BlackRock Floating Rate Income Strategies Fund, Inc. Approves New Managed Distribution Plan of the Fund
September 09, 2019 at 02:15 pm
Share
On September 5, 2019, the Board of Directors/Trustees of BlackRock Floating Rate Income Strategies Fund, Inc. approved a Managed Distribution Plan of the Fund. Pursuant to the Plan, the Fund will pay a monthly distribution of $0.0788 per unit to shareholders at a stated annual rate as a percentage of the 3-month average net asset value as of July 31, 2019 for each applicable Fund. The stated annual distribution rate and monthly distribution amount per share for each Fund are set out in the table below. Payment of monthly distributions under each Fund’s Plan will commence in October 2019. Relevant dates for the first distribution under each Fund’s Plan will be announced after the close of business on October 1, 2019.
BlackRock Floating Rate Income Strategies Fund, Inc. is a closed-end management investment company. The Fund's investment objective is to provide shareholders with high current income and such preservation of capital as is consistent with investment in a diversified, leveraged portfolio consisting primarily of floating rate debt securities and instruments. It seeks to achieve its investment objective by investing at least 80% of its managed assets in floating rate debt securities, including floating or variable rate debt securities that pay interest at rates that adjust whenever a specified interest rate changes and/or which reset on predetermined dates. It invests a substantial portion of its investments in floating rate debt securities consisting of secured or unsecured senior floating rate loans that are rated below investment grade or, if unrated, are considered by the investment advisor to be of comparable quality. The Fund's investment advisor is BlackRock Advisors, LLC.