Edgar Filing: BLACKROCK FLOATING RATE INCOME TRUST

BLACKROCK FLOATING RATE INCOME TRUST

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: 10/31/2014

Date of reporting period: 07/31/2014

Item 1 – Schedule of Investments

Consolidated Schedule of Investments July 31, 2014 (Unaudited)

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Common Stocks	Shares			Value
Auto Components — 0.0%
Lear Corp.			402	$	37,856
Construction & Engineering — 0.0%
USI United Subcontractors			8,067		153,282
Diversified Consumer Services — 0.2%
Cengage Thomson Learning			19,588		675,179
Paper & Forest Products — 0.2%
Ainsworth Lumber Co. Ltd. (a)			220,483		541,931
Ainsworth Lumber Co. Ltd. (a)(b)			62,685		154,075

					696,006
Software — 0.4%
HMH Holdings/EduMedia			75,047		1,314,073
Total Common Stocks — 0.8%					2,876,396



Asset-Backed Securities (b)(c)	Par (000)
ACAS CLO Ltd., Series 2012-1A, Class D, 5.08%, 9/20/23		USD	750		750,562
ALM Loan Funding, Series 2013-7RA:
Class C, 3.68%, 4/24/24			630		602,172
Class D, 5.23%, 4/24/24			550		522,833
ALM XIV Ltd., Series 2014-14A:
Class B, 3.18%, 7/28/26			563		553,331
Class C, 3.68%, 7/28/26			713		677,160
Apidos CDO XI, Series 2012-11A, Class D, 4.48%, 1/17/23			500		499,985
Atrium CDO Corp., Series 9A, Class D, 3.73%, 2/28/24			500		480,462
Carlyle Global Market Strategies CLO Ltd.:
Series 2012-4A, Class D, 4.73%, 1/20/25			450		451,590
Series 2013-1A, Class C, 4.23%, 2/14/25			250		246,541
Cent CLO LP, Series 2013-17A, Class C, 3.74%, 1/30/25			500		475,496
Fraser Sullivan CLO VII Ltd., Series 2012-7A, Class C, 4.23%, 4/20/23			575		570,486
ING Investment Management, Series 2012-2A, Class D, 4.78%, 10/15/22			950		951,535
Madison Park Funding XI Ltd., Series 2013-11A, Class D, 3.73%, 10/23/25			250		239,774
North End CLO Ltd., Series 2013-1A, Class D, 3.73%, 7/17/25			500		474,097
Asset-Backed Securities	Par (000)			Value
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class D, 3.43%, 10/25/25		USD	750	$	704,276
OZLM Funding Ltd., Series 2012-2A, Class C, 4.59%, 10/30/23			500		501,388
Race Point CLO Ltd., Series 2012-6A, Class D, 4.73%, 5/24/23			675		675,074
Symphony CLO Ltd., Class D:
Series 2012-9A, 4.48%, 4/16/22			775		776,214
Series 2012-10A, 5.48%, 7/23/23			925		927,085
Total Asset-Backed Securities — 3.2%					11,080,061



Corporate Bonds
Airlines — 0.6%
American Airlines Pass-Through Trust, Series 2013-2, Class C, 6.00%, 1/15/17 (b)			600		628,500
US Airways Pass-Through Trust, Series 2012-2, Class C, 5.45%, 6/03/18			1,585		1,636,512

					2,265,012
Auto Components — 0.2%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
3.50%, 3/15/17			410		407,950
4.88%, 3/15/19			263		264,315

					672,265
Capital Markets — 0.4%
Blackstone CQP Holdco LP, 2.32%, 3/18/19			504		502,955
E*Trade Financial Corp., 0.00%, 8/31/19 (b)(d)(e)			439		895,011

					1,397,966
Commercial Services & Supplies — 0.2%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 2.98%, 12/01/17 (c)			179		177,658
AWAS Aviation Capital Ltd., 7.00%, 10/17/16 (b)			418		427,575



BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014	1

Consolidated Schedule of Investments (continued)

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)			Value
Commercial Services & Supplies (concluded)
United Rentals North America, Inc., 5.75%, 7/15/18		USD	210	$	219,555

					824,788
Communications Equipment — 0.4%
Avaya, Inc., 7.00%, 4/01/19 (b)			232		226,780
Zayo Group LLC/Zayo Capital, Inc., 8.13%, 1/01/20			1,010		1,070,600

					1,297,380
Construction & Engineering — 0.1%
Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (b)			237		248,258
Diversified Financial Services — 0.3%
Ally Financial, Inc., 2.91%, 7/18/16 (c)			875		881,492
Diversified Telecommunication Services — 0.3%
Level 3 Financing, Inc. (b):
3.82%, 1/15/18 (c)			607		611,553
6.13%, 1/15/21			337		348,795

					960,348
Hotels, Restaurants & Leisure — 0.3%
Caesars Entertainment Operating Co., Inc., 9.00%, 2/15/20			1,389		1,152,192
Household Durables — 0.0%
Berkline/Benchcraft LLC, 1.00%, 11/03/14 (a)(f)			400		—
Independent Power and Renewable Electricity Producers — 0.1%
Calpine Corp., 6.00%, 1/15/22 (b)			212		223,660
Media — 0.2%
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (b)			248		255,440
Numericable Group SA, 6.00%, 5/15/22 (b)			512		514,560

					770,000
Oil, Gas & Consumable Fuels — 0.1%
EP Energy LLC/Everest Acquisition Finance, Inc., 6.88%, 5/01/19			385		403,288
Road & Rail — 0.2%
Florida East Coast Holdings Corp., 6.75%, 5/01/19 (b)			535		553,725
Wireless Telecommunication Services — 0.0%
T-Mobile USA, Inc., 6.13%, 1/15/22			135		138,881
Total Corporate Bonds — 3.4%					11,789,255
Floating Rate Loan Interests (c)	Par (000)			Value
Aerospace & Defense — 1.7%
DigitalGlobe, Inc., New Term Loan B, 3.75%, 1/31/20		USD	1,348	$	1,345,916
TASC, Inc., 2nd Lien Term Loan, 12.00%, 5/30/21			725		712,312
Transdigm, Inc.:
Term Loan C, 3.75%, 2/28/20			512		509,229
Term Loan D, 3.75%, 6/04/21			525		519,488
TransUnion LLC, New Term Loan, 4.00%, 4/09/21			2,908		2,896,285

					5,983,230
Air Freight & Logistics — 0.5%
Ceva Group PLC, Synthetic LC, 6.50%, 3/19/21			450		434,201
Ceva Intercompany BV, Dutch Term Loan, 6.50%, 3/19/21			473		461,867
Ceva Logistics Canada ULC, Canadian Term Loan, 6.50%, 3/19/21			82		79,632
Ceva Logistics US Holdings, Inc., Term Loan, 6.50%, 3/19/21			653		637,057

					1,612,757
Airlines — 0.5%
Northwest Airlines, Inc.:
2.18%, 3/10/17			474		460,965
1.56%, 9/10/18			652		621,332
US Airways Group, Inc., New Term Loan B1, 3.50%, 5/23/19			693		689,105

					1,771,402
Auto Components — 3.8%
Autoparts Holdings Ltd.:
1st Lien Term Loan, 6.50%, 7/28/17			1,586		1,589,197
2nd Lien Term Loan, 10.50%, 1/29/18			650		606,125
Dayco Products LLC, New Term Loan B, 5.25%, 12/12/19			968		967,575
FPC Holdings, Inc., 1st Lien Term Loan, 5.25%, 11/19/19			900		891,425
Gates Global, Inc., Term Loan B, 4.25%, 7/05/21			5,420		5,369,215
The Goodyear Tire & Rubber Co., New 2nd Lien Term Loan, 4.75%, 4/30/19			1,705		1,709,791
GPX International Tire Corp., Term Loan (a)(f):
PIK, 13.00%, 3/30/12			4		—
12.25%, 3/31/12			274		—



2	BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014

Consolidated Schedule of Investments (continued)

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)	Par (000)			Value
Auto Components (concluded)
Transtar Holding Co., 1st Lien Term Loan, 5.75%, 10/09/18		USD	1,282	$	1,283,242
UCI International, Inc., New Term Loan B, 5.50%, 7/26/17			917		917,896

					13,334,466
Automobiles — 0.3%
Chrysler Group LLC:
2018 Term Loan B, 3.25%, 12/31/18			504		499,204
New Term Loan B, 3.50%, 5/24/17			524		521,687

					1,020,891
Banks — 0.3%
Redtop Acquisitions Ltd.:
1st Lien Term Loan, 4.50%, 12/03/20			876		879,978
2nd Lien Term Loan, 8.25%, 6/03/21			184		187,756

					1,067,734
Beverages — 0.0%
Le-Nature’s, Inc., Tranche B Term Loan, 0.00%, 3/01/11 (a)(f)			1,000		—
Building Products — 3.1%
Continental Building Products LLC, 1st Lien Term Loan, 4.25%, 8/28/20			1,018		1,012,492
CPG International, Inc., New Term Loan, 4.75%, 9/30/20			2,514		2,501,423
GYP Holdings III Corp., 1st Lien Term Loan, 4.75%, 4/01/21			893		883,835
Interline Brands, Inc., 2021 Term Loan, 4.00%, 3/17/21			1,067		1,058,434
Nortek, Inc., New Term Loan, 3.75%, 10/30/20			1,280		1,276,403
Ply Gem Industries, Inc., Term Loan, 4.00%, 2/01/21			618		612,265
Quikrete Holdings, Inc., 1st Lien Term Loan, 4.00%, 9/28/20			1,098		1,095,242
United Subcontractors, Inc., Term Loan, 4.24%, 6/30/15			214		203,704
Wilsonart LLC:
Incremental Term Loan B2, 4.00%, 10/31/19			512		507,941
Floating Rate Loan Interests (c)	Par (000)			Value
Building Products (concluded)
Wilsonart LLC (concluded):
Term Loan B, 4.00%, 10/31/19		USD	1,532	$	1,518,274

					10,670,013
Capital Markets — 0.5%
Affinion Group, Inc.:
2nd Lien Term Loan, 8.50%, 10/12/18			635		621,046
Term Loan B, 6.75%, 4/30/18			805		795,625
American Capital Holdings, Inc., 2017 Term Loan, 3.50%, 8/22/17			491		489,628

					1,906,299
Chemicals — 4.6%
Allnex (Luxembourg) & Cy SCA, Term Loan B1, 4.50%, 10/03/19			593		592,743
Allnex USA, Inc., Term Loan B2, 4.50%, 10/03/19			308		307,546
Axalta Coating Systems US Holdings, Inc., Term Loan, 4.00%, 2/01/20			1,921		1,907,559
CeramTec Acquisition Corp., Term Loan B2, 4.25%, 8/28/20			71		71,292
Chemtura Corp., Term Loan B, 3.50%, 8/27/16			356		356,239
Chromaflo Technologies Corp.:
1st Lien Term Loan, 4.50%, 12/02/19			697		695,629
2nd Lien Term Loan, 8.25%, 5/30/20			295		293,525
Evergreen Acqco 1 LP, New Term Loan, 5.00%, 7/09/19			1,260		1,261,388
INEOS US Finance LLC:
3 Year Term Loan, 2.20%, 5/04/15			229		228,995
6 Year Term Loan, 3.75%, 5/04/18			522		518,599
MacDermid, Inc., 1st Lien Term Loan, 4.00%, 6/07/20			747		746,052
Minerals Technology, Inc., Term Loan B, 4.00%, 5/09/21			1,375		1,377,585
Momentive Performance Materials, Inc., DIP Term Loan B, 4.00%, 4/15/15			275		273,969
Nexeo Solutions LLC, Term Loan B, 5.00%, 9/08/17			1,175		1,172,068
OXEA Finance LLC:
2nd Lien Term Loan, 8.25%, 7/15/20			845		848,701



BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014	3

Consolidated Schedule of Investments (continued)

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)	Par (000)			Value
Chemicals (concluded)
OXEA Finance LLC (concluded):
Term Loan B2, 4.25%, 1/15/20		USD	1,419	$	1,412,179
Royal Adhesives and Sealants LLC, 1st Lien Term Loan, 5.50%, 7/31/18			413		413,901
Solenis International LP:
1st Lien Term Loan, 4.25%, 7/02/21			945		937,620
2nd Lien Term Loan, 7.75%, 7/02/22			880		875,054
Tata Chemicals North America, Inc., Term Loan B, 3.75%, 8/07/20			351		350,132
Tronox Pigments (Netherlands) BV, 2013 Term Loan, 4.00%, 3/19/20			945		944,307
Univar, Inc., Term Loan B, 5.00%, 6/30/17			603		602,318

					16,187,401
Commercial Services & Supplies — 5.3%
ADS Waste Holdings, Inc., New Term Loan, 3.75%, 10/09/19			1,884		1,870,610
ARAMARK Corp., Term Loan E, 3.25%, 9/07/19			1,746		1,726,720
AWAS Finance Luxembourg 2012 SA, New Term Loan, 3.50%, 7/16/18			240		239,564
Brand Energy & Infrastructure Services, Inc., New Term Loan B, 4.75%, 11/26/20			2,313		2,310,784
Catalent Pharma Solutions, Inc., New Term Loan, 6.50%, 12/29/17			300		300,750
Connolly Corp.:
1st Lien Term Loan, 5.00%, 5/14/21			1,850		1,860,175
2nd Lien Term Loan, 8.00%, 5/14/22			900		908,154
KAR Auction Services, Inc., Term Loan B2, 3.50%, 3/11/21			827		823,550
Koosharem LLC, Exit Term Loan, 7.50%, 4/29/20			1,450		1,456,351
Livingston International, Inc.:
1st Lien Term Loan, 5.00%, 4/16/19			812		811,126
2nd Lien Term Loan, 9.00%, 4/20/20			528		530,826
OSG International, Inc., Exit Term Loan B, 1.00%, 7/22/19			51		51,412
Protection One, Inc., Term Loan, 4.25%, 3/21/19			1,196		1,194,304
Floating Rate Loan Interests (c)	Par (000)			Value
Commercial Services & Supplies (concluded)
Spin Holdco, Inc., New Term Loan B, 4.25%, 11/14/19		USD	2,544	$	2,528,007
US Ecology, Inc., Term Loan, 3.75%, 6/17/21			575		574,644
West Corp., Term Loan B10, 3.25%, 6/30/18			1,405		1,388,021

					18,574,998
Communications Equipment — 3.1%
Alcatel-Lucent USA, Inc., Term Loan C, 4.50%, 1/30/19			3,117		3,108,187
Applied Systems, Inc.:
New 1st Lien Term Loan, 4.25%, 1/25/21			458		455,869
New 2nd Lien Term Loan, 7.50%, 1/23/22			230		232,185
Avaya, Inc., Extended Term Loan B3, 4.73%, 10/26/17			844		815,516
CommScope, Inc., Term Loan B3, 2.73%, 1/21/17			419		418,509
Telesat Canada, Term Loan A, 4.37%, 3/24/17		CAD	2,637		2,406,397
Zayo Group LLC/Zayo Capital, Inc., Term Loan B, 4.00%, 7/02/19		USD	3,281		3,253,958

					10,690,621
Construction & Engineering — 0.4%
BakerCorp International, Inc., New Term Loan, 4.25%, 2/14/20			560		547,473
Centaur Acquisition LLC, New 2nd Lien Term Loan, 8.75%, 2/15/20			745		753,381

					1,300,854
Construction Materials — 1.6%
Filtration Group Corp.:
1st Lien Term Loan, 4.50%, 11/21/20			587		587,537
2nd Lien Term Loan, 8.25%, 11/21/21			320		324,800
HD Supply, Inc., Term Loan B, 4.00%, 6/28/18			4,466		4,458,380
McJunkin Red Man Corp., New Term Loan, 5.00%, 11/08/19			397		397,000

					5,767,717
Containers & Packaging — 0.8%
Ardagh Holdings USA, Inc., Incremental Term Loan, 4.00%, 12/17/19			564		561,006
Berry Plastics Holding Corp., Term Loan E, 3.75%, 1/06/21			1,676		1,660,927



4	BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014

Consolidated Schedule of Investments (continued)

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)	Par (000)			Value
Containers & Packaging (concluded)
Rexam PLC, 1st Lien Term Loan, 4.25%, 5/02/21		USD	475	$	473,518

					2,695,451
Distributors — 1.4%
ABC Supply Co., Inc., Term Loan, 3.50%, 4/16/20			2,834		2,808,794
American Tire Distributors Holdings, Inc., Term Loan B, 5.75%, 6/01/18			888		886,972
Crossmark Holdings, Inc., 1st Lien Term Loan, 4.50%, 12/20/19			493		489,422
VWR Funding, Inc., Term Loan, 3.41%, 4/03/17			724		721,204

					4,906,392
Diversified Consumer Services — 3.3%
Allied Security Holdings LLC:
New 1st Lien Term Loan, 4.25%, 2/12/21			1,761		1,751,015
New 2nd Lien Term Loan, 8.00%, 8/13/21			254		252,425
Bright Horizons Family Solutions, Inc., New Term Loan B, 3.75%, 1/30/20			1,482		1,476,866
Fitness International LLC, Term Loan B, 5.50%, 7/01/20			680		673,764
Garda World Securities Corp.:
Delayed Draw Term Loan, 4.00%, 11/06/20			138		137,533
New Term Loan B, 4.00%, 11/06/20			539		537,628
Iglo Foods Midco Ltd., Term Loan B, 4.35%, 6/30/20		EUR	2,620		3,506,263
ROC Finance LLC, Term Loan, 5.00%, 6/20/19		USD	655		638,674
ServiceMaster Company, 2014 Term Loan B, 4.25%, 7/01/21			1,635		1,611,832
Weight Watchers International, Inc., Term Loan B2, 4.00%, 4/02/20			1,234		972,293

					11,558,293
Diversified Financial Services — 2.8%
AssuredPartners Capital, Inc.:
1st Lien Term Loan, 4.50%, 3/31/21			910		905,450
2nd Lien Term Loan, 7.75%, 4/04/22			275		274,541
Mauser Industrieverpackungen GmbH, 1st Lien Term Loan, 1.00%, 6/04/21			100		99,438
Floating Rate Loan Interests (c)	Par (000)			Value
Diversified Financial Services (concluded)
RPI Finance Trust, Term Loan B3, 3.25%, 11/09/18		USD	235	$	235,242
SAM Finance Luxembourg Sarl, Term Loan, 4.25%, 12/17/20			1,567		1,568,112
SIG Euro Holdings AG & Co. KG, 2013 Term Loan, 4.25%, 12/02/18		EUR	4,925		6,629,782

					9,712,565
Diversified Telecommunication Services — 3.7%
Consolidated Communications, Inc., New Term Loan B, 4.25%, 12/23/20		USD	1,852		1,852,669
Hawaiian Telcom Communications, Inc., Term Loan B, 5.00%, 6/06/19			1,444		1,450,511
Integra Telecom, Inc.:
2nd Lien Term Loan, 9.75%, 2/22/20			685		696,131
Term Loan B, 5.25%, 2/22/19			1,220		1,222,233
Level 3 Financing, Inc.:
2020 Term Loan B, 4.00%, 1/15/20			4,225		4,208,269
New 2019 Term Loan, 4.00%, 8/01/19			560		558,460
Syniverse Holdings, Inc., Term Loan B, 4.00%, 4/23/19			1,183		1,178,014
US Telepacific Corp., New Term Loan B, 5.75%, 2/23/17			1,869		1,872,625

					13,038,912
Electric Utilities — 1.1%
American Energy — Marcellus LLC, 1st Lien Term Loan, 5.25%, 6/20/20			1,073		1,068,710
American Energy — Utica LLC:
2nd Lien Delayed Draw Term Loan, 11.00%, 9/30/18			262		276,206
2nd Lien Term Loan, 5.50%, 9/30/18			612		661,059
Energy Future Intermediate Holding Co LLC, DIP Term Loan, 4.25%, 6/19/16			870		869,461
Sandy Creek Energy Associates LP, Term Loan B, 5.00%, 11/06/20			1,031		1,037,004

					3,912,440
Electrical Equipment — 1.5%
Southwire Co., Term Loan, 3.25%, 2/10/21			613		609,960



BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014	5

Consolidated Schedule of Investments (continued)

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)	Par (000)			Value
Electrical Equipment (concluded)
Texas Competitive Electric Holdings Co. LLC:
DIP Term Loan, 3.75%, 5/05/16		USD	1,560	$	1,569,715
Extended Term Loan, 4.65%, 10/10/17 (a)(f)			4,025		3,061,012

					5,240,687
Electronic Equipment, Instruments & Components — 0.7%
CDW LLC, New Term Loan, 3.25%, 4/29/20			2,605		2,569,013
Energy Equipment & Services — 0.6%
Dynegy Holdings, Inc., Term Loan B2, 4.00%, 4/23/20			975		974,152
MEG Energy Corp., Refinancing Term Loan, 3.75%, 3/31/20			959		957,634

					1,931,786
Food & Staples Retailing — 2.4%
Alliance Boots Holdings Ltd., Term Loan B1, 3.48%, 7/09/15		GBP	3,381		5,699,574
New Albertson’s, Inc., Term Loan, 4.75%, 6/25/21		USD	900		903,924
Rite Aid Corp., 2nd Lien Term Loan, 5.75%, 8/21/20			540		547,652
Supervalu, Inc., Refinancing Term Loan B, 4.50%, 3/21/19			1,079		1,075,205

					8,226,355
Food Products — 3.5%
AdvancePierre Foods, Inc., Term Loan, 5.75%, 7/10/17			534		535,091
CTI Foods Holding Co. LLC, New 1st Lien Term Loan, 4.50%, 6/29/20			516		513,520
Del Monte Foods, Inc., 1st Lien Term Loan, 4.25%, 2/18/21			1,348		1,336,994
Diamond Foods, Inc., New Term Loan, 4.25%, 8/20/18			1,827		1,821,011
Dole Food Co., Inc., New Term Loan B, 4.50%, 11/01/18			1,473		1,468,567
GFA Brands, Inc., New Term Loan B, 5.00%, 7/09/20			292		291,808
Hearthside Group Holdings LLC, Term Loan, 4.50%, 6/02/21			1,325		1,322,933
Performance Food Group Co., 2nd Lien Term Loan, 6.25%, 11/14/19			1,016		1,023,025
Pinnacle Foods Finance LLC:
Incremental Term Loan H, 3.25%, 4/29/20			1,039		1,029,125
Term Loan G, 3.25%, 4/29/20			995		985,351
Floating Rate Loan Interests (c)	Par (000)			Value
Food Products (concluded)
Reddy Ice Corp.:
1st Lien Term Loan, 6.75%-7.75%, 5/01/19		USD	1,491	$	1,442,663
2nd Lien Term Loan, 10.75%, 11/01/19			725		645,250

					12,415,338
Health Care Equipment & Supplies — 6.2%
Arysta LifeScience Corp.:
1st Lien Term Loan, 4.50%, 5/29/20			2,084		2,076,133
2nd Lien Term Loan, 8.25%, 11/30/20			885		894,585
Biomet, Inc., Term Loan B2, 3.66%-3.73%, 7/25/17			1,361		1,358,696
Capsugel Holdings US, Inc., New Term Loan B, 3.50%, 8/01/18			1,016		1,009,239
DJO Finance LLC, 2017 Term Loan, 4.25%, 9/15/17			2,293		2,294,623
Fresenius SE & Co. KGaA, Term Loan B:
Incremental, 2.46%, 6/30/19		EUR	318		425,612
2.23%, 8/07/19		USD	1,354		1,352,373
The Hologic, Inc., New Term Loan B, 3.25%, 8/01/19			2,193		2,180,858
Immucor, Inc., Refinancing Term Loan B2, 5.00%, 8/17/18			1,712		1,713,604
Kinetic Concepts, Inc., Term Loan E1, 4.00%, 5/04/18			318		316,276
Leonardo Acquisition Corp., Term Loan, 4.25%, 1/31/21			1,426		1,418,409
LHP Hospital Group, Inc., Term Loan, 9.00%, 7/03/18			332		316,355
Millennium Laboratories, Inc., Term Loan B, 5.25%, 4/16/21			1,600		1,600,000
National Vision, Inc.:
1st Lien Term Loan, 4.00%, 3/12/21			1,679		1,652,352
2nd Lien Term Loan, 6.75%, 3/07/22			325		318,906
Onex Carestream Finance LP, 2nd Lien Term Loan, 9.50%, 12/07/19			332		337,595
Ortho-Clinical Diagnostics, Inc., Term Loan B, 4.75%, 6/30/21			2,450		2,443,875

					21,709,491
Health Care Providers & Services — 7.0%
Amedisys, Inc., 2nd Lien Term Loan, 8.50%, 6/25/20			900		877,500
American Renal Holdings, Inc., 1st Lien Term Loan, 4.50%, 9/20/19			1,575		1,566,211



6	BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014

Consolidated Schedule of Investments (continued)

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)	Par (000)			Value
Health Care Providers & Services (concluded)
Amsurg Corp., 1st Lien Term Loan B, 3.75%, 7/16/21		USD	800	$	797,200
Ardent Medical Services, Inc., Term Loan, 6.75%, 7/02/18			650		652,010
Care UK Health & Social Care PLC, 1,774.79%-5.56%, 7/15/19 (c)		GBP	482		799,520
CHG Buyer Corp., New Term Loan, 4.25%, 11/19/19		USD	1,052		1,050,975
CHS/Community Health Systems, Inc., Term Loan D, 4.25%, 1/27/21			5,254		5,258,854
ConvaTec, Inc., Term Loan, 4.00%, 12/22/16			1,102		1,098,373
DaVita HealthCare Partners, Inc., Term Loan B, 3.50%, 6/24/21			5,935		5,918,798
Envision Acquisition Co. LLC, 1st Lien Term Loan, 5.75%, 11/04/20			630		631,025
Envision Healthcare Corp., Term Loan, 4.00%, 5/25/18			913		912,186
Genesis HealthCare Corp., Term Loan B, 10.00%, 9/25/17			534		543,063
HCA, Inc., Extended Term Loan B4, 2.98%, 5/01/18			328		326,890
Ikaria, Inc.:
1st Lien Term Loan, 5.00%, 2/12/21			540		540,340
2nd Lien Term Loan, 8.75%, 2/14/22			195		197,681
inVentiv Health, Inc., Incremental Term Loan B3, 7.75%-8.50%, 5/15/18			241		240,733
MPH Acquisition Holdings LLC, Term Loan, 4.00%, 3/31/21			1,365		1,357,463
National Mentor Holdings, Inc., Term Loan B, 4.75%, 1/31/21			404		403,103
Surgery Center Holdings, Inc., New 1st Lien Term Loan, 1.00%, 7/09/20			597		597,433
Surgical Care Affiliates, Inc., Class C Incremental Term Loan, 4.00%, 6/29/18			842		835,887

					24,605,245
Health Care Technology — 0.9%
IMS Health, Inc., New Term Loan, 3.50%, 3/17/21			2,005		1,989,938
MedAssets, Inc., Term Loan B, 4.00%, 12/13/19			1,172		1,167,194

					3,157,132
Hotels, Restaurants & Leisure — 10.3%
Bally Technologies, Inc., Term Loan B, 4.25%, 11/25/20			856		855,269
Floating Rate Loan Interests (c)	Par (000)			Value
Hotels, Restaurants & Leisure (continued)
Belmond Interfin Ltd., Term Loan B, 4.00%, 3/21/21		USD	1,327	$	1,329,169
Boyd Gaming Corp., Term Loan B, 4.00%, 8/14/20			706		705,340
Bronco Midstream Funding LLC, Term Loan B, 5.00%, 8/17/20			1,885		1,899,423
Caesars Entertainment Operating Co., Inc.:
Extended Term Loan B6, 6.95%, 1/26/18			95		87,635
Term Loan B7, 9.75%, 3/01/17			1,445		1,415,493
Caesars Entertainment Resort Properties LLC, Term Loan B, 7.00%, 10/12/20			3,149		3,148,800
CCM Merger, Inc., New Term Loan B, 4.50%, 7/18/21			1,035		1,029,825
Dave & Buster’s, Inc., New Term Loan, 4.50%, 7/25/20			505		504,687
Diamond Resorts Corp., New Term Loan, 5.50%, 5/09/21			1,425		1,426,781
Dunkin Brands, Inc., Term Loan B4, 3.25%, 2/07/21			882		863,785
ESH Hospitality, Inc., Term Loan, 5.00%, 6/24/19			265		267,981
Four Seasons Holdings, Inc., 2nd Lien Term Loan, 6.25%, 12/28/20			745		748,725
Hilton Worldwide Finance LLC, Term Loan B2, 3.50%, 10/26/20			3,478		3,454,249
Intrawest ULC, Term Loan, 5.50%, 11/26/20			781		785,957
La Quinta Intermediate Holdings LLC, Term Loan B, 4.00%, 4/14/21			6,512		6,483,638
Las Vegas Sands LLC, New Term Loan B, 3.25%, 12/19/20			2,284		2,275,190
MGM Resorts International, Term Loan B, 3.50%, 12/20/19			2,165		2,147,820
Pinnacle Entertainment, Inc., Term Loan B2, 3.75%, 8/13/20			1,134		1,130,156
Playa Resorts Holding BV, Term Loan B, 4.00%, 8/06/19			1,077		1,075,517
RHP Hotel Properties LP, Term Loan B, 3.75%, 1/15/21			790		791,730
Sabre, Inc.:
Incremental Term Loan, 4.50%, 2/19/19			308		307,770
Term Loan B, 4.25%, 2/19/19			842		840,089
Travelport LLC:
2nd Lien Term Loan 1, 9.50%, 1/29/16			575		588,081



BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014	7

Consolidated Schedule of Investments (continued)

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)	Par (000)			Value
Hotels, Restaurants & Leisure (concluded)
Travelport LLC (concluded):
Refinancing Term Loan, 6.25%, 6/26/19		USD	659	$	666,371
Twin River Management Group, Inc., New Term Loan B, 5.25%, 7/10/20			690		689,427
Wendy’s International, Inc., New Term Loan B, 3.25%, 5/15/19			575		572,494

					36,091,402
Household Products — 1.1%
Bass Pro Group LLC, New Term Loan, 3.75%, 11/20/19			1,690		1,685,701
Prestige Brands, Inc., New Term Loan, 3.75%, 1/31/19			797		796,665
Spectrum Brands, Inc.:
Term Loan A, 3.00%, 9/07/17			572		572,144
Term Loan C, 3.50%, 9/04/19			901		899,149

					3,953,659
Independent Power and Renewable Electricity Producers — 0.4%
Calpine Corp., Term Loan B1, 4.00%, 4/01/18			558		558,852
La Frontera Generation LLC, Term Loan, 4.50%, 9/30/20			830		831,174

					1,390,026
Industrial Conglomerates — 0.7%
Sequa Corp., New Term Loan B, 5.25%, 6/19/17			2,564		2,525,975
Insurance — 2.3%
Alliant Holdings I, Inc., New Term Loan B, 4.25%, 12/20/19			1,105		1,103,162
Asurion LLC:
New 2nd Lien Term Loan, 8.50%, 3/03/21			410		419,910
New Term Loan B1, 5.00%, 5/24/19			1,223		1,225,784
CNO Financial Group, Inc., Term Loan B2, 3.75%, 9/20/18			1,378		1,376,079
Cooper Gay Swett & Crawford Ltd.:
1st Lien Term Loan, 5.00%, 4/16/20			1,104		1,056,936
2nd Lien Term Loan C, 8.25%, 10/16/20			530		503,500
Sedgwick, Inc.:
1st Lien Term Loan, 3.75%, 3/01/21			1,172		1,148,410
Floating Rate Loan Interests (c)	Par (000)			Value
Insurance (concluded)
Sedgwick, Inc. (concluded):
2nd Lien Term Loan, 6.75%, 2/28/22		USD	1,230	$	1,226,408

					8,060,189
Internet Software & Services — 1.6%
Dealertrack Technologies, Inc., Term Loan B, 3.50%, 2/28/21			1,163		1,156,072
Go Daddy Operating Co. LLC, New Term Loan B, 4.75%, 5/13/21			1,575		1,567,865
Interactive Data Corp., 2014 Term Loan, 4.75%, 5/02/21			1,225		1,226,911
W3 Co.:
1st Lien Term Loan, 5.75%, 3/13/20			1,076		1,062,920
2nd Lien Term Loan, 9.25%, 9/11/20			419		417,903

					5,431,671
IT Services — 5.2%
Ceridian Corp., New Term Loan B, 4.41%, 5/09/17			1,679		1,678,818
First Data Corp.:
New 2018 Extended Term Loan, 3.67%, 3/23/18			7,645		7,571,549
New 2018 Term Loan, 3.67%, 3/23/18			730		720,875
Genpact International, Inc., Term Loan B, 3.50%, 8/30/19			1,151		1,153,186
InfoGroup, Inc., New Term Loan, 7.50%, 5/25/18			314		294,700
Station Casinos LLC, Term Loan B, 4.25%, 3/02/20			3,384		3,370,378
SunGard Availability Services Capital, Inc., Term Loan B, 6.00%, 3/31/19			973		962,837
SunGard Data Systems, Inc.:
Term Loan C, 3.91%, 2/28/17			925		926,739
Term Loan E, 4.00%, 3/08/20			170		170,031
Vantiv LLC, 2014 Term Loan B, 3.75%, 5/12/21			1,235		1,235,519

					18,084,632
Leisure Products — 0.4%
Bauer Performance Sports Ltd., Term Loan B, 4.00%, 4/15/21			977		974,859



8	BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014

Consolidated Schedule of Investments (continued)

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)	Par (000)			Value
Leisure Products (concluded)
FGI Operating Co. LLC, Term Loan, 5.50%, 4/19/19		USD	505	$	507,021

					1,481,880
Machinery — 3.7%
Alliance Laundry Systems LLC:
2nd Lien Term Loan, 9.50%, 12/10/19			286		288,692
Refinancing Term Loan, 4.25%, 12/10/18			903		904,702
Faenza Acquisition GmbH:
Term Loan B1, 4.25%, 8/31/20			719		719,363
Term Loan B3, 4.25%, 8/28/20			218		218,063
Gardner Denver, Inc.:
4.25%, 7/30/20			2,357		2,343,902
4.75%, 7/30/20		EUR	330		442,969
Generac Power Systems, Inc., Term Loan B, 3.25%, 5/31/20		USD	885		869,857
Husky Injection Molding Systems Ltd., New Term Loan B, 4.25%, 6/30/21			195		194,792
Intelligrated, Inc., 1st Lien Term Loan, 4.50%, 7/30/18			1,179		1,176,562
Mirror Bidco Corp., New Term Loan, 4.25%, 12/28/19			1,049		1,047,767
Navistar International Corp., Term Loan B, 5.75%, 8/17/17			549		552,481
Rexnord LLC, 1st Lien Term Loan B, 4.00%, 8/21/20			1,501		1,497,032
Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19			1,768		1,758,314
STS Operating, Inc., Term Loan, 4.75%, 2/19/21			419		421,045
Wabash National Corp., Term Loan B, 4.50%, 5/08/19			511		511,503

					12,947,044
Media — 13.0%
Acosta, Inc., New Term Loan B, 3.41%, 3/02/18			114		114,366
Activision Blizzard, Inc., Term Loan B, 3.25%, 10/12/20			1,564		1,560,088
Advanstar Communications, Inc., New 2nd Lien Term Loan, 9.50%, 6/06/20			685		691,850
CBS Outdoor Americas Capital LLC, Term Loan B, 3.00%, 1/31/21			455		451,396
Cengage Learning Acquisitions, Inc.:
0.00%, 7/03/15			1,101		—
Floating Rate Loan Interests (c)	Par (000)			Value
Media (continued)
Cengage Learning Acquisitions, Inc. (concluded):
1st Lien Term Loan, 0.00%, 7/03/15		USD	195		—
1st Lien Term Loan, 7.00%, 3/31/20			3,681	$	3,697,633
Clear Channel Communications, Inc.:
Term Loan B, 3.81%, 1/29/16			843		833,848
Term Loan D, 6.91%, 1/30/19			4,332		4,244,556
Cumulus Media Holdings, Inc., 2013 Term Loan, 4.25%, 12/23/20			1,117		1,116,234
Getty Images, Inc., Term Loan B, 4.75%, 10/18/19			123		118,227
Gray Television, Inc., 2014 Term Loan B, 3.75%, 6/10/21			760		757,386
Hemisphere Media Holdings LLC, Term Loan B, 6.25%, 7/30/20			1,213		1,210,350
Hubbard Radio LLC, Term Loan B, 4.50%, 4/29/19			824		826,041
IMG Worldwide Holdings LLC:
1st Lien Term Loan, 5.25%, 5/06/21			1,420		1,407,930
2nd Lien Term Loan, 8.25%, 5/01/22			560		554,865
Intelsat Jackson Holdings SA, Term Loan B2, 3.75%, 6/30/19			2,622		2,612,069
Liberty Cablevision of Puerto Rico LLC, 1st Lien Term Loan, 4.50%, 1/07/22			910		910,227
Lions Gate Entertainment Corp., 2nd Lien Term Loan, 5.00%, 7/17/20			390		394,875
Live Nation Entertainment, Inc., 2020 Term Loan B1, 3.50%, 8/17/20			303		300,064
MCC Iowa LLC:
Term Loan I, 2.63%, 6/30/17			670		668,325
Term Loan J, 3.75%, 6/30/21			325		324,324
Media General, Inc., Delayed Draw Term Loan B, 4.25%, 7/31/20			1,039		1,039,982
Mediacom Communications Corp., Term Loan F, 2.63%, 3/31/18			509		503,638
Mediacom Illinois LLC, Term Loan G, 3.75%, 6/13/21			830		830,000
NEP/NCP Holdco, Inc.:
2nd Lien Term Loan, 9.50%, 7/22/20			349		356,414
Incremental Term Loan, 4.25%, 1/22/20			1,414		1,410,322



BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014	9

Consolidated Schedule of Investments (continued)

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)	Par (000)			Value
Media (concluded)
Numericable U.S. LLC:
Term Loan B1, 4.50%, 5/21/20		USD	1,357	$	1,358,618
Term Loan B2, 4.50%, 5/21/20			1,174		1,175,391
Salem Communications Corp., Term Loan B, 4.50%, 3/13/20			1,026		1,027,232
SBA Senior Finance II LLC, Term Loan B1, 3.25%, 3/24/21			1,510		1,489,237
Sinclair Television Group, Inc., Term Loan B, 3.00%, 4/09/20			1,145		1,127,299
Tribune Co., 2013 Term Loan, 4.00%, 12/27/20			2,488		2,478,172
Univision Communications, Inc., Term Loan C4, 4.00%, 3/01/20			2,112		2,097,845
UPC Financing Partnership, Term Loan AG, 3.85%, 3/31/21		EUR	910		1,222,678
Virgin Media Investment Holdings Ltd.:
Term Loan B, 3.50%, 6/07/20		USD	815		807,730
Term Loan E, 4.25%, 6/30/23		GBP	1,105		1,870,533
WideOpenWest Finance LLC, Term Loan B, 4.75%, 4/01/19		USD	1,095		1,095,981
Ziggo BV:
Term Loan B1A, 3.25%, 1/15/22			1,108		1,086,201
Term Loan B2A, 3.25%, 1/15/22			719		704,646
Term Loan B3, 2.75%, 1/15/22			1,182		1,158,890

					45,635,463
Metals & Mining — 1.8%
Ameriforge Group, Inc., 2nd Lien Term Loan, 8.75%, 12/19/20			495		504,900
API Heat Transfer, Inc., Term Loan, 5.25%, 5/03/19			980		974,564
FMG Resources August 2006 Property Ltd., New Term Loan B, 3.75%, 6/30/19			1,460		1,450,672
Novelis, Inc., New Term Loan, 3.75%, 3/10/17			1,583		1,581,712
Windsor Financing LLC, Term Loan B, 6.25%, 12/05/17			1,599		1,638,591

					6,150,439
Multiline Retail — 1.8%
99¢ Only Stores, New Term Loan, 4.50%, 1/11/19			1,125		1,126,653
BJ’s Wholesale Club, Inc.:
New 1st Lien Term Loan, 4.50%, 9/26/19			1,084		1,077,031
Floating Rate Loan Interests (c)	Par (000)			Value
Multiline Retail (concluded)
BJ’s Wholesale Club, Inc. (concluded):
New 2nd Lien Term Loan, 8.50%, 3/26/20		USD	375	$	379,688
Hudson’s Bay Co., 1st Lien Term Loan, 4.75%, 11/04/20			1,045		1,051,197
The Neiman Marcus Group, Inc., 2020 Term Loan, 4.25%, 10/25/20			2,650		2,634,832

					6,269,401
Oil, Gas & Consumable Fuels — 3.5%
Arch Coal, Inc., Term Loan B, 6.25%, 5/16/18			1,135		1,110,946
Drillships Ocean Ventures Inc., Term Loan B, 5.50%, 7/18/21			1,775		1,780,911
EP Energy LLC/Everest Acquisition Finance, Inc., Term Loan B3, 3.50%, 5/24/18			1,170		1,162,687
Fieldwood Energy LLC:
1st Lien Term Loan, 3.88%, 9/28/18			824		821,266
2nd Lien Term Loan, 8.38%, 9/30/20			360		367,020
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15			515		519,018
Offshore Group Investment Ltd., Term Loan B, 5.75%, 3/28/19			304		302,551
Panda Patriot LLC, Term Loan B1, 6.75%, 12/19/20			865		886,625
Panda Temple II Power LLC, New Term Loan B, 7.25%, 4/03/19			940		963,500
Power Buyer LLC, 2nd Lien Term Loan, 8.25%, 11/06/20			285		277,875
Seventy Seven Operating LLC, Term Loan B, 3.75%, 6/25/21			675		672,894
Southcross Energy Partners LP, 1st Lien Term Loan, 5.25%, 7/15/21			720		723,132
Southcross Holdings Borrower LP, Term Loan B, 6.00%, 7/16/21			580		581,815
Western Refining, Inc., Term Loan B, 4.25%, 11/12/20			886		887,215
WTG Holdings III Corp.:
1st Lien Term Loan, 4.75%, 1/15/21			1,045		1,043,883



10	BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014

Consolidated Schedule of Investments (continued)

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)		Par (000)		Value
Oil, Gas & Consumable Fuels (concluded)
WTG Holdings III Corp. (concluded):
2nd Lien Term Loan, 8.50%, 1/15/22	USD		85	$	85,177

					12,186,515
Pharmaceuticals — 6.1%
Akorn, Inc.:
Incremental Term Loan, 1.00%, 4/16/21			425		424,469
Term Loan B, 4.50%, 4/16/21			940		937,650
Amneal Pharmaceuticals LLC, New Term Loan, 4.75%-6.00%, 11/01/19			640		641,366
Catalent Pharma Solutions, Inc., Term Loan B, 4.50%, 5/20/21			2,175		2,179,524
CCC Information Services, Inc., Term Loan, 4.00%, 12/20/19			512		509,480
Endo Luxembourg Finance Co. I Sarl, 2014 Term Loan B, 3.25%, 2/28/21			718		713,352
Grifols Worldwide Operations USA, Inc., Term Loan B, 3.16%, 2/27/21			3,207		3,190,190
JLL/Delta Dutch Newco BV, Term Loan, 4.25%, 3/11/21			975		964,645
Mallinckrodt International Finance SA, Term Loan:
3.50%, 7/17/21			880		873,673
B, 3.50%, 3/19/21			1,416		1,407,300
Par Pharmaceutical Cos., Inc., Term Loan B2, 4.00%, 9/30/19			2,279		2,268,368
Pharmaceutical Product Development LLC, New Term Loan B, 4.00%, 12/05/18			2,594		2,586,779
Prescrix, Inc., 2nd Lien Term Loan, 8.00%, 5/02/22			165		165,206
Quintiles Transnational Corp., Term Loan B3, 3.75%, 6/08/18			1,280		1,273,305
Valeant Pharmaceuticals International, Inc.:
Series C2 Term Loan B, 3.75%, 12/11/19			975		971,901
Series D2 Term Loan B, 3.75%, 2/13/19			943		940,185
Series E Term Loan B, 3.75%, 8/05/20			1,158		1,153,673

					21,201,066
Professional Services — 3.3%
Amaya BV:
1st Lien Term Loan, 5.00%, 7/16/21			510		504,584
Floating Rate Loan Interests (c)		Par (000)		Value
Professional Services (concluded)
Amaya BV (concluded):
2nd Lien Term Loan, 8.00%, 6/12/22	USD		3,550	$	3,576,625
Emdeon Business Services LLC, Term Loan B2, 3.75%, 11/02/18			1,259		1,255,096
Intertrust Group Holding BV:
2nd Lien Term Loan, 8.00%, 4/16/22			725		727,414
Term Loan B4, 4.46%, 4/16/21	EUR		1,000		1,346,375
Karman Buyer Corp.:
1st Lien Term Loan, 1.00%, 6/26/21	USD		871		865,742
2nd Lien Term Loan, 1.00%, 6/26/22			790		789,407
Delayed Draw Term Loan, 1.00%, 7/09/21			29		28,858
SIRVA Worldwide, Inc., Term Loan, 7.50%, 3/27/19			1,116		1,135,403
Truven Health Analytics, Inc., Term Loan B, 4.50%, 6/06/19			1,483		1,467,723

					11,697,227
Real Estate Management & Development — 1.3%
CityCenter Holdings LLC, Term Loan B, 4.25%, 10/16/20			1,396		1,393,684
Realogy Corp.:
Extended Letter of Credit, 4.40%, 10/10/16			168		167,215
New Term Loan B, 3.75%, 3/05/20			2,891		2,862,256

					4,423,155
Road & Rail — 1.3%
RAC Finance Ltd.:
Term Loan B, 5.29%-5.31%, 9/30/18	GBP		1,182		1,994,598
Term Loan D, 5.31%, 10/29/19			500		843,398
Road Infrastructure Investment LLC:
New 1st Lien Term Loan, 4.25%, 3/31/21	USD		1,242		1,238,013
New 2nd Lien Term Loan, 7.75%, 9/21/21			600		593,502

					4,669,511
Semiconductors & Semiconductor Equipment — 1.6%
Avago Technologies Cayman Ltd., Term Loan B, 3.75%, 5/06/21			2,860		2,851,420



BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014	11

Consolidated Schedule of Investments (continued)

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)		Par (000)		Value
Semiconductors & Semiconductor Equipment (concluded)
Freescale Semiconductor, Inc.:
Term Loan B4, 4.25%, 2/28/20	USD		1,396	$	1,387,402
Term Loan B5, 5.00%, 1/15/21			432		431,556
NXP BV, Term Loan D, 3.25%, 1/11/20			863		853,761

					5,524,139
Software — 4.3%
BMC Software Finance, Inc., Term Loan, 5.00%, 9/10/20			1,431		1,420,083
GCA Services Group, Inc.:
2nd Lien Term Loan, 9.25%, 10/22/20			400		402,668
New Term Loan B, 4.25%-5.50%, 11/01/19			1,094		1,091,502
Infor (US), Inc., Term Loan B3, 3.75%, 6/03/20			534		527,200
Infor US, Inc., Term Loan B5, 3.75%, 6/03/20			2,703		2,674,899
IQOR US, Inc., Term Loan B, 6.00%, 4/01/21			542		519,178
Kronos Worldwide, Inc., 2014 Term Loan, 4.75%, 2/18/20			309		310,128
Kronos, Inc., 2nd Lien Term Loan, 9.75%, 4/30/20			1,088		1,121,946
Mitchell International, Inc.:
New 1st Lien Term Loan, 4.50%, 10/12/20			1,359		1,356,761
New 2nd Lien Term Loan, 8.50%, 10/11/21			1,000		1,011,880
Regit Eins GmbH, 1st Lien Term Loan, 6.00%, 6/30/21			710		694,912
RP Crown Parent LLC, 2013 Term Loan, 6.00%, 12/21/18			958		960,574
Shield Finance Co. Sarl, Term Loan, 5.00%, 1/29/21			419		419,126
Sophia LP, 2014 Term Loan B, 4.00%, 7/19/18			2,024		2,015,433
Websense, Inc., 2nd Lien Term Loan, 8.25%, 12/24/20			445		446,482

					14,972,772
Specialty Retail — 4.5%
Academy Ltd., Term Loan, 4.50%, 8/03/18			1,260		1,260,673
Burlington Coat Factory Warehouse Corp., New Term Loan B2, 4.25%, 2/23/17			348		345,784
Equinox Holdings, Inc., Repriced Term Loan B, 4.25%, 1/31/20			646		645,989
General Nutrition Centers, Inc., New Term Loan, 3.25%, 3/04/19			1,567		1,549,721


Floating Rate Loan Interests (c)		Par (000)		Value
Specialty Retail (concluded)
The Gymboree Corp., Initial Term Loan, 5.00%, 2/23/18	USD		70	$	57,183
Harbor Freight Tools USA, Inc., New 1st Lien Term Loan, 4.75%, 7/26/19			963		964,609
Jo-Ann Stores, Inc., Term Loan, 4.00%, 3/16/18			1,105		1,094,928
Leslie’s Poolmart, Inc., New Term Loan, 4.25%, 10/16/19			1,228		1,225,172
Michaels Stores, Inc.:
Incremental Term Loan, 4.00%, 1/28/20			1,785		1,773,094
New Term Loan, 3.75%, 1/28/20			901		893,414
Party City Holdings, Inc., Term Loan, 4.00%, 7/27/19			2,629		2,600,782
Petco Animal Supplies, Inc., New Term Loan, 4.00%, 11/24/17			1,833		1,831,783
Things Remembered, Inc., New Term Loan B, 8.00%, 5/24/18			1,008		1,002,513
Toys ‘R’ Us-Delaware, Inc.:
Incremental Term Loan B2, 5.25%, 5/25/18			466		384,327
Term Loan B3, 5.25%, 5/25/18			98		80,661

					15,710,633
Textiles, Apparel & Luxury Goods — 2.1%
ABG Intermediate Holdings 2 LLC, 1st Lien Term Loan, 5.50%, 5/27/21			1,322		1,323,339
Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18			1,405		1,391,278
J. Crew Group, Inc., New Term Loan B, 4.00%, 3/05/21			1,476		1,438,477
Kate Spade & Co., Term Loan B, 4.00%, 4/09/21			1,340		1,328,275
Nine West Holdings, Inc.:
Guarantee Term Loan, 6.25%, 1/08/20			495		495,411
Term Loan B, 4.75%, 10/08/19			580		583,381
Polymer Group, Inc., 1st Lien Term Loan, 5.25%, 12/19/19			931		932,808

					7,492,969
Thrifts & Mortgage Finance — 0.3%
IG Investment Holdings LLC, 1st Lien Term Loan, 5.25%, 10/31/19			1,187		1,191,376
Wireless Telecommunication Services — 0.8%
Crown Castle Operating Co., Term Loan B2, 3.00%, 1/31/21			1,214		1,203,691



12	BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014

Consolidated Schedule of Investments (continued)

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)	Par (000)				Value
Wireless Telecommunication Services (concluded)
LTS Buyer LLC, 1st Lien Term Loan, 4.00%, 4/13/20		USD		1,614	$	1,605,970

						2,809,661
Total Floating Rate Loan Interests — 133.0%						465,468,288



Non-Agency Mortgage-Backed Securities
Commercial Mortgage-Backed Securities — 0.2%
Hilton USA Trust, Series 2013-HLT, Class EFX, 5.61%, 11/05/30 (b)(c)				813		832,854



Investment Companies	Shares
Capital Markets — 0.0%
Eaton Vance Floating-Rate Income Trust				34		512
Eaton Vance Senior Income Trust				8,925		60,244
Total Investment Companies — 0.0%						60,756



Other Interests (g)			Beneficial Interest (000)
Auto Components — 0.0%
Lear Corp. Escrow		USD		500		4,375
Construction Materials — 0.0%
USI Senior Holdings				8		—
Diversified Financial Services — 0.1%
J.G. Wentworth LLC Preferred Equity Interests, (Acquired 11/18/13, cost $837,898) (h)				12		136,453
J.G. Wentworth LLC Preferred Equity Interests (180-day lock), (Acquired 11/18/13, cost $837,899) (h)				12		136,442

						272,895
Household Durables — 0.0%
Berkline Benchcraft Equity LLC				6,155		—
Total Other Interests — 0.1%						277,270


Warrants (i)	Shares		Value
Chemicals — 0.0%
British Vita Holdings Co. (Non-Expiring)		166		—
Media — 0.0%
New Vision Holdings LLC (Expires 9/30/14)		22,447	$	1,215
Software — 0.0%
Bankruptcy Management Solutions, Inc.:
(Expires 6/28/18)		181		—
(Expires 6/28/19)		195		—
(Expires 6/28/20)		292		—
HMH Holdings/EduMedia (Issued/exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)		1,501		6,046

				6,046
Total Warrants — 0.0%				7,261
Total Long-Term Investments (Cost — $494,966,462) — 140.7%				492,392,141



Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (j)(k)		4,257,286		4,257,286
Total Short-Term Securities (Cost — $4,257,286) — 1.2%				4,257,286



Options Purchased
(Cost — $25,422) — 0.0%				—
*Total Investments (Cost — $499,249,170) — 141.9%**				496,649,427
Liabilities in Excess of Other Assets — (41.9)%				(146,693,061	)

Net Assets — 100.0%			$	349,956,366
* As of July 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost			$	500,925,248

Gross unrealized appreciation			$	4,032,581
Gross unrealized depreciation				(8,308,402	)

Net unrealized depreciation			$	(4,275,821	)



BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014	13


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

Notes to Schedule of Investments

(a)

Non-income producing security.

(b)

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

(c)

Variable rate security. Rate shown is as of report date.

(d)

Zero-coupon bond.

(e)

Convertible security.

(f)

Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

(g)

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

(h)

Restricted security as to resale. As of report date, the Trust held restricted securities with a current value of $272,895 and an original cost of $1,675,797 which was 0.1% of its net assets.

(i)

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.

(j)

Represents the current yield as of report date.

(k)

Investments in issuers considered to be an affiliate of the Trust during the period ended July 31, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at October 31, 2013		Net Activity		Shares Held at July 31, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		3,378,158		879,128		4,257,286	$	365

Portfolio Abbreviations


CAD		Canadian Dollar
CLO		Collateralized Loan Obligation
DIP		Debtor-In-Possession
EUR		Euro
GBP		British Pound
PIK		Payment-In-Kind
USD		U.S. Dollar

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 the investment advisor. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Forward foreign currency exchange contracts outstanding as of July 31, 2014 were as follows:


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/ (Depreciation)
GBP	700,000	USD	1,195,569	Deutsche Bank AG	10/21/14	$	(14,531	)
GBP	150,000	USD	255,768	Goldman Sachs Bank USA	10/21/14		(2,689	)
USD	2,820,325	CAD	3,038,000	UBS AG	10/21/14		39,387
USD	13,096,750	EUR	9,680,000	Citibank N.A.	10/21/14		131,329
USD	12,466,602	GBP	7,296,000	Bank of America N.A.	10/21/14		156,816
Total						$	310,312



14	BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014


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

OTC options purchased as of July 31, 2014 were as follows:

Description

Counterparty

Put/
Call

Strike

Price

Expiration
Date

Contracts

Market
Value

Marsico Parent Superholdco LLC

Goldman Sachs & Co.

Call

USD 942.86

12/21/19

—

OTC credit default swaps — sold protection outstanding as of July 31, 2014 were as follows:


Issuer/Index	Receive Fixed Rate			Counterparty/ Clearinghouse	Expiration Date	Credit Rating¹	Notional Amount (000)²		Market Value			Premiums (Received)			Unrealized Depreciation
Caesars Entertainment Operating Co., Inc.		5.00	%	Citibank N.A.	12/20/15	CCC-		USD 189	$	(82,638	)	$	(29,321	)	$	(53,317	)
Caesars Entertainment Operating Co., Inc.		5.00	%	Citibank N.A.	12/20/15	CCC-		USD 91		(39,821	)		(12,661	)		(27,160	)
Caesars Entertainment Operating Co., Inc.		5.00	%	JPMorgan Chase Bank N.A.	12/20/15	CCC-		USD 319		(139,681	)		(55,535	)		(84,146	)
Caesars Entertainment Operating Co., Inc.		5.00	%	Goldman Sachs Bank USA	3/20/16	CCC-		USD 131		(61,595	)		(20,183	)		(41,412	)
Caesars Entertainment Operating Co., Inc.		5.00	%	Goldman Sachs Bank USA	3/20/16	CCC-		USD 131		(61,595	)		(20,183	)		(41,412	)
Caesars Entertainment Operating Co., Inc.		5.00	%	Goldman Sachs Bank USA	3/20/16	LCCC-		USD 385		(180,914	)		(56,502	)		(124,412	)
Caesars Entertainment Operating Co., Inc.		5.00	%	Citibank N.A.	3/20/16	CCC-		USD 73		(34,217	)		(8,333	)		(25,884	)
Caesars Entertainment Operating Co., Inc.		5.00	%	Goldman Sachs Bank USA	6/20/16	CCC-		USD 350		(176,237	)		(57,386	)		(118,851	)
Caesars Entertainment Operating Co., Inc.		5.00	%	Citibank N.A.	9/20/16	CCC-		USD 43		(22,839	)		(10,255	)		(12,584	)
Caesars Entertainment Operating Co., Inc.		5.00	%	Goldman Sachs Bank USA	9/20/16	CCC-		USD 1,126		(605,273	)		(180,389	)		(424,884	)
Caesars Entertainment Operating Co., Inc.		5.00	%	Goldman Sachs Bank USA	3/20/17	CCC-		USD 238		(137,218	)		(48,942	)		(88,276	)
Caesars Entertainment Operating Co., Inc.		5.00	%	Deutsche Bank AG	6/20/17	CCC-		USD 339		(202,445	)		(75,947	)		(126,498	)
Total									$	(1,744,473	)	$	(575,637	)	$	(1,168,836	)

¹ Using S&P’s rating of the issuer.
²The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.



BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014	15


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

Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of July 31, 2014:


	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—	$	9,849,570		$	1,230,491	$	11,080,061
Common Stocks	$	579,787		2,143,327			153,282		2,876,396
Corporate Bonds		—		11,286,300			502,955		11,789,255
Floating Rate Loan Interests		—		421,305,926			44,162,362		465,468,288
Investment Companies		60,756		—			—		60,756
Non-Agency Mortgage-Backed Securities		—		832,854			—		832,854
Other Interests		272,895		—			4,375		277,270
Warrants		—		6,046			1,215		7,261
Short-Term Securities		4,257,286		—			—		4,257,286
Unfunded Loan Commitments		—		—			228		228
Liabilities:
Unfunded Loan Commitments		—		(5,526	)		—		(5,526	)

Total	$	5,170,724	$	445,418,497		$	46,054,908	$	496,644,129



16	BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014


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


	Level 1		Level 2			Level 3	Total
Derivative Financial Instruments¹
Assets:
Foreign currency exchange contracts		—	$	327,532		—	$	327,532
Liabilities:
Foreign currency exchange contracts		—		(17,220	)	—		(17,220	)
Credit contracts		—		(1,168,836	)	—		(1,168,836	)

Total		—	$	(858,524	)	—	$	(858,524	)

¹Derivative financial instruments are swaps and forward foreign currency exchange contracts which are valued at the unrealized appreciation/depreciation on the instrument.
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial reporting purposes. As of July 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1		Level 2			Level 3	Total
Assets:
Cash	$	363,226		—		—	$	363,226
Cash pledged as collateral for OTC derivatives		1,200,000		—		—		1,200,000
Foreign currency at value		21,173		—		—		21,173
Liabilities:
Bank bond payable		—		(129,000,000	)	—		(129,000,000	)

Total	$	1,584,399		(129,000,000	)	—	$	(127,415,601	)



BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014	17


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

There were no transfers between Level 1 and Level 2 during the period ended July 31, 2014.

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:


	Asset-Backed Securities			Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Other Interests			Warrants			Unfunded Loan Commitments Assets			Unfunded Loan Commitments (Liabilities)			Total
Assets:
Opening Balance, as of October 31, 2013	$	14,250,070		$	2,637,960			—		$	28,839,567		$	1,426,986		$	1,548		$	14,706		$	(902	)	$	47,169,935
Transfers into Level 3¹		—			—			—			15,949,291			—			—			—			—			15,949,291
Transfers out of Level 3²		(10,429,567	)		(1,289,973	)		—			(3,360,656	)		—			—			(14,706	)		—			(15,094,902	)
Accrued discounts/premiums		12,662			—		$	(42	)		76,237			—			—			—			—			88,857
Net realized gain (loss)		255,059			1,318,544			—			60,267			1,361,240			—			—			—			2,995,110
Net change in unrealized appreciation/ depreciation^3,4		(238,574	)		(620,997	)		(3,114	)		(266,058	)		1,098,585			(333	)		228			902			(29,361	)
Purchases		1,230,491			—			506,111			17,582,866			—			—			—			—			19,319,468
Sales		(3,849,650	)		(1,892,252	)		—			(14,719,152	)		(3,882,436	)		—			—			—			(24,343,490	)

Closing Balance, end of period July 31, 2014	$	1,230,491		$	153,282		$	502,955		$	44,162,362		$	4,375		$	1,215		$	228			—		$	46,054,908

Net change in unrealized appreciation/depreciation on investments still held at July 31, 2014	$	(530	)	$	266,098		$	(3,114	)	$	(181,591	)	$	1,875		$	5,712			—			—		$	88,450

As of October 31, 2013, the Trust used observable inputs in determining the value of certain investments. As of July 31, 2014, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $15,949,292 transferred from Level 2 to Level 3 in the disclosure hierarchy.

As of October 31, 2013, the Trust used significant unobservable inputs in determining the value of certain investments. As of July 31, 2014, the Trust used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $15,080,196 transferred from Level 3 to Level 2 in the disclosure hierarchy.

Included in the related net change in unrealized appreciation/depreciation in the Statements of Operations.

⁴

Any difference between Net change in unrealized appreciation/depreciation and Net change in unrealized appreciation/depreciation on investments still held at July 31, 2014 is generally due to investments no longer held or categorized as Level 3 at period end.

The Trust’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information inputs could result in a significantly lower or higher value of such Level 3 investments.



18	BLACKROCK FLOATING RATE INCOME TRUST	JULY 31, 2014

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 25, 2014

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 25, 2014

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

Date: September 25, 2014