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UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
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: Anne F. Ackerley, Chief Executive Officer, BlackRock
Floating Rate Income Trust, 55 East 52nd Street, New York, NY 10055.

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

Date of fiscal year end: 10/31/2010

Date of reporting period: 07/31/2010

Item 1 – Schedule of Investments


Schedule of Investments July 31, 2010 (Unaudited)

BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Common Stocks    Shares  Value 
Chemicals — 0.0%       
British Vita Holding Co. (a)(b)    166  $ 60,571 
Commercial Services & Supplies —       
0.0%       
SIRVA (b)    554  5,540 
Construction & Engineering — 0.0%       
USI United Subcontractors       
Common (b)    7,645  160,535 
Metals & Mining — 0.1%       
Euramax International (b)    1,135  255,420 
Paper & Forest Products — 0.1%       
Ainsworth Lumber Co. Ltd. (a)(b)    62,685  171,948 
Ainsworth Lumber Co. Ltd. (b)    55,255  151,568 
      323,516 
Software — 0.3%       
HMH Holdings/EduMedia (b)    154,601  966,256 
Specialty Retail — 0.0%       
Lazydays RV Center, Inc. (b)    2,721  13,902 
Total Common Stocks – 0.5%      1,785,740 
    Par   
Corporate Bonds    (000)   
Airlines — 0.2%       
Air Canada, 9.25%, 8/01/15 (a)(c)  USD  700  707,000 
Auto Components — 1.0%       
Delphi International Holdings       
Unsecured, 12.00%, 10/06/14    39  38,768 
Icahn Enterprises LP:       
7.75%, 1/15/16    1,125  1,127,812 
8.00%, 1/15/18    2,250  2,244,375 
      3,410,955 
Beverages — 0.4%       
Central European Distribution       
Corp., 2.62%, 5/15/14  EUR  1,500  1,446,499 
Capital Markets — 0.6%       
E*Trade Financial Corp., 3.34%,       
8/31/19 (a)(d)(e)  USD  439  621,185 
Marsico Parent Co., LLC, 10.63%,       
1/15/16 (a)    1,346  558,590 
Marsico Parent Holdco, LLC,       
12.50%, 7/15/16 (a)(f)    375  56,690 
Marsico Parent Superholdco, LLC,       
14.50%, 1/15/18 (a)(f)    402  64,269 

 

    Par   
Corporate Bonds    (000)  Value 
Capital Markets (concluded)       
MU Finance Plc, 8.75%,       
2/01/17 (a)  GBP  544  $ 823,738 
      2,124,472 
Chemicals — 0.8%       
Ames True Temper, Inc., 4.53%,       
1/15/12 (g)  USD  1,100  1,097,250 
LBI Escrow Corp., 8.00%,       
11/01/17 (a)    660  693,825 
OXEA Finance/Cy SCA, 9.50%,       
7/15/17 (a)    715  760,194 
      2,551,269 
Commercial Banks — 1.2%       
VTB Capital SA, 6.88%, 5/29/18    3,940  4,117,300 
Containers & Packaging — 0.6%       
Impress Holdings BV, 3.65%,       
9/15/13 (a)(g)    150  142,125 
Smurfit Kappa Acquisitions (a):       
7.25%, 11/15/17  EUR  655  870,636 
7.75%, 11/15/19    620  832,193 
      1,844,954 
Diversified Financial Services —       
0.8%       
FCE Bank Plc, 7.13%, 1/16/12    1,300  1,738,653 
GMAC, Inc., 2.74%, 12/01/14 (g)  USD  1,050  909,933 
      2,648,586 
Diversified Telecommunication       
Services — 2.0%       
ITC Deltacom, Inc., 10.50%,       
4/01/16 (a)    1,000  985,000 
New Communications Holdings,       
Inc., 7.88%, 4/15/15 (a)    650  687,375 
Qwest Corp., 8.38%, 5/01/16    1,840  2,093,000 
Telefonica Emisiones SAU, 5.43%,       
2/03/14  EUR  2,000  2,812,125 
      6,577,500 
Energy Equipment & Services —       
0.6%       
Compagnie Generale de       
Geophysique-Veritas:       
7.50%, 5/15/15  USD  70  68,600 
7.75%, 5/15/17    50  48,750 
Expro Finance Luxembourg SCA,       
8.50%, 12/15/16 (a)    1,750  1,708,438 
      1,825,788 

 

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:

EUR  Euro  GBP  British Pound 
FKA  Formerly Known As  USD  US Dollar 

 

BLACKROCK FLOATING RATE INCOME TRUST

JULY 31, 2010

1


Schedule of Investments(continued)

BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

    Par   
Corporate Bonds    (000)  Value 
Food Products — 0.7%       
B&G Foods, Inc., 7.63%, 1/15/18 USD  700  $ 723,625 
Bumble Bee Foods LLC, 7.75%,     
12/15/15 (a)    560  576,800 
Smithfield Foods, Inc., 10.00%,     
7/15/14 (a)    780  871,650 
      2,172,075 
Health Care Equipment &       
Supplies — 0.2%       
DJO Finance LLC, 10.88%,       
11/15/14    635  681,831 
Health Care Providers & Services —     
0.6%       
American Renal Holdings, 8.38%,     
5/15/18 (a)    360  365,850 
HCA, Inc., 7.25%, 9/15/20    1,550  1,639,125 
Tenet Healthcare Corp. (a):       
9.00%, 5/01/15    95  102,600 
10.00%, 5/01/18    35  39,769 
      2,147,344 
Household Durables — 0.5%       
Beazer Homes USA, Inc., 12.00%,     
10/15/17    1,500  1,680,000 
Berkline/BenchCraft, LLC, 4.50%,     
11/03/12 (b)(h)    400  — 
      1,680,000 
IT Services — 0.2%       
SunGard Data Systems, Inc.,       
4.88%, 1/15/14    763  728,665 
Independent Power Producers &     
Energy Traders — 1.1%       
AES Ironwood LLC, 8.86%,       
11/30/25    80  80,169 
Calpine Construction Finance Co.     
LP, 8.00%, 6/01/16 (a)    1,000  1,045,000 
Energy Future Holdings Corp.,       
10.00%, 1/15/20 (a)    1,000  1,005,000 
NRG Energy, Inc.:       
7.25%, 2/01/14    1,365  1,399,125 
7.38%, 2/01/16    85  86,700 
      3,615,994 
Machinery — 0.0%       
Synventive Molding Solutions,       
Sub-Series A, 14.00%, 1/14/11  1,069  85,570 
Media — 2.1%       
Affinion Group, Inc., 10.13%,       
10/15/13    50  51,500 
CCH II LLC, 13.50%, 11/30/16  223  265,476 
Charter Communications Operating,     
LLC, 8.00%, 4/30/12 (a)    210  221,550 
Clear Channel Worldwide Holdings, Inc. (a):     
Series A, 9.25%, 12/15/17  501  521,040 
Series B, 9.25%, 12/15/17  1,704  1,789,200 
DISH DBS Corp., 7.00%, 10/01/13  58  60,320 
Nielsen Finance LLC, 10.00%,       
8/01/14    400  417,000 
Seat Pagine Gialle SpA, 10.50%,     
1/31/17 (a)  EUR  752  930,972 

 

    Par   
Corporate Bonds    (000)  Value 
Media (concluded)       
UPC Germany GmbH, 8.13%,       
12/01/17 (a)  USD  2,500  $ 2,556,250 
      6,813,308 
Metals & Mining — 0.3%       
Foundation PA Coal Co., 7.25%,       
8/01/14    505  515,731 
New World Resources NV, 7.38%,       
5/15/15  EUR  285  371,399 
      887,130 
Multiline Retail — 0.4%       
Dollar General Corp., 10.63%,       
7/15/15  USD  1,200  1,320,000 
Oil, Gas & Consumable Fuels —       
5.5%       
Coffeyville Resources LLC, 9.00%,       
4/01/15 (a)    380  389,500 
Morgan Stanley Bank AG (OAO       
Gazprom), 9.63%, 3/01/13    7,230  8,197,012 
OPTI Canada, Inc., 9.00%,       
12/15/12 (a)    1,575  1,602,563 
Petroleos de Venezuela SA:       
16.39%, 7/10/11 (e)    4,000  3,564,000 
5.25%, 4/12/17    4,000  2,420,000 
Repsol International Finance BV,       
6.50%, 3/27/14  EUR  1,500  2,180,695 
      18,353,770 
Paper & Forest Products — 1.1%       
Ainsworth Lumber Co. Ltd.,       
11.00%, 7/29/15 (a)(f)  USD  506  444,279 
NewPage Corp., 11.38%,       
12/31/14    3,015  2,792,644 
Verso Paper Holdings LLC,       
Series B, 4.22%, 8/01/14 (g)    450  387,562 
      3,624,485 
Pharmaceuticals — 0.3%       
Angiotech Pharmaceuticals, Inc.,       
4.29%, 12/01/13 (g)    900  682,875 
Novasep Holding SAS, 9.63%,       
12/15/16 (a)  EUR  159  186,481 
      869,356 
Tobacco — 0.6%       
Imperial Tobacco Finance Plc,       
4.38%, 11/22/13    1,500  2,053,143 
Wireless Telecommunication       
Services — 1.4%       
Cricket Communications, Inc.,       
7.75%, 5/15/16  USD  1,950  2,018,250 
iPCS, Inc., 2.59%, 5/01/13 (g)    1,155  1,094,363 
Nextel Communications, Inc.,       
Series E, 6.88%, 10/31/13    975  970,125 
Sprint Capital Corp., 8.38%,       
3/15/12    475  503,500 
      4,586,238 
Total Corporate Bonds – 23.2%      76,873,232 

 

2 BLACKROCK FLOATING RATE INCOME TRUST

JULY 31, 2010


Schedule of Investments(continued)

BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (g)    (000)  Value 
Aerospace & Defense — 1.7%       
DynCorp International, Term Loan,     
6.25%, 6/25/16  USD  1,500  $ 1,505,250 
Hawker Beechcraft Acquisition Co., LLC:     
Letter of Credit Facility       
Deposit, 2.53%, 3/26/14    107  86,048 
Term Loan, 2.32% - 2.53%,       
3/26/14    1,790  1,443,025 
TASC, Inc.:       
Tranche A Term Loan, 5.50%,     
12/18/14    808  807,500 
Tranche B Term Loan, 5.75%,     
12/18/15    1,642  1,643,802 
      5,485,625 
Auto Components — 2.6%       
Affinion Group Holdings, Inc.:       
Loan, 7.89%, 3/01/12    1,063  1,023,597 
Term Loan B, 5.00%, 4/08/16  1,995  1,910,632 
Allison Transmission, Inc., Term     
Loan, 3.10%, 8/07/14    4,208  3,929,788 
Dana Holding Corp., Term       
Advance, 4.60% - 4.79%,       
1/30/15    846  826,715 
Dayco Products:       
Term Loan B, 10.50%,       
5/13/14    404  393,972 
Term Loan C, 12.50%,       
11/13/14 (f)    62  52,475 
Exide Technologies, Term Loan,     
3.81%, 5/15/12  EUR  389  461,401 
GPX International Tire Corp., Tranche B     
Term Loan (b)(h):       
8.37% - 11.33%, 3/30/12  USD  274  – 
12.00%, 4/11/12    4  – 
      8,598,580 
Automobiles — 1.3%       
Ford Motor Co., Tranche B-1 Term     
Loan, 3.35%, 12/15/13    4,425  4,296,943 
Beverages — 1.1%       
Le-Nature's, Inc., Tranche B Term     
Loan, 9.50%, 3/01/11 (b)(h)    1,000  380,000 
SW Acquisitions Co., Inc., Term       
Loan, 5.75%, 6/01/16    3,284  3,284,248 
      3,664,248 
Building Products — 1.3%       
Building Materials Corp. of       
America, Term Loan Advance,     
3.13%, 2/22/14    515  496,367 
Goodman Global, Inc., Term Loan,     
6.25%, 2/13/14    3,240  3,243,985 
Momentive Performance Materials     
(Blitz 06-103 GmbH), Tranche B-1     
Term Loan, 2.63%, 12/04/13  588  543,182 
United Subcontractors, Inc., Term Loan     
(First Lien), 2.04%, 6/30/15    179  154,084 
      4,437,618 
Capital Markets — 0.2%       
Marsico Parent Co., LLC, Term       
Loan, 5.38% - 5.56%, 12/15/14  378  239,969 

 

    Par   
Floating Rate Loan Interests (g)    (000)  Value 
Capital Markets (concluded)       
Nuveen Investments, Inc., Term       
Loan, 3.48% - 3.53%, 11/13/14  USD  399  $ 350,308 
      590,277 
Chemicals — 5.6%       
Brenntag Holding GmbH & Co. KG:       
Acquisition Facility 1,       
4.08% - 4.48%, 1/20/14    232  231,989 
Facility 3B (Second Lien),       
6.47%, 7/17/15    1,000  977,500 
Facility B2, 4.08% - 4.09%,       
1/20/14    1,331  1,333,217 
Facility B6A and B6B, 4.70%,       
11/24/37  EUR  414  531,104 
Term Loan (Second Lien),       
4.35% - 4.86%, 1/20/14    267  340,425 
CF Industries Holdings, Inc., Term       
Loan B-1, 4.50%, 3/17/15  USD  1,443  1,449,349 
Chemtura Corp., Debtor in       
Possession Return of Capital       
Term Loan, 6.00%, 1/26/11    2,000  1,995,000 
Cognis GmbH, Facility B (French):       
2.72%, 11/16/13  EUR  197  252,192 
2.72%, 11/17/13    803  1,029,784 
Huish Detergents, Inc., Loan       
(Second Lien), 4.60%, 10/26/14 USD  750  723,750 
Ineos Group Plc, Term Loan A,       
7.00%, 12/17/12    227  225,795 
Lyondell Chemical Co., Exit Term       
Loan, 5.50%, 3/24/16    810  815,189 
Matrix Acquisition Corp.       
(MacDermid, Inc.), Tranche C       
Term Loan, 2.83%, 12/15/13  EUR  1,541  1,826,907 
Nalco Co., Term Loan, 6.50%,       
5/13/16  USD  1,881  1,887,662 
PQ Corp., Term Loan (First Lien),       
3.57% - 3.73%, 7/30/14    2,695  2,456,301 
Rockwood Specialties Group, Inc.,       
Term Loan H, 6.00%, 5/15/14    1,024  1,023,891 
Solutia, Inc., Term Loan, 4.75%,       
3/01/17    1,534  1,533,638 
      18,633,693 
Commercial Banks — 0.0%       
CIT Group, Inc., Tranche 2A Term       
Loan, 9.50%, 1/20/12    1  567 
Commercial Services & Supplies —       
5.8%       
ARAMARK Corp.:       
Letter of Credit, 2.18%, 1/26/14  38  35,196 
Line of Credit, 3.56%, 7/26/16    68  65,132 
Term Loan B, 3.78%, 7/26/16    1,031  990,381 
US Term Loan, 2.41%, 1/26/14  520  486,045 
AWAS Aviation Capital Ltd., Term       
Loan B, 7.75%, 5/27/16    1,575  1,582,875 
Advanced Disposal Services, Inc.,       
Term Loan B, 6.00%, 1/14/15    1,244  1,243,750 
Altegrity, Inc., Incremental Term       
Loan, 7.75%, 2/21/15    2,150  2,107,000 
Casella Waste Systems, Inc., Term       
Loan B, 7.00%, 4/09/14    1,089  1,089,000 

 

BLACKROCK FLOATING RATE INCOME TRUST

JULY 31, 2010

3


Schedule of Investments(continued)

BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (g)    (000)  Value 
Commercial Services & Supplies       
(concluded)       
International Lease Finance Corp.:       
Term Loan 1, 6.75%, 2/23/15  USD  2,600  $ 2,611,375 
Term Loan 2, 7.00%, 3/05/16    1,200  1,199,000 
Johnson Diversey, Inc., Tranche B       
Dollar, 5.50%, 11/24/15    1,095  1,088,343 
Protection One, Inc., Term Loan,       
6.00%, 6/04/16    2,000  1,975,000 
Quad Graphics, Term Loan B,       
5.50%, 4/20/16    725  686,938 
SIRVA Worldwide, Inc., Loan       
(Second Lien), 12.00%, 5/12/15    145  36,189 
Synagro Technologies, Inc., Term       
Loan (First Lien), 2.32% - 2.35%,       
4/02/14    1,956  1,634,801 
West Corp., Incremental Term       
Loan B-3, 7.25%, 10/24/13    2,265  2,255,328 
      19,086,353 
Construction & Engineering — 0.9%       
Brand Energy & Infrastructure       
Services, Inc. (FKA FR Brand       
Acquisition Corp.), Synthetic       
Letter of Credit, Term Loan (First       
Lien), 2.94%, 2/07/14    500  443,125 
Safway Services, LLC, First Out       
Term Loan, 9.00%, 12/14/17    2,100  2,100,000 
Welding Services, Term Loan B,       
5.50%, 3/23/16    299  297,380 
      2,840,505 
Consumer Finance — 2.9%       
American General Finance Corp.,       
Term Loan, 7.25%, 4/16/16    3,500  3,450,783 
Chrysler Financial Corp., Term       
Loan (Second Lien), 6.85%,       
8/02/13    6,294  6,279,524 
      9,730,307 
Containers & Packaging — 0.9%       
Anchor Glass Container Corp.,       
Term Loan B, 6.00%, 2/18/16    811  801,650 
BWAY Corp.:       
Term Loan, 5.50% - 6.00%,       
5/21/17    361  360,240 
Term Loan Canada,       
5.50% – 6.00%, 5/20/17    34  33,815 
Graham Packaging Co., LP, Term       
Loan C, 6.75%, 4/05/14    720  724,363 
Smurfit Kappa Acquisitions (JSG):       
Term B1, 3.89% - 4.25%,       
7/16/14  EUR  458  583,614 
Term Loan Facility C1,       
4.13% - 4.50%, 7/16/15    453  576,928 
      3,080,610 
Diversified Consumer Services —       
2.6%       
Coinmach Laundry Corp., Delayed       
Draw Term Loan, 3.35% - 3.47%,       
11/14/14  USD  494  423,789 
Coinmach Service Corp., Term       
Loan, 3.47%, 11/14/14    2,519  2,165,007 

 

    Par   
Floating Rate Loan Interests (g)    (000)  Value 
Diversified Consumer Services       
(concluded)       
Laureate Education, Inc., Series A       
New Term Loan, 7.00%,       
8/15/14  USD  4,218  $ 4,128,490 
ServiceMaster Co.:       
Delay Draw Term Loan, 2.85%,       
7/24/14    201  184,796 
Term Loan B, 2.89%, 7/24/14    2,019  1,855,661 
      8,757,743 
Diversified Financial Services — 2.7%       
MSCI, Inc., Term Loan B, 4.75%,       
6/30/16    1,975  1,982,406 
Professional Service Industries,       
Inc., Term Loan (First Lien),       
3.08%, 10/31/12    508  406,110 
Reynolds Group Holdings, Inc.:       
Return of Capital Euro, 6.25%,       
10/28/15  EUR  2,469  3,158,177 
Term Loan (First Lien), 5.75%,       
5/05/16  USD  3,600  3,575,999 
      9,122,692 
Diversified Telecommunication       
Services — 4.1%       
Cincinnati Bell, Inc., Term Loan,       
6.50%, 6/09/17    1,396  1,368,820 
Hawaiian Telcom Communications,       
Inc., Tranche C Term Loan,       
4.75%, 5/30/14    1,242  869,522 
Integra Telecom Holdings, Inc.,       
Term Loan, 9.25%, 4/12/15    2,025  2,021,456 
Level 3 Communications,       
Incremental Term Loan,       
2.59% - 2.78%, 3/13/14    4,125  3,696,173 
Nordic Telephone Co. Holdings APS:       
Facility B2 Swiss, 1.99%,       
4/06/14  EUR  885  1,107,489 
Facility C2 Swiss, 2.61%, 4/06/15    1,058  1,323,233 
Wind Telecomunicazioni SpA:       
Term Loan Facility A1, 3.12%,       
9/22/12    604  754,501 
Term Loan Facility B1, 3.87%,       
9/22/13    1,000  1,255,913 
Term Loan Facility C1, 4.87%,       
9/22/14    1,000  1,255,913 
      13,653,020 
Electric Utilities — 1.4%       
Astoria Generating Co.       
Acquisitions, LLC, Term B       
Facility, 2.09% - 2.29%,       
2/23/13  USD  336  322,419 
Conectiv, Term Loan B, 7.00%, 5/26/17    3,750  3,787,500 
TPF Generation Holdings, LLC:       
Synthetic Letter of Credit       
Deposit (First Lien), 2.53%,       
12/15/13    151  140,306 
Synthetic Revolving Deposit,       
2.53%, 12/15/11    47  43,983 
Term Loan (First Lien), 2.53%,       
12/15/13    376  350,427 
      4,644,635 

 

4 BLACKROCK FLOATING RATE INCOME TRUST

JULY 31, 2010


Schedule of Investments(continued)

BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (g)    (000)  Value 
Electronic Equipment, Instruments       
& Components — 2.0%       
CDW Computer Centers, Inc., Term       
Loan B, 4.34%, 10/10/14  USD  1,546  $ 1,392,873 
Flextronics International Ltd.:       
Closing Date Loan A,       
2.59% - 2.60%, 10/01/14    1,153  1,081,934 
Term Loan B, 2.60%,       
10/01/12    2,238  2,146,713 
Sytron, Inc., Term Loan B, 7.50%,       
6/09/16    1,900  1,912,464 
      6,533,984 
Energy Equipment & Services —       
0.8%       
Dresser, Inc., Term Loan B, 6.20%,       
5/04/14    600  554,786 
MEG Energy Corp., Term Loan D,       
6.00%, 4/03/16    1,968  1,951,235 
      2,506,021 
Food & Staples Retailing — 3.0%       
AB Acquisitions UK Topco 2 Ltd.       
(FKA Alliance Boots), Facility B1,       
3.56%, 7/09/15  GBP  3,000  4,349,146 
Pierre Foods, Term Loan B, 7.00%,       
2/17/16  USD  1,333  1,329,792 
Pilot Travel Centers, Term Loan B,       
5.25%, 11/18/15    3,020  3,017,886 
Rite Aid Corp., Tranche 4 Term       
Loan, 9.50%, 6/10/15    1,245  1,265,335 
      9,962,159 
Food Products — 2.9%       
Birds Eye Iglo Group Ltd. (Liberator       
Midco Ltd.), Sterling Tranche       
Loan (Mezzanine), 8.57%,       
11/02/15 (f)  GBP  421  637,081 
CII Investment, LLC (FKA Cloverhill):       
Delay Draw Term Loan, 8.50%,       
10/14/14  USD  1,075  1,074,864 
Term Loan B, 8.50%,       
10/14/14    1,307  1,307,279 
Dole Food Co., Inc.:       
Credit-Linked Deposit, 7.94%,       
4/12/13    192  191,986 
Term Loan B, 5.00% - 5.50%,       
2/10/17    152  152,133 
Term Loan C, 5.00% - 5.50%,       
2/10/17    380  379,462 
Michael Foods, Term Loan B,       
6.25%, 7/02/16    1,200  1,200,600 
Pilgrim's Pride Corp., Term Loan A,       
5.53%, 12/01/12    1,535  1,523,487 
Pinnacle Foods Finance LLC,       
Tranche C Term Loan, 7.50%,       
4/02/14    3,100  3,103,320 
      9,570,212 
Health Care Equipment &       
Supplies — 1.7%       
Biomet, Inc., Euro Term Loan,       
3.58% - 3.67% 3/25/15  EUR  2,502  3,081,296 

 

    Par   
Floating Rate Loan Interests (g)    (000)  Value 
Health Care Equipment &       
Supplies (concluded)       
DJO Finance LLC (ReAble       
Therapeutics Finance LLC), Term     
Loan, 3.32%, 5/20/14  USD  1,327  $ 1,259,726 
Fresenius AG:       
Term Loan C1, 4.50%,       
9/01/14    837  837,005 
Term Loan C2, 4.50%,       
9/01/14    448  447,928 
      5,625,955 
Health Care Providers & Services —     
4.7%       
Ardent Health Services, Inc., Term     
Loan, 6.50%, 8/10/15    1,022  992,901 
CHS/Community Health Systems, Inc.:     
Delayed Draw Term Loan,       
2.79%, 7/25/14    170  160,924 
Funded Term Loan, 2.79%,       
7/25/14    3,312  3,136,584 
HCA, Inc.:       
Tranche A-1 Term Loan,       
2.03%, 11/16/12    2,335  2,257,164 
Tranche B-1 Term Loan,       
2.78%, 11/18/13    185  178,545 
Harden Healthcare:       
Term Loan A, 8.50%, 2/22/15  995  975,545 
Term Loan A, 7.75%, 3/02/15  1,650  1,617,000 
inVentiv Health, Inc., Term Loan B,     
6.50%, 7/31/16    2,900  2,893,658 
Renal Advantage Holdings, Inc.,     
Term Loan, 6.00%, 5/25/16    1,400  1,400,000 
Vanguard Health Holding Co. II,       
LLC (Vanguard Health Systems,     
Inc.), Initial Term Loan, 5.00%,     
1/29/16    2,104  2,079,513 
      15,691,834 
Health Care Technology — 0.8%     
IMS Healthcare, Term Loan B,       
5.25%, 2/16/16    2,570  2,571,029 
Hotels, Restaurants & Leisure —     
4.2%       
BLB Worldwide Holdings, Inc.       
(Wembley, Inc.):       
First Priority Term Loan,       
4.75%, 7/18/11    2,418  1,724,989 
Second Priority Term Loan,       
7.06%, 7/18/12 (b)(h)    1,500  30,000 
Blackstone UTP Capital LLC, Term     
Loan B, 5.50%, 10/23/14    449  449,149 
Harrah's Operating Co., Inc.:       
Term Loan B-3, 3.50% - 3.53%,     
1/28/15    3,785  3,222,168 
Term Loan B-4, 9.50%,       
10/31/16    1,492  1,523,386 
OSI Restaurant Partners, LLC,       
Pre-Funded RC Loan,       
0.36% - 2.88%, 6/14/13    32  27,869 
Penn National Gaming, Inc., Term     
Loan B, 2.07% - 2.24%,       
10/03/12    997  973,853 

 

BLACKROCK FLOATING RATE INCOME TRUST

JULY 31, 2010

5


Schedule of Investments(continued)

BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (g)    (000)  Value 
Hotels, Restaurants & Leisure       
(concluded)       
Six Flags Theme Parks, Inc., Exit       
Term Loan, 6.00%, 4/19/16  USD  2,300  $ 2,275,252 
VML US Finance LLC (FKA Venetian       
Macau):       
New Project Term Loan,       
5.04%, 5/27/13    158  154,831 
Term B Delayed Draw Project       
Loan, 5.04%, 5/25/12    1,449  1,420,128 
Term B Funded Project Loan,       
5.04%, 5/27/13    2,351  2,287,988 
      14,089,613 
Household Durables — 0.0%       
Berkline/Benchcraft, LLC, Term       
Loan, 14.00%, 11/03/11 (b)(h)    122  6,125 
IT Services — 4.8%       
Amadeus IT Group SA/Amadeus       
Verwaltungs GmbH:       
Term B3 Facility, 3.99%,       
6/30/13  EUR  615  775,556 
Term B4 Facility, 3.99%,       
6/30/13    317  400,149 
Term C3 Facility, 4.49%,       
6/30/14    615  775,556 
Term C3 Facility, 4.49%,       
6/30/14    314  393,380 
Ceridian Corp., US Term Loan,       
3.33%, 11/09/14  USD  1,737  1,564,174 
First Data Corp.:       
Initial Tranche B-1 Term Loan,       
3.07% - 3.08%, 9/24/14    2,435  2,119,392 
Initial Tranche B-2 Term Loan,       
3.07% - 3.08%, 9/24/14    945  820,835 
Initial Tranche B-3 Term Loan,       
3.07% - 3.08%, 9/24/14    2,548  2,217,195 
SunGard Data Systems, Inc. (Solar       
Capital Corp.), Incremental Term       
Loan, 6.75%, 2/28/14    1,681  1,675,074 
TransUnion Corp., Term Loan B,       
6.75%, 6/10/17    3,250  3,275,188 
Travelex Plc:       
Term Loan B, 3.02%, 10/31/13  1,033  932,519 
Term Loan C, 3.52%, 10/31/14  1,033  932,519 
      15,881,537 
Independent Power Producers &       
Energy Traders — 1.1%       
Dynegy Holdings, Inc.:       
Term Letter of Credit Facility,       
4.07%, 4/02/13    1,110  1,034,277 
Tranche B Term Loan, 4.07%,       
4/02/13    89  82,833 
Texas Competitive Electric Holdings Co.,     
LLC (TXU):       
Initial Tranche B-1 Term Loan,       
3.85% - 4.03%, 10/10/14    2,458  1,906,071 
Initial Tranche B-2 Term Loan,       
3.85% - 4.07%, 10/10/14    629  487,515 
Initial Tranche B-3 Term Loan,       
3.85% - 4.03%, 10/10/14    378  291,838 
      3,802,534 

 

    Par   
Floating Rate Loan Interests (g)    (000)  Value 
Industrial Conglomerates — 1.4%       
Sequa Corp., Term Loan, 3.79%,       
12/03/14  USD  5,124  $ 4,771,487 
Insurance — 0.3%       
Alliant Holdings I, Inc., Term Loan,       
3.53%, 8/21/14    956  894,234 
Internet & Catalog Retail — 0.2%       
FTD Group, Inc., Tranche B Term       
Loan, 6.75%, 8/26/14    573  573,173 
Machinery — 0.7%       
Blount International, Term Loan,       
5.75%, 2/09/12    522  520,448 
LN Acquisition Corp. (Lincoln Industrial)     
(First Lien):       
Delayed Draw Term Loan,       
3.60%, 7/11/14    245  230,634 
Initial US Term Loan, 3.60%,       
7/11/14    637  598,504 
Oshkosh Truck Corp., Term Loan B,       
6.54%, 12/06/13    1,043  1,043,667 
      2,393,253 
Marine — 0.2%       
Horizon Lines, Inc.:       
Return of Capital,       
0.50% - 3.60%, 8/08/12    507  433,521 
Term Loan A, 3.79%, 8/08/12    370  334,133 
      767,654 
Media — 19.1%       
Amsterdamse Beheer - En       
Consultingmaatschappij BV (Casema):     
Term Loan Facility B1, 3.64%,       
11/02/14  EUR  625  787,537 
Term Loan Facility C, 4.14%,       
11/02/15    599  755,354 
Atlantic Broadband Finance, LLC:       
Term Loan B, 6.75%, 6/01/13  USD  1,850  1,813,084 
Tranche B-2 Term Loan,       
2.79%, 9/01/11    69  67,780 
Cengage Learning Acquisitions,       
Inc. (Thomson Learning),       
Tranche 1 Incremental Term       
Loan, 7.50%, 7/03/14    4,895  4,882,964 
Cequel Communications, LLC,       
Term Loan, 2.30%, 11/05/13    325  310,223 
Charter Communications       
Operating, LLC:       
New Term Loan, 2.32%,       
3/06/14    546  517,040 
Term Loan B1, 7.25%,       
3/25/14    1,298  1,316,383 
Term Loan C, 3.79%, 9/06/16    5,527  5,267,259 
FoxCo Acquisition Sub, LLC, Term       
Loan, 7.50%, 7/14/15    1,011  969,836 
HIT Entertainment, Inc., Term Loan       
(Second Lien), 5.85%, 2/26/13    300  191,250 
HMH Publishing Co., Ltd., Tranche       
A Term Loan, 5.60%, 6/12/14    2,416  2,205,859 
Hanley-Wood, LLC (FSC       
Acquisition), Term Loan,       
2.63% - 2.75%, 3/10/14    2,195  1,130,412 

 

6 BLACKROCK FLOATING RATE INCOME TRUST

JULY 31, 2010


Schedule of Investments(continued)

BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (g)    (000)  Value 
Media (continued)       
Hargray Acquisition Co./DPC       
Acquisition LLC/HCP Acquisition       
LLC, Loan (Second Lien),       
5.85%, 1/29/15  USD  500  $ 468,750 
Harland Clarke Holdings Corp.       
(FKA Clarke American Corp.),       
Tranche B Term Loan,       
2.82% - 3.03%, 6/30/14    1,447  1,234,544 
Intelsat Corp. (FKA PanAmSat Corp.):     
Tranche B-2-A Term Loan,       
3.03%, 1/03/14    742  698,933 
Tranche B-2-B Term Loan,       
3.03%, 1/03/14    742  698,718 
Tranche B-2-C Term Loan,       
3.03%, 1/03/14    742  698,718 
Interactive Data Corp., Term Loan,       
6.75%, 1/12/17    1,600  1,595,000 
Kabel Deutschland Holding GmbH,       
Facility A, 2.89%, 6/01/12  EUR  4,000  5,082,294 
Lavena Holding 3 GmbH       
(Prosiebensat.1 Media AG):       
Facility B1, 3.52%, 6/28/15    337  319,518 
Facility C1, 3.77%, 6/30/16    674  639,036 
Liberty Cablevision of Puerto Rico,       
Ltd., Initial Term Facility, 2.54%,       
6/17/14  USD  1,455  1,342,237 
Local TV Finance, LLC, Term Loan,       
2.32%, 5/07/13    473  417,038 
MCNA Cable Holdings LLC       
(OneLink Communications),       
Loan, 6.89%, 3/01/13 (f)    1,004  802,947 
Mediacom Illinois, LLC (FKA       
Mediacom Communications,       
LLC), Tranche D Term Loan,       
5.50%, 3/31/17    1,241  1,205,474 
Newsday, LLC:       
Fixed Rate Term Loan,       
10.50%, 8/01/13    1,500  1,569,375 
Floating Rate Term Loan,       
6.78%, 8/01/13    1,250  1,253,125 
Nielsen Finance LLC:       
Class B, Dollar Term Loan,       
4.10%, 5/01/16    2,275  2,189,023 
Dollar Term Loan, 2.35%,       
8/09/13    1,145  1,085,403 
Penton Media, Inc., Term Loan       
(First Lien), 5.00%, 8/01/14    1,092  770,147 
Regal Cinemas Corp., Term Loan B,       
4.03%, 11/06/16    1,097  1,078,962 
Sinclair Television Group, Inc.,       
Tranche B Term Loan, 6.75%,       
10/29/15    1,150  1,157,647 
Springer Science+Business Media       
SA, Facility A1, 6.75%, 7/01/16  EUR  3,200  4,117,961 
Sunshine Acquisition Ltd. (FKA HIT       
Entertainment), Term Facility,       
5.60%, 3/20/12  USD  1,465  1,367,911 
UPC Financing Partnership,       
Facility U, 4.48%, 12/31/17  EUR  3,017  3,624,871 
Virgin NTL Cable Plc, Term Loan B,       
4.78%, 12/31/15  GBP  4,000  6,107,926 
Weather Channel, Term Loan B,       
5.00%, 9/14/15  USD  2,545  2,541,673 

 

    Par   
Floating Rate Loan Interests (g)    (000)  Value 
Media (concluded)       
Yell Group Plc, Term Loan B,       
4.07%, 7/31/14  USD  2,113  $ 1,246,592 
      63,528,804 
Metals & Mining — 0.2%       
Drummond Co., Inc., Term       
Advance, 1.58%, 2/14/11    525  509,250 
Multi-Utilities — 0.2%       
FirstLight Power Resources, Inc. (FKA     
NE Energy, Inc.):       
Synthetic Letter of Credit,       
3.06%, 11/01/13    10  9,728 
Term B Advance (First Lien),       
3.06%, 11/01/13    624  578,709 
Mach Gen, LLC, Synthetic Letter of       
Credit Loan (First Lien), 2.53%,       
2/22/13    69  63,179 
      651,616 
Multiline Retail — 1.9%       
Dollar General Corp., Tranche B-2       
Term Loan, 3.07% - 3.09%,       
7/07/14    804  771,307 
Hema Holding BV:       
Facility B, 2.51%, 7/06/15  EUR  172  210,258 
Facility C, 3.26%, 7/05/16    172  210,258 
Facility D, 5.51%, 1/01/17    3,800  4,407,261 
The Neiman Marcus Group, Inc.,       
Term Loan, 2.35% - 2.54%,       
4/06/13  USD  800  753,060 
      6,352,144 
Oil, Gas & Consumable Fuels —       
0.9%       
Big West Oil, LLC, Initial Advance       
Loan, 12.00%, 1/26/15    775  777,583 
Tronox Worldwide LLC:       
Tranche B-1 Term Loan,       
9.00%, 9/20/10    1,774  1,790,156 
Tranche B-2 Term Loan,       
9.00%, 9/20/10    476  480,938 
      3,048,677 
Paper & Forest Products — 0.3%       
Georgia-Pacific LLC, Term Loan B,       
2.48% - 2.54%, 12/23/12    851  835,076 
Verso Paper Finance Holdings LLC,       
6.60% - 7.35%, 2/01/13 (f)    379  227,173 
      1,062,249 
Personal Products — 0.2%       
American Safety Razor Co., LLC:       
Loan (Second Lien), 10.50%,       
1/30/14 (b)(h)    1,150  103,500 
Term Loan (First Lien), 6.75%,       
7/31/13    530  495,524 
Term Loan B, 8.00%, 7/28/13    118  110,636 
      709,660 
Pharmaceuticals — 0.7%       
Warner Chilcott Co., LLC, Term       
Loan A, 5.50%, 10/30/14    909  907,233 

 

BLACKROCK FLOATING RATE INCOME TRUST

JULY 31, 2010

7


Schedule of Investments(continued)

BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (g)    (000)  Value 
Pharmaceuticals (concluded)       
Warner Chilcott Corp.:       
Additional Term Loan, 5.75%,     
4/30/15  USD  375  $ 374,101 
Term Loan B-1, 5.75%,       
4/30/15    625  624,525 
Term Loan B-2, 5.75%,       
4/30/15    527  526,177 
      2,432,036 
Professional Services — 0.7%       
Booz Allen Hamilton, Inc.:       
Term Loan C, 6.00%, 7/31/15  1,244  1,241,262 
Tranche B Term Loan, 7.50%,     
7/31/15    985  984,969 
      2,226,231 
Real Estate Management &       
Development — 1.4%       
Enclave, Term Loan (First Lien),       
6.14%, 3/01/12 (b)(h)    2,000  — 
Pivotal Promontory, LLC, Term       
Loan (Second Lien), 12.00%,       
8/31/11 (b)(h)    750  37,500 
Realogy Corp.:       
Delayed Draw Term Loan B,     
3.34% - 3.53%, 10/10/13    1,069  932,311 
Initial Term Loan B, 3.35%,       
10/10/13    2,256  1,966,564 
Synthetic Letter of Credit,       
3.31%, 10/10/13    607  529,460 
Term Loan (Second Lien),       
13.50%, 10/15/17    1,250  1,320,834 
      4,786,669 
Semiconductors & Semiconductor     
Equipment — 0.2%       
Freescale Semiconductor, Inc.,       
Term Loan B, 4.56%, 12/02/13  570  522,737 
Software — 0.8%       
Bankruptcy Management Solutions, Inc.:     
Term Loan (First Lien), 4.32%,     
7/31/12    935  626,616 
Term Loan (Second Lien),       
6.64%, 7/31/13    481  96,250 
Reynolds & Reynolds, Term Loan,     
5.25%, 4/16/17    259  255,906 
Telecommunications Management, LLC:     
Multi-Draw Term Loan, 3.57%,     
6/30/13    230  195,489 
Term Loan, 3.57%, 6/30/13  912  775,200 
Vertafore, Inc., Term Loan B,       
6.75%, 7/28/16    835  830,825 
      2,780,286 
Specialty Retail — 1.9%       
Bass Pro Group LLC Term Loan B,     
Term Loan B, 5.00% - 5.75%,       
4/06/15    329  328,550 
Burlington Coat Factory       
Warehouse Corp., Term Loan,     
2.66% - 2.76%, 5/28/13    740  698,428 
Matalan, Term Loan, 5.57%,       
3/24/16  GBP  1,300  2,016,939 

 

    Par   
Floating Rate Loan Interests (g)    (000)  Value 
Specialty Retail (concluded)       
Michaels Stores, Inc., Term Loan       
B-1, 2.69% - 2.81%, 10/31/13  USD  1,770  $ 1,654,651 
Orchard Supply Hardware, Term       
Loan B, 2.79%, 12/21/13    1,500  1,440,900 
      6,139,468 
Textiles, Apparel & Luxury       
Goods — 1.3%       
PVH/Hilfiger, Euro Term Loan B,       
5.00%, 5/04/16  EUR  3,312  4,289,172 
Transportation       
Infrastructure — 0.3%       
Airport Development and       
Investment Ltd. (BAA), Facility       
(Second Lien), 4.57%, 4/07/11  GBP  566  861,187 
Wireless Telecommunication       
Services — 3.2%       
BCM Ireland Holdings Ltd. (Eircom):       
Facility B, 2.52%, 8/14/14  EUR  499  531,977 
Facility C, 2.77%, 8/14/13    499  531,993 
Cavtel Holdings, LLC, Term Loan,       
10.50%, 12/31/12  USD  1,094  997,213 
Digicel International Finance Ltd.,       
Tranche A, 3.06%, 3/30/12    6,920  6,695,248 
MetroPCS Wireless, Inc.:       
Term Loan B, 3.88%,       
11/03/16    1,686  1,660,020 
Tranche B Term Loan, 2.63%,       
11/03/13    155  150,320 
      10,566,771 
Total Floating Rate Loan Interests –       
97.2%      322,731,177 
Foreign Agency Obligations       
Argentina Bonos:       
0.68%, 8/03/12 (g)    3,750  3,435,000 
7.00%, 10/03/15    2,000  1,709,333 
Brazilian Government International       
Bond, 8.00%, 1/15/18    6,667  7,906,667 
Colombia Government       
International Bond, 4.09%,       
3/17/13 (g)    1,020  1,035,300 
Republic of Venezuela, 1.51%,       
4/20/11 (g)    4,000  3,760,000 
Uruguay Government International       
Bond, 6.88%, 1/19/16  EUR  950  1,349,414 
Total Foreign Agency Obligations – 5.8%    19,195,714 
    Beneficial   
    Interest   
Other Interests (i)    (000)   
Auto Components — 1.4%       
Dayco Products LLC Mark IV       
Industrials, Inc.  USD  18  730,600 

 

8 BLACKROCK FLOATING RATE INCOME TRUST

JULY 31, 2010


Schedule of Investments(continued)

BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

    Beneficial   
    Interest   
Other Interests (i)    (000)  Value 
Delphi Debtor-in-Possession       
Holding Co. LLP, Class B       
Membership Interests  USD  —(j)  $ 3,873,265 
Lear Corp. Escrow    500  6,250 
      4,610,115 
Diversified Financial Services —     
0.3%       
J.G. Wentworth LLC Preferred       
Equity Interests (k)    1  1,130,844 
Health Care Providers &       
Services — 0.0%       
Critical Care Systems International,     
Inc.    1  190 
Household Durables — 0.0%       
Berkline Benchcraft Equity LLC  6  — 
Total Other Interests – 1.7%      5,741,149 
Preferred Stocks    Shares   
Specialty Retail — 0.0%       
Lazydays RV Center, Inc. (b)    58  68,755 
Total Preferred Securities – 0.0%    68,755 
Warrants (l)       
Chemicals — 0.0%       
British Vita Holding Co.       
(Non-Expiring) (a)    166  — 
Machinery — 0.0%       
Synventive Molding Solutions       
(Expires 1/15/13)    2  — 
Media — 0.0%       
New Vision Holdings LLC:       
(Expires 9/30/14)    3,424  35 
(Expires 9/30/14)    19,023  191 
      226 
Software — 0.0%       
HMH Holdings/EduMedia       
(Expires 3/09/17)    21,894  — 
Total Warrants – 0.0%      226 
Total Long-Term Investments       
(Cost – $443,377,261) – 128.4%    426,395,993 

 

Short-Term Securities  Shares  Value 
BlackRock Liquidity Funds,     
TempFund, Institutional Class,     
0.23% (m)(n)  5,050,655  $ 5,050,655 
Total Short-Term Securities     
(Cost – $5,050,655) – 1.5%    5,050,655 
Options Purchased  Contracts   
Over-the-Counter Call Options —     
0.0%     
Marsico Parent Superholdco LLC,     
Strike Price USD 942.86, expires     
12/21/19, Broker Goldman Sachs     
Group, Inc.  26  -- 
Total Options Purchased     
(Cost – $25,422) – 0.0%    -- 
Total Investments     
(Cost – $448,453,338*) – 129.9%    431,446,648 
Liabilities in Excess of Other Assets – (12.2)%  (40,596,258) 
Preferred Shares, at Redemption Value – (17.7)%  (58,818,624) 
Net Assets Applicable to Common Shares – 100.0%  $ 332,031,766 

 

* The cost and unrealized appreciation (depreciation) of investments as of

July 31, 2010, as computed for federal income tax purposes, were as

Aggregate follows: cost  $ 448,494,722 
Gross unrealized appreciation  $ 10,865,541 
Gross Net unrealized unrealized depreciation depreciation  $ (17,048,074)                        (27,913,615) 

 

(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) Non-income producing security.
(c) When-issued security. Unsettled when-issued transactions were as
follows:

    Unrealized 
Counterparty  Value  Appreciation 
JPMorgan Chase Co.  $ 707,000   $ 13,825 

 

(d) Convertible security.
(e) Represents a zero-coupon bond. Rate shown reflects the current yield as
of report date.
(f) Represents a payment-in-kind security which may pay interest/dividends
in additional face/shares.
(g) Variable rate security. Rate shown is as of report date.
(h) Issuer filed for bankruptcy and/or is in default of interest payments.
(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 Fund.
(l) Warrants entitle the Fund 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.

BLACKROCK FLOATING RATE INCOME TRUST

JULY 31, 2010

9


Schedule of Investments(continued)

BlackRock Floating Rate Income Trust (BGT)

(m)Investments in companies considered to be an affiliate of the Fund
during the period, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, as amended, are as follows:

  Shares Held       
  at    Shares Held   
  October 31,  Net  at July 31,   
Affiliate  2009  Activity  2010  Income 
BlackRock Liquidity         
Funds, TempFund,         
Institutional Class  9,320,934  (4,270,279)  5,050,655  $ 4,653 
(n) Represents the current yield as of report date.     

 

• For Fund compliance purposes, the Fund’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 Fund management. This definition may not apply for
purposes of this report, which may combine such industry sub-
classifications for reporting ease.

• Foreign currency exchange contracts as of July 31, 2010 were as follows:

            Unrealized 
Currency  Currency  Counter-  Settlement  Appreciation 
Purchased    Sold  party  Date  (Depreciation) 
USD  169,323  EUR  129,700                    Citibank NA  8/03/10  $ 304 
EUR  941,300  USD  1,209,316                 Citibank NA  9/15/10  17,280 
USD  60,997,300  EUR     48,246,500                Citibank NA  9/15/10  (1,872,098) 
USD  14,294,333  GBP  9,364,000                 Citibank NA  10/20/10  (393,465) 
Total            $ (2,247,979) 

 

• Credit default swaps on single-name issues – sold protection outstanding as of July 31, 2010 were as
follows:

  Receive        Notional   
  Fixed      Credit  Amount  Unrealized 
Issuer  Rate  Counterparty  Expiration  Rating1  (000)2  Depreciation 
BAA Ferrovial, Junior             
Term Loan  2.00%  Deutsche Bank AG       March 2012  A-  USD 1,800          $ (103,174)     
1Using Standard and Poor’s rating of the issuer.       

 

2The maximum potential amount the Fund may pay should a negative credit event take place as
defined under the terms of agreement.

•Fair Value Measurements – Various inputs are used in determining the fair value of investments and
derivatives, which are as follows:

•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 Fund’s own assumptions used in
determining the fair value of investments and derivatives)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk
associated with investing in those securities. For information about the Fund’s policy regarding valuation
of investments and other significant accounting policies, please refer to the Fund’s most recent financial
statements as contained in its semi-annual report.

10 BLACKROCK FLOATING RATE INCOME TRUST

JULY 31, 2010


Schedule of Investments(continued)

BlackRock Floating Rate Income Trust (BGT)

The following tables summarize the inputs used as of July 31, 2010 in determining the fair 
valuation of the Fund's investments and derivatives:     
Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in Securities:       
Long-Term         
Investments:         
Common Stocks  $ 151,568  $ 654,014  $ 980,158  $ 1,785,740 
Corporate Bonds  —  76,748,894  124,338  76,873,232 
Floating Rate         
Loan Interests…  —  246,235,760  76,495,417  322,731,177 
Foreign         
Government         
Obligations  —  14,051,381  5,144,333  19,195,714 
Other Interests  —  —  5,741,149  5,741,149 
Preferred         
Securities  —  —  68,755  68,755 
Warrants  —  —  226  226 
Short-Term         
Securities  5,050,655  —  —  5,050,655 
Liabilities:         
Unfunded Loan         
Commitments  —  —  (96,263)  (96,263) 
Total  $ 5,202,223  $ 337,690,049  $ 88,458,113  $ 431,350,385 

 

  Derivative Financial Instruments1     
Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Foreign currency exchange contracts  —   $ 17,584  —  $ 17,584 
Liabilities:         
Credit contracts  —    $ (103,174)  (103,174) 
Foreign currency exchange contracts…  —  (2,265,563)  —  (2,265,563) 
Total  —   $ (2,247,979)  $ (103,174)  $ (2,351,153) 

 

1Derivative financial instruments are swaps and foreign currency exchange contracts which are shown at the unrealized
appreciation/depreciation on the instrument.

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

  Common  Corporate  Floating Rate Foreign Government 
  Stocks  Bonds  Loan Interests  Obligations 
Assets:         
Balance, as of October 31, 2009  $ 112,485  $ 288,246  $ 84,427,073  --- 
Accrued discounts/premiums  --  181,942  1,412,407  --- 
Net realized gain (loss)  --  --  (11,944,604)  --- 
Net change in unrealized         
appreciation/depreciation2  (112,750)  11,096  14,219,733  $ 419,147 
Purchases  --  30,005  52,764,981  3,244,436 
Sales  --  (386,951)  (76,109,178)  -- 
Transfers in3  1,092,817  -  53,086,783  1,480,750 
Transfers out3  (112,394)  -  (41,361,778)  - 
Balance, as of July 31, 2010  $ 980,158  $ 124,338         $ 76,495,417  $ 5,144,333 

 

BLACKROCK FLOATING RATE INCOME TRUST

JULY 31, 2010

11


Schedule of Investments(concluded)

BlackRock Floating Rate Income Trust (BGT)

        Unfunded Loan   
  Other Interests Preferred Stocks  Warrants  Commitments  Total 
Assets/Liabilities:             
Balance, as of October 31, 2009  $ 2,726,281  --  $ 224  $ (70,949)  $ 87,483,360 
Accrued discounts/premium  --  -  --    -  1,594,349 
Net realized gain (loss)  (2,000,875)  -  --    -  (13,945,479) 
Net change in unrealized             
appreciation/depreciation2  3,895,147  $ 11,075  2    (25,314)  18,418,136 
Purchases  --  -  --    -  56,039,422 
Sales  (404,410)  -  --    -  (76,900,539) 
Transfers in3  1,525,006  57,680  --    -  57,243,036 
Transfers out3  -  --  --    -  (41,474,172) 
Balance, as of July 31, 2010  $ 5,741,149  $ 68,755  $ 226  $ (96,263)  $ 88,458,113 
2 The change in unrealized appreciation/depreciation on securities still held at July 31, 2010 was $2,301,807.   
3 The Fund’s policy is to recognize transfers in and transfers out as of the end 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 in determining fair value:

  Credit 
  Contracts 
Liabilities:   
Balance, as of October 31, 2009  $ (388,694) 
Accrued discounts/premiums  — 
Net realized gain (loss)  — 
Net change in unrealized appreciation/depreciation1.  285,520 
Purchases  — 
Sales  — 
Transfers in2  — 
Transfers out2  — 
Balance, as of July 31, 2010  $ (103,174) 

 

1The change in the unrealized appreciation/depreciation on the securities still held on July 31, 2010 was $285,520.
2The Fund’s policy is to recognize transfers in and transfers out as of the end of the period of the event or the change in
circumstances that caused the transfer.

12 BLACKROCK FLOATING RATE INCOME TRUST

JULY 31, 2010


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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock Floating Rate Income Trust

Date: September 27, 2010

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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock Floating Rate Income Trust

Date: September 27, 2010

By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Floating Rate Income Trust

Date: September 27, 2010