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: 10/31/2017

Date of reporting period: 01/31/2017

Item 1 – Schedule of Investments

Schedule of Investments January 31, 2017 (Unaudited)

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)



Common Stocks	Shares			Value
Electric Utilities — 0.2%
Vistra Energy Corp.			28,707	$	465,340
Health Care Management Services — 0.0%
New Millennium HoldCo, Inc.(a)			9,191		9,770
Household Durables — 0.0%
Berkline Benchcraft Equity LLC (a)			6,155		—
Oil, Gas & Consumable Fuels — 0.0%
Southcross Holdings LP			63		18,900
Specialty Retail — 0.0%
Things Remembered, Inc. (a)			551,052		6
Total Common Stocks — 0.2%					494,016



Asset-Backed Securities (b)(c)	Par (000)
Asset-Backed Securities — 2.3%
ALM Loan Funding, Series 2012-5A, Class BR, 4.02%, 10/18/27		USD	310		310,659
ALM VII R Ltd., Series 2013-7RA, Class BR, 3.72%, 10/15/28			250		251,141
ALM XIV Ltd., Series 2014-14A, Class C, 4.49%, 7/28/26			463		456,358
ALM XVII Ltd., Series 2015-17A, Class C1, 5.17%, 1/15/28			250		250,148
AMMC CLO Ltd., Series 2014-15A, Class D, 5.15%, 12/09/26			250		254,560
Ares XXXIII CLO Ltd., Series 2015-1A, Class A2R, 2.91%, 12/05/25			300		299,339
Atlas Senior Loan Fund Ltd., Series 2014-6A, Class D, 4.72%, 10/15/26			525		523,531
Atrium CDO Corp., Series 9A, Class D, 4.44%, 2/28/24			500		497,800
Carlyle Global Market Strategies CLO Ltd., Class C:
Series 2013-1A, 5.04%, 2/14/25			250		250,560
Series 2014-5A, 5.17%, 10/16/25			1,250		1,242,746
CIFC Funding Ltd.:
Series 2013-1A, Class A2, 2.92%, 4/16/25			290		290,429
Series 2014-2A, Class A3L, 3.78%, 5/24/26			275		275,699
Highbridge Loan Management Ltd., Series 2015-7A, Class C, 4.42%, 11/15/26			250		250,199


Asset-Backed Securities	Par (000)			Value
Asset-Backed Securities (continued)
LCM XVIII LP, Series 18A, Class INC, 11.42%, 4/20/27		USD	750	$	525,000
Pinnacle Park CLO Ltd., Series 2014-1A, Class CR, 3.60%, 4/15/26			250		250,000
Symphony CLO Ltd., Series 2016-17A, Class D, 5.82%, 4/15/28			250		251,839
TCI-Cent Clo Ltd., Series 2016-1A, Class A2, 3.32%, 12/21/29			250		249,022
Treman Park CLO LLC, Series 2015-1A, Class D, 4.89%, 4/20/27			700		702,412
Voya CLO Ltd., Series 2013-3A, Class A2, 2.82%, 1/18/26			250		250,169
Webster Park CLO Ltd., Series 2015-1A:
Class B1, 4.13%, 1/20/27			250		250,435
Class C, 5.08%, 1/20/27			250		248,499
Total Asset-Backed Securities — 2.3%					7,880,545



Corporate Bonds
Airlines — 0.4%
US Airways Pass-Through Trust, Series 2012-2, Class C, 5.45%, 6/03/18			1,585		1,620,662
Building Products — 0.1%
Building Materials Corp. of America, 6.00%, 10/15/25 (c)			200		211,000
Capital Markets — 0.2%
Blackstone CQP Holdco LP, 9.30%, 3/19/19			649		654,028
Chemicals — 0.1%
Momentive Performance Materials, Inc., 3.88%, 10/24/21			390		379,275
Communications Equipment — 0.2%
Avaya, Inc., 7.00%, 4/01/19 (a)(c)(d)			827		684,342
Consumer Finance — 0.1%
Ally Financial, Inc., 8.00%, 11/01/31			150		178,125
Containers & Packaging — 1.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (b)(c):
3.96%, 12/15/19			220		223,209



BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017	1


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


Corporate Bonds	Par (000)			Value
Containers & Packaging (continued)
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (b)(c) (continued):
4.29%, 5/15/21		USD	680	$	697,850
Reynolds Group Issuer, Inc., 4.52%, 7/15/21 (b)(c)			3,125		3,214,844

					4,135,903
Diversified Telecommunication Services — 0.3%
Level 3 Financing, Inc.:
4.76%, 1/15/18 (b)			607		607,758
6.13%, 1/15/21			337		348,374
SBA Communications Corp., 4.88%, 9/01/24 (c)			200		195,220

					1,151,352
Electric Utilities — 0.0%
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.50%, 10/01/20			654		13,080
Electronic Equipment, Instruments & Components — 0.1%
CDW LLC/CDW Finance Corp., 5.50%, 12/01/24			200		208,250
Energy Equipment & Services — 0.3%
Transocean, Inc., 9.00%, 7/15/23 (c)			976		1,038,830
Weatherford International Ltd., 9.88%, 2/15/24 (c)			200		216,000

					1,254,830
Environmental, Maintenance, & Security Service — 0.1%
Tervita Escrow Corp., 7.63%, 12/01/21 (c)			310		321,625
Health Care Providers & Services — 0.1%
HCA, Inc., 5.25%, 6/15/26			200		208,500
HealthSouth Corp., 5.75%, 11/01/24			200		203,250
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/01/23 (c)			45		46,463

					458,213
Household Durables — 0.1%
Berkline/Benchcraft LLC, 4.50%, 6/01/17 (a)(d)			400		—
Lennar Corp., 4.75%, 5/30/25			225		226,687
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25%, 4/15/21 (c)			200		205,438

					432,125


Corporate Bonds	Par (000)			Value
Household Products — 0.1%
Spectrum Brands, Inc., 5.75%, 7/15/25		USD	200	$	209,000
Independent Power and Renewable Electricity Producers — 0.2%
NRG Energy, Inc., 6.25%, 7/15/22			925		952,750
Internet Software & Services — 0.1%
Equinix, Inc., 5.75%, 1/01/25			200		211,000
Media — 0.8%
Altice Financing SA, 6.63%, 2/15/23 (c)			335		350,912
Altice US Finance I Corp., 5.50%, 5/15/26 (c)			200		205,000
Clear Channel Worldwide Holdings, Inc., Series B, 7.63%, 3/15/20			175		175,438
CSC Holdings LLC, 10.88%, 10/15/25 (c)			200		238,000
SFR Group SA (c):
6.00%, 5/15/22			512		526,720
6.25%, 5/15/24			630		633,937
7.38%, 5/01/26			330		338,663
Sirius XM Radio, Inc., 6.00%, 7/15/24 (c)			200		212,876
Virgin Media Secured Finance PLC, 5.25%, 1/15/26 (c)			200		200,674

					2,882,220
Metals & Mining — 0.7%
Freeport-McMoRan, Inc.:
2.38%, 3/15/18			858		855,426
3.10%, 3/15/20			725		719,563
Teck Resources Ltd.:
4.50%, 1/15/21			514		522,995
3.75%, 2/01/23			365		354,506

					2,452,490
Oil, Gas & Consumable Fuels — 1.5%
Cheniere Corpus Christi Holdings LLC, 7.00%, 6/30/24 (c)			415		463,244
CONSOL Energy, Inc., 5.88%, 4/15/22			1,385		1,339,987
Extraction Oil & Gas Holdings LLC/Extraction Finance Corp., 7.88%, 7/15/21 (c)			95		101,650
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 9/30/21 (c)			615		651,900
Halcon Resources Corp., 8.63%, 2/01/20 (c)			125		130,625
MEG Energy Corp., 6.50%, 1/15/25 (c)			849		857,490



2	BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017


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


Corporate Bonds	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
NGPL PipeCo LLC, 7.12%, 12/15/17 (c)		USD	234	$	241,020
Noble Holding International, Ltd., 7.75%, 1/15/24			570		566,438
Rowan Cos., Inc., 7.38%, 6/15/25			210		219,450
Sabine Pass Liquefaction LLC, 5.63%, 3/01/25			200		217,250
Sanchez Energy Corp., 6.13%, 1/15/23			153		146,880
Whiting Petroleum Corp., 5.75%, 3/15/21			180		181,800

					5,117,734
Road & Rail — 0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 3.68%, 12/01/17 (b)			179		179,000
Software — 0.1%
MSCI, Inc., 4.75%, 8/01/26 (c)			200		199,000
Wireless Telecommunication Services — 0.1%
Sprint Communications, Inc., 7.00%, 8/15/20			200		214,000
Total Corporate Bonds — 7.0%					24,120,004



Floating Rate Loan Interests (b)
Aerospace & Defense — 2.1%
BE Aerospace, Inc., 2014 Term Loan B, 3.94%, 12/16/21			1,355		1,359,469
Engility Corp.:
Term Loan B1, 5.03%, 8/12/20			215		214,835
Term Loan B2, 5.75%, 8/12/23			393		394,025
TransDigm, Inc.:
2015 Term Loan E, 3.78%, 5/14/22			500		498,148
2016 Extended Term Loan F, 3.78%, 6/09/23			3,945		3,933,047
Term Loan D, 4.00%, 6/04/21			699		696,288

					7,095,812
Air Freight & Logistics — 2.0%
Avolon Holdings Ltd. (Luxembourg) S.a.r.l., Term Loan B2, 3.50%, 1/13/22			3,865		3,914,852
CEVA Group PLC, Synthetic LOC, 6.50%, 3/19/21			447		389,182
CEVA Intercompany BV, Dutch Term Loan, 6.54%, 3/19/21			458		399,183


Floating Rate Loan Interests (b)	Par (000)			Value
Air Freight & Logistics (continued)
CEVA Logistics Canada ULC, Canadian Term Loan, 6.54%, 3/19/21		USD	82	$	71,010
CEVA Logistics US Holdings, Inc., Term Loan, 6.54%, 3/19/21			610		531,645
XPO Logistics, Inc., Term Loan B2, 4.25%, 11/01/21			1,597		1,607,192

					6,913,064
Airlines — 0.1%
Northwest Airlines, Inc.:
3.08%, 3/10/17			79		78,700
2.46%, 9/10/18			289		284,221

					362,921
Auto Components — 1.2%
Anchor Glass Container Corp.:
2016 1st Lien Term Loan, 4.25%, 12/07/23			325		327,844
2016 2nd Lien Term Loan, 8.75%, 12/07/24			240		243,199
FPC Holdings, Inc., 1st Lien Term Loan, 5.25%, 11/19/19			681		647,584
Gates Global, Inc., Term Loan B, 4.25%, 7/06/21			2,434		2,425,003
Goodyear Tire & Rubber Co., 2nd Lien Term Loan, 3.77%, 4/30/19			374		378,428
GPX International Tire Corp., Term Loan (a)(d):
12.25%, 3/31/2012			274		—
PIK, 13.00%, 3/30/2012 (e)			4		—

					4,022,058
Automobiles — 0.8%
CH Hold Corp.:
1st Lien Term Loan, 4.03%, 1/18/24			725		730,437
2nd Lien Term Loan, 9.00%, 1/18/25			150		151,500
Delayed Draw Term Loan B, 4.50%, 1/18/24			75		75,563
FCA US LLC, Term Loan B:
2018, 3.27%, 12/31/18			291		290,883
3.53%, 5/24/17			1,642		1,642,575

					2,890,958
Biotechnology — 0.1%
AMAG Pharmaceuticals, Inc., 2015 1st Lien Term Loan, 4.75%, 8/13/21			488		486,281



BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017	3


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


Floating Rate Loan Interests (b)	Par (000)			Value
Building Materials — 1.0%
USAGM HoldCo LLC:
2015 2nd Lien Term Loan, 9.54%, 7/28/23		USD	395	$	401,913
2015 Term Loan, 4.79%, 7/28/22			518		519,433
2016 Incremental Delayed Draw Term Loan, 5.50%, 7/28/22			221		222,043
2016 Incremental Term Loan, 5.50%, 7/28/22			2,255		2,268,902

					3,412,291
Building Products — 2.9%
Continental Building Products LLC, 1st Lien Term Loan, 3.75%, 8/10/23			686		693,517
CPG International, Inc., Term Loan, 4.75%, 9/30/20			3,196		3,222,191
GYP Holdings III Corp., 1st Lien Term Loan, 4.54%, 4/01/21			955		961,318
Jeld-Wen Inc., Term Loan B2, 4.75%, 7/01/22			1,428		1,435,266
Ply Gem Industries, Inc., Term Loan, 4.00%, 2/01/21			564		571,193
Quikrete Holdings, Inc., 2016 1st Lien Term Loan, 4.02%, 11/15/23			1,355		1,371,003
Wilsonart LLC, 2016 Term Loan, 4.50%, 12/19/23			1,640		1,649,546

					9,904,034
Capital Markets — 0.4%
Affinion Group, Inc., Term Loan B, 6.75%, 4/30/18			389		387,501
RPI Finance Trust, Term Loan B5, 3.50%, 10/14/22			842		848,530

					1,236,031
Chemicals — 4.3%
Allnex (Luxembourg) & Cy SCA, 2016 Term Loan B2, 5.29%, 9/13/23			262		264,310
Allnex USA, Inc., Term Loan B3, 5.29%, 9/13/23			197		199,129
Atotech B.V., 2017 Term Loan B1, 4.53%, 1/24/24			630		633,150
Axalta Coating Systems US Holdings, Inc., Term Loan B1, 3.50%, 2/01/23			992		1,002,730
CeramTec Acquisition Corp., Term Loan B2, 4.25%, 8/30/20			69		69,804
Charter NEX US Holdings, Inc., Term Loan B, 5.25%, 2/07/22			663		664,479


Floating Rate Loan Interests (b)	Par (000)			Value
Chemicals (continued)
Chemours Co., Term Loan B, 3.78%, 5/12/22		USD	732	$	729,545
Evergreen Acqco 1 LP, Term Loan, 5.00%, 7/09/19			182		167,572
Huntsman International LLC, Term Loan B2, 3.96%, 4/01/23			1,351		1,362,758
Klockner-Pentaplast of America, Inc.:
1st Lien Term Loan, 4.25%, 4/28/20			682		686,697
German Borrower, 4.25%, 4/28/20			291		293,460
MacDermid, Inc.:
2016 Term Loan, 5.00%, 6/07/23			1,037		1,049,852
Term Loan B5, 4.50%, 6/07/20			1,180		1,194,657
OXEA Finance LLC, Term Loan B2, 4.25%, 1/15/20			1,777		1,734,139
PQ Corp., 2016 Term Loan, 5.29%, 11/04/22			853		863,558
Royal Holdings, Inc.:
2015 1st Lien Term Loan, 4.50%, 6/19/22			685		687,710
2015 2nd Lien Term Loan, 8.50%, 6/19/23			285		285,713
Solenis International LP:
1st Lien Term Loan, 4.25%, 7/31/21			913		916,078
2nd Lien Term Loan, 7.75%, 7/31/22			1,055		1,040,494
Tata Chemicals North America, Inc., Term Loan B, 3.75%, 8/07/20			277		276,977
Versum Materials, Inc., Term Loan, 3.50%, 9/29/23			589		595,699

					14,718,511
Commercial Services & Supplies — 7.7%
ADMI Corp., 2015 Term Loan B, 5.29%, 4/30/22			718		723,420
Advanced Disposal Services, Inc., Term Loan B3, 3.50%, 11/10/23			2,030		2,048,603
Aramark Services, Inc.:
Term Loan E, 3.28%, 9/07/19			1,059		1,067,588
Term Loan F, 3.50%, 2/24/21			518		522,087
Asurion LLC:
2016 Term Loan B2, 4.03%, 7/08/20			350		352,821
Term Loan B4, 4.25%, 8/04/22			1,243		1,255,635



4	BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017


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


Floating Rate Loan Interests (b)	Par (000)			Value
Commercial Services & Supplies (continued)
Asurion LLC (continued):
Term Loan B5, 4.75%, 11/03/23		USD	1,496	$	1,510,898
Brand Energy & Infrastructure Services, Inc., Term Loan B, 4.79%, 11/26/20			1,725		1,721,353
Camelot UK Holdco Ltd., Term Loan B, 4.75%, 10/03/23			1,317		1,327,668
Casella Waste Systems, Inc., Term Loan B, 4.00%, 10/17/23			580		585,800
Catalent Pharma Solutions, Inc., Term Loan B, 3.75%, 5/20/21			2,260		2,279,952
Creative Artists Agency LLC, Term Loan B, 5.00%, 12/17/21			627		634,317
Dealer Tire LLC, 2016 Term Loan B, 4.75%, 12/22/21			637		645,440
Employbridge LLC, Exit Term Loan, 7.50%, 5/16/20			230		212,979
GCA Services Group, Inc., 2016 Term Loan, 5.99%, 3/01/23			1,152		1,163,827
KAR Auction Services, Inc.:
Term Loan B2, 4.19%, 3/11/21			802		812,413
Term Loan B3, 4.50%, 3/09/23			1,067		1,079,271
Livingston International, Inc., 1st Lien Term Loan, 5.50%, 4/18/19			791		766,572
Prime Security Services Borrower LLC, 2016 1st Lien Term Loan, 4.25%, 5/02/22			853		860,862
PSSI Holdings LLC, Term Loan B, 4.75%, 12/02/21			985		997,256
Spin Holdco, Inc., Term Loan B, 4.25%, 11/14/19			2,215		2,205,209
TruGreen Limited Partnership, 1st Lien Term Loan B, 6.50%, 4/13/23			627		634,686
US Ecology, Inc., Term Loan, 3.78%, 6/17/21			392		392,163
US Security Associates Holdings, Inc., 2016 Term Loan, 6.00%, 7/14/23			1,307		1,317,051
Waste Industries USA, Inc., 2016 Term Loan, 3.53%, 2/27/20			1,244		1,247,984

					26,365,855
Communications Equipment — 0.8%
Applied Systems, Inc.:
1st Lien Term Loan, 4.00%, 1/25/21			560		565,431
2nd Lien Term Loan, 7.50%, 1/24/22			227		228,411


Floating Rate Loan Interests (b)		Par (000)		Value
Communications Equipment (continued)
Avaya, Inc.:
DIP Term Loan, 8.50%, 1/23/18	USD		35	$	35,996
Term Loan B7, 6.28%, 5/29/20 (a)(d)			153		126,280
CommScope, Inc., Term Loan B5, 3.28%, 12/29/22			553		558,298
Riverbed Technology, Inc., 2016 Term Loan, 4.25%, 4/24/22			1,209		1,216,923

					2,731,339
Construction & Engineering — 1.0%
AECOM Technology Corp., 2014 Term Loan B, 3.78%, 10/15/21			86		86,554
CNT Holdings III Corp., 2017 Term Loan, 4.25%, 1/22/23			824		826,864
Safway Group Holding LLC, Term Loan B, 5.75%, 8/19/23			2,085		2,107,353
USIC Holdings, Inc., 2016 1st Lien Term Loan, 4.75%, 12/08/23			525		528,717

					3,549,488
Construction Materials — 0.8%
Filtration Group Corp., 1st Lien Term Loan, 4.25%, 11/21/20			2,151		2,171,147
Headwaters, Inc., 2016 Term Loan B, 4.00%, 3/24/22			435		436,353
McJunkin Red Man Corp., Term Loan, 5.00%, 11/08/19			211		211,181

					2,818,681
Containers & Packaging — 2.4%
Ardagh Holdings USA, Inc., Incremental Term Loan, 4.01%, 12/17/21			1,098		1,109,867
Berlin Packaging LLC, 2014 1st Lien Term Loan, 4.50%, 10/01/21			195		195,803
Berry Plastics Group, Inc.:
Term Loan I, 3.29%, 10/03/22			3,339		3,358,580
Term Loan J, 3.52%, 1/19/24			235		236,469
BWAY Holding Company, 2016 Term Loan B, 4.75%, 8/14/23			2,319		2,333,389
Flex Acquisition Company, Inc., 1st Lien Term Loan, 4.25%, 12/29/23			730		735,935
Prolampac Intermediate Inc., 2016 1st Lien Term Loan, 5.00%, 11/18/23			235		238,231

					8,208,274



BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017	5


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


Floating Rate Loan Interests (b)	Par (000)			Value
Distributors — 0.6%
American Builders & Contractors Supply Co., Term Loan B, 3.53%, 10/31/23		USD	1,621	$	1,633,764
American Tire Distributors Holdings, Inc., 2015 Term Loan, 5.25%, 9/01/21			570		567,272

					2,201,036
Diversified Consumer Services — 2.7%
Bright Horizons Family Solutions, Inc., 2016 Term Loan B, 3.52%, 11/07/23			2,010		2,030,478
CT Technologies Intermediate Holdings, Inc., 1st Lien Term Loan, 5.25%, 12/01/21			727		688,373
J.D. Power and Associates, 1st Lien Term Loan, 5.25%, 9/07/23			778		783,885
Nomad Foods Europe Midco Ltd., Term Loan C1, 3.50%, 6/30/20		EUR	606		657,800
Serta Simmons Holdings LLC, 2nd Lien Term Loan, 9.00%, 11/08/24		USD	655		662,094
ServiceMaster Company, 2016 Term Loan B, 3.28%, 11/08/23			2,575		2,586,793
Wand Intermediate I LP, 1st Lien Term Loan, 4.75%, 9/17/21			792		797,838
Weight Watchers International, Inc., Term Loan B2, 4.25%, 4/02/20			1,366		1,213,648

					9,420,909
Diversified Financial Services — 1.3%
AlixPartners LLP, 2016 Term Loan B, 4.00%, 7/28/22			1,165		1,174,019
Diamond US Holding LLC, Term Loan B, 4.75%, 12/17/21			588		593,880
Jefferies Finance LLC, Term Loan, 4.56%, 5/14/20			1,675		1,661,941
SAM Finance Luxembourg Sarl, Term Loan, 4.25%, 12/17/20			1,015		1,016,957

					4,446,797
Diversified Telecommunication Services — 6.2%
Consolidated Communications, Inc.:
2016 Term Loan B, 4.00%, 10/04/23			414		416,993
Term Loan B2, 4.00%, 10/05/23			280		282,050
Hawaiian Telcom Communications, Inc., Term Loan B, 5.29%, 6/06/19			1,408		1,417,382


Floating Rate Loan Interests (b)	Par (000)			Value
Diversified Telecommunication Services (continued)
Integra Telecom, Inc.:
2015 1st Lien Term Loan, 5.29%, 8/14/20		USD	1,371	$	1,371,910
2nd Lien Term Loan, 9.75%, 2/12/21			459		458,397
Level 3 Financing, Inc.:
2013 Term Loan B, 4.00%, 1/15/20			4,685		4,742,391
2019 Term Loan, 4.00%, 8/01/19			2,452		2,480,911
Sprint Communications, Inc., 1st Lien Term Loan B, 3.25%, 1/13/24			1,785		1,787,231
Telenet International Finance Sarl, Term Loan AF, 3.77%, 1/31/25			2,475		2,496,211
Telesat Canada, Term Loan B, 4.78%, 11/17/23			703		702,905
Virgin Media Investment Holdings Ltd., Term Loan I, 3.52%, 1/31/25			2,415		2,428,597
Zayo Group LLC:
2017 Delayed Draw Term Loan B3, 3.50%, 1/12/24			825		831,534
2017 Term Loan B2, 3.53%, 1/19/24			1,710		1,723,543

					21,140,055
Electric Utilities — 2.3%
Energy Future Intermediate Holding Co. LLC, 2016 DIP Term Loan, 4.25%, 6/30/17			3,761		3,781,738
Lightstone Generation LLC:
Term Loan B, 6.50%, 11/22/23			614		620,854
Term Loan C, 6.50%, 11/22/23			58		59,129
PrimeLine Utility Services LLC, Term Loan, 6.50%, 11/12/22			847		855,295
TEX Operations Co. LLC:
Exit Term Loan B, 5.00%, 8/04/23			1,678		1,685,521
Exit Term Loan C, 5.00%, 8/04/23			383		384,660
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Term Loan, 5.03%, 10/10/17 (a)(d)			1,050		21,000
Vistra Operations Company LLC, 2016 Term Loan B2, 4.02%, 12/14/23			450		454,500

					7,862,697



6	BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017


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


Floating Rate Loan Interests (b)		Par (000)		Value
Electronic Equipment, Instruments & Components — 0.1%
CPI Acquisition, Inc., Term Loan B, 5.83%, 8/17/22	USD		398	$	359,447
Energy Equipment & Services — 0.4%
Exgen Texas Power LLC, Term Loan B, 5.75%, 9/16/21			528		363,140
Weatherford International Ltd., Term Loan, 3.08%, 7/13/20			1,010		967,339

					1,330,479
Food & Staples Retailing — 4.1%
Albertsons LLC:
2016 Term Loan B4, 3.78%, 8/22/21			2,774		2,785,667
2016 Term Loan B5, 4.25%, 12/22/22			217		218,805
BJ’s Wholesale Club, Inc.:
2017 1st Lien Term Loan, 5.04%, 1/26/24			2,330		2,323,453
2017 2nd Lien Term Loan, 9.04%, 1/26/25			680		686,800
Hostess Brands LLC, 2016 1st Lien Term Loan, 4.00%, 8/03/22			1,697		1,711,869
Rite Aid Corp.:
5.75%, 8/21/20			681		683,007
4.88%, 6/21/21			1,629		1,634,299
US Foods, Inc., 2016 Term Loan B, 3.78%, 6/27/23			4,030		4,056,185

					14,100,085
Food Products — 3.4%
Blue Ribbon LLC, Term Loan, 5.00%, 11/13/21			889		884,605
Chobani LLC, 1st Lien Term Loan, 5.25%, 10/07/23			965		977,062
CTI Foods Holding Co. LLC, 1st Lien Term Loan, 4.50%, 6/29/20			486		481,416
Dole Food Co., Inc., Term Loan B, 4.50%, 11/01/18			1,506		1,512,666
JBS USA LLC, 2017 Term Loan B, 3.50%, 10/30/22			1,245		1,247,590
Pinnacle Foods Finance LLC:
2016 Term Loan I, 3.53%, 1/13/23			336		335,619
2017 Term Loan B, 2.25%, 1/27/24			1,620		1,623,046
Term Loan G, 3.28%, 4/29/20			995		994,938
Reddy Ice Corp.:
1st Lien Term Loan, 6.75%, 5/01/19			967		944,649
2nd Lien Term Loan, 10.75%, 11/01/19			328		282,080


Floating Rate Loan Interests (b)		Par (000)		Value
Food Products (continued)
Reynolds Group Holdings, Inc., 2016 Term Loan, 4.25%, 2/05/23	USD		2,546	$	2,552,521

					11,836,192
Health Care Equipment & Supplies — 3.9%
Alere, Inc.:
2015 Term Loan A, 3.78%, 6/18/20			281		280,629
2015 Term Loan B, 4.25%, 6/18/22			1,168		1,167,770
Auris Luxembourg III Sarl, Term Loan B4, 4.25%, 1/15/22			1,506		1,516,186
Capsugel Holdings US, Inc., Term Loan B, 4.00%, 7/31/21			2,326		2,330,956
Cotiviti Corp., Term Loan B, 3.75%, 9/28/23			1,599		1,609,176
DJO Finance LLC, 2015 Term Loan, 4.25%, 6/08/20			1,385		1,349,423
Immucor, Inc., Refinancing Term Loan B2, 5.00%, 8/17/18			1,391		1,356,644
Mallinckrodt International Finance SA, Term Loan B, 3.44%, 3/19/21			205		205,000
National Vision, Inc., 1st Lien Term Loan, 4.00%, 3/12/21			2,096		2,089,940
Ortho-Clinical Diagnostics, Inc., Term Loan B, 4.75%, 6/30/21			1,384		1,372,555

					13,278,279
Health Care Providers & Services — 10.4%
Acadia Healthcare Co., Inc.:
Term Loan B, 3.78%, 2/11/22			288		290,641
Term Loan B2, 3.78%, 2/16/23			1,312		1,322,677
CHG Healthcare Services, Inc., 2016 Term Loan B, 4.75%, 6/07/23			2,094		2,114,593
Community Health Systems, Inc.:
Term Loan F, 4.19%, 12/31/18			1,566		1,545,297
Term Loan G, 3.75%, 12/31/19			1,164		1,104,068
Term Loan H, 4.00%, 1/27/21			160		151,505
Curo Health Services Holdings, Inc., 2015 1st Lien Term Loan, 6.50%, 2/07/22			933		940,375
DaVita HealthCare Partners, Inc., Term Loan B, 3.53%, 6/24/21			3,418		3,456,148
Envision Healthcare Corp., 2016 Term Loan B, 4.00%, 12/01/23			4,675		4,720,301
HC Group Holdings III, Inc., Term Loan B, 6.00%, 4/07/22			884		851,075



BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017	7


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


Floating Rate Loan Interests (b)		Par (000)		Value
Health Care Providers & Services (continued)
HCA, Inc., Term Loan B6, 4.03%, 3/17/23	USD		3,183	$	3,213,028
inVentiv Health, Inc., 2016 Term Loan B, 4.75%, 11/09/23			2,528		2,548,924
MPH Acquisition Holdings LLC, 2016 Term Loan B, 5.00%, 6/07/23			1,568		1,590,135
National Mentor Holdings, Inc., Term Loan B, 4.25%, 1/31/21			296		295,921
NVA Holdings, Inc.:
1st Lien Term Loan, 4.75%, 8/14/21			301		302,620
2016 Term Loan, 5.50%, 8/14/21			559		561,203
Precyse Acquisition Corp., 2016 1st Lien Term Loan, 6.50%, 10/20/22			1,004		1,015,138
Sterigenics-Nordion Holdings LLC, 2015 Term Loan B, 4.25%, 5/15/22			1,861		1,863,764
Surgery Center Holdings, Inc., 1st Lien Term Loan, 4.75%, 11/03/20			1,180		1,192,927
Surgical Care Affiliates, Inc., Incremental Term Loan B, 3.75%, 3/17/22			1,548		1,552,016
Team Health, Inc.:
1st Lien Term Loan, 3.75%, 1/17/24			1,845		1,841,550
2016 Term Loan, 3.78%, 11/23/22			1,330		1,324,966
U.S. Renal Care, Inc., 2015 Term Loan B, 5.25%, 12/31/22			1,028		967,752
Vizient, Inc., 2016 Term Loan B, 5.00%, 2/13/23			1,117		1,131,381

					35,898,005
Health Care Technology — 1.0%
Emdeon Business Services LLC, Term Loan B3, 3.75%, 11/02/18			196		195,561
IMS Health, Inc., 2016 Term Loan B, 3.50%, 3/17/21			1,955		1,965,965
Press Ganey Holdings, Inc.:
1st Lien Term Loan, 4.25%, 10/21/23			840		841,579
2nd Lien Term Loan, 8.25%, 10/21/24			310		315,037

					3,318,142


Floating Rate Loan Interests (b)		Par (000)		Value
Hotels, Restaurants & Leisure — 7.7%
Amaya Holdings BV:
1st Lien Term Loan, 5.00%, 8/01/21	USD		1,633	$	1,640,921
2nd Lien Term Loan, 8.00%, 8/01/22			602		603,818
AMF Bowling Centers, Inc., 2016 Term Loan, 6.00%, 8/17/23			716		717,551
Boyd Gaming Corp.:
Term Loan B, 4.00%, 8/14/20			479		480,555
Term Loan B2, 3.76%, 9/15/23			1,047		1,058,173
Bronco Midstream Funding LLC, Term Loan B, 5.00%, 8/15/20			1,440		1,446,980
Burger King Newco Unlimited Liability Co., Term Loan B2, 3.75%, 12/10/21			2,860		2,886,069
Caesars Entertainment Operating Co., Inc., Term Loan B7, 6 .00%, 3/01/17			1,495		1,784,342
Caesars Entertainment Resort Properties LLC, Term Loan B, 7.00%, 10/11/20			4,587		4,626,599
CCM Merger, Inc., Term Loan B, 4.03%, 8/08/21			821		827,159
Eldorado Resorts LLC, Term Loan B, 4.25%, 7/23/22			1,469		1,478,530
ESH Hospitality, Inc., 2016 Term Loan B, 3.78%, 8/30/23			1,995		2,002,122
Four Seasons Holdings, Inc., 1st Lien Term Loan, 4.00%, 11/30/23			140		141,707
Hilton Worldwide Finance LLC:
Term Loan B1, 3.50%, 10/26/20			105		106,213
Term Loan B2, 3.27%, 10/25/23			1,009		1,017,913
La Quinta Intermediate Holdings LLC, Term Loan B, 3.77%, 4/14/21			505		507,395
Penn National Gaming, Inc., 2017 Term Loan B, 3.25 %, 1/13/24			235		236,664
RHP Hotel Properties LP, Term Loan B, 3.75%, 1/15/21			770		779,401
Sabre, Inc.:
Incremental Term Loan, 4.50%, 2/19/19			250		250,398
Term Loan B, 4.00%, 2/19/19			1,332		1,338,060
Scientific Games International, Inc.:
2014 Term Loan B1, 6.00%, 10/18/20			712		718,019
2014 Term Loan B2, 6.00%, 10/01/21			493		496,877



8	BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017


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


Floating Rate Loan Interests (b)		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Station Casinos LLC, 2016 Term Loan B, 3.77%, 6/08/23	USD		524	$	525,190
Yum! Brands, Inc., 1st Lien Term Loan B, 3.52%, 6/16/23			896		908,655

					26,579,311
Household Products — 1.4%
Serta Simmons Bedding LLC, 1st Lien Term Loan, 4.50%, 11/08/23			2,920		2,913,751
Spectrum Brands, Inc., 2016 Term Loan, 3.31%, 6/23/22			2,008		2,030,663

					4,944,414
Independent Power and Renewable Electricity Producers — 2.8%
Aria Energy Operating LLC, Term Loan, 5.50%, 5/27/22			736		730,687
Calpine Construction Finance Co., LP, Term Loan B1, 3.03%, 5/03/20			641		640,695
Calpine Corp.:
Term Loan B5, 3.75%, 1/15/24			690		692,706
Term Loan B6, 3.75%, 1/15/23			1,307		1,313,831
Term Loan B7, 3.75%, 5/31/23			473		475,573
Dynegy, Inc.:
2017 Term Loan C, 4.25%, 6/27/23			305		307,010
Escrow, 5.00%, 6/27/23			1,959		1,972,111
Granite Acquisition, Inc.:
Term Loan B, 5.00%, 12/19/21			2,031		2,047,771
Term Loan C, 5.00%, 12/19/21			91		91,940
NRG Energy, Inc., 2016 Term Loan B, 3.03%, 6/30/23			740		742,100
Terra-Gen Finance Co. LLC, Term Loan B, 5.25%, 12/09/21			669		615,521

					9,629,945
Industrial Conglomerates — 0.8%
Cortes NP Acquisition Corp., Term Loan B, 6.04%, 11/30/23			1,865		1,874,325
Power Products LLC, Term Loan, 5.50%, 1/24/23			515		517,575
Sequa Corp., Term Loan B, 5.25%, 6/19/17			317		302,927

					2,694,827


Floating Rate Loan Interests (b)		Par (000)		Value
Insurance — 2.3%
Alliant Holdings I, Inc., 2015 Term Loan B, 4.50%, 8/12/22	USD		1,035	$	1,039,332
AmWINS Group LLC:
2017 2nd Lien Term Loan, 8.50%, 1/17/25			180		182,700
2017 Term Loan B, 4.00%, 1/05/24			1,155		1,159,042
AssuredPartners, Inc., 2016 Term Loan B, 5.25%, 10/21/22			1,354		1,369,128
Hub International Ltd., Term Loan B, 4.00%, 10/02/20			555		557,250
Lonestar Intermediate Super Holdings LLC, PIK Term Loan B, 10.00%, 8/31/21 (e)			720		749,700
Sedgwick Claims Management Services, Inc.:
1st Lien Term Loan, 3.75%, 3/01/21			1,143		1,146,493
2016 1st Lien Term Loan, 4.25%, 3/01/21			527		532,297
2nd Lien Term Loan, 6.75%, 2/28/22			1,230		1,232,054

					7,967,996
Internet & Direct Marketing Retail — 0.5%
Harbor Freight Tools USA, Inc., 2016 Term Loan B, 3.78%, 8/19/23			1,877		1,884,596
Internet Software & Services — 1.4%
Go Daddy Operating Co. LLC, Term Loan B, 4.25%, 5/13/21			1,536		1,538,098
GTT Communications, Inc., 2016 Term Loan B, 5.00%, 1/09/24			223		225,787
Rackspace Hosting, Inc., 1st Lien Term Loan, 4.50%, 11/03/23			2,050		2,066,113
W3 Co., 2nd Lien Term Loan, 9.25%, 9/11/20			419		65,356
WaveDivision Holdings LLC, Term Loan B, 4.04%, 10/15/19			894		898,000

					4,793,354
IT Services — 6.0%
Abacus Innovations Corp., Term Loan B, 3.53%, 8/16/23			2,510		2,526,742
Cision US, Inc., Term Loan B, 7.00%, 6/16/23			756		754,786
First Data Corp.:
2016 Term Loan, 3.78%, 3/24/21			7,487		7,530,302
Term Loan A, 2.78%, 6/02/20			920		919,236
Global Payments, Inc., Reprice Term Loan B, 3.28%, 4/22/23			1,010		1,019,195



BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017	9


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


Floating Rate Loan Interests (b)		Par (000)		Value
IT Services (continued)
TKC Holdings, Inc.:
2017 2nd Lien Term Loan, 8.50%, 1/18/24	USD		461	$	461,000
2017 Term Loan, 4.75%, 1/13/23			1,235		1,238,088
Vantiv LLC, 2014 Term Loan B, 3.27%, 10/14/23			675		679,901
VF Holding Corp., Reprice Term Loan, 4.25%, 6/30/23			2,958		2,976,072
WEX, Inc., Term Loan B, 4.28%, 7/01/23			2,318		2,344,431

					20,449,753
Leisure Products — 0.1%
Zodiac Pool Solutions LLC, 1st Lien Term Loan, 5.50%, 12/20/23			236		237,770
Machinery — 2.7%
Faenza Acquisition GmbH:
Term Loan B1, 4.25%, 8/30/20			613		616,198
Term Loan B3, 4.25%, 8/30/20			186		186,472
Gardner Denver, Inc., Term Loan, 4.57%, 7/30/20			698		689,538
Global Brass & Copper, Inc., 2016 Term Loan B, 5.25%, 7/18/23			698		705,233
Infiltrator Systems, Inc., 2016 Term Loan B, 4.50%, 5/27/22			915		917,257
Milacron LLC, Amended Term Loan B, 3.00%, 6/20/23			310		311,163
Mueller Water Products, Inc., Term Loan B, 4.03%, 11/26/21			490		495,307
Navistar International Corp., Term Loan B, 6.50%, 8/07/20			585		592,351
Rexnord LLC, 2016 Term Loan B, 3.75%, 8/21/23			1,336		1,343,481
Signode Industrial Group US, Inc., Term Loan B, 4.00%, 5/01/21			570		573,805
Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19			2,258		2,138,726
Wabash National Corp., 2015 Term Loan B, 4.25%, 3/16/22			566		566,988

					9,136,519
Media — 12.3%
Altice US Finance I Corp., 2016 Term Loan B, 3.78%, 1/15/25			3,066		3,099,400
AMC Entertainment, Inc., Term Loan B, 3.53%, 12/15/23			445		448,449
CBS Radio, Inc., Term Loan B, 4.50%, 10/17/23			611		616,291


Floating Rate Loan Interests (b)		Par (000)		Value
Media (continued)
Charter Communications Operating LLC, 2016 Term Loan, 3.03%, 1/15/24	USD		3,940	$	3,952,794
CSC Holdings LLC, 2016 Term Loan, 3.77%, 10/11/24			2,150		2,163,048
Entercom Radio LLC, 2016 Term Loan, 4.50%, 11/01/23			329		332,530
Hemisphere Media Holdings LLC, Term Loan B, 5.00%, 7/30/20			978		985,476
Houghton Mifflin Harcourt Publishing Co., 2015 Term Loan B, 4.00%, 5/31/21			1,486		1,378,105
iHeartCommunications, Inc.:
Extended Term Loan E, 8.28%, 7/30/19			315		262,105
Term Loan D, 7.53%, 1/30/19			3,806		3,151,769
Intelsat Jackson Holdings SA, Term Loan B2, 3.75%, 6/30/19			2,981		2,932,650
Learfield Communications, Inc., 2016 1st Lien Term Loan, 4.25%, 11/17/23			1,119		1,127,892
Liberty Cablevision of Puerto Rico LLC, 1st Lien Term Loan, 4.52%, 1/07/22			735		731,634
Live Nation Entertainment, Inc., Term Loan B, 3.31%, 10/31/23			295		297,693
MCC Iowa LLC, Term Loan J, 3.50%, 6/30/21			317		318,757
Mediacom Communications Corp., Term Loan F, 3.23%, 3/31/18			496		496,287
Mission Broadcasting, Inc., 2016 Term Loan B2, 4.02%, 1/17/24			255		257,856
Nexstar Broadcasting, Inc., 2017 Term Loan B, 4.00%, 1/17/24			2,765		2,798,626
Numericable U.S. LLC:
Term Loan B10, 4.29%, 1/14/25			1,319		1,329,919
Term Loan B7, 5.29%, 1/15/24			744		752,049
SBA Senior Finance II LLC, Term Loan B1, 3.03%, 3/24/21			2,676		2,682,647
Sinclair Television Group, Inc., Term Loan B2, 3.03%, 1/03/24			634		634,836
Trader Corp., Term Loan, 5.00%, 9/28/23			965		974,245
Tribune Media Company, Term Loan C, 3.78%, 1/27/24			2,384		2,400,106
Univision Communications, Inc., Term Loan C4, 4.00%, 3/01/20			2,244		2,249,328
UPC Financing Partnership, Term Loan AN, 3.77%, 8/31/24			754		753,986



10	BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017


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


Floating Rate Loan Interests (b)		Par (000)		Value
Media (continued)
Virgin Media Investment Holdings Ltd., Term Loan E, 4.25%, 6/30/23	GBP		1,105	$	1,390,228
Ziggo Financing Partnership:
Term Loan B1, 3.52%, 1/15/22	USD		741		742,164
Term Loan B2A, 3.52%, 1/15/22			444		444,903
Term Loan B3, 4.07%, 1/15/22			138		138,051
Ziggo Secured Finance Partnership, Term Loan E, 2.50%, 4/23/25			2,585		2,590,118

					42,433,942
Metals & Mining — 0.1%
Ameriforge Group, Inc., 2nd Lien Term Loan, 8.75%, 12/19/20			265		32,243
WireCo WorldGroup, Inc., 2016 1st Lien Term Loan, 6.50%, 9/30/23			459		463,296

					495,539
Multiline Retail — 1.3%
BJ’s Wholesale Club, Inc.:
1st Lien Term Loan, 4.50%, 9/26/19			2,156		2,155,541
2nd Lien Term Loan, 8.50%, 3/26/20			387		386,463
Hudson’s Bay Co., 2015 Term Loan B, 4.25%, 9/30/22			1,360		1,334,957
Neiman Marcus Group, Inc., 2020 Term Loan, 4.25%, 10/25/20			742		613,619

					4,490,580
Oil, Gas & Consumable Fuels — 5.2%
California Resources Corp.:
Second Out Term Loan, 11.38%, 12/31/21			2,075		2,333,109
Term Loan A, 3.78%, 10/01/19			1,601		1,557,086
Chesapeake Energy Corp., Term Loan, 8.50%, 8/23/21			2,125		2,323,359
CITGO Holding, Inc., 2015 Term Loan B, 9.50%, 5/12/18			651		661,518
Drillships Financing Holding, Inc., Term Loan B1, 6.06%, 3/31/21			627		485,693
Energy Transfer Equity LP, Term Loan:
2015, 4.14%, 12/02/19			642		643,708
2017 B, 2.50%, 1/24/24			764		762,900
3.39%, 12/02/19			120		119,910
EP Energy LLC, 2016 Term Loan, 9.75%, 6/30/21			107		111,512


Floating Rate Loan Interests (b)		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
EWT Holdings III Corp., 1st Lien Term Loan, 4.75%, 1/15/21	USD		1,019	$	1,024,866
MEG Energy Corp., 2017 Term Loan B, 4.75%, 12/31/23			2,441		2,448,699
Panda Patriot LLC, Term Loan B1, 6.75%, 12/19/20			212		208,732
Power Buyer LLC, 1st Lien Term Loan, 4.25%, 5/06/20			305		305,115
PowerTeam Services LLC, 2nd Lien Term Loan, 8.25%, 11/06/20			285		283,575
Samchully Midstream 3 LLC, Term Loan B, 5.75%, 10/20/21			861		809,496
Seventy Seven Operating LLC, Term Loan B, 3.78%, 6/25/20			159		157,275
TPF II Power LLC, Term Loan B, 5.00%, 10/02/21			1,226		1,237,765
Ultra Resources, Inc., Revolver, 4.61%, 4/06/17 (a)(d)			754		748,345
Veresen Midstream Limited Partnership, Term Loan B1, 5.25%, 3/31/22			1,681		1,699,003

					17,921,666
Personal Products — 0.9%
Prestige Brands, Inc., Term Loan B4, 3.78%, 1/17/24			1,301		1,312,017
Revlon Consumer Products Corp., 2016 Term Loan B, 4.44%, 9/07/23			1,845		1,859,916

					3,171,933
Pharmaceuticals — 5.8%
Akorn, Inc., Term Loan B, 5.25%, 4/16/21			1,535		1,550,654
CCC Information Services, Inc., Term Loan, 4.00%, 12/20/19			499		500,138
DPx Holdings BV, 2014 Incremental Term Loan, 4.25%, 3/11/21			3,726		3,748,828
Endo Luxembourg Finance Co. I Sarl, 2015 Term Loan B, 3.81%, 9/26/22			856		853,024
Grifols Worldwide Operations USA, Inc., 2017 Acquisition Term Loan, 2.50%, 12/20/23			3,510		3,528,006
Jaguar Holding Co. II, 2015 Term Loan B, 4.25%, 8/18/22			3,916		3,934,483
NBTY, Inc., Term Loan B, 5.00%, 5/05/23			1,076		1,082,503



BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017	11


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


Floating Rate Loan Interests (b)		Par (000)		Value
Pharmaceuticals (continued)
Valeant Pharmaceuticals International, Inc.:
Series A3 Tranche A, 4.53%, 10/20/18	USD		248	$	247,622
Series C2 Term Loan B, 5.27%, 12/11/19			2,907		2,912,034
Series D2 Term Loan B, 5.02%, 2/13/19			412		412,378
Series E Term Loan B, 5.27%, 8/05/20			665		666,782
Series F1 Term Loan B, 5.50%, 4/01/22			477		479,173

					19,915,625
Professional Services — 2.5%
Acosta Holdco, Inc., 2015 Term Loan, 4.29%, 9/26/21			370		356,761
Advantage Sales & Marketing, Inc., 2014 1st Lien Term Loan, 4.25%, 7/23/21			687		682,567
Emdeon Business Services LLC, Term Loan B2, 3.75%, 11/02/18			1,731		1,731,861
Information Resources, Inc., 1st Lien Term Loan, 5.27%, 1/18/24			480		484,200
Sterling Infosystems, Inc., 1st Lien Term Loan B, 5.75%, 6/20/22			999		994,044
TransUnion LLC, Term Loan B2, 3.53%, 4/09/23			4,473		4,492,252

					8,741,685
Real Estate Investment Trusts (REITs) — 1.4%
Communications Sales & Leasing, Inc., Term Loan B, 4.50%, 10/24/22			1,460		1,476,994
MGM Growth Properties LLC, 2016 Term Loan B, 3.53%, 4/25/23			3,335		3,361,964

					4,838,958
Real Estate Management & Development — 1.5%
CityCenter Holdings LLC, Term Loan B, 3.75%, 10/16/20			1,319		1,332,021
DTZ U.S. Borrower LLC, 2015 1st Lien Term Loan, 4.29%, 11/04/21			1,149		1,154,831
Realogy Corp.:
2017 Term Loan B, 3.03%, 7/20/22			1,914		1,925,876
Term Loan A, 2.77%, 10/23/20			664		663,797

					5,076,525


Floating Rate Loan Interests (b)		Par (000)		Value
Road & Rail — 0.4%
Road Infrastructure Investment LLC, 2016 1st Lien Term Loan, 5.00%, 6/13/23	USD		768	$	773,067
SIRVA Worldwide, Inc., 2016 Term Loan, 7.50%, 11/14/22			504		492,660

					1,265,727
Semiconductors & Semiconductor Equipment — 1.2%
Cavium, Inc., Term Loan B, 3.78%, 8/16/22			503		507,949
Microsemi Corp., 2015 Term Loan B, 3.77%, 1/15/23			272		273,308
NXP BV, Term Loan F, 3.24%, 12/07/20			2,706		2,717,257
ON Semiconductor Corp., Incremental Term Loan, 4.03%, 3/31/23			658		665,210

					4,163,724
Software — 8.5%
Aptean, Inc., 2016 1st Lien Term Loan, 6.00%, 12/20/22			355		358,994
BMC Software Finance, Inc., Term Loan, 5.00%, 9/10/20			1,874		1,868,413
DTI Holdco, Inc., 2016 Term Loan B, 6.09%, 9/21/23			958		952,218
Hyland Software, Inc., 2015 Term Loan, 4.75%, 7/01/22			70		70,228
Infor US, Inc., Term Loan B5, 3.75%, 6/03/20			2,285		2,285,126
Informatica Corp., Term Loan, 4.50%, 8/05/22			2,495		2,484,580
IPS Corp., 2016 1st Lien Term Loan, 6.25%, 12/20/23			395		397,963
IQOR US, Inc., Term Loan B, 6.00%, 4/01/21			453		434,585
Kronos Incorporated, 2nd Lien Term Loan, 9.25%, 11/01/24			1,045		1,078,440
Kronos, Inc., 1st Lien Term Loan, 5.00%, 11/01/23			2,835		2,865,136
Landslide Holdings, Inc., 2017 Term Loan B, 5.75%, 1/20/24			245		246,269
Mitchell International, Inc.:
1st Lien Term Loan, 4.50%, 10/13/20			1,307		1,312,361
2nd Lien Term Loan, 8.50%, 10/11/21			1,000		992,000
Optiv Security, Inc.:
1st Lien Term Loan, 4.25%, 1/19/24			1,765		1,774,566
2nd Lien Term Loan, 9.50%, 1/19/25			465		471,506



12	BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017


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


Floating Rate Loan Interests (b)		Par (000)		Value
Software (continued)
RP Crown Parent, LLC, 2016 Term Loan B, 4.50%, 10/12/23	USD		1,365	$	1,374,754
SolarWinds, Inc., 2016 Term Loan, 5.50%, 2/05/23			1,990		1,991,413
Solera LLC, Term Loan B, 5.75%, 3/03/23			1,036		1,046,000
Sophia, L.P., 2017 Term Loan B, 4.25%, 9/30/22			1,526		1,528,325
SS&C Technologies, Inc.:
2015 Term Loan B1, 4.03%, 7/08/22			2,929		2,955,892
2015 Term Loan B2, 4.03%, 7/08/22			281		283,480
Synchronoss Technologies, Inc., Term Loan, 3.77%, 1/12/24			1,200		1,204,128
Tibco Software, Inc., 2017 Term Loan B, 5.50%, 12/04/20			1,181		1,189,852

					29,166,229
Specialty Retail — 2.9%
Academy Ltd., 2015 Term Loan B, 5.04%, 7/01/22			1,100		959,073
Bass Pro Group LLC:
Asset Sale Term Loan, 5.72%, 5/04/18			410		408,721
Term Loan, 4.02%, 6/05/20			487		484,868
Term Loan B, 5.97%, 12/16/23			505		488,981
Leslie’s Poolmart, Inc., 2016 Term Loan, 5.25%, 8/16/23			743		747,410
Michaels Stores, Inc., 2016 Term Loan B1, 3.75%, 1/30/23			2,711		2,695,415
Outerwall ,Inc., 1st Lien Term Loan, 5.25%, 9/27/23			499		504,830
Party City Holdings, Inc., 2016 Term Loan, 3.82%, 8/19/22			1,748		1,736,081
Petco Animal Supplies, Inc., 2017 Term Loan B, 4.25%, 1/09/23			1,495		1,473,807
Things Remembered, Inc., 2016 Term Loan, 11.00%, 2/29/20			577		158,806

					9,657,992
Technology Hardware, Storage & Peripherals — 0.7%
Dell Inc., 2016 Term Loan B, 4.03%, 9/07/23			1,591		1,597,774
Linxens France SA, Term Loan, 5.00%, 10/14/22			475		477,576
Oberthur Technologies SA,
2016 Term Loan B1, 4.70%, 12/15/23			143		144,702


Floating Rate Loan Interests (b)		Par (000)		Value
Technology Hardware, Storage & Peripherals (continued)
Western Digital Corp., Term Loan A, 2.78%, 4/29/21	USD		242	$	242,084

					2,462,136
Textiles, Apparel & Luxury Goods — 0.5%
Ascend Performance Materials LLC, Term Loan B, 6.50%, 8/12/22			1,489		1,499,275
J. Crew Group, Inc., Term Loan B, 4.00%, 3/05/21			208		116,127

					1,615,402
Thrifts & Mortgage Finance — 0.5%
IG Investment Holdings LLC, Term Loan B, 6.00%, 10/29/21			1,694		1,702,007
Trading Companies & Distributors — 1.0%
Beacon Roofing Supply, Inc., Term Loan B, 3.71%, 10/01/22			865		870,494
HD Supply, Inc.:
Incremental Term Loan B1, 3.75%, 8/13/21			1,750		1,760,000
Incremental Term Loan B2, 3.75%, 10/17/23			623		628,113
Nexeo Solutions LLC, 2016 Term Loan, 5.29%, 6/09/23			154		155,382

					3,413,989
Transportation — 0.2%
Gruden Acquisition, Inc., 1st Lien Term Loan, 5.75%, 8/18/22			772		758,687
Wireless Telecommunication Services — 2.5%
Ligado Networks LLC, PIK Exit Term Loan (9.75% PIK), 9.75%, 12/07/20 (e)			4,787		4,679,386
LTS Buyer LLC, 1st Lien Term Loan, 4.25%, 4/13/20			3,323		3,339,194
Radiate Holdco LLC, 1st Lien Term Loan, 3.75%, 12/02/23			635		639,661

					8,658,241
Total Floating Rate Loan Interests — 139.1%					478,176,793



Investment Companies		Shares
Capital Markets — 0.0%
Eaton Vance Floating-Rate Income Trust			34		516



BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017	13


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


Investment Companies		Shares		Value
Capital Markets (continued)
Eaton Vance Senior Income Trust			8,925	$	60,601
Total Investment Companies — 0.0%					61,117



Other Interests — 0.0% (f)		Beneficial Interest (000)
Auto Components — 0.0%
Lear Corp. Escrow	USD		500		6



Warrants		Shares
Chemicals — 0.0%
British Vita Holdings Co. (Non-Expiring)			166		—
Software — 0.0%
Bankruptcy Management Solutions, Inc.; Expires 07/01/18			181		1,493
Expires 07/01/19			195		731
Expires 07/01/20			292		803


Warrants	Shares		Value
Software (continued)
HMH Holdings/EduMedia (Issued/exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)		1,501	$	481
Total Warrants — 0.0%				3,508
Total Long-Term Investments (Cost — $508,643,251 — 148.6%				510,735,989



Short-Term Securities
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.40% (g)(h)		2,816,178		2,816,178
Total Short-Term Securities (Cost — $2,816,178) — 0.8%				2,816,178
Total Options Purchased (Cost — $25,422) — 0.0%				—
Total Investments (Cost — $511,484,851*) — 149.4%				513,552,167
Liabilities in Excess of Other Assets — (49.4)%				(169,911,882	)

Net Assets — 100.0%			$	343,640,285

As of January 31, 2017, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	511,550,281

Gross unrealized appreciation	$	5,686,396
Gross unrealized depreciation		(3,684,510	)

Net unrealized appreciation	$	2,001,886



14	BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017


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

Notes to Schedule of Investments

(a)

Non-income producing security.

(b)

Variable rate security. Rate as of period end.

(c)

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.

(d)

Issuer filed for bankruptcy and/or is in default.

(e)

Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

(f)

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

(g)

During the period ended January 31, 2017, investments in issuers considered to be affiliates of the Trust 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, 2016		Net Activity			Shares Held at January 31, 2017		Value at January 31, 2017		Income		Net Realized Gain		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		7,275,589		(4,459,411	)	$	2,816,178	$	2,816,178	$	1,913	$	11		—
iShares iBoxx $ High Yield Corporate Bond ETF		16,868		(16,868	)		—		—		6,508		2,164	$	(4,940	)
								$	2,816,178	$	8,421	$	2,175	$	(4,940	)

(h)

Current yield as of period end.

For Trust compliance purposes, the sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

Derivative Financial Instruments Outstanding as of Period End


Forward Foreign Currency Exchange Contracts
Currency Purchased			Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
	USD	626,318	EUR	602,000	UBS AG		2/03/17	$	(23,563	)
	USD	1,322,987	GBP	1,083,000	Royal Bank of Scotland PLC		2/03/17		(39,446	)
	USD	645,846	EUR	600,000	Morgan Stanley & Co. International PLC		3/06/17		(2,665	)
	USD	1,353,057	GBP	1,083,000	Barclays Bank PLC		3/06/17		(10,183	)
	Total							$	(75,857	)



BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017	15


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

OTC Options Purchased

Description

Put/
Call

Counterparty

Expiration
Date

Strike
Price

Notional
Amount
(000)

Contracts

Value

Marsico Parent Superholdco LLC

Call

Goldman Sachs & Co.

12/14/19

942.86

USD

—


Centrally Cleared Interest Rate Swaps
Fixed Rate			Floating Rate	Effective Date		Expiration Date		Notional Amount (000)			Unrealized Appreciation (Depreciation)
	1.92	%	3-Month LIBOR		1/31/17		12/14/21		USD	870	$	1,542
	1.92	%	3-Month LIBOR		1/31/17		12/14/21		USD	1,305		2,190
	1.91	%	3-Month LIBOR		1/31/17		12/16/21		USD	1,500		3,393
	Total										$	7,125



16	BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017


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

Portfolio Abbreviations


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

Fair Value Hierarchy as of Period End

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

•

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

•

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

•

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. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value 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 investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—	$	7,630,545	$	250,000	$	7,880,545
Common Stocks	$	465,340		9,770		18,906		494,016
Corporate Bonds		—		24,106,924		13,080		24,120,004
Floating Rate Loan Interests		—		448,050,028		30,126,765		478,176,793
Investment Companies		61,117		—		—		61,117
Other Interests		—		—		6		6
Warrants		—		—		3,508		3,508
Unfunded Floating Rate Loan Interests¹		—		7,462		—		7,462
Short-Term Securities		2,816,178		—		—		2,816,178

Total	$	3,342,635	$	479,804,729	$	30,412,265	$	513,559,629



BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017	17


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


	Level 1		Level 2			Level 3		Total
Derivative Financial Instruments²
Assets:
Interest rate contracts		—	$	7,125			—	$	7,125
Liabilities:
Foreign currency exchange contracts		—		(75,857	)		—		(75,857	)

Total		—	$	(68,732	)		—	$	(68,732	)

Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

Derivative financial instruments are swaps, forward foreign currency exchange contracts and options purchased. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options purchased are shown at value.

A reconciliation of Level 3 investments is presented when the Fund 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:


	Common Stocks			Asset- Backed Securities			Corporate Bonds		Floating Rate Loan Interests			Other Interests		Warrants			Total
Assets:
Opening balance, as of October 31, 2016	$	1,232,177		$	1,497,774		$	13,080	$	22,427,576		$	5	$	4,350		$	25,174,962
Transfers into Level 3¹		—			—			—		12,836,389			—		—			12,836,389
Transfers out of Level 3²		—			(1,497,774	)		—		(9,941,621	)		—		—			(11,439,395	)
Accrued discounts/premiums		—			—			—		18,749			—		—			18,749
Net realized gain¹ (loss)		859,718			—			—		(439,171	)		—		—			420,547
Net change in unrealized appreciation (depreciation)¹,		(465,949	)		—			—		643,194			1		(842	)		176,404
Purchases		—			250,000			—		9,009,994			—		—			9,259,994
Sales		(1,607,040	)		—			—		(4,428,345	)		—		—			(6,035,385	)

Closing Balance, as of January 31, 2017	$	18,906		$	250,000		$	13,080	$	30,126,765		$	6	$	3,508		$	30,412,265

Net change in unrealized appreciation (depreciation) on investments still held at January 31, 2017³	$	(465,949	)		—			—	$	194,227			—	$	(842	)	$	(272,564	)

¹ As of October 31, 2016, the Trust used observable inputs in determining the value of certain investments. As of January 31, 2017, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.
² As of October 31, 2016, the Trust used significant unobservable inputs in determining the value of certain investments. As of January 31, 2017, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.
³ Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at January 31, 2017 is generally due to investments no longer held or categorized as Level 3 at period end.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, bank borrowings payable of $135,000,000 are categorized as level 2 within the disclosure hierarchy.

During the period ended January 31, 2017, there were no transfers between levels.



18	BLACKROCK FLOATING RATE INCOME TRUST	JANUARY 31, 2017

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:		March 23, 2017

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:		March 23, 2017

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

Date:		March 23, 2017