BlackRock Floating Rate Income Trust (the Fund) is a non-diversified, closed-end management investment company. The Fund's primary investment objective is to provide a high level of current income. The Fund's secondary investment objective is to seek the preservation of capital. The Fund seeks to achieve its investment objectives by investing primarily, at least 80% of its assets in floating and variable rate instruments of United States and non-United States issuers, including a substantial portion of its assets in global floating and variable rate securities, including senior secured floating rate loans made to corporate and other business entities. The Fund average effective duration of its portfolio will be no more than 1.5 years. The Fund's investment advisor is BlackRock Advisors, LLC. The Fund's sub-advisor is BlackRock Financial Management, Inc.