c55393_nq.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

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 Global Floating Rate Income Trust (BGT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Global Floating Rate Income Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

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

Date of fiscal year end: 12/31/2008

Date of reporting period: 07/01/2008 – 09/30/2008


Item 1 – Schedule of Investments


BlackRock Global Floating Rate Income Trust            
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
          Par      
Industry   Corporate Bonds     (000)     Value
Air Freight & Logistics - 0.0%   Park-Ohio Industries, Inc., 8.375%, 11/15/14   USD 125   $ 99,063
Auto Components - 0.0%   The Goodyear Tire & Rubber Co., 6.678%, 12/01/09 (a)   60     58,800
    Lear Corp., 8.75%, 12/01/16     60     41,700
    Metaldyne Corp., 10%, 11/01/13     120     18,000
                118,500
Building Products - 0.0%   CPG International I, Inc., 10.50%, 7/01/13     90     61,200
Capital Markets - 1.2%   E*Trade Financial Corp., 12.50%, 11/30/17 (b)     2,500     2,512,500
    Marsico Parent Co., LLC, 10.625%, 1/15/16 (b)     1,501     1,125,750
    Marsico Parent Holdco, LLC, 12.50%, 7/15/16 (b)(c)   553     426,123
    Marsico Parent Superholdco, LLC, 14.50%, 1/15/18 (b)(c)   373     298,204
                4,362,577
Chemicals - 0.5%   American Pacific Corp., 9%, 2/01/15     125     121,250
    Ames True Temper, Inc., 8.753%, 1/15/12 (a)     1,100     825,000
    Hercules, Inc., 6.75%, 10/15/29     750     742,500
    Key Plastics LLC, 11.75%, 3/15/13 (b)     625     218,750
                1,907,500
Commercial Banks - 0.8%   TuranAlem Finance BV, 4.166%, 1/22/09 (a)(b)     3,000     2,700,000
Commercial Services &   DI Finance Series B, 9.50%, 2/15/13     307     300,860
Supplies - 0.1%                
Containers &   Berry Plastics Holding Corp., 6.694%, 9/15/14 (a)     300     210,000
Packaging - 0.1%   Impress Holdings BV, 7.878%, 9/15/13 (a)(b)     150     127,500
                337,500
Diversified   Cincinnati Bell, Inc., 7.25%, 7/15/13     310     279,000
Telecommunication   Qwest Communications International, Inc., 6.304%, 2/15/09 (a)   784     774,200
Services - 1.0%   Qwest Corp., 6.069%, 6/15/13 (a)     2,500     2,125,000
    Wind Acquisition Finance SA, 10.75%, 12/01/15 (b)     150     147,000
                3,325,200
Electronic Equipment &   Sanmina-SCI Corp., 8.125%, 3/01/16     1,120     952,000
Instruments - 0.3%                
Energy Equipment &   Compagnie Generale de Geophysique-Veritas, 7.50%, 5/15/15   70     66,850
Services - 0.0%   Compagnie Generale de Geophysique-Veritas, 7.75%, 5/15/17   50     47,500
    Grant Prideco, Inc. Series B, 6.125%, 8/15/15     40     39,037
                153,387
Health Care Equipment &   DJO Finance LLC, 10.875%, 11/15/14     1,500     1,436,250
Supplies - 0.4%                
Health Care Providers &   Tenet Healthcare Corp., 6.50%, 6/01/12     250     231,250
Services - 0.1%                
Hotels, Restaurants &   American Real Estate Partners LP, 7.125%, 2/15/13     140     107,100
Leisure - 0.1%   Greektown Holdings, LLC, 10.75%, 12/01/13 (b)(d)     122     84,180
    Universal City Florida Holding Co. I, 7.551%, 5/01/10 (a)   80     75,200
    Wynn Las Vegas LLC, 6.625%, 12/01/14     20     17,050
                283,530
Household Durables - 0.0%   Berkline/BenchCraft, LLC, 4.50%, 11/03/12 (c)(d)(e)     400     -


1

BlackRock Global Floating Rate Income Trust            
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
          Par      
Industry   Corporate Bonds     (000)     Value
Independent Power   AES Ironwood LLC, 8.875%, 11/30/25   USD 85   $ 85,440
Producers & Energy                
Traders - 0.0%                
Machinery - 0.2%   Sunstate Equipment Co. LLC, 10.50%, 4/01/13 (b)     210     159,600
    Synventive Molding Solutions Sub-Series A, 14%, 1/14/11   867     389,988
                549,588
Media - 0.9%   Affinion Group, Inc., 10.125%, 10/15/13     50     47,000
    Cablevision Systems Corp. Series B, 8.334%, 4/01/09 (a)   100     98,750
    Charter Communications Holdings II, LLC, 10.25%, 9/15/10   625     562,275
    EchoStar DBS Corp., 6.375%, 10/01/11     135     124,200
    EchoStar DBS Corp., 7%, 10/01/13     158     136,275
    EchoStar DBS Corp., 7.125%, 2/01/16     230     184,575
    Nielsen Finance LLC, 10%, 8/01/14     410     389,500
    R.H. Donnelley Corp., 11.75%, 5/15/15 (b)     449     273,890
    Rainbow National Services LLC, 8.75%, 9/01/12 (b)     750     750,000
    Windstream Regatta Holdings, Inc., 11%, 12/01/17 (b)     977     547,120
                3,113,585
Metals & Mining - 0.3%   AK Steel Corp., 7.75%, 6/15/12     495     475,200
    Foundation PA Coal Co., 7.25%, 8/01/14     505     487,325
    Freeport-McMoRan Copper & Gold, Inc., 7.084%, 4/01/15 (a)   250     239,473
                1,201,998
Oil, Gas & Consumable   Chaparral Energy, Inc., 8.50%, 12/01/15     135     106,650
Fuels - 8.3%   Morgan Stanley Bank AG for OAO Gazprom, 9.625%, 3/01/13   14,430     14,069,250
    Pemex Project Funding Master Trust, 9.375%, 12/02/08   404     406,303
    Pemex Project Funding Master Trust, 6.553%, 10/15/09 (a)(f)   12,700     12,653,010
    SandRidge Energy, Inc., 6.416%, 4/01/14 (a)(b)     1,400     1,316,433
    Whiting Petroleum Corp., 7.25%, 5/01/13     300     278,250
                28,829,896
Paper & Forest   Abitibi-Consolidated, Inc., 6.319%, 6/15/11 (a)     840     273,000
Products - 1.3%   Ainsworth Lumber Co. Ltd., 11%, 7/29/15 (b)     460     346,523
    Bowater, Inc., 5.819%, 3/15/10 (a)     2,040     1,468,800
    Domtar Corp., 7.125%, 8/15/15     20     18,400
    NewPage Corp., 9.051%, 5/01/12 (a)     1,500     1,342,500
    Verso Paper Holdings LLC Series B, 6.551%, 8/01/14 (a)   1,215     1,002,375
                4,451,598
Pharmaceuticals - 0.4%   Angiotech Pharmaceuticals, Inc., 6.56%, 12/01/13 (a)     1,750     1,260,000
Real Estate Investment   Rouse Co. LP, 5.375%, 11/26/13     6,350     3,873,500
Trusts (REITs) - 1.1%                
Specialty Retail - 0.2%   AutoNation, Inc., 6.753%, 4/15/13 (a)     70     58,975
    AutoNation, Inc., 7%, 4/15/14     60     52,200
    General Nutrition Centers, Inc., 7.584%, 3/15/14 (a)(c)   500     417,500
    Lazy Days' R.V. Center, Inc., 11.75%, 5/15/12     380     163,400
    Michaels Stores, Inc., 10%, 11/01/14     185     116,550
                808,625
Tobacco - 0.6%   Reynolds American, Inc., 7.625%, 6/01/16     2,000     1,985,698
Wireless   Centennial Communications Corp., 9.633%, 1/01/13 (a)   1,250     1,137,500
Telecommunication   iPCS, Inc., 4.926%, 5/01/13 (a)     1,755     1,430,325
Services - 1.3%                


2

BlackRock Global Floating Rate Income Trust            
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
          Par      
Industry   Corporate Bonds     (000)     Value
    Nordic Telephone Co. Holdings ApS, 10.107%, 5/01/16 (a)(f) EUR 1,500   $ 1,932,201
                4,500,026
    Total Corporate Bonds - 19.2%           66,928,771
    Foreign Government Obligations            
    Brazilian Government International Bond, 9.519%, 6/29/09 (a) USD 9,435     9,765,225
    Brazilian Government International Bond, 10.25%, 6/17/13   475     579,500
    Colombia Government International Bond, 8.541%, 3/17/13 (a)(f)   1,200     1,230,000
    Costa Rica Government International Bond, 9.335%, 5/15/09 (f)   3,200     3,280,000
    Islamic Republic of Pakistan, 6.75%, 2/19/09 (f)     1,600     1,400,504
    Malaysia Government International Bond, 8.75%, 6/01/09   800     823,231
    Mexican Bonos Series M, 9%, 12/22/11   MXN 13,520     1,271,225
    Republic of Venezuela, 6.18%, 4/20/11 (a)(f)   USD 4,000     3,280,000
    South Africa Government International Bond, 7.375%, 4/25/12   2,400     2,457,000
    Turkey Government International Bond, 7%, 9/26/16     2,735     2,728,163
    Ukraine Government International Bond, 6.45%, 8/05/09 (a)(b)   16,100     15,536,500
    Ukraine Government International Bond, 6.875%, 3/04/11 (b)   2,800     2,618,000
    Uruguay Government International Bond, 6.875%, 1/19/16 EUR 950     1,297,284
    Total Foreign Government Obligations - 13.3%           46,266,632
    Floating Rate Loan Interests            
Aerospace & Defense - 1.3%   Avio Holding SpA Term Loan, 6.469%, 9/25/16   USD 1,017     878,227
    Hawker Beechcraft Acquisition Co. LLC Letter of Credit,          
    2.701%, 3/26/14     188     163,495
    Hawker Beechcraft Acquisition Co. LLC Term Loan B,            
    5.762%, 3/26/14     3,207     2,791,405
    IAP Worldwide Services, Inc. First Lien Term Loan,            
    8.063%-8.25%, 12/20/12     1,043     822,223
    Wesco Aircraft Hardware Corp. First Lien Term Loan,            
    5.06%, 9/25/13     23     20,292
                4,675,642
Airlines - 0.4% US Airways Group, Inc. Term Loan B, 6.209%, 3/23/14     1,980     1,230,901
Auto Components - 2.4%   Allison Transmission Term Loan B, 5.22%-5.57%, 8/07/14   5,865     4,824,151
    Dana Corp. Term Loan B, 6.75%-7.52%, 1/31/15     2,514     2,129,126
    GPX International Tire Corp. Term Loan B, 9.72%-11%, 4/06/12   627     463,650
    Mark IV Industries First Lien Term Loan, 7.14%-8.26%, 6/01/11   864     574,597
    Metaldyne Corp. Letter of Credit, 2.40%-6.563%, 1/11/12   104     46,212
    Metaldyne Corp. Term Loan B, 6.50%, 1/11/14     706     314,238
                8,351,974
Beverages - 0.4%   Culligan International Second Lien Term Loan,            
    9.263%-9.711%, 4/24/13   EUR 1,000     703,898
    Le-Nature's, Inc. Term Loan B, 9.50%, 12/28/12 (d)   USD 1,000     520,000
                1,223,898
Biotechnology - 0.3% Talecris Biotherapeutics, Inc. First Lien Term Loan,            
    6.31%, 12/06/13     963     909,706
Building Products - 2.4% Armstrong World Term Loan B, 4.943%, 10/02/13     194     176,563
    Building Material Corp. of America First Lien Term Loan,          
    5.563%-6.75%, 2/22/14     2,706     2,101,623
    Custom Building Products Second Lien Term Loan,            
    7.801%, 4/29/12     1,500     1,125,000


3

BlackRock Global Floating Rate Income Trust            
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
          Par      
Industry   Floating Rate Loan Interests     (000)     Value
    Lafarge Roofing SA Term Loan B, 4.608%, 5/01/15  
USD
230   $ 126,155
    Lafarge Roofing SA Term Loan B, 6.856%, 5/01/15  
EUR
845     664,007
    Lafarge Roofing SA Term Loan C, 4.858%, 5/01/16  
USD
230     126,155
    Lafarge Roofing SA Term Loan C, 7.106%, 5/01/16  
EUR
842     661,649
    Momentive Performance Materials, Inc. Term Loan B,            
    4.75%, 12/04/13  
USD
2,474     2,143,421
    United Subcontractors Inc. First Lien Term Loan,            
    7.79%-8.14%, 12/27/12     2,258     1,264,572
                8,389,145
Capital Markets - 0.5%   Marsico Parent Co., LLC Term Loan B, 5.50%-7%, 11/14/14   496     397,000
    Nuveen Investments, Inc. Term Loan, 6.769%, 11/13/14   1,500     1,275,000
                1,672,000
Chemicals - 10.3%   Brenntag AG Second Lien Term Loan, 5.072%, 1/19/13     393     327,927
    Brenntag AG Second Lien Term Loan, 7.0713%, 7/17/15   1,000     790,000
    Brenntag AG Term Loan B, 6.793%, 11/24/37  
EUR
500     633,948
    Brenntag AG Term Loan B2, 5.072%, 1/24/13  
USD
1,607     1,342,073
    British Vita Plc Mezzanine, 10.205%, 7/22/13  
EUR
1,998     1,350,360
    Cognis Deutschland Term Loan A, 6.958%, 11/17/13     803     976,303
    Cognis Deutschland Term Loan B, 6.958%, 11/16/13     197     239,325
    Flint Group Term Loan, 4.88%, 12/20/14  
USD
1,000     770,000
    Huish Detergents, Inc. First Lien Term Loan, 5.77%, 4/26/14   1,742     1,504,306
    Huish Detergents, Inc. Second Lien Term Loan, 7.06%, 10/26/14   750     648,750
    Ineos Group Plc Term Loan A, 5.727%-5.952%, 2/20/13     1,523     1,291,014
    Ineos Group Plc Term Loan B, 5.727%, 2/20/15     1,648     1,361,016
    Ineos Group Plc Term Loan C, 6.452%, 2/20/14     1,648     1,398,093
    Innophos Holdings, Inc. Term Loan B, 6.762%, 8/13/10     2,309     2,268,682
    Invista Term Loan, 5.454%, 4/29/11     676     598,533
    Invista Term Loan B1, 5.454%, 4/29/11     2,310     2,044,100
    Lucite International Finance Plc Payment In Kind,            
    13.96%, 7/03/14  
EUR
1,105     1,036,823
    MacDermid, Inc. Term Loan C, 7.389%, 12/15/13     1,790     2,205,236
    Nalco Co. Tranche B Term Loan, 4.55%-4.92%, 11/04/10
USD
1,629     1,516,992
    PQ Corp. First Lien Term Loan, 6.15%-7.02%, 5/29/16     2,745     2,346,975
    PQ Corp. Second Lien Term Loan, 9.30%, 5/29/15     2,250     1,856,250
    Rockwood Specialties Group, Inc. Tranche D Term Loan,          
    4.299%, 12/13/12     2,762     2,486,567
    Solutia, Inc. Term Loan, 8.50%, 2/28/14     1,995     1,822,410
    Viridian Group Plc Term Loan, 8.833%, 4/20/12  
EUR
1,787     2,201,648
    Viridian Group Plc Term Loan, 10.058%, 12/21/12  
GBP
1,800     2,820,100
                35,837,431
Commercial Services &   ARAMARK Corp. Letter of Credit, 4.676%, 1/26/14  
USD
185     159,341
Supplies - 3.4%   ARAMARK Corp. Term Loan B, 2.44%, 1/26/14     2,907     2,508,129
    Brickman Group, Inc. Term Loan, 5.704%, 1/23/14     1,034     925,654
    EnviroSolutions Term Loan B, 11.50%-12.25%, 7/01/12     2,002     1,741,832
    John Maneely Co. Term Loan B, 6.042%-6.048%, 12/28/13   1,461     1,389,974
    Kion GmbH Term Loan B, 4.469%, 3/04/15     250     202,500
    Kion GmbH Term Loan C, 4.969%, 3/04/16     250     202,500
    Language Line Services Term Loan B1, 7.02%, 11/14/11   597     560,958


4

BlackRock Global Floating Rate Income Trust            
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
          Par      
Industry   Floating Rate Loan Interests     (000)     Value
    Sirva Worldwide Second Lien Term Loan, 8.17%, 5/15/15
USD
119   $ 71,619
    Synagro Technologies, Inc. Second Lien Term Loan,            
    7.56%, 10/01/14     500     305,000
    Synagro Technologies, Inc. Term Loan B, 4.81%-5.77%, 4/01/14   1,991     1,582,989
    West Corp. Term Loan, 5.171%-6.084%, 10/31/13     2,948     2,262,293
                11,912,789
Communications Alltel Corp. Term Loan B2, 5.316%, 5/16/15     1,489     1,441,269
Equipment - 0.9% Alltel Corp. Term Loan B3, 4.997%, 5/16/15     944     908,260
    Sorenson Communications Term Loan C, 4.969%-5.301%, 10/27/14   980     916,120
                3,265,649
Computers & Intergraph Corp. Term Loan, 4.809%, 5/15/14     1,169     1,061,560
Peripherals - 0.8% Intergraph Corp. Term Loan, 8.809%, 11/17/14     750     697,500
    Reynolds and Reynolds Co. First Lien Term Loan, 5.704%, 10/31/12   1,015     892,782
                2,651,842
Construction & Brand Energy & Infrastructure Services, Inc. Letter of Credit, 2.688%,          
Engineering - 0.8% 2/15/14     500     463,750
    Brand Energy & Infrastructure Services, Inc. Term Loan B, 5.063%-          
    6.063%, 1/31/14     992     920,251
    Brand Energy & Infrastructure Services, Inc. Term Loan B, 8.813%,          
    2/15/15     500     453,750
    Grupo Ferrovial SA (BAA) Second Lien Term Loan,            
    10.052%, 4/07/11  
GBP
783     1,094,940
                2,932,691
Construction Materials - 0.3%   Headwaters, Inc. Term Loan B-1, 8.27%, 4/30/11  
USD
 1,250     1,125,000
Containers & Atlantis Plastics Second Lien Term Loan, 12.25%, 3/22/12   500     87,500
Packaging - 3.8% Graham Packaging Co. LP Term Loan B, 4.75%-6.063%, 9/30/11   3,132     2,787,144
    Graphic Packaging International Corp. Term Loan B,            
    5.535%-5.884%, 5/16/14     2,714     2,417,915
    Mivisa Envases SAU Term Loan B, 7.376%, 6/03/15  
EUR
1,000     1,186,068
    Owens-Illinois, Inc. Term Loan D, 6.015%, 6/14/13     1,915     2,444,311
    Pregis Corp. Term Loan B, 7.639%, 9/30/12     485     621,331
    SCA Packaging Second Lien Term Loan, 8.31%, 3/07/15
USD
500     102,500
    Smurfit Kappa Group Term Loan B1, 6.39%-6.996%, 7/16/14
EUR
750     912,135
    Smurfit Kappa Group Term Loan C1, 6.64%-7.246%, 7/16/15   750     912,135
    Smurfit-Stone Container Corp. Term Loan B,            
    4.50%-4.688%, 11/01/11  
USD
140     128,126
    Solo Cup Co. Term Loan, 5.99%-6.72%, 2/27/11     1,802     1,688,406
                13,287,571
Distributors - 0.3% Keystone Automotive Operations, Inc. Term Loan B,            
    5.987%-7.209%, 1/12/12     1,668     1,051,045
Diversified Consumer Coinmach Laundry Corp. Term Loan B, 5.81%, 11/15/14   2,985     2,708,853
Services - 0.8%              
Diversified Financial JG Wentworth Manufacturing Term Loan B, 5.051%, 4/03/14   3,800     2,584,000
Services - 0.9% Professional Services Term Loan, 6.46%, 10/31/12     752     676,849
                3,260,849


5

 
BlackRock Global Floating Rate Income Trust            
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
          Par      
Industry   Floating Rate Loan Interests     (000)     Value
Diversified Cavalier Telephone Term Loan B, 10.50%, 12/15/12  
USD
388   $ 213,247
Telecommunication Country Road Communications Second Lien Term Loan,            
Services - 6.2% 10.42%, 7/15/13     500     485,000
    Eircom Group Plc Second Lien Term Loan,            
    8.891%, 2/14/16  
EUR
1,000     1,170,818
    Eircom Group Plc Term Loan B, 6.606%, 8/14/14     3,000     3,702,506
    Eircom Group Plc Term Loan C, 6.856%, 8/14/13     3,000     3,697,387
    Hawaiian Telcom Term Loan C, 6.262%, 6/01/14  
USD
1,204     822,538
    PaeTec Communications Term Loan, 6.204%, 1/24/13     750     626,250
    TDC A/S ex-Tele Danmark AS Term Loan, 6.636%, 4/06/15
EUR
1,092     1,401,636
    TDC A/S ex-Tele Danmark AS Term Loan B, 6.386%, 4/06/14   912     1,170,655
    Time Warner Telecom Term Loan B, 5.71%, 2/23/14  
USD
1,481     1,397,258
    Wind Telecomunicazione SpA Term Loan A,            
    6.333%-6.973%, 9/22/12  
EUR
1,307     1,679,342
    Wind Telecomunicazione SpA Term Loan B, 7.723%, 9/22/13   2,000     2,556,910
    Wind Telecomunicazione SpA Term Loan C,            
    7.833%-8.473%, 9/22/14     2,000     2,556,910
                21,480,457
Electric Utilities - 0.6% Astoria Generating Company Acquisitions, LLC First Lien Term Loan,          
    4.23%, 2/23/13  
USD
443     403,946
    Astoria Generating Company Acquisitions, LLC Term Loan C, 6.56%,          
    8/23/13     1,000     895,000
    TPF Generation Holdings LLC First Lien Term Loan,            
    5.762%, 11/28/13     717     636,031
    TPF Generation Holdings LLC Letter of Credit, 2.701%, 11/28/13   151     133,607
    TPF Generation Holdings LLC Revolving Credit, 2.701%, 11/28/13   47     41,883
                2,110,467
Electrical Equipment - 0.4% Electrical Components International Holdings Second Lien Term Loan,          
    10.50%, 5/05/14     500     225,000
    Generac Power Systems, Inc. First Lien Term Loan,            
    5.288%, 11/10/13     1,479     1,094,502
                1,319,502
Electronic Equipment & Deutsch Connectors Second Lien Term Loan, 7.384%, 1/27/16   500     405,000
Instruments - 1.6% Flextronics International Ltd. Delay Draw Term Loan,            
    7.455%, 10/01/14     223     189,035
    Flextronics International Ltd. Delay Draw Term Loan,            
    4.963%, 10/05/14     550     465,521
    Flextronics International Ltd. Term Loan B, 4.948%, 10/01/14   1,929     1,633,898
    Flextronics International Ltd. Term Loan B2, 6.50%, 10/01/14   774     655,485
    SafeNet, Inc. Second Lien Term Loan, 9.288%, 3/05/15     2,000     1,400,000
    Tinnerman Palnut Second Lien Term Loan,            
    11.85%-13.75%, 11/01/11     2,215     775,388
                5,524,327
Energy Equipment & Dresser, Inc. First Lien Term Loan, 4.716%-5.057%, 5/15/14   1,471     1,330,872
Services - 1.3% Dresser, Inc. Second Lien Term Loan, 8.557%, 5/15/15     1,500     1,395,000
    MEG Energy Corp. Term Loan B, 5.76%, 3/23/13     488     453,375
    Trinidad Energy Services Term Loan, 4.986%, 4/15/11     1,464     1,390,562
                4,569,809


6

 
BlackRock Global Floating Rate Income Trust            
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
          Par      
Industry   Floating Rate Loan Interests     (000)     Value
Food & Staples   Advantage Sales & Marketing Term Loan B,            
Retailing - 3.2%   4.49%-5.71%, 4/15/13  
USD
972   $ 819,461
    Alliance Boots Plc Term Loan B, 7.087%, 7/09/15  
GBP
2,500     3,964,030
    Bolthouse Farms, Inc. First Lien Term Loan, 5.063%, 11/29/12
USD
975     900,656
    Bolthouse Farms, Inc. Second Lien Term Loan, 8.301%, 11/29/12   500     440,000
    DS Waters LP Term Loan B, 6.469%, 3/31/12     1,000     900,000
    IGLO Birds Eye Mezzanine, 9.514%, 11/02/15  
GBP
390     609,212
    IGLO Birds Eye Term Loan B, 6.735%, 10/27/19  
EUR
500     649,095
    IGLO Birds Eye Term Loan C, 7.11%, 10/27/15     489     634,443
    McJunkin Corp. Term Loan B, 7.012%, 1/30/14  
USD
983     923,550
    Roundy's, Inc. Term Loan B, 5.50%-6.75%, 10/22/11     1,320     1,200,127
                11,040,574
Food Products - 3.5%   Dole Food Co., Inc. Letter of Credit, 2.658%, 4/12/13     139     120,384
    Dole Food Co., Inc. Term Loan B, 4.563%-6%, 4/12/13     253     219,322
    Dole Food Co., Inc. Term Loan C, 4.563%-6%, 4/12/13     1,015     880,304
    Fresh Start Bakeries First Lien Term Loan,            
    4.938%-5.063%, 9/29/13     495     415,800
    Fresh Start Bakeries Second Lien Term Loan, 8.438%, 3/29/14   500     375,000
    Jetro Holdings, Inc. Term Loan, 5.05%, 5/11/14     1,453     1,307,812
    OSI Industries Term Loan B, 4.801%, 9/02/11     1,356     1,314,880
    Sturm Foods, Inc. First Lien Term Loan, 5.375%, 1/22/14 (c)   1,851     1,465,056
    Sturm Foods, Inc. Second Lien Term Loan, 8.875%, 6/30/14   750     445,000
    United Biscuits Finance Plc Term Loan B, 7.66%, 12/14/14
EUR
535     631,099
    United Biscuits Finance Plc Term Loan B,            
    8.484%-8.505%, 1/23/15  
GBP
1,651     2,449,627
    Weetabix Food Co. Pay In Kind Term Loan, 13.968%, 7/26/14   655     972,894
    Wrigley Co. Term Loan B, 7.75%, 8/11/14  
USD
1,650     1,617,295
                12,214,473
Health Care Equipment &   Arizant, Inc. Term Loan B, 4.986%-5.301%, 7/14/10     2,821     2,708,238
Supplies - 4.0%   Bausch & Lomb, Inc. Delay Draw Term Loan, 6.051%, 4/26/15   301     277,430
    Bausch & Lomb, Inc. Term Loan B, 7.012%, 4/26/15     1,193     1,101,397
    Biomet, Inc. Term Loan B, 6.762%, 12/28/14     496     455,094
    Biomet, Inc. Term Loan B, 8.139%, 3/25/15  
EUR
2,547     3,298,980
    Hologic, Inc. Term Loan B, 6%, 3/31/13  
USD
1,126     1,103,266
    Molnlycke HealthCare AB Second Lien Term Loan,            
    8.244%, 10/09/16  
EUR
500     527,924
    Molnlycke HealthCare AB Term Loan B, 6.494%, 4/09/15   1,500     1,774,998
    Molnlycke HealthCare AB Term Loan C, 6.744%, 4/09/16   1,383     1,636,085
    Select Medical Term Loan B, 4.63%-6%, 2/24/12  
USD
965     840,354
                13,723,766
Health Care Providers &   CCS Medical First Lien Term Loan, 7.02%, 8/01/12     717     575,363
Services - 3.5%   Capio AB Term Loan C, 7.069%, 4/15/16  
EUR
1,122     1,463,033
    Community Health Systems, Inc. Delay Draw Term Loan,          
    0.50%, 6/18/14  
USD
234     204,649
    Community Health Systems, Inc. Term Loan B,            
    4.719%-5.06%, 7/25/14     4,573     4,001,484


7

BlackRock Global Floating Rate Income Trust            
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
          Par      
Industry   Floating Rate Loan Interests     (000)     Value
    HealthSouth Corp. Term Loan B, 4.90%-5.19%, 3/12/13   USD 2,396   $ 2,150,460
    Surgical Care Affiliates Term Loan B, 5.762%, 6/29/14     496     416,834
    US Oncology Holdings, Inc. Term Loan B, 5.549%-5.551%, 8/20/11   2,746     2,554,212
    Vanguard Health Systems Term Loan B, 6.012%, 9/23/11   970     873,975
                12,240,010
Health Care Supplies - 0.3%   VJCS Acquisition Term Loan B, 5.28%-5.44%, 4/30/14     1,100     1,012,000
Hotels, Restaurants & Golden Nugget, Inc. Delay Draw Term Loan, 4.49%, 6/30/13   318     248,182
Leisure - 4.2% Golden Nugget, Inc. Term Loan, 5.43%, 5/30/14     477     372,273
    Golden Nugget, Inc. Term Loan Second Lien, 6.68%, 11/30/14   1,000     500,000
    Green Valley Ranch Gaming LLC Term Loan,            
    4.801%-5.709%, 2/26/14     474     327,280
    Green Valley Ranch Gaming LLC Term Loan, 6.959%, 2/26/14   1,500     765,000
    Harrah's Entertainment, Inc. Term Loan B2,            
    5.80%-6.762%, 1/28/15     5,373     4,317,205
    Harrah's Entertainment, Inc. Term Loan B3,            
    5.80%-6.762%, 1/28/15     906     729,061
    Harrah's Operating Term Loan B, 5.80%, 1/28/15     316     253,045
    OSI Restaurant Partners, Inc. Revolving Credit, 2.639%, 5/15/14   39     26,473
    OSI Restaurant Partners, Inc. Term Loan B, 6%, 5/15/14   402     272,627
    Penn National Gaming, Inc. Term Loan B, 4.24%-4.55%, 10/03/12   4,384     3,919,266
    QCE LLC Second Lien Term Loan, 8.551%, 11/05/13     2,500     1,825,000
    Travelport, Inc. Standby Letter of Credit, 5.051%, 8/31/13   47     37,239
    Wembley, Inc. First Lien Term Loan, 6.72%-6.74%, 8/12/12   977     725,528
    Wembley, Inc. Second Lien Term Loan, 7.06%, 2/12/13 (d)   1,500     225,000
                14,543,179
Household Durables - 1.5% American Residential Services Second Lien Term Loan,            
    12%, 4/17/15 (e)     2,010     1,982,209
    Berkline Corp. First Lien Term Loan, 8.488%, 11/10/11 (e)   95     4,735
    Jarden Corp. Term Loan B3, 6.262%, 1/24/12     1,241     1,116,522
    Josten's, Inc. Term Loan B, 5.171%, 9/30/11     1,300     1,243,782
    Yankee Candle Co., Inc. Term Loan B, 4.81%-5.43%, 2/06/14   1,000     819,167
                5,166,415
IT Services - 3.4% Activant Solutions Term Loan B, 4.50%-4.813%, 5/02/13   449     361,837
    Affiliated Computer Services Term Loan B, 5.709%, 3/20/13   729     667,074
    Audio Visual Services Corp. Second Lien Term Loan,            
    8.31%, 8/28/13     1,000     800,000
    Ceridian Corp. Term Loan, 5.488%, 11/09/14     2,000     1,760,000
    First Data Corp. Term Loan B, 5.926%-6.512%, 9/24/14     2,479     2,113,118
    First Data Corp. Term Loan B2, 5.926%-6.512%, 9/24/14   497     422,864
    First Data Corp. Term Loan B3, 5.948%-6.512%, 9/24/14   985     840,922
    RedPrairie Corp. Term Loan, 6.188%-7%, 7/17/12     978     889,525
    RedPrairie Corp. Term Loan, 9.298%, 1/31/13     1,250     1,062,500
    SunGard Data Systems, Inc. Term Loan B, 4.553%, 2/28/14   3,417     2,961,998
                11,879,838


8

BlackRock Global Floating Rate Income Trust            
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
          Par      
Industry   Floating Rate Loan Interests     (000)     Value
Independent Power   The AES Corp. Term Loan, 5.063%-5.10%, 8/10/11   USD 1,500   $ 1,395,000
Producers & Energy   Mirant Corp. Term Loan B, 5.454%, 1/26/13     1,345     1,212,117
Traders - 2.5%   Texas Competitive Electric Holdings Co. LLC Term Loan B-1, 5.989%-          
    7.262%, 10/10/14     497     418,926
    Texas Competitive Electric Holdings Co. LLC Term Loan B-2, 5.989%-          
    7.262%, 10/10/14     1,733     1,461,797
    Texas Competitive Electric Holdings Co. LLC Term Loan B-3, 5.989%-          
    7.262%, 10/10/14     5,030     4,233,092
                8,720,932
Insurance - 0.7%   Alliant Insurance Services Term Loan B, 6.762%, 10/23/14   990     851,400
    Conseco Term Loan B, 5.709%, 10/10/13     735     540,237
    Sedgwick Claims Management Service, Inc. Term Loan B,          
    6.012%, 3/03/13     1,067     981,845
                2,373,482
Internet & Catalog   FTD Group, Inc. Term Loan B, 7.50%, 8/26/14     1,000     967,500
Retail - 0.5%   Oriental Trading First Lien Term Loan, 5.06%-5.96%, 7/31/13   953     627,464
    Oriental Trading Second Lien Term Loan, 8.47%, 1/31/14   500     250,000
                1,844,964
Leisure Equipment &   24 Hour Fitness Term Loan B, 5.17%-6.21%, 6/08/12     975     848,250
Products - 0.4%   Kerasotes Showplace Theatres LLC Term Loan B, 4.75%, 11/01/11   555     483,270
    True Temper Sports, Inc. Term Loan B, 4.733%, 3/15/11   233     218,274
                1,549,794
Life Sciences Tools &   Invitrogen Term Loan B, 5.047%, 6/11/15     4,000     3,896,668
Services - 1.4%   Quintiles Transnational Term Loan B, 5.77%, 3/21/13     975     858,000
                4,754,668
Machinery - 2.8%   Blount, Inc. US Term Loan B, 4.236%, 8/09/10     596     554,141
    Chart Industries, Inc. Term Loan B, 5.188%, 10/17/12     222     211,111
    Lincoln Industrials Delay Draw Term Loan, 4.97%-6.21%, 7/11/14   269     245,080
    Lincoln Industrials First Lien Term Loan, 6.21%, 7/11/14   718     653,545
    NACCO Materials Handling Group Term Loan B,            
    4.804%-5.429%, 3/21/13     489     391,000
    Navistar International Transportation Corp. Revolving Credit,          
    2.453%-6.046%, 1/19/12     1,333     1,142,223
    Navistar International Transportation Corp. Term Loan,          
    6.046%-6.292%, 1/19/12     3,667     3,141,112
    OshKosh Truck Corp. Term Loan B, 4.22%-4.43%, 12/06/13   2,225     1,907,937
    Standard Steel Delay Draw Term Loan, 6.21%, 6/21/12     79     70,738
    Standard Steel First Lien Term Loan, 6.27%, 6/21/12     390     350,997
    Trimas Corp. Letter of Credit, 2.463%, 8/02/11     94     82,969
    Trimas Corp. Term Loan B, 5.045%-5.679%, 8/02/13     398     352,341
    Wastequip Delay Draw Term Loan, 6.012%, 1/17/13     287     203,862
    Wastequip Term Loan B, 6.012%, 1/17/13     682     484,173
                9,791,229
Marine - 1.2%   Dockwise Shipping BV Second Lien Term Loan, 7.301%, 10/26/16   1,650     1,377,750
    Dockwise Shipping BV Term Loan B, 5.676%, 4/26/15     1,733     1,473,167
    Dockwise Shipping BV Term Loan C, 5.176%, 4/26/16     1,733     1,473,167
                4,324,084
Media - 30.6%   Acosta, Inc. Term Loan, 4.72%, 2/28/14     1,470     1,283,799
    Affinion Group, Inc. Term Loan, 9.368%, 3/01/12     975     804,375


9

BlackRock Global Floating Rate Income Trust            
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
          Par      
Industry   Floating Rate Loan Interests     (000)     Value
    Alix Partners Term Loan B, 4.79%, 10/30/13  
USD
931   $ 894,211
    Atlantic Broadband Finance Term Loan B, 6.02%, 2/27/14     1,955     1,803,699
    Bresnan Telecommunications Second Lien Term Loan,            
    7.61%, 3/31/14     250     223,750
    Cablevision Systems Corp. Term Loan, 4.238%-4.569%, 3/28/13     2,651     2,322,165
    Casema NV (Essent Kablecom) Term Loan B, 6.985%, 11/02/14  
EUR
1,625     2,097,221
    Casema NV (Essent Kablecom) Term Loan C, 7.485%, 11/02/15     1,625     2,097,221
    Catalina Marketing Group Term Loan, 6.762%, 10/01/14  
USD
2,482     2,234,205
    Cequel Communications LLC Term Loan B,            
    4.791%-6%, 11/05/13     4,900     4,237,026
    Charter Communications, Inc. Term Loan B, 4.80%, 3/06/14     1,965     1,555,675
    Choice Cable Second Lien Term Loan, 10.313%, 1/28/12     692     552,115
    Cinemark Term Loan, 4.24%-5.75%, 10/05/13     1,103     942,637
    Clarke American Corp. Term Loan B, 5.291%-6.262%, 12/31/14     1,977     1,492,998
    ClientLogic Holding Corp. Term Loan B, 5.291%-6.50%, 1/30/14     1,366     997,174
    Cumulus Media Term Loan B, 4.498%-5.459%, 6/11/14     1,469     1,116,369
    Dex Media West LLC Term Loan B2, 7%, 10/24/14     2,000     1,726,428
    DirecTV Holdings LLC Term Loan C, 5.25%-5.954%, 4/13/13     1,696     1,605,027
    Discovery Communications Term Loan B, 5.762%, 5/14/14     1,980     1,835,178
    Education Media and Publishing Group Ltd. First Lien            
    Term Loan B, 6.488%, 11/14/14     2,636     2,300,227
    Education Media and Publishing Group Ltd. Second Lien            
    Term Loan, 6.456%-5.50%, 11/14/14     7,017     5,262,723
    Emmis Operating Co. Term Loan B, 4.81%-5.769%, 11/02/13     480     385,337
    Formula One Group Term Loan B, 4.858%, 12/31/13     964     840,536
    Fox Acquisition Co. Term Loan B, 7.25%, 7/14/15     500     467,083
    GateHouse Media Operating, Inc. Delay Draw Term Loan,            
    4.80%-4.81%, 9/15/14     293     134,667
    GateHouse Media Operating, Inc. Term Loan B, 4.81%, 8/28/14     985     453,000
    Getty Images, Inc. Term Loan, 7.25%, 6/30/15     2,000     1,928,334
    Gray Communications Systems, Inc. Term Loan B,            
    4.29%-5.25%, 12/31/14     2,176     1,664,435
    HIT Entertainment Ltd. First Lien Term Loan, 4.80%, 8/31/12     1,098     900,402
    HIT Entertainment Ltd. Second Lien Term Loan, 8.30%, 2/24/13     1,000     760,000
    Hanley-Wood LLC Term Loan B, 4.736%-4.998%, 3/08/14     2,234     1,582,679
    Hargray Communications Group First Lien Term Loan,            
    5.051%, 6/18/14     984     861,410
    Hargray Communications Group Second Lien Term Loan,            
    8.301%, 6/18/14     500     405,000
    Idearc, Inc. Term Loan B, 4.47%-4.80%, 11/17/14     1,508     873,352
    Insight Midwest Holdings LLC Term Loan B, 4.49%, 4/06/14     2,700     2,458,350
    Kabel Deutschland GMBH Term Loan, 6.909%, 6/01/12  
EUR
4,000     4,875,666
    Knology, Inc. Term Loan B, 5.038%, 6/30/12  
USD
494     436,969
    Liberty Cablevision of Puerto Rico Term Loan B, 4.488%, 3/01/13     1,481     1,273,875
    Local TV LLC Term Loan, 4.80%-4.87%, 5/07/13     746     634,288
    Mediacom Broadband Group Tranche A Term Loan,            
    3.99%-5.47%, 3/31/10     941     851,523

10

BlackRock Global Floating Rate Income Trust            
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
          Par      
Industry   Floating Rate Loan Interests     (000)     Value
    Mediacom Communications Term Loan D, 4.24%-5.72%, 1/31/15 USD 1,474   $ 1,284,005
    Mediacom LLC Term Loan C, 4.24%-5.72%, 1/31/15     2,437     2,138,160
    Metro-Goldwyn-Mayer Studios, Inc. Term Loan B,            
    7.012%, 3/15/12     2,925     2,050,425
    Multicultural Radio Broadcasting Inc. Term Loan,            
    5.238%-6.75%, 12/15/12     338     300,820
    NTL Cable Plc Second Lien Term Loan, 8.743%, 7/17/13 GBP 1,500     2,130,076
    NTL Cable Plc Term Loan, 8.147%, 11/19/37     2,029     3,145,427
    National Cinemedia LLC Term Loan B, 4.57%, 2/12/15   USD 1,000     846,429
    New Vision Television First Lien Term Loan, 9.32%, 10/26/14   1,500     1,050,000
    New Vision Television Term Loan B, 5.82%, 10/21/13     993     858,496
    New Wave Communications Delay Draw Term Loan,            
    5.969%, 6/30/13     234     217,669
    New Wave Communications Term Loan B, 5.983%, 6/30/13   929     872,907
    Newsday LLC Term Loan, 9.75%, 7/02/13     750     712,500
    Newsday LLC Term Loan, 7.958%, 8/01/13     1,250     1,206,250
    Nexstar Broadcasting Group Term Loan, 5.512%, 10/01/12   1,888     1,623,283
    Nexstar Broadcasting Group Term Loan B, 5.512%, 10/01/12   1,786     1,536,139
    Nielsen Finance LLC Term Loan B, 4.803%, 8/15/13     3,428     2,949,365
    PagesJaunes Group Term Loan, 8.76%, 1/11/17   EUR 500     483,930
    PagesJaunes Group Term Loan B, 6.76%, 1/11/15     969     1,007,237
    PagesJaunes Group Term Loan C, 7.26%, 1/11/16     969     1,007,237
    Penton Media Term Loan, 5.049%-5.934%, 2/01/13   USD 1,108     800,620
    Penton Media Term Loan, 7.799%, 2/01/14     1,000     690,000
    ProSiebenSat.1 Media AG Term Loan B,            
    6.86%-7.526%, 6/28/15   EUR 500     422,339
    ProSiebenSat 1 Media AG Term Loan C,            
    7.11%-7.776%, 6/28/15     1,000     844,678
    Quebecor Media, Inc. Term Loan B, 4.791%, 1/17/13   USD 731     650,812
    San Juan Cable Term Loan B, 9.62%, 3/02/13     1,769     1,468,324
    Thomson Learning, Inc. Term Loan, 4.97%, 7/05/14     1,980     1,613,700
    Thomson Learning, Inc. Term Loan B 2, 4.96%, 7/05/14   3,741     3,142,125
    United Pan Europe Communications Term Loan M,            
    6.513%, 11/19/37     3,767     4,252,102
    Univision Communications, Inc. First Lien Term Loan,            
    4.719%-5.049%, 9/29/14   USD 1,802     1,153,289
    Wallace Theater Corp. First Lien Term Loan,            
    6.56%-7.02%, 8/09/09     1,628     1,432,414
    Wallace Theater Corp. Second Lien Term Loan, 10.31%, 8/09/09   2,500     2,050,000
    Weather Channel Term Loan B, 7.25%, 6/01/15     1,000     981,667
    Yell Group Plc Term Loan B, 6.485%, 4/30/11   EUR 1,750     2,169,376
                106,262,930
Metals & Mining - 1.0%   Algoma Steel Term Loan B, 5.69%, 6/19/13   USD 1,954     1,865,750
    Compass Minerals Group, Inc. Term Loan, 3.99%-4.93%, 12/22/12   778     745,405

11

BlackRock Global Floating Rate Income Trust            
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
          Par      
Industry   Floating Rate Loan Interests     (000)     Value
    Euramax International Plc Second Lien Term Loan,            
    10.791%, 6/29/13   USD 1,214   $ 728,571
                3,339,726
Multi-Utilities - 1.3%   Coleto Creek Letter of Credit, 2.70%, 7/31/13     127     111,253
    Coleto Creek Term Loan B, 6.512%, 7/31/13     1,803     1,574,507
    MACH Gen LLC Letter of Credit, 2.551%, 2/12/13     70     62,367
    MACH Gen LLC Term Loan, 4.81%, 2/22/14     667     591,438
    NE Energy Letter of Credit, 5.313%, 10/03/13     159     149,817
    NE Energy Second Lien Term Loan, 7.711%, 10/31/14     750     691,875
    NE Energy Term Loan B, 5.75%, 10/31/13     1,230     1,162,759
                4,344,016
Multiline Retail - 0.7%   Dollar General Term Loan B1, 6.454%, 7/03/14     1,250     1,094,642
    Neiman Marcus Group, Inc. Term Loan, 4.565%, 4/06/13     1,440     1,239,491
                2,334,133
Oil, Gas & Consumable   Big West Oil & Gas Delay Draw Term Loan,            
Fuels - 2.0%   4.482%-5.188%, 5/15/14     550     459,250
    Big West Oil & Gas Term Loan B, 4.93%, 5/15/14     438     365,312
    CR Gas Storage Bridge Loan, 4.843%, 5/08/11     29     25,818
    CR Gas Storage Delay Draw Term Loan, 4.844%, 5/08/13     51     45,333
    CR Gas Storage Term Loan, 4.847%, 5/08/13     454     405,501
    CR Gas Storage Term Loan B, 4.847%, 5/08/13     75     66,923
    Coffeyville Resources LLC Letter of Credit, 2.691%, 12/21/13     324     288,649
    Coffeyville Resources LLC Term Loan B, 5.541%-6.75%, 12/21/13     1,050     934,341
    Drummond Oil Term Loan B, 4.438%, 2/15/12     1,350     1,309,500
    MAPCO, Inc. Term Loan, 5.55%, 4/28/11     795     699,887
    Vulcan Energy Term Loan B3, 6.25%, 9/03/11     1,750     1,680,000
    Western Refining Co. LP Term Loan B, 7.75%, 5/30/14     917     775,752
                7,056,266
Paper & Forest   Boise Cascade Holdings LLC Second Lien Term Loan,            
Products - 1.8%   7.50%, 2/05/15     995     958,931
    Georgia-Pacific LLC First Lien Term Loan B,            
    4.219%-4.567%, 12/22/12     4,103     3,612,931
    NewPage Corp. Tem Loan B, 7%, 12/21/14     1,489     1,347,785
    Verso Paper Holdings LLC Term Loan B, 9.033%, 2/01/13     336     309,120
                6,228,767
Personal Products - 0.9%   American Safety Razor Co. Second Lien Term Loan,            
    8.72%-9.96%, 1/25/14     2,000     1,760,000
    Prestige Brands Term Loan B1, 5.043%-6.012%, 10/06/10     1,460     1,365,495
                3,125,495
Pharmaceuticals - 1.4%   Pharmaceutical Technologies & Services (PTS) Term Loan,            
    7.392%, 4/15/14   EUR 2,469     2,988,928
    Warner Chilcott Term Loan B, 4.801%-5.762%, 1/18/12   USD 1,375     1,263,720
    Warner Chilcott Term Loan C, 4.801%-5.762%, 1/30/13     583     535,535
                4,788,183
Professional Services - 0.1%   Booz Allen Hamilton, Inc. Term Loan B, 7.50%, 7/01/15     500     486,875

12

BlackRock Global Floating Rate Income Trust            
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
          Par      
Industry   Floating Rate Loan Interests     (000)     Value
Real Estate Management   Capital Automotive REIT Term Loan B, 4.24%, 12/16/10   USD 1,675   $ 1,418,516
& Development - 1.7%   Enclave First Lien Term Loan, 6.14%, 3/01/12     2,000     1,542,000
    Georgian Towers Term Loan, 6.14%, 3/01/12     2,000     1,498,200
    Pivotal Promontory Second Lien Term Loan, 12%, 8/11/11 (d)     750     112,500
    Realogy Corp. Term Loan B, 5.487%-6.429%, 9/22/14     1,975     1,460,266
                6,031,482
Road & Rail - 0.6%   Rail America, Inc. Term Loan, 6.79%, 6/30/09     2,250     2,160,000
Semiconductors &   Marvell Technology Group Term Loan B, 6.204%, 11/08/09     479     473,383
Semiconductor                
Equipment - 0.1%                
Software - 0.4%   Bankruptcy Management Solutions, Inc. First Lien Term Loan,            
    7.71%, 7/06/12     980     872,200
    Bankruptcy Management Solutions, Inc. Second Lien Term            
    Loan, 9.954%, 7/06/13     490     284,200
    CCC Information Services, Inc. Term Loan B, 6.02%, 2/10/13     414     396,978
                1,553,378
Specialty Retail - 2.4%   ADESA, Inc. Term Loan B, 5.06%, 10/20/13     2,401     1,956,805
    Burlington Coat Factory Warehouse Corp. Term Loan B,            
    5.06%, 5/28/13     517     353,609
    Claire's Stores Term Loan B, 5.55%-5.56%, 5/29/14     740     443,541
    General Nutrition Term Loan, 5.04%-6.08%, 9/26/13     997     825,405
    Orchard Supply Hardware Term Loan B, 4.917%, 12/21/13     1,500     1,230,000
    Rent-A-Center Term Loan B, 4.54%-4.82%, 6/30/12     1,193     1,085,342
    Sensata Technologies Term Loan, 6.962%, 4/27/13   EUR 1,466     1,754,583
    Sensata Technologies Term Loan B, 4.543%, 4/27/13   USD 970     807,013
                8,456,298
Textiles, Apparel &   Hanesbrands, Inc. First Lien Term Loan, 4.545%-4.551%, 9/05/13     1,000     905,625
Luxury Goods - 0.4%   Renfro Corp. Term Loan B, 6.05%-7.02%, 9/30/13     462     379,691
                1,285,316
Trading Companies &   Beacon Sales Co. Term Loan B, 4.783%-5.769%, 11/02/13     1,225     1,016,750
Distributors - 0.3%                
Wireless   Centennial Cellular Operating Co. Term Loan,            
Telecommunication   4.801%-4.469%, 2/09/11     2,169     2,035,714
Services - 2.0%   Cricket Communications, Inc. Term Loan B, 7.262%, 6/16/13     923     876,047
    IPC Systems First Lien Term Loan, 6.012%, 5/31/14     999     624,211
    MetroPCS, Inc. Term Loan B, 4.75%-6%, 11/03/13     1,247     1,106,997
    NG Wireless Delay Draw Term Loan, 6.75%, 11/12/37     140     133,022
    NG Wireless Term Loan, 5.219%-5.551%, 7/31/14     608     577,696
    NTELOS Inc. Term Loan B, 5.96%, 8/14/11     1,682     1,558,358
                6,912,045
    Total Floating Rate Loan Interests - 120.9%           420,525,999
    Common Stocks     Shares      
Capital Markets - 0.1%   E*Trade Financial Corp. (g)     121,011     338,831
Commercial Services &   Sirva Common Stock     554     33,240
Supplies - 0.0%                

13

BlackRock Global Floating Rate Income Trust            
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)  
  Common Stocks     Shares     Value  
Independent Power Reliant Energy, Inc. (g)     4,109   $ 30,201  
Producers & Energy                
Traders - 0.0%                
Paper & Forest Ainsworth Lumber Co. Ltd. (b)(g)     62,685     117,918  
Products - 0.1% Ainsworth Lumber Co. Ltd. (f)(g)     55,855     104,966  
              222,884  
  Total Common Stocks - 0.2%           625,156  
  Preferred Stocks              
Capital Markets - 0.0% Marsico Parent Superholdco, LLC, 16.75% (b)     100     85,500  
  Total Preferred Stocks - 0.0%           85,500  
  Warrants (h)              
Machinery - 0.0% Synventive Molding Solutions (expires 1/15/13)     2     -  
  Total Warrants - 0.0%           -  
  Other Interests (i)              
Health Care Providers & Critical Care Systems International, Inc.     947     318  
Services - 0.0%                
Household Durables - 0.0% Berkline Benchcraft Equity LLC (e)     6,155     -  
  Total Other Interests - 0.0%           318  
  Total Long-Term Investments (Cost - $614,241,876) - 153.6%           534,432,376  
        Par        
  Short-Term Securities     (000)        
Government Agency Federal Home Loan Banks, 0.10%, 10/01/08   USD 4,000     4,000,000  
Note - 2.1% Federal Home Loan Banks, 2.36%, 10/17/08     1,500     1,498,427  
  Federal Home Loan Banks, 2.40%, 10/28/08     1,400     1,397,480  
  Freddie Mac, 2.35%, 11/17/08     300     299,099  
  Total Short-Term Securities (Cost - $7,195,006) - 2.1%           7,195,006  
  Options Purchased     Contracts        
Call Options Purchased Marsico Parent Superholdco LLC, expiring December 2019              
  at $942.86     26     43,810  
  Total Options Purchased (Cost - $25,422) - 0.0%           43,810  
  Total Investments (Cost - $621,462,304*) - 155.7%           541,671,192  
  Liabilities in Excess of Other Assets - (38.8)%           (135,044,023 )
  Preferred Shares, at Redemption Value - (16.9)%           (58,850,653 )
  Net Assets Applicable to Common Shares - 100.0%         $ 347,776,516  
   
* 

The cost and unrealized appreciation (depreciation) of investments as of September 30, 2008, as computed for federal income tax purposes, were as follows:
   
  Aggregate cost   $ 621,530,182  
  Gross unrealized appreciation   $ 1,942,383  
  Gross unrealized depreciation     (81,801,373)  
  Net unrealized appreciation   $ (79,858,990)  
           
(a)     

Variable rate security. Rate shown is as of report date.
(b)     

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c)     

Represents a payment-in-kind security which may pay interest/dividends in additional par/shares.
(d)     

Non-income producing security; issuer filed for bankruptcy or is in default of interest payments.

14

BlackRock Global Floating Rate Income Trust
Schedule of Investments September 30, 2008 (Unaudited)
(e)     

Security is fair valued by the Board of Trustees.
(f)     

Restricted securities as to resale, representing 6.9% of net assets were as follows:
    Acquisition          
  Issue Date(s)   Cost     Value
  Ainsworth Lumber Co. Ltd. 9/20/04 $ 543,398   $ 94,470
    3/05/08   39,874     10,496
  Colombia Government International Bond,            
  8.541%, 3/17/13 2/15/06   1,306,626     1,230,000
  Costa Rica Government International Bond, 8/30/04   2,026,672     2,050,000
  9.335%, 5/15/09 11/01/04   1,216,946     1,230,000
  Islamic Republic of Pakistan, 6.75%, 2/19/09 8/27/04   1,001,851     875,315
    10/27/04   601,729     525,189
  Nordic Telephone Co. Holding ApS,            
  10.107%, 5/01/16 4/26/04   1,867,951     1,932,201
  Pemex Project Funding Master Trust, 8/27/04   4,546,549     4,483,350
  6.553%, 10/15/09 10/27/04   2,727,277     2,690,010
    12/15/04   5,566,227     5,479,650
  Republic of Venezuela, 6.18%, 4/20/11 10/26/04   3,738,074     3,280,000
  Total   $ 25,183,174   $ 23,880,681

(g)     

Non-income producing security.
(h)     

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.
(i)     

Other interests represent beneficial interest in liquidation trusts and other reorganization entities and are non- income producing.
   

  • 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 ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

 

  • Foreign currency exchange contracts as of September 30, 2008 were as follows:
 
                Unrealized  
    Currency     Currency Settlement   Appreciation  
    Purchased     Sold Date   (Depreciation)  
  EUR 165,000   USD 242,477 October 2008 $ (9,607 )
  USD 87,328,520   EUR 55,798,832 October 2008   8,577,800  
  USD 848,372   EUR 538,000 October 2008   89,075  
  USD 977,157   EUR 675,000 October 2008   24,507  
  USD 18,591,098   GBP 9,374,000 October 2008   1,894,397  
  USD 1,918,436   GBP 1,080,000 October 2008   (5,229 )
  USD 1,060,841   MXN 11,027,900 October 2008   55,544  
  Total           $ 10,626,487  

  • Currency Abbreviations:
    EUR   Euro
    GBP   British Pound
    MXN   Mexican New Peso
    USD   U.S. Dollar

15

BlackRock Global Floating Rate Income Trust
Schedule of Investments September 30, 2008 (Unaudited)

  • Swaps outstanding as of September 30, 2008 were as follows:
  Notional        
  Amount     Unrealized  
  (000)     Depreciation  
Sold credit default protection on Pagesjaunes SA          
and receive 2.10%          
Broker, Lehman Brothers Special Financing          
Expires March 2012 EUR 2,000 $ (3,797 )
           
Sold credit default protection on BAA Ferovial          
Junior Term Loan and receive 2%          
Broker, Deutsche Bank AG London          
Expires June 2012 GBP 1,800   (401,291 )
Total     $ (405,088 )

16

BlackRock Global Floating Rate Income Trust
Schedule of Investments September 30, 2008 (Unaudited)

  • Effective January 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:
     
     

  • Level 1 - price quotations in active markets/exchanges for identical securities
     

  • Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Trust's own assumption used in determining the fair value of investments)
         
    The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust's policy regarding valuation of investments and other significant accounting policies, please refer to the Trust's most recent financial statements as contained in its semi-annual report.
     
    The following table summarizes the inputs used as of September 30, 2008 in determining the fair valuation of the Trust's investments:
     
         Valuation Inputs   Investments in Securities   Other Financial Instruments*
    Level 1 $ 473,999   -
    Level 2   498,439,404 $ 10,265,209
    Level 3   42,713,979   -
    Total $ 541,627,382 $ 10,265,209
    *     Other financial instruments are swaps, foreign currency exchange contracts and options.
     
    The following is a reconciliation of investments for unobservable inputs (Level 3) were used in determining fair value:      
        Investments in Securities  
    Balance, as of December 31, 2007   -  
    Accrued discounts/premiums $ 7,798  
    Realized gain (loss)   (793,761 )
    Change in unrealized appreciation (depreciation)   (21,467,748 )
    Net purchases (sales)   871,208  
    Net transfers in/out of Level 3   64,096,482  
    Balance, as of September 30, 2008 $ 42,713,979  

    17

    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 Global Floating Rate Income Trust
         
        By: /s/ Donald C. Burke  
          Donald C. Burke  
          Chief Executive Officer of  
          BlackRock Global Floating Rate Income Trust
           
        Date: November 24, 2008
             
        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/ Donald C. Burke  
          Donald C. Burke  
          Chief Executive Officer (principal executive officer) of  
          BlackRock Global Floating Rate Income Trust
           
        Date: November 24, 2008
             
        By: /s/ Neal J. Andrews  
          Neal J. Andrews  
          Chief Financial Officer (principal financial officer) of  
          BlackRock Global Floating Rate Income Trust
             
        Date: November 24, 2008