34238

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
_____________________________________________________
   
   
BlackRock Global Floating Rate Income Trust
(Exact name of registrant as specified in charter)
 
   
         100 Bellevue Parkway, Wilmington, DE 19809
         (Address of principal executive offices) (Zip code)

Robert S. Kapito, President
BlackRock Global Floating Rate Income Trust
40 East 52nd Street, New York, NY 10022

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code:      888-825-2257
____________________________________________
   
Date of fiscal year end:      December 31, 2004
____________________________________________
   
Date of reporting period:      March 31, 2005
____________________________________________

 




Item 1. Schedule of Investments

The registrant's unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

 

PORTFOLIO OF INVESTMENTS (Unaudited)
MARCH 31, 2005

BlackRock Global Floating Rate Income Trust (BGT)

                   
      Principal            
        Amount            
    Rating1   (000)   Description      
Value
 
          LONG-TERM INVESTMENTS—157.8%        
            Corporate Bonds—20.1%        
            Automotive—0.4%        
    B-   $ 125 2      Accuride Corp., 8.50%, 2/01/15       $ 122,188  
    BB+   820   Arvinmeritor, Inc., 8.75%, 3/01/12       856,900  
    B   30 2 Cooper-Standard Automotive, Inc., 7.00%, 12/15/12       27,375  
    B2   750   Delco Remy Intl., Inc., 6.66%, 4/15/09       753,750  
    BB+   40   Delphi Corp., 6.50%, 5/01/09       35,900  
    B-   20   Dura Operating Corp., Ser. B, 8.625%, 4/15/12       18,500  
    B-   40   Goodyear Tire & Rubber Co., 7.857%, 8/15/11       39,000  
    B3   150 2 Metaldyne Corp., 10.00%, 11/01/13       138,000  
                    1,991,613  
            Basic Materials—1.0%        
    BB-   90   Abitibi-Consolidated, Inc., 8.375%, 4/01/15 (Canada)       87,300  
    B+   390 2 Boise Cascade LLC, 5.535%, 10/15/12       394,875  
    B-   455 2 Crystal Holdings 3 LLC/Crystal Sub. 3 Corp., 9.625%, 6/15/14 (Luxembourg)       518,700  
    BB-   70   Donohue Forest Products, 7.625%, 5/15/07 (Canada)       70,350  
    B   40   Gold Kist, Inc., 10.25%, 3/15/14       45,800  
    Ba3   750   Hercules, Inc., 6.75%, 10/15/29       735,000  
    B+   750   Huntsman Intl., LLC, 9.875%, 3/01/09       806,250  
    BB   225   Intl. Steel Group, Inc., 6.50%, 4/15/14       229,500  
            Lyondell Chemical Co.,        
    B+   300     11.125%, 7/15/12       343,500  
    B+   300     Ser. A, 9.625%, 5/01/07       321,750  
    B-   750   Nalco Co., 8.875%, 11/15/13       804,375  
    B1   70 2 Novelis, Inc., 7.25%, 2/15/15 (Canada)       68,950  
    B-   100 2 PQ Corp., 7.50%, 2/15/13       100,000  
            Tembec Industries, Inc. (Canada)        
    B   130     7.75%, 3/15/12       117,975  
    B   25     8.50%, 2/01/11       23,688  
                    4,668,013  
            Building & Development—0.3%        
    B+   1,000 2 Ainsworth Lumber Co. Ltd., 6.84%, 10/01/10 (Canada)       1,015,000  
    B-   240 2 Goodman Global Holding Co., Inc., 7.875%, 12/15/12       220,800  
                    1,235,800  
            Conglomerates—0.2%        
    B-   750   Trimas Corp., 9.875%, 6/15/12       761,250  
            Consumer Products—0.5%        
    B3   45   ALH Finance LLC, 8.50%, 1/15/13       44,374  
            Duane Reade, Inc.,        
    B2   1,000 2   7.51%, 12/15/10       983,750  
    CCC+   80     9.75%, 8/01/11       70,400  
    B+   120   Finlay Fine Jewelry Corp., 8.375%, 6/01/12       111,000  
    B-   400   Lazy Days RV Center, Inc., 11.75%, 5/15/12       427,000  
    B-   230 2 Levi Strauss & Co., 7.73%, 4/01/12       226,263  
    B-   200 2 Rite Aid Corp., 6.125%, 12/15/08       188,000  
                    2,050,787  
            Containers & Packaging—0.2%        
            Constar Intl., Inc.,        
    B   110 2   6.149%, 2/15/12       112,200  
    B-   125     11.00%, 12/01/12       123,750  
    B   750   Crown European Holdings SA, 10.875%, 3/01/13 (France)       864,375  
                    1,100,325  
            Ecological Services & Equipment—0.1%        
    BB-   625   Allied Waste NA, Inc., Ser. B, 5.75%, 2/15/11       562,500  

1

BlackRock Global Floating Rate Income Trust (BGT) (continued)

                   
      Principal            
        Amount            
    Rating1   (000)   Description      
Value
 
          Energy—8.5%        
    BB   $ 750 2 AES Corp., 9.00%, 5/15/15       $ 825,000  
    B   750   Compton Petroleum Corp., Ser. A, 9.90%, 5/15/09 (Canada)       810,000  
    B+   750   Edison Mission Energy, 10.00%, 8/15/08       832,500  
    B-   750 3 El Paso Production Holding Co., 7.75%, 6/01/13       757,500  
    B1   750   Foundation Pennsylvania Coal Company, 7.25%, 8/01/14       774,375  
    BB-   14,430   Gazprom, 9.625%, 3/01/13 (Russia)       16,461,744  
    B   750   Hanover Compressor Co., 9.00%, 6/01/14       810,000  
    B-   730   KCS Energy, Inc., 7.125%, 4/01/12       737,300  
    B1   587 2 NRG Energy, Inc., 8.00%, 12/15/13       622,220  
            Pemex Project Funding Master Trust        
    Baa1   800 2   9.375%, 12/02/08       902,800  
    Baa1   12,700     Ser. 15, 4.46%, 10/15/09       13,315,947  
            Reliant Energy, Inc.,        
    BB-   250     6.75%, 12/15/14       233,125  
    BB-   750     9.25%, 7/15/10       802,500  
    BB-   300   Swift Energy Co., 7.625%, 7/15/11       312,000  
                    38,197,011  
            Entertainment & Leisure—0.2%        
    BB+   750   MGM Mirage, 5.875%, 2/27/14       708,750  
    B+   40 2 Wynn Las Vegas LLC, 6.625%, 12/01/14       38,000  
                    746,750  
            Financial Institutions—3.0%        
    BB   140 2      American Real Estate Partners, 7.125%, 2/15/13       137,200  
    BB   750   Crum & Forster Holdings Corp., 10.375%, 6/15/13       840,000  
    Baa2   3,000   General Motors Acceptance Corp., 3.56%, 1/16/07       2,864,640  
    BB-   5,455   Kazkommerts Intl. BV, 8.50%, 4/16/13 (Netherlands)       5,524,824  
    Baa2   3,000 2 Kazkommertsbank Intl. BV, 8.50%, 4/16/13 (Netherlands)       3,022,500  
    BBB   25   Marsh & McLennan Cos., Inc., 2.77%, 7/13/07       24,849  
    B+   750 2 Rainbow National Services LLC, 8.75%, 9/01/12       806,250  
    B-   300 2 Universal City Florida Holding Co., 7.493%, 5/01/10       313,500  
                    13,533,763  
            Health Care—0.5%        
    B-   750   IASIS Healthcare LLC, 8.75%, 6/15/14       780,000  
    B3   90   Insight Health Services Corp., Ser. B, 9.875%, 11/01/11       88,425  
            Tenet Healthcare Corp.,        
    B   30     6.375%, 12/01/11       27,750  
    B   50     9.875%, 7/01/14       51,875  
    B-   650   Universal Hospital Services, Inc., 10.125%, 11/01/11       663,000  
    B2   750 2 US Oncology, Inc., 9.00%, 8/15/12       787,500  
                    2,398,550  
            Industrials—0.7%        
    B-   400   Cenveo Corp., 7.875%, 12/01/13       357,000  
    B-   705 2 DI Finance/Dyn Corp. Intl., 9.50%, 2/15/13       708,525  
    B-   330 2 Hexcel Corp., 6.75%, 2/01/15       318,450  
    B-   125 2 Hydrochem Industrial Services, 9.25%, 2/15/13       125,000  
    B-   555 2 Knowledge Learning Corp., Inc., 7.75%, 2/01/15       535,575  
    CCC+   350 2 Park Ohio Industries, Inc., 8.375%, 11/15/14       330,750  
    B+   750   United Rentals NA, Inc., 7.00%, 2/15/14       688,125  
                    3,063,425  
            Media—1.0%        
    B   250   Cablecom, 4.90%, 4/30/12 (Luxembourg)       324,312  
    CCC+   750   Charter Communications Holdings II LLC, 10.25%, 9/15/10       770,625  
    BB-   350 2 Choctaw Resort Development Enterprise, 7.25%, 11/15/19       346,500  
    BB-   750   Echostar DBS Corp., 6.375%, 10/01/11       736,875  
    B-   70 2 Nexstar Finance, Inc., 7.00%, 1/15/14       66,150  
    B   750   Primedia, Inc., 7.625%, 4/01/08       755,625  
    B2   40 2 Radio One, Inc., 6.375%, 2/15/13       38,900  
    B-   1,550 2 WMG Holdings Corp., 7.385%, 12/15/11       1,588,750  
                    4,627,737  

2

BlackRock Global Floating Rate Income Trust (BGT) (continued)

                   
      Principal            
        Amount            
    Rating1   (000)   Description      
Value
 
          Real Estate—1.3%        
    BB+   $ 6,350 3      Rouse Co., 5.375%, 11/26/13       $ 6,039,041  
            Technology—0.2%        
    B   750   Celestica, Inc., 7.875%, 7/01/11 (Canada)       761,250  
    B   140   Superior Essex Communications LLC, 9.00%, 4/15/12       142,100  
                    903,350  
            Telecommunications—1.7%        
            Cincinnati Bell, Inc.,        
    B+   775     7.25%, 7/15/13       771,125  
    B   500     8.375%, 1/15/14       492,500  
            Dobson Cellular Systems, Inc.,        
    B2   325 2   7.493%, 11/01/11       333,125  
    B2   350 2   8.375%, 11/01/11       357,000  
            Intelsat Ltd. (Bermuda)        
    B   75     5.25%, 11/01/08       68,813  
    B+   400 2   7.805%, 1/15/12       406,000  
    B+   150 2   8.25%, 1/15/13       150,375  
    B+   275 2   8.625%, 1/15/15       281,188  
    B   40   Qwest Capital Funding, Inc., 6.875%, 7/15/28       31,100  
    B+   2,350 2 Qwest Communications Intl., Inc., 6.294%, 2/15/09       2,350,000  
            Qwest Corp.,        
    BB   750 2   7.875%, 9/01/11       774,375  
    B+   895 2   14.00%, 12/15/10       1,033,725  
    BB   400   Rogers Wireless Communications, Inc., 6.135%, 12/15/10 (Canada)       406,000  
    CCC   110   Rural Cellular Corp., 9.875%, 2/01/10       111,100  
    B   115 2 Zeus Special Subsidiary Ltd., zero coupon, 2/01/15       72,163  
                    7,638,589  
            Transportation—0.3%        
    B3   400 2 Horizon Lines LLC, 9.00%, 11/01/12       430,000  
    B+   750   OMI Corp., 7.625%, 12/01/13 (Marshall Islands)       780,000  
                    1,210,000  
            Total Corporate Bonds       90,728,504  
            Bank Loans—106.7%        
            Aerospace & Defense—2.3%        
        2,985   CACI Intl., Inc., Term Loan, LIBOR + 1.50%, 2/04/07       3,022,274  
            Camp Industries, Term Loan A,        
        992     LIBOR + 3.25%, 8/30/11       991,935  
        8     LIBOR + 2.25%, 8/30/11       8,065  
        1,000   Dyncorp, Inc., Term Loan B, LIBOR + 2.75%, 1/31/11       1,009,583  
            Hexcel Corp, Term Loan B,        
        447     LIBOR + 2.00%, 2/28/12       453,380  
        215     PRIME + 0.75%, 2/28/12       217,741  
        2,000   MRO Acquisition LLC, Term Loan, LIBOR + 5.25%, 9/15/11       2,033,750  
        2,492   Standard Aero, Inc., Term Loan, LIBOR + 2.50%, 8/18/12       2,526,576  
                    10,263,304  
            Automotive—2.6%        
        1,750   Polar Corp., Term Loan TBD, 5/30/10       1,776,250  
        2,993   Progressive Moulded Products, Ltd., Term Loan B, LIBOR + 2.50%, 8/30/11       2,842,875  
        3,000   TI Automotive Ltd., Term Loan C, LIBOR + 3.25%, 6/30/11       2,977,500  
            TRW Automotive Acquisitions Corp.,        
        1,496     Term Loan B, LIBOR + 1.50%, 6/30/12       1,509,966  
        2,494     Term Loan E, LIBOR + 1.50%, 10/31/10       2,517,128  
                    11,623,719  
            Basic Materials—12.2%        
        2,985   Appleton Papers, Inc., Term Loan, LIBOR + 2.25%, 6/30/10       3,019,516  
        2,761   Boise Cascade Corp., Term Loan B, LIBOR + 2.25%, 10/31/11       2,809,218  
        800   Buckeye Technologies, Inc., Term Loan, LIBOR + 2.50%, 4/15/10       811,130  

3

BlackRock Global Floating Rate Income Trust (BGT) (continued)

                   
      Principal            
        Amount            
    Rating1   (000)   Description      
Value
 
          Basic Materials—(cont’d)        
                Celanese, Term Loan,        
        $ 383     0.75%, 4/06/11       $ 388,962  
        3,612     LIBOR + 2.25%, 6/03/11       3,686,279  
        2,000   Cognis, Term Loan, LIBOR + 4.75%, 11/15/13       2,078,334  
        1,638   Foundation Coal Corp., Term Loan B, LIBOR + 2.00%, 7/30/11       1,662,872  
        997   Hercules, Inc., Term Loan B, LIBOR + 1.75%, 4/07/10       1,009,956  
        2,707   Huntsman Intl., LLC, Term Loan B, LIBOR + 3.00%, 12/31/10       2,758,234  
        5,500   Huntsman LLC, Term Loan, LIBOR + 3.00%, 3/30/10       5,588,000  
        3,992   Innophos, Inc., Term Loan, LIBOR + 2.75%, 8/15/10       4,051,788  
        2,007   Intermet Corp., Term Loan B, PRIME + 5.25%, 3/31/09       1,992,344  
        4,824   Invista, Term Loan B, LIBOR + 2.75%, 4/30/11       4,917,585  
        1,228   Koch Cellulose, LLC, Term Loan, LIBOR + 2.25%, 5/01/11       1,245,935  
        222   Kraton Polymers, LLC, Term Loan B, LIBOR + 2.75%, 12/15/10       225,717  
        5,831   Nalco Co., Term Loan B, LIBOR + 2.00%, 11/04/10       5,941,665  
        500   PQ Corp., Term Loan, LIBOR + 2.00%, 2/28/12       507,813  
        975   Professional Paint, Inc., Term Loan, LIBOR + 3.25%, 9/30/11       988,406  
        1,990   Ripplewood Phosphorus US, LLC, Term Loan, LIBOR + 3.00%, 7/16/11       2,019,850  
        6,500   Rockwood Specialties Group, Inc., Term Loan D, LIBOR + 2.25%, 8/15/12       6,630,000  
        2,417   Rollcoater, Term Loan, LIBOR + 3.25%, 11/30/10       2,407,603  
                    54,741,207  
            Building & Development—2.9%        
        2,000   Juno Lighting, Inc., Term Loan, LIBOR + 5.50%, 5/10/11       2,045,000  
        2,000   Landsource Communities Development, LLC, Term Loan B, LIBOR + 2.50%, 3/31/10       2,022,500  
            Nortek, Inc., Term Loan,        
        993     LIBOR + 2.25%, 8/24/11       1,006,147  
        2     PRIME + 1.25%, 8/24/11       2,534  
        5,408   Ply Gem Industries, Inc., Term Loan, LIBOR + 2.50%, 2/12/11       5,468,480  
        2,494   Resolution Specialty Materials, Term Loan, LIBOR + 2.75%, 8/15/10       2,518,687  
                    13,063,348  
            Business Equipment & Services—0.2%        
        1,000   Latham Intl. Ltd., Term Loan, LIBOR + 4.00%, 12/31/10       1,006,250  
            Conglomerates—4.2%        
            Atlantis Plastics, Inc.,        
        1,000     Term Loan B, PRIME + 0.75%, 9/30/11       1,012,500  
        1,000     Term Loan C, PRIME + 5.25%, 9/30/11       1,015,000  
        2,000   Fidelity National, Term Loan, LIBOR + 1.75%, 3/30/13       2,006,250  
        500   Gentek Corp., Term Loan, LIBOR + 5.75%, 3/15/12       502,084  
            Honeywell Security Group, Term Loan B,        
        3,474     LIBOR + 4.00%, 6/28/10       3,525,856  
        9     PRIME + 3.00%, 6/28/10       8,882  
            Invesys Intl. Holdings Ltd.,        
        4,000     Term Loan, LIBOR, 3/05/09       3,980,000  
        2,000     Term Loan, LIBOR + 4.75%, 11/30/09       2,052,500  
        984     Term Loan B1, LIBOR + 3.50%, 8/30/09       1,001,076  
        1,000   NDC Health, Term Loan, LIBOR + 4.00%, 11/04/08       1,010,000  
        2,571   Polypore, Inc., Term Loan, LIBOR + 2.25%, 11/15/11       2,600,176  
                    18,714,324  
            Consumer Products—15.0%        
            Berkline/BenchCraft Holdings, LLC,        
        2,000     Term Loan, PRIME + 6.75%, 4/30/12       2,015,000  
        2,000     Term Loan B, LIBOR, 10/31/11       1,990,000  
        998   Carrols Corp., Term Loan, LIBOR + 2.50%, 12/31/10       1,016,619  
        748   Central Garden & Pet Co., Term Loan, LIBOR + 1.75%, 5/30/09       755,590  
        1,587   Church & Dwight Co., Inc., Term Loan B, LIBOR + 1.75%, 5/31/11       1,607,948  
        1,472   CKE Restaurants, Inc., Term Loan, LIBOR + 2.50%, 5/17/09       1,501,775  
        1,977   Coinmach Service Corp., Term Loan B, LIBOR + 3.00%, 7/30/09       2,000,335  
        1,662   Constellation Brands, Inc., Term Loan B, LIBOR + 1.75%, 12/31/11       1,687,516  
        750   Culligan Water Co., Term Loan B, LIBOR + 2.75%, 10/15/11       762,500  
        2,993   Delaware Labs, Term Loan B, LIBOR + 2.25%, 10/30/11       3,026,166  

4

BlackRock Global Floating Rate Income Trust (BGT) (continued)

                   
      Principal            
        Amount            
    Rating1   (000)   Description      
Value
 
          Consumer Products—(cont’d)        
        $ 3,500       Denny’s Corp., Term Loan, LIBOR, 8/25/10       $ 3,613,750  
        3,000   Desa LLC, Term Loan, LIBOR + 3.00%, 12/30/11       2,925,000  
        995   Doane Pet Care Co., Term Loan, LIBOR + 4.00%, 11/15/09       1,009,925  
        500   Fender Musical Instruments Corp., Term Loan, PRIME + 3.50%, 9/30/12       505,000  
        500   Herbalife Intl., Inc., Term Loan, LIBOR + 2.25%, 12/31/10       508,125  
        1,500   Jarden Corp., Term Loan, LIBOR + 2.00%, 1/15/12       1,518,438  
            Knoll, Inc., Term Loan,        
        1,751     LIBOR + 3.00%, 10/15/11       1,770,282  
        9     PRIME + 2.00%, 10/15/11       9,518  
        998   Landrys Restaurants, Term Loan B, LIBOR + 1.75%, 12/31/10       1,012,463  
            Language Line, Inc., Term Loan B,        
        2,889     LIBOR + 4.25%, 6/14/11       2,922,885  
        32     PRIME + 3.25%, 6/14/11       31,944  
            Maidenform, Inc., Term Loan,        
        293     LIBOR + 2.75%, 5/14/10       296,183  
        590     LIBOR + 7.50%, 5/11/11       601,800  
        2,944   National Bedding Co., LLC, Term Loan B, LIBOR + 2.25%, 8/25/08       2,977,280  
        3,500   Olympus Cable Holdings, LLC, Term Loan B, PRIME + 2.00%, 9/30/10       3,467,734  
        1,000   Oreck Corp., Term Loan B, LIBOR + 2.75%, 1/31/12       1,016,250  
            Oriental Trading Co., Inc.,        
        750     Term Loan, LIBOR + 4.75%, 1/08/11       758,906  
        1,000     Term Loan, LIBOR + 4.75%, 12/02/10       1,000,000  
        1,403     Term Loan B, LIBOR + 2.50%, 8/06/10       1,402,813  
        19     Term Loan B, PRIME + 1.50%, 8/06/10       19,211  
        5,486   OSI Group LLC, Term Loan B, LIBOR + 2.50%, 9/15/11       5,559,398  
        2,730   Pierre Foods, Inc., Term Loan B, LIBOR + 2.75%, 7/15/10       2,769,812  
            Prestige Brands Holdings, Inc., Term Loan B,        
        1,980     LIBOR + 2.25%, 4/07/11       2,009,700  
        5     PRIME + 1.25% , 4/07/11       5,075  
        988   Propex Fabrics, Inc., Term Loan, LIBOR + 2.25%, 12/31/10       992,438  
            R.H. Donnelley, Inc.,        
        634     Term Loan A3, LIBOR + 1.75%, 6/30/11       643,633  
        2,165     Term Loan D, LIBOR + 1.75%, 12/31/11       2,199,689  
        1,000   Rayovac, Term Loan, LIBOR + 2.00%, 1/31/12       1,017,500  
        2,985   Rite Aid Corp., Term Loan, LIBOR + 1.75%, 9/15/09       3,005,522  
        1,000   Travel Centers of America, Inc., Term Loan C, LIBOR + 1.75%, 11/30/11       1,007,500  
            United Subcontractors, Inc., Term Loan,        
        3,990     LIBOR + 3.25%, 4/21/11       4,039,875  
        500     LIBOR + 7.00%, 10/21/11       510,312  
                    67,491,410  
            Containers & Packaging—4.7%        
        2,715   Berry Plastics Corp., Term Loan C, LIBOR + 2.00%, 3/11/11       2,758,950  
            FlexSol Packaging Corp., Term Loan,        
        1,000     LIBOR + 3.25%, 11/30/11       1,001,250  
        1,000     LIBOR + 7.00%, 11/30/12       1,007,500  
            Graham Packaging Co., Inc.,        
        6,484     Term Loan B, LIBOR + 2.50%, 10/01/11       6,610,183  
        2,000     Term Loan C, LIBOR + 4.25%, 4/01/12       2,059,166  
        3,576   Graphic Packaging Intl., Inc., Term Loan C, LIBOR + 2.50%, 8/08/10       3,636,358  
        1,000   Smurfit Stone Containter Corp., Term Loan B, LIBOR + 2.00%, 11/01/11       1,018,333  
        2,977   Solo Cup Co., Term Loan, LIBOR + 2.50%, 2/27/11       3,019,127  
                    21,110,867  
            Ecological Services & Equipment—1.3%        
        2,000   Allied Waste NA, Inc., Term Loan, LIBOR + 2.00%, 3/31/12       2,016,800  
            Envirosolutions, Inc., Term Loan,        
        222     2.00%, 2/28/09       221,264  
        3,778     LIBOR + 4.50%, 2/28/09       3,768,735  
                    6,006,799  

5

BlackRock Global Floating Rate Income Trust (BGT) (continued)

                   
      Principal            
        Amount            
    Rating1   (000)   Description      
Value
 
          Energy—4.1%        
        $ 1,500       AES Corp., Term Loan, LIBOR + 1.75%, 4/30/08       $ 1,531,500  
        1,238   Belden & Blake Corp., Term Loan,        
        1,231     LIBOR + 2.75%, 7/15/11       1,242,892  
        7     PRIME + 1.75%, 7/15/11       6,983  
        500   Coleto Creek WLE LP, Term Loan C, LIBOR + 3.50%, 8/05/12       510,209  
        1,990   Dynegy Holdings, Inc., Term Loan, LIBOR + 4.00%, 5/10/10       2,029,179  
            El Paso Corp.,        
        750     Term Loan, LIBOR + 2.85%, 11/30/09       759,844  
        1,240     Term Loan B, LIBOR + 2.75%, 11/30/09       1,256,275  
        500   Mainline LP, Term Loan, LIBOR + 2.375%, 12/31/11       505,000  
        5,500   Reliant Energy, Inc., Term Loan B, LIBOR + 2.375%, 4/30/10       5,561,875  
        1,500   Semgroup LP, Term Loan, PRIME + 1.75%, 2/28/11       1,515,000  
            Texas Genco LLC,        
        585     Term Loan, 1.25%, 12/15/11       592,410  
        1,412     Term Loan, LIBOR + 2.00%, 12/15/11       1,430,670  
        500   Trout Coal Holdings LLC, Term Loan, PRIME + 4.00%, 3/31/12       510,000  
        998   Universal Compression, Inc., Term Loan B, LIBOR + 1.75%, 1/15/15       1,011,527  
                    18,463,364  
            Entertainment & Leisure—8.0%        
        1,000   Blockbuster Entertainment Corp., Term Loan B, LIBOR + 2.50%, 8/20/11       1,006,250  
        1,990   Boyd Gaming Corp., Term Loan B, LIBOR + 1.75%, 5/14/11       2,016,742  
        1,920   Greektown Casino, LLC, Term Loan D, LIBOR + 3.50%, 12/31/05       1,929,531  
        3,000   Kerasotes Theatres, Inc., Term Loan B, LIBOR + 2.25% 12/31/07       3,045,000  
        4,924   Loews Cineplex Entertainment Corp., Term Loan B, LIBOR + 2.25%, 8/15/11       5,006,332  
        998   Marina District Finance Co., Inc., Term Loan B, LIBOR + 4.50%, 10/15/11       1,009,138  
        1,995   MGM Mirage, Term Loan B, LIBOR + 2.50%, 4/30/11       1,993,753  
        928   Penn National Gaming, Inc., Term Loan D, LIBOR + 2.50%, 9/01/07       930,572  
        998   Universal City Development Partners LP, Term Loan B, LIBOR + 2.00%, 6/30/12       1,013,709  
        1,244   Venetian Casino Resorts LLC, Term Loan B, LIBOR + 1.75%, 6/15/11       1,258,824  
        4,241   Wallace Theaters, Term Loan, LIBOR + 3.25%, 8/01/09 - 1/21/10       4,315,472  
            Wyndham Intl., Inc.,        
        6,152     Term Loan I, LIBOR + 4.75%, 6/30/06       6,163,379  
        2,242     Term Loan II, LIBOR + 5.75%, 4/01/06       2,243,339  
        4,000   Wynn Las Vegas, LLC, Term Loan, LIBOR + 2.125%, 12/31/11       4,068,751  
                    36,000,792  
            Financial Institutions—2.4%        
        1,872   Global Cash Access, LLC, Term Loan, LIBOR + 2.75%, 3/15/10       1,900,257  
        3,880   Jostens, Inc., Term Loan C, LIBOR + 2.25%, 10/15/11       3,939,818  
        1,615   Refco Finance Holdings, LLC, Term Loan B, LIBOR, 7/30/11       1,633,169  
            Titan Corp., Term Loan B,        
        2,982     LIBOR + 2.75%, 4/24/09       3,022,408  
        3     PRIME + 1.25%, 4/24/09       3,325  
        500   USI Holdings Corp., Term Loan B, PRIME + 1.50%, 7/30/08       501,563  
                    11,000,540  
            Foreign Government—1.2%        
        5,689   Kingdom of Morocco, Term Loan A, LIBOR + 2.50%, 1/05/09       5,603,553  
            Health Care—10.8%        
        5,975   Accredo Health, Inc., Term Loan B, LIBOR + 1.75%, 8/05/11       5,986,191  
        1,617   Advanced Medical Optics, Term Loan B, LIBOR + 2.00%, 6/30/07       1,640,854  
        3,975   Arizant, Inc., Term Loan, LIBOR + 3.75%, 8/15/10       3,989,906  
        5,431   Community Health Systems, Inc., Term Loan, LIBOR + 1.75%, 8/15/11       5,499,267  
        4,846   Concentra Operating Corp., Term Loan, LIBOR + 2.50%, 6/30/10       4,910,257  
        750   Cooper Cos., Term Loan B, LIBOR + 1.75%, 11/15/11       759,062  
            HealthSouth Corp., Term Loan,        
        2,000     LIBOR, 1/15/11       2,175,000  
        1,500     LIBOR + 2.50%, 3/31/10       1,511,719  
        2,985   IASIS Healthcare Corp., Term Loan B, LIBOR + 2.25%, 6/30/11       3,029,775  
        2,736   Jean Coutu Group, Inc., Term Loan B, LIBOR + 2.25%, 6/30/11       2,788,838  
        2,539   Kinetic Concepts, Inc., Term Loan B-2, LIBOR + 1.75%, 8/05/10       2,571,218  

6

BlackRock Global Floating Rate Income Trust (BGT) (continued)

                   
      Principal            
        Amount            
    Rating1   (000)   Description      
Value
 
          Health Care—(cont’d)        
        $ 538       Medco Health Solutions, Term Loan A, LIBOR + 1.25%, 3/13/08       $ 539,808  
        998   Pacificare Health Systems, Inc., Term Loan B, LIBOR + 1.50%, 12/15/10       1,007,164  
        1,000   Select Medial Corp., Term Loan B, LIBOR + 1.75%, 2/28/12       1,005,250  
        4,056   US Oncology, Inc., Term Loan, LIBOR + 2.75%, 6/30/11       4,124,354  
        3,091   Vanguard Health Systems, Term Loan, LIBOR + 3.25%, 9/30/11       3,148,246  
            Warner Chilcott,        
        530     Term Loan, 0.50%, 1/18/11       535,003  
        2,184     Term Loan B, LIBOR + 2.75%, 1/18/11       2,204,386  
        880     Term Loan C, LIBOR + 2.75%, 1/18/11       888,260  
        406     Term Loan D, LIBOR + 2.75%, 1/18/11       410,351  
                    48,724,909  
            Industrials—1.4%        
        594   Alderwoods Group, Inc., Term Loan B2, LIBOR + 2.00%, 9/29/09       602,278  
        519   Exide Technologies, Term Loan, LIBOR + 3.50%, 5/01/10       524,125  
        1,000   Novelis, Inc., Term Loan B, LIBOR + 1.75%, 12/30/11       1,015,750  
        2,000   Tinnerman Palnut Engineered Products, Inc., Term Loan, LIBOR + 2.75%, 11/01/11       2,015,000  
        1,996   Worldspan, LP, Term Loan, LIBOR + 2.75%, 6/30/07       1,998,050  
                    6,155,203  
            Media—20.3%        
            Advertising Directory Solutions,        
        998     Term Loan, LIBOR + 3.75%, 5/30/12       1,019,113  
        2,972     Term Loan B, LIBOR + 2.00%, 11/30/11       2,975,965  
        2,000   Alliance Atlantis, Term Loan B, LIBOR + 1.75%, 11/30/11       2,030,000  
            American Lawyers Media, Inc., Term Loan,        
        108     0.50%, 3/15/10       108,849  
        642     PRIME + 1.50%, 3/15/10       646,776  
        1,990   Bragg Communication, Term Loan B, LIBOR + 2.50%, 9/15/11       2,019,850  
        1,000   Bresnan Communications LLC, Term Loan B, LIBOR + 3.50%, 9/30/10       1,014,688  
            Century TCI California LP,        
        2,000     Term Loan, PRIME + 0.75%, 12/31/07       1,994,520  
        5,000     Term Loan, PRIME + 2.00%, 12/31/09       4,964,285  
        5,000     Term Loan B, TBD, 12/31/09       4,964,285  
            Charter Communications Operating, LLC,        
        6,000     Term Loan A, LIBOR + 3.00%, 4/27/10       6,026,784  
        1,990     Term Loan B, LIBOR + 3.25%, 4/30/11       1,998,883  
        3,740   Dex Media East, LLC, Term Loan B, LIBOR + 1.75%, 12/31/08       3,798,791  
            Dex Media West, LLC,        
        1,139     Term Loan A, LIBOR + 2.00%, 9/10/09       1,154,183  
        1,796     Term Loan B, LIBOR + 1.75%, 9/01/09       1,823,422  
        1,995   Emmis Operating Co., Term Loan B, LIBOR, 5/15/12       2,019,660  
        4,750   Freedom Communications, Inc., Term Loan, LIBOR + 1.75%, 4/04/12       4,827,188  
            Insight Midwest Holdings, LLC,        
        4,681     Term Loan A, LIBOR + 1.50%, 6/30/09       4,688,897  
        997     Term Loan B, LIBOR + 2.75%, 1/06/10       1,015,145  
        3,474   Media News, Term Loan C, LIBOR + 1.50%, 8/25/10       3,492,567  
        2,277   Mediacom Communications Corp., Term Loan A, LIBOR + 1.25%, 3/31/10       2,266,522  
        1,995   Mediacom Illinois LLC, Term Loan B, LIBOR + 2.25%, 3/31/13       2,028,043  
        698   NEP Supershooters LP, Term Loan, LIBOR + 4.00%, 2/01/11       711,342  
        1,614   New Skies Satellites, Term Loan B, LIBOR + 2.50%, 4/12/11       1,633,407  
            Nexstar Broadcasting, Inc.,        
        4,000     Term Loan B, LIBOR + 1.75%, 8/14/12       4,025,000  
        2,985     Term Loan D, PRIME + 0.50%, 12/31/10       2,985,000  
        5,000   NTL Investment Holding Ltd., Term Loan B, LIBOR + 3.00%, 4/13/12       5,081,250  
        2,500   Raycom Media, Inc., Term Loan B, LIBOR + 1.75%, 4/01/12       2,531,250  
            Transwestern Publishing Co., Term Loan,        
        1,500     LIBOR + 2.25%, 2/25/11       1,504,376  
        2,987     LIBOR + 4.50%, 2/25/12       3,016,095  
        1,000   UPC Financing Partnership, Term Loan H, LIBOR + 2.75%, 10/30/12       1,010,000  
        2,977   Warner Music Group Corp., Term Loan B, LIBOR + 2.50%, 4/08/11       2,998,533  

7

BlackRock Global Floating Rate Income Trust (BGT) (continued)

                   
      Principal            
        Amount            
    Rating1   (000)   Description      
Value
 
          Media—(cont’d)        
            Western Wireless Corp.,        
        $ 5,773         Term Loan A, LIBOR + 2.25%, 5/28/10       $ 5,783,388  
        2,985     Term Loan B, LIBOR + 3.00%, 5/30/11       3,000,546  
                    91,158,603  
            Publishing—0.2%        
        750   Endurance Business, Term Loan B, LIBOR + 2.75%, 3/15/12       764,063  
            Real Estate—2.8%        
        1,000   Associated Materials, Inc., Term Loan, LIBOR + 2.25%, 4/19/09       1,017,500  
            General Growth Properties,        
        2,987     Term Loan A, LIBOR + 2.25%, 11/12/07       3,013,164  
        3,500     Term Loan B, LIBOR + 2.25%, 11/12/08       3,557,274  
            Headwaters, Inc., Term Loan,        
        2,767     LIBOR + 3.25%, 4/30/11       2,803,592  
        667     LIBOR + 5.50%, 4/30/11       686,111  
            Lake Las Vegas Resort, Term Loan,        
        850     LIBOR + 2.50%, 10/13/09       863,865  
        78     PRIME, 10/13/09       78,974  
        489   Stewart Enterprises, Term Loan B, LIBOR + 1.75%, 11/30/11       496,564  
                    12,517,044  
            Technology—2.7%        
        2,916   Directed Electronics, Inc., Term Loan, LIBOR + 4.25%, 3/15/10       2,955,666  
        2,767   Knowles Electronics, Inc., Term Loan B2, LIBOR + 5.00%, 6/29/07       2,783,027  
        2,483   UGS Corp., Term Loan, LIBOR + 2.00%, 5/30/11       2,529,047  
        2,985   Verifone, Inc., Term Loan B, LIBOR + 2.50%, 6/30/11       2,999,925  
        1,000   Westcom Corp., Term Loan B, LIBOR + 2.75%, 12/31/10       1,015,000  
                    12,282,665  
            Telecommunications—6.6%        
        1,000   Alaska Communications Systems Holdings, Inc., Term Loan, LIBOR + 2.00%, 1/31/12       1,014,688  
        2,000   Atlantic Broadband Finance, LLC, Term Loan B1, LIBOR + 2.75%, 1/30/11       2,040,834  
        4,719   Centennial Cellular Operating Co., Term Loan B, LIBOR + 2.25%, 2/09/11       4,800,484  
        1,000   Fairpont Communications, Inc., Term Loan B, LIBOR + 2.00%, 2/15/12       1,013,250  
        998   Intelsat Zeus, Ltd., Term Loan B, LIBOR + 1.75%, 7/31/11       1,010,904  
        2,000   Iowa Telecommunications Services, Inc., Term Loan B, LIBOR + 2.00%, 11/30/11       2,026,666  
        2,000   Nextel Partners Operating Corp., Term Loan C, LIBOR + 2.50%, 5/18/11       2,028,334  
        750   Ntelos, Inc., Term Loan, LIBOR + 2.50%, 2/24/10       755,000  
            PanAmSat Corp.,        
        1,312     Term Loan A, LIBOR + 2.50%, 8/20/09       1,319,640  
        373     Term Loan A, PRIME + 2.50%, 8/20/09       375,469  
        1,647     Term Loan B, LIBOR + 2.50%, 7/16/11       1,671,703  
        5,000   Qwest Corp., Term Loan A, LIBOR + 4.75%, 6/30/07       5,164,845  
        4,500   Triton PCS, Inc., Term Loan, LIBOR + 3.75%, 11/15/09       4,581,000  
            Valor Telecommunications LLC, Term Loan B,        
        533     LIBOR + 2.00%, 2/28/12       541,000  
        1,454     PRIME + 1.00%, 2/28/12       1,474,225  
                    29,818,042  
            Transportation—0.8%        
        2,500   Sirva Worldwide, Inc., Term Loan, LIBOR + 2.00%, 12/31/09       2,457,813  
        1,082   Transport Industries, LP, Term Loan, LIBOR + 4.00%, 6/14/10       1,081,651  
                    3,539,464  
            Total Bank Loans       480,049,470  
            Foreign Government Bonds—31.0%        
    B   8,714   Bolivarian Republic of Venezuela, 3.625%, 6/20/05       8,670,310  
            Federative Republic of Brazil,        
    NR   14,400     3.125%, 4/15/05       13,733,737  
    NR   10,696     8.00%, 4/15/14       10,588,692  
    BB-   9,435 3   8.84%, 6/29/09       10,520,025  
    BB-   2,400     Ser. B, 10.00%, 8/07/11       2,580,000  

8

BlackRock Global Floating Rate Income Trust (BGT) (continued)

                   
      Principal            
        Amount            
    Rating1   (000)   Description      
Value
 
          Foreign Government Bonds—(cont’d)        
    NR   $ 1,600   Islamic Republic of Pakistan, 6.75%, 2/19/09       $ 1,614,894  
    A-   800 3      Malaysia, 8.75%, 6/01/09       916,896  
    CCC+   3,500   Republic of Argentina, 3.01%, 8/03/05       2,943,500  
    BBB-   8,071   Republic of Bulgaria, 3.75%, 7/28/05       8,107,750  
    A   2,400 3 Republic of Chile, 6.875%, 4/28/09       2,594,112  
    BB+   7,665   Republic of Colombia, 9.75%, 4/09/11       8,431,165  
    Ba1   3,200   Republic of Costa Rica, 9.335%, 5/15/09       3,512,000  
    B-   2,400   Republic of Ecuador, 12.00%, 11/15/12       2,394,000  
    BB+   800   Republic of El Salvador, 9.50%, 8/15/06       846,000  
            Republic of Panama,        
    Ba1   12,714     3.75%, 7/18/05       11,697,131  
    BB+   840     8.25%, 4/22/08       894,600  
            Republic of Peru,        
    BB   5,544     5.00%, 9/07/05       5,072,760  
    BB   2,400     9.125%, 1/15/08       2,616,000  
    Baa1   2,400 3 Republic of South Africa, 7.375%, 4/25/12     2,618,160  
    BB-   2,400   Republic of the Philippines, 8.875%, 4/15/08       2,609,387  
    BB-   2,400   Republic of Turkey, 12.00%, 12/15/08       2,852,400  
            Republic of Venezuela,        
    B+   4,000     3.693%, 4/22/05       3,540,000  
    B   5,535     4.313%, 9/30/05       5,507,683  
    B+   4,800     9.125%, 6/18/07       5,088,000  
    B   2,000     11.00%, 3/05/08 EUR       2,950,658  
            Ukraine,        
    BB-   8,100 2   6.365%, 8/05/05       8,674,290  
    BB-   2,800 2   6.875%, 3/04/11       2,874,200  
    Baa1   4,800   United Mexican States, 3.33%, 1/13/09       4,850,400  
            Total Foreign Government Bonds       139,298,750  
            Total Long-Term Investments (cost $705,897,970)       710,076,724  
            SHORT-TERM INVESTMENTS—1.5%        
            U.S. Government and Agency Zero Coupon Bonds—0.1%        
        500   Federal Home Loan Bank, 4/01/05       500,000  
            Foreign Government Bond—1.4%        
        5,000   German Treasury Bill, 2.027%, 7/13/05 (EUR)       6,461,556  
            Total Short-Term Investments (cost $7,150,837)       6,961,556  
            Total investments—159.3% (cost $713,354,4404)       $717,038,280  
            Liabilities in excess of other assets (includng $19,367,244 of payable for reverse repurchase agreements)—(5.2)%       (23,516,455 )
            Preferred shares at redemption value, including dividends payable—(54.1)%       (243,496,357 )
            Net Assets applicable to common shareholders—100%       $450,025,468  

1 Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch’s Rating.
   
2 Security is not registered under the Securities Act of 1933. These may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of March 31, 2005, the Trust held 7.4% of its nets assets, with a current market value of $33,366,112, in securities restricted as to resale.
   
3 Entire or partial principal amount pledged as collateral for reverse repurchase agreements.
   
4  Cost for Federal income tax purposes is $712,903,810. The net unrealized appreciation on a tax basis is $4,134,470 consisting of $6,424,965 gross unrealized appreciation and $2,290,495 gross unrealized depreciation.

 A category in the Corporate Bonds and Bank Loans sections may contain multiple industries as defined by the SEC’s Standard Industry Codes.

KEY TO ABBREVIATIONS
EUR—European Monetary Unit
TBD—To Be Determined

9

Item 2. Controls and Procedures

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 attached as EX-99.CERT.

SIGNATURES

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.

(Registrant)     BlackRock Global Floating Rate Income Trust
______________________________________________________________

By:     /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Treasurer
Date: May 27, 2005

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/ Robert S. Kapito
_____________________________________________________________________
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: May 27, 2005

By:      /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: May 27, 2005