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 811-21286
Name of Fund: BlackRock Preferred Income Strategies Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, BlackRock Preferred Income Strategies Fund, Inc., 800 Scudders
Mill Road, Plainsboro, NJ 08536. Mailing address: P.O. Box 9011,
Princeton, NJ 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 10/31/2007
Date of reporting period: 11/01/06 - 01/31/07
Item 1 - Schedule of Investments
BlackRock Preferred Income Strategies Fund, Inc.
Schedule of Investments as of January 31, 2007 (in U.S. dollars)
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Preferred Securities
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Face
Industry Amount Capital Trusts Value
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Commercial Banks - 12.2% $ 12,035,000 ABN AMRO North America Holding Preferred Capital Repackaging
Trust I, 6.523% (a)(b)(c) $ 12,518,963
2,000,000 Bank One Capital III, 8.75% due 9/01/2030 2,589,944
16,455,000 Chase Capital II Series B, 5.871% due 2/01/2027 (b) 15,963,473
3,630,000 First Empire Capital Trust II, 8.277% due 6/01/2027 3,801,329
2,000,000 HSBC America Capital Trust I, 7.808% due 12/15/2026 (a) 2,078,080
15,835,000 HSBC Capital Funding LP/Jersey Channel Islands,
10.176% (a)(b)(c) 23,100,620
7,300,000 HSBC Finance Capital Trust IX, 5.911% due 11/30/2035 (b) 7,322,645
12,275,000 Hubco Capital Trust II Series B, 7.65% due 6/15/2028 12,827,375
998,000 JPM Capital Trust I, 7.54% due 1/15/2027 1,035,146
2,000,000 Lloyds TSB Bank Plc, 6.90% (c) 2,012,500
18,470,000 Nationsbank Capital Trust III, 5.91% due 1/15/2027 (b) 18,087,265
2,000,000 Republic New York Corp., 7.53% due 12/04/2026 2,077,858
4,500,000 ST George Funding Co. LLC, 8.485% (a)(c) 4,719,190
4,175,000 SunTrust Preferred Capital I, 5.853% (b)(c) 4,212,529
--------------
112,346,917
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Consumer Finance - 2.2% 13,670,000 Capital One Capital III, 7.686% due 8/15/2036 15,384,696
4,630,000 MBNA Capital A, 8.278% due 12/01/2026 4,821,636
--------------
20,206,332
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Diversified Financial Services - 4.0% 15,000,000 AgFirst Farm Credit Bank, 8.393% due 12/15/2016 (b) 16,542,795
10,000,000 CIT Capital Trust I, 7.70% due 2/15/2027 10,372,850
9,000,000 Farm Credit Bank of Texas Series 1, 7.561% (b)(c) 9,536,040
--------------
36,451,685
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Electric Utilities - 2.2% 14,950,000 HL&P Capital Trust II Series B, 8.257% due 2/01/2037 15,567,211
5,000,000 SWEPCO Capital I, 5.25% due 10/01/2043 (b) 4,944,090
--------------
20,511,301
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Gas Utilities - 0.6% 5,000,000 AGL Capital Trust I Series B, 8.17% due 6/01/2037 5,224,140
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Insurance - 15.5% 12,175,000 AON Corp., 8.205% due 1/01/2027 13,930,148
23,725,000 AXA, 8.60% due 12/15/2030 (Surplus Notes) 30,499,840
21,300,000 Ace Capital Trust II, 9.70% due 4/01/2030 28,775,917
15,000,000 Farmers Exchange Capital, 7.05% due 7/15/2028 (a) 15,513,855
10,000,000 GE Global Insurance Holding Corp., 7.75% due 6/15/2030 12,037,640
1,000,000 GenAmerica Capital I, 8.525% due 6/30/2027 (a) 1,050,980
3,000,000 Genworth Financial, Inc., 6.15% due 11/15/2066 (b) 2,987,907
6,066,000 ING Capital Funding Trust III, 8.439% (b)(c) 6,675,560
3,605,000 Oil Casualty Insurance Ltd., 8% due 9/15/2034 (a) 3,578,727
6,325,000 Principal Life Insurance Co., 8% due 3/01/2044
(Surplus Notes) (a) 6,756,156
3,750,000 Zenith National Insurance Capital Trust I, 8.55%
due 8/01/2028 (a) 3,862,500
15,600,000 Zurich Capital Trust I, 8.376% due 6/01/2037 (a) 16,325,587
--------------
141,994,817
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Multi-Utilities - 3.1% 10,000,000 Dominion Resources Capital Trust I, 7.83% due 12/01/2027 10,370,240
15,000,000 Dominion Resources Capital Trust III, 8.40% due 1/15/2031 18,277,935
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28,648,175
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Road & Rail - 0.4% 3,750,000 BNSF Funding Trust I, 6.613% due 12/15/2055 (b) 3,643,999
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Thrifts & Mortgage Finance - 4.3% 1,000,000 Astoria Capital Trust I, 9.75% due 11/01/2029 (a) 1,122,500
5,000,000 Astoria Capital Trust I Series B, 9.75% due 11/01/2029 5,634,500
5,760,000 Dime Capital Trust I Series A, 9.33% due 5/06/2027 6,073,108
12,765,000 Greenpoint Capital Trust I, 9.10% due 6/01/2027 13,440,728
3,005,000 ML Capital Trust I, 9.875% due 3/01/2027 3,159,214
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Preferred Securities
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Face
Industry Amount Capital Trusts Value
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$ 9,775,000 Webster Capital Trust I, 9.36% due 1/29/2027 (a) $ 10,248,603
--------------
39,678,653
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Total Capital Trusts (Cost - $397,542,242) - 44.5% 408,706,019
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Shares
Held Preferred Stocks
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Capital Markets - 6.3% 7,600,000 Ameriprise Financial, Inc., 7.518% (b) 8,297,961
510,000 Deutsche Bank Capital Funding Trust VIII, 6.375% 13,116,588
96,000 Goldman Sachs Group, Inc. Series A, 3.91% (b) 2,513,280
720,000 Goldman Sachs Group, Inc. Series D, 6.03% (b) 18,864,000
600,000 Lehman Brothers Holdings, Inc., 6.50% 15,648,000
--------------
58,439,829
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Commercial Banks - 12.1% 4,000,000 Barclays Bank Plc, 6.278% (b) 3,892,988
4,650 First Tennessee Bank NA, 3.90% (a)(b) 4,826,700
5,000,000 HBOS Plc, 5.92% (a)(b) 4,890,160
8,000,000 ICICI Bank Ltd., 7.25% (a) 8,223,008
319,000 KeyCorp Capital IX, 6.75% 8,140,880
166,800 Provident Financial Group, Inc., 7.75% 4,289,896
20,000,000 Resona Preferred Global Securities Ltd., 7.191% (a)(b) 20,916,700
4,800,000 Royal Bank of Scotland Group Plc, 9.118% 5,288,827
23,000 SG Preferred Capital II, 6.302% (b) 23,905,625
800,000 Santander Finance Preferred SA Unipersonal, 6.50% (a) 20,125,040
250,000 Santander Finance Preferred SA Unipersonal, 6.80% (a) 6,273,450
--------------
110,773,274
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Diversified Financial Services - 8.1% 152,400 Bank of America Corp. Series D, 6.20% 4,053,840
636,075 Bank of America Corp. Series E, 5.718% (b) 16,251,716
655,000 CIT Group, Inc. Series A, 6.35% 17,259,250
272,000 Cobank ACB, 7% (a) 13,777,072
22,900,000 JPMorgan Chase Capital XXI Series U, 6.25% (b) 22,721,036
74,062,914
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Electric Utilities - 2.6% 14,000 Alabama Power Co., 5.83% 347,620
114,400 Entergy Arkansas, Inc., 6.45% 2,885,031
89,850 Entergy Louisiana LLC, 6.95% 9,254,550
80,000 Interstate Power & Light Co. Series B, 8.375% 2,544,000
204,000 PPL Electric Utilities Corp., 6.25% 5,316,750
140,000 Pacific Gas & Electric Co. Series A, 6% 3,654,000
--------------
24,001,951
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Gas Utilities - 1.5% 556,000 Southern Union Co., 7.55% 14,294,760
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Insurance - 13.8% 880,000 ACE Ltd. Series C, 7.80% 22,994,400
5,950,000 AXA SA, 6.379% (a)(b) 5,820,700
100,000 Aegon NV Series 1, 6.235% (b) 2,606,000
165,000 Aspen Insurance Holdings Ltd., 7.401% (b) 4,243,800
140,000 Axis Capital Holdings Ltd. Series A, 7.25% 3,635,800
36,000 Axis Capital Holdings Ltd. Series B, 7.50% (b) 3,823,877
139,200 Endurance Specialty Holdings Ltd. Series A, 7.75% 3,640,080
6,930,000 Financial Security Assurance Holdings Ltd., 6.40% (a)(b) 6,943,387
7,500,000 Great West Life & Annuity Insurance Co., 7.153% (a)(b) 7,935,855
10,425,000 Metlife, Inc., 6.40% 10,444,693
493,000 Metlife, Inc. Series B, 6.50% 13,168,030
5,000,000 Oil Insurance Ltd., 7.558% (a)(b) 5,160,750
5,700,000 PartnerRe Finance II, 6.44% due 12/01/2066 (b) 5,673,153
140,000 Prudential Plc, 6.50% 3,612,000
660,000 RenaissanceRe Holding Ltd. Series D, 6.60% 16,302,000
BlackRock Preferred Income Strategies Fund, Inc.
Schedule of Investments as of January 31, 2007 (in U.S. dollars)
-----------------------------------------------------------------------------------------------------------------------------------
Preferred Securities
-----------------------------------------------------------------------------------------------------------------------------------
Shares
Industry Held Preferred Stocks Value
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9,800 Zurich RegCaPS Funding Trust, 6.58% (a)(b) $ 10,446,800
--------------
126,451,325
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Multi-Utilities - 1.0% 8,400,000 Dominion Resources, Inc., 7.50% (b) 9,060,551
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Oil, Gas & Consumable Fuels - 0.8% 7,225,000 Enterprise Products Operating LP, 8.375% (b) 7,892,742
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Thrifts & Mortgage Finance - 12.9% 264,650 Fannie Mae Series L, 5.125% 12,306,225
1,210,000 Fannie Mae Series O, 7% (b) 64,583,750
190,000 Freddie Mac Series Q, 3.85% (b) 8,892,000
105,000 Freddie Mac Series T, 6.42% 5,630,100
695,000 Freddie Mac Series V, 5.57% 17,309,879
8,000,000 Roslyn Real Estate Asset Corp. Series D, 9.02% (b) 8,017,500
48,000 Sovereign Bancorp, Inc. Series C, 7.30% (d) 1,308,000
--------------
118,047,454
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Wireless Telecommunication 2,423 Centaur Funding Corp., 9.08% (a) 2,811,437
Services - 0.3%
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Total Preferred Stocks (Cost - $533,201,821) - 59.4% 545,836,237
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Real Estate Investment Trusts
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Real Estate - 15.3% 251,400 Alexandria Real Estate Equities, Inc. Series C, 8.375% 6,777,744
400,000 CBL & Associates Properties, Inc. Series C, 7.75% 10,300,000
400,000 Developers Diversified Realty Corp., 8% 10,280,000
80,000 Duke Realty Corp. Series K, 6.50% 2,019,200
2,390 First Industrial Realty Trust, Inc., 6.236% (b) 2,388,506
4,000 Firstar Realty LLC, 8.875% (a) 5,118,750
448,000 Health Care Property Investors, Inc. Series F, 7.10% 11,441,920
172,800 Health Care REIT, Inc. Series F, 7.625% 4,449,600
100,000 Kimco Realty Corp. Series F, 6.65% 2,531,000
1,200,000 New Plan Excel Realty Trust Series E, 7.625% 30,720,000
72,000 PS Business Parks, Inc. Series K, 7.95% 1,915,200
64,000 PS Business Parks, Inc. Series M, 7.20% 1,622,400
160,000 Public Storage, Inc. Series I, 7.25% 4,175,008
445,000 Public Storage, Inc. Series L, 6.75% 11,276,300
607,550 Regency Centers Corp. Series C, 7.45% 15,705,167
58,000 Regency Centers Corp. Series D, 7.25% 1,486,250
11,857 Sovereign Real Estate Investment Corp., 12% (a) 18,259,780
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Total Real Estate Investment Trusts
(Cost - $135,673,035) - 15.3% 140,466,825
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Face
Amount Trust Preferreds
-----------------------------------------------------------------------------------------------------------------------------------
Capital Markets - 0.1% $ 875,000 Lehman Brothers Holdings Capital Trust III Series K, 1.558%
due 3/15/2052 869,009
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Commercial Banks - 0.3% 2,790,000 National City Capital Trust II, 6.625% due 11/15/2066 2,806,444
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Communications Equipment - 0.2% 2,000,000 Corporate-Backed Trust Certificates, 8.375% due 11/15/2028
2,018,088
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Consumer Finance - 1.9% 16,702,000 Capital One Capital II, 7.50% due 6/15/2066 17,681,928
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Electric Utilities - 2.7% 4,750,000 Georgia Power Co. Series O, 1.475% due 4/15/2033 4,623,119
3,000,000 HECO Capital Trust III, 6.50% due 3/18/2034 3,089,821
5,000,000 National Rural Utilities Cooperative Finance Corp., 6.75%
due 2/15/2043 5,014,801
10,835,000 PPL Energy Supply LLC, 7% due 7/15/2046 11,186,169
950,000 Virginia Power Capital Trust II, 1.844% due 7/30/2042 936,834
--------------
24,850,744
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BlackRock Preferred Income Strategies Fund, Inc.
Schedule of Investments as of January 31, 2007 (in U.S. dollars)
-----------------------------------------------------------------------------------------------------------------------------------
Preferred Securities
-----------------------------------------------------------------------------------------------------------------------------------
Face
Industry Amount Trust Preferreds Value
-----------------------------------------------------------------------------------------------------------------------------------
Gas Utilities - 0.7% $ 500,000 Dominion CNG Capital Trust I, 1.95% due 10/31/2041 $ 501,467
5,750,000 Southwest Gas Capital II, 7.70% due 9/15/2043 6,008,883
--------------
6,510,350
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Insurance - 2.7% 11,000,000 ABN AMRO North America Capital Funding Trust II,
5.445% (a)(b)(c) 10,944,442
7,375,000 Berkley W R Capital Trust, 6.75% due 7/26/2045 7,258,488
1,000,000 Everest Re Capital Trust, 1.963% due 11/15/2032 1,011,361
5,000,000 Lincoln National Capital VI Series F, 6.75% due 9/11/2052 5,078,166
--------------
24,292,457
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Multi-Utilities - 0.1% 397,425 PSEG Funding Trust II, 8.75% due 12/31/2032 407,816
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Thrifts & Mortgage Finance - 4.2% 4,580,000 Countrywide Capital V, 7% due 11/01/2066 4,630,164
28,362,500 Countrywide Financial Corp., 1.50% due 4/01/2033 28,324,177
6,000,000 Dime Community Capital I, 7% due 4/14/2034 5,760,000
--------------
38,714,341
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Total Trust Preferreds (Cost - $116,433,132) - 12.9% 118,151,177
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Total Preferred Securities
(Cost - $1,182,850,230) - 132.1% 1,213,160,258
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Corporate Bonds
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Automobiles - 2.1% 16,000,000 DaimlerChrysler NA Holding Corp., 8.50% due 1/18/2031 18,957,264
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Diversified Financial Services - 1.6% 15,000,000 Sigma Finance Corp., 7.36% due 8/15/2011 (e) 15,000,000
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Diversified Telecommunication 25,500,000 France Telecom SA, 8.50% due 3/01/2031 33,345,330
Services - 3.6%
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Electric Utilities - 3.3% 16,575,000 Duke Energy Field Services LLC, 8.125% due 8/16/2030 19,969,676
10,000,000 FirstEnergy Corp. Series B, 6.45% due 11/15/2011 10,406,960
--------------
30,376,636
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Media - 3.4% 5,000,000 Comcast Corp., 7.05% due 3/15/2033 5,412,660
5,000,000 Time Warner, Inc., 7.625% due 4/15/2031 5,604,575
18,000,000 Time Warner, Inc., 7.70% due 5/01/2032 20,354,184
--------------
31,371,419
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Wireless Telecommunication 18,000,000 AT&T Wireless Services, Inc., 8.75% due 3/01/2031 23,277,510
Services - 5.9% 2,000,000 Sprint Capital Corp., 6.90% due 5/01/2019 2,048,890
24,000,000 Sprint Capital Corp., 8.75% due 3/15/2032 28,495,008
--------------
53,821,408
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Total Corporate Bonds (Cost - $173,443,756) - 19.9% 182,872,057
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Beneficial
Interest Short-Term Securities
-----------------------------------------------------------------------------------------------------------------------------------
$ 80,212,578 BlackRock Liquidity Series, LLC Cash Sweep Series,
5.29% (f)(g) 80,212,578
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Total Short-Term Securities
(Cost - $80,212,578) - 8.8% 80,212,578
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Total Investments (Cost - $1,436,506,564*) - 160.8% 1,476,244,893
Liabilities in Excess of Other Assets - (0.8%) (7,140,992)
Preferred Stock, at Redemption Value - (60.0%) (550,825,283)
--------------
Net Assets Applicable to Common Stock - 100.0% $ 918,278,618
==============
BlackRock Preferred Income Strategies Fund, Inc.
Schedule of Investments as of January 31, 2007 (in U.S. dollars)
* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 1,434,760,875
===============
Gross unrealized appreciation $ 53,594,898
Gross unrealized depreciation (12,110,880)
---------------
Net unrealized appreciation $ 41,484,018
===============
(a) The security may be offered and sold to "qualified institutional buyers"
under Rule 144A of the Securities Act of 1933.
(b) Floating rate security.
(c) The security is a perpetual bond and has no stated maturity date.
(d) Depositary receipts.
(e) Restricted security as to resale, representing 1.6% of net assets, was as
follows:
--------------------------------------------------------------------------------------------------
Acquisition
Issue Date Cost Value
--------------------------------------------------------------------------------------------------
Sigma Finance Corp., 7.36% due 8/15/2011 2/13/2004 $ 15,000,000 $ 15,000,000
--------------------------------------------------------------------------------------------------
(f) Investments in companies considered to be an affiliate of the Fund, for
purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as
follows:
---------------------------------------------------------------------------------------------------------------
Affiliate Net Activity Interest Income
---------------------------------------------------------------------------------------------------------------
BlackRock Liquidity Series, LLC Cash Sweep Series $ 59,671,077 $ 801,270
---------------------------------------------------------------------------------------------------------------
(g) Represents the current yield as of January 31, 2007.
o For Fund compliance purposes, the Fund's industry classifications refer to
any one or more of the industry sub-classifications used by one or more
widely recognized market indexes or ratings group indexes, and/or as
defined by Fund management. This definition may not apply for purposes of
this report, which may combine industry sub-classifications for reporting
ease. Industries are shown as a percent of net assets.
o Financial futures contracts sold as of January 31, 2007 were as follows:
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Number of Expiration Face Unrealized
Contracts Issue Date Value Appreciation
-------------------------------------------------------------------------------------------------------------------
2,558 10-Year U.S. Treasury Notes March 2007 $ 277,017,919 $ 3,951,419
509 30-Year U.S. Treasury notes March 2007 $ 57,920,406 1,866,781
-------------------------------------------------------------------------------------------------------------------
Total Unrealized Appreciation $ 5,818,200
===========
o Swaps outstanding as of January 31, 2007 were as follows:
-----------------------------------------------------------------------------------------------------------
Notional Unrealized
Amount Appreciation
-----------------------------------------------------------------------------------------------------------
Sold credit default protection on a basket of preferred
securities and receive 2.03%
Broker, Lehman Brothers Special Finance
Expires September 2007 $ 36,000,00 $ 471,924
Pay a fixed rate of 5.132% and receive a floating rate
based on 3-month LIBOR
Broker, JPMorgan Chase
Expires September 2016 $ 125,000,000 1,987,140
-----------------------------------------------------------------------------------------------------------
Total $ 2,459,064
===========
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our evaluation
of these controls and procedures as of a date within 90 days prior to the
filing date of this report.
2(b) - As of September 29, 2006, with the conclusion of the combination of
Merrill Lynch's asset management business with BlackRock, the registrant
was migrated to BlackRock's trading and compliance monitoring systems,
and various personnel changes occurred. In conjunction with these
business improvements, there were no changes in the registrants internal
control over financial reporting (as defined in Rule 30a-3(d) under Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal half-year of
the period covered by this report that has materially affected, or is
reasonably likely to 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 Preferred Income Strategies Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock Preferred Income Strategies Fund, Inc.
Date: March 26, 2007
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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock Preferred Income Strategies Fund, Inc.
Date: March 26, 2007
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
BlackRock Preferred Income Strategies Fund, Inc.
Date: March 26, 2007