frafinal.htm - Generated by SEC Publisher for SEC Filing

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
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: 08/31/2009

Date of reporting period: 05/31/2009

Item 1 – Schedule of Investments

BlackRock Floating Rate Income Strategies Fund, Inc.         
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
Industry  Corporate Bonds      (000)  Value 
Auto Components - 2.1%  The Goodyear Tire & Rubber Co., 5.01%, 12/01/09 (a)  USD  4,500  $ 4,477,500 
Building Products - 1.8%  CPG International I, Inc., 8.561%, 7/01/12 (a)    3,500  1,855,000 
  CPG International I, Inc., 10.50%, 7/01/13      3,000  1,575,000 
  Momentive Performance Materials, Inc. Series WI,       
  9.75%, 12/01/14      750  285,000 
          3,715,000 
Capital Markets - 1.0%  E*Trade Financial Corp., 12.50%, 11/30/17    2,052  1,359,450 
  Marsico Parent Co., LLC, 10.625%, 1/15/16 (b)    1,168  478,880 
  Marsico Parent Holdco, LLC, 12.50%, 7/15/16 (b)(c)    471  193,273 
  Marsico Parent Superholdco, LLC, 14.50%, 1/15/18 (b)(c)    323  132,378 
          2,163,981 
Chemicals - 0.6%  GEO Specialty Chemicals Corp., 7.50%, 3/31/15 (b)(c)(d)    836  543,208 
  GEO Specialty Chemicals, Inc., 10%, 3/31/15    844  548,704 
  Wellman Holdings, Inc. Third Lien Subordinate Note,       
  5%, 1/29/19 (d)      430  215,000 
          1,306,912 
Construction Materials - 0.8%  Nortek, Inc., 10%, 12/01/13      2,610  1,689,975 
Containers & Packaging - 2.8%  Berry Plastics Holding Corp., 5.195%, 9/15/14 (a)    1,450  949,750 
  Clondalkin Acquisition BV, 3.32%, 12/15/13 (a)(b)    4,000  2,640,000 
  Crown European Holdings SA, 6.25%, 9/01/11  EUR  795  1,118,277 
  Owens-Brockway Glass Container, Inc., 6.75%, 12/01/14    395  516,533 
  Packaging Dynamics Finance Corp., 10%, 5/01/16 (b)  USD  2,350  787,250 
          6,011,810 
Diversified Financial  FCE Bank Plc, 7.125%, 1/16/12    EUR  4,000  4,806,605 
Services - 2.3%           
Diversified Telecommunication  Qwest Corp., 4.57%, 6/15/13 (a)    USD  3,500  3,141,250 
Services - 1.5%           
Food & Staples Retailing - 0.1%  AmeriQual Group LLC, 9.50%, 4/01/12 (b)      250  150,000 
Health Care Equipment &  DJO Finance LLC, 10.875%, 11/15/14      3,250  2,665,000 
Supplies - 1.3%           
Hotels, Restaurants &  American Real Estate Partners LP, 7.125%, 2/15/13    5,000  4,275,000 
Leisure - 2.6%  Harrah's Operating Co., Inc., 10%, 12/15/18 (b)    918  612,765 
  Little Traverse Bay Bands of Odawa Indians, 10.25%,       
  2/15/14 (b)      1,565  676,863 
          5,564,628 
IT Services - 0.6%  First Data Corp., 9.875%, 9/24/15      1,020  693,600 
  First Data Corp., 11.25%, 3/31/16 (b)      1,265  683,100 
          1,376,700 
Independent Power Producers &  Calpine Construction Finance Co. LP, 8%, 6/01/16 (b)    1,250  1,189,062 
Energy Traders - 1.9%  Texas Competitive Electric Holdings Co. LLC, 10.25%,       
  11/01/15      4,705  2,787,713 
          3,976,775 
Industrial Conglomerates - 0.4%  Sequa Corp., 11.75%, 12/01/15 (b)      640  284,800 
  Sequa Corp., 13.50%, 12/01/15 (b)(c)      1,591  515,014 
          799,814 
Machinery - 0.7%  Sunstate Equipment Co. LLC, 10.50%, 4/01/13 (b)    2,000  1,440,000 

1

BlackRock Floating Rate Income Strategies Fund, Inc.       
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
Industry  Corporate Bonds    (000)  Value 
Media - 1.6%  CSC Holdings, Inc., 8.50%, 4/15/14 (b)  USD  420  $ 417,900 
  CSC Holdings, Inc. Series B, 7.625%, 4/01/11    2,000  1,995,000 
  Cablevision Systems Corp. Series B, 8%, 4/15/12  575  564,937 
  Local Insight Regatta Holdings, Inc., 11%, 12/01/17  1,244  335,880 
        3,313,717 
Metals & Mining - 0.5%  FMG Finance Property Ltd., 4.668%, 9/01/11 (a)(b)  265  235,850 
  Ryerson, Inc., 8.403%, 11/01/14 (a)    1,680  926,100 
        1,161,950 
Oil, Gas & Consumable  SandRidge Energy, Inc., 4.833%, 4/01/14 (a)    1,600  1,264,494 
Fuels - 0.6%         
Paper & Forest Products - 2.7%  Abitibi-Consolidated, Inc., 5.496%, 6/15/11 (a)(e)(f)(g)  2,650  251,750 
  Ainsworth Lumber Co. Ltd., 11%, 7/29/15 (b)    1,147  314,054 
  NewPage Corp., 7.278%, 5/01/12 (a)    3,925  1,903,625 
  NewPage Corp., 10%, 5/01/12    2,000  1,120,000 
  Verso Paper Holdings LLC Series B, 4.778%, 8/01/14 (a)  4,000  2,160,000 
        5,749,429 
Pharmaceuticals - 1.4%  Angiotech Pharmaceuticals, Inc., 4.418%, 12/01/13 (a)  1,000  720,000 
  Elan Finance Plc, 4.883%, 11/15/11 (a)    2,500  2,162,500 
        2,882,500 
Real Estate Management &  Realogy Corp., 10.50%, 4/15/14    920  338,100 
Development - 0.2%         
Semiconductors & Semiconductor  Avago Technologies Finance Pte. Ltd., 6.168%, 6/01/13 (a)  900  760,500 
Equipment - 1.2%  Spansion, Inc., 4.386%, 6/01/13 (b)(e)(f)    2,870  1,808,100 
        2,568,600 
Specialty Retail - 0.3%  General Nutrition Centers, Inc., 6.404%, 3/15/14 (a)  700  577,500 
Wireless Telecommunication  Cricket Communications, Inc., 7.75%, 5/15/16 (b)  2,500  2,415,624 
Services - 2.0%  Crown Castle International Corp., 9%, 1/15/15  255  257,550 
  Digicel Group Ltd., 9.125%, 1/15/15 (b)(c)    278  211,280 
  iPCS, Inc., 3.153%, 5/01/13 (a)    1,500  1,241,250 
        4,125,704 
  Total Corporate Bonds - 31.0%      65,267,944 
  Non-U.S. Government Agency Mortgage-Backed Securities     
Commercial Mortgage-Backed  Crown Castle Towers LLC Series 2005-1A Class AFL,     
Securities - 2.0%  0.724%, 6/15/35 (a)    1,950  1,852,500 
  Crown Castle Towers LLC Series 2005-1A Class AFX,     
  4.643%, 6/15/35 (b)    2,420  2,359,500 
  Total Non-U.S. Government Agency       
  Mortgage-Backed Securities - 2.0%      4,212,000 
  Floating Rate Loan Interests       
Aerospace & Defense - 3.5%  Avio SpA Dollar Mezzanine Term Loan, 5.811%, 12/13/16  2,078  488,438 
  Avio SpA Facility B2, 2.444% - 3.936%, 12/15/14  1,661  1,127,619 
  Avio SpA Facility C2, 3.069% - 4.561%, 12/14/15  1,771  1,202,091 
Hawker Beechcraft Acquisition Co. LLC Letter of Credit
  Facility Deposit, 1.12%, 3/26/14    240  137,791 
  Hawker Beechcraft Acquisition Co. LLC Term Loan,     
  2.319% - 3.22%, 3/26/14    4,079  2,340,613 

2

BlackRock Floating Rate Income Strategies Fund, Inc.       
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
Industry  Floating Rate Loan Interests    (000)  Value 
  IAP Worldwide Services, Inc. Term Loan (First-Lien),     
  7.25%, 12/30/12  USD  1,000  $ 610,000 
  Vought Aircraft Industries, Inc. Revolver,       
  2.56% - 2.57%, 12/22/10    1,550  1,201,250 
                                               Vought Aircraft Industries, Inc. Tranche B Letter of Credit
  Deposit, 2.916%, 12/22/10    373  298,667 
        7,406,469 
Airlines - 0.9%  Delta Air Lines, Inc. Credit-Linked Deposit Loan,     
  0.166% - 2.414%, 4/30/12    1,225  1,037,167 
  US Airways Group, Inc. Term Loan, 2.809%, 3/21/14  1,460  786,778 
        1,823,945 
Auto Components - 3.3%  Affinia Group Inc. Tranche B Term Loan, 4.039%, 11/30/11  2,460  2,025,399 
  Allison Transmission, Inc. Term Loan,       
  3.12% - 3.15%, 8/07/14    4,837  3,730,885 
  Dana Holding Corp. Term Advance, 7.25%, 1/31/15  1,571  743,087 
  GPX International Tire Corp. Term Loan, 12%, 4/11/12  21  8,394 
  GPX International Tire Corp. Tranche B Term Loan,     
  5.37%, 3/30/12    1,266  506,321 
        7,014,086 
Automobiles - 0.2%  General Motors Corp. Assignment Term Loan, 8%, 11/29/13  421  394,052 
Beverages - 0.1%  Culligan International Co. Term Loan (Second Lien),     
  5.694% - 6.561%, 4/24/13  EUR  500  125,467 
Building Products - 1.8%  Building Materials Corp. of America Term Loan Advance,     
  3.063%, 2/22/14  USD  1,973  1,663,561 
  PGT Industries, Inc. Tranche A-2 Term Loan,     
  6.75%, 2/14/12    1,923  1,173,106 
  Stile Acquisition Corp (aka Masonite) Canadian Term Loan,     
  4.75%, 4/06/13    918  470,016 
  Stile U.S. Acquisition Corp. (aka Masonite) U.S. Term     
  Loan, 4.25%, 4/06/13    929  475,202 
        3,781,885 
Capital Markets - 0.6%  RiskMetrics Group Holdings, LLC Term B Loan     
  (First Lien), 3.22%, 1/10/14    1,453  1,344,114 
Chemicals - 5.7%  Ashland, Inc. Term Loan B, 7.65%, 5/13/14  1,325  1,323,344 
  Edwards (Cayman Islands II) Ltd. Term Loan     
  (First Lien), 2.428%, 5/31/14    491  303,961 
  Huish Detergents Inc. Tranche B Term Loan,     
  2.07%, 4/26/14    1,474  1,355,850 
  Nalco Co. Term Loan B, 6.50%, 5/06/16    2,450  2,454,594 
  PQ Corp. (fka Niagara Acquisition, Inc.) Original Term Loan     
  (First Lien), 4.29% - 4.47%, 7/31/14    3,970  2,997,350 
  Solutia Inc. Term Loan, 7.25%, 2/28/14    4,474  3,602,829 
        12,037,928 
Commercial Services &  John Maneely Co. Term Loan, 3.599% - 4.389%, 12/09/13  849  664,173 
Supplies - 0.5%  West Corp. Term B-2 Loan, 2.684% - 2.789%, 10/24/13  535  462,153 
        1,126,326 

3

BlackRock Floating Rate Income Strategies Fund, Inc.         
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
Industry  Floating Rate Loan Interests      (000)  Value 
Computers & Peripherals - 0.4%  Intergraph Corp. Initial Term Loan (First Lien),       
  2.664%, 5/29/14    USD  419  $ 383,102 
  Intergraph Corp. Second Lien Term Loan,         
  6.316% - 6.664%, 11/28/14      500  437,500 
          820,602 
Construction Materials - 0.3%  Headwaters Inc., Term Loan B1 (First Lien),       
  6.22%, 4/30/11      1,012  658,113 
Containers & Packaging - 2.0%  Graham Packaging Co., LP Term Loan B,         
  2.625% - 2.688%, 10/07/11      109  105,361 
  Graham Packaging Co., LP Term Loan C, 6.75%, 4/30/14    1,090  1,060,766 
                                                      Graphic Packaging International, Inc. Incremental Term
  Loan, 3.099% - 3.958%, 5/16/14      1,970  1,827,288 
  Smurfit-Stone Container Enterprises, Inc., U.S. Term       
  Loan (Debtor in Possession), 10%, 7/28/10      1,195  1,205,955 
          4,199,370 
Distributors - 0.3%  Keystone Automotive Operations, Inc. Loan,       
  3.835% - 5.75%, 1/12/12      1,423  640,222 
Diversified Consumer  Coinmach Service Corp. Term Loan, 3.31% - 3.76%,       
Services - 1.0%  11/14/14      2,722  2,069,048 
Diversified Financial  J.G. Wentworth, LLC Loan (First Lien), 3.47%,       
Services - 0.1%  4/04/14 (e)(f)      2,300  199,334 
Diversified Telecommunication  PAETEC Holding Corp. Incremental Term Loan, 2.819%,       
Services - 0.8%  2/28/13      400  362,000 
  Wind Finance SA Euro Facility (Second Lien), 7.099%,       
  12/17/14    EUR  1,000  1,291,068 
          1,653,068 
Electrical Equipment - 0.8%  Generac Acquisition Corp. First Lien Term Loan,       
  2.911%, 11/10/13    USD  548  376,749 
  Sensus Metering Systems New Term B-1,         
  2.613% - 2.716%, 12/17/10      1,549  1,394,130 
          1,770,879 
Energy Equipment &  Dresser, Inc. Term B Loan, 3.104%, 5/04/14    1,200  1,040,572 
Services - 1.3%  MEG Energy Corp. Delayed Draw Term Loan, 3.22%,       
  4/02/13      989  851,561 
  MEG Energy Corp. Initial Term Loan, 3.22%, 4/03/13    970  835,413 
          2,727,546 
Food & Staples Retailing - 2.3%  AB Acquisitions UK Topco 2 Ltd. (fka Alliance Boots)       
  Facility B1 UK Borrower, 3.60%, 7/09/15    GBP  3,000  3,702,462 
  DS Waters of America, Inc. Term Loan, 2.566%,       
  3/02/12    USD  922  755,994 
  McJunkin Corp. Term Loan, 4.47%, 1/31/14    500  445,500 
          4,903,956 
Food Products - 3.8%  Dole Food Co., Inc. Credit-Linked Deposit,         
  1.139%, 4/12/13      390  387,054 
  Dole Food Co., Inc. Tranche B Term Loan,         
  7.25% - 8%, 4/12/13      684  678,354 

4

BlackRock Floating Rate Income Strategies Fund, Inc.       
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
Industry  Floating Rate Loan Interests    (000)  Value 
  Solvest, Ltd. (Dole) Tranche C Term Loan,       
  7.25% - 8%, 4/12/13  USD  2,548  2,527,610 
  Sturm Foods, Inc. Initial Term Loan Second Lien,     
  7.125%, 7/31/14    1,000  395,000 
  Wm. Wrigley Jr. Co. Tranche B Term Loan, 6.50%,     
  10/06/14    3,975  3,980,366 
        7,968,384 
Health Care Equipment &  DJO Finance LLC (ReAble Therapeutics Fin LLC) Term Loan,     
Supplies - 0.5%  3.319% - 4.22%, 5/20/14    988  871,962 
  Hologic, Inc. Tranche B Term Loan, 3.625%, 3/31/13  311  298,206 
        1,170,168 
Health Care Providers &  CCS Medical, Inc. (Chronic Care) Term Loan (First Lien),     
Services - 6.8%  4.97%, 9/30/12    469  214,078 
  CHS/Community Health Systems, Inc. Delayed Draw     
  Term Loan, 2.569%, 7/25/14    88  78,314 
  CHS/Community Health Systems, Inc. Funded Term     
  Loan, 2.569% - 2.924%, 7/25/14    4,320  3,832,801 
  DaVita, Inc. Tranche B-1 Term Loan, 1.82% - 2.74%,     
  10/05/12    1,000  933,906 
  Fresenius SE Tranche B1 Term Loan, 6.75%, 7/06/14  1,490  1,488,615 
  Fresenius SE Tranche B2 Term Loan, 6.75%, 7/06/14  910  909,585 
  HCA Inc. Tranche A-1 Term Loan, 2.97%, 11/17/12  2,230  1,995,090 
  HCA Inc. Tranche B-1 Term Loan, 3.47%, 11/18/13  3,510  3,123,784 
  Vanguard Health Holding Co. II, LLC (Vanguard Health     
  System, Inc.) Replacement Term Loan, 2.569%, 9/23/11  1,773  1,675,666 
        14,251,839 
Hotels, Restaurants &  Golden Nugget, Inc. Second Lien Term Loan, 3.57%,     
Leisure - 3.3%  12/31/14    500  120,000 
                                                Green Valley Ranch Gaming, LLC Second Lien Term Loan,
  3.599%, 8/16/14    500  50,000 
  Harrah's Operating Co., Inc. Term B-1 Loan,       
  3.319% - 4.092%, 1/28/15    236  181,101 
  Harrah's Operating Co., Inc. Term B-2 Loan,       
  3.319% - 4.092%, 1/28/15    2,772  2,124,430 
  Harrah's Operating Co., Inc. Term B-3 Loan,       
  3.286% - 4.092%, 1/28/15    210  160,979 
  Las Vegas Sands, LLC Delayed Draw I Term Loan,     
  2.07%, 5/23/14    229  163,751 
  Las Vegas Sands, LLC Tranche B Term Loan,       
  2.07%, 5/23/14    740  529,387 
  Penn National Gaming, Inc. Term Loan B,       
  2.06% - 2.72%, 10/03/12    1,192  1,120,591 
  QCE, LLC (Quiznos) Term Loan (First Lien), 3.50%,     
  11/05/13    981  625,981 
                                                Travelport LLC (fka Travelport Inc.) Original Post-First
                                                Amendment and Restatement Synthetic L/C Loan, 3.72%,
  8/23/13    178  130,208 

5

BlackRock Floating Rate Income Strategies Fund, Inc.       
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
Industry  Floating Rate Loan Interests    (000)  Value 
  Travelport LLC (fka Travelport Inc.) Tranche B Dollar     
  Term Loan, 2.819% - 3.72%, 8/23/13  USD  889  $ 648,931 
  VML US Finance LLC (aka Venetian Macau) Term B     
  Delayed Draw Project Loan, 2.57%, 5/25/12  384  320,147 
  VML US Finance LLC (aka Venetian Macau) Term B     
  Funded Project Loan, 2.57%, 5/27/13    866  722,353 
        6,897,859 
Household Durables - 3.2%  American Residential Services LLC Term Loan (Second Lien),     
  10%, 4/17/15    2,030  1,745,380 
  Jarden Corp. Term Loan B3, 3.72%, 1/24/12  1,375  1,318,281 
  Simmons Bedding Co. Tranche D Term Loan, 10.50%,     
  12/19/11    3,166  2,665,742 
  Yankee Candle Co., Inc. Term Loan, 2.32% - 3.22%,     
  2/06/14    1,184  1,008,303 
        6,737,706 
IT Services - 2.8%  Audio Visual Services Group, Inc. Loan (Second Lien),     
  7.72%, 8/28/14    1,020  64,593 
Audio Visual Services Group, Inc. Tranche B Term Loan
  (First Lien), 3.47%, 2/28/14    1,478  568,838 
  Ceridian Corp. U.S. Term Loan, 3.316%, 11/09/14  1,977  1,455,745 
  First Data Corp. Initial Tranche B-2 Term Loan,     
  3.059% - 3.069%, 9/24/14    1,283  940,385 
  First Data Corp. Initial Tranche B-3 Term Loan,     
  3.059% - 3.069%, 9/24/14    342  251,222 
  RedPrairie Corp. Loan (Second Lien), 7.507%, 1/20/13  300  154,500 
  RedPrairie Corp. Term Loan, 3.688% - 5.25%, 7/20/12  563  405,640 
SunGard Data Systems Inc. (Solar Capital Corp.) New U.S.
  Term Loan, 2.071%, 2/28/14    2,378  2,155,872 
        5,996,795 
Independent Power Producers &  Texas Competitive Electric Holdings Co., LLC (TXU) Initial     
Energy Traders - 1.8%  Tranche B-1 Term Loan, 3.819% - 3.882%, 10/10/14  2,535  1,730,138 
Texas Competitive Electric Holdings Co., LLC (TXU) Initial
  Tranche B-2 Term Loan, 3.819% - 3.882%, 10/10/14  980  674,747 
Texas Competitive Electric Holdings Co., LLC (TXU) Initial
  Tranche B-3 Term Loan, 3.819% - 3.882%, 10/10/14  1,950  1,332,894 
        3,737,779 
Industrial Conglomerates - 1.0%  Sequa Corp. Term Loan, 3.61% - 4.08%, 12/03/14  2,794  2,102,384 
Insurance - 0.2%  Alliant Holdings I, Inc. Term Loan, 4.232%, 8/21/14  493  418,625 
Internet & Catalog Retail - 0.3%  FTD Group, Inc. Tranche B Term Loan, 6.75%, 8/04/14  746  716,400 
Leisure Equipment &  24 Hour Fitness Worldwide, Inc. Tranche B Term Loan,     
Products - 1.4%  2.82% - 3.67%, 6/08/12    3,880  2,638,400 
Fender Musical Instruments Corp. Delayed Draw Loan,
  2.67%, 6/09/14    166  102,730 
  Fender Musical Instruments Corp. Initial Loan, 3.47%,     
  6/09/14    328  203,389 
        2,944,519 

6

BlackRock Floating Rate Income Strategies Fund, Inc.         
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
Industry  Floating Rate Loan Interests      (000)  Value 
Life Sciences Tools &  Life Technologies Corp. Term B Facility, 5.25%,       
Services - 1.5%  11/20/15    USD       3,175  $ 3,166,666 
Machinery - 3.0%  NACCO Materials Handling Group, Inc. Loan,       
  2.319% - 4.25%, 3/21/13      1,459  583,500 
  Navistar Financial Corp. Tranche A Term loan,       
  2.375%, 3/27/10      1,496  1,352,487 
  Navistar International Corp. Revolving Credit-Linked       
  Deposit, 0.166% - 8.47%, 1/19/12      1,067  889,524 
  Navistar International Corp. Term Advance, 3.569%,       
  1/19/12      2,933  2,446,192 
  Oshkosh Truck Corp. Term B Loan, 7.15% - 7.32%,       
  12/06/13      1,195  1,022,889 
          6,294,592 
Media - 24.1%  Affinion Group Holdings, Inc. Loan, 9.273%, 3/01/12    2,000  1,300,000 
  AlixPartners, LLP Tranche C Term Loan,         
  2.35% - 3.14%, 10/12/13      1,591  1,503,157 
                                              Bresnan Communications, LLC Additional Term Loan B
  (First Lien), 2.31% - 3.11%, 6/30/13      1,500  1,364,063 
  Catalina Marketing Corp. Initial Term Loan, 3.40%,       
  10/01/14      1,527  1,386,172 
                                              Cengage Learning Acquisitions, Inc. (Thomson Learning)
  Tranche 1 Incremental Term Loan, 7.50%, 7/03/14    5,458  5,231,625 
  Cequel Communications, LLC Term Loan,         
  2.349% - 2.401%, 11/05/13      2,116  1,907,150 
  Cequel Communications, LLC Tranche A Term Loan       
  (Second Lien), 4.911%, 5/05/14      2,000  1,619,376 
  Charter Communications Term Loan B1, 7.939%, 3/25/14    2,465  2,393,103 
  Clarke American Corp. Tranche B Term Loan,       
  2.819% - 3.72%, 6/30/14      983  757,344 
  HMH Publishing Co. Ltd. Mezzanine, 6.25%, 11/14/14    9,724  1,944,754 
  HMH Publishing Co. Ltd. Tranche A Term Loan,       
  7.66%, 6/12/14      2,640  1,880,862 
  Hanley-Wood, LLC (FSC Acquisition) Term Loan,       
  2.563% - 2.599%, 3/08/14      1,479  526,740 
  Insight Midwest Holdings, LLC B Term Loan, 2.41%,       
  4/07/14      1,825  1,682,801 
  Intelsat Subsidiary Holding Co. Ltd. Tranche B Term       
  Loan, 2.914%, 1/03/14      1,901  1,768,970 
  Knology, Inc. Term Loan, 2.668%, 6/30/12      726  638,921 
  Lamar Advertising Co. Term Loan B, 5.50%, 9/30/12    1,460  1,438,100 
  Lavena Holding 3 GmbH (Prosiebensat.1 Media AG)       
  Facility B1, 4.589%, 6/30/15    EUR  337  111,759 
  Lavena Holding 3 GmbH (Prosiebensat.1 Media AG)       
  Facility C1, 4.839%, 6/30/16      337  111,759 
                                              MCC Iowa LLC (Mediacom Broadband Group) Tranche A
  Term Loan, 1.79%, 3/31/10    USD  716  697,734 

7

BlackRock Floating Rate Income Strategies Fund, Inc.         
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
Industry  Floating Rate Loan Interests      (000)  Value 
  MCNA Cable Holdings LLC (OneLink Communications)       
  Loan (PIK Facility), 8.31%, 3/01/13    USD  1,236  $ 247,284 
  Mediacom Broadband (Term Loan E), 6.50%, 11/30/15    2,875  2,857,031 
  Mediannuaire Holding (Pages Jaunes) Term Loan D,       
  5.913%, 1/11/17    EUR  500  175,300 
  Metro-Goldwyn-Mayer Inc. Tranche B Term Loan,       
  3.569%, 4/09/12    USD  3,305  1,887,232 
  Multicultural Radio Broadcasting, Inc. Term Loan,       
  3.164%, 12/18/12      327  207,645 
  Newsday, LLC Fixed Rate Term Loan, 9.75%, 8/01/13    1,000  997,500 
  NextMedia Operating, Inc. Delay Draw Term Loan,       
  8.25%, 11/15/12      200  96,152 
  NextMedia Operating, Inc. Initial Term Loan       
  (First Lien), 8.25%, 11/15/12      267  128,130 
  NextMedia Operating, Inc. Loan (Second Lien),       
  11.25%, 11/15/13      1,768  185,620 
  Nielsen Finance LLC Dollar Term Loan, 2.382%, 8/09/13    5,850  5,150,798 
  Penton Media, Inc. Loan (Second Lien), 6.039%, 2/01/14    1,000  96,250 
                                             Sunshine Acquisition Ltd. (aka HIT Entertainment) Term
  Facility, 3.26%, 7/31/14      732  387,978 
  TWCC Holding Corp. Term Loan, 7.25%, 9/14/15    2,746  2,730,802 
  UPC Financing Partnership Facility M, 2.946%,       
  12/31/14    EUR  5,000  6,057,340 
  Virgin Media NTL Term Loan A, 2.52%, 3/03/11  GBP  1,000  1,465,439 
          50,934,891 
Multi-Utilities - 2.0%  Energy Transfer Equity, L.P. Term Loan, 2.706%,       
  11/01/12    USD  1,000  945,833 
  FirstLight Power Resources, Inc. (fka NE Energy, Inc.)       
  First Lien Term Loan B, 3.75%, 11/01/13      664  594,080 
  FirstLight Power Resources, Inc. (fka NE Energy, Inc.)       
  Second Lien Term Loan, 5.75%, 5/01/14      500  346,250 
  FirstLight Power Resources, Inc. (fka NE Energy, Inc.)       
  Synthetic Letter of Credit, 1.10%, 11/01/13    86  76,545 
  Riverside Energy Center Term Loan, 5.289%, 6/24/11    1,531  1,408,678 
  Rocky Mountain Energy Center, LLC Credit Linked       
  Deposit, 0.939%, 6/24/11      134  123,249 
                                             Rocky Mountain Energy Center, LLC Term Loan, 5.289%,
  6/24/11      701  645,216 
          4,139,851 
Multiline Retail - 0.9%  Dollar General Corp. Tranche B-2 Term Loan,       
  3.069% - 3.07%, 7/07/14      1,975  1,805,715 
Oil, Gas & Consumable  Big West Oil, LLC Delayed Advance Loan, 6.50%, 5/15/14    550  431,750 
Fuels - 2.1%  Big West Oil, LLC Initial Advance Loan, 6.50%, 5/15/14    438  343,438 
  Coffeyville Resources, LLC Funded Letter of Credit,       
  3.15%, 12/28/10      486  431,352 
  Coffeyville Resources, LLC Tranche D Term Loan,       
  8.75%, 12/30/13      1,563  1,385,817 

8

BlackRock Floating Rate Income Strategies Fund, Inc.         
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
           Par   
Industry  Floating Rate Loan Interests      (000)  Value 
  Petroleum GEO-Services ASA/PGS Finance, Inc. Term       
  Loan, 2.97%, 6/29/15    USD  538  $ 489,580 
Vulcan Energy Corp. (fka Plains Resources Inc.) Term B3
  Loan, 5.50%, 8/12/11      1,500  1,447,500 
          4,529,437 
Paper & Forest Products - 2.7%  Georgia-Pacific LLC Term B Loan, 2.319%, 12/20/12    2,750  2,548,219 
  Georgia-Pacific LLC Term B Loan, 2.323%, 12/20/12    2,240  2,075,640 
  NewPage Corp. Term Loan, 4.063% - 5%, 12/22/14    1,222  982,273 
  Verso Paper Finance Holdings LLC Loan,         
  7.728% - 8.028%, 2/01/13      1,946  97,286 
          5,703,418 
Pharmaceuticals - 0.9%  Catalent Pharma Solutions, Inc. (fka Cardinal Health       
  409, Inc.) Euro Term Loan, 3.191%, 4/15/14  EUR  983  1,000,057 
  Warner Chilcott Co., Inc. Tranche B Acquisition Date       
  Term Loan, 2.319%, 1/18/12    USD  740  699,998 
Warner Chilcott Corp. Tranche C Acquisition Date Term
  Loan, 2.139%, 1/18/12      260  245,502 
          1,945,557 
Real Estate Management &  Mattamy Funding Partnership Loan, 2.938%, 4/11/13    970  533,500 
Development - 0.9%  Realogy Corp. Initial Term B Loan, 4.177%, 10/10/13    1,965  1,365,675 
          1,899,175 
Road & Rail - 0.6%  RailAmerica, Inc. Canadian Term Loan, 5.20%, 8/14/09    76  72,580 
  RailAmerica, Inc. U.S. Term Loan, 5.20%, 8/14/09    1,174  1,121,170 
          1,193,750 
Specialty Retail - 0.4%  Adesa, Inc. (KAR Holdings, Inc.) Initial Term Loan,       
  2.57% - 3.47%, 10/20/13      1,000  856,250 
Transportation  SBA Telecommunications Term Loan, 1.994%, 11/01/10    2,116  1,882,848 
Infrastructure - 0.9%           
Wireless Telecommunication  Cricket Communications, Inc. (aka Leap Wireless) Term B       
Services - 2.1%  Loan, 5.75%, 6/16/13      3,240  3,253,501 
  Digicel International Finance Ltd. Tranche A, 3.75%,       
  3/01/12      1,250  1,134,375 
          4,387,876 
  Total Floating Rate Loan Interests - 93.1%      196,378,894 
  Common Stocks      Shares   
Chemicals - 0.0%  GEO Specialty Chemicals, Inc. (e)      13,117  5,036 
  Wellman Holdings, Inc.      430  108 
          5,144 
Electrical Equipment - 0.0%  Medis Technologies Ltd. (e)      71,654  19,347 
Energy Equipment &  Trico Marine Services, Inc. (e)      119,185  351,596 
Services - 0.2%           
Paper & Forest Products - 0.2%  Ainsworth Lumber Co. Ltd. (e)      136,289  193,495 
  Ainsworth Lumber Co. Ltd. (b)(e)      152,951  216,348 
  Western Forest Products, Inc. (e)      84,448  20,111 
          429,954 
  Total Common Stocks - 0.4%        806,041 

9

BlackRock Floating Rate Income Strategies Fund, Inc.       
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
Industry  Preferred Stocks    Shares           Value 
Capital Markets - 0.0%  Marsico Parent Superholdco, LLC, 16.75% (b)(h)  78  $ 21,840 
  Total Preferred Stocks - 0.0%      21,840 
  Total Long-Term Investments (Cost - $350,340,506) - 126.5%  266,686,719 
  Short-Term Securities       
  BlackRock Liquidity Funds, TempFund, 0.535% (i)(j)  2,779,400  2,779,400 
  Total Short-Term Securities       
  (Cost - $2,779,400) - 1.3%      2,779,400 
  Options Purchased    Contracts   
Over-the-Counter Call Options  Marsico Parent Superholdco LLC, expiring December     
  2009 at USD 942.86, Broker Goldman Sachs & Co.  20  32,000 
  Total Options Purchased       
  (Cost - $19,556) - 0.0%      32,000 
  Total Investments (Cost - $353,139,462*)  - 127.8%    269,498,119 
  Liabilities in Excess of Other Assets - (27.8)%    (58,652,135) 
  Net Assets - 100.0%      $ 210,845,984 

* The cost and unrealized appreciation (depreciation) of investments as of May 31, 2009,

as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 353,084,852 
Gross unrealized appreciation  $ 4,131,032 
Gross unrealized depreciation                                                 (87,717,765) 
Net unrealized depreciation  $ (83,586,733) 

(a) Variable rate security. Rate shown is as of report date.
(b) 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.

(c) Represents a payment-in-kind security which may pay interest/dividends in additional par/shares.
(d) Convertible security.
(e) Non-income producing security.
(f) Issuer filed for bankruptcy and/or is in default of interest payments.
(g) Represents a zero-coupon bond. Rate shown represents the current yield as of report date.
(h) Security is perpetual in nature and has no stated maturity date.
(i) Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Co.
Act of 1940, were as follows:

Affiliate  Net Activity  Income 
BlackRock Liquidity Funds, TempFund  2,779,400  $ 3,656 
BlackRock Liquidity Series, LLC Cash Sweep Series  USD (1,634,669)  $ 26,042 

(j) Represents the current yield as of report date.
• 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.

• Foreign currency exchange contracts as of May 31, 2009 were as follows:

Currency  Currency    Settlement  Unrealized 
Purchased  Sold  Counterparty  Date  Depreciation 
USD 243,351  CAD 315,000  Citibank NA  6/10/09  $ (45,197) 
USD 2,908,285  GBP 2,079,500  UBS AG  6/10/09  (452,639) 
USD 14,125,983  EUR 10,371,500  Citibank NA  7/15/09  (530,736) 
Total        $ (1,028,572) 

10

BlackRock Floating Rate Income Strategies Fund, Inc.         
Schedule of Investments May 31, 2009 (Unaudited)         
       • Credit default swaps on single-name issues - buy protection outstanding as of May 31, 2009 were as follows:   
  Pay      Notional     
  Fixed      Amount    Unrealized 
           Issuer  Rate  Counterparty  Expiration  (000)  Depreciation 
           Ford Motor Co.  3.80%  UBS AG  3/20/10  USD 10,000  $ (1,736,876) 
       • Credit default swaps on single-name issues - sold protection outstanding as of May 31, 2009 were as follows:   
  Pay      Notional    Unrealized 
  Fixed      Amount  Appreciation 
           Issuer  Rate  Counterparty  Expiration  (000)  (Depreciation) 
           First Data Corp.  5.00%  JPMorgan Chase Bank, NA  12/20/13  USD 3,000  $ 148,396 
           Host Hotels &             
Resorts LP  5.00%  Goldman Sachs Bank USA  3/20/14  USD 2,500    (308,771) 
           Masco Corp.  5.30%  JPMorgan Chase Bank, NA  3/20/14  USD 1,000    (81,238) 
           Mohawk             
                   Industries, Inc.  4.45%  JPMorgan Chase Bank, NA  3/20/14  USD 1,000    (70,014) 
           Total          $ (311,627) 

• Currency Abbreviations:

CAD  Canadian Dollar 
EUR  Euro 
GBP  British Pound 
USD  US Dollar 

Ÿ Effective September 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting
Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a
framework for measuring fair values and requires additional disclosures about the use of fair value measurements.
Various inputs are used in determining the fair value of investments, which are as follows:

Ÿ Level 1 - price quotations in active markets/exchanges for identical securities
Ÿ Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in
markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates,
yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-
corroborated inputs)

Ÿ Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (including the Fund's own assumptions used in determining the fair value of
investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with
investing in those securities. For information about the Fund's policy regarding valuation of investments and other
significant accounting policies, please refer to the Fund's most recent financial statements as contained in its
semi-annual report.

11

BlackRock Floating Rate Income Strategies Fund, Inc.

Schedule of Investments May 31, 2009 (Unaudited)

The following table summarizes the inputs used as of May 31, 2009 in determining the fair valuation of the Fund's
investments:

Valuation  Investment in     
Inputs  Securities  Other Financial Instruments* 
  Assets                 Assets  Liabilities 
Level 1  $ 3,363,948  -  - 
Level 2  199,226,542  $ 180,396 $(3,225,471) 
Level 3  66,907,629  -  - 
Total  $ 269,498,119  $ 180,396 $(3,225,471) 

* Other financial instruments are swaps, options and foreign currency exchange contracts.
Swaps and foreign currency exchange contracts are valued at the unrealized
appreciation/depreciation on the instrument and options are shown at market value.

The following is a reconciliation of investments for unobservable inputs (Level 3)
used in determining fair value:

  Investments in 
  Securities 
Balance, as of August 31, 2008  $ 27,977,920 
Realized gain  2,589,682 
Change in unrealized appreciation/depreciation  3,116,814 
Net purchases (sal  (25,357,574) 
Net transfers in Level 3  58,580,787 
Balance, as of May 31, 2009  $ 66,907,629 

12

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 13(a)-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 15, 2009

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 15, 2009

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

Date: July 15, 2009