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 811-21413
Name of Fund: BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive
Officer, BlackRock Floating Rate Income Strategies Fund, Inc., 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: 08/31/2008
Date of reporting period: 09/01/2007 - 11/30/2007
Item 1 - Schedule of Investments
BlackRock Floating Rate Income Strategies Fund, Inc.
Schedule of Investments as of November 30, 2007 (Unaudited) (in U.S. dollars)
Face
Industry Amount Floating Rate Loan Interests** Value
Aerospace & Defense - 3.7% USD 1,950,267 Avio Holding SpA Term Loan, 4.25% - 13.625% due
9/25/2016 $ 1,921,013
1,640,000 Avio Holding SpA Term Loan B, 7.695% due 9/25/2014 1,590,116
1,640,000 Avio Holding SpA Term Loan C, 8.07% due 9/25/2015 1,598,316
117,021 Hawker Beechcraft Acquisition Co. LLC Letter of
Credit, 5.25% due 3/31/2014 111,792
1,376,064 Hawker Beechcraft Acquisition Co. LLC Term Loan B,
6.819% - 7.198% due 3/31/2014 1,314,572
2,208,760 IAP Worldwide Services, Inc. First Lien Term Loan,
9.50% due 12/20/2012 1,981,258
400,000 Vought Aircraft Industries, Inc. Revolving Credit,
6.80% - 8.50% due 12/22/2010 389,667
2,863,906 Vought Aircraft Industries, Inc. Term Loan, 7.34% due
12/22/2011 2,789,923
560,000 Vought Aircraft Industries, Inc. Tranche B Line of
Credit Deposit, 7.82% due 12/22/2010 545,534
--------------
12,242,191
Airlines - 1.2% 1,181,250 Delta Air Lines, Inc. First Lien Term Loan, 7.36% due
5/15/2012 1,117,758
2,000,000 US Airways Group, Inc. Term Loan B, 7.373% due 3/22/2014 1,863,334
995,000 United Air Lines, Inc. Term Loan B, 6.688% - 7.125%
due 1/30/2014 944,697
--------------
3,925,789
Auto Components - 1.1% 2,543,571 Affinia Group, Inc. Term Loan B, 7.96% due 11/30/2011 2,441,829
500,000 Delphi Automotive Systems Term Loan B, 8.25% due
12/31/2007 497,750
985,000 GPX International Tire Corp. Term Loan B, 8.35% - 9.75%
due 4/06/2012 709,200
--------------
3,648,779
Beverages - 0.2% EUR 500,000 Culligan International Second Lien Term Loan, 8.842%
due 4/24/2013 596,152
Building Products - 0.7% USD 2,777,848 PGT Industries, Inc. First Lien Term Loan, 8.13% - 8.71%
due 2/14/2012 2,444,506
Chemicals - 6.4% 498,750 BOC Edwards Ltd. Term Loan B, 7.541% due 5/21/2014 453,863
1,310,000 Hercules, Inc. Term Loan B, 6.617% - 6.714% due 10/08/2010 1,290,350
1,496,250 Huish Detergents, Inc. First Lien Term Loan, 7.20% - 7.32%
due 4/15/2014 1,330,594
997,500 ISP Chemco Term Loan B, 6.688% - 6.938% due 5/25/2014 943,136
957,840 Invista Term Loan, 6.698% due 4/29/2011 928,307
2,087,617 Invista Term Loan B-1, 6.698% due 4/29/2011 2,023,250
4,490,117 Nalco Co. Tranche B Term Loan, 6.872% - 7.12% due 11/04/2010 4,397,198
8,000 NuSil Technology Term Loan, 8.10% due 10/31/2013 7,940
1,950,000 Rockwood Specialties Group, Inc. Tranche D Term Loan, 6.46%
due 12/10/2012 1,870,647
GBP 3,000,000 Viridian Group Plc Term Loan, 8.234% - 9.430% due 12/21/2012 5,766,859
USD 4,750,000 Wellman, Inc. Second Lien Term Loan, 11.661% due 2/10/2010 2,078,125
--------------
21,090,269
Commercial Services & 978,218 American Reprographics Co. Term Loan, 6.503% - 6.879%
Supplies - 3.7% due 6/18/2009 958,654
237,029 Aramark Corp. Letter of Credit, 5.36% due 1/30/2014 226,007
3,316,442 Aramark Corp. Term Loan B, 7.198% due 1/30/2014 3,162,227
746,250 Brickman Group, Inc. Term Loan, 7.143% - 7.34% due
1/30/2014 701,475
725,945 Camelbak Products LLC First Lien Term Loan, 9.16% - 10.50%
due 8/04/2011 686,018
155,311 EnergySolutions Term Loan C, 7.66% due 6/07/2013 150,652
498,750 Jason, Inc. Term Loan B, 7.158% due 4/30/2010 473,812
912,733 John Maneely Co. Term Loan B, 8.499% - 8.619% due
12/15/2013 813,963
250,000 Kion GmbH Term Loan B, 7.493% due 3/15/2015 239,077
250,000 Kion GmbH Term Loan C, 7.743% due 3/15/2016 240,327
545,425 Metokote Corp. Second Lien Term Loan, 7.76% - 8.55% due
11/27/2011 523,608
1,492,500 RiskMetrics Group, Inc. Term Loan, 7.448% due 1/15/2014 1,455,188
695,474 Waste Services, Inc. Term Loan D, 6.92% due 3/31/2011 676,348
1,980,038 West Corp. Term Loan, 7.128% - 7.768% due 10/31/2013 1,885,986
--------------
12,193,342
Computers & Peripherals - 2.1% 418,690 Intergraph Corp. Term Loan, 7.506% due 5/15/2014 403,512
500,000 Intergraph Corp. Term Loan, 11.506% due 11/15/2014 481,875
3,690,972 Reynolds and Reynolds Co. First Lien Term Loan, 7.198%
due 10/31/2012 3,566,402
2,500,000 Reynolds and Reynolds Co. Second Lien Term Loan,
10.698% due 10/31/2013 2,443,750
--------------
6,895,539
Construction Materials - 1.0% 1,076,563 Headwaters, Inc. Term Loan B-1, 6.90% due 4/30/2011 1,048,109
2,418,750 Nortek, Inc. Term Loan, 7.05% due 8/27/2011 2,273,625
--------------
3,321,734
Containers & Packaging - 2.1% 1,488,664 Anchor Glass Container Corp. Term Loan B, 7.003% - 7.791%
due 5/03/2013 1,444,004
1,061,130 Berry Plastics Corp. Term Loan B, 11.97% due 6/15/2014 901,960
750,000 Consolidated Container Co. LLC Second Lien Term Loan,
10.293% - 11.041% due 10/15/2014 532,500
1,990,000 Graham Packaging Co. LP Term Loan B, 7.50% - 8%
due 4/15/2011 1,904,804
1,175,000 Intertape Polymer US, Inc. Term Loan B, 8.07% - 9.244%
due 7/28/2011 1,160,312
374,532 Smurfit-Stone Container Corp. Term Loan B, 7.188% - 7.625%
due 11/01/2011 365,695
614,492 Smurfit-Stone Container Corp. Term Loan C, 6.75% - 7.625%
due 11/01/2011 599,994
--------------
6,909,269
Distributors - 1.0% 1,878,139 Buhrmann USA, Inc. Term Loan C, 6.652% - 7.58%
due 12/23/2010 1,835,881
1,488,750 Keystone Automotive Operations, Inc. Term Loan B,
8.206% - 8.699% due 1/15/2012 1,349,801
--------------
3,185,682
Diversified Financial Services - 0.6% 2,000,000 J.G. Wentworth Manufacturing Term Loan B, 7.45%
due 4/15/2014 1,865,000
Diversified Telecommunication 1,000,000 Alaska Communications Systems Holdings, Inc.
Services - 1.1% Incremental Term Loan, 6.948% due 2/01/2012 958,542
2,172,500 Consolidated Communications, Inc. Term Loan D,
6.948% due 10/14/2011 2,134,481
496,250 Kentucky Data Link, Inc. Term Loan B, 7.072% due
2/28/2015 481,363
--------------
3,574,386
Electrical Equipment - 2.0% 990,000 Generac Power Systems, Inc. First Lien Term Loan,
9.25% due 11/15/2013 851,753
750,000 Generac Power Systems, Inc. Second Lien Term Loan,
12.75% due 5/15/2014 533,750
4,860,870 Sensus Metering Systems, Inc. Term Loan B-1,
7.04% - 7.495% due 12/17/2010 4,763,652
315,815 Sensus Metering Systems, Inc. Term Loan B-2,
6.665% - 7.383% due 12/19/2010 309,499
--------------
6,458,654
Energy Equipment & Services - 0.4% 18,868 EnergySolutions Letter of Credit, 6.936% due 6/07/2013 18,302
323,910 EnergySolutions Term Loan B, 7.66% due 6/07/2013 314,192
171,429 MEG Energy Corp. Delayed Draw Term Loan, 7.23%
due 4/02/2008 164,857
985,000 MEG Energy Corp. Term Loan B, 7.20% due 4/03/2013 954,465
--------------
1,451,816
Food & Staples Retailing - 3.3% 1,481,535 Advantage Sales & Marketing Term Loan B,
6.67% - 7.20% due 4/15/2013 1,414,866
1,000,000 Bolthouse Farms, Inc. Second Lien Term Loan,
10.698% due 12/01/2013 982,500
992,500 DS Waters LP Term Loan B, 7.069% due 11/15/2012 952,800
256,292 Dole Food Co., Inc. Letter of Credit, 5.16% due
4/12/2013 240,338
568,007 Dole Food Co., Inc. Term Loan B, 6.938% - 9.25% due
4/12/2013 532,648
1,893,356 Dole Food Co., Inc. Term Loan C, 6.938% - 8.75% due
4/04/2013 1,775,494
483,937 Eight O'Clock Coffee Second Lien Term Loan, 8.125%
due 7/21/2012 464,579
EUR 500,000 Iglo Birds Eye Term Loan B, 5.791% due 10/27/2019 715,539
500,000 Iglo Birds Eye Term Loan C, 6.166% - 6.239% due
10/27/2015 718,675
USD 734,400 McJunkin Corp. Term Loan B, 7.448% due 1/30/2014 725,220
702,828 Pierre Foods, Inc. Term Loan B, 7.78% due 6/30/2010 686,136
489,495 Pierre Foods, Inc. Term Loan B, 7.78% due 6/30/2010 477,869
500,000 Sturm Foods, Inc. First Lien Term Loan, 11.063% due
1/30/2014 447,500
997,500 Sturm Foods, Inc. Second Lien Term Loan, 11.063% - 11.438%
due 6/30/2014 862,838
--------------
10,997,002
Food Products - 0.5% 1,763,713 Chiquita Brands International Term Loan C, 7.875%
due 6/28/2012 1,706,026
Health Care Equipment & 1,500,000 Biomet, Inc. Term Loan B, 8.203% due 12/28/2014 1,479,204
Supplies - 0.7% 1,000,000 ReAble Therapeutics Finance LLC Term Loan, 8.002%
due 5/14/2014 986,875
--------------
2,466,079
Health Care Providers & 486,773 CCS Medical First Lien Term Loan, 8.82% due 10/31/2012 472,169
Services - 2.3% 2,000,000 DaVita, Inc. Term Loan B, 6.52% - 6.86% due 7/30/2012 1,919,090
869,159 HCA, Inc. Term Loan B, 6.698% due 11/17/2012 831,201
1,990,000 Health Management Associates, Inc. Term Loan B,
6.503% - 6.948% due 1/15/2014 1,862,861
499,851 LifePoint Hospitals, Inc. Term Loan B, 6.985% due
4/15/2012 476,465
734,741 Sterigenics International, Inc. Term Loan B, 7.76% - 7.95%
due 11/30/2013 705,352
1,500,000 Talecris Biotherapeutics, Inc. First Lien Term Loan,
9.08% due 11/13/2014 1,483,125
--------------
7,750,263
Hotels, Restaurants & 318,182 Golden Nugget, Inc. Term Loan, 6.69% - 6.80% due
Leisure - 4.7% 5/30/2014 301,477
500,000 Golden Nugget, Inc. Term Loan Second Lien, 7.94% - 8.30%
due 11/30/2014 463,750
500,000 Green Valley Ranch Gaming LLC Term Loan, 8.791%
due 8/30/2014 455,000
496,250 Greenwood Racing, Inc. Term Loan, 7.01% due
11/15/2013 471,438
1,750,000 Hallmark Entertainment Second Lien Term Loan,
9.32% due 10/15/2014 1,697,500
1,596,000 Las Vegas Sands LLC Term Loan B, 7.07% due
5/04/2014 1,505,862
1,210,189 Penn National Gaming, Inc. Term Loan B, 6.65% - 7.11%
due 10/03/2012 1,194,494
493,750 QCE LLC First Lien Term Loan, 7.610% - 7.611% due
5/05/2013 465,907
178,444 Travelport, Inc. Standby Letter of Credit, 7.448% due
8/31/2013 169,203
889,327 Travelport, Inc. Term Loan B, 7.448% due 8/31/2013 843,272
2,443,750 Trump Entertainment Resorts Holdings LP Delay Draw
Term Loan, 7.86% - 8.01% due 4/28/2012 2,382,656
945,000 Trump Entertainment Resorts Holdings LP Revolving
Credit, 7.83% - 9% due 5/01/2010 897,750
2,443,750 Trump Entertainment Resorts Holdings LP Term Loan B-1,
7.90% - 9.75% due 5/01/2012 2,382,656
750,000 Venetian Macau US Finance Co. LLC Delay Draw Term Loan,
7.61% - 8.10% due 5/25/2012 716,250
1,500,000 Venetian Macau US Finance Co. LLC Term Loan B, 8.10%
due 5/25/2013 1,432,500
--------------
15,379,715
Household Durables - 1.9% 1,117,766 American Achievement Corp. Term Loan B, 6.938% - 9%
due 3/22/2011 1,089,821
2,000,000 American Residential Services Second Lien Term Loan,
12% due 4/17/2015 1,964,862
3,268,092 Simmons Co. Tranche B Term Loan, 6.875% - 8.75%
due 12/19/2011 3,110,815
--------------
6,165,498
Household Products - 0.5% 80,548 Spectrum Brands, Inc. Letter of Credit, 4.466% due
4/15/2013 77,688
1,607,335 Spectrum Brands, Inc. Term Loan B-1, 8.665% - 9.249%
due 4/15/2013 1,550,275
--------------
1,627,963
IT Services - 1.8% 2,047,974 Activant Solutions Term Loan B, 6.938% - 7.50% due
5/02/2013 1,919,976
1,000,000 Audio Visual Services Corp. Second Lien Term Loan,
10.67% due 9/15/2014 955,000
1,500,000 Audio Visual Services Corp. Term Loan B, 7.42% due
3/15/2014 1,438,125
750,000 First Data Corp. Term Loan B, 7.96% due 9/24/2014 709,594
644,479 RedPrairie Corp. Term Loan, 8.50% - 10.25% due 7/31/2012 628,367
300,000 RedPrairie Corp. Term Loan, 11.394% due 1/31/2013 288,000
--------------
5,939,062
Independent Power Producers & 1,571,429 The AES Corp. Term Loan, 7% - 7.25% due 4/30/2008 1,547,857
Energy Traders - 3.8% 4,902,199 Calpine Corp. Term Loan B, 10.35% due 12/31/2007 (f) 5,073,776
555,881 Calpine Generating Company LLC Second Lien Term Loan,
11.07% due 3/11/2010 575,336
4,000,000 TXU Corp. Term Loan 3, 8.396% due 10/10/2014 3,930,908
1,500,000 TXU Corp. Term Loan B 2, 8.396% due 10/14/2029 1,471,875
--------------
12,599,752
Industrial Conglomerates - 0.9% 1,000,000 Sequa Corp. Term Loan B, 9.75% due 11/21/2014 964,167
375,000 Trimas Corp. Letter of Credit, 8.07% due 8/02/2013 367,500
1,608,750 Trimas Corp. Term Loan B, 7.098% - 7.234% due 8/02/2013 1,576,575
--------------
2,908,242
Information Technology - 1.3% 4,500,000 SunGard Data Systems, Inc. Term Loan B, 6.898% due
2/11/2013 4,335,471
Insurance - 0.1% 500,000 Alliant Insurance Services Term Loan B, 7.72% - 8.50% due
10/23/2014 478,750
Internet Software & Services - 0.6% 1,948,052 Billing Services Group LLC First Lien Term Loan,
8.313% - 8.375% due 5/05/2012 1,919,664
Leisure - 0.1% 333,055 Fender Musical Instruments Corp. Term Loan B, 7.65%
due 5/25/2014 304,745
Leisure Equipment & Products - 1.2% 3,940,000 24 Hour Fitness Term Loan B, 7.86% - 7.88% due
6/08/2012 3,802,100
Machinery - 4.3% 995,000 Harrington Holdings, Inc. Term Loan, 7.448% due
1/15/2014 957,688
2,779,412 Invensys Plc Term Loan, 7.244% due 1/15/2011 2,751,618
2,470,588 Invensys Plc Term Loan A, 7.356% due 12/15/2010 2,408,824
1,481,250 NACCO Materials Handling Group Term Loan B,
7.28% - 7.36% due 3/21/2013 1,418,296
1,333,333 Navistar International Transportation Corp. Revolving
Credit, 4.974% - 8.234% due 6/30/2012 1,290,000
3,666,667 Navistar International Transportation Corp. Term Loan,
8.234% due 6/30/2012 3,547,500
1,975,000 OshKosh Truck Corp. Term Loan B, 7.45% due
11/30/2013 1,903,631
--------------
14,277,557
Media - 27.1% 2,000,000 Affinion Group, Inc. Term Loan, 11.66% due 3/01/2012 1,900,000
1,637,625 Alix Partners Term Loan B, 7.25% due 10/30/2013 1,596,684
1,500,000 Bresnan Telecommunications Term Loan B, 7.18% due
9/29/2013 1,427,501
500,000 Catalina Marketing Group Term Loan, 8.231% due
10/01/2014 484,688
2,000,000 Cequel Communications LLC Second Lien Term Loan,
9.411% due 5/04/2014 1,877,500
1,645,650 Cequel Communications LLC Term Loan B, 6.66% - 9.50%
due 11/05/2013 1,536,812
14,000,000 Charter Communications, Inc. Term Loan B, 6.99% due
4/30/2014 13,028,078
997,500 Clarke American Corp. Term Loan B, 7.698% due
3/12/2013 910,717
973,460 ClientLogic Holding Corp. Term Loan B, 7.253% - 7.698%
due 1/30/2014 878,548
1,969,773 DirectTV Holdings LLC Tranche B Term Loan,
6.253% due 4/13/2013 1,943,784
498,750 Discovery Communications Term Loan B, 7.198% due
5/15/2013 482,790
966,578 EMMIS Communications Term Loan B, 7.198% due
10/31/2013 908,986
591,667 GateHouse Media Operating, Inc. Delay Draw Term
Loan, 7.25% - 7.51% due 9/15/2014 524,893
2,000,000 GateHouse Media Operating, Inc. Term Loan B, 7.51%
due 9/15/2014 1,774,286
348,799 Gray Communications Systems, Inc. First Lien Delay
Draw Term Loan, 5.82% - 6.85% due 9/18/2014 328,161
650,000 Gray Communications Systems, Inc. Term Loan B,
6.85% due 9/18/2014 611,541
1,201 Gray Communications Systems, Inc. Term Loan D,
6.82% due 9/18/2014 1,130
980,012 HIT Entertainment Ltd. First Lien Term Loan, 7.34%
due 8/31/2012 931,011
1,492,500 Hanley-Wood LLC Term Loan B, 7.474% - 7.59% due
3/07/2014 1,156,688
7,940,000 Idearc, Inc. Term Loan B, 7.20% due 11/15/2014 7,592,625
5,000,000 Insight Midwest Holdings LLC Delay Draw Term Loan,
7% due 4/03/2014 4,825,000
6,826,050 Intelsat Corp. Term Loan B, 6.706% due 1/03/2014 6,645,644
2,932,875 Intelsat Ltd. Term Loan B, 6.706% due 6/27/2013 2,863,219
748,125 Knology, Inc. Term Loan B, 7.59% - 7.61% due 3/15/2012 714,459
1,237,500 MediMedia International Term Loan B, 7.18% - 7.63%
due 11/15/2013 1,188,000
1,512,500 Mediacom Broadband Group Tranche A Term Loan,
6.36% - 7.02% due 3/31/2010 1,431,203
3,136,300 Mediacom LLC Term Loan C, 6.61% due 1/31/2015 2,938,042
4,363,924 Metro-Goldwyn-Mayer Studios, Inc. Term Loan B,
8.61% due 4/30/2011 4,048,530
357,000 Multicultural Radio Broadcasting Inc. Term Loan,
8.47% due 12/15/2012 349,860
1,000,000 National Cinemedia LLC Term Loan B, 7.46% due
2/28/2015 944,219
323,453 NextMedia Group, Inc. Delay Draw Term Loan,
7.122% due 11/15/2012 300,811
431,025 NextMedia Group, Inc. First Lien Term Loan, 7.045%
due 11/15/2012 400,854
1,750,000 NextMedia Group, Inc. Second Lien Term Loan, 9.82%
due 11/15/2013 1,636,250
5,940,009 Nielsen Finance LLC Term Loan B, 6.665% - 7.36%
due 8/09/2013 5,625,681
EUR 500,000 PagesJaunes Group Term Loan, 9% due 1/11/2017 693,682
1,000,000 PagesJaunes Group Term Loan B, 7% due 1/11/2015 1,405,043
500,000 PagesJaunes Group Term Loan C, 7.50% due 1/11/2016 706,179
USD 3,250,000 Paxson Communications Corp. First Lien Term Loan,
8.493% due 11/15/2012 3,120,000
1,000,000 Penton Media Term Loan, 9.984% due 2/15/2014 880,000
EUR 432,414 ProSiebenSat.1 Media AG Term Loan B, 7.075% due 6/30/2015 576,720
432,414 ProSiebenSat.1 Media AG Term Loan B, 7.325% due 6/30/2016 562,487
USD 1,419,987 Riverdeep Group Ltd. Term Loan B, 7.948% due
12/21/2013 1,407,267
1,061,070 San Juan Cable Term Loan B, 11.97% due 3/15/2013 997,406
1,500,000 Thomson Learning Inc. Term Loan, 7.95% due
6/30/2014 1,422,708
2,657,719 Univision Communications, Inc. Delay Draw Term
Loan, 7.003% - 7.21% due 9/30/2014 2,434,026
1,500,000 Univision Communications, Inc. First Lien Term Loan,
7.253% due 3/31/2016 1,468,126
--------------
89,481,839
Multi-Utilities - 3.2% 1,831,174 Coleto Creek Letter of Credit, 7.948% due 7/31/2013 1,748,770
127,389 Coleto Creek Term Loan B, 5.26% due 7/31/2013 121,656
1,000,000 Energy Transfer Equity LP Term Loan B, 6.648% due
11/01/2012 970,000
375,000 KGen Partners Letter of Credit, 7% due 2/15/2014 356,250
620,313 KGen Partners Term Loan B, 7% due 2/15/2014 589,297
500,000 NE Energy Second Lien Term Loan, 4.50% due
10/31/2014 457,500
1,642,211 Riverside Energy Center Term Loan, 9.21% due 6/24/2011 1,631,262
133,966 Rocky Mountain Energy Center LLC Credit Linked
Deposit, 5.22% due 6/24/2011 133,073
1,008,546 Rocky Mountain Energy Center LLC Term Loan,
9.21% due 6/24/2011 1,001,822
1,411,229 Wolf Hollow I LP First Lien Term Loan, 7.61% due
6/22/2012 1,305,387
1,200,000 Wolf Hollow I LP Letter of Credit, 7.143% due 6/22/2012 1,110,000
300,000 Wolf Hollow I LP Revolving Credit, 6.902% - 7.386%
due 6/22/2012 276,000
1,000,000 Wolf Hollow I LP Second Lien Term Loan, 9.864% d
ue 12/22/2012 950,000
--------------
10,651,017
Oil, Gas & Consumable 447,500 Big West Oil & Gas Term Loan B, 7.448% due 5/15/2014 429,600
Fuels - 2.3% 486,486 Coffeyville Resources LLC Letter of Credit, 5.131% due
12/21/2013 472,804
1,586,601 Coffeyville Resources LLC Term Loan B, 8.481% - 10.50%
due 12/21/2013 1,541,978
987,425 Helix Energy Solutions Term Loan B, 6.652% - 7.36%
due 7/01/2013 958,296
997,500 Petroleum Geo-Services ASA Term Loan B, 6.95% due
6/30/2015 966,744
1,600,000 SandRidge Energy, Inc. Term Loan B, 8.985% due
3/01/2014 1,592,000
250,000 Western Refining Co. LP Delay Draw Term Loan,
6.569% due 3/15/2014 239,793
1,602,500 Western Refining Co. LP Term Loan B, 6.569% due
3/15/2014 1,537,065
--------------
7,738,280
Paper & Forest Products - 2.1% 982,500 Georgia-Pacific Corp. First Lien Term Loan B,
6.948% - 7.474% due 2/14/2013 931,884
1,972,738 SP Newsprint Co. Tranche B-1 Credit Linked Deposit,
4.753% due 1/09/2010 1,913,556
4,130,000 Verso Paper Holdings LLC Term Loan B, 11.161% due
2/01/2013 3,938,988
--------------
6,784,428
Pharmaceuticals - 0.9% EUR 1,000,000 Pharmaceutical Technologies & Services (PTS) Term
Loan, 6.414% due 4/15/2014 1,404,433
USD 1,496,250 Pharmaceutical Technologies & Services (PTS) Term
Loan, 7.075% due 4/15/2014 1,420,502
--------------
2,824,935
Real Estate Management & 985,000 Mattamy Group Term Loan B, 7.813% due 4/11/2013 920,975
Development - 0.8% 1,995,000 Realogy Corp. Term Loan B, 8.24% due 9/22/2014 1,737,645
--------------
2,658,620
Retail - 0.4% 1,234,177 Neiman Marcus Group, Inc. Term Loan, 7.448% due
4/06/2013 1,185,119
Road & Rail - 0.8% 1,000,000 Rail America, Inc. Term Loan, 7.12% due 10/15/2008 977,500
2,093,023 Swift Transportation Co., Inc. Term Loan B, 7.938%
due 5/15/2014 1,771,876
--------------
2,749,376
Semiconductors & Semiconductor 1,978,750 Marvell Technology Group Term Loan B, 7.698% due
Equipment - 0.6% 11/15/2009 1,919,388
Specialty Retail - 0.6% 1,496,250 ADESA, Inc. Term Loan B, 7.45% due 10/30/2013 1,412,620
746,250 Claire's Stores Term Loan B, 7.948% due 5/24/2014 654,602
--------------
2,067,222
Telecommunications - 0.1% 406,417 NG Wireless Term Loan, 7.879% due 7/31/2014 400,321
Textiles, Apparel & Luxury 746,250 David's Bridal, Inc. Term Loan B, 6.899% due 1/30/2014 678,155
Goods - 0.3% 495,912 Renfro Corp. Term Loan B, 8.31% - 8.61% due 9/30/2013 471,117
--------------
1,149,272
Trading Companies & 360,446 United Rentals, Inc. Term Loan, 6.658% due 2/14/2011 350,309
Distributors - 0.2% 151,620 United Rentals, Inc. Tranche B Credit Linked Deposit,
5.32% due 2/14/2011 147,356
--------------
497,665
Wireless Telecommunication 931,470 Centennial Cellular Operating Co. Term Loan,
Services - 1.3% 7.198% - 7.541% due 2/09/2011 903,526
2,487,500 Crown Castle Operating Co. Term Loan, 6.84% - 7.298%
due 3/15/2014 2,360,460
997,500 IPC Systems First Lien Term Loan, 7.448% due
5/25/2014 882,789
--------------
4,146,775
Total Floating Rate Loan Interests
(Cost - $333,484,050) - 96.0% 316,715,254
Corporate Bonds
Auto Components - 0.3% 1,000,000 The Goodyear Tire & Rubber Co., 8.663% due
12/01/2009 (a) 1,005,000
Biotechnology - 0.3% 1,000,000 Angiotech Pharmaceuticals, Inc., 8.874% due
12/01/2013 (a) 950,000
Building Products - 2.0% 2,000,000 CPG International I, Inc., 12.13% due 7/01/2012 (a) 1,950,000
3,000,000 CPG International I, Inc., 10.50% due 7/01/2013 2,880,000
2,500,000 Masonite International Corp., 11% due 4/06/2015 1,993,750
--------------
6,823,750
Capital Markets - 2.0% 5,000,000 E*Trade Financial Corp., 12.50% due 11/27/2017 4,857,143
1,168,000 Marsico Parent Co., LLC, 10.625% due 1/15/2016 1,168,000
400,000 Marsico Parent Holdco, LLC, 12.50% due 7/15/2016 (b)(g) 400,000
267,000 Marsico Parent Superholdco, LLC, 14.50% due
1/15/2018 (b)(g) 251,754
--------------
6,676,897
Chemicals - 1.3% 2,011,000 GEO Specialty Chemicals, Inc., 13.85%
due 12/31/2009 (a)(b)(c) 1,659,075
1,500,000 Hexion U.S. Finance Corp., 9.369% due 11/15/2014 (a) 1,530,000
1,040,000 NOVA Chemicals Corp., 7.863% due 11/15/2013 (a) 998,400
--------------
4,187,475
Commercial Services & 3,375,000 Allied Waste North America, Inc. Series B, 7.375% due
Supplies - 1.5% 4/15/2014 3,383,438
175,000 Quebecor World Capital Corp., 8.75% due 3/15/2016 (b) 131,688
1,600,000 US Investigations Services, Inc., 10.50% due
11/01/2015 (b) 1,488,000
--------------
5,003,126
Communications Equipment - 0.2% 600,000 Dycom Industries, Inc., 8.125% due 10/15/2015 598,500
Containers & Packaging - 2.2% 1,450,000 Berry Plastics Holding Corp., 8.866% due 9/15/2014 (a) 1,392,000
4,000,000 Clondalkin Acquisition BV, 6.991% due 12/15/2013 (a)(b) 3,780,000
2,350,000 Packaging Dynamics Finance Corp., 10%
due 5/01/2016 (b) 2,138,500
--------------
7,310,500
Diversified Financial Services - 0.2% 750,000 Ford Motor Credit Co. LLC, 9.693% due 4/15/2012 (a) 742,535
Diversified Telecommunication 1,450,000 Qwest Corp., 8.241% due 6/15/2013 (a) 1,489,875
Services - 0.5%
Electric Utilities - 0.7% 2,375,000 Edison Mission Energy, 7.50% due 6/15/2013 2,375,000
Electronic Equipment & 2,390,000 NXP BV, 7.993% due 10/15/2013 (a) 2,258,550
Instruments - 0.7%
Energy Equipment & Services - 0.9% 3,000,000 Ocean RIG ASA, 9.24% due 4/04/2011 (a) 2,955,000
Food & Staples Retailing - 0.2% 250,000 AmeriQual Group LLC, 9.50% due 4/01/2012 (b) 195,000
480,000 Rite Aid Corp., 9.375% due 12/15/2015 (b) 415,200
--------------
610,200
Health Care Equipment & 8,000,000 ReAble Therapeutics Finance LLC, 10.875% due
Supplies - 2.3% 11/15/2014 (b) 7,700,000
Health Care Providers & 2,000,000 Tenet Healthcare Corp., 6.50% due 6/01/2012 1,760,000
Services - 0.8% 575,000 US Oncology, Inc., 9% due 8/15/2012 566,375
460,000 Universal Hospital Services, Inc., 8.288% due
6/01/2015 (a)(b) 453,100
--------------
2,779,475
Hotels, Restaurants & Leisure - 1.9% 5,000,000 American Real Estate Partners LP, 7.125% due
2/15/2013 (b) 4,675,000
175,000 Galaxy Entertainment Finance Co. Ltd., 9.829% due
12/15/2010 (a)(b) 179,375
1,565,000 Little Traverse Bay Bands of Odawa Indians, 10.25%
due 2/15/2014 (b) 1,580,650
--------------
6,435,025
Household Durables - 0.1% 240,000 The Yankee Candle Company, Inc., 9.75% due 2/15/2017 221,400
IT Services - 0.6% 1,900,000 SunGard Data Systems, Inc., 10.25% due 8/15/2015 1,957,000
Independent Power Producers & 2,000,000 Calpine Corp., 9.875% due 12/01/2011 (b)(f) 2,075,000
Energy Traders - 2.2% 3,000,000 NRG Energy, Inc., 7.25% due 2/01/2014 2,932,500
2,300,000 Texas Competitive Electric Holdings Co. LLC, 10.25%
due 11/01/2015 (b) 2,213,750
--------------
7,221,250
Machinery - 1.1% 250,000 Ahern Rentals, Inc., 9.25% due 8/15/2013 213,750
1,346,000 Invensys Plc, 9.875% due 3/15/2011 (b) 1,416,662
2,000,000 Sunstate Equipment Co. LLC, 10.50% due 4/01/2013 (b) 1,860,000
--------------
3,490,412
Media - 4.7% 2,000,000 CSC Holdings, Inc. Series B, 7.625% due 4/01/2011 1,960,000
2,000,000 Cablevision Systems Corp. Series B, 9.644% due
4/01/2009 (a) 2,030,000
575,000 Cablevision Systems Corp. Series B, 8% due 4/15/2012 547,688
5,055,000 Intelsat Bermuda Ltd., 8.886% due 1/15/2015 (a) 5,061,319
375,000 NTL Cable Plc, 8.75% due 4/15/2014 373,125
4,000,000 Nielsen Finance LLC, 10% due 8/01/2014 4,070,000
300,000 Quebecor Media, Inc., 7.75% due 3/15/2016 279,750
1,330,000 Windstream Regatta Holdings, Inc., 11% due
12/01/2017 (b) 1,343,300
--------------
15,665,182
Metals & Mining - 2.8% 3,000,000 CSN Islands VIII Corp., 9.75% due 12/16/2013 (b) 3,375,000
265,000 FMG Finance Pty Ltd., 9.124% due 9/01/2011 (a)(b) 272,288
3,120,000 Freeport-McMoRan Copper & Gold, Inc., 8.394% due
4/01/2015 (a) 3,174,600
700,000 Novelis, Inc., 7.25% due 2/15/2015 652,750
1,680,000 Ryerson, Inc., 12.574% due 11/01/2014 (a)(b) 1,617,000
--------------
9,091,638
Paper & Forest Products - 2.1% 2,650,000 Abitibi-Consolidated, Inc., 8.491% due 6/15/2011 (a) 2,096,813
700,000 Ainsworth Lumber Co. Ltd., 8.948% due 10/01/2010 (a) 490,000
625,000 Domtar Corp., 7.125% due 8/15/2015 603,125
925,000 NewPage Corp., 11.161% due 5/01/2012 (a) 971,250
3,000,000 Verso Paper Holdings LLC Series B, 8.661% due
8/01/2014 (a) 2,940,000
--------------
7,101,188
Real Estate Management & 4,000,000 Realogy Corp., 11% due 4/15/2014 (b)(g) 2,790,000
Development - 0.8%
Road & Rail - 0.5% 1,000,000 Atlantic Express Transportation Corp., 12.455% due
4/15/2012 (a) 840,000
1,350,000 St. Acquisition Corp., 12.619% due 5/15/2015 (a)(b) 715,500
--------------
1,555,500
Semiconductors & Semiconductor 4,500,000 Avago Technologies Finance Pte. Ltd., 10.624% due
Equipment - 2.5% 6/01/2013 (a) 4,573,125
1,250,000 Freescale Semiconductor, Inc., 8.866% due 12/15/2014 (a) 1,115,625
2,870,000 Spansion, Inc., 8.249% due 6/01/2013 (a)(b) 2,611,700
--------------
8,300,450
Specialty Retail - 0.3% 250,000 Autonation, Inc., 7.243% due 4/15/2013 (a) 235,000
700,000 General Nutrition Centers, Inc., 10.009% due
3/15/2014 (a)(g) 665,000
--------------
900,000
Wireless Telecommunication 370,000 Cricket Communications, Inc., 9.375% due 11/01/2014 344,100
Services - 0.3% 378,000 Digicel Group Ltd., 9.125% due 1/15/2015 (b)(g) 338,310
200,000 MetroPCS Wireless, Inc., 9.25% due 11/01/2014 189,500
--------------
871,910
Total Corporate Bonds
(Cost - $125,107,068) - 36.0% 119,066,838
Shares
Held Common Stocks
Capital Markets - 0.3% 242,021 E*Trade Financial Corp. (e) 1,113,297
Chemicals - 0.0% 13,117 GEO Specialty Chemicals, Inc. (e) 13,117
Electrical Equipment - 0.3% 71,654 Medis Technologies Ltd. (e) 915,022
Energy Equipment & Services - 1.3% 119,185 Trico Marine Services, Inc. (e) 4,215,573
Paper & Forest Products - 0.0% 84,448 Western Forest Products, Inc. (e) 118,233
Total Common Stocks (Cost - $4,322,548) - 1.9% 6,375,242
Preferred Stocks
Capital Markets - 0.0% 78 Marsico Parent Superholdco, LLC, 16.75% (b) 73,543
Total Preferred Stocks (Cost - $73,543) - 0.0% 73,543
Number of
Contracts Options Purchased
Call Options - 0.0% 20 Marsico Parent Superholdco, LLC expiring December 2019 at $1,000 (b) 19,556
Total Options Purchased (Cost - $19,556) - 0.0% 19,556
Warrants (d)
Electric Utilities - 0.0% 4,558 Reliant Resources (expires 10/25/2008) 86,602
Total Warrants (Cost - $0) - 0.0% 86,602
Rights
Household Durables - 0.0% 7,165 Medis Tech Rights (j) 0
Total Rights (Cost - $0) - 0.0% 0
Beneficial
Interest Short-Term Securities
USD 7,784,395 BlackRock Liquidity Series, LLC
Cash Sweep Series, 4.75% (h)(i) 7,784,395
Total Short-Term Securities
(Cost - $7,784,395) - 2.4% 7,784,395
Total Investments (Cost - $470,791,161*) - 136.3% 450,121,430
Liabilities in Excess of Other Assets - (36.3%) (119,823,895)
--------------
Net Assets - 100.0% $ 330,297,535
==============
* The cost and unrealized appreciation (depreciation) of investments
as of November 30, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 470,894,644
=====================
Gross unrealized appreciation $ 4,488,647
Gross unrealized depreciation (25,261,861)
---------------------
Net unrealized depreciation $ (20,773,214)
====================
** Floating rate loan interests in which the Fund invests generally pay
interest at rates that are periodically determined by reference to a
base lending rate plus a premium. The base lending rates are generally
(i) the lending rate offered by one or more major European banks, such
as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered
by one or more major U.S. banks or (iii) the certificate of deposit rate.
(a) Floating rate security.
(b) The security may be offered and sold to "qualified institutional buyers"
under Rule 144A of the Securities Act of 1933.
(c) Convertible security.
(d) Warrants entitle the Fund 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.
(e) Non-income producing security.
(f) Non-income producing security; issuer filed for bankruptcy or is in
default of interest payments.
(g) Represents a pay-in-kind security which may pay interest/dividends
in additional face/shares.
(h) Represents the current yield as of November 30, 2007.
(i) Investments in companies considered to be an affiliate of the Fund,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
were as follows:
Net Interest
Affiliate Activity Income
BlackRock Liquidity Series, LLC
Cash Sweep Series $ 7,784,395 $ 29,485
(j) The rights may be exercised until January 7, 2008.
o For Fund compliance purposes, the Fund'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 Fund management. This definition may not apply for
purposes of this report, which may combine industry sub-classifications
for reporting ease. Industries are shown as a percent of net assets.
o Forward foreign exchange contracts as of November 30, 2007
were as follows:
Foreign Currency Settlement Unrealized
Sold Date Depreciation
EUR 6,542,000 January 2008 $ (310,169)
GBP 1,801,000 January 2008 (41,912)
-------------
Total Unrealized Depreciation on Forward Foreign
Exchange Contracts (USD Commitment - $12,924,099) $ (352,081)
=============
o Swaps outstanding as of November 30, 2007 were as follows:
Notional Unrealized
Amount Depreciation
Sold credit default protection on
Ford Motor Company and receive 3.80%
Broker, UBS Warburg
Expires March 2010 $10,000,000 $ (371,620)
o Currency Abbreviations:
EUR Euro
GBP British Pound
USD U.S. Dollar
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 and Exchange Act of 1934, as amended.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
that occurred during the registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect,
the registrant's internal control over financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Floating Rate Income Strategies Fund, Inc.
By: /s/ Donald C. Burke
-------------------
Donald C. Burke,
Chief Executive Officer of
BlackRock Floating Rate Income Strategies Fund, Inc.
Date: January 16, 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 Floating Rate Income Strategies Fund, Inc.
Date: January 16, 2008
By: /s/ Neal J. Andrews
-------------------
Neal J. Andrews,
Chief Financial Officer (principal financial officer) of
BlackRock Floating Rate Income Strategies Fund, Inc.
Date: January 16, 2008