25/27(d)

      1,198       1,185,935  

Froneri International Ltd., 2020 USD Term Loan, (3 mo. LIBOR US + 2.25%), 7.41%, 01/29/27

       2,173       2,139,597  

Nomad Foods U.S. LLC, 2022 Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 3.75%), 8.23%, 11/12/29

       624       622,675  

Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1 mo. LIBOR US + 3.25%), 8.09%, 02/05/26

       225       223,325  

Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 3.50%), 8.33%, 06/08/28(d)

       1,153       1,141,877  

UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.92%, 01/20/28

       420       417,908  
     

 

 

  
        7,200,369  
Gas Utilities — 0.8%                  

Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.31%, 12/21/28

       2,272       2,195,600  
     

 

 

  
Security          Par
(000)		     Value  
Ground Transportation — 0.7%                  

Avis Budget Car Rental LLC, 2020 Term Loan B, (1 mo. LIBOR US + 1.75%), 6.60%, 08/06/27

     USD       405     $ 397,150  

SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR US + 5.50%), 10.38%, 08/04/25

       716       652,654  

Uber Technologies, Inc., 2023 Term Loan B, (3 mo. SOFR CME + 2.75%), 7.87%, 02/28/30

       988       984,750  
     

 

 

  
        2,034,554  
Health Care Equipment & Supplies — 1.6%                  

Electron BidCo, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 7.84%, 11/01/28

       1,348       1,326,101  

Insulet Corp., Term Loan B, (1 mo. SOFR CME + 3.25%), 8.17%, 05/04/28

       470       469,295  

Medline Borrower LP, USD Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 10/23/28

       2,675       2,605,266  
     

 

 

  
        4,400,662  
Health Care Providers & Services — 2.5%                  

CHG Healthcare Services, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 09/29/28

       629       622,630  

Envision Healthcare Corp.

      

2022 First Out Term Loan, (3 mo. SOFR CME at 1.00% Floor + 7.875%), 12.92%, 03/31/27

       146       121,056  

2022 Second Out Term Loan, (3 mo. SOFR CME at 1.00% Floor + 4.25%), 9.15%, 03/31/27

       969       230,112  

EyeCare Partners LLC

      

2020 Term Loan, (1 mo. LIBOR US + 3.75%), 8.59%, 02/18/27

       1,032       836,916  

2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 6.75%), 11.59%, 11/15/29

       358       270,517  

2021 Incremental Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.75%), 8.59%, 11/15/28

       329       265,991  

Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR US + 4.50%), 9.66%, 03/05/26

       423       377,213  

Ingenovis Health, Inc., Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.60%, 03/06/28

       997       961,221  

Orbcomm, Inc., Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 4.25%), 9.15%, 09/01/28

       536       434,796  

PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.34%, 02/14/25

       32       31,071  

Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.58%, 12/11/26

       1,564       1,503,395  

Surgery Center Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.46%, 08/31/26

       365       362,434  

Vizient, Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.25%), 7.11%, 05/16/29

       208       206,989  

WCG Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR US at 1.00% Floor + 4.00%), 8.95%, 01/08/27

       754       709,763  
     

 

 

  
            6,934,104  
Health Care Services — 0.3%                  

Azalea Topco, Inc., Term Loan, (1 mo. LIBOR US + 3.50%), 8.34%, 07/24/26

       596       554,915  

Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. SOFR CME at 0.50% Floor + 7.00%), 11.99%, 11/01/29

       377       341,185  
     

 

 

  
        896,100  
 

 

 

5

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  
Health Care Technology — 2.6%                  

AthenaHealth Group, Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.50%), 8.26%, 02/15/29

     USD       1,845     $     1,724,867  

GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR US + 2.75%), 7.59%, 10/10/25

       442       438,697  

Polaris Newco LLC, USD Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 4.00%), 9.16%, 06/02/28

       2,665       2,424,803  

Press Ganey Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.59%, 07/24/26

       1,031       961,178  

Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 7.00%), 11.84%, 04/02/29(d)

      1,902       1,902,000  
     

 

 

  
        7,451,545  
Hotels, Restaurants & Leisure — 7.5%                  

Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR US + 3.75%), 8.59%, 02/02/26

       759       722,614  

Aristocrat Technologies, Inc., 2022 Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 2.25%), 7.25%, 05/24/29

       62       62,039  

Bally’s Corp., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 7.96%, 10/02/28

       552       526,273  

Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., Term Loan B4, (1 mo. LIBOR US + 1.75%), 6.59%, 11/19/26

       996       984,681  

Caesars Entertainment, Inc., Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.16%, 02/06/30

       767       762,099  

Carnival Corp., USD Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.00%), 7.84%, 06/30/25

       1,118       1,100,832  

Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR US + 2.00%), 6.85%, 03/17/28

       475       471,735  

ECL Entertainment LLC, Term Loan, (1 mo. LIBOR US at 0.75% Floor + 7.50%), 12.42%, 05/01/28

       563       557,698  

Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR US at 1.00% Floor + 3.00%), 8.16%, 03/08/24

       2,402       2,169,893  

Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 4.00%), 8.81%, 01/27/29

       2,330       2,290,344  

Flutter Financing B.V., 2022 USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 3.25%), 8.41%, 07/22/28

       727       726,400  

Four Seasons Hotels Ltd., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.16%, 11/30/29

       1,890       1,887,679  

IRB Holding Corp., 2022 Term Loan B, (1 mo. SOFRTE at 0.75% Floor + 3.00%), 7.91%, 12/15/27

       1,478       1,451,136  

Penn National Gaming, Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.75%), 7.66%, 05/03/29

       913       909,567  

Playa Resorts Holding B.V., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 4.25%), 8.99%, 01/05/29

       295       293,137  

Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR US + 2.75%), 7.59%, 03/13/28

       1,053       1,044,575  

Scientific Games International, Inc., 2022 USD Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.00%), 7.96%, 04/14/29

       501       496,616  

SeaWorld Parks & Entertainment, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 7.88%, 08/25/28

       424       421,804  

Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR US + 2.25%), 7.41%, 07/21/26

       684       682,186  

Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR US at 0.25% Floor + 2.25%), 7.10%, 02/08/27

       1,256       1,244,427  

Travelport Finance Luxembourg SARL 2020 Super Priority Term Loan, (3 mo. LIBOR US at 1.00% Floor + 1.50%, 7.25% PIK), 6.34%, 02/28/25(g)

      27       27,549  
Security          Par
(000)		     Value  
Hotels, Restaurants & Leisure (continued)                  

Travelport Finance Luxembourg SARL (continued) 2021 Consented Term Loan, (3 mo. LIBOR US + 6.75%), 10.16%, 05/29/26

     USD       888     $ 504,617  

Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 08/03/28

       1,391       1,374,774  

Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR US + 1.75%), 6.59%, 05/30/25

       332       331,123  
     

 

 

  
            21,043,798  
Household Durables — 1.9%                  

ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 4.25%), 9.41%, 05/17/28

       1,011       800,036  

Hunter Douglas, Inc., USD Term Loan B1, (3 mo. SOFR CME + 3.50%), 8.37%, 02/26/29

       1,483       1,327,591  

Reynolds Consumer Products LLC, Term Loan, (1 mo. SOFR CME + 1.75%), 6.66%, 02/04/27

       922       913,718  

Serta Simmons Bedding LLC

      

2020 Super Priority First Out Term Loan, (3 mo. LIBOR US + 7.50%), 12.37%, 08/10/23

       285       279,321  

2020 Super Priority Second Out Term Loan, (3 mo. LIBOR US at 1.00% Floor + 7.50%), 12.37%, 08/10/23

       448       253,809  

Snap One Holdings Corp., Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 4.50%), 9.66%, 12/08/28(d)

      233       211,730  

Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 4.00%), 8.75%, 10/06/28

       507       424,933  

Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.25%), 8.09%, 10/30/27

       1,463       1,252,754  
     

 

 

  
        5,463,892  
Household Products — 0.2%                  

Spectrum Brands, Inc., 2021 Term Loan, (3 mo. LIBOR US at 0.50% Floor + 2.00%), 6.96%, 03/03/28

       513       507,486  
     

 

 

  
Independent Power and Renewable Electricity Producers — 0.6%  

Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR US + 2.00%), 6.84%, 01/15/25

       309       308,457  

Calpine Corp.

      

2019 Term Loan B10, (1 mo. LIBOR US + 2.00%), 6.84%, 08/12/26

       465       461,217  

Term Loan B9, (1 mo. LIBOR US + 2.00%), 6.85%, 04/05/26

       865       857,898  
     

 

 

  
        1,627,572  
Industrial Conglomerates — 2.0%                  

AVSC Holding Corp.

      

2020 Term Loan B1, (3 mo. LIBOR US at 1.00% Floor + 3.50%), 8.31%, 03/03/25

       618       593,210  

2020 Term Loan B3, (3 mo. LIBOR US + 15.00%), 15.00%, 10/15/26

       580       590,026  

Diamond BC BV, 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.58%, 09/29/28

       1,064       1,059,324  

Stitch Aquisition Corp., Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 6.75%), 11.91%, 07/28/28

       668       520,907  

Vertical U.S. Newco, Inc., Term Loan B, (6 mo. LIBOR US at 0.50% Floor + 3.50%), 8.60%, 07/30/27

       1,391       1,356,549  

Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR US + 2.75%), 7.42%, 03/02/27

       1,494       1,464,951  
     

 

 

  
        5,584,967  
 

 

 

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)

March 31, 2023

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  
Insurance — 5.9%                  

Alliant Holdings Intermediate LLC

      

2021 Term Loan B4, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.28%, 11/06/27

     USD       2,333     $ 2,303,454  

2023 Term Loan B5, (1 mo. SOFR CME at 0.50% Floor + 3.50%), 8.35%, 11/05/27

       2,390       2,358,560  

AmWINS Group, Inc.

      

2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 2.25%), 7.11%, 02/19/28

       1,185       1,168,866  

2023 Incremental Term Loan B, (1 mo. SOFR CME at 0.75% Floor + 2.75%), 7.66%, 02/19/28

       305       303,327  

AssuredPartners, Inc.

      

2020 Term Loan B, (1 mo. LIBOR US + 3.50%), 8.34%, 02/12/27

       622       615,292  

2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.34%, 02/12/27

       601       592,918  

Hub International Ltd.

      

2018 Term Loan B, (3 mo. LIBOR US + 3.00%), 7.82%, 04/25/25

       1,751       1,743,721  

2021 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.25%), 8.06%, 04/25/25

       1,644       1,638,537  

2022 Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 4.00%), 8.73%, 11/10/29

       286       285,103  

NFP Corp., 2020 Term Loan, (1 mo. LIBOR US + 3.25%), 8.09%, 02/15/27

       114       111,211  

Ryan Specialty Group LLC, Term Loan, (1 mo. SOFR CME at 0.75% Floor + 3.00%), 7.91%, 09/01/27

       839       835,381  

Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1 mo. SOFR CME + 3.75%), 8.56%, 02/17/28

       2,468       2,433,187  

USI, Inc.

      

2019 Incremental Term Loan B, (3 mo. LIBOR US + 3.25%), 8.41%, 12/02/26

       132       131,256  

2022 Incremental Term Loan, (3 mo. SOFR CME at 0.50% Floor + 3.75%), 8.65%, 11/22/29

       2,077       2,067,274  
     

 

 

  
            16,588,087  
Interactive Media & Services — 1.2%                  

Adevinta ASA, USD Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 2.75%), 7.91%, 06/26/28

       1,063       1,052,977  

Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 3.00%), 7.84%, 10/30/26

       1,253       1,249,705  

Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR US + 2.00%), 6.84%, 08/10/27

       450       447,868  

Grab Holdings, Inc., Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 4.50%), 9.35%, 01/29/26

       652       648,392  
     

 

 

  
        3,398,942  
IT Services — 5.4%                  

Aruba Investments Holdings LLC

      

2020 2nd Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 7.75%), 12.59%, 11/24/28

       885       792,075  

2020 USD Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.59%, 11/24/27

       469       456,936  

Boxer Parent Co., Inc., 2021 USD Term Loan, (1 mo. LIBOR US + 3.75%), 8.59%, 10/02/25

       1,248       1,230,466  

Camelot Finance SA, Term Loan B, (1 mo. LIBOR US + 3.00%), 7.84%, 10/30/26

       1,143       1,139,532  

CCC Intelligent Solutions, Inc., Term Loan, (1 mo. LIBOR US at 0.50% Floor + 2.25%), 7.09%, 09/21/28

       1,035       1,024,768  
Security          Par
(000)		     Value  
IT Services (continued)                  

CoreLogic, Inc.

      

2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 6.50%), 11.38%, 06/04/29

     USD       873     $ 642,499  

Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.38%, 06/02/28

       2,074       1,763,460  

Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR US + 1.75%), 6.59%, 04/28/28

       1,248       1,239,151  

Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR US at 0.75% Floor + 4.00%), 8.84%, 12/01/27

       2,020       1,986,760  

PUG LLC, USD Term Loan, (1 mo. LIBOR US + 3.50%), 8.34%, 02/12/27

       2,130       1,535,874  

Trans Union LLC

      

2019 Term Loan B5, (1 mo. LIBOR US + 1.75%), 6.59%, 11/16/26

       1,140       1,130,164  

2021 Term Loan B6, (1 mo. LIBOR US at 0.50% Floor + 2.25%), 7.09%, 12/01/28

       1,433       1,414,774  

Venga Finance SARL, 2021 USD Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.70%, 06/28/29

       400       380,726  

WEX, Inc., 2021 Term Loan, (1 mo. LIBOR US + 2.25%), 7.09%, 03/31/28

       599       593,918  
     

 

 

  
            15,331,103  
Leisure Products — 0.5%                  

Fender Musical Instruments Corp., 2021 Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 4.00%), 8.84%, 12/01/28(d)

      600       544,397  

Peloton Interactive, Inc., Term Loan, (3 mo. SOFR CME at 0.50% Floor + 6.50%), 11.76%, 05/25/27

       211       210,170  

Topgolf Callaway Brands Corp., Term Loan B, (3 mo. SOFR CME + 3.50%), 8.26%, 03/15/30

       706       700,818  
     

 

 

  
        1,455,385  
Life Sciences Tools & Services — 2.7%                  

Avantor Funding, Inc., 2021 Term Loan B5, (1 mo. LIBOR US at 0.50% Floor + 2.25%), 7.09%, 11/08/27

       1,089       1,086,574  

Curia Global, Inc., 2021 Term Loan, (1 mo. SOFR CME at 0.75% Floor + 3.75%), 8.53%, 08/30/26

       86       73,500  

eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR US at 1.00% Floor + 4.50%), 9.34%, 02/04/27

       2,036       1,920,421  

ICON Luxembourg SARL, LUX Term Loan, (3 mo. SOFR CME at 0.50% Floor + 2.25%), 7.41%, 07/03/28

       1,471       1,465,998  

Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3 mo. SOFRTE at 0.50% Floor + 3.00%), 7.63%, 10/19/27

       918       912,348  

Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 11/15/28

       1,882       1,863,666  

PRA Health Sciences, Inc., US Term Loan, (3 mo. LIBOR US at 0.50% Floor + 2.25%), 7.41%, 07/03/28

       390       388,365  
     

 

 

  
        7,710,872  
Machinery — 3.7%                  

Albion Acquisitions Ltd., USD Term Loan, (3 mo. LIBOR US at 0.50% Floor + 5.25%), 10.07%, 08/17/26

       1,130       1,097,761  

Clark Equipment Co., 2022 Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 2.50%), 7.50%, 04/20/29

       186       185,539  

Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.94%, 05/14/28

       234       231,856  

Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.34%, 10/21/28

       722       710,272  
 

 

 

7

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  
Machinery (continued)                  

Fluidra SA, 2022 USD Term Loan B, (1 mo. SOFR CME + 2.00%), 6.91%, 01/29/29

     USD       191     $ 187,388  

Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. SOFR CME + 1.75%), 6.66%, 03/01/27

       1,374       1,368,484  

Madison IAQ LLC, Term Loan, (6 mo. LIBOR US at 0.50% Floor + 3.25%), 8.30%, 06/21/28

       2,282       2,167,863  

Roper Industrial Products Investment Co., USD Term Loan, (3 mo. SOFR CME + 4.50%), 9.40%, 11/22/29

       1,040       1,030,713  

SPX Flow, Inc., 2022 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 4.50%), 9.41%, 04/05/29

       1,197       1,134,551  

Titan Acquisition Ltd., 2018 Term Loan B, (3 mo. LIBOR US + 3.00%), 8.15%, 03/28/25

       2,383       2,252,929  

Zurn LLC, 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 2.00%), 6.84%, 10/04/28

       77       76,874  
     

 

 

  
            10,444,230  
Media — 9.5%                  

Altice Financing SA

      

2017 USD Term Loan B, (3 mo. LIBOR US + 2.75%), 7.58%, 07/15/25

       686       673,162  

USD 2017 1st Lien Term Loan, (3 mo. LIBOR US + 2.75%), 7.58%, 01/31/26

       948       928,830  

AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR US + 3.00%), 7.68%, 04/22/26

       927       674,174  

Cable One, Inc., 2021 Term Loan B4, (1 mo. LIBOR US + 2.00%), 6.84%, 05/03/28

       301       292,377  

Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (1 mo. SOFR CME + 1.75%), 6.56%, 04/30/25

       1,600       1,597,663  

Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR US + 3.50%), 8.33%, 08/21/26

       2,335       2,169,235  

CMG Media Corp., 2021 Term Loan, (3 mo. LIBOR US + 3.50%), 8.66%, 12/17/26

       — (i)       126  

Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 3.50%), 8.35%, 12/11/26

       3,452       3,426,514  

CSC Holdings LLC

      

2017 Term Loan B1, (1 mo. LIBOR US + 2.25%), 6.93%, 07/17/25

       728       693,142  

2019 Term Loan B5, (1 mo. LIBOR US + 2.50%), 7.18%, 04/15/27

       895       787,821  

E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR US at 0.75% Floor + 2.75%), 7.67%, 01/07/28

       337       321,683  

Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR US at 1.00% Floor + 3.25%), 8.10%, 12/01/23

       536       374,250  

Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR US + 2.25%), 7.09%, 03/24/25

       810       795,272  

Live Nation Entertainment, Inc., Term Loan B4, (1 mo. SOFR CME + 1.75%), 6.61%, 10/17/26(d)

      1,551       1,531,208  

MH Sub I LLC

      

2017 1st Lien Term Loan, (1 mo. LIBOR US + 3.75%), 8.59%, 09/13/24

       1,883       1,848,564  

2020 Incremental Term Loan, (1 mo. LIBOR US at 1.00% Floor + 3.75%), 8.59%, 09/13/24

       107       104,873  

2021 2nd Lien Term Loan, (1 mo. SOFR CME + 6.25%), 11.06%, 02/23/29

       1,249       1,140,565  

Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR US + 2.50%), 7.34%, 09/18/26

       489       487,309  

Sinclair Television Group, Inc., 2022 Term Loan B4, (1 mo. SOFR CME + 3.75%), 8.66%, 04/21/29(d)

      1,115       1,012,380  
Security          Par
(000)		     Value  
Media (continued)                  

UFC Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 2.75%), 7.57%, 04/29/26

     USD       552     $ 548,328  

UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR US + 2.925%), 7.61%, 01/31/29

       474       463,118  

Virgin Media Bristol LLC

      

2020 USD Term Loan Q, (1 mo. LIBOR US + 3.25%), 7.93%, 01/31/29

       278       274,561  

USD Term Loan N, (1 mo. LIBOR US + 2.50%), 7.18%, 01/31/28

       609       598,168  

Voyage Digital Ltd., USD Term Loan B, (3 mo. SOFRTE at 0.50% Floor + 4.25%), 9.05%, 05/11/29(d)

      623       613,941  

William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR US + 2.75%), 7.60%, 05/18/25

       1,662       1,645,679  

WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR US + 2.125%), 6.97%, 01/20/28

       1,308       1,291,970  

Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR US + 3.00%), 7.84%, 03/09/27

       3,113       2,520,887  
     

 

 

  
            26,815,800  
Oil, Gas & Consumable Fuels — 0.7%                  

Lealand Finance Co. BV

      

2020 Make Whole Term Loan, (1 mo. LIBOR US + 3.00%), 7.84%, 06/28/24

       25       16,820  

2020 Take Back Term Loan, (1 mo. LIBOR US + 1.00%), 5.84%, 06/30/25

       187       123,110  

M6 ETX Holdings II Midco LLC, Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.38%, 09/19/29

       164       162,461  

Medallion Midland Acquisition LLC, 2021 Term Loan, (3 mo. SOFR CME at 0.75% Floor + 3.75%), 8.91%, 10/18/28

       1,185       1,167,225  

Murphy USA, Inc., Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 1.75%), 6.43%, 01/31/28

       393       393,248  
     

 

 

  
        1,862,864  
Passenger Airlines — 2.8%                  

AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.56%, 04/20/28

       1,009       1,023,357  

Air Canada, 2021 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.50%), 8.37%, 08/11/28

       1,252       1,246,560  

American Airlines, Inc.

      

2017 1st Lien Term Loan, (6 mo. LIBOR US + 3.50%), 8.26%, 01/29/27

       167       163,042  

2023 Term Loan B, (6 mo. SOFR CME + 2.75%), 8.15%, 02/15/28

       1,485       1,449,033  

Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR US at 1.00% Floor + 5.25%), 10.21%, 06/21/27

       1,812       1,878,161  

United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.75%), 8.57%, 04/21/28

       2,266       2,245,935  
     

 

 

  
        8,006,088  
Personal Care Products — 1.4%                  

Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3 mo. SOFRTE at 1.00% Floor + 6.00%), 11.02%, 12/22/26

       251       242,659  

Prestige Brands, Inc., 2021 Term Loan B5, (1 mo. LIBOR US at 0.50% Floor + 2.00%), 6.84%, 07/03/28

       104       103,219  

Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR US at 0.75% Floor + 3.75%), 8.91%, 10/01/26

       3,729       3,689,377  
     

 

 

  
        4,035,255  
Pharmaceuticals — 2.5%                  

Amneal Pharmaceuticals LLC, 2018 Term Loan B, (3 mo. LIBOR US + 3.50%), 8.38%, 05/04/25

       746       706,734  
 

 

 

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)

March 31, 2023

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security           Par
(000)		      Value  
Pharmaceuticals (continued)                    

Amynta Agency Borrower, Inc., 2023 Term Loan B, (3 mo. SOFR CME + 5.00%), 9.99%, 02/28/28

     USD        526      $ 503,513  

Bausch Health Cos., Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 5.25%), 10.09%, 02/01/27

        692        512,515  

Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR US at 0.50% Floor + 2.00%), 6.81%, 02/22/28

        981        970,848  

Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR US + 1.75%), 6.41%, 08/01/27

        933        911,557  

Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.34%, 05/05/28

        1,248        1,242,010  

Option Care Health, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 2.75%), 7.59%, 10/27/28

        431        429,128  

Organon & Co., USD Term Loan, (3 mo. LIBOR US at 0.50% Floor + 3.00%), 8.00%, 06/02/28

        866        864,699  

Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 3.00%), 8.16%, 11/18/27(d)

        893        858,731  
       

 

 

  
              6,999,735  
Professional Services — 1.5%                    

Dun & Bradstreet Corp.

        

2022 Incremental Term Loan B2, (1 mo. SOFR CME + 3.25%), 8.04%, 01/18/29

        439        435,061  

Term Loan, (1 mo. LIBOR US + 3.25%), 8.10%, 02/06/26

        1,435        1,431,309  

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

        

2022 USD Delayed Draw Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.25%), 9.25%, 07/06/29

        374        368,878  

2022 USD Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.25%), 9.25%, 07/06/29

        810        799,236  

Galaxy U.S. Opco, Inc., Term Loan, (1 mo. SOFR CME at 0.50% Floor + 4.75%), 9.56%, 04/29/29

        1,238        1,092,341  
       

 

 

  
          4,126,825  
Real Estate Management & Development — 1.0%  

Chariot Buyer LLC, Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 11/03/28

        1,512        1,450,254  

Cushman & Wakefield U.S. Borrower LLC 2020 Term Loan B, (1 mo. LIBOR US + 2.75%), 7.59%, 08/21/25

        546        530,987  

2023 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.16%, 01/31/30(d)

       769        740,272  
       

 

 

  
          2,721,513  
Semiconductors & Semiconductor Equipment — 0.4%  

MKS Instruments, Inc., 2022 USD Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.75%), 7.61%, 08/17/29

        712        706,680  

Synaptics, Inc., Term Loan B, (6 mo. LIBOR US at 0.50% Floor + 2.25%), 7.40%, 12/02/28

        385        380,563  
       

 

 

  
          1,087,243  
Software — 12.7%                    

Applied Systems, Inc.

        

2021 2nd Lien Term Loan, (3 mo. SOFR CME at 0.75% Floor + 6.75%), 11.65%, 09/17/27

        439        438,232  

2022 Extended 1st Lien Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.40%, 09/18/26

        302        300,702  

Barracuda Networks, Inc., 2022 Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.18%, 08/15/29

        472        453,388  

Central Parent, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.25%), 9.15%, 07/06/29

        850        848,234  

Cloudera, Inc. 2021 Second Lien Term Loan, (1 mo. SOFR CME at 0.50% Floor + 6.00%), 10.91%, 10/08/29

        482        424,965  
Security           Par
(000)		      Value  
Software (continued)                    

Cloudera, Inc. (continued)

        

2021 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.75%), 8.66%, 10/08/28(d)

    USD        528      $ 503,186  

Cornerstone OnDemand, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.75%), 8.59%, 10/16/28

        735        675,814  

Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR US + 3.25%), 8.08%, 05/28/24

        504        452,894  

E2open LLC, 2020 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.20%, 02/04/28

        175        173,408  

Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR US at 1.00% Floor + 7.75%), 12.59%, 07/31/28

        1,316        1,298,181  

Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR US + 2.75%), 7.63%, 10/27/28

        1,891        1,873,698  

Instructure Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.85%, 10/30/28(d)

        448        445,106  

IPS Corp.

        

2021 2nd Lien Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 7.00%), 11.84%, 10/01/29(d)

       645        516,000  

2021 Delayed Draw Term Loan, 0.00%, 10/02/28

        66        —  

2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.41%, 10/02/28

        366        342,590  

Magenta Buyer LLC

        

2021 USD 1st Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.58%, 07/27/28

        1,488        1,221,894  

2021 USD 2nd Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 8.25%), 13.08%, 07/27/29

        1,358        1,005,273  

McAfee Corp., 2022 USD Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.75%), 8.52%, 03/01/29

        2,138        2,004,230  

NortonLifeLock, Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.00%), 6.91%, 09/12/29

        920        910,097  

Planview Parent, Inc., 2nd Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 7.25%), 12.41%, 12/18/28

        572        504,315  

Proofpoint, Inc.

        

1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 08/31/28

        1,724        1,682,195  

2nd Lien Term Loan, (3 mo. LIBOR US at 0.50% Floor + 6.25%), 11.09%, 08/31/29

        895        842,043  

RealPage, Inc.

        

1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 7.84%, 04/24/28

        3,861        3,738,592  

2nd Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 6.50%), 11.34%, 04/23/29

        1,825        1,717,882  

Renaissance Holding Corp., 2023 Refi Term Loan, (1 mo. LIBOR US + 3.25%), 8.09%, 04/05/30

        460        446,876  

Severin Acquisition LLC, 2018 Term Loan B, (3 mo. SOFR CME + 3.00%), 7.68%, 08/01/25

        1,364        1,360,949  

Sophia LP

        

2020 2nd Lien Term Loan, (3 mo. LIBOR US at 1.00% Floor + 8.00%), 13.16%, 10/09/28

        2,590        2,567,337  

2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.66%, 10/07/27

        1,344        1,326,490  

Tempo Acquisition LLC, 2022 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.81%, 08/31/28

        2,955        2,948,599  

TIBCO Software, Inc., 2022 USD Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.50%, 03/30/29

        2,833        2,568,596  

UKG, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR US at 0.50% Floor + 5.25%), 10.03%, 05/03/27

        865        826,588  
 

 

 

9

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  
Software (continued)        

Ultimate Software Group, Inc., Term Loan B, (3 mo. LIBOR US + 3.75%), 8.58%, 05/04/26

     USD       1,194     $ 1,172,496  

ZoomInfo LLC, 2023 Term Loan B, (1 mo. SOFR CME + 2.75%), 7.66%, 02/28/30

       135       134,326  
     

 

 

  
          35,725,176  
Specialty Retail — 4.9%                  

Belron Finance U.S. LLC
2018 Term Loan B, (3 mo. LIBOR US + 2.25%), 7.13%, 11/13/25

       267       266,809  

2019 USD Term Loan B3, (3 mo. LIBOR US + 2.25%), 7.06%, 10/30/26(d)

      653       651,430  

2021 USD Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.425%), 7.30%, 04/13/28

       1,697       1,691,025  

CD&R Firefly Bidco Ltd., 2018 GBP Term Loan B1, (1 day SONIA + 4.25%), 7.78%, 06/23/25

     GBP       1,000       1,186,315  

EG Group Ltd., 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 4.25%), 9.09%, 03/31/26

     USD       349       333,158  

Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 11/24/28

       992       986,364  

Mavis Tire Express Services Corp., 2021 Term Loan B, (1 mo. SOFR CME at 0.75% Floor + 4.00%), 8.92%, 05/04/28

       1,843       1,803,708  

MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR US + 4.25%), 9.09%, 08/31/26

       821       717,984  

Midas Intermediate Holdco II LLC, 2022 PIK Term Loan, (1 mo. SOFR CME at 0.75% Floor + 8.35%, 1.50% PIK), 13.11%, 06/30/27

       1,696       1,376,710  

PetSmart, Inc., 2021 Term Loan B, (1 mo. SOFR CME at 0.75% Floor + 3.75%), 8.66%, 02/11/28

       2,267       2,247,655  

Pilot Travel Centers LLC, 2021 Term Loan B, (1 mo. SOFR CME + 2.00%), 6.91%, 08/04/28

       702       698,505  

Restoration Hardware, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.16%, 10/20/28

       532       499,555  

Reverb Buyer, Inc., 2021 1st Lien Term Loan, (3 mo. SOFR CME at 0.50% Floor + 3.25%), 8.24%, 11/01/28

       683       662,614  

Sally Holdings LLC, 2023 Term Loan B, (3 mo. SOFR CME + 2.50%), 7.31%, 02/28/30(d)

      392       390,530  

Woof Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.53%, 12/21/27(d)

      334       319,142  
     

 

 

  
        13,831,504  
Technology Hardware, Storage & Peripherals — 0.1%  

Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR US + 5.00%), 10.21%, 07/23/26

       494       386,317  
     

 

 

  
Textiles, Apparel & Luxury Goods — 0.4%  

Crocs, Inc., Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 3.50%), 8.41%, 02/20/29

       724       720,392  

Hanesbrands, Inc., 2023 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.75%), 8.56%, 03/08/30(d)

      321       319,395  
     

 

 

  
        1,039,787  
Security         

Par

(000)

     Value  
Trading Companies & Distributors — 1.2%  

Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR US + 2.25%), 7.09%, 05/19/28

     USD       844     $ 837,664  

ION Trading Finance Ltd., 2021 USD Term Loan, (3 mo. LIBOR US + 4.75%), 9.91%, 04/03/28

       415       389,481  

SRS Distribution, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.25%), 8.16%, 06/02/28

       609       582,601  

TMK Hawk Parent Corp.

      

2020 Super Priority First Out Term Loan A, (3 mo. LIBOR US at 1.00% Floor + 9.50%), 14.46%, 05/30/24(d)

      595       577,400  

2020 Super Priority Second Out Term Loan B, (3 mo. LIBOR US at 1.00% Floor + 3.50%), 8.46%, 08/28/24

       1,886       1,056,022  
     

 

 

  
        3,443,168  
Transportation Infrastructure — 0.0%        

KKR Apple Bidco LLC, 2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 5.75%), 10.59%, 09/21/29

       153       149,519  
     

 

 

  
Wireless Telecommunication Services — 1.0%  

GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 3.75%), 8.70%, 04/30/28

       672       666,298  

SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR US + 1.75%), 6.60%, 04/11/25

       2,048       2,045,331  
     

 

 

  
        2,711,629  
     

 

 

  

Total Floating Rate Loan Interests — 127.5%
(Cost: $373,952,606)

 

       359,563,964  
     

 

 

  
            Shares         

Investment Companies

      
Financial Services(j) — 1.3%                  

Invesco Senior Loan ETF

       35,400       736,320  

iShares iBoxx $ High Yield Corporate Bond ETF(k)

       40,000       3,022,000  
     

 

 

  
        3,758,320  
     

 

 

  

Total Investment Companies — 1.3%
(Cost: $3,789,357)

 

       3,758,320  
     

 

 

  
            Benefical
Interest (000)		         

Other Interests

      
Capital Markets — 0.0%                  

Millennium Lender Claim Trust(d)(l)

    USD       991       —  
     

 

 

  
Industrial Conglomerates — 0.0%                  

Millennium Corp. Claim(d)(l)

      930       —  
     

 

 

  

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

         —  
     

 

 

  
 

 

 

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)

March 31, 2023

   

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Warrants

 

  
Consumer Discretionary — 0.0%        

Service King (Carnelian Point), (Expires 06/30/27, Strike Price USD 10.00)(c)

    2,121     $ —  
   

 

 

  
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)(c)

    617       5,245  
   

 

 

  

Total Warrants — 0.0%
(Cost: $ —)

 

     5,245  
   

 

 

  

Total Investments — 132.0%
(Cost: $388,949,946)

 

     372,169,094  

Liabilities in Excess of Other Assets — (32.0)%

 

     (90,268,048 ) 
   

 

 

  

Net Assets — 100.0%

 

   $ 281,901,046  
   

 

 

  

 

(a)

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.

(b)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) 

Non-income producing security.

 

(d) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

 

(e) 

Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $897, representing less than 0.05% of its net assets as of period end, and an original cost of $131,156.

 

(f) 

Issuer filed for bankruptcy and/or is in default.

 

(g) 

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.

 

(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) 

Annualized 7-day yield as of period end.

 

(k) 

Affiliate of the Trust.

 

(l) 

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 March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
12/31/22		     Purchases
at Cost		     Proceeds
from Sales		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
03/31/23		     Shares
Held at
03/31/23		     Income     Capital Gain
Distributions
from
Underlying
Funds		  

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

  $ —     $ —     $ —     $ —     $ —     $ —       —     $ 1,561     $ —  

iShares iBoxx $ High Yield Corporate Bond ETF

     368,150       4,935,440       (2,253,995 )      (24,805 )      (2,790 )      3,022,000       40,000       35,379       —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  
        $ (24,805 )    $ (2,790 )    $ 3,022,000       $ 36,940     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (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     1,698,317        GBP     1,414,000        BNP Paribas SA        06/21/23        $ (48,660 ) 
USD     176,640        GBP     144,009        The Bank of New York Mellon        06/21/23          (1,282 ) 
                       

 

 

  
                        $ (49,942 ) 
                       

 

 

  

 

 

11

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Floating Rate Income Trust (BGT)

 

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.39.V1

      5.00 %       Quarterly      12/20/27    B+      USD     2,785        $38,283      $ (41,284 )     $ 79,567  
                 

 

 

     

 

 

     

 

 

  

 

  (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

 

  •  

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

                  

Asset-Backed Securities

    $ —        $ 2,999,710        $ —        $ 2,999,710  

Common Stocks

                  

Automobile Components

      24,829          —          —          24,829  

Construction & Engineering

      —          26,059          —          26,059  

Energy Equipment & Services

      —          —          897          897  

Household Products

      —          —          —          —  

Industrial Conglomerates

      —          416          —          416  

Specialty Retail

      —          280,948          —          280,948  

Corporate Bonds

      —          5,508,706          —          5,508,706  

Floating Rate Loan Interests

      —          340,612,830          18,951,134          359,563,964  

Investment Companies

      3,758,320          —          —          3,758,320  

Other Interests

      —          —          —          —  

Warrants

      5,245          —          —          5,245  

Liabilities

                  

Unfunded Floating Rate Loan Interests(a)

     —          (23,125 )         —          (23,125 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $     3,788,394        $   349,405,544        $   18,952,031        $  372,145,969  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                 

Assets

                  

Credit Contracts

    $ —        $ 79,567        $ —        $ 79,567  

 

 

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)

March 31, 2023

   

BlackRock Floating Rate Income Trust (BGT)

 

Fair Value Hierarchy as of Period End (continued)

 

      Level 1        Level 2        Level 3        Total  

Liabilities

                  

Foreign Currency Exchange Contracts

    $ —        $ (49,942 )       $ —        $ (49,942 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $             —        $     29,625        $             —        $     29,625  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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 reporting purposes. As of period end, bank borrowings payable of $89,000,000 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 and derivative financial instruments 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		       

Other

Interests

        Total  
Assets                                           

Opening balance, as of December 31, 2022

    $ 822        $ —        $ 7,962,927        $ —        $ 7,963,749  

Transfers into Level 3

      —          —          8,949,162          —          8,949,162  

Transfers out of Level 3

      —          —          (603,248 )         —          (603,248 ) 

Accrued discounts/premiums

      —          —          8,983          —          8,983  

Net realized gain (loss)

      —          —          (21,158 )         —          (21,158 ) 

Net change in unrealized appreciation (depreciation)(a)

     75          —          125,999          —          126,074  

Purchases

      —          —          4,041,745          —          4,041,745  

Sales

      —          —          (1,513,277 )         —          (1,513,277 ) 
  

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Closing balance, as of March 31, 2023

    $ 897        $ —        $ 18,951,133        $ —        $ 18,952,030  
  

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023(a)

   $ 75        $ —        $ 124,140        $ —        $ 124,215  
  

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.

 

The Trust’s financial instruments 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 financial instruments.

 

Currency Abbreviation
GBP   British Pound
USD   United States Dollar
Portfolio Abbreviation
CLO   Collateralized Loan Obligation
DAC   Designated Activity Company
ETF   Exchange-Traded Fund
LIBOR   London Interbank Offered Rate
PIK   Payment-in-Kind
SOFR   Secured Overnight Financing Rate
SOFR CME  

Secured Overnight Financing Rate Chicago Mercantile Exchange

SOFRTE   Term Secured Overnight Financing Rate
SONIA   Sterling Overnight Interbank Average Rate

    

 

 

 

13