SEC Company Response from BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC. (FRA) (CIK 0001259708) (FRA) — Jan 29, 2013
BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC. (FRA) (CIK 0001259708)
Date: Jan. 29, 2013 · CIK: 0001259708 · Accession: 0000891092-13-000729
AI Filing Summary & Sentiment
Reasoning
File numbers found in text: 811-02405, 811-02739, 811-02752, 811-02857, 811-03111, 811-03189, 811-03205, 811-03450, 811-03595, 811-04182, 811-04264, 811-04612, 811-05011, 811-05178, 811-05495, 811-05542, 811-05576, 811-05723, 811-05742, 811-06196, 811-06443, 811-06669, 811-07171, 811-07332, 811-07354, 811-07634, 811-07899, 811-08497, 811-08603, 811-08991, 811-09651, 811-10331, 811-10499, 811-10521, 811-10543, 811-21184, 811-21197, 811-21198, 811-21199, 811-21280, 811-21286, 811-21318, 811-21341, 811-21413, 811-21443, 811-21457, 811-21464, 811-21506, 811-21566, 811-21637, 811-21656, 811-21702, 811-21729, 811-21784, 811-21793, 811-21972, 811-22032, 811-22061, 811-22082, 811-22126, 811-22252
Referenced dates: December 7, 2012
Letter
Via EDGAR Division of Investment Management Securities and Exchange Commission 100 F Street, NE Washington, D.C. 20549 Re: Comments to Shareholder Reports of the registrants identified on Exhibit A (the “Registrants”)
Dear Ms. Hatch:
This letter responds to certain comments provided by the staff of the Division of Investment Management (the “Staff”) of the Securities and Exchange Commission (“SEC”) in telephone conversations on December 17, 2012 and January 18, 2013 regarding the responses of the Registrants contained in the letter to the Staff dated December 7, 2012 (the “Response Letter”).
For your convenience, the substance of the Staff’s comments has been restated below. Each Registrant’s joint or individual responses to each comment, as applicable, are set out immediately under the restated comment.
Comment No. 1. Certain Registrants have made return of capital distributions, which in some cases were significant. In the Response Letter, the Registrants informed the Staff in Response No. 27 that the distribution yields are included in the annual shareholder reports. The formula used to calculate the distribution yield in the Annual Report includes return of capital, however, return of capital should not be included in the calculation of the yield. In future reports, do not include return of capital when calculating the distribution yield. (e.g., BlackRock Enhanced Equity Dividend Trust (BDJ), BlackRock EcoSolutions Investment Trust (BQR), BlackRock Global Opportunities Equity Trust (BOE), BlackRock International Growth and Income Trust (BGY), BlackRock Real Asset Equity Trust (BCF) and BlackRock Resources & Commodities Strategy Trust (BCX).)
Response No. 1: Pursuant to our conversation, the Registrants will revise all future shareholder reports to replace the term “Yield on Closing Market Price” with “Current
New York Washington, DC Paris London Milan Rome Frankfurt Brussels
January 29, 2013 Page 2
Distribution Rate on Closing Market Price.” The Registrants also will add footnote disclosure to the “Trust Summary” section of all future shareholder reports to clarify that the Current Distribution Rate consists of income, and, where applicable, net realized capital gains, and/or, tax return of capital. In all future annual reports, when disclosing the Current Distribution Rate, the Registrants will add a cross-reference to the “Financial Highlights” section for the actual sources and character of distributions. In all future semi-annual reports, when disclosing the Current Distribution Rate, the Registrants will add a cross-reference to the “Additional Information–Section 19(a) Notices” section for the estimated character of dividends measured for financial reporting purposes.
Comment No. 2. For BlackRock Debt Strategies Fund, Inc., on the Statement of Operations, income tax is included in the “unrealized appreciation/depreciation on investments” line item. The Registrant informed the Staff in Response No. 25 of the Response Letter that income tax is not being shown as an expense on the Statement of Operations because it was deemed immaterial. The Staff notes that income tax for the Fund for the relevant period was 0.02%. The Staff is of the view that this amount should be included in the expense ratio. Please provide a restatement of the Financial Highlights reflecting the income tax in the expense ratio or explain why a restatement is not appropriate in this situation.
Response No. 2: The suggested change to include income tax expense as a line item in the Statement of Operations and as a component of the expense ratio will be made in all future shareholder reports, effective with the BlackRock Debt Strategies Fund, Inc. annual report for the year ending February 28, 2013. In future shareholder reports, operating expense ratios from prior periods will be restated to reflect income tax expense, where applicable, for comparative purposes.
Comment No. 3. The Staff disagrees with Registrant’s Response No. 31 in the Letter. The Staff believes that net expenses on the Registrant’s website should be calculated inclusive of interest expenses. If the Registrant wants to continue to show the net expenses exclusive of interest expense on its website, it should also include a ratio showing net expenses inclusive of interest expense.
Response No. 3: Each Registrant will add the ratio of net operating expenses, inclusive of interest expense, to its website as soon as practicable.
* * * * * * * * * *
The Registrants acknowledge that they are responsible for the adequacy and accuracy of the disclosure in its documents, and acknowledge that the Commission is not foreclosed by its comment process from taking any action with respect to the Registrants’ documents.
- 2 -
January 29, 2013 Page 3
Should you have any questions concerning the above, please call the undersigned at (212) 728-8294.
Sincerely,
/s/ Maria Gattuso, Esq.
Show Raw Text
CORRESP
1
filename1.htm
787 Seventh Avenue
New York, NY 10019-6099
Tel: 212 728 8000
Fax: 212 728 8111
January 29, 2013
Via EDGAR
Laura Hatch
Division of Investment Management
Securities and Exchange Commission
100 F Street, NE
Washington, D.C. 20549
Re: Comments to Shareholder Reports of the registrants identified
on Exhibit A (the “Registrants”)
Dear Ms. Hatch:
This letter responds
to certain comments provided by the staff of the Division of Investment Management (the “Staff”) of the Securities
and Exchange Commission (“SEC”) in telephone conversations on December 17, 2012 and January 18, 2013 regarding the
responses of the Registrants contained in the letter to the Staff dated December 7, 2012 (the “Response Letter”).
For your convenience,
the substance of the Staff’s comments has been restated below. Each Registrant’s joint or individual responses to each
comment, as applicable, are set out immediately under the restated comment.
Comment No. 1. Certain Registrants have made return of capital distributions,
which in some cases were significant. In the Response Letter, the Registrants informed the Staff in Response No. 27 that the distribution
yields are included in the annual shareholder reports. The formula used to calculate the distribution yield in the Annual Report
includes return of capital, however, return of capital should not be included in the calculation of the yield. In future reports,
do not include return of capital when calculating the distribution yield. (e.g., BlackRock Enhanced Equity Dividend Trust (BDJ),
BlackRock EcoSolutions Investment Trust (BQR), BlackRock Global Opportunities Equity Trust (BOE), BlackRock International Growth
and Income Trust (BGY), BlackRock Real Asset Equity Trust (BCF) and BlackRock Resources & Commodities Strategy Trust (BCX).)
Response No. 1: Pursuant to our conversation, the Registrants will revise
all future shareholder reports to replace the term “Yield on Closing Market Price” with “Current
New
York Washington, DC Paris London
Milan Rome Frankfurt
Brussels
January 29, 2013
Page 2
Distribution Rate on Closing Market
Price.” The Registrants also will add footnote disclosure to the “Trust Summary” section of all future shareholder
reports to clarify that the Current Distribution Rate consists of income, and, where applicable, net realized capital gains, and/or,
tax return of capital. In all future annual reports, when disclosing the Current Distribution Rate, the Registrants will add a
cross-reference to the “Financial Highlights” section for the actual sources and character of distributions. In all
future semi-annual reports, when disclosing the Current Distribution Rate, the Registrants will add a cross-reference to the “Additional
Information–Section 19(a) Notices” section for the estimated character of dividends measured for financial reporting
purposes.
Comment No. 2. For BlackRock Debt Strategies Fund, Inc., on the Statement
of Operations, income tax is included in the “unrealized appreciation/depreciation on investments” line item. The
Registrant informed the Staff in Response No. 25 of the Response Letter that income tax is not being shown as an expense on the
Statement of Operations because it was deemed immaterial. The Staff notes that income tax for the Fund for the relevant period
was 0.02%. The Staff is of the view that this amount should be included in the expense ratio. Please provide a restatement of
the Financial Highlights reflecting the income tax in the expense ratio or explain why a restatement is not appropriate in this
situation.
Response No. 2: The suggested change to include income tax expense as a line
item in the Statement of Operations and as a component of the expense ratio will be made in all future shareholder reports, effective
with the BlackRock Debt Strategies Fund, Inc. annual report for the year ending February 28, 2013. In future shareholder reports,
operating expense ratios from prior periods will be restated to reflect income tax expense, where applicable, for comparative
purposes.
Comment No. 3. The Staff disagrees with Registrant’s Response No.
31 in the Letter. The Staff believes that net expenses on the Registrant’s website should be calculated inclusive of interest
expenses. If the Registrant wants to continue to show the net expenses exclusive of interest expense on its website, it should
also include a ratio showing net expenses inclusive of interest expense.
Response No. 3: Each Registrant will add the ratio of net operating expenses,
inclusive of interest expense, to its website as soon as practicable.
* * * * * * * * * *
The Registrants acknowledge that they
are responsible for the adequacy and accuracy of the disclosure in its documents, and acknowledge that the Commission is not foreclosed
by its comment process from taking any action with respect to the Registrants’ documents.
- 2 -
January 29, 2013
Page 3
Should you have any questions concerning
the above, please call the undersigned at (212) 728-8294.
Sincerely,
/s/ Maria Gattuso, Esq.
cc: Ben Archibald, Esq., BlackRock Advisors, LLC
- 3 -
Appendix A: Funds examined:
Registrant
File #
Financial
Statement
Date
Prospectus
Date
BBIF Government Securities Fund
811-21197
3/31/2012
7/26/2012
BBIF Tax-Exempt Fund
811-21198
3/31/2012
7/26/2012
BBIF Treasury Fund
811-21199
3/31/2012
7/26/2012
BIF Government Securities Fund
811-03205
3/31/2012
7/26/2012
BIF Money Fund
811-02752
3/31/2012
7/26/2012
BIF Multi-State Municipal Series Trust
811-05011
3/31/2012
7/27/2012
BIF Tax-Exempt Fund
811-03111
3/31/2012
7/26/2012
BIF Treasury Fund
811-06196
3/31/2012
7/26/2012
BlackRock Balanced Capital Fund, Inc.
811-02405
9/30/2011
1/27/2012
BlackRock Basic Value Fund, Inc.
811-02739
6/30/2011
10/28/2011
BlackRock Bond Allocation Target Shares
811-21457
3/31/2012
7/27/2012
BlackRock Bond Fund, Inc.
811-02857
BlackRock Total Return Fund
811-02857
9/30/2011
2/1/2012
BlackRock California Municipal 2018 Term Trust
811-10499
12/31/2011
NA
BlackRock California Municipal Income Trust
811-10331
7/31/2011
NA
Blackrock California Municipal Series Trust
811-04264
BlackRock California Municipal Bond
811-04264
5/31/2011
9/28/2011
BlackRock Capital Appreciation Fund, Inc.
811-06669
9/30/2011
1/27/2012
BlackRock Core Bond Trust
811-10543
8/31/2011
NA
BlackRock Corporate High Yield Fund, Inc.
811-07634
2/29/2012
NA
BlackRock Corporate High Yield Fund III, Inc.
811-08497
2/29/2012
NA
BlackRock Corporate High Yield Fund V, Inc.
811-10521
8/31/2011
NA
BlackRock Corporate High Yield Fund VI, Inc.
811-21318
8/31/2011
NA
BlackRock Credit Allocation Income Trust I, Inc.
811-21341
10/31/2011
NA
BlackRock Credit Allocation Income Trust III
811-21280
10/31/2011
NA
BlackRock Credit Allocation Income Trust IV
811-21972
10/31/2011
NA
BlackRock Credit Allocation Income Trust II, Inc.
811-21286
10/31/2011
NA
BlackRock Debt Strategies Fund
811-08603
2/29/2012
NA
BlackRock Defined Opportunity Credit Trust
811-22126
8/31/2011
NA
BlackRock Diversified Income Strategies Fund, Inc.
811-21637
8/31/2011
NA
BlackRock EcoSolutions Investment Trust
811-22082
10/31/2011
NA
BlackRock Emerging Markets Fund, Inc.
811-05723
10/31/2011
2/28/2012
BlackRock Energy and Resources Trust
811-21656
10/31/2011
NA
BlackRock Enhanced Capital and Income Fund, Inc.
811-21506
10/31/2011
NA
BlackRock Enhanced Equity Dividend Trust
811-21784
10/31/2011
NA
BlackRock Enhanced Government Fund, Inc.
811-21793
12/31/2011
NA
BlackRock Equity Dividend Fund
811-05178
7/31/2011
11/28/2011
BlackRock Equity Dividend Trust (N-8F)
811-21443
10/31/2011
NA
BlackRock EuroFund
811-04612
6/30/2011
10/28/2011
BlackRock Financial Institutions Series Trust
811-03189
BlackRock Summit Cash Reserves
811-03189
4/30/2012
8/28/2012
BlackRock Fixed Income Value Opportunities
811-22252
12/31/2011
NA
BlackRock Floating Rate Income Strategies Fund II, Inc.
811-21464
2/29/2012
NA
BlackRock Floating Rate Income Strategies Fund, Inc.
811-21413
8/31/2011
NA
BlackRock Floating Rate Income Trust
811-21566
10/31/2011
NA
BlackRock Florida Municipal 2020 Term Trust
811-21184
7/31/2011
NA
BlackRock Focus Growth Fund, Inc.
811-09651
8/31/2011
12/28/2011
BlackRock Focus Value Fund, Inc.
811-03450
6/30/2011
NA
BlackRock Focus Value Fund (N-8F)
811-03450
6/30/2011
NA
A-1
BlackRock Funds
811-05742
BlackRock All-Cap Energy & Resources Portfolio
811-05742
9/30/2011
1/30/12
BlackRock Energy & Resources Portfolio
811-05742
9/30/2011
1/30/12
BlackRock Exchange Portfolio
811-05742
12/31/2011
4/27/12
BlackRock Flexible Equity Portfolio
811-05742
9/30/2011
1/30/12
BlackRock Global Opportunities Portfolio
811-05742
9/30/2011
1/30/12
BlackRock Health Sciences Opportunities Portfolio
811-05742
9/30/2011
1/30/12
BlackRock Index Equity Portfolio
811-05742
12/31/2011
4/27/12
BlackRock International Opportunities Portfolio
811-05742
9/30/2011
1/30/12
BlackRock Managed Volatility Portfolio
811-05742
9/30/2011
1/30/12
BlackRock Mid-Cap Growth Equity Portfolio
811-05742
9/30/2011
1/30/12
BlackRock Money Market Portfolio
811-05742
3/31/2012
7/27/12
BlackRock Municipal Money Market Portfolio
811-05742
3/31/2012
7/27/12
BlackRock New Jersey Municipal Money Market Portfolio
811-05742
3/31/2012
7/27/12
BlackRock North Carolina Municipal Money Market Portfolio
811-05742
3/31/2012
7/27/12
BlackRock Ohio Municipal Money Market Portfolio
811-05742
3/31/2012
7/27/12
BlackRock Pennsylvania Municipal Money Market Portfolio
811-05742
3/31/2012
7/27/12
BlackRock Science & Technology Opportunities Portfolio
811-05742
9/30/2011
1/30/12
BlackRock Small Cap Growth Equity Portfolio
811-05742
9/30/2011
1/30/12
BlackRock U.S. Opportunities Portfolio
811-05742
9/30/2011
1/30/12
BlackRock U.S. Treasury Money Market Portfolio
811-05742
3/31/2012
7/27/12
BlackRock Virginia Municipal Money Market Portfolio
811-05742
3/31/2012
7/27/12
BlackRock Funds II
811-22061
BlackRock Core Bond Portfolio
811-22061
9/30/2011
1/27/12
BlackRock Emerging Market Local Debt Portfolio
811-22061
12/31/2011
4/27/12
BlackRock Global Dividend Income Portfolio
811-22061
7/31/2011
11/28/11
BlackRock GNMA Portfolio
811-22061
9/30/2011
1/27/12
BlackRock High Yield Bond Portfolio
811-22061
9/30/2011
1/27/12
BlackRock Inflation Protected Bond Portfolio
811-22061
9/30/2011
1/27/12
BlackRock International Bond Portfolio
811-22061
12/31/2011
4/27/12
BlackRock Long Duration Bond Portfolio
811-22061
9/30/2011
1/27/12
BlackRock Low Duration Bond Portfolio
811-22061
9/30/2011
1/27/12
BlackRock LifePath Active 2015 Portfolio
811-22061
10/31/2011
2/28/12
BlackRock LifePath Active 2020 Portfolio
811-22061
10/31/2011
2/28/12
BlackRock LifePath Active 2025 Portfolio
811-22061
10/31/2011
2/28/12
BlackRock LifePath Active 2030 Portfolio
811-22061
10/31/2011
2/28/12
BlackRock LifePath Active 2035 Portfolio
811-22061
10/31/2011
2/28/12
BlackRock LifePath Active 2040 Portfolio
811-22061
10/31/2011
2/28/12
BlackRock LifePath Active 2045 Portfolio
811-22061
10/31/2011
2/28/12
BlackRock LifePath Active 2050 Portfolio
811-22061
10/31/2011
2/28/12
BlackRock Strategic Income Opportunities Portfolio
811-22061
12/31/2011
4/27/12
BlackRock U.S. Government Bond Portfolio
811-22061
9/30/2011
1/27/12
BlackRock Funds III
811-07332
12/31/2011
4/30/2012
BlackRock ACWI ex-US Index Fund
811-07332
12/31/2011
4/30/2012
BlackRock Bond Index Fund
811-07332
12/31/2011
4/30/2012
BlackRock Cash Funds: Prime
811-07332
12/31/2011
4/30/2012
BlackRock Cash Funds: Treasury
811-07332
12/31/2011
4/30/2012
BlackRock Cash Funds: Government
811-07332
12/31/2011
4/30/2012
BlackRock Cash Funds: Institutional
811-07332
12/31/2011
4/30/2012
BlackRock CoreAlpha Bond Fund
811-07332
12/31/2011
4/30/2012
BlackRock Russell 1000 Index Fund
811-07332
12/31/2011
4/30/2012
BlackRock S&P 500 Stock Fund
811-07332
12/31/2011
4/30/2012
LifePath 2020 Portfolio
811-07332
12/31/2011
4/30/2012
A-2
LifePath 2025 Portfolio
811-07332
12/31/2011
4/30/2012
LifePath 2030 Portfolio
811-07332
12/31/2011
4/30/2012
LifePath 2035 Portfolio
811-07332
12/31/2011
4/30/2012
LifePath 2040 Portfolio
811-07332
12/31/2011
4/30/2012
LifePath 2045 Portfolio
811-07332
12/31/2011
4/30/2012
Lifepath 2050 Portfolio
811-07332
12/31/2011
4/30/2012
LifePath 2055 Portfolio
811-07332
12/31/2011
4/30/2012
LifePath Retirement Portfolio
811-07332
12/31/2011
4/30/2012
LifePath Index 2020 Portfolio
811-07332
12/31/2011
4/30/2012
LifePath Index 2025 Portfolio
811-07332
12/31/2011
4/30/2012
LifePath Index 2030 Portfolio
811-07332
12/31/2011
4/30/2012
LifePath Index 2035 Portfolio
811-07332
12/31/2011
4/30/2012
LifePath Index 2040 Portfolio
811-07332
12/31/2011
4/30/2012
LifePath Index 2045 Portfolio
811-07332
12/31/2011
4/30/2012
LifePath Index 2050 Portfolio
811-07332
12/31/2011
4/30/2012
LifePath Index 2055 Portfolio
811-07332
12/31/2011
4/30/2012
LifePath Index Retirement Portfolio
811-07332
12/31/2011
4/30/2012
BlackRock Global Allocation Fund, Inc.
811-05576
10/31/2011
2/28/2012
BlackRock Global Opportunities Equity Trust
811-21729
10/31/2011
NA
BlackRock Global SmallCap Fund, Inc.
811-07171
6/30/2011
10/28/2011
BlackRock Health Sciences Trust
811-21702
10/31/2011
NA
BlackRock Healthcare Fund, Inc. (N-8F)
811-03595
BlackRock High Income Shares
811-05495
8/31/2011
NA
BlackRock High Yield Trust
811-08991
8/31/2011
NA
BlackRock Income Opportunity Trust Inc.
811-06443
8/31/2011
NA
BlackRock Income Trust Inc.
811-05542
8/31/2011
NA
BlackRock Index Funds, Inc.
811-07899
12/31/2011
4/27/2012
BlackRock International Growth and Income Trust
811-22032
10/31/2011
NA
BlackRock International Value Trust (N-8F)
811-04182
BlackRock International Value Fund
811-04182
6/30/2011
NA
BlackRock Investment Quality Municipal Trust, Inc. (BKN)
811-07354
4/30/2012
NA
BlackR