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

 

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

 

Date of fiscal year end: 08/31/2014

 

Date of reporting period: 11/30/2013

 

Item 1 – Schedule of Investments

 
 
Consolidated Schedule of Investments November 30, 2013
(Unaudited) 		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
  (Percentages shown are based on Net Assets)

 

Common Stocks (a)
Shares		   Value  
 
Chemicals — 0.0%  
GEO Specialty Chemicals, Inc.   23,849 $ 20,272  
 
Diversified Financial Services — 0.2%  
Kcad Holdings I Ltd.   217,833,983   1,241,654  
 
Electrical Equipment — 0.0%  
Medis Technologies, Ltd.   260,833   3  
 
Metals & Mining — 0.1%  
Euramax International   468   112,200  
 
Paper & Forest Products — 0.5%  
Ainsworth Lumber Co., Ltd.   393,892   1,430,919  
Ainsworth Lumber Co., Ltd. (b)   346,000   1,247,698  
Western Forest Products, Inc.   84,448   135,110  
   
     2,813,727  
 
Semiconductors & Semiconductor Equipment — 0.0%  
SunPower Corp.   1,860   56,432  
 
Software — 0.3%  
HMH Holdings/EduMedia   116,627   1,807,718  
 
Total Common Stocks — 1.1%    6,052,006  
 

 

Asset-Backed Securities (b)(c) Par
(000)		      
 
   
ALM Loan Funding:          
  Series 2013-7R2A, Class B, 2.86%, 4/24/24 USD 775   750,355  
  Series 2013-7RA, Class C, 3.71%, 4/24/24   2,125   2,056,150  
  Series 2013-7RA, Class D, 5.26%, 4/24/24   900   827,730  
Alm Loan Funding, Series 2013-8A, Class B, 2.99%, 1/20/26 (d)   1,150   1,130,450  
ARES CLO Ltd., Series 2013-2A, Class C, 3.00%, 7/28/25   750   723,750  
Atrium CDO Corp., Series 9A, Class D, 3.74%, 2/28/24   1,100   1,052,150  
Carlyle Global Market Strategies CLO Ltd.:          
  Series 2012-4A, Class D, 4.74%, 1/20/25   700   708,337  
  Series 2013-1A, Class C, 4.24%, 2/14/25   250   247,625  
Cavalry CLO II, Series 2A, Class D, 4.24%, 1/17/24   500   490,000  
Cent CLO LP, Series 2013-17A, Class C, 3.74%, 1/30/25   500   479,050  
           
Asset-Backed Securities Par
(000)		   Value  
 
Figueroa CLO Ltd., Series 2013-1A, Class C, 3.89%, 3/21/24 USD  500 $ 482,250  
Fraser Sullivan CLO VII Ltd., Series 2012-7A, Class C, 4.24%, 4/20/23   950   942,305  
Highbridge Loan Management Ltd., Series 2012-1A, Class C, 5.25%, 9/20/22   1,500   1,505,250  
Madison Park Funding XI Ltd., Series 2013-11A, Class D, 3.80%, 10/23/25   370   351,352  
Marea CLO Ltd., Series 2012-1A, Class D, 4.79%, 10/16/23   1,650   1,656,270  
Neuberger Berman CLO XV, Series 2013-15A, Class C, 3.10%, 10/15/25   1,000   963,780  
North End CLO Ltd., Series 2013-1A, Class D, 3.73%, 7/17/25   750   712,725  
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class D, 3.42%, 10/25/25   1,000   937,890  
OZLM Funding Ltd., Series 2012-2A, Class C, 4.59%, 10/30/23   500   495,400  
Race Point CLO Ltd., Series 2012-6A, Class D, 4.74%, 5/24/23   1,075   1,076,505  
Regatta Funding LP, Series 2013-2A, Class C, 4.24%, 1/15/25   500   495,350  
Symphony CLO Ltd., Series 2012-10A, Class D, 5.49%, 7/23/23   1,500   1,507,500  
 
Total Asset-Backed Securities — 3.4%    19,592,174  
 

 

Corporate Bonds  
 
Airlines — 0.5%  
Delta Air Lines Pass-Through Trust, Series 2009-1, Class B, 9.75%, 6/17/18   198   223,571  
US Airways Pass-Through Trust, Series 2012-2, Class C, 5.45%, 6/03/18   2,605   2,569,051  
   
     2,792,622  
 
Auto Components — 0.4%  
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 8.00%, 1/15/18   2,085   2,176,219  
 
                     
BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 20131
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
  (Percentages shown are based on Net Assets)

 

 

Corporate Bonds

 Par
(000)		   Value  
 
Capital Markets — 0.0%  
E*Trade Financial Corp., 0.00%, 8/31/19 (b)(e)(f) USD  129 $ 223,493  
 
Chemicals — 0.6%  
GEO Specialty Chemicals, Inc., 7.50%, 3/31/15 (a)   1,559   3,445,584  
 
Commercial Services & Supplies — 0.3%  
AWAS Aviation Capital Ltd., 7.00%, 10/17/16 (b)   1,085   1,125,779  
Brickman Group Holdings, Inc., 9.13%, 11/01/18 (b)   52   55,580  
United Rentals North America, Inc., 5.75%, 7/15/18   350   375,812  
   
     1,557,171  
 
Communications Equipment — 0.3%  
Avaya, Inc., 7.00%, 4/01/19 (b)   390   379,275  
Zayo Group LLC/Zayo Capital, Inc., 8.13%, 1/01/20   1,470   1,620,675  
   
     1,999,950  
 
Construction & Engineering — 0.1%  
Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (b)   335   350,913  
 
Diversified Financial Services — 0.4%  
Ally Financial, Inc.:          
  7.50%, 12/31/13   20   20,080  
  2.93%, 7/18/16 (c)   1,375   1,405,829  
  7.50%, 9/15/20   160   187,600  
  8.00%, 11/01/31   360   429,300  
   
     2,042,809  
 
Diversified Telecommunication Services — 0.3%  
Level 3 Financing, Inc. (b):          
  3.85%, 1/15/18 (c)   1,000   1,007,500  
  6.13%, 1/15/21   555   563,325  
   
     1,570,825  
 
Health Care Technology — 0.7%  
IMS Health, Inc., 12.50%, 3/01/18 (b)   3,540   4,177,200  
 
Hotels, Restaurants & Leisure — 0.3%  
Little Traverse Bay Bands of Odawa Indians, 9.00%, 8/31/20 (b)   948   929,040  
Travelport LLC/Travelport Holdings, Inc., 6.36%, 3/01/16 (b)(c)   663   661,785  
           
Corporate Bonds Par
(000)		   Value  
 
Hotels, Restaurants & Leisure (concluded)  
Tropicana Entertainment LLC/Tropicana Finance Corp., 9.63%, 12/15/14 (b)(g) USD  120 $ —  
   
     1,590,825  
 
Household Durables — 0.1%  
Beazer Homes USA, Inc., 6.63%, 4/15/18   790   849,250  
 
Independent Power Producers & Energy Traders — 0.8%  
Calpine Corp., 6.00%, 1/15/22 (b)   349   358,598  
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.:          
  10.00%, 12/01/20 (b)   1,115   1,181,900  
  10.00%, 12/01/20   2,895   3,075,937  
   
     4,616,435  
 
Media  — 0.2%  
Checkout Holding Corp., 10.72%, 11/15/15 (b)(e)   906   738,390  
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (b)   514   530,705  
   
     1,269,095  
 
Metals & Mining — 0.0%  
RathGibson, Inc., 11.25%, 2/15/14 (b)(g)   1,390   —  
 
Oil, Gas & Consumable Fuels — 0.1%  
EP Energy LLC/Everest Acquisition Finance, Inc., Series WI, 6.88%, 5/01/19   635   684,212  
 
Road & Rail — 0.1%  
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 3.00%, 12/01/17 (b)(c)   295   294,263  
 
Wireless Telecommunication Services — 0.0%  
T-Mobile USA, Inc., 6.13%, 1/15/22   225   229,219  
 
Total Corporate Bonds — 5.2%    29,870,085  
 

 

Floating Rate Loan Interests (c)  
 
Aerospace & Defense — 2.1%  
DigitalGlobe, Inc., Term Loan B, 3.75%, 1/31/20   2,229   2,248,302  
SI Organization, Inc., Term Loan B, 5.50%, 11/22/16   1,691   1,639,869  
Spirit Aerosystems, Inc., Term Loan B, 3.75%, 4/18/19   1,576   1,578,459  
                     

BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 20132
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
  (Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Aerospace & Defense (concluded)  
Transdigm, Inc., Term Loan C, 3.75%, 2/28/20 USD  893 $ 897,046  
TransUnion LLC, Term Loan, 4.25%, 2/10/19   5,477   5,507,655  
   
     11,871,331  
 
Airlines — 1.3%  
Delta Air Lines, Inc., Term Loan:          
  3.50%, 9/16/15   1,412   1,366,379  
  B1, 4.00%, 10/18/18   2,222   2,230,158  
Northwest Airlines, Inc.:          
  2.24%, 3/10/17   913   842,345  
  1.62%, 9/10/18   1,197   1,056,058  
US Airways Group, Inc., Term Loan B1, 4.25%, 5/23/19   2,025   2,031,075  
   
     7,526,015  
 
Auto Components — 4.5%  
Affinia Group Intermediate Holdings, Inc., Term Loan B2, 4.75%, 4/27/20   1,576   1,595,750  
Armored Autogroup, Inc., Term Loan B, 6.00%, 11/04/16   254   253,457  
Autoparts Holdings Ltd., 1st Lien Term Loan, 6.50%, 7/28/17   2,797   2,744,557  
Federal-Mogul Corp.:          
  Term Loan B, 2.11%, 12/29/14   5,942   5,864,944  
  Term Loan C, 2.11%, 12/28/15   5,496   5,424,682  
FleetPride Corp., 1st Lien Term Loan, 5.25%, 11/19/19   1,563   1,531,924  
The Goodyear Tire & Rubber Co., 2nd Lien Term Loan, 4.75%, 4/30/19   5,015   5,058,881  
GPX International Tire Corp.:          
  PIK Term Loan, 0.00%, 12/31/49 (h)   18   —  
  Term Loan 0.00%, 12/31/49   1,097   —  
Schaeffler AG, Term Loan C, 4.25%, 1/27/17   35   35,190  
Transtar Holding Co., 1st Lien Term Loan, 5.50%, 10/09/18   2,129   2,101,894  
UCI International, Inc., Term Loan B, 5.50%, 7/26/17   1,459   1,454,199  
   
     26,065,478  
 
Biotechnology — 0.2%  
Grifols, Inc., Term Loan B, 4.25%, 6/01/17   1,419   1,425,009  
 
         
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Building Products — 1.9%  
Armstrong World Industries, Inc., Term Loan B, 3.50%, 3/16/20 USD  1,139 $ 1,137,498  
Continental Building Products LLC, 1st Lien Term Loan, 4.50%, 8/14/20   1,180   1,174,100  
CPG International, Inc., Term Loan, 4.75%, 9/30/20   3,445   3,449,306  
Quikrete Holdings, Inc., 1st Lien Term Loan, 4.00%, 9/28/20   1,485   1,490,836  
Wilsonart International Holdings LLC:          
  Incremental Term Loan B2, 4.00%, 10/31/19   505   498,687  
  Term Loan B, 4.00%, 10/31/19   3,429   3,396,238  
   
     11,146,665  
 
Capital Markets — 0.6%  
American Capital Holdings, Inc., Term Loan, 4.00%, 8/22/16   724   727,019  
HarbourVest Partners LLC, Term Loan B, 4.75%, 11/21/17   1,370   1,373,241  
KCG Holdings, Inc., Term Loan B, 5.75%, 12/05/17   1,190   1,194,181  
   
     3,294,441  
 
Chemicals — 4.5%  
Allnex USA, Inc.:          
  Term Loan B1, 4.50%, 10/03/19   1,113   1,117,359  
  Term Loan B2, 4.50%, 10/03/19   578   579,744  
American Rock Salt Holdings LLC, Term Loan, 5.50%, 4/25/17   969   974,987  
Chemtura Corp., Term Loan B, 3.50%, 8/27/16   1,933   1,942,020  
Evergreen Acqco 1 LP, Term Loan, 5.00%, 7/09/19   2,075   2,078,426  
General Chemical Corp., Term Loan, 5.00%, 10/06/15   1,115   1,119,200  
INEOS US Finance LLC:          
  3 Year Term Loan, 2.16%, 5/04/15   383   383,111  
  6 Year Term Loan, 4.00%, 5/04/18   1,121   1,123,371  
MacDermid, Inc., 1st Lien Term Loan, 3.16%, 6/08/20   1,551   1,558,868  
Nexeo Solutions LLC, Term Loan B, 5.00%, 9/08/17   2,473   2,455,993  
OXEA Finance LLC:          
  2nd Lien Term Loan, 8.25%, 7/15/20   1,365   1,386,758  
                     

 

BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 20133
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
  (Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Chemicals (concluded)  
OXEA Finance LLC (concluded):          
  Term Loan B2, 4.25%, 1/15/20 USD  2,550 $ 2,563,388  
Royal Adhesives and Sealants LLC, 1st Lien Term Loan, 5.50%, 7/31/18   696   700,962  
Tata Chemicals North America, Inc., Term Loan B, 3.75%, 8/07/20   589   587,054  
Tronox Pigments (Netherlands) BV, 2013 Term Loan, 4.50%, 3/19/20   3,014   3,047,319  
Univar, Inc., Term Loan B, 5.00%, 6/30/17   992   975,176  
US Coatings Acquisition, Inc., Term Loan, 4.75%, 2/01/20   3,179   3,201,532  
   
     25,795,268  
 
Commercial Banks — 0.7%  
Fly Funding II Sarl, Term Loan B, 1.00%, 8/09/18   245   246,379  
Redtop Acquisitions Ltd.:          
  1st Lien Term Loan, 3.27%, 11/30/20   845   848,169  
  2nd Lien Term Loan, 8.25%, 5/31/21   310   311,550  
Santander Asset Management, Term Loan, 1.00%, 11/11/20   2,595   2,595,000  
   
     4,001,098  
 
Commercial Services & Supplies — 3.7%  
ADS Waste Holdings, Inc., Term Loan B, 4.25%, 10/09/19   3,956   3,971,239  
AWAS Finance Luxembourg 2012 SA, Term Loan, 3.50%, 7/16/18   1,222   1,224,683  
Catalent Pharma Solutions, Inc., Term Loan, 6.50%, 12/29/17   500   505,625  
KAR Auction Services, Inc., Term Loan B, 3.75%, 5/19/17   2,431   2,438,052  
Learning Care Group (US) No. 2, Inc., Term Loan B, 6.00%, 5/08/19   597   598,618  
Livingston International, Inc.:          
  1st Lien Term Loan, 5.00%, 4/16/19   1,357   1,354,904  
  2nd Lien Term Loan, 9.00%, 4/20/20   875   880,504  
Progressive Waste Solutions Ltd., Term Loan B, 3.50%, 10/24/19   1,340   1,339,875  
Protection One, Inc., Term Loan, 4.25%, 3/21/19   2,059   2,055,602  
Spin Holdco, Inc., Term Loan B, 4.25%, 11/14/19   4,080   4,082,570  
           
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Commercial Services & Supplies (concluded)  
West Corp., Term Loan B8, 3.75%, 6/29/18 USD  2,966 $ 2,976,205  
   
     21,427,877  
 
Communications Equipment — 2.5%  
Alcatel-Lucent USA, Inc.:          
  Term Loan C, 5.75%, 1/30/19   3,328   3,354,999  
  Term Loan D, 6.25%, 1/30/19 EUR 1,047   1,422,783  
Avaya, Inc.:          
  Extended Term Loan B3, 4.74%, 10/26/17   1,648   1,577,880  
  Term Loan B5, 8.00%, 3/30/18   307   305,717  
CommScope, Inc., Term Loan, 3.75%, 1/12/18   1,944   1,944,989  
Riverbed Technology, Inc., Term Loan, 4.00%, 12/18/19   780   784,390  
Telesat Canada, Term Loan A, 4.38%, 3/24/17 CAD 2,406   2,267,430  
Zayo Group LLC, Term Loan B, 4.00%, 7/02/19 USD 2,844   2,842,412  
   
     14,500,600  
 
Construction & Engineering — 1.2%  
BakerCorp International, Inc., Term Loan, 4.25%, 2/14/20   1,691   1,680,699  
Centaur LLC:          
  1st Lien Term Loan, 5.25%, 2/20/19   2,488   2,512,375  
  2nd Lien Term Loan, 8.75%, 2/15/20   1,230   1,254,600  
USIC Holdings, Inc., 1st Lien Term Loan, 4.75%, 7/10/20   1,172   1,176,458  
   
     6,624,132  
 
Construction Materials — 1.6%  
Filtration Group Corp.:          
  1st Lien Term Loan, 4.50%, 11/30/20   970   976,868  
  2nd Lien Term Loan, 8.25%, 11/30/21   525   533,531  
HD Supply, Inc., Senior Debt B, 4.50%, 10/12/17   7,244   7,282,381  
McJunkin Red Man Corp., Term Loan, 5.00%, 11/12/19   665   669,781  
   
     9,462,561  
                     

BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 20134
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
  (Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Consumer Finance — 0.5%  
Springleaf Financial Funding Co., Term Loan B2, 4.75%, 9/25/19 USD  3,060 $ 3,090,600  
 
Containers & Packaging — 1.7%  
Clondalkin Acquisition BV, 1st Lien Term Loan B, 5.75%, 5/29/20   1,032   1,042,737  
Pact Group (USA), Inc., Term Loan B, 3.75%, 5/29/20   4,374   4,333,053  
Polarpak, Inc., 1st Lien Canadian Borrower, 4.50%, 6/05/20   521   524,299  
Sealed Air Corp., 2013 Term Loan, 4.00%, 10/03/18   1,450   1,451,436  
Tekni-Plex, Inc., Term Loan B, 5.50%, 8/25/19   1,721   1,720,687  
WNA Holdings, Inc.:          
  1st Lien US Borrower, 4.50%, 6/05/20   283   284,804  
  2nd Lien Term Loan, 8.50%, 12/07/20   410   413,075  
   
     9,770,091  
 
Distributors — 1.3%  
ABC Supply Co., Inc., Term Loan, 3.50%, 4/16/20   5,035   5,028,706  
Crossmark Holdings, Inc., 1st Lien Term Loan, 4.50%, 12/20/19   1,022   1,017,164  
VWR Funding, Inc., Extended Add on Term Loan, 4.16%, 4/03/17   1,201   1,203,927  
   
     7,249,797  
 
Diversified Consumer Services — 1.8%  
Bright Horizons Family Solutions, Inc., Term Loan B, 4.00%, 1/30/20   2,804   2,816,093  
Doncasters Finance US LLC, Term Loan, 5.50%, 4/09/20   910   917,827  
Garda World Security Corp., Term Loan B, 4.00%, 11/06/20   1,178   1,182,909  
ROC Finance LLC, Term Loan, 5.00%, 5/15/19   1,080   1,033,430  
ServiceMaster Co., Term Loan, 4.25%, 1/31/17   2,052   2,020,223  
Weight Watchers International, Inc., Term Loan B2, 3.75%, 4/02/20   2,826   2,423,124  
   
     10,393,606  
 
Diversified Financial Services — 1.9%  
ION Trading Technologies Sarl:          
  1st Lien Term Loan, 4.50%, 5/22/20   1,736   1,743,252  
  2nd Lien Term Loan, 8.25%, 5/21/21   365   368,347  
             
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Diversified Financial Services (concluded)  
Kasima LLC, Term Loan B, 3.25%, 5/17/21 USD  1,535 $ 1,530,211  
Reynolds Group Holdings, Inc., Dollar Term Loan, 4.00%, 12/31/18   3,277   3,297,906  
RPI Finance Trust, Term Loan B3, 3.50%, 11/09/18   396   396,872  
WMG Acquisition Corp., Term Loan, 3.75%, 7/01/20   3,495   3,490,631  
   
     10,827,219  
 
Diversified Telecommunication Services — 4.4%  
Consolidated Communications, Inc., Term Loan B3, 5.25%, 12/31/18   3,891   3,911,220  
Hawaiian Telcom Communications, Inc., Term Loan B, 5.00%, 6/06/19   2,737   2,741,931  
Integra Telecom, Inc.:          
  1st Lien Term Loan, 5.25%, 2/22/19   2,030   2,049,469  
  2nd Lien Term Loan, 9.75%, 2/21/20   1,070   1,096,301  
Level 3 Financing, Inc.:          
  2019 Term Loan, 4.00%, 8/01/19   1,085   1,091,553  
  2020 Term Loan B, 4.00%, 1/15/20   9,510   9,569,438  
Syniverse Holdings, Inc., Term Loan B, 4.00%, 4/23/19   1,939   1,951,162  
US Telepacific Corp., Term Loan B, 5.75%, 2/23/17   3,079   3,074,873  
   
     25,485,947  
 
Electric Utilities — 0.3%  
American Energy - Utica, LLC, 2nd Lien Term Loan, 11.00%, 9/10/18   979   978,912  
Sandy Creek Energy Associates, L.P., Term Loan B, 5.00%, 11/06/20   995   997,716  
   
     1,976,628  
 
Electrical Equipment — 0.4%  
Texas Competitive Electric Holdings Co. LLC, Extended Term Loan, 4.67%-4.74%, 10/10/17   3,030   2,095,639  
 
Electronic Equipment, Instruments & Components — 0.4%  
CDW LLC, Term Loan, 3.50%, 4/29/20   2,289   2,277,059  
 
                     

BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 20135
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
  (Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Energy Equipment & Services — 0.8%  
Dynegy Holdings, Inc., Term Loan B2, 4.00%, 4/23/20 USD  1,835 $ 1,837,309  
MEG Energy Corp., Refinancing Term Loan, 3.75%, 3/31/20   1,589   1,598,752  
Unifrax Corp., Term Loan, 4.25%, 11/28/18   958   959,151  
   
     4,395,212  
 
Food & Staples Retailing — 1.8%  
Alliance Boots Holdings Ltd., Term Loan B1, 3.48%, 7/09/15 GBP 3,250   5,309,093  
Rite Aid Corp.:          
  2nd Lien Term Loan, 5.75%, 8/21/20 USD 1,040   1,064,700  
  Term Loan 6, 4.00%, 2/21/20   871   876,685  
Supervalu, Inc., Refinancing Term Loan B, 5.00%, 3/21/19   2,255   2,263,719  
US Foods, Inc., Refinancing Term Loan, 4.50%, 3/29/19   863   864,995  
   
     10,379,192  
 
Food Products — 3.9%  
AdvancePierre Foods, Inc., Term Loan, 5.75%, 7/10/17   2,342   2,327,075  
CTI Foods Holding Co. LLC, 1st Lien Term Loan, 4.50%, 6/29/20   1,135   1,135,000  
Del Monte Foods Co., Term Loan:          
  1st Lien, 1.00%, 11/06/20   1,740   1,748,700  
  4.00%, 3/08/18   2,723   2,732,646  
Dole Food Co., Inc., Term Loan B, 4.50%, 11/01/18   2,655   2,666,788  
GFA Brands, Inc., Term Loan B, 5.00%, 7/09/20   494   494,997  
H.J. Heinz Co., Term Loan B1, 3.25%, 6/07/19   314   315,664  
Michael Foods Group, Inc., Term Loan, 4.25%, 2/23/18   643   646,239  
Performance Food Group Co., 2nd Lien Term Loan, 6.25%, 11/14/19   2,953   2,941,528  
Pinnacle Foods Finance LLC:          
  Incremental Term Loan H, 3.25%, 4/29/20   535   534,181  
  Term Loan G, 3.25%, 4/29/20   3,035   3,030,198  
Reddy Ice Corp.:          
  1st Lien Term Loan, 6.75%, 5/01/19   2,483   2,480,986  
  2nd Lien Term Loan, 10.75%, 11/01/19   1,195   1,174,088  
   
     22,228,090  
 
         
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Gas Utilities — 0.2%  
EFS Cogen Holdings I, Inc., Term Loan B, 1.00%, 12/01/20 USD  1,425 $ 1,425,000  
 
Health Care Equipment & Supplies — 5.1%  
ARAMARK Corp.:          
  Extended Synthetic 4C, 3.65%, 7/26/16   46   46,211  
  Extended Synthetic 4C-3, 3.65%, 7/26/16   32   32,257  
Arysta LifeScience Corp.:          
  1st Lien Term Loan, 4.50%, 5/29/20   4,100   4,117,682  
  2nd Lien Term Loan, 8.25%, 11/30/20   1,675   1,702,219  
Biomet, Inc., Term Loan B2, 3.67%, 7/25/17   3,327   3,351,080  
Capital Safety North America Holding, Inc., Term Loan, 4.50%, 1/21/19   1,542   1,537,759  
CeramTec Acquisition Corp., Term Loan B2, 4.25%, 8/28/20   118   117,930  
DJO Finance LLC, Term Loan B3, 4.75%, 9/15/17   4,304   4,345,663  
Fresenius SE & Co. KGaA, Term Loan B, 2.25%, 8/07/19   2,710   2,706,613  
The Hologic, Inc., Term Loan B, 3.75%, 8/01/19   3,335   3,347,065  
Iasis Healthcare LLC, Term Loan B2, 4.50%, 5/03/18   435   437,532  
Immucor, Inc., Refinancing Term Loan B2, 5.00%, 8/17/18   3,561   3,573,236  
Kinetic Concepts, Inc., Term Loan D1, 4.50%, 5/04/18   530   535,168  
LHP Hospital Group, Inc., Term Loan, 9.00%, 7/03/18   923   863,297  
Onex Carestream Finance LP:          
  1st Lien Term Loan, 5.00%, 6/07/19   1,333   1,347,176  
  2nd Lien Term Loan, 9.50%, 6/07/19   1,170   1,177,313  
   
     29,238,201  
 
Health Care Providers & Services — 5.0%  
American Renal Holdings, Inc.:          
  1st Lien Term Loan, 4.50%, 9/20/19   2,876   2,868,361  
  2nd Lien Term Loan, 8.50%, 2/14/20   1,795   1,768,075  
Ardent Medical Services, Inc., Term Loan, 6.75%, 7/02/18   1,151   1,148,422  
CHG Buyer Corp., Term Loan, 4.25%, 11/19/19   1,779   1,786,170  
ConvaTec, Inc., Term Loan, 4.00%, 12/22/16   2,440   2,451,612  
                     

BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 20136
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
  (Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Health Care Providers & Services (concluded)  
DaVita, Inc.:          
  Term Loan B, 4.50%, 10/20/16 USD  3,842 $ 3,860,115  
  Term Loan B2, 4.00%, 11/01/19   1,769   1,778,513  
Envision Healthcare Corp., Term Loan, 4.00%, 5/25/18   1,927   1,931,327  
Fresenius SE & Co. KGaA, Incremental Term Loan B, 2.47%, 6/30/19 EUR 530   718,364  
Genesis HealthCare Corp., Term Loan B, 10.00%, 9/25/17 USD 1,259   1,271,385  
HCA, Inc.:          
  Extended Term Loan B4, 2.91%, 5/01/18   1,139   1,138,664  
  Term Loan B5, 3.00%, 3/31/17   827   827,066  
Ikaria Acquisition, Inc.:          
  1st Lien Term Loan, 7.25%, 7/03/18   617   621,816  
  2nd Lien Term Loan, 11.00%, 7/03/19   420   428,400  
inVentiv Health, Inc.:          
  Combined Term Loan, 7.50%, 8/04/16   1,008   996,067  
  Incremental Term Loan B3, 7.75%, 5/15/18   1,105   1,092,725  
Surgical Care Affiliates, Inc., Class C Incremental Term Loan, 4.25%, 6/29/18   1,860   1,864,988  
US Renal Care, Inc., Incremental 1st Lien Term Loan, 5.25%, 7/03/19   2,116   2,134,969  
   
     28,687,039  
 
Health Care Technology — 0.7%  
IMS Health, Inc., Term Loan B1, 3.75%, 9/01/17   3,205   3,213,925  
MedAssets, Inc., Term Loan B, 4.00%, 12/13/19   904   904,042  
   
     4,117,967  
 
Hotels, Restaurants & Leisure — 11.8%  
Bally Technologies, Inc., Term Loan B, 4.25%, 8/31/20   1,885   1,895,990  
Boyd Gaming Corp., Term Loan B, 4.00%, 8/14/20   1,195   1,196,494  
Bronco Midstream Funding LLC, Term Loan B, 5.00%, 8/17/20   3,280   3,312,800  
Caesars Entertainment Resort Properties, LLC, Term Loan B, 7.00%, 10/12/20   17,565   17,246,722  
           
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Hotels, Restaurants & Leisure (concluded)  
Drumm Investors LLC, Term Loan, 5.00%, 5/04/18 USD  1,625 $ 1,583,219  
Four Seasons Holdings, Inc., 2nd Lien Term Loan, 6.25%, 12/28/20   1,435   1,469,081  
Hilton Worldwide Finance, LLC, Term Loan B2, 4.00%, 10/26/20   16,008   16,052,951  
Intrawest ULC, Term Loan, 5.50%, 11/26/20   1,620   1,622,025  
Marina District Finance Co., Inc., Term Loan B, 1.00%, 8/15/18   1,190   1,191,488  
MGM Resorts International, Term Loan B, 3.50%, 12/20/19   2,370   2,367,296  
OSI Restaurant Partners LLC, Term Loan, 3.50%, 10/25/19   1,055   1,055,222  
Pinnacle Entertainment, Inc., Term Loan B2, 3.75%, 8/13/20   2,269   2,277,119  
Playa Resorts Holding BV, Term Loan B, 4.75%, 8/06/19   1,780   1,794,471  
Sabre, Inc.:          
  Incremental Term Loan, 4.50%, 2/19/19   510   509,046  
  Term Loan B, 5.25%, 2/19/19   1,399   1,407,304  
Six Flags Theme Parks, Inc., Term Loan B, 4.00%, 12/20/18   1,149   1,152,909  
Station Casinos, Inc., Term Loan B, 5.00%, 3/02/20   5,254   5,307,239  
Travelport LLC:          
  2nd Lien Term Loan 1, 9.50%, 1/29/16   1,057   1,092,811  
  Refinancing Term Loan, 6.25%, 6/26/19   1,382   1,410,398  
Twin River Management Group, Inc., Term Loan B, 5.25%, 11/09/18   2,465   2,490,062  
Wendy's International, Inc., Term Loan B, 3.25%, 5/15/19   1,647   1,646,478  
   
     68,081,125  
 
Household Products — 1.1%  
Prestige Brands, Inc., Term Loan, 3.75%, 1/31/19   1,930   1,933,917  
Spectrum Brands, Inc.:          
  Term Loan, 4.50%, 12/17/19   3,036   3,046,683  
  Term Loan A, 3.00%, 9/07/17   1,040   1,040,863  
  Term Loan C, 3.50%, 9/04/19   205   205,508  
   
     6,226,971  
 
Independent Power Producers & Energy Traders — 1.8%  
AES Corp., Refinancing Term Loan B, 3.75%, 6/01/18   3,050   3,065,822  
                     

BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 20137
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
  (Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Independent Power Producers & Energy Traders (concluded)  
Calpine Corp., Term Loan B1, 4.00%, 4/02/18 USD  923 $ 928,316  
La Frontera Generation LLC, Term Loan, 4.50%, 9/30/20   4,426   4,467,976  
Star West Generation LLC, Term Loan B, 4.25%, 3/13/20   1,771   1,782,169  
   
     10,244,283  
 
Industrial Conglomerates — 0.8%  
Sequa Corp., Term Loan B, 5.25%, 12/19/17   4,558   4,497,128  
 
Insurance — 2.6%  
Alliant Holdings I, Inc., Term Loan B, 4.75%, 12/20/19   1,826   1,829,633  
Asurion LLC, Term Loan B1, 4.50%, 5/24/19   2,829   2,826,673  
CNO Financial Group, Inc.:          
  Term Loan B1, 3.00%, 9/28/16   1,440   1,444,377  
  Term Loan B2, 3.75%, 9/20/18   2,267   2,269,358  
Cooper Gay Swett & Crawford Ltd.:          
  1st Lien Term Loan, 5.00%, 4/16/20   1,840   1,815,653  
  2nd Lien Term Loan, 8.25%, 10/16/20   860   843,514  
Cunningham Lindsey US, Inc., 1st Lien Term Loan, 5.00%, 12/10/19   1,588   1,584,030  
Hub International Ltd., Term Loan B, 4.75%, 10/02/20   1,930   1,948,586  
National Financial Partners Corp., Term Loan, 5.25%, 7/01/20   564   569,928  
   
     15,131,752  
 
Internet Software & Services — 1.3%  
Interactive Data Corp., Term Loan B, 3.75%, 2/11/18   3,829   3,823,735  
W3 Co.:          
  1st Lien Term Loan, 5.75%, 3/13/20   1,786   1,790,490  
  2nd Lien Term Loan, 9.25%, 9/11/20   693   700,195  
Web.com Group, Inc., Term Loan B, 4.50%, 10/27/17   1,311   1,321,566  
   
     7,635,986  
 
IT Services — 3.7%  
CCC Information Services, Inc., Term Loan, 4.00%, 12/20/19   923   923,025  
Ceridian Corp., Term Loan B, 4.42%, 5/09/17   3,873   3,888,760  
           
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
IT Services (concluded)  
First Data Corp., 2018 Term Loan:          
  4.17%, 9/24/18 USD  1,050 $ 1,052,289  
  Extended B, 4.17%, 3/23/18   9,424   9,443,333  
Genpact International, Inc., Term Loan B, 3.50%, 8/30/19   2,875   2,878,738  
InfoGroup, Inc., Term Loan, 8.00%, 5/25/18   1,015   821,769  
Moneygram International, Inc., Term Loan B, 4.25%, 3/27/20   303   304,857  
SunGard Data Systems, Inc.:          
  Term Loan D, 4.50%, 1/31/20   1,156   1,162,402  
  Term Loan E, 4.00%, 3/09/20   647   651,601  
   
     21,126,774  
 
Leisure Equipment & Products — 0.2%  
FGI Operating Co. LLC, Term Loan, 5.50%, 4/19/19   886   895,893  
 
Life Sciences Tools & Services — 0.2%  
Patheon, Inc., Term Loan, 7.25%, 12/06/18   1,198   1,209,136  
 
Machinery — 4.5%  
Allegion PLC, Term Loan B, 3.00%, 9/30/20   915   915,284  
Alliance Laundry Systems LLC:          
  2nd Lien Term Loan, 9.50%, 12/10/19   573   577,739  
  Refinancing Term Loan, 4.25%, 12/10/18   932   934,533  
Dayco Products LLC, Term Loan B, 5.25%, 11/26/19   1,595   1,583,037  
Faenza Acquisition GmbH:          
  Term Loan B1, 4.25%, 8/31/20   1,194   1,197,671  
  Term Loan B3, 4.25%, 8/28/20   363   364,290  
Gardner Denver, Inc., Term Loan:          
  4.75%, 7/30/20 EUR 549   751,151  
  4.25%, 7/30/20 USD 3,329   3,311,358  
Generac Power Systems, Inc., Term Loan B, 3.50%, 5/31/20   3,426   3,426,412  
Intelligrated, Inc., 1st Lien Term Loan, 4.50%, 7/30/18   1,980   1,984,950  
Mirror Bidco Corp., Term Loan, 5.25%, 12/27/19   2,447   2,457,718  
Navistar International Corp., Term Loan B, 5.75%, 8/17/17   904   917,903  
Pacific Industrial Services US Finco LLC:          
  1st Lien Term Loan, 5.00%, 10/02/18   2,210   2,233,492  
                     

BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 20138
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
  (Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Machinery (concluded)  
Pacific Industrial Services US Finco LLC (concluded):          
  2nd Lien Term Loan, 8.75%, 4/02/19 USD  855 $ 872,100  
Rexnord LLC, 1st Lien Term Loan B, 4.00%, 8/21/20   1,730   1,729,371  
Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19   1,283   1,281,480  
Terex Corp., Term Loan, 4.00%, 4/28/17 EUR 153   209,092  
Wabash National Corp., Term Loan B, 4.50%, 5/02/19 USD 1,382   1,387,594  
   
     26,135,175  
 
Marine — 0.7%  
HGIM Corp., Term Loan B, 5.50%, 6/18/20   4,020   4,035,075  
 
Media — 13.5%  
Activision Blizzard, Inc., Term Loan B, 3.25%, 10/12/20   3,040   3,046,658  
Advanstar Communications, Inc., 2nd Lien Term Loan, 9.50%, 6/06/20   1,125   1,125,000  
Capsugel Holdings US, Inc., Term Loan B, 3.50%, 8/01/18   2,202   2,196,137  
Catalina Marketing Corp., Term Loan B, 5.25%, 10/12/20   2,500   2,521,250  
Cengage Learning Acquisitions, Inc.:          
  Non-Extended Term Loan, 4.75%, 7/03/14   781   587,026  
  Tranche 1 Incremental, 7.50%, 7/03/14   1,708   1,283,578  
Charter Communications Operating LLC, Term Loan E, 3.00%, 7/01/20   2,030   2,000,601  
Clear Channel Communications, Inc.:          
  Term Loan B, 3.81%, 1/29/16   655   630,411  
  Term Loan C, 3.81%, 1/29/16   183   174,315  
  Term Loan D, 6.91%, 1/30/19   6,875   6,479,557  
Cumulus Media Holdings, Inc., 1st Lien Term Loan, 4.50%, 9/17/18   2,411   2,422,951  
EMI Music Publishing Ltd., Term Loan B, 4.25%, 6/29/18   1,955   1,962,126  
EW Scripps Co., Term Loan B, 3.25%, 11/14/20   1,540   1,543,850  
Fender Musical Instruments Corp., 2019 Term Loan B, 5.75%, 4/03/19   307   310,656  
           
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Media (continued)  
Foxco Acquisition Sub LLC, Term Loan B, 5.50%, 7/14/17 USD  2,898 $ 2,902,617  
Getty Images, Inc., Term Loan B, 4.75%, 10/18/19   196   181,336  
Gray Television, Inc., Term Loan B, 4.75%, 10/15/19   519   521,041  
Hemisphere Media Group, Inc., Term Loan, 6.25%, 7/30/20   2,199   2,206,372  
Houghton Mifflin Harcourt Publishing Co., DIP Term Loan B, 4.25%, 6/01/18   1,876   1,880,328  
Hubbard Radio LLC, Term Loan B, 4.50%, 4/29/19   1,590   1,601,912  
Intelsat Jackson Holdings SA, Term Loan B2, 2.00%, 6/30/19   5,188   5,194,160  
Lions Gate Entertainment Corp., 2nd Lien Term Loan, 5.00%, 7/17/20   645   645,806  
Live Nation Entertainment, Inc., 2020 Term Loan B1, 3.50%, 8/17/20   500   500,250  
Media General, Inc., Delayed Draw Term Loan B, 5.50%, 7/31/20   1,845   1,862,306  
NEP/NCP Holdco, Inc., Term Loan:          
  2nd Lien, 9.50%, 7/22/20   571   585,360  
  4.75%, 1/22/20   2,878   2,885,446  
Nielsen Finance LLC, Term Loan E, 2.92%, 5/02/16   2,368   2,371,191  
Rentpath, Inc., Term Loan B, 6.25%, 5/29/20   2,359   2,306,008  
Salem Communications Corp., Term Loan B, 4.50%, 3/13/20   1,713   1,718,069  
Sinclair Television Group, Inc., Term Loan B, 3.00%, 4/09/20   1,886   1,870,215  
Springer Science & Business Media Deutschland GmbH, Term Loan B2, 5.00%, 8/14/20   2,155   2,160,840  
Tribune Co., 2013 Term Loan, 1.00%, 11/12/20   2,855   2,841,610  
TWCC Holding Corp., 2nd Lien Term Loan, 7.00%, 6/26/20   2,045   2,093,569  
Univision Communications, Inc., Converted Extended Term Loan, 4.50%, 3/02/20   3,079   3,091,407  
UPC Financing Partnership, Term Loan AG, 3.88%, 3/31/21 EUR 1,272   1,738,096  
Virgin Media Investment Holdings Ltd.:          
  Term Loan B, 3.50%, 6/08/20 USD 3,415   3,414,727  
  Term Loan C, 4.50%, 6/05/20 GBP 2,840   4,690,681  
                     

BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 20139
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
  (Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Media (concluded)  
WideOpenWest Finance LLC, Term Loan B, 4.75%, 4/01/19 USD 2,237 $ 2,248,896  
   
     77,796,359  
 
Metals & Mining — 4.0%  
Ameriforge Group, Inc.:          
  1st Lien Term Loan, 5.00%, 12/19/19   1,628   1,641,259  
  2nd Lien Term Loan, 8.75%, 12/18/20   815   831,300  
API Heat Transfer, Inc., Term Loan, 5.25%, 5/03/19   1,650   1,641,377  
Constellium Holdco BV, Term Loan B, 6.00%, 3/25/20   3,637   3,723,097  
FMG Resources August 2006 Property Ltd., Term Loan, 4.25%, 6/28/19   4,971   5,014,584  
Murray Energy Corp., Term Loan B, 4.75%, 5/24/19   393   394,864  
Novelis, Inc., Term Loan, 3.75%, 3/10/17   3,427   3,441,482  
SunCoke Energy, Inc., Term Loan B, 4.00%, 7/26/18   576   572,744  
Walter Energy, Inc., Term Loan B, 6.75%, 4/02/18   3,148   3,079,427  
Windsor Financing LLC, Term Loan B, 6.25%, 12/05/17   2,684   2,748,249  
   
     23,088,383  
 
Multiline Retail — 3.0%  
99 Cents Only Stores, Term Loan, 4.50%, 1/11/19   1,984   1,992,158  
Apex Tool Group LLC, Term Loan B, 4.50%, 1/31/20   2,104   2,107,939  
BJ's Wholesale Club, Inc.:          
  1st Lien Term Loan, 4.50%, 9/26/19   2,367   2,373,872  
  2nd Lien Term Loan, 8.50%, 3/26/20   870   886,313  
HEMA Holding BV:          
  Extended 2nd Lien Term Loan, 5.88%, 1/05/18 EUR 1,400   1,762,824  
  Extended Term Loan B, 4.50%, 12/06/17   576   787,445  
  Extended Term Loan C, 4.50%, 12/06/17   528   721,140  
Hudson's Bay Co.:          
  1st Lien Term Loan, 4.75%, 11/04/20 USD 2,035   2,059,746  
  2nd Lien Term Loan, 8.25%, 11/04/21   150   154,001  
JC Penney Corp., Inc., 1st Lien Term Loan, 6.00%, 5/22/18   1,187   1,159,260  
           
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Multiline Retail (concluded)  
The Neiman Marcus Group, Inc., Term Loan, 5.00%, 10/26/20 USD  3,065 $ 3,083,390  
   
     17,088,088  
 
Oil, Gas & Consumable Fuels — 6.4%  
Brand Energy & Infrastructure Services, Inc., Term Loan B, 1.00%, 11/20/20   3,828   3,843,875  
Chesapeake Energy Corp., Unsecured Term Loan, 5.75%, 12/01/17   4,285   4,370,700  
Drillships Financing Holding, Inc., Term Loan B2, 5.50%, 7/15/16   3,681   3,723,730  
EP Energy LLC, Term Loan B3, 3.50%, 5/24/18   1,920   1,920,480  
Fieldwood Energy LLC, 1st Lien Term Loan, 3.88%, 9/28/18   1,155   1,162,034  
GIM Channelview Cogeneration LLC, Term Loan B, 4.25%, 5/08/20   1,157   1,164,332  
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15   1,426   1,426,213  
Offshore Group Investment Ltd.:          
  6.25%, 10/25/17   3,039   3,048,255  
  5.75%, 3/28/19   1,502   1,516,062  
Pacific Drilling SA, Term Loan B, 4.50%, 6/04/18   2,424   2,443,631  
Panda Temple II Power LLC, Term Loan B, 7.25%, 4/03/19   1,560   1,599,000  
Philadelphia Energy Solutions LLC, Term Loan B, 6.25%, 4/04/18   1,634   1,460,086  
PowerTeam Services LLC:          
  1st Lien Term Loan, 4.25%, 5/06/20   842   831,543  
  2nd Lien Term Loan, 8.25%, 11/06/20   470   461,775  
  Delayed Draw Term Loan, 4.25%, 5/06/20   46   45,329  
Ruby Western Pipeline Holdings LLC, Term Loan B, 3.50%, 3/27/20   1,224   1,227,833  
Samson Investment Co., 2nd Lien Term Loan, 6.00%, 9/25/18   1,285   1,288,212  
State Class Tankers II LLC, Term Loan B, 6.75%, 6/22/20   1,750   1,763,125  
Tesoro Corp., Term Loan B, 2.41%, 5/30/16   2,353   2,353,175  
Western Refining, Inc., Term Loan B, 4.25%, 11/12/20   1,470   1,481,951  
   
     37,131,341  
 
                     

BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 201310
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
  (Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Paper & Forest Products — 0.2%  
NewPage Corp., Exit Term Loan, 7.75%, 12/21/18 USD  1,378 $ 1,405,619  
 
Pharmaceuticals — 4.9%  
Akorn, Inc., Term Loan B, 1.00%, 8/27/20   1,790   1,795,603  
Amneal Pharmaceuticals LLC, Term Loan, 7.00%, 11/01/19   1,235   1,235,000  
Aptalis Pharma, Inc., Term Loan B, 6.00%, 9/18/20   5,277   5,327,962  
Envision Acquisition Co. LLC, 1st Lien Term Loan, 5.75%, 11/04/20   1,045   1,047,612  
Par Pharmaceutical Cos., Inc., Refinancing Term Loan B, 4.25%, 9/30/19   4,678   4,697,801  
Pharmaceutical Product Development LLC, Term Loan B, 4.25%, 12/05/18   4,066   4,088,393  
Quintiles Transnational Corp., Term Loan B, 4.00%, 6/08/18   2,647   2,647,480  
Valeant Pharmaceuticals International, Inc.:          
  Series C2 Term Loan B, 3.75%, 12/11/19   2,666   2,683,874  
  Series D2 Term Loan B, 3.75%, 2/13/19   2,933   2,951,741  
  Term Loan E, 4.50%, 8/05/20   1,791   1,809,954  
   
     28,285,420  
 
Professional Services — 1.7%  
Emdeon Business Services LLC, Term Loan B2, 3.75%, 11/02/18   3,249   3,258,934  
ON Assignment, Inc., Refinancing Term Loan B, 3.50%, 4/30/20   1,099   1,094,913  
Sirva Worldwide, Inc., Term Loan, 7.50%, 3/27/19   1,851   1,883,087  
TriNet Group, Inc., Term Loan B2, 5.00%, 8/14/20   1,165   1,165,000  
Truven Health Analytics, Inc., Term Loan B, 4.50%, 6/06/19   2,612   2,619,664  
   
     10,021,598  
 
Real Estate Investment Trusts (REITs) — 0.6%  
iStar Financial, Inc., Term Loan, 4.50%, 10/16/17   2,664   2,675,234  
Starwood Property Trust, Inc., Term Loan B, 1.00%, 4/17/20   560   557,553  
   
     3,232,787  
 
         
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Real Estate Management & Development — 1.4%  
CityCenter Holdings LLC, Term Loan B, 5.00%, 10/16/20 USD 2,525 $ 2,552,624  
Realogy Corp.:          
  Extended Letter of Credit, 4.45%, 10/10/16   248   250,515  
  Extended Term Loan, 4.50%, 3/05/20   5,251   5,303,440  
   
     8,106,579  
 
Road & Rail — 0.4%  
Genesee & Wyoming, Inc., Term Loan A, 1.91%, 9/29/17   1,098   1,097,069  
Road Infrastructure Investment LLC, Term Loan B, 6.25%, 3/30/18   1,004   1,008,392  
   
     2,105,461  
 
Semiconductors & Semiconductor Equipment — 1.3%  
Freescale Semiconductor, Inc.:          
  Term Loan B4, 5.00%, 2/28/20   3,269   3,302,274  
  Term Loan B5, 5.00%, 1/15/21   715   722,400  
NXP BV:          
  Term Loan C, 4.75%, 1/11/20   1,831   1,832,536  
  Term Loan D, 3.25%, 1/10/20   1,430   1,431,073  
   
     7,288,283  
 
Software — 5.0%  
Blackboard, Inc., Term Loan B3, 4.75%, 10/04/18   493   496,712  
BMC Software Finance, Inc., Term Loan, 5.00%, 9/10/20   2,455   2,467,275  
Chromaflo Technologies Corp.:          
  1st Lien Term Loan, 1.00%, 11/30/19   1,150   1,150,000  
  2nd Lien Term Loan, 1.00%, 5/30/20   490   492,450  
CompuCom Systems, Inc., Refinancing Term Loan B, 4.25%, 5/11/20   613   610,135  
Evertec Group LLC, Term Loan B, 3.50%, 4/17/20   1,067   1,039,308  
GCA Services Group, Inc.:          
  2nd Lien Term Loan, 9.25%, 10/22/20   975   984,750  
  Term Loan B, 5.25%, 11/01/19   1,849   1,849,884  
Infor US, Inc., Term Loan B2, 5.25%, 4/05/18   4,107   4,124,883  
Kronos, Inc., 2nd Lien Term Loan, 9.75%, 4/30/20   1,790   1,843,700  
                     

BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 201311
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
  (Percentages shown are based on Net Assets)

 

Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Software (concluded)  
Mitchell International, Inc.:          
  1st Lien Term Loan, 4.50%, 10/12/20 USD  1,110 $ 1,116,937  
  2nd Lien Term Loan, 8.50%, 10/08/21   1,600   1,620,000  
RP Crown Parent LLC, 1st Lien Term Loan, 6.75%, 12/21/18   1,553   1,567,180  
Sophia LP, Term Loan B, 4.50%, 7/19/18   2,648   2,666,380  
SS&C Technologies, Inc.:          
  Term Loan B1, 3.25%, 6/07/19   2,952   2,958,623  
  Term Loan B2, 3.25%, 6/07/19   305   306,064  
StoneRiver Holdings, Inc.:          
  1st Lien Term Loan, 4.50%, 11/29/19   813   809,740  
  2nd Lien Term Loan, 8.50%, 5/29/20   944   950,377  
Websence, Inc.:          
  2nd Lien Term Loan, 8.25%, 12/24/20   730   729,087  
  Term Loan B, 4.50%, 6/25/20   803   801,984  
   
     28,585,469  
 
Specialty Retail — 6.0%  
Academy Ltd., Term Loan, 4.50%, 8/03/18   3,439   3,454,763  
Atlantic Aviation FBO, Inc., Term Loan B, 3.25%, 6/01/20   579   578,006  
Bass Pro Group LLC, Term Loan, 4.00%, 11/20/19   2,776   2,786,378  
Burlington Coat Factory Warehouse Corp., Term Loan B2, 4.25%, 2/23/17   617   620,344  
David's Bridal, Inc., Term Loan B, 5.00%, 10/11/19   3,681   3,683,798  
Equinox Holdings, Inc., Repriced Term Loan B, 4.50%, 1/31/20   1,955   1,964,951  
Gymboree Corp., Initial Term Loan, 5.00%, 2/23/18   161   155,685  
Harbor Freight Tools USA, Inc., 1st Lien Term Loan, 4.75%, 7/26/19   1,985   2,005,433  
Jo-Ann Stores, Inc., Term Loan, 4.00%, 3/16/18   979   980,048  
Leslie's Poolmart, Inc., Term Loan B, 4.25%, 10/16/19   2,992   2,999,590  
Michaels Stores, Inc., Term Loan, 3.75%, 1/28/20   2,616   2,622,815  
           
Floating Rate Loan Interests (c) Par
(000)		   Value  
 
Specialty Retail (concluded)  
Party City Holdings, Inc., Refinancing Term Loan B, 4.25%, 7/29/19 USD  4,879 $ 4,890,806  
Petco Animal Supplies, Inc., Term Loan, 4.00%, 11/24/17   3,396   3,409,401  
Sprouts Farmers Markets Holdings LLC, Term Loan, 4.00%, 4/23/20   773   776,660  
SRAM LLC, Term Loan B, 4.00%, 4/10/20   830   827,282  
Things Remembered, Inc., Term Loan B, 8.00%, 5/24/18   1,719   1,709,970  
Toys 'R' Us-Delaware, Inc.:          
  Incremental Term Loan B2, 5.25%, 5/25/18   792   702,676  
  Term Loan B3, 5.25%, 5/25/18   164   145,534  
   
     34,314,140  
 
Textiles, Apparel & Luxury Goods — 0.9%  
Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18   3,974   3,778,255  
Phillips-Van Heusen Corp., Term Loan B, 3.25%, 2/13/20   1,369   1,370,627  
True Religion Apparel, Inc., 1st Lien Term Loan, 5.88%, 7/30/19   190   181,688  
   
     5,330,570  
 
Thrifts & Mortgage Finance — 0.6%  
IG Investments Holdings LLC, 1st Lien Term Loan, 5.50%, 10/31/19   1,945   1,953,198  
Ocwen Financial Corp., Term Loan, 5.00%, 2/15/18   1,637   1,655,532  
   
     3,608,730  
 
Trading Companies & Distributors — 0.1%  
WESCO Distribution, Inc., Term Loan B, 4.50%, 12/12/19   550   551,288  
 
Wireless Telecommunication Services — 0.7%  
Cricket Communications, Inc., Term Loan, 4.75%, 10/10/19   1,625   1,630,643  
Light Tower Fiber LLC, 1st Lien Term Loan, 4.50%, 4/13/20   2,683   2,684,402  
   
    4,315,045  
 
Total Floating Rate Loan Interests — 134.4%    774,252,220  
 
                     

BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 201312
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
  (Percentages shown are based on Net Assets)

 

Non-Agency Mortgage-Backed Securities   Par
(000)		   Value  
 
Collateralized Mortgage Obligations — 0.2%        
 
Hilton USA Trust 2013-HLT, Series 2013-HLT, Class EFX, 5.22%, 11/05/30 (b)(d) USD  1,336 $ 1,342,680  
 

 

Other Interests (a)(i) Beneficial
Interest
(000)		      
 
Auto Components — 0.0%  
Intermet Liquidating Trust, Class A   256   2  
 
Diversified Financial Services — 0.1%  
J.G. Wentworth LLC Preferred Equity Interests (90-day lock), (Acquired 11/18/13, cost $1,177,928) (j)   17   263,542  
J.G. Wentworth LLC Preferred Equity Interests (135-day lock), (Acquired 11/18/13, cost $1,177,928) (j)   17   263,542  
J.G. Wentworth LLC Preferred Equity Interests (180-day lock), (Acquired 11/18/13, cost $1,177,928) (j)   17   263,542  
   
     790,626  
 
Hotels, Restaurants & Leisure — 0.0%  
Buffets, Inc.   360   4  
 
Household Durables — 0.3%  
Stanley Martin, Class B Membership Units   1   1,735,000  
 
Total Other Interests — 0.4%    2,525,632  
 

 

Trust Preferreds — 0.5%
Shares		      
 
Diversified Financial Services — 0.5%  
GMAC Capital Trust I, Series 2, 8.13%, 2/15/40 (c)   100,620   2,690,989  
 
Warrants (k)
Shares		   Value  
 
Chemicals — 0.0%  
GEO Specialty Chemicals, Inc., (Expires 3/31/15)(a)   143,928 $ 120,900  
 
Software — 0.0%  
HMH Holdings/EduMedia, (Issued/Exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)   2,406   —  
 
Total Warrants — 0.0%   120,900  
 
Total Long-Term Investments
(Cost — $837,010,824) — 145.2%		    836,446,686  
 

 

Short-Term Securities  
 
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.07% (l)(m)   8,852,042   8,852,042  
 
Total Short-Term Securities
(Cost — $8,852,042) — 1.5%		   8,852,042  
 

 

Options Purchased      
 
(Cost — $43,022) — 0.0%   —  
 
Total Investments (Cost — $845,905,888*) — 146.7%    845,298,728  
Liabilities in Excess of Other Assets — (46.7)%    (269,088,481)  
   
Net Assets — 100.0% $  576,210,247  
 
                     
* As of November 30, 2013, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost $ 848,086,187  
     
Gross unrealized appreciation $ 14,441,248  
Gross unrealized depreciation   (17,228,707)  
     
Net unrealized depreciation $ (2,787,459)  
     
   

Notes to Schedule of Investments

(a) Non-income producing security.
(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c) Variable rate security. Rate shown is as of report date.
     
BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 201313
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

   
(d) When-issued security. Unsettled when-issued transactions were as follows:
     
 
  Counterparty   Value  

Unrealized
Appreciation

(Depreciation)

  
 
  J.P. Morgan Securities LLC   $ 1,342,680   —  
  Wells Fargo Securities, LLC   $ 1,130,450   —  
                                     
 
(e) Represent a zero-coupon bond. Rate shown reflects the current yield as of report date.  
(f) Convertible security.  
(g) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.  
(h) Represents a payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.  
(i) Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.  
(J) Restricted security as to resale. As of report date the Fund held 0.1% of its net assets, with a current value of $790,626 in this security.  
(k) 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.  
(l) Investments in issuers considered to be an affiliate of the Fund during the period ended November 30, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:  
       
 
  Affiliate   Shares
Held at
August 31, 2013		   Net
Activity		   Shares
Held at
November 30, 2013		   Income  
 
  BlackRock Liquidity Funds, TempFund, Institutional Class   907,643     7,944,399   8,852,042 $ 145  
 
                                           
(m) Represents the current yield as of report date.

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:
   
ADS American Depositary Shares
CAD Canadian Dollar
CLO Collateralized Loan Obligation
DIP Debtor-In-Possession
EUR Euro
GBP British Pound
PIK Payment-In-Kind
USD US Dollar
       
• Foreign currency exchange contracts as of November 30, 2013 were as follows:

 

 
Currency
Purchased		   Currency
Sold		 Counterparty Settlement
Date		   Unrealized
Appreciation/ (Depreciation)		  
 
USD 6,431,831   EUR 4,763,000 Barclays Bank PLC 1/22/14 $ (40,275)  
USD 3,364,988   CAD 3,485,000 Barclays Bank PLC 1/23/14   89,349  
USD 9,004,422   GBP 5,579,000 Barclays Bank PLC 1/23/14   (121,137)  
Total             $  (72,063)  

 

BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 201314
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

 

• Over-the-counter options purchased as of November 30, 2013 were as follows:

 

 
  Description Counterparty Put/
Call		  Strike
 Price		 Expiration
Date		  Contracts        Market
 Value		  
 
  Marsico Parent Superholdco LLC Goldman Sachs & Co. Call USD 942.86  12/14/19 44     —  
 
                             
• Over-the-counter credit default swaps - sold protection outstanding as of November 30, 2013 were as follows:
 
  Issuer   Receive
Fixed
Rate		   Counterparty   Expiration
Date		 Credit Rating1   Notional
Amount
(000)2		 Market
Value		 Premiums
Received		   Unrealized Appreciation (Depreciation)  
 
  Caesars Entertainment Operating Co., Inc.   5.00%   J.P. Morgan Chase Bank N.A.   12/20/15 CCC- USD 538 $

 

 

 

(134,987)

 $ (138,419)

 

 

 

$            3,432

  
  Caesars Entertainment Operating Co., Inc.   5.00%   J.P. Morgan Chase Bank N.A.   12/20/15

 

 

 

CCC-

 USD 149  

 

 

 

(37,427)

   (33,270)  

 

 

 

(4,157)

  
  Caesars Entertainment Operating Co., Inc.   5.00%   Barclays Bank PLC   12/20/15

 

 

 

CCC-

 USD 1,112  

 

 

 

(278,658)

   (219,460)  

 

 

 

(59,198)

  
  Caesars Entertainment Operating Co., Inc.   5.00%   Barclays Bank PLC   3/20/16

 

 

 

CCC-

 USD 2,000  

 

 

 

(579,177)

   (390,035)  

 

 

 

(189,142)

  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs International   3/20/17

 

 

 

CCC-

 USD 389  

 

 

 

(167,890)

   (100,036)  

 

 

 

(67,854)

  
  Caesars Entertainment Operating Co., Inc.   5.00%   Deutsche Bank AG   6/20/17

 

 

 

CCC-

 USD 593  

 

 

 

(269,272)

   (163,381)  

 

 

 

(105,891)

  
                                   
BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 201315
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

 

• Over-the-counter credit default swaps - sold protection outstanding as of November 30, 2013 were as follows (concluded):

 

 
  Issuer   Receive
Fixed
Rate		   Counterparty   Expiration
Date		 Credit Rating1   Notional
Amount
(000)2		 Market
Value		 Premiums
Received		   Unrealized Appreciation (Depreciation)  
 
  Caesars Entertainment Operating Co., Inc.   5.00%   Barclays Bank PLC   9/20/15

 

 

 

CCC-

 USD 413 $

 

 

 

(86,177)

 $ (85,575)

 

 

 

$          (602)

  
  Caesars Entertainment Operating Co., Inc.  

 

 

 

5.00%

   Goldman Sachs International  

 

 

 

9/20/16

 

 

 

CCC-

 USD 2,092  

 

 

 

(773,880)

   (438,674)  

 

 

 

(335,206)

  
  Caesars Entertainment Operating Co., Inc.  

 

 

 

5.00%

   Goldman Sachs International  

 

 

 

12/20/15

 

 

 

CCC-

 USD 339  

 

 

 

(85,059)

   (43,244)  

 

 

 

(41,815)

  
  Caesars Entertainment Operating Co., Inc.  

 

 

 

5.00%

   J.P. Morgan Chase Bank N.A.  

 

 

 

6/20/16

 

 

 

CCC-

 USD 362  

 

 

 

(119,358)

   (67,135)  

 

 

 

(52,223)

  
  Caesars Entertainment Operating Co., Inc.  

 

 

 

5.00%

   Barclays Bank PLC  

 

 

 

9/20/16

 

 

 

CCC-

 USD 302  

 

 

 

(111,775)

   (63,418)  

 

 

 

(48,357)

  
  Caesars Entertainment Operating Co., Inc.  

 

 

 

5.00%

   Deutsche Bank AG  

 

 

 

9/20/16

 

 

 

CCC-

 USD 800  

 

 

 

(295,979)

   (171,661)  

 

 

 

(124,318)

  
 
  Total $ (2,939,639) $ (1,914,308) $(1,025,331)  
                                   

1

 Using Standard & Poor’s rating of the issuer.
2 The maximum potential amount the Fund may pay should a negative event take place as defined under the terms of the agreement.
       

 

BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 201316
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

 

• Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:
   
  • Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access
 
  • 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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of investments and derivative financial instruments, please refer to the Fund's most recent financial statements as contained in its annual report.

The following tables summarize the Fund's investments and derivative financial instruments categorized in the disclosure hierarchy as of November 30, 2013:

 

 
  Level 1 Level 2 Level 3 Total  
 
Assets:    
Investments:  
Long-Term Investments:  
  Common Stocks $ 1,487,351 $ 1,382,808 $ 3,181,847 $ 6,052,006  
  Asset-Backed Securities   —   —   19,592,174   19,592,174  
  Corporate Bonds   —   26,424,501   3,445,584   29,870,085  
  Floating Rate Loan Interests   —   705,220,939   69,031,281   774,252,220  
  Non-Agency Mortgage-Backed Securities   —   1,342,680   —   1,342,680  
  Other Interests   —   —   2,525,632   2,525,632  
  Preferred Securities   —   2,690,989   —   2,690,989  
  Warrants   —   —   120,900   120,900  
Short-Term Securities 8,852,042    —   —   8,852,042  
  Unfunded Loan Commitments —   2,107   —   2,107  
Liabilities:                  
  Unfunded Loan Commitments —   (485)   —   (485)  
     
Total $ 10,339,393 $ 737,063,539 $ 97,897,418 $ 845,300,350  
     
                     
BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 201317
 
Consolidated Schedule of Investments (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

 

    Level 1   Level 2 Level 3   Total  
Derivative Financial Instruments1                  
Assets:                  
  Credit contracts — $ 3,432   — $ 3,432  

Foreign currency exchange contracts

   —   89,349   —   89,349  
Liabilities:                  
  Credit contracts   —   (1,028,763)   —   (1,028,763)  
 

Foreign currency exchange contracts

   —   (161,412)   —   (161,412)  
Total   — $ (1,097,394)   — $ (1,097,394)  
1Derivative financial instruments are swaps and foreign currency exchange contracts. Swaps and foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument.

Certain of the Fund's assets and/or liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of November 30, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:

 

 
  Level 1 Level 2 Level 3   Total  
 
Assets:    
  Cash pledged as collateral for over-the-counter swaps $ 1,560,000   —   — $ 1,560,000  
  Foreign currency at value   31,611   —   —   31,611  
Liabilities:    
  Bank overdraft   — $ (2,971,882)   —   (2,971,882)  
  Loans payable   —   (234,000,000)   —   (234,000,000)  
Total $ 1,591,611 $ (236,971,882)   — $ (235,380,271)  

 

There were no transfers between Level 1 and level 2 during the period ended November 30, 2013.

 

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

 

 

Common

Stocks

 Asset-Backed Securities

Corporate

Bonds

Floating

Rate Loan Interests

Other

Interests

 Warrants Total
Assets: $1,119,143 $21,081,133 $4,187,534 $86,976,283 $2,150,980 $113,703 $115,628,776

Opening Balance, as of August 31, 2013

Transfers into Level 32

 2,041,674 — — 22,349,591 — —  24,391,265

Transfers out of Level 33

 — — (929,040) (43,786,688) — — (44,715,728)

Accrued discounts/Premiums

 — 21,394 19,197 40,159 — — 80,750

Net realized gain (loss)

 1,734 220,661 — 46,772 — — 269,167

Net change in unrealized appreciation/depreciation4

 171,492 (152,402) 167,893 290,347 530,451 7,197 1,014,978
Purchases — 3,295,979 — 12,068,773 3,533,785 — 18,898,537
Sales (152,196) (4,874,591) — (8,953,956) (3,689,584) — (17,670,327)

Closing Balance, as of November 30, 2013

 $3,181,847 $19,592,174 $3,445,584 $69,031,281 $2,525,632 $120,900 $97,897,418
BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 201318
 
Consolidated Schedule of Investments (concluded) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
   
2 As of August 31, 2013, the Trust used observable inputs in determining the value of certain investments. As of November 30, 2013, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $24,391,265 transferred from Level 2 to Level 3 in the disclosure hierarchy.
3 As of August 31, 2013, the Trust used significant unobservable inputs in determining the value of certain investments. As of November 30, 2013, the Trust used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $44,715,728 transferred from Level 3 to Level 2 in the disclosure hierarchy.
4 The change in unrealized appreciation/depreciation on investments still held as of November 30, 2013 was $(1,780,129).
   

The following table summarizes the valuation techniques used and unobservable inputs utilized by the Global Valuation Committee to determine the value of certain of the Fund's Level 3 investments as of November 30, 2013. The table does not include Level 3 investments with values based upon unadjusted third party pricing information. Level 3 investments valued using third party pricing information was $88,833,412. A significant change in such third party pricing information could result in a significantly lower or higher value of such Level 3 investments.

 

 

 

Value

 

Valuation Techniques

 

Unobservable Inputs5

 Range of Unobservable Inputs Utilized
Assets:        
Common Stocks $1,261,926 Market Comparable Companies Last 12 months EBITDA Multiple 6.50x
      Illiquidity Discount 17.50%
      Offshore Last 12 months EBITDA Multiple 8.50x
      Offshore Current Fiscal Year EBITDA Multiple 7.25x
      Onshore EBITDA Multiple 4.75x
      Onshore Current Fiscal Year EBITDA Multiple 4.50x
Corporate Bonds 3,445,584 Market Comparable Companies Last 12 months EBITDA Multiple 6.50x
      Illiquidity Discount 17.50%
Floating Rate Loan Interests

 

1,709,970

 Market Comparable Yield Analysis

 

Yield

 

8.13%

Other Interests 1,735,000 Discounted Cash Flow Perpetuity Growth Rate 3.50%
      Free Cash Flow $2.10-35.206
      Weighted Cost of Capital 11.90%
  790,626 Discounted Vendor Price Illiquidity Discount 5.00%
Warrants 120,900 Market Comparable Companies Last 12 months EBITDA Multiple 6.50x
      Illiquidity Discount 17.50%
Total $9,064,006      

 

5A change to the unobservable input may result in a significant change to the value of the investment as follows:

 

Unobservable Input   Impact to Value if Input Increases   Impact to Value if Input Decreases
Last 12 months EBITDA Multiple Increase Decrease
Illiquidity Discount Decrease Increase
Offshore Last 12 months EBITDA Multiple Increase Decrease
Offshore Current Fiscal Year EBITDA Multiple Increase Decrease
Onshore EBITDA Multiple Increase Decrease
Onshore Current Fiscal Year EBITDA Multiple Increase Decrease
Yield Decrease Increase
Perpetuity Growth Rate Increase Decrease
Free Cash Flow Increase Decrease
Weighted Cost of Capital Decrease Increase

 

6Amount is stated in millions.

BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.NOVEMBER 30, 201319
 

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/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Floating Rate Income Strategies Fund, Inc.

 

Date: January 24, 2014

 

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: January 24, 2014

 

By: /s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Floating Rate Income Strategies Fund, Inc.

 

Date: January 24, 2014