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: John M. Perlowski, Chief Executive Officer, BlackRock
Floating Rate Income Strategies Fund, Inc., 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 08/31/2011

Date of reporting period: 05/31/2011

Item 1 – Schedule of Investments

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BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Schedule of Investments May 31, 2011 (Unaudited)
(Percentages shown are based on Net Assets)

 

 

 

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BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

		Par
Corporate Bonds		(000)	Value
Consumer Finance (concluded)
Inmarsat Finance Plc, 7.38%,
12/01/17 (a)	USD	915	$ 969,900
			1,360,500
Containers & Packaging — 1.2%
Berry Plastics Corp., 8.25%,
11/15/15		1,600	1,716,000
OI European Group BV, 6.88%,
3/31/17	EUR	143	210,679
Smurfit Kappa Acquisitions (a):
7.25%, 11/15/17		525	780,082
7.75%, 11/15/19		500	750,130
			3,456,891
Diversified Financial Services — 1.6%
Ally Financial, Inc., 2.45%,
12/01/14 (b)	USD	2,600	2,561,247
Axcan Intermediate Holdings, Inc.,
12.75%, 3/01/16		160	176,400
Reynolds Group DL Escrow, Inc.,
8.50%, 10/15/16 (a)		597	638,790
Reynolds Group Issuer, Inc. (a):
7.75%, 10/15/16	EUR	400	603,702
8.50%, 10/15/16		72	108,666
6.88%, 2/15/21	USD	395	407,344
			4,496,149
Diversified Telecommunication
Services — 0.6%
ITC Deltacom, Inc., 10.50%,
4/01/16		430	464,400
Qwest Communications International,
Inc.:
8.00%, 10/01/15		600	657,000
Series B, 7.50%, 2/15/14		434	439,968
			1,561,368
Electronic Equipment, Instruments
& Components — 0.2%
CDW LLC, 8.00%, 12/15/18 (a)		500	536,250
Health Care Equipment & Supplies — 0.5%
DJO Finance LLC:
10.88%, 11/15/14		1,175	1,269,000
7.75%, 4/15/18 (a)		280	287,700
			1,556,700
Health Care Providers & Services — 0.8%
HCA, Inc., 7.25%, 9/15/20		485	528,650
Tenet Healthcare Corp.:
9.00%, 5/01/15		175	190,531
8.88%, 7/01/19		1,360	1,513,000
			2,232,181

 

 

 

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BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

		Par
Corporate Bonds		(000)	Value
Metals & Mining (concluded)
Novelis, Inc., 8.38%,
12/15/17 (a)	USD	935	$ 1,019,150
			1,892,750
Multiline Retail — 0.2%
Dollar General Corp., 11.88%,
7/15/17 (d)		445	508,413
Oil, Gas & Consumable Fuels — 0.5%
Alpha Natural Resources, Inc. (g):
6.00%, 6/01/19		535	538,344
6.25%, 6/01/21		665	676,637
Coffeyville Resources LLC,
9.00%, 4/01/15 (a)		275	298,375
			1,513,356
Paper & Forest Products — 0.7%
Ainsworth Lumber Co. Ltd.,
11.00%, 7/29/15 (a)(d)		1,266	1,253,601
Longview Fibre Paper &
Packaging, Inc., 8.00%,
6/01/16 (a)		340	345,100
Verso Paper Holdings LLC, Series
B, 4.02%, 8/01/14 (b)		340	327,250
			1,925,951
Pharmaceuticals — 0.3%
Valeant Pharmaceuticals
International (a):
6.50%, 7/15/16		760	756,200
6.75%, 10/01/17		50	49,500
7.00%, 10/01/20		45	44,100
			849,800
Professional Services — 0.1%
FTI Consulting, Inc., 6.75%,
10/01/20 (a)		170	173,400
Real Estate Investment Trusts (REITs) — 0.0%
Omega Healthcare Investors,
Inc., 6.75%, 10/15/22 (a)		140	139,650
Wireless Telecommunication
Services — 1.5%
Cricket Communications, Inc.,
7.75%, 5/15/16		1,700	1,806,250
Digicel Group Ltd. (a):
9.13%, 1/15/15 (d)		278	287,035
8.25%, 9/01/17		315	330,750
iPCS, Inc., 2.40%, 5/01/13 (b)		1,500	1,453,125
Nextel Communications, Inc.,
Series E, 6.88%, 10/31/13		275	277,406
			4,154,566
Total Corporate Bonds – 19.8%			55,720,721

 

 

 

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BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

 

 

 

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BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

 

 

 

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BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

 

 

6 BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC. MAY 31, 2011

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BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

 

 

 

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BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

 

 

 

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BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

 

* The cost and unrealized appreciation (depreciation) of investments as of
May 31, 2011, as computed for federal income tax purposes, were as
follows:

 

 

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BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Schedule of Investments (continued)

(a) 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.
(b) Variable rate security. Rate shown is as of report date.
(c) Non-income producing security.
(d) Represents a payment-in-kind security which may pay interest/dividends
in additional par/shares.
(e) Convertible security.
(f) Represents a zero-coupon bond. Rate shown reflects the current yield as
of report date.
(g) When-issued security. Unsettled when-issued transactions were as
follows:

(h) Issuer filed for bankruptcy and/or is in default of interest payments.
(i) Other interests represent beneficial interest in liquidation trusts and
other reorganization entities and are non-income producing.
(j) Amount is less than $1,000.
(k) The investment is held by a wholly-owned taxable subsidiary of the Fund.
(l) 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, if any.
(m) Investments in companies considered to be an affiliate of the Fund
during the period, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, as amended, were as follows:

(n) Represents the current yield as of report date.

• Foreign currency exchange contracts as of May 31, 2011 were as follows:

• 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 rating group indexes, and/or as defined
by Fund management. This definition may not apply for purposes of this
report, which may combine such industry sub-classifications for reporting
ease.

•Fair Value Measurements - Various inputs are used in determining the fair
value of investments and derivative financial instruments. These inputs are
summarized in three broad levels for financial reporting purposes as
follows:

•Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities

•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)

•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 and derivative financial instruments)

The inputs or methodologies 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
derivative financial instruments and other significant accounting policies,
please refer to the Fund’s most recent financial statements as contained in its
semi-annual report.

The following tables summarize the inputs used as of May 31, 2011 in
determining the fair valuation of the Fund's investments and derivative
financial instruments:

 

 

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BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Schedule of Investments (continued)

 

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

² The change in the unrealized appreciation/depreciation on the securities still held on May 31, 2011 was $1,997,635.
³ The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the period of the event or the change in circumstances that caused the
transfer.

A reconciliation of Level 3 investments and derivative financial instruments is presented when the Fund had a significant amount of Level 3 investments and
derivatives at the beginning and/or end of the period in relation to net assets.

 

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BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Schedule of Investments (concluded)

⁴ The change in the unrealized appreciation/depreciation on the securities still
held on May 31, 2011 was $(3,478).
⁵ The Fund’s policy is to recognize transfers in and transfers out as of the beginning
of the period of the event or the change in circumstances that caused the transfer.

 

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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
31940 Act3)) areeffective 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/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Floating Rate Income Strategies Fund, Inc.

Date: July 26, 2011

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/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Floating Rate Income Strategies Fund, Inc.

Date: July 26, 2011

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

Date: July 26, 2011

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