Fixed Income

BGT

Floating Rate Income Trust

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

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  1y 3y 5y 10y
2.83 4.58 5.80 5.90
Market Price Total Return (%) -0.88 1.23 5.15 3.07
  YTD 1m 1y 3y 5y 10y
2.83 1.92 2.83 14.37 32.59 77.45
Market Price Total Return (%) -0.88 0.23 -0.88 3.74 28.52 35.31
  2016 2017 2018 2019 2020
NAV Total Return (%) 11.02 4.42 -1.30 12.69 2.83
Market Price Total Return (%) 19.26 3.88 -11.97 18.89 -0.88

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.


Returns are shown net of advisory fees paid by the fund and net of the fund’s operating fees and expenses. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Past performance is not indicative of future results.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Key Facts

Key Facts

Net Assets as of Apr 14, 2021 $302,788,326
Size of Fund (Millions) as of Apr 14, 2021 $302.8 M
Share Class launch date Aug 30, 2004
Exchange New York Stock Exchange Inc.
Asset Class Fixed Income
Morningstar Category Bank Loan
Lipper Classification Loan Participation Funds
CUSIP 091941104
Management Fee 0.75%
Gross Expense Ratio 1.74%
Shares Outstanding as of Apr 14, 2021 22,360,371
Number of Holdings as of Mar 31, 2021 447
Managed Assets as of Apr 14, 2021 $430,788,326.49
Premium Discount as of Apr 14, 2021 -8.05%

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate as of Apr 14, 2021 6.24%
Yield to Worst as of Mar 31, 2021 6.41%
WAL to Worst as of Mar 31, 2021 7.00 yrs
Leverage as of Mar 31, 2021 $ 134,000,000.00
Effective Duration as of Mar 31, 2021 0.67 yrs
% Leveraged as of Mar 31, 2021 30.63%
% Insured as of Mar 31, 2021 0.00%

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities covered by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. For newly launched funds, sustainability characteristics are typically available 6 months after launch. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of Mar 31, 2021 0.01%
MSCI - UN Global Compact Violators as of Mar 31, 2021 0.15%
MSCI - Nuclear Weapons as of Mar 31, 2021 0.01%
MSCI - Thermal Coal as of Mar 31, 2021 0.00%
MSCI - Civilian Firearms as of Mar 31, 2021 0.01%
MSCI - Oil Sands as of Mar 31, 2021 0.01%
MSCI - Tobacco as of Mar 31, 2021 0.01%

Business Involvement Coverage as of Mar 31, 2021 25.78%
Percentage of Fund not covered as of Mar 31, 2021 74.22%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.04%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund’s investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.


The Fund manager includes ESG considerations in the investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for new primary issuers under consideration for investment and existing issuers of publicly traded securities. These scorecards analyze and track internal and external research views across a range of environmental, social, and governance factors sourced from primary and third party ESG information and research. Portfolio management teams consider the sector and issuer ESG views and scores when selecting individual investments during portfolio construction. ESG factors are debated and considered in investment decisions. The Fund manager also considers ESG criteria during post-investment monitoring and conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks.

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for Floating Rate Income Trust, -, as of Mar 31, 2021 rated against 29 Bank Loan Funds based on risk adjusted total return.

Holdings

Holdings

as of Mar 31, 2021
Name Weight (%)
UKG INC 1.53
ZAYO GROUP HOLDINGS INC 1.42
INFORMATICA LLC 1.39
SOPHIA LP 1.26
PERATON CORP 1.23
Name Weight (%)
REALPAGE INC 1.23
CONNECT FINCO SARL 1.22
ISHARES IBOXX DOLLAR HIGH YIELD CORPORATE BOND FUND 1.19
DUN & BRADSTREET CORPORATION (THE) 1.04
SUNSHINE LUXEMBOURG VII SARL 0.98

Exposure Breakdowns

Exposure Breakdowns

as of Mar 31, 2021

% of Market Value

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% of Market Value

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% of Market Value

Type Fund
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Type Fund
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

James Keenan, CFA
Chief Investment Officer and Global Co-Head of Credit

     

David Delbos
Managing Director

    

Mitchell S. Garfin, CFA
Co-Head of U.S. High Yield in Global Credit team

  

Carly Wilson
Carly Wilson
Abigail Apistolas
Abigail Apistolas
Portfolio Manager

Literature

Literature