BLACKROCK FLOATING RATE INCOME TRUST

Regulatory Filings • Sep 29, 2011

N-Q 1 i00378_bgt-nq.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21566

Name of Fund: BlackRock Floating Rate Income Trust (BGT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Floating Rate Income Trust, 55 East 52 nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2011

Date of reporting period: 07/31/2011

Item 1 – Schedule of Investments

insert

Schedule of Investments July 31, 2011 (Unaudited) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)

Asset-Backed Securities	Par (000)		Value
ARES CLO Funds, Series 2005-10A, Class B, 0.64%, 9/18/17 (a)(b)	USD	1,000	$ 909,720
Ballyrock CDO Ltd., Series 2006-1A, Class B, 0.67%, 8/28/19 (a)(b)		1,000	845,000
Canaras Summit CLO Ltd., Series 2007-1A, Class B, 0.73%, 6/19/21 (a)(b)		930	759,605
Chatham Light CLO Ltd., Series 2005-2A Class A2, 0.66%, 8/03/19 (a)(b)		1,000	897,500
Flagship CLO, Series 2006-1A, Class B, 0.60%, 9/20/19 (a)(b)		1,196	971,750
Frankin CLO Ltd., Series 6A, Class B, 0.72%, 8/09/19 (a)(b)		1,180	1,026,600
Gannett Peak CLO Ltd., Series 2006-1X, Class A2, 0.66%, 10/27/20		715	584,513
Greyrock CDO Ltd., Series 2005-1X, Class A2L, 0.73%, 11/15/17		1,495	1,295,268
Landmark CDO Ltd., Series 2006-8A, Class B, 0.61%, 10/19/20 (a)(b)		1,335	1,141,999
MAPS CLO Fund LLC, Series 2005-1A, Class C, 1.20%, 12/21/17 (a)(b)		705	623,432
Portola CLO Ltd., Series 2007-1X, Class B1, 1.76%, 11/15/21		950	858,420
T2 Income Fund CLO Ltd., Series 2007-1A, Class B, 0.85%, 7/15/19 (a)(b)		815	740,199
Total Asset-Backed Securities – 3.1%			10,654,006
Common
Stocks (c)	Shares
Construction & Engineering — 0.0%
USI United Subcontractors Common		7,645	76,445
Hotels, Restaurants & Leisure — 0.2%
BLB Worldwide Holdings, Inc.		50,832	542,225
Metals & Mining — 0.1%
Euramax International		1,135	368,940
Paper & Forest Products — 0.1%
Ainsworth Lumber Co. Ltd.		55,255	127,229
Ainsworth Lumber Co. Ltd. (a)		62,685	144,337
			271,566
Common
Stocks (c)	Shares		Value
Software — 0.1%
Bankruptcy Management Solutions, Inc.		2,947	$ 30
HMH Holdings/EduMedia		115,632	462,528
			462,558
Total Common Stocks – 0.5%			1,721,734

| Corporate
Bonds | Par (000 ) | | |
| --- | --- | --- | --- |
| Airlines — 0.2% | | | |
| Air Canada, 9.25%, 8/01/15 (a) | USD | 590 | 606,225 |
| Auto Components — 1.0% | | | |
| Icahn Enterprises LP, 7.75%, 1/15/16 | | 3,175 | 3,294,062 |
| Beverages — 0.8% | | | |
| Central European Distribution Corp., 2.62%, 5/15/14 | EUR | 1,500 | 1,918,261 |
| Refresco Group BV, 5.42%, 5/15/18 (a) | | 500 | 718,388 |
| | | | 2,636,649 |
| Building Products — 0.3% | | | |
| Grohe Holding GmbH, 5.17%, 9/15/17 | | 700 | 995,739 |
| Capital Markets — 0.2% | | | |
| E*Trade Financial Corp., 3.37%, 8/31/19 (a)(d)(e) | USD | 439 | 674,414 |
| Chemicals — 0.2% | | | |
| OXEA Finance/Cy SCA, 9.50%, 7/15/17 (a) | | 679 | 723,135 |
| Commercial Banks — 3.4% | | | |
| CIT Group, Inc., 7.00%, 5/01/17 | | 4,425 | 4,436,062 |
| VTB Capital SA: | | | |
| 6.47%, 3/04/15 | | 3,000 | 3,183,750 |
| 6.88%, 5/29/18 | | 3,940 | 4,191,175 |
| | | | 11,810,987 |
| Commercial Services & Supplies — 0.2% | | | |
| AWAS Aviation Capital Ltd., 7.00%, 10/15/16 (a) | | 861 | 877,820 |
| Containers & Packaging — 0.8% | | | |
| Ardagh Packaging Finance Plc, 7.38%, 10/15/17 (a) | EUR | 400 | 574,760 |
| GCL Holdings SCA, 9.38%, 4/15/18 (a) | | 329 | 459,739 |

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

CAD	Canadian Dollar
CHF	Swiss Franc
CLO	Collateral Loan Obligations
EUR	Euro
FKA	Formerly Known As
GBP	British Pound
USD	US Dollar

BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2011 1

Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)

Corporate Bonds	Par (000)		Value
Containers & Packaging (concluded)
Graphic Packaging International, Inc., 9.50%, 6/15/17	USD	270	$ 299,025
Smurfit Kappa Acquisitions (a):
7.25%, 11/15/17	EUR	655	950,581
7.75%, 11/15/19		416	609,705
			2,893,810
Diversified Financial Services — 0.8%
Ally Financial, Inc., 2.45%, 12/01/14 (b)	USD	1,350	1,289,174
Reynolds Group Issuer, Inc. (a):
7.13%, 4/15/19		655	636,988
7.88%, 8/15/19 (f)		300	303,375
6.88%, 2/15/21		490	470,400
			2,699,937
Diversified
Telecommunication Services — 0.2%
ITC Deltacom, Inc., 10.50%, 4/01/16		530	559,813
Electronic
Equipment, Instruments & Components — 0.2%
CDW LLC, 8.00%, 12/15/18 (a)		630	664,650
Energy Equipment & Services — 0.0%
Compagnie Generale de Geophysique-Veritas, 7.75%, 5/15/17		45	46,575
Health Care Providers & Services — 1.3%
HCA, Inc.:
6.50%, 2/15/20 (f)		1,430	1,451,450
7.25%, 9/15/20		1,230	1,297,650
7.50%, 2/15/22 (f)		1,690	1,715,350
Tenet Healthcare Corp., 9.00%, 5/01/15		95	101,175
			4,565,625
Household Durables — 0.5%
Beazer Homes USA, Inc., 12.00%, 10/15/17		1,500	1,653,750
IT Services — 0.3%
First Data Corp., 7.38%, 6/15/19 (a)		940	947,050
Independent
Power Producers & Energy Traders — 1.3%
Energy Future Holdings Corp., 10.00%, 1/15/20		1,000	1,050,144
Energy Future Intermediate Holding Co. LLC, 10.00%, 12/01/20		2,350	2,479,588
NRG Energy, Inc., 7.63%, 1/15/18 (a)		990	1,007,325
			4,537,057

| Corporate
Bonds | Par (000) | | Value |
| --- | --- | --- | --- |
| Machinery — 1.2% | | | |
| KION Finance SA, 5.53%, 4/15/18 | EUR | 3,000 | $ 4,095,511 |
| Media — 4.1% | | | |
| CCH II LLC, 13.50%, 11/30/16 | | 224 | 263,800 |
| Clear Channel Worldwide Holdings, Inc.: | | | |
| 9.25%, 12/15/17 | | 501 | 544,838 |
| Series B, 9.25%, 12/15/17 | | 1,704 | 1,861,620 |
| Kabel BW Erste Beteiligungs GmbH, 5.39%, 3/15/18 | EUR | 2,000 | 2,873,799 |
| Odeon & UCI Finco Plc, 9.00%, 8/01/18 | GBP | 914 | 1,451,527 |
| Unitymedia Hessen GmbH & Co. KG: | | | |
| 8.13%, 12/01/17 (a) | EUR | 500 | 748,984 |
| 8.13%, 12/01/17 (a) | USD | 2,500 | 2,687,500 |
| Virgin Media Secured Finance Plc, 7.00%, 1/15/18 | GBP | 1,197 | 2,122,002 |
| Ziggo Finance BV, 6.13%, 11/15/17 (a) | EUR | 1,005 | 1,415,202 |
| | | | 13,969,272 |
| Metals & Mining — 1.0% | | | |
| FMG Resources August 2006 Property Ltd., 7.00%, 11/01/15 (a) | USD | 1,055 | 1,093,244 |
| Foundation PA Coal Co., 7.25%, 8/01/14 | | 505 | 516,362 |
| New World Resources NV, 7.88%, 5/01/18 | EUR | 285 | 422,826 |
| Novelis, Inc., 8.38%, 12/15/17 | USD | 1,170 | 1,273,837 |
| | | | 3,306,269 |
| Oil, Gas & Consumable Fuels — 4.1% | | | |
| Alpha Natural Resources, Inc.: | | | |
| 6.00%, 6/01/19 | | 460 | 474,375 |
| 6.25%, 6/01/21 | | 825 | 853,875 |
| Coffeyville Resources LLC, 9.00%, 4/01/15 (a) | | 342 | 371,925 |
| Gazprom OAO Via RBS AG, 9.63%, 3/01/13 | | 7,230 | 8,043,375 |
| KazmunaiGaz Finance Sub BV, 8.38%, 7/02/13 | | 1,500 | 1,635,000 |
| Petroleos de Venezuela SA, 5.25%, 4/12/17 | | 4,000 | 2,576,000 |
| | | | 13,954,550 |
| Paper & Forest Products — 0.4% | | | |
| Ainsworth Lumber Co. Ltd., 11.00%, 7/29/15 (a)(h) | | 532 | 484,057 |
| Longview Fibre Paper & Packaging, Inc., 8.00%, 6/01/16 (a) | | 420 | 430,500 |
| Verso Paper Holdings LLC, Series B, 4.02%, 8/01/14 (b) | | 450 | 416,250 |
| | | | 1,330,807 |

BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2011 2

Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)

Corporate Bonds	Par (000)		Value
Pharmaceuticals — 0.3%
Valeant Pharmaceuticals International, 6.50%, 7/15/16 (a)	USD	1,045	$ 1,024,100
Specialty Retail — 0.2%
Academy Ltd., 9.25%, 8/01/19 (a)		75	76,125
House of Fraser Plc, 8.88%, 8/15/18	GBP	349	552,868
			628,993
Transportation Infrastructure — 0.4%
Aguila 3 SA, 7.88%, 1/31/18 (a)	CHF	1,100	1,420,335
Wireless
Telecommunication Services — 0.9%
Cricket Communications, Inc., 7.75%, 5/15/16	USD	1,950	2,079,188
iPCS, Inc., 2.40%, 5/01/13 (b)		1,155	1,131,900
			3,211,088
Total Corporate Bonds – 24.3%			83,128,223
Floating Rate Loan Interests (b)
Aerospace & Defense — 2.1%
DynCorp International, Term Loan, 6.25%, 7/05/16		1,033	1,037,622
Hawker Beechcraft Acquisition Co., LLC:
Letter
of Credit Linked Deposit, 2.25%, 3/26/14		49	39,817
Term
Loan, 2.19% - 2.25%, 3/26/14		825	676,551
SI Organization, Inc., Term Loan B, 4.50%, 11/22/16		1,588	1,576,462
Scitor Corp., Term Loan B, 5.00%, 2/15/17		669	664,051
TransDigm, Inc., Term Loan (First Lien), 4.00%, 2/14/17		1,990	1,990,000
Wesco Aircraft Hardware Corp., Term Loan B, 4.25%, 4/07/17		1,200	1,203,300
			7,187,803
Airlines — 0.8%
Delta Air Lines, Inc., New Term Loan B, 5.50%, 4/20/17		3,025	3,010,823
Auto Components — 0.8%
Autoparts Holdings Ltd., Term Loan, 1.00%, 7/28/17		1,650	1,658,250
UCI International, Inc., Term Loan, 5.50%, 7/26/17		945	948,795
			2,607,045

| Floating
Rate Loan Interests (b) | Par (000) | | Value |
| --- | --- | --- | --- |
| Beverages — 0.1% | | | |
| Le-Nature’s, Inc, Tranche B Term Loan, 9.50%, 3/01/11 (c)(g) | USD | 1,000 | $ 380,000 |
| Biotechnology — 0.2% | | | |
| Grifols SA, Term Loan B, 6.00%, 6/01/17 | | 805 | 807,851 |
| Building Products — 2.7% | | | |
| Armstrong World Industries, Inc., Term Loan B, 4.00%, 3/09/18 | | 1,397 | 1,395,482 |
| CPG International I, Inc., Term Loan B, 6.00%, 2/18/17 | | 2,139 | 2,131,228 |
| Goodman Global, Inc., Initial Term Loan (First Lien), 5.75%, 10/28/16 | | 3,960 | 3,971,577 |
| Momentive Performance Materials (Blitz 06-103 GmbH): | | | |
| Tranche
B-1 Term Loan, 3.69%, 5/05/15 | | 582 | 570,506 |
| Tranche
B-2B Term Loan, 4.89%, 5/05/15 | EUR | 816 | 1,136,496 |
| United Subcontractors, Inc., Term Loan (First Lien), 1.75%, 6/30/15 | USD | 179 | 161,251 |
| | | | 9,366,540 |
| Capital Markets — 1.6% | | | |
| American Capital Ltd., Term Loan B, 7.50%, 12/31/13 | | 624 | 624,439 |
| HarbourVest Partners, Term Loan (First Lien), 6.25%, 12/14/16 | | 2,265 | 2,270,687 |
| Marsico Parent Co., LLC, Term Loan, 5.19% - 5.25%, 12/14/14 | | 369 | 259,044 |
| Nuveen Investments, Inc. (First Lien): | | | |
| Extended Term Loan, 5.75% - 5.76%, 5/12/17 | | 1,773 | 1,768,509 |
| Non-Extended Term Loan, 3.25%, 11/13/14 | | 750 | 734,974 |
| | | | 5,657,653 |
| Chemicals — 6.3% | | | |
| AZ Chemical Inc.,, Term Loan, 4.75%, 11/21/16 | | 1,019 | 1,018,177 |
| American Rock Salt Co., LLC, Term Loan B, 5.50%, 4/25/17 | | 1,471 | 1,471,312 |
| Ashland, Inc., Term Loan B, 1.00%, 7/30/18 | | 1,300 | 1,301,828 |
| Chemtura Corp., Term Facility, 5.50%, 8/27/16 | | 1,800 | 1,804,500 |
| Gentek, Inc., Term Loan B, 5.00% - 5.75%, 10/06/15 | | 1,942 | 1,951,675 |
| MacDermid, Inc., Tranche C Term Loan, 3.52%, 4/11/14 | EUR | 1,430 | 2,018,430 |
| Nexeo Solutions LLC, Term Loan B, 5.00%, 9/08/17 | USD | 1,397 | 1,391,700 |

BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2011 3

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Floating Rate Loan Interests (b)	Par (000)		Value
Chemicals
(concluded)
PQ Corp. (FKA Niagara Acquisition, Inc.), Original Term Facility (First Lien), 3.44% - 3.51%, 7/30/14	USD	1,307	$ 1,264,182
Rockwood Specialties Group, Inc., Term Loan B, 3.75%, 2/09/18		900	903,235
Styron Sarl, Term Loan, 6.00%, 8/02/17		2,257	2,256,580
Tronox Worldwide LLC, Exit Term Loan, 7.00%, 10/15/15		3,184	3,199,920
Univar, Inc., Term Loan B, 5.00%, 6/30/17		2,985	2,976,472
			21,558,011
Commercial
Banks — 0.9%
CIT Group, Inc., Tranche 3 Term Loan, 6.25%, 8/11/15		3,211	3,217,805
Commercial
Services & Supplies — 3.1%
AWAS Capital, Inc., New First Lien Term Loan, 7.75%, 6/10/16		617	619,292
AWAS Finance Luxembourg Sarl, Loan, 5.25%, 6/10/16		650	648,375
Altegrity, Inc. (FKA US Investigations Services, Inc.), Tranche D Term Loan, 7.75%, 2/20/15		1,998	2,007,179
Delos Aircraft, Inc., Term Loan 2, 7.00%, 3/17/16		2,175	2,183,156
KAR Auction Services, Inc., Term Loan B, 5.00%, 5/19/17		2,200	2,205,894
Synagro Technologies, Inc., Term Loan (First Lien), 2.19%, 4/02/14		1,742	1,610,934
Volume Services America, Inc. (Centerplate), Term Loan B, 10.50% - 10.75%, 9/16/16		1,216	1,216,572
			10,491,402
Communications
Equipment — 1.6%
Avaya, Inc., Term Loan B:
3.01%, 10/24/14		1,181	1,134,601
4.76%, 10/26/17		2,007	1,934,054
CommScope, Inc., Term Loan B, 5.00%, 1/14/18		2,294	2,300,704
			5,369,359
Construction
& Engineering — 0.7%
Brand Energy & Infrastructure Services, Inc. (FR Brand Acquisition Corp.), Synthetic Letter of Credit, Term Loan (First Lien), 0.13%, 2/20/14		500	455,000
Safway Services LLC, First Out Tranche Loan, 9.00%, 12/16/17		2,100	2,100,000
			2,555,000

Floating Rate Loan Interests (b)	Par (000)		Value
Consumer
Finance — 1.7%
Springleaf Finance Corp., Term Loan, 5.50%, 5/10/17	USD	6,000	$ 5,864,064
Containers
& Packaging — 1.2%
BakerCorp International, Inc., Term Loan B, 5.00%, 6/01/18		850	850,531
Graham Packaging Co., LP:
Term Loan C, 6.75%, 4/04/14		713	713,176
Term Loan D, 6.00%, 9/23/16		1,390	1,390,458
Smurfit Kappa Acquisitions
(JSG):
Term
B1, 4.47% - 4.73%, 12/01/14	EUR	458	656,008
Term
Loan Facility C1, 4.71% - 4.98%, 12/31/14		453	648,369
			4,258,542
Diversified
Consumer Services — 2.9%
Coinmach Laundry Corp., Delayed Draw Term Loan, 3.22%, 11/20/14	USD	489	466,016
Coinmach Service Corp., Term Loan, 3.22% - 3.26%, 11/20/14		2,235	2,131,287
Laureate Education, 3.19%, 8/15/18		4,673	4,562,338
ServiceMaster Co.:
Closing
Date Term Loan, 2.76% - 2.69%, 7/24/14		2,498	2,412,037
Delayed
Draw Term Loan, 2.69%, 7/24/14		249	240,203
			9,811,881
Diversified
Financial Services — 2.1%
Reynolds Group Holdings, Inc., Term Loan B, 6.88%, 2/09/18	EUR	4,988	7,070,984
Diversified
Telecommunication Services — 2.8%
Hawaiian Telcom Communications, Inc., Term Loan, 9.00%, 11/01/15	USD	1,814	1,856,272
Integra Telecom Holdings, Inc., Term Loan, 9.25%, 4/15/15		2,005	2,005,752
Level 3 Financing, Inc.:
Add
on Term Loan, 11.50%, 3/13/14		1,450	1,524,917
Tranche
A Incremental Term Loan, 2.44% - 2.50%, 3/13/14		2,550	2,461,207
US Telepacific Corp., Term Loan B, 5.75%, 2/23/17		1,921	1,909,160
			9,757,308

BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2011 4

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Floating Rate Loan Interests (b)	Par (000)		Value
Electronic
Equipment, Instruments & Components — 1.9%
Aeroflex, Inc., Term Loan B, 4.25%, 5/09/18	USD	1,750	$ 1,740,375
CDW LLC (FKA CDW Corp.):
Extended
Term Loan B, 4.50%, 7/14/17		1,115	1,080,935
Non-Extended
Term Loan, 3.94%, 10/10/14		1,612	1,583,927
Flextronics International Ltd., Closing Date Loan B, 2.44%, 10/01/12		2,158	2,136,867
			6,542,104
Energy
Equipment & Services — 2.3%
CCS Corp., Term Loan B, 3.25%, 11/14/14		1,810	1,719,988
MEG Energy Corp., Term Loan B, 4.00%, 3/16/18		6,100	6,094,071
			7,814,059
Food &
Staples Retailing — 3.0%
AB Acquisitions UK Topco 2 Ltd. (FKA Alliance Boots), Facility B1, 3.57%, 7/09/15	GBP	4,525	6,923,109
Bolthouse Farms, Inc., Term Loan (First Lien), 2/11/16	USD	110	109,794
Pilot Travel Centers LLC, Term Loan B, 4.25%, 3/30/18		485	485,831
U.S. Foodservice, Inc.,
Term Loan B:
2.69%, 7/03/14		1,881	1,779,393
5.75%, 3/31/17		1,097	1,078,734
			10,376,861
Food
Products — 5.9%
Advance Pierre Foods, Term Loan (First Lien), 7.00%, 9/30/16		2,154	2,172,570
(Second
Lien), 11.25%, 9/29/17		1,400	1,417,500
Birds Eye Iglo Group Ltd. (Liberator Midco Ltd.), Term Loan B, 5.82%, 4/30/16	EUR	3,000	4,296,330
Del Monte Corp., Term Loan B, 4.50%, 2/01/18	USD	6,565	6,532,175
Michaels Stores, Inc., Term Loan B, 4.25%, 2/23/18		1,294	1,292,018
Pinnacle Foods Finance LLC, Tranche D Term Loan, 6.00%, 4/02/14		1,468	1,474,455
Sensata Technologies Finance Company LLC, Term Loan, 4.00%, 5/11/18		2,200	2,196,856
Solvest Ltd. (Dole):
Tranche
B-1 Term Loan, 5.00% - 6.00%, 7/06/18		245	245,255
Tranche
C-1 Term Loan, 5.00% - 6.00%, 7/06/18		455	455,474
			20,082,633

Floating Rate Loan Interests (b)	Par (000)		Value
Health
Care Equipment & Supplies — 0.7%
Biomet, Inc., Euro Term Loan, 4.39% - 4.47%, 3/25/15	EUR	988	$ 1,411,820
DJO Finance LLC (FKA ReAble Therapeutics Finance LLC), Term Loan, 3.19%, 5/20/14	USD	905	890,553
			2,302,373
Health
Care Providers & Services — 4.5%
CHS/Community Health
Systems, Inc.:
Non-Extended
Delayed Draw Term Loan, 2.50%, 7/25/14		69	66,627
Non-Extended
Term Loan, 2.50%, 7/25/14		1,342	1,294,979
Convatec Ltd., Dollar Term Loan, 5.75%, 12/22/16		1,219	1,217,733
DaVita, Inc., Tranche B Term Loan, 4.50%, 10/20/16		1,891	1,893,201
Emergency Medical Services Corp., Term Loan B, 5.25%, 5/25/18		2,195	2,181,961
Harden Healthcare, Inc.:
Tranche
A Additional Term Loan, 7.75%, 3/02/15		1,434	1,405,285
Tranche
A Term Loan, 8.50%, 3/02/15		865	847,817
inVentiv Health, Inc. (FKA Ventive Health, Inc.):
Incremental
Term Loan B3, 6.75%, 5/15/18		750	744,690
Term
Loan, 4.75%, 8/04/16		1,956	1,942,748
Medpace, Inc., Term Loan, 6.50%, 6/22/17		1,500	1,479,375
Renal Advantage Holdings, Inc., Tranche B Term Loan, 5.75%, 12/16/16		1,493	1,497,164
Vanguard Health Holding Co. II, LLC (Vanguard Health Systems, Inc.), Initial Term Loan, 5.00%, 1/29/16		732	731,296
			15,302,876
Health
Care Technology — 0.7%
IMS Health, Inc., Term Loan B, 4.50%, 8/25/17		1,500	1,501,246
MedAssets, Inc., Term Loan B, 5.25%, 11/16/16		1,020	1,020,802
			2,522,048
Hotels,
Restaurants & Leisure — 8.0%
Ameristar Casinos, Inc., Term Loan B, 4.00%, 4/13/18		1,945	1,948,906
Dunkin’ Brands, Inc., Term Loan B, 4.25%, 11/23/17		2,287	2,284,408

BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2011 5

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Floating Rate Loan Interests (b)	Par (000)		Value
Hotels,
Restaurants & Leisure (concluded)
Gateway Casinos & Entertainment, Ltd., Term Loan B, 6.50%, 4/20/16	CAD	4,418	$ 4,615,062
Harrah’s Operating Co.,
Inc.:
Term
Loan B-2, 3.19% - 3.25%, 1/28/15	USD	1,000	899,286
Term
Loan B-3, 3.25%, 1/28/15		7,420	6,675,923
Term
Loan B-4, 9.50%, 10/31/16		657	683,829
OSI Restaurant Partners LLC, Pre- Funded RC Loan, 2.50%, 6/14/13		32	30,949
Penn National Gaming, Inc., Term Loan B, 3.75%, 7/16/18		725	725,362
SeaWorld Parks & Entertainment, Inc. (FKA SW Acquisitions Co., Inc.), Term Loan B, 4.00%, 8/17/17		1,971	1,971,762
Six Flags Theme Parks, Inc., Tranche B Term Loan (First Lien), 5.25%, 6/30/16		2,025	2,032,920
Twin River Worldwide Holdings, Inc., Term Loan, 7.75%, 11/05/15		1,339	1,340,246
VML US Finance LLC (FKA Venetian Macau):
New
Project Term Loan, 4.69%, 5/27/13		150	150,146
Term
B Delayed Draw Project Loan, 4.69%, 5/25/12		1,628	1,625,607
Term
B Funded Project Loan, 4.69%, 5/27/13		2,668	2,664,134
			27,648,540
Household
Durables — 0.1%
Berkline/Benchcraft LLC, Term Loan, 14.00%, 11/03/11 (c)(g)		139	6,972
Visant Corp. (FKA Jostens), Term Loan, 5.25%, 12/22/16		468	464,332
			471,304
Household
Products — 0.2%
Armored AutoGroup, Inc., Term Loan B, 6.00%, 11/04/16		868	863,363
IT
Services — 3.9%
Ceridian Corp., US Term Loan, 3.19%, 11/10/14		1,862	1,783,842
First Data Corp.:
Initial
Tranche B-1 Term Loan, 2.94%, 9/24/14		426	397,069
Initial
Tranche B-2 Term Loan, 4.19%, 3/23/18		7,057	6,475,999
Initial
Tranche B-3 Term Loan, 2.94%, 9/24/14		281	261,679

Floating Rate Loan Interests (b)	Par (000)		Value
IT
Services (concluded)
InfoGroup, Inc., Term Loan, 5.75%, 5/22/18	USD	443	$ 435,964
TransUnion LLC, Replacement Term Loan, 4.75%, 2/12/18		2,853	2,853,433
Travelex Plc:
Tranche B5, 2.93%, 10/31/13		637	628,965
Tranche C5, 3.43%, 10/31/14		632	623,587
			13,460,538
Independent
Power Producers & Energy Traders — 2.4%
AES Corp., Term Loan, 4.25%, 6/01/18		1,945	1,947,556
Calpine Corp., Term Loan, 4.50%, 4/02/18		3,215	3,183,592
Texas Competitive Electric Holdings Co., LLC (TXU), Initial Tranche B-3 Term Loan, 4.69% - 4.77%, 10/10/17		4,011	2,986,038
			8,117,186
Industrial
Conglomerates — 1.1%
Sequa Corp., Term Loan, 3.50% - 3.51%, 12/03/14		1,497	1,466,173
Tomkins Plc, Term Loan B, 4.25%, 9/29/16		2,189	2,188,818
			3,654,991
Insurance
— 0.6%
CNO Financial Group, Inc., Term Loan, 6.25%, 9/30/16		1,956	1,960,509
Machinery
— 0.8%
Navistar Financial Corp., Term Loan B, 4.44%, 12/16/12		1,017	1,015,332
TEREX Corp., Term Loan:
1.00%, 4/28/17	EUR	355	507,549
1.00%, 4/28/17	USD	1,300	1,303,796
			2,826,677
Marine —
0.1%
Horizon Lines, LLC:
Term
Loan, 0.50% - 8.25%, 8/08/12		299	294,058
Media —
23.5%
AMC Networks Inc., Term Loan B, 4.00%, 12/31/18		3,600	3,596,796
Acosta, Inc., Term Loan, 4.75%, 3/01/18		2,110	2,096,527
Affinion Group, Inc., Tranche B Term Loan, 5.00%, 10/10/16		2,373	2,362,920
Aptalis Pharma, Inc., Term Loan B, 5.50%, 2/10/17		2,687	2,644,523
Atlantic Broadband Finance LLC, New Term Loan B, 4.00%, 3/08/16		943	943,241

BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2011 6

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Floating Rate Loan Interests (b)	Par (000)		Value
Media (continued)
BBHI Acquisition LLC, Term Loan B, 4.50%, 12/14/17	USD	1,562	$ 1,560,539
Capsugel, Term Loan, 1.00%, 8/01/18		1,500	1,504,125
Cengage Learning Acquisitions, Inc. (Thomson Learning):
Term Loan, 2.50%, 7/03/14		3,151	2,749,252
Tranche
1 Incremental Term Loan, 7.50%, 7/03/14		1,124	1,118,002
Charter Communications Operating, LLC:
Term Loan B, 7.25%, 3/06/14		36	35,851
Term Loan C, 3.50%, 9/06/16		630	626,512
Clarke American Corp., Term Facility, 2.69% - 2.75%, 6/30/14		1,085	987,650
Clear Channel Communications, Inc., Term Loan B, 3.84%, 1/28/16		2,385	1,986,705
Cumulus Media, Inc., Term Loan, 1.00%, 8/30/18		1,500	1,491,874
Getty Images, Inc., Initial Term Loan, 5.25%, 11/07/16		2,550	2,559,353
Gray Television, Inc., Term Loan B, 3.69%, 12/31/14		1,257	1,227,839
HMH Publishing Co., Ltd., Tranche A Term Loan, 5.94%, 6/12/14		1,878	1,689,946
Hubbard Radio LLC, Term Loan (Second Lien), 5.25%, 4/28/17		1,100	1,106,416
Intelsat Jackson Holdings SA (FKA Intel Jackson Holdings Ltd.), Tranche B Term Loan, 5.25%, 4/02/18		10,224	10,243,546
Interactive Data Corp., Term Loan, 4.75%, 2/12/18		3,616	3,610,289
Kabel Deutschland GmbH:
Term Loan A, 3.57%, 3/31/14	EUR	3,043	4,356,772
Term Loan D, 5.44%, 12/13/16		1,000	1,434,504
Term Loan E, 4.69%, 6/15/18		4,000	5,699,702
Knology, Inc., Term Loan B, 4.00%, 8/18/17	USD	1,144	1,137,814
Lavena Holding 3 GmbH (Prosiebensat.1 Media AG):
Facility B1, 4.20%, 3/06/15	EUR	304	394,912
Facility C1, 4.45%, 3/04/16		608	789,825
Liberty Cablevision of Puerto Rico, Ltd., Initial Term Facility, 2.25%, 6/13/14	USD	1,440	1,425,600
Mediacom Illinois LLC (FKA Mediacom Communications, LLC), Tranche D Term Loan, 5.50%, 3/31/17		2,218	2,212,504

Floating Rate Loan Interests (b)	Par (000)		Value
Media
(concluded)
Newsday LLC:
Fixed
Rate Term Loan, 10.50%, 8/01/13	USD	1,500	$ 1,573,125
Floating
Rate Term Loan, 6.50%, 8/01/13		1,250	1,273,438
Nielsen Finance LLC, Class B, 3.94%, 5/02/16		1,719	1,714,722
Serpering Investments B.V. (Casema NV), Term Loan B, 4.69%, 9/15/14	EUR	619	893,235
Sinclair Television Group, Inc., Term Loan B, 4.00%, 10/28/16	USD	842	843,543
Sunshine Acquisition Ltd. (FKA HIT Entertainment), Term Facility, 5.52%, 6/01/12		1,955	1,929,573
Telesat Canada:
Delayed
Draw Term Loan, 3.19%, 10/31/14		374	369,474
Term
Loan B, 3.19%, 10/31/14		4,356	4,301,320
Weather Channel, Term Loan B, 4.25%, 2/13/17		2,843	2,845,920
UPC Broadband Holding B.V., Term U, 5.32%, 12/31/17	EUR	2,036	2,857,905
WC Luxco S.a.r.l., Term Loan B3, 4.25%, 3/15/18	USD	533	533,117
			80,728,911
Metals
& Mining — 2.9%
Novelis Inc., Term Loan, 3.75%, 3/10/17		3,313	3,312,960
SunCoke Energy, Inc., Term Loan B, 5.25%, 7/26/18		850	845,750
Walter Energy, Inc., Term Loan B, 4.00%, 4/02/18		5,770	5,767,783
			9,926,493
Multi-Utilities
— 0.0%
Mach Gen, LLC, Synthetic Letter of Credit Loan (First Lien), 2.50%, 2/22/13		69	63,869
Multiline
Retail — 1.7%
Hema Holding BV:
Facility
B, 3.34%, 7/06/15	EUR	169	234,451
Facility
C, 4.09%, 7/05/16		169	234,451
Facility
D, 6.34%, 1/05/17		3,800	5,234,983
			5,703,885
Oil, Gas
& Consumable Fuels — 2.0%
EquiPower Resources Holdings LLC, Term Facility B, 5.75%, 1/26/18	USD	1,970	1,966,773
Gibson Energy, Term Loan B, 5.75%, 6/14/18		2,200	2,189,689
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15		2,598	2,623,951
			6,780,413

BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2011 7

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Floating Rate Loan Interests (b)	Par (000)		Value
Paper
& Forest Products — 0.1%
Verso Paper Finance Holdings LLC, Term Loan, 6.52% - 7.27%, 2/01/13 (h)	USD	405	$ 352,274
Pharmaceuticals
— 1.1%
Endo Pharmaceuticals Holdings, Inc., Term Loan B, 4.00%, 6/18/18		1,300	1,302,089
Quinteles Transnational Corp., Term Loan, 5.00%, 6/08/18		1,320	1,313,813
Warner Chilcott Corp.:
Term
Loan B1, 4.25%, 3/15/18		775	775,443
Term
Loan B2, 4.25%, 3/15/18		388	387,721
			3,779,066
Professional
Services — 0.7%
Booz Allen Hamilton, Inc., Term Loan B, 4.00%, 8/03/17		798	799,283
Fifth Third Processing Solutions LLC, Term Loan B (First Lien), 4.50%, 11/03/16		1,606	1,601,982
			2,401,265
Real
Estate Investment Trusts (REITs) — 0.8%
iStar Financial, Inc., Term Loan A, 5.00%, 6/28/13		2,714	2,674,776
Real
Estate Management & Development — 1.7%
Pivotal Promontory, LLC, Term Loan (Second Lien), 3.25%, 8/31/11 (c)(g)		750	1
Realogy Corp.:
Term
Loan B, 4.52%, 10/10/16		6,019	5,412,111
Term
Loan C, 4.44%, 10/10/16		508	456,387
			5,868,499
Semiconductors
& Semiconductor Equipment — 0.5%
Freescale Semiconductor, Inc., Extended Maturity Term Loan, 4.44%, 12/01/16		563	559,231
Microsemi Corp., Term Loan B, 4.00%, 11/02/17		1,095	1,091,764
			1,650,995
Software —
0.5%
Bankruptcy Management
Solutions, Inc.:
Facility
(Second Lien), 8.25%, 8/20/15		254	13,951
Term
Loan B, 7.50%, 8/20/14		719	372,876
Rovi Corp., Term Loan B, 4.00%, 2/07/18		998	998,747

Floating Rate Loan Interests (b)	Par (000)		Value
Software
(concluded)
Vertafore, Inc., Term Loan B, 5.25%, 7/29/16	USD	342	$ 341,458
			1,727,032
Specialty
Retail — 4.1%
Academy Sports & Outdoors, Term Loan, 1.00%, 8/03/18		1,900	1,891,292
Burlington Coat Factory Warehouse Corp., Term Loan B, 6.25%, 2/23/17		1,062	1,060,098
General Nutrition Centers, Inc., Term Loan B, 4.25%, 3/02/18		2,625	2,621,062
J. Crew Group, Inc., Term Loan B, 4.75%, 3/07/18		1,017	976,328
Jo-Ann Stores, Inc., Term Loan B, 4.75%, 3/16/18		900	887,907
Michaels Stores, Inc.:
Term
Loan B-1, 2.50%, 10/31/13		820	804,478
Term
Loan B-2, 4.75%, 7/31/16		460	457,570
Petco Animal Supplies, Inc., Term Loan B, 4.50%, 11/24/17		2,732	2,719,593
Toys ‘R’ US, Inc.:
Term
Loan, 6.00%, 9/01/16		2,110	2,104,495
Term
Loan B2, 5.25%, 5/25/18		500	496,625
			14,019,448
Textiles,
Apparel & Luxury Goods — 1.3%
Phillips-Van Heusen Corp., Term Loan B, 4.31% - 4.44%, 2/26/16	EUR	3,029	4,330,505
Wireless
Telecommunication Services — 2.3%
Digicel International Finance Ltd., US Term Loan (Non-Rollover), 2.75%, 3/30/12	USD	3,044	3,040,082
MetroPCS Wireless, Inc., Term Loan B, 3.94%, 3/16/18		1,740	1,731,855
Vodafone Americas Finance
2, Inc. (h):
Initial
Loan, 6.88%, 8/11/15		2,329	2,399,377
Term
Loan, 6.25%, 7/11/16		800	804,000
			7,975,314
Total
Floating Rate Loan Interests – 111.0%			381,194,936
Foreign Agency Obligations
Argentina Bonos:
0.47%,
8/03/12 (b)		2,500	2,402,000
7.00%,
10/03/15		2,000	1,955,333
Colombia Government International Bond, 3.80%, 3/17/13 (b)		540	550,800

BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2011 8

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Foreign Agency Obligations	Par (000)		Value
Uruguay Government International Bond, 6.88%, 1/19/16	EUR	950	$ 1,497,464
Total Foreign Agency Obligations – 1.9%			6,405,597

Other Interests (i)	Beneficial Interest (000 )
Auto
Components — 0.9%
Delphi Debtor-in-Possession Holding Co. LLP, Class B Membership Interests		—	(j)	3,124,539
Lear Corp. Escrow	USD	500		13,750
				3,138,289
Diversified Financial Services — 0.4%
J.G. Wentworth LLC Preferred Equity Interests (k)		512		1,253,650
Health Care Providers & Services — 0.0%
Critical Care Systems International, Inc.		1		95
Hotels, Restaurants & Leisure — 0.0%
Wembley Contigent		2		7,500
Household Durables — 0.0%
Berkline Benchcraft Equity LLC		6		—
Total Other Interests – 1.3%				4,399,534

| Warrants
(l) | | |
| --- | --- | --- |
| Media — 0.0% | | |
| New Vision Holdings LLC: | | |
| (Expires 9/30/14) | 19,023 | 190 |
| (Expires 9/30/14) | 3,424 | 34 |
| | | 224 |
| Software — 0.0% | | |
| Bankruptcy Management Solutions, Inc. (Expires 9/29/17) | 251 | 3 |
| HMH Holdings/EduMedia (Expires 3/09/17) | 21,894 | — |
| | | 3 |
| Total Warrants – 0.0% | | 227 |
| Total
Long-Term Investments (Cost – $486,526,331) – 142.1% | | 487,504,257 |

| Short-Term
Securities | | Value |
| --- | --- | --- |
| BlackRock Liquidity Funds, TempFund, Institutional Class, 0.06% (m)(n) | 39 | $ 39 |
| Total
Short-Term Securities (Cost – $39) – 0.0% | | 39 |

| Options
Purchased | | | |
| --- | --- | --- | --- |
| Over-the-Counter Call Options — 0.0% | | | |
| Marsico Parent Superholdco LLC, Strike Price USD 942.86, Expires 12/21/19, Broker Goldman Sachs Bank USA | 26 | — | |
| Total
Options Purchased (Cost – $25,422) – 0.0% | | — | |
| Total
Investments (Cost – $486,551,792*) – 142.1% | | 487,504,296 | |
| Liabilities in Excess of Other Assets – (42.1)% | | (144,173,352 | ) |
| Net Assets – 100.0% | $ | 343,330,944 | |

• The cost and unrealized appreciation (depreciation) of investments as of July 31, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized
appreciation	$ 13,670,250
Gross unrealized
depreciation	(9,956,239	)
Net unrealized appreciation	$ 3,714,011

BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2011 9

Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT)

| (a) | Security exempt from
registration under Rule 144A of the Securities Act of 1933. These securities
may be resold in transactions exempt from registration to qualified
institutional investors. |
| --- | --- |
| (b) | Variable rate security.
Rate shown is as of report date. |
| (c) | Non-income producing
security. |
| (d) | Convertible security. |
| (e) | Represents a zero-coupon
bond. Rate shown reflects the current yield as of report date. |
| (f) | When-issued security.
Unsettled when-issued transactions were as follows: |

Counterparty	Value	Unrealized Appreciation
Credit Suisse Securities
(USA) LLC	$ 303,375	$ 5,571
JPMorgan Securities	$ 3,166,800	$ 46,800

| (g) | Issuer filed for bankruptcy
and/or is in default of interest payments. |
| --- | --- |
| (h) | Represents a
payment-in-kind security which may pay interest/dividends in additional
par/shares. |
| (i) | Other interests represent
beneficial interest in liquidation trusts and other reorganization entities
and are non-income producing. |
| (j) | Amount is less than $1,000. |
| (k) | The investment is held by a
wholly owned taxable subsidiary of the Trust. |
| (l) | Warrants entitle the Trust
to purchase a predetermined number of shares of common stock and are
non-income producing. The purchase price and number of shares are subject to
adjustment under certain conditions until the expiration date, if any. |
| (m) | Investments in companies
considered to be an affiliate of the Trust during the period, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as
follows: |

Affiliate — BlackRock Liquidity Funds, TempFund, Institutional Class	8,770,511	(8,770,472	)	39	Income — $ 4,241

| (n) | Represents the current
yield as of report date. |
| --- | --- |
| • | For Trust compliance
purposes, the Trust’s industry classifications refer to any one or more of
the industry sub-classifications used by one or more widely recognized market
indexes or rating group indexes, and/or as defined by Trust management. These
definitions may not apply for purposes of this report, which may combine such
industry sub-classifications for reporting ease. |

BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2011 10

Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT)

• Foreign currency exchange contracts as of July 31, 2011 were as follows:

| Currency Purchased | | Currency
Sold | | Counterparty | Settlement
Date | Unrealized Appreciation (Depreciation) | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| GBP | 431,000 | USD | 706,153 | Citibank
NA | 10/07/11 | $ 804 | |
| USD | 4,319,412 | CAD | 4,271,000 | Citibank
NA | 10/07/11 | (144,429 | ) |
| USD | 1,318,443 | CHF | 1,099,500 | Deutsche
Bank AG | 10/07/11 | (79,963 | ) |
| USD | 346,110 | GBP | 215,000 | Citibank
NA | 10/07/11 | (6,548 | ) |
| USD | 11,056,441 | GBP | 6,919,500 | Royal
Bank of Scotland Plc | 10/07/11 | (293,421 | ) |
| EUR | 180,000 | USD | 257,828 | Citibank
NA | 10/26/11 | 272 | |
| USD | 60,660,798 | EUR | 42,314,500 | Citibank
NA | 10/26/11 | (13,433 | ) |
| USD | 163,529 | EUR | 113,000 | Deutsche
Bank AG | 10/26/11 | 1,499 | |
| USD | 822,291 | EUR | 570,000 | UBS
AG | 10/26/11 | 4,975 | |
| Total | | | | | | $ (530,244 | ) |

•
•	Level 1 — price quotations
in active markets/exchanges for identical assets and liabilities
•	Level 2 — other observable
inputs (including, but not limited to: quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or
similar assets or liabilities in markets that are not active, inputs other
than quoted prices that are observable for the assets or liabilities (such as
interest rates, yield curves, volatilities, prepayment speeds, loss
severities, credit risks and default rates) or other market-corroborated
inputs)
•	Level 3 — unobservable
inputs based on the best information available in the circumstances, to the
extent observable inputs are not available (including the Trust’s own
assumptions used in determining the fair value of investments and derivative
financial instruments)

The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and does not necessarily correspond to the Trust’s perceived risk of investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the inputs used as of July 31, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

Valuation Inputs	Level 1	Level 2			Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	—	$ 4,578,123	$	6,075,883	$ 10,654,006
Common Stocks	$ 127,229	1,131,977		462,528	1,721,734
Corporate Bonds	—	83,128,223		—	83,128,223
Floating Rate Loan Interests	—	352,470,806		28,724,130	381,194,936
Foreign Agency Obligations	—	2,048,264		4,357,333	6,405,597
Other Interests	—	3,124,539		1,274,995	4,399,534
Warrants	—	—		227	227
Short-Term Securities	39	—		—	39
Unfunded Loan Commitments	—	386		—	386
Liabilities:
Unfunded Loan Commitments	—	(21,843	)	—	(21,843	)
Total	$ 127,268	$ 446,460,475	$	40,895,096	$ 487,482,839

BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2011 11

Schedule of Investments (continued) BlackRock Floating Rate Income Trust (BGT)

Valuation Inputs		Level 2			Total
Derivative Financial Instruments 1
Assets:
Foreign currency exchange contracts	—	$ 7,550		—	$ 7,550
Liabilities:
Foreign currency exchange contracts	—	(537,794	)	—	(537,794	)
Total	—	$ (530,244	)	—	$ (530,244	)

| 1 |
| --- |
| The following table is a
reconciliation of Level 3 investments for which significant unobservable
inputs were used to determine fair value: |

	Asset-Backed Securities
Assets/Liabilities:
Balance, as of October 31, 2010	—	$	595,520	$	61,912	$	64,699,477	$	4,228,067	$	5,533,239	$	85,828
Accrued discounts/premiums	$ 49,265		—		101,940		206,120		158,857		—		—
Realized gain (loss)	—		(348,191	)	(1,021,332	)	(4,359,444	)	—		—		136,990
Change in unrealized appreciation/depreciation 1	(124,608	)	253,959		947,259		5,797,465		(29,591	)	121,232		(31,032	)
Purchases	5,594,426		—		(302	)	12,447,892		—		16,478		—
Sales	—		(38,760	)	(89,477	)	(36,407,241	)	—		—		(191,786	)
Transfers In 2	556,800		—		—		5,003,120		—		—		—
Transfers Out 2	—		—		—		(18,663,259	)	—		(4,395,954	)	—
Balance, as of July 31, 2011	$ 6,075,883	$	462,528		—	$	28,724,130	$	4,357,333	$	1,274,995		—

BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2011 12

Schedule of Investments (concluded) BlackRock Floating Rate Income Trust (BGT)

| | Unfunded
Loan Commitments Assets | | | Warrants | Total | |
| --- | --- | --- | --- | --- | --- | --- |
| Assets/Liabilities: | | | | | | |
| Balance, as of October 31, 2010 | $ 160,394 | | — | $ 227 | $ 75,364,664 | |
| Accrued discounts/premiums | — | | — | — | 516,182 | |
| Realized gain (loss) | — | | — | — | (5,591,977 | ) |
| Change in unrealized appreciation/depreciation 1 | (160,394 | ) | — | — | 6,774,290 | |
| Purchases | — | | — | — | 18,058,494 | |
| Sales | — | | — | — | (36,727,264 | ) |
| Transfers In 2 | — | | — | — | 5,559,920 | |
| Transfers Out 2 | — | | — | — | (23,059,213 | ) |
| Balance, as of July 31, 2011 | — | | — | $ 227 | $ 40,895,096 | |

| 1 | The change in unrealized appreciation/depreciation
on investments still held at July 31, 2011 was $161,559. |
| --- | --- |
| 2 | The Trust’s policy is to recognize transfers in and
transfers out as of the beginning of the period of the event or the change in
circumstances that caused the transfer. |

The following table is a reconciliation of Level 3 derivative financial instruments for which significant unobservable inputs were used to determine fair value:

| Credit
Contracts | | |
| --- | --- | --- |
| | Assets | |
| Balance, as of October 31, 2010 | $ 19,172 | |
| Accrued
discounts/premiums | — | |
| Net realized
gain (loss) | — | |
| Net change in
unrealized appreciation/depreciation | — | |
| Purchases | — | |
| Issuances 3 | — | |
| Sales | — | |
| Settlements 4 | (19,172 | ) |
| Transfers in 5 | — | |
| Transfers out 5 | — | |
| Balance as of July 31, 2011 | — | |

| 3 | Issuances represent upfront cash received on certain
derivative financial instruments. |
| --- | --- |
| 4 | Settlements represent periodic contractual cash
flows and/or cash flows to terminate certain derivative financial
instruments. |
| 5 | The Trust’s policy is to recognize transfers in and
transfers out as of the beginning of the period of the event or the change in
circumstances that caused the transfer. |
| | A reconciliation of Level 3 investments and
derivative financial instruments is presented when the Trust had a
significant amount of Level 3 investments and derivatives at the beginning
and/or end of the period in relation to net assets. |

BLACKROCK FLOATING RATE INCOME TRUST JULY 31, 2011 13

end

Item 2 –	Controls and Procedures
2(a) –	The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this
report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) –	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3 –	Exhibits
	Certifications – Attached hereto
	Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
	BlackRock Floating Rate Income Trust
	By:	/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Floating Rate Income Trust
	Date: September 26, 2011
	Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
	By:	/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Floating Rate Income Trust
	Date: September 26, 2011
	By:	/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Floating Rate Income Trust
	Date: September 26, 2011