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.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., 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: (609) 282-2800
Date of fiscal year end: 08/31/2007
Date of reporting period: 03/01/07 - 05/31/07
Item 1 - Schedule of Investments
BlackRock Floating Rate Income Strategies Fund, Inc.
Schedule of Investments as of May 31, 2007 (unaudited) (in U.S. dollars)
Face
Industry Amount Floating Rate Loan Interests** Value
Aerospace & USD 1,909,273 Avio Holding SpA Term Loan, 4.25% - 9.382% due 9/25/2016 $ 1,969,734
Defense - 5.4% 1,640,000 Avio Holding SpA Term Loan B, 7.695% due 9/25/2014 1,658,791
1,640,000 Avio Holding SpA Term Loan C, 8.07% due 9/25/2015 1,666,991
156,028 Hawker Beechcraft Letter of Credit, 5.25% due 3/31/2014 156,753
1,843,971 Hawker Beechcraft Term Loan B, 7.32% due 3/31/2014 1,852,535
2,370,000 IAP Worldwide Services, Inc. First Lien Term Loan, 9.688% due
12/20/2012 2,376,667
1,605,143 K&F Industries, Inc. Term Loan, 7.32% due 11/18/2013 1,605,143
2,096,656 MRO Acquisitions Corp. First Lien Term Loan, 7.82% due
8/27/2010 2,103,208
2,361,111 Standard Aero Holdings Term Loan, 7.57% - 7.61%
due 8/24/2012 2,361,111
2,877,741 Vought Aircraft Industries, Inc. Term Loan, 7.83% due
12/22/2011 2,893,928
560,000 Vought Aircraft Industries, Inc. Tranche B Line of Credit
Deposit, 7.82% due 12/22/2010 563,266
---------------
19,208,127
Airlines - 1.5% 1,250,000 Delta Airlines First Lien Term Loan, 7.355% due 5/15/2012 1,254,375
3,000,000 U.S. Airways Group, Inc. Term Loan B, 7.85% due 3/22/2014 3,017,814
1,000,000 United Air Lines, Inc. Term Loan B, 7.375% due 1/30/2014 1,000,704
---------------
5,272,893
Automotive - 4.8% 1,500,000 ADESA, Inc. Term Loan B, 7.57% due 10/30/2013 1,509,564
2,543,572 Affinia Group Term Loan B, 8.355% due 11/30/2011 2,557,879
500,000 Delphi Automotive Systems Term Loan B, 7.625% due
12/31/2007 501,562
990,000 GPX International Tire Corp. Term Loan B, 7.82% - 7.92% due
4/06/2012 975,150
1,496,250 Keystone Automotive Operations, Inc. Term Loan B, 8.82% - 8.858%
due 1/15/2012 1,451,363
1,333,333 Navistar International Transportation Corp. Revolving Credit,
8.57% - 8.61% due 6/30/2012 1,351,107
3,666,667 Navistar International Transportation Corp. Term Loan, 8.61%
due 6/30/2012 3,715,554
1,995,000 Oshkosh Truck Corp. Term Loan B, 7.35% due 11/30/2013 2,002,481
3,000,000 Visteon Corp. Term Loan B, 8.38% due 6/13/2013 3,018,441
---------------
17,083,101
Broadcasting - 4.8% 1,500,000 Bresnan Telecommunications Term Loan B, 7.38% due
9/29/2013 1,505,157
3,000,000 Discovery Communications Term Loan B, 7.34% due 5/15/2013 3,025,314
1,000,000 EMMIS Communications Term Loan B, 7.35% due 10/31/2013 1,006,375
348,799 Gray Communications Systems, Inc. First Lien Delay Draw Term
Loan, 5.82% - 6.85% due 9/18/2014 348,289
650,000 Gray Communications Systems, Inc. Term Loan B, 6.85% due
9/18/2014 649,051
1,201 Gray Communications Systems, Inc. Term Loan D, 6.82% due
5/31/2007 1,199
396,195 Multicultural Radio Broadcasting, Inc. Term Loan, 8.098% due
12/15/2012 397,186
370,603 NextMedia Group, Inc. Delay Draw Term Loan, 7.32% due
11/15/2012 369,954
833,857 NextMedia Group, Inc. First Lien Term Loan, 7.32% due
11/15/2012 832,397
1,750,000 NextMedia Group, Inc. Second Lien Term Loan, 9.82% due
11/15/2013 1,757,656
3,250,000 Paxson Communications Corp. First Lien Term Loan, 8.606%
due 11/15/2012 3,319,063
2,583,893 Univision Communications, Inc. Delay Draw Term Loan,
7.605% due 9/30/2014 2,580,167
1,500,000 Univision Communications, Inc. First Lien Term Loan, 7.82%
due 3/31/2016 1,499,250
---------------
17,291,058
Cable - U.S. - 12.9% 66,108 Century Cable Holdings LLC Discretionary Term Loan, 10.25%
due 12/31/2009 64,108
2,000,000 Cequel Communications LLC Second Lien Term Loan, 9.856%
due 5/04/2014 2,063,126
2,155,172 Cequel Communications LLC Term Loan B, 7.34% - 7.35%% due
11/05/2013 2,156,383
19,000,000 Charter Communications, Inc. Term Loan B, 7.32% due
4/30/2014 18,998,822
1,979,849 DIRECTV Holdings, Inc. Tranche B Term Loan, 6.82% due
4/13/2013 1,985,586
5,000,000 Insight Midwest Holdings LLC Delay Draw Term Loan, 7.61%
due 4/03/2014 5,031,640
6,860,525 Intelsat Corp. Term Loan B, 7.349% due 1/03/2014 6,910,696
2,947,688 Intelsat Ltd. Term Loan B, 7.349% due 6/27/2013 2,969,058
1,762,500 Mediacom Broadband Group Tranche A Term Loan, 6.86% - 7.35%
due 3/31/2010 1,753,688
3,152,100 Mediacom LLC Term Loan C, 7.09% - 7.11% due 1/31/2015 3,156,040
1,000,000 San Juan Cable Term Loan B, 11.82% due 3/15/2013 1,001,250
---------------
46,090,397
Chemicals - 6.2% 1,770,000 Hercules, Inc. Term Loan B, 6.82% - 6.84% due 10/08/2010 1,770,000
962,714 Invista Term Loan, 6.85% due 4/29/2011 966,324
2,098,241 Invista Term Loan B-1, 7.10% due 4/29/2011 2,098,241
4,490,117 Nalco Co. Tranche B Term Loan, 7.07% - 7.14% due 11/04/2010 4,516,177
460,000 NuSil Technology Term Loan, 8.10% due 10/31/2013 462,300
1,960,000 Rockwood Specialties Group, Inc. Tranche D Term Loan,
7.355% due 12/10/2012 1,974,700
3,000,000 Viridian Group Plc Term Loan, 7.729% - 9.43% due 12/21/2012 5,991,274
4,750,000 Wellman, Inc. Second Lien Term Loan, 12.106% due 2/10/2010 4,363,212
---------------
22,142,228
Consumer - Durables - 0.9% 3,268,092 Simmons Co. Tranche B Term Loan, 6.875% - 7.563%
due 12/19/2011 3,278,984
Consumer - 1,213,896 American Achievement Corp. Term Loan B, 9.50% due
Non-Durables - 1.4% 3/22/2011 1,221,989
756,000 Camelbak Products LLC First Lien Term Loan, 9.16% due
8/04/2011 754,110
500,000 Culligan International Second Lien Term Loan (Euro), 8.609%
due 4/24/2013 672,775
463,621 Renfro Corp. Term Loan B, 8.59% - 8.61% due 9/30/2013 468,257
80,548 Spectrum Brands Letter of Credit, 5.17% due 4/15/2013 81,387
1,629,480 Spectrum Brands Term Loan B-1, 9.32% - 9.36% due 4/15/2013 1,646,455
289,972 Spectrum Brands Term Loan B-2, 9.32% due 4/15/2013 290,697
---------------
5,135,670
Diversified 966,731 ACS Media Canada Term Loan B, 7.84% - 7.86% due 11/30/2014 970,356
Media - 11.5% 1,491,209 Advantage Sales & Marketing Term Loan B, 7.35% - 7.36% due
4/15/2013 1,493,695
2,000,000 Affinion Group Term Loan, 11.66% due 3/01/2012 2,000,000
1,645,875 Alix Partners Term Loan B, 7.61% due 10/30/2013 1,656,162
591,667 GateHouse Media, Inc. Delay Draw Term Loan, 7.36% due
9/15/2014 590,927
2,000,000 GateHouse Media, Inc. Term Loan B, 7.36% due 9/15/2014 1,997,500
985,000 HIT Entertainment Ltd. First Lien Term Loan, 7.34% due
8/31/2012 988,899
1,500,000 Hanley-Wood LLC Term Loan B, 7.59% - 7.605% due 3/07/2014 1,493,126
8,000,000 Idearc, Inc. Term Loan B, 7.31% due 11/15/2014 8,056,512
1,250,000 MediMedia International Term Loan B, 7.772% - 9.75%
due 11/15/2013 1,254,166
9,900,000 Metro-Goldwyn-Mayer Studios, Inc. Term Loan B, 8.60% due
4/30/2011 9,923,592
3,985,000 Nielsen Finance LLC Term Loan B, 7.61% due 8/09/2013 4,016,135
1,985,000 Nielsen Finance LLC Term Loan B, 7.607% due 8/15/2013 2,000,509
500,000 PagesJaunes Group Term Loan, 8.135% due 1/11/2017 693,613
1,000,000 PagesJaunes Group Term Loan B, 6.135% due 1/11/2015 1,364,136
500,000 PagesJaunes Group Term Loan C, 6.635% due 1/11/2016 685,432
1,000,000 Penton Media Term Loan, 10.355% due 2/15/2014 1,007,500
1,000,000 Riverdeep Group Ltd. Term Loan B, 8.10% due 12/21/2013 1,004,688
---------------
41,196,948
Energy - Exploration & 450,000 Big West Oil & Gas Term Loan B, 9.50% due 5/15/2014 452,250
Production - 2.1% 1,000,000 Bobcat Gas Storage Term Loan B, 7.475% due 9/15/2014 1,000,000
1,000,000 Energy Transfer Equity LP Term Loan B, 7.106% due
11/01/2012 1,005,893
992,455 Helix Energy Solutions Term Loan B, 7.32% - 7.37%
due 7/01/2013 995,557
990,000 MEG Energy Corp. Term Loan B, 7.35% due 4/03/2013 996,961
1,600,000 Sandridge Energy Term Loan, 8.975% due 3/01/2014 1,648,000
1,607,143 Western Refining Company LP Term Loan B, 7.07% due
3/15/2014 1,613,170
---------------
7,711,831
Energy - Other - 2.1% 110,278 Alon USA, Inc. Delay Draw Term Loan, 7.606% - 7.57% due
6/22/2013 110,829
882,222 Alon USA, Inc. Term Loan B, 7.57% - 7.606% due 6/22/2013 886,633
486,486 Coffeyville Resources LLC Letter of Credit, 5.249% due
12/21/2013 492,162
2,507,230 Coffeyville Resources LLC Term Loan B, 8.349% - 10.25%
due 12/21/2013 2,536,482
1,863,224 Coleto Creek Letter of Credit, 8.10% due 7/31/2013 1,869,435
127,389 Coleto Creek Term Loan B, 8.117% due 7/31/2013 127,813
1,481,250 Key Energy Services, Inc. Term Loan B, 7.85% - 7.856%
due 6/30/2012 1,488,656
---------------
7,512,010
Financial - 0.9% 1,000,000 J.G. Wentworth Manufacturing Second Lien Term Loan, 10.35%
due 10/15/2014 1,014,375
2,000,000 J.G. Wentworth Manufacturing Term Loan B, 7.60% due
4/15/2014 2,002,500
250,000 Kyle Acquisition Term Loan B, 8.875% due 7/20/2009 252,656
2,534 USI Holdings Corp. Term Loan B, 7.61% due 7/30/2008 2,534
---------------
3,272,065
Food & Tobacco - 4.4% 263,366 ARAMARK Corp. Letter of Credit, 7.445% due 1/30/2014 265,102
3,685,154 ARAMARK Corp. Term Loan B, 7.475% due 1/30/2014 3,709,443
1,000,000 Bolthouse Farms, Inc. Second Lien Term Loan, 10.85% due
12/01/2013 1,011,667
1,989,873 Chiquita Brands International Term Loan C, 8.375% due
6/28/2012 2,011,016
997,500 DS Waters LP Term Loan B, 7.57% due 11/15/2012 997,500
256,292 Dole Food Co., Inc. Letter of Credit, 5.226% due 4/12/2013 256,274
572,983 Dole Food Co., Inc. Term Loan B, 7.438% - 9.25% due 4/12/2013 572,943
521,571 Dole Food Co., Inc. Term Loan C, 7.438% - 9.25% due 3/31/2013 521,535
1,388,372 Dole Food Co., Inc. Term Loan C, 7.438% - 9.25% due 4/04/2013 1,388,276
485,280 Eight O'Clock Coffee Second Lien Term Loan, 8.125% due
7/21/2012 485,280
500,000 Iglo Birds Eye Term Loan B, 5.791% - 6.085% due 10/27/2019 682,220
500,000 Iglo Birds Eye Term Loan C, 6.166% - 6.239% due 10/27/2015 685,066
702,828 Pierre Foods, Inc. Term Loan B, 7.61% due 6/30/2010 705,025
489,495 Pierre Foods, Inc. Term Loan B, 7.61% due 6/30/2010 491,025
497,500 QCE LLC First Lien Term Loan, 7.625% due 5/05/2013 499,863
500,000 Sturm Foods, Inc. First Lien Term Loan, 11.438% due 1/30/2014 501,875
1,000,000 Sturm Foods, Inc. Second Lien Term Loan, 7.875% due
6/30/2014 1,007,500
---------------
15,791,610
Gaming - 4.1% 500,000 Edge-Star Partners LLC First Lien Term Loan, 9.36% due
11/18/2007 500,000
700,000 Edge-Star Partners LLC First Lien Term Loan, 9.36% due
11/18/2007 700,000
500,000 Green Valley Ranch Gaming LLC Term Loan, 8.61% due
8/30/2014 503,437
498,750 Greenwood Racing, Inc. Term Loan, 7.57% due 11/15/2013 501,244
982,500 Isle of Capri Casinos, Inc. Tranche 3 Delay Draw Term Loan,
7.08% due 2/04/2011 985,366
1,600,000 Las Vegas Sands Term Loan B, 7.07% due 5/04/2014 1,604,430
1,216,363 Penn National Gaming, Inc. Term Loan B, 7.10% - 7.11%%
due 9/01/2007 1,223,966
2,000,000 Pinnacle Entertainment Term Loan, 7.32% due 12/15/2011 2,004,584
2,456,250 Trump Entertainment Resorts Holdings LP Delay Draw Term
Loan, 7.87% due 4/28/2012 2,467,765
2,456,250 Trump Entertainment Resorts Holdings LP Term Loan B-1,
7.82% - 7.87% due 5/01/2012 2,467,765
93,236 Venetian Macau U.S. Finance Co. LLC Delay Draw Term Loan,
8.10% due 5/25/2012 93,600
1,500,000 Venetian Macau U.S. Finance Co. LLC Term Loan B, 8.10% due
5/25/2013 1,512,443
---------------
14,564,600
Health Care - 4.1% 489,250 CCS Medical First Lien Term Loan, 8.60% due 10/31/2012 489,020
2,730,000 Community Health Systems, Inc. Term Loan, 7.10% due
8/19/2011 2,734,267
3,000,000 DaVita, Inc. Term Loan B, 6.82% - 6.86% due 7/30/2012 3,008,439
118,913 Duloxetine Royalty Term Loan, 9.856% due 10/18/2013 118,913
886,486 Gentiva Health Services, Inc. Term Loan B, 7.57% - 7.60% due
3/31/2013 887,595
887,500 HCA, Inc. Term Loan B, 7.10% - 7.614% due 11/17/2012 896,687
2,000,000 Health Management Associates, Inc. Term Loan B, 7.10% due
1/15/2014 2,008,056
839,264 LifePoint Hospitals, Inc. Term Loan B, 6.985% due 4/15/2012 835,592
1,500,000 Pharmaceutical Technologies & Services (PTS) Term Loan,
7.60% due 4/15/2014 1,503,516
1,000,000 Pharmaceutical Technologies & Services (PTS) Term Loan
(Euro), 6.148% due 4/15/2014 1,355,643
746,250 Sterigenics International, Inc. Term Loan B, 7.86% due
11/30/2013 749,048
---------------
14,586,776
Housing - 3.7% 2,000,000 ARS Second Lien Term Loan, 12% due 4/17/2015 1,980,000
1,845,703 Headwaters, Inc. Term Loan B-1, 7.36% due 4/30/2011 1,845,703
990,000 Mattamy Group Term Loan B, 7.625% due 4/11/2013 988,763
2,431,250 Nortek, Inc. Term Loan, 7.36% due 8/27/2011 2,436,113
3,108,785 PGT Industries, Inc. First Lien Term Loan, 8.32% due 2/14/2012 3,124,329
3,000,000 Realogy Corp. Term Loan B, 8.35% due 9/22/2014 3,001,173
---------------
13,376,081
Information 2,047,974 Activant Solutions Term Loan B, 7.375% due 5/02/2013 2,042,854
Technology - 7.0% 1,000,000 Audio Visual Services Corp. Second Lien Term Loan, 10.85%
due 9/15/2014 1,003,750
1,500,000 Audio Visual Services Corp. Term Loan B, 7.60% due 3/15/2014 1,507,500
1,000,000 ClientLogic Holding Corp. Term Loan B, 7.82% due 1/30/2014 1,005,000
500,000 Intergraph Corp. Term Loan, 7.87% due 5/15/2014 503,542
500,000 Intergraph Corp. Term Loan, 11.36% due 11/15/2014 503,542
1,988,750 Marvell Technology Group Term Loan B, 7.35% due 11/15/2009 1,998,694
647,742 RedPrairie Corp. Term Loan, 8.375% - 10.25% due 7/31/2012 649,361
300,000 RedPrairie Corp. Term Loan, 11.86% due 1/31/2013 300,750
5,472,500 Reynolds & Reynolds Company First Lien Term Loan, 7.35%
due 10/31/2012 5,505,724
2,500,000 Reynolds & Reynolds Company Second Lien Term Loan,
10.85% due 10/31/2013 2,553,125
2,000,000 Sanmina-SCI Corp. Term Loan, 8.375% due 1/30/2008 2,007,500
1,963,825 SunGard Data Systems, Inc. Term Loan B, 7.36% due 2/11/2013 1,978,226
500,000 SunGard Data Systems, Inc. Term Loan B, 7.36% due 2/28/2014 503,667
1,960,000 Telcordia Technologies, Inc. Term Loan, 8.11% due 9/15/2012 1,937,950
997,500 Verifone, Inc. Term Loan B, 7.09% - 7.11% due 2/28/2013 1,001,241
---------------
25,002,426
Leisure - 2.4% 3,960,000 24 Hour Fitness Term Loan B, 7.85% - 7.86% due 6/08/2012 3,974,850
1,750,000 Hallmark Entertainment Second Lien Term Loan, 9.32% due
10/15/2014 1,732,500
1,000,000 National Cinemedia LLC Term Loan B, 7.09% due 2/28/2015 1,000,536
178,444 Travelport, Inc. Standby Letter of Credit, 7.85% due 8/31/2013 179,519
1,683,260 Travelport, Inc. Term Loan B, 7.85% due 8/31/2013 1,693,398
---------------
8,580,803
Manufacturing - 6.9% 500,000 Brand Energy Term Loan B, 11.375% due 2/15/2015 504,375
1,041,667 Communications & Power Industries, Inc. Term Loan, 7.57%
due 7/23/2010 1,043,620
1,000,000 Harrington Holdings, Inc. Term Loan, 7.84% due 1/15/2014 1,005,000
1,000,000 Huish Detergents, Inc. First Lien Term Loan, 7.32% due
4/15/2014 1,001,563
2,470,588 Invensys Plc Bonding Tranche, 7.446% due 12/15/2010 2,477,795
2,779,412 Invensys Plc Term Loan, 7.36% due 1/15/2011 2,796,783
500,000 Jason, Inc. Term Loan B, 7.82% due 4/30/2010 501,250
966,372 John Maneely Co. Term Loan B, 8.57% - 8.622% due 12/15/2013 964,106
1,000,000 KIK Corp. First Lien Term Loan, 7.61% due 5/30/2014 1,005,000
2,391,734 Metokote Corp. Second Lien Term Loan, 8.32% - 8.36%
due 11/27/2011 2,397,713
2,000,000 Mueller Water Products Term Loan B, 7.07% due 5/16/2014 2,015,000
1,488,750 NACCO Materials Handling Group Term Loan B, 7.28% - 7.41%
due 3/21/2013 1,486,889
5,002,174 Sensus Metering Systems, Inc. Term Loan B-1, 7.35% - 7.387%
due 12/17/2010 5,014,679
541,902 Sensus Metering Systems, Inc. Term Loan B-2, 7.32% - 7.739%
due 12/19/2010 543,257
375,000 Trimas Corp. Letter of Credit, 8.07% due 8/02/2013 379,219
1,616,875 Trimas Corp. Term Loan B, 8.11% due 8/02/2013 1,635,065
---------------
24,771,314
Packaging - 2.3% 2,089,460 Anchor Glass Container Corp. Term Loan B, 7.60% - 7.61% due
5/03/2013 2,079,012
1,050,000 Berry Plastics Term Loan, 11.61% due 6/15/2014 1,021,125
750,000 Consolidated Container Second Lien Term Loan, 10.85% due
10/15/2014 743,750
2,000,000 Graham Packaging Term Loan B, 7.625% due 4/15/2011 2,015,416
750,000 Graphic Packaging International Term Loan B, 7.34% due
8/08/2010 756,406
1,799,000 Intertape Polymer U.S., Inc. Term Loan B, 7.64% - 8.08%
due 7/28/2011 1,799,000
---------------
8,414,709
Paper - 1.3% 27,586 Cenveo, Inc. Delay Draw Term Loan, 7.10% due 9/07/2013 27,621
987,500 Georgia-Pacific Corp. First Lien Term Loan B, 7.11% - 7.34%
due 2/14/2013 992,764
1,972,738 SP Newsprint Co. Tranche B-1 Credit Linked Deposit, 5.32%
due 1/09/2010 1,977,670
1,134,672 Smurfit-Stone Container Corp. Term Loan B, 7.375% - 7.625%
due 11/01/2011 1,143,182
690,000 Smurfit-Stone Container Corp. Term Loan C, 7.375% - 7.625%
due 11/01/2011 695,175
---------------
4,836,412
Retail - 1.4% 983,134 American Reprographics Co. Term Loan, 7.10% - 7.11%
due 6/18/2009 981,905
1,500,000 Claire's Stores Term Loan B, 8.07% due 5/24/2014 1,492,969
750,000 David's Bridal, Inc. Term Loan B, 7.40% due 1/30/2014 744,062
1,291,139 Neiman Marcus Group, Inc. Term Loan, 7.595% - 7.603%
due 4/06/2013 1,300,521
498,750 PETCO Animal Supplies, Inc. Term Loan, 7.855% - 8.10%
due 10/31/2012 502,847
---------------
5,022,304
Service - 4.7% 1,974,026 Billing Services Group LLC First Lien Term Loan, 7.875% due
5/05/2012 1,974,026
750,000 Brickman Group, Inc. Term Loan, 7.34% - 7.36% due 1/30/2014 751,875
2,820,250 Buhrmann USA, Inc. Term Loan C, 7.084% - 7.105% due 12/23/2010 2,830,826
1,000,000 Clarke American Corp. Term Loan B, 7.84% - 9.75% due
3/12/2013 999,250
1,989,912 Coinmach Laundry Corp. Term Loan B, 7.875% due 12/16/2012 2,001,728
2,237,676 Coinstar, Inc. Term Loan, 7.35% due 7/07/2011 2,246,068
18,868 EnergySolutions Letter of Credit, 7.57% due 6/07/2013 19,021
382,581 EnergySolutions Term Loan B, 7.63% due 6/07/2013 385,690
179,054 EnergySolutions Term Loan C, 7.63% due 6/07/2013 180,509
498,738 Kenan Transport Co. Term Loan B, 8.35% due 12/15/2011 501,232
1,500,000 RiskMetrics Group, Inc. Term Loan, 7.60% due 1/15/2014 1,513,125
362,314 United Rentals, Inc. Term Loan, 7.32% due 2/14/2011 363,770
164,912 United Rentals, Inc. Tranche B Credit Linked Deposit, 5.32%
due 2/14/2011 165,575
2,115,000 Vanguard Car Rental Term Loan B, 8.32% - 8.355% due 5/15/2013 2,129,729
748,125 Waste Services, Inc. Term Loan D, 7.82% due 3/31/2011 753,736
---------------
16,816,160
Steel - 0.2% 748,125 McJunkin Corp. Term Loan B, 7.60% due 1/30/2014 752,801
Telecommunications - 1.2% 1,000,000 Alaska Communications Systems Holdings, Inc. Incremental
Term Loan, 7.114% due 2/01/2012 1,002,321
2,172,500 Consolidated Communications, Inc. Term Loan D, 7.07% - 7.10%
due 10/14/2011 2,177,931
498,750 Kentucky Data Link, Inc. Term Loan B, 7.57% due 2/28/2015 500,620
750,000 Knology, Inc. Term Loan B, 7.57% due 3/15/2012 752,344
---------------
4,433,216
Transportation - 1.4% 250,000 Kion GmbH Term Loan B, 7.58% due 3/15/2015 253,051
250,000 Kion GmbH Term Loan C, 7.83% due 3/15/2016 254,301
1,000,000 Rail America, Inc. Term Loan, 7.61% due 10/15/2008 1,000,625
3,500,000 Swift Transportation Co., Inc. Term Loan B, 8.375% due
5/15/2014 3,491,688
---------------
4,999,665
Utility - 5.8% 1,571,429 AES Corp. Term Loan, 7.19% - 7.50% due 4/30/2008 1,576,666
4,902,199 Calpine Corp. Term Loan B, 10.35% due 7/16/2007 (h) 5,451,947
555,881 Calpine Generating Company LLC Second Lien Term Loan,
11.07% due 3/11/2010 581,173
1,313,254 Cogentrix Delaware Holdings, Inc. Term Loan, 6.85% due
4/15/2012 1,314,622
990,000 Generac Portable Products, Inc. First Lien Term Loan, 7.85%
due 11/15/2013 979,747
750,000 Generac Portable Products, Inc. Second Lien Term Loan,
11.35% due 5/15/2014 716,875
375,000 KGen Partners Letter of Credit, 7.125% due 2/15/2014 375,469
623,438 KGen Partners Term Loan B, 7.125% due 2/15/2014 624,217
500,000 Nebraska Energy Second Lien Term Loan, 11.75% due 10/31/2014 505,417
211,382 Nebraska Energy Term Loan B, 7.85% due 10/31/2013 212,862
1,788,618 Nebraska Energy Term Loan B, 7.85% due 10/31/2013 1,801,138
1,665,007 Riverside Energy Center Term Loan, 9.61% due 6/24/2011 1,696,226
133,966 Rocky Mountain Energy Center LLC Credit Linked Deposit,
5.39% due 6/24/2011 136,478
1,060,111 Rocky Mountain Energy Center LLC Term Loan, 9.59% due
6/24/2011 1,079,988
1,418,729 Wolf Hollow I LP First Lien Term Loan, 7.614% due 6/22/2012 1,390,354
1,200,000 Wolf Hollow I LP Letter of Credit, 7.57% due 6/22/2012 1,176,000
299,667 Wolf Hollow I LP Revolving Credit, 7.57% due 6/22/2012 293,674
1,000,000 Wolf Hollow I LP Second Lien Term Loan, 9.864% due
12/22/2012 1,000,000
---------------
20,912,853
Wireless 1,000,000 American Cellular Network Term Loan B, 7.32% due 3/15/2014 1,005,500
Communications - 1.8% 931,470 Centennial Cellular Operating Co. Term Loan, 7.36% - 7.62%
due 2/09/2011 937,874
2,500,000 Crown Castle Operating Co. Term Loan, 6.82% - 6.899% due
3/15/2014 2,504,490
1,995,000 West Corp. Term Loan, 7.695% - 7.763% due 10/31/2013 2,009,963
---------------
6,457,827
Total Floating Rate Loan Interests
(Cost - $382,549,534) - 107.2% 384,514,869
Corporate Bonds
Automotive - 0.6% 250,000 Autonation, Inc., 7.356% due 4/15/2013 (a) 252,500
750,000 Ford Motor Credit Co., 9.806% due 4/15/2012 (a) 810,023
1,000,000 The Goodyear Tire & Rubber Co., 9.135% due 12/01/2009 (a)(b) 1,002,500
---------------
2,065,023
Cable - International - 0.1% 375,000 NTL Cable Plc, 8.75% due 4/15/2014 396,562
Cable - U.S. - 3.2% 2,000,000 CSC Holdings, Inc. Series B, 7.625% due 4/01/2011 2,050,000
2,000,000 Cablevision Systems Corp. Series B, 9.82% due 4/01/2009 (a) 2,117,500
575,000 Cablevision Systems Corp. Series B, 8% due 4/15/2012 583,625
5,055,000 Intelsat Bermuda Ltd., 8.872% due 1/15/2015 (a) 5,168,737
315,000 Intelsat Corp., 9% due 6/15/2016 344,925
500,000 Intelsat Subsidiary Holding Co. Ltd., 8.25% due 1/15/2013 519,375
800,000 Quebecor Media, Inc., 7.75% due 3/15/2016 840,000
---------------
11,624,162
Chemicals - 1.4% 2,011,000 GEO Specialty Chemicals, Inc., 13.85% due 12/31/2009 (c) 1,659,075
1,500,000 Hexion U.S. Finance Corp., 9.86% due 11/15/2014 (a)(b) 1,567,500
600,000 Innophos Holdings, Inc., 9.50% due 4/15/2012 (b) 612,000
300,000 Momentive Performance Materials, Inc., 9.75% due
12/01/2014 (b) 313,500
1,040,000 NOVA Chemicals Corp., 8.484% due 11/15/2013 (a) 1,055,600
---------------
5,207,675
Diversified Media - 1.3% 4,000,000 Nielsen Finance LLC, 10% due 8/01/2014 (b) 4,360,000
175,000 Quebecor World Capital Corp., 8.75% due 3/15/2016 (b) 180,687
---------------
4,540,687
Energy - Exploration & 650,000 Stone Energy Corp., 8.106% due 7/15/2010 (a)(b) 650,000
Production - 0.2%
Energy - Other - 1.7% 3,000,000 Ocean RIG ASA, 9.35% due 4/04/2011 (a) 2,992,500
3,000,000 Parker Drilling Co., 10.11% due 9/01/2010 (a) 3,060,000
---------------
6,052,500
Financial - 1.4% 5,000,000 American Real Estate Partners LP, 7.125% due 2/15/2013 (b) 4,912,500
Food & Tobacco - 0.1% 250,000 AmeriQual Group LLC, 9.50% due 4/01/2012 (b) 257,500
Gaming - 0.5% 175,000 Galaxy Entertainment Finance Co. Ltd., 10.409% due
12/15/2010 (a)(b) 184,625
1,565,000 Little Traverse Bay Bands of Odawa Indians, 10.25% due
2/15/2014 (b) 1,627,600
---------------
1,812,225
Health Care - 0.6% 1,000,000 Angiotech Pharmaceuticals, Inc., 9.11% due 12/01/2013 (a) 1,040,000
575,000 U.S. Oncology, Inc., 9% due 8/15/2012 600,875
460,000 Universal Hospital Services, Inc., 8.759% due 6/01/2015 (a)(b) 466,900
---------------
2,107,775
Housing - 3.2% 3,000,000 CPG International I, Inc., 10.50% due 7/01/2013 3,180,000
2,000,000 Goodman Global Holding Co., Inc., 8.36% due 6/15/2012 (a) 2,022,500
2,500,000 Masonite International Corp., 11% due 4/06/2015 (b) 2,362,500
4,000,000 Realogy Corp., 11% due 4/15/2014 (b)(i) 3,980,000
---------------
11,545,000
Information 1,250,000 Freescale Semiconductor, Inc., 9.235% due 12/15/2014 (a)(b) 1,251,562
Technology - 1.8% 180,000 Sanmina-SCI Corp., 8.125% due 3/01/2016 175,050
2,870,000 Spansion, Inc., 8.485% due 6/01/2013 (a)(b) 2,905,875
1,900,000 SunGard Data Systems, Inc., 10.25% due 8/15/2015 2,078,125
---------------
6,410,612
Manufacturing - 1.2% 2,000,000 International Rectifier Corp., 4.25% due 7/15/2007 (c) 1,992,500
1,346,000 Invensys Plc, 9.875% due 3/15/2011 (b) 1,446,950
890,000 NXP BV, 8.106% due 10/15/2013 916,700
---------------
4,356,150
Metal - Other - 1.2% 265,000 FMG Finance Pty Ltd., 9.36% due 9/01/2011 (a)(b) 282,225
3,120,000 Freeport-McMoRan Copper & Gold, Inc., 8.564%
due 4/01/2015 (a) 3,287,700
700,000 Novelis, Inc., 7.25% due 2/15/2015 738,500
---------------
4,308,425
Packaging - 1.1% 1,450,000 Berry Plastics Holding Corp., 9.235% due 9/15/2014 (a) 1,484,437
2,350,000 Packaging Dynamics Finance Corp., 10% due 5/01/2016 (b) 2,373,500
---------------
3,857,937
Paper - 2.2% 2,650,000 Abitibi-Consolidated, Inc., 8.86% due 6/15/2011 (a) 2,497,625
700,000 Ainsworth Lumber Co. Ltd., 9.10% due 10/01/2010 (a) 574,000
725,000 Domtar, Inc., 7.125% due 8/15/2015 729,531
925,000 NewPage Corp., 11.606% due 5/01/2012 (a) 1,027,906
3,000,000 Verso Paper Holdings LLC, 9.106% due 8/01/2014 (a)(b) 3,090,000
---------------
7,919,062
Retail - 0.4% 700,000 General Nutrition Centers, Inc., 9.85% due 3/15/2014 (b)(i) 703,500
720,000 Rite Aid Corp., 9.375% due 12/15/2015 (b) 723,600
---------------
1,427,100
Service - 1.9% 250,000 Ahern Rentals, Inc., 9.25% due 8/15/2013 258,750
3,375,000 Allied Waste North America, Inc. Series B, 7.375% due
4/15/2014 3,463,594
600,000 Dycom Industries, Inc., 8.125% due 10/15/2015 631,500
2,000,000 Sunstate Equipment Co. LLC, 10.50% due 4/01/2013 (b) 2,150,000
290,000 Yankee Acquisition Corp., 9.75% due 2/15/2017 296,525
---------------
6,800,369
Steel - 1.0% 3,000,000 CSN Islands VIII Corp., 9.75% due 12/16/2013 (b) 3,420,000
Telecommunications - 1.5% 3,700,000 Qwest Communications International, Inc., 8.86%
due 2/15/2009 (a) 3,746,250
1,450,000 Qwest Corp., 8.61% due 6/15/2013 (a) 1,587,750
---------------
5,334,000
Transportation - 0.7% 1,000,000 Atlantic Express Transportation Corp., 12.609% due
4/15/2012 (a)(b) 997,500
1,650,000 St. Acquisition Corp., 13.107% due 5/15/2015 (a)(b) 1,600,500
---------------
2,598,000
Utility - 2.1% 2,000,000 Calpine Corp., 9.875% due 12/01/2011 (b)(h) 2,150,000
2,375,000 Edison Mission Energy, 7.50% due 6/15/2013 2,440,312
3,000,000 NRG Energy, Inc., 7.25% due 2/01/2014 3,082,500
---------------
7,672,812
Wireless 365,000 Digicel Group Ltd., 9.125% due 1/15/2015 (b)(i) 358,612
Communications - 0.1%
Total Corporate Bonds (Cost - $103,488,721) - 29.5% 105,634,688
Shares
Held Common Stocks
Chemicals - 0.0% 13,117 GEO Specialty Chemicals, Inc. (e) 13,117
Energy - Other - 1.4% 119,185 Trico Marine Services, Inc. (e) 5,018,880
Manufacturing - 0.3% 71,654 Medis Technologies Ltd. (e) 1,046,865
Paper - 0.0% 84,448 Western Forest Products, Inc. Restricted Shares (e) 177,644
Total Common Stocks (Cost - $4,322,548) - 1.7% 6,256,506
Warrants (d)
Utility - 0.0% 4,558 Reliant Resources (expires 10/25/2008) 102,555
Total Warrants (Cost - $0) - 0.0% 102,555
Beneficial
Interest Short-Term Securities
USD 4,176,458 BlackRock Liquidity Series, LLC Cash Sweep Series, 5.26% (f)(g) 4,176,458
Total Short-Term Securities (Cost - $4,176,458) - 1.2% 4,176,458
Total Investments (Cost - $494,537,261*) - 139.6% 500,685,076
Liabilities in Excess of Other Assets - (39.6%) (142,014,038)
---------------
Net Assets - 100.0% $ 358,671,038
===============
* The cost and unrealized appreciation (depreciation) of investments
as of May 31, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 494,503,504
===================
Gross unrealized appreciation $ 8,305,463
Gross unrealized depreciation (2,123,891)
-------------------
Net unrealized appreciation $ 6,181,572
===================
** Floating rate loan interests in which the Fund invests generally pay
interest at rates that are periodically predetermined by reference to a
base lending rate plus a premium. These 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 of 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) 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 $ 4,106,364 $ 409,346
(g) Represents the current yield as of May 31, 2007.
(h) Issuer filed for bankruptcy or is in default of interest payments.
(i) Represents a pay-in-kind security which may pay interest/dividends
in additional face/shares.
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 May 31, 2007 were as follows:
Foreign Currency Settlement Unrealized
Sold Date Appreciation
EUR 6,191,500 July 2007 $ 40,337
GBP 1,200,000 July 2007 26,312
------------
Total Unrealized Appreciation on Forward
Foreign Exchange Contracts - Net
(USD Commitment - $10,787,305) $ 66,649
============
o Swaps outstanding as of May 31, 2007 were as follows:
Notional Unrealized
Amount Appreciation
Sold credit default protection on General
Motors Corp. and receive 4.40%
Broker, Morgan Stanley Capital
Services, Inc.
Expires June 2007 $ 1,000,000 $ 2,301
Sold credit default protection on Ford
Motor Co. and receive 3.80%
Broker, UBS Warburg
Expires March 2010 $ 10,000,000 89,010
Sold credit default protection on
Dow Jones CDX High Yield 100 Index
Series 6 and receive 3.45%
Broker, JPMorgan Chase
Expires June 2011 $ 29,700,000 1,422,482
------------
Total $ 1,513,793
============
o Currency Abbreviations:
EUR Euro
GBP British Pound
USD U.S. Dollar
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the
registrant's disclosure controls and procedures are effective based
on our evaluation of these controls and procedures as of a date
within 90 days prior to the filing date of this report.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter of
the period covered by this report that has materially affected, or is
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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock Floating Rate Income Strategies Fund, Inc.
Date: July 24, 2007
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 C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock Floating Rate Income Strategies Fund, Inc.
Date: July 24, 2007
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
BlackRock Floating Rate Income Strategies Fund, Inc.
Date: July 24, 2007