Floating Rate Income Strategies FRA -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21413

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: 03/01/2008 – 05/31/2008

Item 1 – Schedule of Investments


BlackRock Floating Rate Income Strategies Fund, Inc.                 
Schedule of Investments May 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 

 
                Par     
Industry    Floating Rate Loan Interests            (000)    Value 

 
 
 
 
 
Aerospace & Defense - 4.6%    Avio Holding SpA Term Loan, 8.718%,             
    9/25/16        $ 1,991    $ 1,821,783 
Avio Holding SpA Term Loan B, 6.843% -
    6.853%, 9/25/14            1,669    1,547,347 
Avio Holding SpA Term Loan C, 7.468%,
    9/25/15            1,771    1,642,005 
    Hawker Beechcraft Acquisition Co. LLC Letter         
    of Credit, 4.73%, 3/31/14            240    224,757 
    Hawker Beechcraft Acquisition Co. LLC Term             
    Loan B, 4.696%, 3/31/14            4,120    3,856,828 
    IAP Worldwide Services, Inc. First Lien Term             
    Loan, 9%, 12/20/12            2,198    1,809,291 
    Vought Aircraft Industries, Inc. Term Loan,             
    5.37%, 12/22/11            2,850    2,764,568 
    Vought Aircraft Industries, Inc. Tranche B Line         
    of Credit Deposit, 7.82%, 12/22/10            560    526,866 
                   
                    14,193,445 

 
 
 
 
 
Airlines - 0.6%    US Airways Group, Inc. Term Loan B, 4.883%,         
    3/22/14            1,980    1,342,440 
    United Air Lines, Inc. Term Loan B, 4.625% - 4.954%,         
    1/30/14            712    544,138 
                   
                    1,886,578 

 
 
 
 
 
Auto & Transportation - 0.3%    Delta Air Lines, Inc. First Lien Term Loan,             
    7.36%, 5/15/12            1,237    1,050,107 

 
 
 
 
 
Auto Components - 2.9%    Affinia Group, Inc. Term Loan B, 5.899%,             
    11/30/11            2,544    2,314,650 
    Allison Transmission Term Loan B,                 
    5.48% - 5.75%, 8/07/14            4,991    4,570,298 
    Delphi Automotive Systems Term Loan, 8.50%,         
    12/31/08            1,361    1,336,512 
    GPX International Tire Corp. Term Loan B,             
    9.72%, 4/06/12            899    628,982 
                   
                    8,850,442 

 
 
 
 
 
Beverages - 0.1%    Culligan International Second Lien Term Loan,         
    8.842%, 4/24/13        EUR    500    388,936 

 
 
 
 
 
Biotechnology - 0.4%    Talecris Biotherapeutics, Inc. First Lien Term         
    Loan, 6.18% - 8.25%, 11/13/14        $ 1,492    1,358,123 

 
 
 
 
Broadcasting - 2.4%    Charter Communications, Inc. Term Loan B,             
    4.89%, 4/30/14            7,481    6,643,859 
Univision Communications, Inc. First Lien
    Term Loan, 5.494%, 9/30/14            834    702,659 
                   
                    7,346,518 

 
 
 
 
 
Building Products - 2.2%    Building Material Corp. of America First Lien             
    Term Loan, 6.75%, 2/22/14            2,750    2,457,813 
Headwaters, Inc. Term Loan B-1, 4.40%,
    4/30/11            1,077    1,025,426 
    Masonite International Term Loan B, 4.63% -             
    5.046%, 4/06/13            1,000    947,506 
    PGT Industries, Inc. First Lien Term Loan,             
    5.53% - 7.93%, 2/14/12            2,778    2,361,170 
                   
                    6,791,915 

 
 
 
 
 

1


BlackRock Floating Rate Income Strategies Fund, Inc.             
Schedule of Investments May 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 

 
            Par     
Industry    Floating Rate Loan Interests        (000)    Value 

 
 
 
 
Cable - U.S. - 0.7%    Cequel Communications LLC Term Loan         
    B, 4.685%, 11/05/13    $ 2,137    $ 1,988,297 

 
 
 
Capital Markets - 0.5%    RiskMetrics Group, Inc. Term Loan, 4.946%,         
    1/15/14        1,453    1,405,871 

 
 
 
 
Chemicals - 8.1%    BOC Edwards Ltd. Term Loan B, 4.644%,         
    5/21/14        496    389,556 
    Hercules, Inc. Term Loan B, 3.881%, 10/08/10    1,300    1,268,313 
    Huish Detergents, Inc. First Lien Term Loan,         
    4.70%, 4/15/14        1,489    1,318,337 
    ISP Chemco Term Loan B, 4.125% - 4.563%, 5/25/14    993    942,255 
    Ineos Group Plc Term Loan B, 4.885%, 2/20/15    875    800,625 
    Ineos Group Plc Term Loan C, 5.385%, 2/20/14    875    800,625 
    Invista Term Loan, 4.196%, 4/29/11        953    915,641 
    Invista Term Loan B1, 4.196%, 4/29/11    2,077    1,995,644 
    Nalco Co. Tranche B Term Loan, 4.34% - 6.48%,         
    11/04/10        4,490    4,428,378 
    PQ Corp. First Lien Term Loan, 8.61%, 5/29/15    4,000    3,750,000 
    Rockwood Specialties Group, Inc. Tranche D         
    Term Loan, 4.399%, 12/10/12        1,940    1,853,307 
Viridian Group Plc Term Loan, 8.526% -
    9.621%, 12/21/12    GBP    3,000    5,251,872 
Wellman, Inc. Second Lien Term Loan,
    9.989%, 2/10/10 (a)(b)    $ 4,750    1,092,500 
           
                24,807,053 

 
 
 
 
Commercial Services &    ARAMARK Corp. Letter of Credit, 5.198%,         
Supplies - 2.8%    1/30/14        211    197,682 
    ARAMARK Corp. Term Loan B, 4.57%, 1/30/14    3,316    3,111,652 
    Brickman Group, Inc. Term Loan, 4.696%, 1/30/14    743    696,094 
    Camelbak Products LLC First Lien Term Loan,         
    7.85%, 8/04/11        621    524,652 
    John Maneely Co. Term Loan B, 5.966% - 8.608%,         
    12/15/13        896    834,456 
Metokote Corp. Second Lien Term Loan,
    5.70% - 7.76%, 11/27/11        464    431,528 
    Waste Services, Inc. Term Loan E, 7.40%, 3/31/11    897    885,886 
West Corp. Term Loan, 5.021% - 7.197%,
    10/31/13        1,975    1,826,216 
               
                8,508,166 

 
 
 
 
Communications Equipment - 1.3%    Alltel Corp. Term Loan B3, 5.248%, 5/18/15    4,487    4,159,060 

 
 
 
Computers & Peripherals - 1.4%    Intergraph Corp. Term Loan, 5.09% - 5.125%,         
    5/15/14        419    402,466 
    Intergraph Corp. Term Loan, 8.646%, 11/15/14    500    481,875 
    Reynolds and Reynolds Co. First Lien Term         
    Loan, 4.383%, 10/31/12        3,536    3,377,319 
               
                4,261,660 

 
 
 
 
Containers & Packaging - 1.9%    Berry Plastics Corp. Term Loan B, 9.728%, 6/15/14    1,127    789,104 
    Consolidated Container Co. LLC Second Lien         
    Term Loan, 7.88% - 8.399%, 10/15/14        550    239,250 
Graham Packaging Co. LP Term Loan B,
    4.875%, 4/15/11        1,980    1,888,425 

2


BlackRock Floating Rate Income Strategies Fund, Inc.                 
Schedule of Investments May 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 

 
                Par     
Industry    Floating Rate Loan Interests            (000)    Value 

 
 
 
 
 
    Graphic Packaging International Corp. Term             
    Loan B, 5.44% - 5.67%, 5/16/14        $ 2,000    $ 1,928,000 
    Smurfit-Stone Container Corp. Term Loan B,             
    4.875% - 5.125%, 11/01/11            322    311,369 
    Smurfit-Stone Container Corp. Term Loan C,             
    4.709% - 5.125%, 11/01/11            611    591,465 
                   
                    5,747,613 

 
 
 
 
 
Diversified Consumer Services - 0.9%    Coinmach Laundry Corp. Term Loan B, 6.07%,             
    11/15/14            3,000    2,655,000 

 
 
 
 
 
Diversified Financial Services - 1.8%    Chrysler Financial Corp. First Lien Term Loan, 6.80%,         
    8/03/12            3,990    3,582,112 
    J.G. Wentworth Manufacturing Term Loan B,             
    4.921%, 4/15/14            2,300    1,811,250 
                   
                    5,393,362 

 
 
 
 
 
Diversified Media - 1.8%    Nielsen Finance LLC Term Loan B, 5.346%,             
    8/09/13            5,910    5,549,095 

 
 
 
 
 
Diversified Telecommunication    Alaska Communications Systems Holdings, Inc.             
Services - 0.3%    Incremental Term Loan, 4.446%, 2/01/12        995    943,581 

 
 
 
 
Electrical Equipment - 1.8%    Generac Power Systems, Inc. First Lien Term Loan,         
    5.184%, 11/15/13            1,304    1,059,546 
    Sensus Metering Systems, Inc. Term Loan B-1,             
    4.638% - 6.901%, 12/17/10            4,578    4,303,565 
    Sensus Metering Systems, Inc. Term Loan B-2,             
    6.718% - 6.901%, 12/19/10            316    296,866 
                   
                    5,659,977 

 
 
 
 
 
Energy Equipment & Services - 0.8%    Helix Energy Solutions Term Loan B, 4.381% -             
    4.71%, 7/01/13            506    490,830 
    MEG Energy Corp. Delayed Draw Term Loan,             
    4.69% - 6.73%, 3/23/13            998    941,322 
MEG Energy Corp. Term Loan B, 4.70%,
    4/03/13            980    922,016 
                   
                    2,354,168 

 
 
 
 
 
Food & Staples Retailing - 2.9%    Advantage Sales & Marketing Term Loan B,             
    4.59% - 4.70%, 4/15/13            1,468    1,376,503 
    Bolthouse Farms, Inc. Second Lien Term Loan,             
    8.196%, 12/01/13            1,000    940,000 
    DS Waters LP Term Loan B, 4.631% - 5.113%,             
    11/15/12            988    918,375 
    Dole Food Co., Inc. Term Loan B, 4.75% - 6%,             
    4/12/13            565    522,827 
    Dole Food Co., Inc. Term Loan C, 4.75% - 6%,             
    4/04/13            1,884    1,742,757 
    IGLO Birds Eye Term Loan B, 7.018% - 7.393%,             
    10/27/19        EUR    500    748,312 
    IGLO Birds Eye Term Loan C, 6.116% - 6.239%,             
    10/27/15            500    748,312 
    McJunkin Corp. Term Loan B, 6.134%, 1/30/14    $ 731    719,131 
Sturm Foods, Inc. First Lien Term Loan,
    5.438% -9.313%, 1/30/14            983    764,727 
    Sturm Foods, Inc. Second Lien Term Loan,             
    8.938% - 9.313%, 6/30/14            998    558,611 
                   
                    9,039,555 

 
 
 
 
 

3


BlackRock Floating Rate Income Strategies Fund, Inc.             
Schedule of Investments May 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 

 
            Par     
Industry    Floating Rate Loan Interests        (000)    Value 

 
 
 
 
Food & Tobacco - 0.1%    Dole Food Co., Inc. Letter of Credit, 2.58%,         
    4/12/13    $ 256    $ 237,110 

 
 
 
Health Care Equipment & Supplies - 1.3%    Biomet, Inc. Term Loan B, 5.696%, 3/25/14    2,989    2,901,983 
    ReAble Therapeutics Finance LLC Term Loan,         
    5.696%, 5/14/14        998    970,069 
               
                3,872,052 

 
 
 
 
Health Care Providers &    CCS Medical First Lien Term Loan, 5.93%,         
Services - 2.6%    10/31/12        477    407,816 
    Community Health Systems, Inc. Term Loan B,         
    5.335%, 6/18/14        3,276    3,088,485 
    DaVita, Inc. Term Loan B, 4.20%, 7/30/12    2,000    1,913,250 
    Health Management Associates, Inc. Term         
    Loan B, 4.446%, 1/15/14        1,944    1,802,375 
    Sterigenics International, Inc. Term Loan B,         
    5.05%, 11/30/13        731    657,892 
               
                7,869,818 

 
 
 
 
Hotels, Restaurants & Leisure - 4.1%    Golden Nugget, Inc. Term Loan, 4.39% -         
    4.46%, 5/30/14        318    290,341 
    Golden Nugget, Inc. Term Loan Second Lien,         
    5.71% - 5.81%, 11/30/14        500    340,000 
    Green Valley Ranch Gaming LLC Term Loan,         
    5.894%, 8/30/14        500    328,125 
    Greenwood Racing, Inc. Term Loan, 4.64%,         
    11/15/13        494    459,188 
    Hallmark Entertainment Second Lien Term         
    Loan, 6.91%, 10/15/14        1,750    1,575,000 
    Harrah's Entertainment, Inc. Term Loan B2,         
    5.906% - 6.244%, 1/29/15        2,800    2,614,063 
    Harrah's Entertainment, Inc. Term Loan B3,         
    6.244%, 1/29/15        211    197,947 
Harrah's Operating Term Loan B, 6.241%,
    1/31/15        238    222,095 
    Las Vegas Sands LLC Delay Draw Term Loan,         
    4.17%, 5/23/14        400    367,667 
Las Vegas Sands LLC Term Loan B, 4.45%,
    5/04/14        1,588    1,459,637 
Penn National Gaming, Inc. Term Loan B,
    4.13% - 4.66%, 10/03/12        1,204    1,170,737 
    QCE LLC First Lien Term Loan, 4.938% - 7.61%,         
    5/05/13        491    418,688 
    Travelport, Inc. Standby Letter of Credit,         
    4.946%, 8/31/13        178    163,053 
    Travelport, Inc. Term Loan B, 4.631%, 8/31/13    889    812,622 
    Venetian Macau US Finance Co. LLC Delay         
    Draw Term Loan, 4.95%, 5/25/12        750    723,750 
    Venetian Macau US Finance Co. LLC Term         
    Loan B, 4.95%, 5/25/13        1,500    1,447,500 
               
                12,590,413 

 
 
 
 
Household Durables - 2.2%    American Achievement Corp. Term Loan B,         
    4.98% - 6.50%, 3/22/11        977    957,015 
    American Residential Services Second Lien         
    Term Loan,12%, 4/17/15        2,000    1,971,308 

4


BlackRock Floating Rate Income Strategies Fund, Inc.             
Schedule of Investments May 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 

 
            Par     
Industry    Floating Rate Loan Interests        (000)    Value 

 
 
 
 
    Simmons Co. Tranche B Term Loan, 6.375% -         
    8.75%, 12/19/11    $ 3,165    $ 2,817,708 
    Yankee Candle Co., Inc. Term Loan B, 4.39%,         
    2/06/14        1,250    1,139,733 
               
                6,885,764 

 
 
 
 
Household Products - 0.5%    Spectrum Brands, Inc. Letter of Credit,         
    2.678%, 4/15/13        81    76,587 
Spectrum Brands, Inc. Term Loan B-1,
    6.59% - 7.07%, 4/15/13        1,599    1,520,510 
               
                1,597,097 

 
 
 
 
IT Services - 4.8%    Activant Solutions Term Loan B, 4.75% - 5.063%,         
    5/02/13        2,048    1,812,457 
    Audio Visual Services Corp. Second Lien Term         
    Loan, 8.20%, 9/15/14        1,000    900,000 
Audio Visual Services Corp. Term Loan B,
    4.95%, 3/15/14        1,493    1,268,625 
    Ceridian Corp. Term Loan, 5.59%, 11/07/14    2,000    1,750,000 
    First Data Corp. Term Loan B, 5.143% - 5.446%,         
    9/24/14        1,244    1,152,872 
    First Data Corp. Term Loan B2, 5.349% - 5.446%,         
    9/24/14        1,997    1,852,222 
    First Data Corp. Term Loan B3, 5.349% - 5.446%,         
    9/24/14        997    925,300 
    RedPrairie Corp. Term Loan, 5% - 7%, 7/31/12    641    564,270 
    RedPrairie Corp. Term Loan, 9.275%, 1/31/13    300    255,000 
    SunGard Data Systems, Inc. Term Loan B,         
    4.508%, 2/11/13        4,477    4,215,814 
               
                14,696,560 

 
 
 
 
Independent Power Producers & Energy    The AES Corp. Term Loan, 7% - 7.19%, 8/10/11    1,571    1,534,762 
Traders - 2.2%    Calpine Corporation Term Loan, 11.07%,         
    3/11/10        17    16,128 
    TXU Corp. Term Loan B-2, 6.478% - 6.596%, 10/14/29    1,493    1,404,477 
    TXU Corp. Term Loan B-3, 6.234% - 6.478%,         
    10/10/14        3,980    3,740,205 
               
                6,695,572 

 
 
 
 
Industrial Conglomerates - 0.4%    Sequa Corp. Term Loan B, 5.95%, 11/21/14    998    948,248 
    Trimas Corp. Letter of Credit, 2.553%, 8/02/13    375    350,625 
           
                1,298,873 

 
 
 
 
Insurance - 0.1%    Alliant Insurance Services Term Loan B,         
    5.696% - 7.83%, 10/23/14        498    461,431 

 
 
 
 
Leisure Equipment & Products - 2.3%    24 Hour Fitness Term Loan B, 5.20% - 7.22%, 6/08/12    3,920    3,645,600 
    Easton-Bell Sports, Inc. Term Loan B, 4.39% -         
    4.65%, 3/27/12        3,242    2,930,233 
    Fender Musical Instruments Corp. Delay Draw         
    Term Loan, 6.97%, 5/25/14        167    150,250 
    Fender Musical Instruments Corp. Term Loan         
    B, 7.16%, 5/25/14        331    298,247 
               
                7,024,330 

 
 
 
 
Machinery - 3.6%    Harrington Holdings, Inc. Term Loan, 4.631%,         
    1/15/14        990    910,800 
    Invensys Plc Term Loan A, 4.71%, 12/15/10    2,354    2,252,305 

5


BlackRock Floating Rate Income Strategies Fund, Inc.             
Schedule of Investments May 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 

 
            Par     
Industry    Floating Rate Loan Interests        (000)           Value 

 
 
 
 
    NACCO Materials Handling Group Term Loan         
    B, 4.676% - 4.863%, 3/21/13    $ 1,474    $ 1,330,059 
    Navistar International Transportation Corp.         
    Revolving Credit, 6.149% - 6.292%, 6/30/12    1,333    1,252,223 
    Navistar International Transportation Corp.         
    Term Loan, 2.453% - 6.149%, 6/30/12    3,667    3,443,612 
    OshKosh Truck Corp. Term Loan B, 4.76%,         
    11/30/13        1,975    1,885,301 
               
                11,074,300 

 
 
 
 
Manufacturing - 0.6%    Jason, Inc. Term Loan B, 5.216% - 6.50%, 4/30/10    488    426,614 
    Trimas Corp. Term Loan B, 7.234%, 8/02/13    1,601    1,496,584 
           
                1,923,198 

 
 
 
 
Media - 18.5%    Affinion Group, Inc. Term Loan, 9.267%, 3/01/12    2,000    1,670,000 
    Alix Partners Term Loan B, 4.71%, 10/30/13    1,591    1,534,970 
    Bresnan Telecommunications Term Loan B2,         
    5.93%, 9/17/11        1,500    1,428,750 
Cequel Communications LLC Second Lien
    Term Loan, 7.373%, 5/04/14        2,000    1,715,000 
    Clarke American Corp. Term Loan B,             
    5.196% - 5.198%, 3/12/13        992    828,241 
ClientLogic Holding Corp. Term Loan B,
    4.881% - 5.359%, 1/30/14        973    778,768 
    EMMIS Communications Term Loan B, 4.671% -         
    4.674%, 10/31/13        962    838,647 
Education Media and Publishing First Lien
    Term Loan B, 6.901%, 11/14/14        2,636    2,412,273 
    Education Media and Publishing Second Lien         
    Term Loan, 11.401%, 11/14/14        9,102    7,554,971 
    GateHouse Media Operating, Inc. Delay Draw         
    Term Loan, 4.65%, 9/15/14        592    412,688 
    GateHouse Media Operating, Inc. Term Loan         
    B, 4.65% - 4.72%, 9/15/14        2,000    1,395,000 
    Gray Communications Systems, Inc. Term         
    Loan B, 6.21%, 9/18/14        998    894,840 
    HIT Entertainment Ltd. First Lien Term Loan,         
    4.79%, 8/31/12        732    662,491 
Hanley-Wood LLC Term Loan B, 4.938% -
    4.96%, 3/07/14        1,493    1,143,628 
    Idearc, Inc. Term Loan B, 6.83%, 11/15/14    1,903    1,580,523 
    Insight Midwest Holdings LLC Delay Draw Term         
    Loan, 4.69%, 4/03/14        3,375    3,221,920 
    Intelsat Ltd. Term Loan B, 5.184%, 6/27/13    1,921    1,850,492 
    Intelsat Ltd. Term Loan B, 5.20%, 1/31/14    3,525    3,543,506 
    Mediacom Broadband Group Tranche A Term         
    Loan, 3.89% - 4.13%, 3/31/10        1,263    1,199,375 
    Mediacom LLC Term Loan C, 4.14% - 4.38%,         
    1/31/15        3,121    2,838,354 
    Metro-Goldwyn-Mayer Studios, Inc. Term Loan         
    B, 8.108%, 4/30/11        3,833    3,082,157 
    Multicultural Radio Broadcasting Inc. Term         
    Loan, 5.75%, 12/15/12        355    323,050 
    National Cinemedia LLC Term Loan B, 4.62%,         
    2/28/15        1,000    919,219 

6


BlackRock Floating Rate Income Strategies Fund, Inc.                 
Schedule of Investments May 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 

 
                Par     
Industry    Floating Rate Loan Interests            (000)    Value 

 
 
 
 
 
    NextMedia Group, Inc. Delay Draw Term Loan,             
    5.098%, 11/15/12        $ 314    $ 285,314 
    NextMedia Group, Inc. First Lien Term Loan,             
    6.451%, 11/15/12            419    380,203 
NextMedia Group, Inc. Second Lien Term
    Loan, 7.20%, 11/15/13            1,750    1,365,000 
PagesJaunes Group Term Loan, 8.607%,
    1/11/17        EUR    500    640,015 
    PagesJaunes Group Term Loan B, 6.607%,             
    1/11/15            1,000    1,292,327 
    PagesJaunes Group Term Loan C, 7.107%,             
    1/11/16            500    646,164 
    PanAmSat Corp. Term Loan B, 5.184%, 1/03/14    $ 1,350    1,279,209 
PanAmSat Corp. Term Loan B2, 5.184%,
    1/03/14            1,349    1,279,594 
PanAmSat Corp. Term Loan B2C, 5.184%,
    1/03/14            1,349    1,279,209 
    Paxson Communications Corp. First Lien Term             
    Loan, 5.963%, 11/15/12            3,250    2,600,000 
    Penton Media Term Loan, 7.90%, 2/15/14        1,000    700,000 
ProSiebenSat.1 Media AG Term Loan B,
    7.325%, 6/30/15        EUR    500    539,892 
    ProSiebenSat.1 Media AG Term Loan B, 7.02%,             
    6/30/16            500    539,892 
    San Juan Cable Term Loan B, 9.47% - 11.97%,             
    3/15/13        $ 1,125    998,373 
    Thomson Learning Inc. Term Loan, 5.62% -             
    7.58%, 6/30/14            1,493    1,344,929 
Univision Communications, Inc. First Lien
    Term Loan, 5.494%, 9/30/14            166    139,966 
                   
                    57,138,950 

 
 
 
 
 
Multi-Utilities - 2.2%    Coleto Creek Letter of Credit, 5.446%, 7/31/13        1,817    1,647,082 
    Coleto Creek Term Loan B, 2.596%, 7/31/13        127    115,499 
Energy Transfer Equity LP Term Loan B,
    4.508%, 11/01/12            1,000    970,536 
    KGen Partners Letter of Credit, 2.59%, 2/15/14        375    356,719 
    KGen Partners Term Loan B, 4.50%, 2/15/14        617    587,100 
    NE Energy Second Lien Term Loan, 7.125%,             
    10/31/14            500    435,000 
    Riverside Energy Center Term Loan, 7.149%,             
    6/24/11            1,581    1,580,977 
Rocky Mountain Energy Center LLC Credit
    Linked Deposit, 3.144%, 6/24/11            134    133,966 
    Rocky Mountain Energy Center LLC Term Loan,             
    7.149%, 6/24/11            856    856,232 
                   
                    6,683,111 

 
 
 
 
 
Multiline Retail - 1.2%    Neiman Marcus Group, Inc. Term Loan,             
    4.758%, 4/06/13            3,734    3,568,006 

 
 
 
 
 
Oil & Gas Exploration & Production - 0.5%    Western Refining Co. LP Term Loan B, 6.595%,             
    3/15/14            1,602    1,418,213 

 
 
 
 
 
Oil, Gas & Consumable Fuels - 1.2%    Big West Oil & Gas Delay Draw Term Loan,             
    4.966%, 5/15/14            125    116,875 

7


BlackRock Floating Rate Income Strategies Fund, Inc.                 
Schedule of Investments May 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 

 
                Par     
Industry    Floating Rate Loan Interests            (000)    Value 

 
 
 
 
 
    Big West Oil & Gas Term Loan B, 5%, 5/15/14    $ 443    $ 413,738 
    Coffeyville Resources LLC Letter of Credit,             
    4.629%, 12/21/13            486    469,459 
    Coffeyville Resources LLC Term Loan B, 5.448% -             
    6.75%, 12/21/13            1,579    1,523,424 
    Petroleum Geo-Services ASA Term Loan B,             
    4.45%, 6/30/15            953    921,158 
    Western Refining Co. LP Delay Draw Term             
    Loan, 6.595%, 3/15/14            240    213,032 
                   
                    3,657,686 

 
 
 
 
 
Packaging - 0.5%    Anchor Glass Container Corp. Term Loan B,             
    4.631%, 5/03/13            1,478    1,459,066 

 
 
 
 
 
Paper - 0.6%    Georgia-Pacific Corp. First Lien Term Loan B,             
    4.74% - 6.896%, 2/14/13            2,021    1,910,692 

 
 
 
 
 
Paper & Forest Products - 1.8%    Boise Cascade Holdings LLC Second Lien Term             
    Loan, 7.50%, 2/05/15            1,250    1,251,116 
    Georgia-Pacific Corp. Term Loan B, 6.58% -             
    6.896%, 12/20/12            1,496    1,414,517 
    NewPage Corp. Tem Loan B, 6.313%, 12/07/14        1,247    1,242,043 
    Verso Paper Holdings LLC Term Loan B, 4.95%,             
    2/01/13            1,850    1,742,310 
                   
                    5,649,986 

 
 
 
 
 
Pharmaceuticals - 0.9%    Pharmaceutical Technologies & Services (PTS)             
    Term Loan, 4.946%, 4/15/14            1,489    1,323,127 
    Pharmaceutical Technologies & Services (PTS)             
    Term Loan, 6.978%, 4/15/14        EUR    993    1,351,065 
                   
                    2,674,192 

 
 
 
 
 
Publishing - 0.4%    Catalina Marketing Group Term Loan, 5.696%,             
    10/01/14        $ 1,495    1,412,775 

 
 
 
 
Real Estate Management & Development -    Mattamy Group Term Loan B, 4.938%,             
0.8%    4/11/13            980    850,150 
    Realogy Corp. Term Loan B, 5.59%, 9/22/14        1,985    1,687,250 
               
                    2,537,400 

 
 
 
 
 
Road & Rail - 0.3%    Rail America, Inc. Term Loan, 4.93%, 10/15/08        1,000    970,000 

 
 
 
 
Semiconductors & Semiconductor    Marvell Technology Group Term Loan B, 5.196%,             
Equipment - 0.6%    11/15/09            1,969    1,890,000 

 
 
 
 
 
Specialty Retail - 0.6%    ADESA, Inc. Term Loan B, 4.95%, 10/30/13        1,489    1,379,699 
    Claire's Stores Term Loan B, 5.446% - 5.613%,             
    5/24/14            743    590,527 
                   
                    1,970,226 

 
 
 
 
 
Telecommunications - 1.0%    Crown Castle Operating Co. Term Loan, 4.196%,             
    3/15/14            2,475    2,345,506 
    Knology, Inc. Term Loan B, 4.934%, 3/15/12        744    684,825 
               
                    3,030,331 

 
 
 
 
 
Textiles, Apparel & Luxury    David's Bridal, Inc. Term Loan B, 4% - 6.23%,             
Goods - 0.3%    1/30/2014            743    647,831 
    Renfro Corp. Term Loan B, 5.79% - 5.99%,             
    9/30/13            493    394,741 
                   
                    1,042,572 

 
 
 
 
 
Trading Companies &    Keystone Automotive Operations, Inc. Term Loan             
Distributors - 0.5%    B, 6.099% - 6.399%, 1/15/12            1,437    1,142,630 

8


BlackRock Floating Rate Income Strategies Fund, Inc.             
Schedule of Investments May 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 

 
            Par     
Industry    Floating Rate Loan Interests        (000)    Value 

 
 
 
 
United Rentals, Inc. Term Loan, 4.83%,
    2/14/11    $ 358    $ 355,441 
    United Rentals, Inc. Tranche B Credit Linked         
    Deposit, 5.32%, 2/14/11        152    150,293 
               
                1,648,364 

 
 
 
 
Wireless Telecommunication    Centennial Cellular Operating Co. Term Loan,         
Services - 0.6%    4.381% - 4.696%, 2/09/11        931    908,882 
    IPC Systems First Lien Term Loan, 4.946%,         
    5/25/14        993    760,917 
    NG Wireless Term Loan, 5.131% - 5.446%, 7/31/14    406    386,096 
           
                2,055,895 

 
 
 
 
    Total Floating Rate Loan Interests - 97.8%        301,282,505 

 
 
 
    Corporate Bonds             

 
 
 
 
Auto Components - 0.3%    The Goodyear Tire & Rubber Co., 6.678%,         
    12/01/09 (c)        1,000    1,001,250 

 
 
 
 
Building Products - 2.3%    CPG International I, Inc., 11.468%, 7/01/12 (c)    3,500    2,905,000 
    CPG International I, Inc., 10.50%, 7/01/13    3,000    2,490,000 
    Masonite International Corp., 11%, 4/06/15    2,500    1,675,000 
           
                7,070,000 

 
 
 
 
Capital Markets - 2.3%    E*Trade Financial Corp., 12.50%, 11/30/17 (d)    5,000    5,450,000 
    Marsico Parent Co., LLC, 10.625%, 1/15/16 (d)(f)    1,168    1,051,200 
    Marsico Parent Holdco, LLC, 12.50%,             
    7/15/16 (d)(e)(f)        417    375,125 
    Marsico Parent Superholdco, LLC, 14.50%,         
    1/15/18 (d)(e)(f)        280    247,811 
               
                7,124,136 

 
 
 
 
Chemicals - 1.9%    GEO Specialty Chemicals, Inc., 13.85%,             
    12/31/09 (g)        1,319    987,601 
GEO Specialty Chemicals Inc , 7.50%,
    3/31/15 (d)(e)(g)        775    580,330 
    Hexion U.S. Finance Corp., 7.176%, 11/15/14 (c)    4,000    3,800,000 
    NOVA Chemicals Corp., 5.953%, 11/15/13 (c)    485    417,100 
           
                5,785,031 

 
 
 
 
Commercial Services & Supplies - 2.2%    Allied Waste North America, Inc. Series B,         
    7.375%, 4/15/14        3,375    3,408,750 
    ARAMARK Corp., 6.373%, 2/01/15 (c)        2,000    1,920,000 
US Investigations Services, Inc., 10.50%,
    11/01/15 (d)        1,600    1,448,000 
               
                6,776,750 

 
 
 
 
Construction & Engineering - 0.2%    Dycom Industries, Inc., 8.125%, 10/15/15    600    576,000 

 
 
 
Construction Materials - 1.1%    Nortek Holdings, Inc., 10%, 12/01/13 (d)    3,420    3,398,625 

 
 
 
Containers & Packaging - 2.0%    Berry Plastics Holding Corp., 6.675%,             
    9/15/14 (c)        1,450    1,225,250 
    Clondalkin Acquisition BV, 4.80%,             
    12/15/13 (c)(d)        4,000    3,520,000 
Packaging Dynamics Finance Corp., 10%,
    5/01/16 (d)        2,350    1,551,000 
               
                6,296,250 

 
 
 
 
Diversified Financial Services - 0.2%    Ford Motor Credit Co. LLC, 7.163%, 4/15/12 (c)    750    737,796 

 
 
 

9


BlackRock Floating Rate Income Strategies Fund, Inc.             
Schedule of Investments May 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 

 
            Par     
Industry    Corporate Bonds        (000)    Value 

 
 
 
 
Diversified Telecommunication Services -    Qwest Corp., 6.05%, 6/15/13 (c)    $ 1,450    $ 1,406,500 
0.5%                 

 
 
 
 
Electronic Equipment & Instruments - 0.7%    NXP BV, 5.463%, 10/15/13 (c)        2,390    2,186,850 

 
 
 
 
Energy Equipment & Services - 1.0%    Ocean RIG ASA, 6.70%, 4/04/11 (c)        3,000    3,000,000 

 
 
 
 
Food & Staples Retailing - 0.1%    AmeriQual Group LLC, 9%, 4/01/12 (d)        250    160,000 

 
 
 
 
Health Care Equipment & Supplies - 2.6%    ReAble Therapeutics Finance LLC, 10.875%,         
    11/15/14 (d)        8,000    8,000,000 

 
 
 
 
Health Care Providers & Services - 0.1%    Universal Hospital Services, Inc., 6.303%,         
    6/01/15 (c)        460    435,850 

 
 
 
 
Hotels, Restaurants & Leisure - 2.8%    American Real Estate Partners LP, 7.125%,         
    2/15/13        5,000    4,575,000 
Harrah's Operating Co., Inc., 10.75%,
    2/01/16 (d)        2,503    2,171,353 
Harrah's Operating Co., Inc., 10.75%,
    2/01/18 (d)(e)        426    321,191 
    Little Traverse Bay Bands of Odawa Indians,         
    10.25%, 2/15/14 (d)        1,565    1,463,275 
               
                8,530,819 

 
 
 
 
Household Durables - 0.1%    The Yankee Candle Co., Inc., 9.75%, 2/15/17    240    187,200 

 
 
 
Independent Power Producers & Energy    Texas Competitive Electric Holdings Co. LLC,         
Traders - 0.4%    10.25%, 11/01/15 (d)        1,230    1,256,138 

 
 
 
 
Machinery - 0.6%    Ahern Rentals, Inc., 9.25%, 8/15/13        250    200,000 
Sunstate Equipment Co. LLC,10.50%,
    4/01/13 (d)        2,000    1,600,000 
               
                1,800,000 

 
 
 
 
Media - 2.1%    CSC Holdings, Inc. Series B, 7.625%, 4/01/11    2,000    2,000,000 
    Cablevision Systems Corp. Series B, 7.133%,         
    4/01/09 (c)        2,000    2,010,000 
    Cablevision Systems Corp. Series B, 8%, 4/15/12    575    559,188 
    Nielsen Finance LLC, 10%, 8/01/14        1,000    1,031,250 
Windstream Regatta Holdings, Inc., 11%,
    12/01/17 (d)        1,244    833,480 
               
                6,433,918 

 
 
 
 
Metals & Mining - 2.2%    FMG Finance Property Ltd., 6.682%, 9/01/11 (c)(d)    265    265,000 
Freeport-McMoRan Copper & Gold, Inc.,
    5.883%, 4/01/15 (c)        4,220    4,219,578 
    Novelis, Inc., 7.25%, 2/15/15        700    658,000 
    Ryerson, Inc., 10.248%, 11/01/14 (c)(d)        1,680    1,549,800 
               
                6,692,378 

 
 
 
 
Oil, Gas & Consumable Fuels - 0.5%    SandRidge Energy, Inc., 6.323%, 4/01/14 (c)(d)    1,600    1,568,000 

 
 
 
Paper & Forest Products - 2.2%    Abitibi-Consolidated, Inc., 6.30%,             
    6/15/11 (c)        2,650    1,192,500 
    Ainsworth Lumber Co. Ltd., 6.446%,             
    10/01/10 (c)        1,375    660,000 
    Ainsworth Lumber Co. Ltd., 6.696%,             
    4/01/13 (c)        940    479,400 
    Ainsworth Lumber Co. Ltd., 7.25%, 10/01/12    125    56,250 
    Domtar Corp., 7.125%, 8/15/15        625    596,875 
    NewPage Corp., 9.123%, 5/01/12 (c)        925    966,625 
    Verso Paper Holdings LLC Series B, 6.623%,         
    8/01/14 (c)        3,000    2,790,000 
               
                6,741,650 

 
 
 
 

10


BlackRock Floating Rate Income Strategies Fund, Inc.             
Schedule of Investments May 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 

 
            Par     
Industry    Corporate Bonds                             (000)    Value 

 
 
 
 
Pharmaceuticals - 0.3%    Angiotech Pharmaceuticals, Inc., 6.432%,         
    12/01/13 (c)        $ 1,000    $ 865,000 

 
 
 
 
Real Estate Management & Development -    Realogy Corp., 11%, 4/15/14 (e)        3,250    2,112,500 
0.7%                 

 
 
 
 
Road & Rail - 0.1%    Swift Transportation Co., Inc., 10.426%,         
    5/15/15 (c)(d)        1,350    445,500 

 
 
 
 
Semiconductors & Semiconductor    Avago Technologies Finance Pte. Ltd.,         
Equipment - 1.0%    8.182%, 6/01/13 (c)        900    898,875 
    Spansion, Inc., 5.807%, 6/01/13 (c)(d)    2,870    2,095,100 
           
                2,993,975 

 
 
 
 
Specialty Retail - 0.2%    AutoNation, Inc., 4.713%, 4/15/13 (c)    250    220,938 
General Nutrition Centers, Inc., 7.199%,
    3/15/14 (c)(e)        700    608,682 
               
                829,620 

 
 
 
 
Wireless Telecommunication Services -    Cricket Communications, Inc., 9.375%, 11/01/14    370    357,050 
0.2%    Digicel Group Ltd., 9.125%, 1/15/15 (d)(e)    278    233,216 
           
                590,266 

 
 
 
 
    Total Corporate Bonds - 30.9%            95,002,002 

 
 
 
 
    Common Stocks (b)        Shares     

 
 
 
 
Capital Markets - 0.3%    E*Trade Financial Corp.        242,021    992,286 

 
 
 
 
Chemicals - 0.0%    GEO Specialty Chemicals, Inc.        13,117    5,036 

 
 
 
 
Electrical Equipment - 0.2%    Medis Technologies Ltd.        71,654    443,538 

 
 
 
 
Energy Equipment & Services - 1.5%    Trico Marine Services, Inc.        119,185    4,575,512 

 
 
 
 
Paper & Forest Products - 0.0%    Western Forest Products, Inc.        84,448    101,990 

 
 
 
 
    Total Common Stocks - 2.0%            6,118,362 

 
 
 
 
    Preferred Stocks             

 
 
 
 
Capital Markets - 0.0%    Marsico Parent Superholdco, LLC, 16.75% (d)(f)    78    68,640 

 
 
 
    Total Preferred Stocks - 0.0%            68,640 

 
 
 
 
    Warrants (h)             

 
 
 
 
Electric Utilities - 0.0%    Reliant Resources (expires 10/25/08)    4,558    72,928 

 
 
 
    Total Warrants - 0.0%            72,928 

 
 
 
 
    Total Long-Term Securities             
    (Cost - $438,637,275) - 130.7%            402,544,437 

 
 
 
 
            Beneficial     
            Interest     
    Short-Term Securities        (000)     

 
 
 
 
    BlackRock Liquidity Series, LLC             
    Cash Sweep Series, 2.63% (i)(j)        $ 3,340    3,339,762 

 
 
 
 
    Total Short-Term Securities             
    (Cost - $3,339,762) - 1.1%            3,339,762 

 
 
 
 
    Options Purchased        Contracts     

 
 
 
 
Call Options    Marsico Parent Superholdco LLC, expiring         
December 2009 at USD 942.86 Broker,
    Goldman Sachs & Co.        20    34,500 

 
 
 
 
    Total Options Purchased             
    (Premiums Paid - $19,556) - 0.0%            34,500 

 
 
 
 
    Total Investments Before Options Written         
    (Cost - $441,996,593*) - 131.8%            405,918,699 

 
 
 
 

11


BlackRock Floating Rate Income Strategies Fund, Inc.         
Schedule of Investments May 31, 2008 (Unaudited)    (Percentages shown are based on Net Assets) 

 
 
    Options Written (k)    Contracts +    Value 

 
 
 
Call Options    Pay a fixed rate of 0.93% and receive a floating rate         
    based on 3-month USD LIBOR, expiring July 2008,         
    Broker Credit Suisse International                             4 $    (24,064) 

 
 
 
Put Options    Receive a fixed rate of 0.93% and pay a floating rate         
    based on 3-month USD LIBOR, expiring July 2008,         
    Broker Credit Suisse International                             4    (155,172) 

 
 
 
    Total Options Written         
    (Premiums Received - $240,000) - (0.1%)        (179,236) 

 
 
 
    Total Investments, Net of Options Written         
    (Cost - $441,756,593) - 131.7%        405,739,463 
    Liabilities in Excess of Other Assets - (31.7%)        (97,641,060) 
       
 
    Net Assets - 100.0%    $ 308,098,403 
       
               * The cost and unrealized appreciation (depreciation) of investments as of May 31, 2008, as         
                   computed for federal income tax purposes, were as follows:         
                   Aggregate cost    $ 442,100,076         
   
       
                   Gross unrealized appreciation    $ 5,489,873         
                   Gross unrealized depreciation    (41,671,250)         
   
 
       
                   Net unrealized depreciation    $ (36,181,377)         
   
       
+ One contract represents a notional amount of $1,000,000.         

(a)      Issuer filed for bankruptcy or is in default of interest.
 
(b)      Non-income producing security.
 
(c)      Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date.
 
(d)      Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. The Fund is not obligated for costs associated with the registration of restricted securities.
 
(e)      Represents a pay-in-kind security that may pay interest/dividends in additional face/shares.
 
(f)      Illiquid security.
 
(g)      Convertible security.
 
(h)      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.
 
(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         
    Activity        Interest 
Affiliate    (000)        Income 

 
 
 
BlackRock Liquidity Series, LLC             
   Cash Sweep Series    $ 3,340    $ 96,890 

 
 

(j)      Represents the current yield as of report date.
 
(k)      This European style swaption, which can be exercised only on the expiration date, represents a standby commitment whereby the writer of the option is obligated to enter into a predetermined interest rate swap contract upon exercise of the swaption.
 

12


BlackRock Floating Rate Income Strategies Fund, Inc.     
Schedule of Investments May 31, 2008 (Unaudited)         

 
 
               Forward foreign currency contracts as of May 31, 2008 were as follows:     

 
                    Unrealized 
Currency        Currency    Settlement    Appreciation 
Purchased             Sold    Date    (Depreciation) 

 
 
 
 
                   $9,011,990    EUR    5,727,000    7/23/08    $ 125,946 
                   $2,957,792    GBP    1,516,000    7/23/08    $ (32,538) 

 
 
 
 
                   Total Unrealized Appreciation on Forward Foreign Currency     
                   Contracts - Net                $ 93,408 
           
 
               Swaps outstanding as of May 31, 2008 were as follows:     

 
                Notional     
                Amount    Unrealized 
                (000)    Depreciation 

 
 
 
 
 
                   Sold credit default protection on Ford Motor         
                   Company and receive 3.80%             
                   Broker, UBS Warburg                 
                   Expired March 2010            $ 10,000    $ (1,039,821) 
 
                   Bought credit default protection on Dow Jones         
                   CDX North America High Yield Series 10 Index         
                   and pay 5%                 
                   Broker, Morgan Stanley Capital Services Inc.         
                   Expires June 2013            $ 1,200    (5,159) 
 
                   Bought credit default protection on Down         
                   Jones CDX North America High Yield Index         
                   Series 10 and receive 5%                 
                   Broker, Morgan Stanley Capital Services Inc.         
                   Expires June 2013            $ 3,600    (71,726) 

 
 
 
 
                   Total                    $ (1,116,706) 
               
 
               Currency Abbreviations:                 
                   EUR    Euro                 
                   GBP    British Pound                 

13


Item 2 – Controls and Procedures

2(a) – The registrant’s principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant’s disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
“1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) – There were no changes in the registrant’s internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal
quarter that have materially affected, or are reasonably likely to materially affect, the
registrant’s internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

BlackRock 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: July 18, 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: July 18, 2008

By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Floating Rate Income Strategies Fund, Inc.

Date: July 18, 2008