NPORT-EX 2 NPORT_LCPI_60181745_0322.htm BlackRock Debt Strategies Fund

Schedule of Investments (unaudited) 

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  

 

Asset-Backed Securities

      

Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32(a)

       GBP      100     $ 154,355  
   

 

 

  

 

Total Asset-Backed Securities — 0.0%
(Cost: $144,098)

 

       154,355  
   

 

 

  
           

 

Shares

         

 

Common Stocks

      

 

 

Construction & Engineering — 0.0%

  

McDermott International Ltd.(b)

           141,483           93,379  
   

 

 

  

 

Diversified Financial Services — 0.0%

  

Kcad Holdings I Ltd.(c)

           1,075,282,733       10,753  
   

 

 

  

 

Metals & Mining — 0.0%

                  

Ameriforge Group, Inc.

       1,664       1,664  

Preferred Proppants LLC(c)

       7,288       1,057  

Preferred Proppants LLC, (Acquired 02/12/19, Cost: $0)(c)(d)

       7,288       —  
   

 

 

  
        2,721  
Oil, Gas & Consumable Fuels — 0.2%  

California Resources Corp.

       2,336       104,489  

Chesapeake Energy Corp.

           9,333           811,971  
   

 

 

  
     

 

 

 

916,460

 

 

Semiconductors & Semiconductor Equipment(b) — 0.0%        

Maxeon Solar Technologies Ltd.

       213       3,084  

SunPower Corp.

       1,707       36,666  
   

 

 

  
     

 

 

 

39,750

 

 

Software — 0.0%                  

Avaya Holdings Corp.(b)

       40       507  
   

 

 

  

 

Specialty Retail — 0.1%

                  

Neiman Marcus Group, Inc.

       1,477       241,859  
   

 

 

  

 

Total Common Stocks — 0.3%
(Cost: $15,959,480)

               1,305,429  
   

 

 

  
           

 

Par

(000)

         

 

Corporate Bonds

      

 

Aerospace & Defense — 0.6%

      

Bombardier, Inc.(e)

      

7.50%, 12/01/24

       USD      62       64,015  

7.50%, 03/15/25

       12       12,061  

7.13%, 06/15/26

           197           193,060  

7.88%, 04/15/27

       72       70,496  

6.00%, 02/15/28

       145       135,900  

F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(e)

       200       180,000  

Rolls-Royce PLC, 5.75%, 10/15/27(e)

       200       205,280  

Spirit AeroSystems, Inc.(e)

      

5.50%, 01/15/25

       55       55,137  

7.50%, 04/15/25

       10       10,361  

TransDigm, Inc.

      

8.00%, 12/15/25(e)

       656       686,032  

6.25%, 03/15/26(e)

       1,073       1,101,585  

6.38%, 06/15/26

       29       29,262  
Security         

Par

(000)

     Value  
Aerospace & Defense (continued)                  

TransDigm, Inc. (continued)

      

7.50%, 03/15/27

     USD       33     $ 33,990  

4.63%, 01/15/29

       126       117,806  

4.88%, 05/01/29

       96       89,978  

Triumph Group, Inc., 8.88%, 06/01/24(e)

       231       243,982  
   

 

 

  
        3,228,945  

Airlines — 0.7%

      

Air Canada, 3.88%, 08/15/26(e)

       101       95,319  

Air France-KLM, 3.88%, 07/01/26(a)

     EUR       100       100,669  

Allegiant Travel Co., 8.50%, 02/05/24(e)

     USD       1,065       1,112,925  

American Airlines, Inc., 11.75%, 07/15/25(e)

       347       405,119  

American Airlines, Inc./AAdvantage Loyalty IP Ltd.(e)

      

5.50%, 04/20/26

       158       158,893  

5.75%, 04/20/29

       335       333,886  

Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(e)

       265       267,029  

Deutsche Lufthansa AG, 3.75%, 02/11/28(a)

     EUR       100       106,244  

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(e)

     USD       101       101,058  

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(e)

       274       285,645  

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(e)

       13       14,218  

United Airlines Pass-Through Trust

      

Series 2020-1, Class A, 5.88%, 10/15/27

       152       156,699  

Series 2020-1, Class B, 4.88%, 07/15/27

       17       17,054  

United Airlines, Inc.(e)

      

4.38%, 04/15/26

       146       143,616  

4.63%, 04/15/29

       186       176,877  
   

 

 

  
        3,475,251  

Auto Components — 0.4%

      

Clarios Global LP, 6.75%, 05/15/25(e)

       721       746,617  

Clarios Global LP/Clarios U.S. Finance
Co.(e)

      

6.25%, 05/15/26

       130       133,737  

8.50%, 05/15/27

       836       867,350  

Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26(a)

     EUR       100       109,242  

Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(e)

    USD       22       22,055  

Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/29(e)

       36       31,301  

Goodyear Tire & Rubber Co.

      

9.50%, 05/31/25

       65       68,821  

5.00%, 07/15/29(e)

       42       39,126  

5.25%, 07/15/31(e)

       51       47,160  

5.63%, 04/30/33

       98       90,160  

Meritor, Inc., 4.50%, 12/15/28(e)

       24       24,061  

Tenneco, Inc., 7.88%, 01/15/29(e)

       18       18,967  

Titan International, Inc., 7.00%, 04/30/28

       18       18,058  

Venture Holdings Co. LLC, 12.00%, 07/01/49(b)(c)(f)

          5,150       1  
   

 

 

  
            2,216,656  

Automobiles — 0.5%

      

Allison Transmission, Inc.(e)

      

5.88%, 06/01/29

       157       160,057  

3.75%, 01/30/31

       112       101,601  

Asbury Automotive Group, Inc.

      

4.50%, 03/01/28

       35       33,621  

4.75%, 03/01/30

       73       68,894  
 

 

1  

    

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  

Automobiles (continued)

      

Asbury Automotive Group, Inc. (continued)

      

5.00%, 02/15/32(e)

     USD       51     $ 47,406  

Carvana Co.(e)

      

5.50%, 04/15/27

       88       78,540  

4.88%, 09/01/29

       72       59,460  

Constellation Automotive Financing PLC, 4.88%, 07/15/27(a)

     GBP       100       119,870  

Ford Motor Co.

      

4.35%, 12/08/26

     USD       9       9,055  

3.25%, 02/12/32

       199       177,733  

4.75%, 01/15/43

       176       159,854  

5.29%, 12/08/46

       78       75,707  

Ford Motor Credit Co. LLC

      

3.81%, 01/09/24

       200       199,675  

4.69%, 06/09/25

       200       201,432  

5.13%, 06/16/25

       200       204,000  

4.27%, 01/09/27

       200       197,252  

4.00%, 11/13/30

       200       188,340  

Group 1 Automotive, Inc., 4.00%, 08/15/28(e)

       15       13,969  

Ken Garff Automotive LLC, 4.88%, 09/15/28(e)

       39       36,660  

LCM Investments Holdings II LLC, 4.88%, 05/01/29(e)

       90       85,003  

Lithia Motors, Inc., 3.88%, 06/01/29(e)

       42       39,700  

MajorDrive Holdings IV LLC, 6.38%, 06/01/29(e)

       59       52,215  

Penske Automotive Group, Inc.

      

3.50%, 09/01/25

       59       58,557  

3.75%, 06/15/29

       22       19,681  

Sonic Automotive, Inc., 4.63%, 11/15/29(e)

       20       18,000  

Wabash National Corp., 4.50%, 10/15/28(e)

       70       63,000  
   

 

 

  
            2,469,282  
Banks — 0.1%                  

Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25(a)

     EUR       100       103,987  

Banco Espirito Santo SA(b)(f)

      

2.63%, 05/08/17(a)

       100       16,041  

4.75%, 01/15/22(g)

       200       32,081  

4.00%, 01/21/22

       100       16,041  

Wells Fargo & Co., (5 year CMT + 3.45%), 3.90%(g)(h)

     USD       115       110,233  
   

 

 

  
        278,383  
Beverages — 0.4%                  

ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(e)(i)

       441       403,239  

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29(e)

       285       256,828  

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/27(e)

       208       192,270  

Ball Corp.

      

2.88%, 08/15/30

       12       10,759  

3.13%, 09/15/31

       119       106,350  

Triton Water Holdings, Inc., 6.25%, 04/01/29(e)

       362       308,638  

Trivium Packaging Finance BV, 8.50%, 08/15/27(e)

      814       809,930  
   

 

 

  
        2,088,014  
Biotechnology — 0.0%                  

Cidron Aida Finco Sarl, 5.00%, 04/01/28(a)

     EUR       100       103,591  
   

 

 

  
Building Materials(e) — 0.2%                  

Cornerstone Building Brands, Inc., 6.13%, 01/15/29

     USD       101       93,733  
Security         

Par

(000)

     Value  

Building Materials (continued)

      

CP Atlas Buyer, Inc., 7.00%, 12/01/28

     USD       112     $ 95,496  

Jeld-Wen, Inc.

      

4.63%, 12/15/25

       32       30,800  

4.88%, 12/15/27

       10       9,575  

Masonite International Corp.

      

Class C, 5.38%, 02/01/28

       45       45,337  

Class C, 3.50%, 02/15/30

       69       62,014  

New Enterprise Stone & Lime Co., Inc.

      

5.25%, 07/15/28

       26       24,996  

9.75%, 07/15/28

       38       38,332  

SRM Escrow Issuer LLC, 6.00%, 11/01/28

       213       210,073  

Standard Industries, Inc.

      

5.00%, 02/15/27

       34       33,704  

4.38%, 07/15/30

       144       131,898  

3.38%, 01/15/31

       79       69,125  

Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29

       168       165,900  

Victors Merger Corp., 6.38%, 05/15/29

       51       41,748  
   

 

 

  
            1,052,731  
Building Products(e) — 0.2%                  

Beacon Roofing Supply, Inc., 4.13%, 05/15/29

       32       29,562  

Foundation Building Materials, Inc., 6.00%, 03/01/29

       58       52,200  

GYP Holdings III Corp., 4.63%, 05/01/29

       76       70,377  

LBM Acquisition LLC, 6.25%, 01/15/29

       154       144,246  

Patrick Industries, Inc., 4.75%, 05/01/29

       20       17,200  

Specialty Building Products Holdings LLC/SBP

      

Finance Corp., 6.38%, 09/30/26

       79       80,327  

SRS Distribution, Inc.

      

4.63%, 07/01/28

       152       145,192  

6.13%, 07/01/29

       127       117,157  

6.00%, 12/01/29

       131       121,175  

White Cap Buyer LLC, 6.88%, 10/15/28

       208       197,099  

White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26(i)

       67       65,827  
   

 

 

  
        1,040,362  
Capital Markets — 0.3%                  

Aretec Escrow Issuer, Inc., 7.50%, 04/01/29(e)

       36       34,591  

Blackstone Private Credit Fund, 4.70%, 03/24/25(e)

      127       128,854  

Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%(g)(h)

       265       238,002  

Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(e)

       65       61,100  

GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32

       15       13,609  

Icahn Enterprises LP/Icahn Enterprises Finance

      

Corp.

      

4.75%, 09/15/24

       101       101,460  

5.25%, 05/15/27

       163       159,972  

4.38%, 02/01/29

       87       79,822  

Kane Bidco Ltd., 6.50%, 02/15/27(a)

     GBP       100       127,771  

NFP Corp.(e)

      

4.88%, 08/15/28

     USD       138       131,790  

6.88%, 08/15/28

       673       642,715  
   

 

 

  
        1,719,686  
Chemicals — 0.5%                  

Ashland LLC, 3.38%, 09/01/31(e)

       109       96,192  

Axalta Coating Systems LLC, 3.38%, 02/15/29(e)

       300       263,760  

Chemours Co., 5.75%, 11/15/28(e)

       38       36,922  

Diamond (BC) B.V., 4.63%, 10/01/29(e)

       99       88,852  
 

 

S C H E D U L E   O F   I N V E S T M E N T S

   2

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  

Chemicals (continued)

      

Element Solutions, Inc., 3.88%, 09/01/28(e)

     USD       434     $ 405,247  

EverArc Escrow Sarl, 5.00%, 10/30/29(e)

       176       160,820  

GCP Applied Technologies, Inc., 5.50%, 04/15/26(e)

       134       135,675  

HB Fuller Co., 4.25%, 10/15/28

       31       29,022  

Herens Holdco Sarl, 4.75%, 05/15/28(e)

       200       179,346  

Herens Midco Sarl, 5.25%, 05/15/29(a)

     EUR       100       94,452  

Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(e)

     USD       197       199,462  

Ingevity Corp., 3.88%, 11/01/28(e)

       23       20,788  

Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(e)(i)

       73       70,810  

LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(e)

       36       33,493  

Lune Holdings Sarl, 5.63%, 11/15/28(a)

     EUR       100       98,884  

Minerals Technologies, Inc., 5.00%, 07/01/28(e)

     USD       55       52,388  

PMHC II, Inc., 9.00%, 02/15/30(e)

       26       22,880  

SCIH Salt Holdings, Inc., 6.63%, 05/01/29(e)

       45       40,394  

Scotts Miracle-Gro Co.

      

4.00%, 04/01/31

       80       69,759  

4.38%, 02/01/32

       8       7,085  

WESCO Distribution, Inc.(e)

      

7.13%, 06/15/25

       49       50,976  

7.25%, 06/15/28

       146       155,072  

WR Grace Holdings LLC, 5.63%, 08/15/29(e)

       400       374,040  
   

 

 

  
            2,686,319  
Commercial Services & Supplies — 0.3%                  

AMN Healthcare, Inc., 4.00%, 04/15/29(e)

       28       25,936  

APX Group, Inc., 5.75%, 07/15/29(e)

       86       78,460  

Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29(e)

       33       32,512  

BCP V Modular Services Finance II PLC, 4.75%, 11/30/28(a)

     EUR       100       105,862  

EC Finance PLC, 3.00%, 10/15/26(a)

       100       108,421  

Fortress Transportation & Infrastructure Investors LLC(e)

      

6.50%, 10/01/25

     USD       24       23,820  

9.75%, 08/01/27

       17       17,761  

5.50%, 05/01/28

       95       86,369  

Herc Holdings, Inc., 5.50%, 07/15/27(e)

       85       86,190  

Hertz Corp.(e)

      

4.63%, 12/01/26

       40       37,353  

5.00%, 12/01/29

       64       57,920  

Metis Merger Sub LLC, 6.50%, 05/15/29(e)

       68       63,991  

NESCO Holdings II, Inc., 5.50%, 04/15/29(e)

       74       72,705  

PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29(e)

       71       68,515  

Prime Security Services Borrower LLC/Prime

      

Finance, Inc., 6.25%, 01/15/28(e)

       164       160,490  

Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(e)

       202       195,435  

Team Health Holdings, Inc., 6.38%, 02/01/25(e)

       103       92,443  

United Rentals North America, Inc., 5.25%, 01/15/30

       2       2,063  
   

 

 

  
        1,316,246  
Communications Equipment(e) — 0.2%                  

Avaya, Inc., 6.13%, 09/15/28

       223       219,916  

Ciena Corp., 4.00%, 01/31/30

       34       32,725  

CommScope Technologies LLC, 6.00%, 06/15/25

       119       112,706  

CommScope, Inc.

      

6.00%, 03/01/26

       24       24,278  
Security         

Par

(000)

     Value  

Communications Equipment (continued)

      

CommScope, Inc. (continued)

      

8.25%, 03/01/27

     USD       54     $ 52,515  

7.13%, 07/01/28

       106       95,758  

4.75%, 09/01/29

       149       137,230  

ViaSat, Inc.

      

5.63%, 09/15/25

       77       75,204  

5.63%, 04/15/27

       21       20,685  

6.50%, 07/15/28

       48       46,080  

Viavi Solutions, Inc., 3.75%, 10/01/29

       107       100,411  
   

 

 

  
        917,508  
Construction Materials(e) — 0.1%                  

American Builders & Contractors Supply Co., Inc.

      

4.00%, 01/15/28

       125       120,086  

3.88%, 11/15/29

       14       13,055  

BCPE Empire Holdings, Inc., 7.63%, 05/01/27

       35       32,977  

H&E Equipment Services, Inc., 3.88%, 12/15/28

       20       18,750  

IAA, Inc., 5.50%, 06/15/27

       159       159,397  

Picasso Finance Sub, Inc., 6.13%, 06/15/25

       82       83,333  

Thor Industries, Inc., 4.00%, 10/15/29

       54       47,407  

Williams Scotsman International, Inc., 4.63%, 08/15/28

       74       72,150  

Winnebago Industries, Inc., 6.25%, 07/15/28

       45       45,506  
   

 

 

  
        592,661  
Consumer Discretionary(e) — 0.5%                  

APi Escrow Corp., 4.75%, 10/15/29

       32       29,720  

APi Group DE, Inc., 4.13%, 07/15/29

       42       38,707  

Carnival Corp.

      

10.50%, 02/01/26

       263       292,432  

5.75%, 03/01/27

       314       299,451  

9.88%, 08/01/27

       140       154,745  

4.00%, 08/01/28

       382       355,260  

6.00%, 05/01/29

       199       187,526  

CoreLogic, Inc., 4.50%, 05/01/28

       167       157,448  

Legends Hospitality Holding Co. LLC/Legends

      

Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26

       52       49,920  

Life Time, Inc.

      

5.75%, 01/15/26

       80       79,919  

8.00%, 04/15/26

       57       56,909  

Lindblad Expeditions LLC, 6.75%, 02/15/27

       56       56,140  

NCL Corp. Ltd.

      

5.88%, 03/15/26

       96       91,215  

7.75%, 02/15/29

       35       35,243  

NCL Finance Ltd., 6.13%, 03/15/28

       96       89,025  

Nielsen Finance LLC/Nielsen Finance Co.

      

5.63%, 10/01/28

       60       60,432  

5.88%, 10/01/30

       66       66,165  

Royal Caribbean Cruises Ltd.

      

10.88%, 06/01/23

       42       44,691  

9.13%, 06/15/23

       54       56,228  

11.50%, 06/01/25

       57       62,635  

5.50%, 08/31/26

       36       34,985  

5.38%, 07/15/27

       123       118,176  

5.50%, 04/01/28

       144       137,277  

Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29

       59       53,852  
   

 

 

  
            2,608,101  
Consumer Finance — 0.5%                  

American Express Co., (5 year CMT + 2.85%), 3.55%(g)(h)

       235       214,155  
 

 

3  

    

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  

Consumer Finance (continued)

      

Block, Inc., 3.50%, 06/01/31(e)

     USD       235     $ 215,025  

HealthEquity, Inc., 4.50%, 10/01/29(e)

       127       120,332  

MPH Acquisition Holdings LLC,
5.50%, 09/01/28(e)

      80       76,689  

Navient Corp.

      

7.25%, 09/25/23

       3       3,116  

6.13%, 03/25/24

       93       94,628  

5.88%, 10/25/24

       77       78,551  

5.50%, 03/15/29

       87       81,019  

OneMain Finance Corp.

      

6.88%, 03/15/25

       151       158,780  

8.88%, 06/01/25

       27       28,446  

3.50%, 01/15/27

       97       89,725  

6.63%, 01/15/28

       8       8,380  

5.38%, 11/15/29

       18       17,488  

4.00%, 09/15/30

       55       48,538  

Sabre Global, Inc.(e)

      

9.25%, 04/15/25

       284       314,852  

7.38%, 09/01/25

       81       84,583  

Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.,
4.63%, 11/01/26(e)

       109       106,002  

SLM Corp., 3.13%, 11/02/26

       56       51,940  

Verscend Escrow Corp., 9.75%, 08/15/26(e)

       851       885,040  
   

 

 

  
        2,677,289  

Containers & Packaging — 0.0%

      

International Paper Co., 7.30%, 11/15/39

       5       6,587  

Intertape Polymer Group, Inc.,
4.38%, 06/15/29(e)

       43       44,290  

LABL, Inc., 5.88%, 11/01/28(e)

       84       78,750  

Sealed Air Corp., 4.00%, 12/01/27(e)

       23       22,425  
   

 

 

  
        152,052  
Diversified Consumer Services — 0.5%                  

Allied Universal Holdco LLC/Allied Universal

      

Finance Corp.(e)

      

6.63%, 07/15/26

       655       662,749  

9.75%, 07/15/27

       101       104,395  

6.00%, 06/01/29

       600       529,299  

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
4.63%, 06/01/28(e)

       400       375,920  

Brink’s Co., 5.50%, 07/15/25(e)

       15       15,117  

Clarivate Science Holdings Corp.(e)

      

3.88%, 07/01/28

       131       124,944  

4.88%, 07/01/29

       180       169,346  

Garda World Security Corp.(e)

      

4.63%, 02/15/27

       26       24,920  

9.50%, 11/01/27

       45       46,125  

Rekeep SpA, 7.25%, 02/01/26(a)

     EUR       100       115,050  

Service Corp. International, 4.00%, 05/15/31

     USD       192       178,623  

Sotheby’s, 7.38%, 10/15/27(e)

       200       204,818  
   

 

 

  
        2,551,306  
Diversified Financial Services — 0.3%                  

Acuris Finance U.S., Inc./Acuris Finance SARL,
5.00%, 05/01/28(e)

       200       183,750  

Castlelake Aviation Finance DAC,
5.00%, 04/15/27(e)

       24       21,420  

Central Garden & Pet Co.

      

4.13%, 10/15/30

       82       74,005  

4.13%, 04/30/31(e)

       62       55,800  

Citigroup, Inc.(g)(h)

      

Series W, (5 year CMT + 3.60%), 4.00%

       50       48,000  

Security

         

Par

(000)

     Value  

Diversified Financial Services (continued)

      

Citigroup, Inc.(g)(h) (continued)

      

Series Y, (5 year CMT + 3.00%), 4.15%

     USD       10     $ 9,369  

Clydesdale Acquisition Holdings, Inc.(e)(j)

      

6.63%, 04/15/29

       121       122,361  

8.75%, 04/15/30

       102       96,007  

Garfunkelux Holdco 3 SA, 7.75%, 11/01/25(a)

     GBP       100       130,380  

Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(e)(i)

     USD       25       22,438  

Intrum AB, 4.88%, 08/15/25(a)

     EUR       100       111,342  

Jefferies Finance LLC/JFIN Co.-Issuer Corp.,
5.00%, 08/15/28(e)

     USD       200       191,496  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,
4.75%, 06/15/29(e)

       44       41,497  

OWL Rock Core Income Corp.,
5.50%, 03/21/25(e)

      55       54,860  

Spectrum Brands, Inc.(e)

      

5.00%, 10/01/29

       18       16,933  

5.50%, 07/15/30

       50       48,000  

3.88%, 03/15/31

       18       15,880  

UBS Group AG, (5 year CMT + 3.31%), 4.38%(e)(g)(h)

       345       311,362  

VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 02/01/30(e)

       52       48,925  
   

 

 

  
        1,603,825  
Diversified Telecommunication Services — 0.8%  

Consolidated Communications, Inc.,
6.50%, 10/01/28(e)

       157       144,660  

Level 3 Financing, Inc.(e)

      

4.25%, 07/01/28

       126       115,669  

3.63%, 01/15/29

       64       56,000  

3.75%, 07/15/29

       53       46,970  

Lumen Technologies, Inc.

      

5.13%, 12/15/26(e)

       439       418,147  

4.00%, 02/15/27(e)

       45       41,910  

4.50%, 01/15/29(e)

       181       155,659  

5.38%, 06/15/29(e)

       153       136,266  

Series P, 7.60%, 09/15/39

       26       24,970  

Series U, 7.65%, 03/15/42

       41       39,565  

SoftBank Group Corp., 5.00%, 04/15/28(a)

     EUR       100       105,059  

Sprint Capital Corp.

      

6.88%, 11/15/28.

     USD       324       375,416  

8.75%, 03/15/32

       450       606,150  

Switch Ltd.(e)

      

3.75%, 09/15/28

       99       96,005  

4.13%, 06/15/29

       202       198,718  

Telecom Italia Capital SA

      

6.38%, 11/15/33

       58       55,432  

6.00%, 09/30/34

       134       125,969  

7.20%, 07/18/36

       14       13,615  

7.72%, 06/04/38

       23       23,456  

Telecom Italia SpA, 2.88%, 01/28/26(a)

     EUR       100       106,319  

Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
6.00%, 01/15/30(e)

     USD       45       40,500  

Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
4.75%, 04/15/28(e)

       81       76,445  

Zayo Group Holdings, Inc.(e)

      

4.00%, 03/01/27

       612       563,181  

6.13%, 03/01/28

       746       667,670  
   

 

 

  
        4,233,751  
 

 

S C H E D U L E   O F   I N V E S T M E N T S

   4

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  

Electric Utilities — 0.2%

      

Edison International, (5 year CMT + 4.70%),

      

5.38%(g)(h)

     USD       100     $ 96,475  

FirstEnergy Corp.

      

2.65%, 03/01/30

       85       77,171  

Series B, 2.25%, 09/01/30

       6       5,310  

Series C, 7.38%, 11/15/31

       14       17,267  

Series C, 3.40%, 03/01/50

       255       214,784  

FirstEnergy Transmission LLC(e)

      

5.45%, 07/15/44

       139       151,538  

4.55%, 04/01/49

       51       48,725  

PG&E Corp., 5.25%, 07/01/30

       59       57,224  

Pike Corp., 5.50%, 09/01/28(e)

       130       122,525  

Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc.,
5.02%, 11/10/21(b)(c)(f)

       2,375       —  
   

 

 

  
        791,019  
Electrical Equipment — 0.1%                  

Gates Global LLC/Gates Corp.,
6.25%, 01/15/26(e)

      291       291,272  

GrafTech Finance, Inc.,
4.63%, 12/15/28(e)

       66       61,375  

NM Holdings Co. LLC, Series B,
9.50%, 07/01/05(b)(c)(f)

       5,125       —  
   

 

 

  
        352,647  
Electronic Equipment, Instruments & Components — 0.2%  

BWX Technologies, Inc.(e)

      

4.13%, 06/30/28

       86       82,782  

4.13%, 04/15/29

       68       65,450  

Energizer Holdings, Inc.(e)

      

4.75%, 06/15/28

       34       30,882  

4.38%, 03/31/29

       6       5,253  

Imola Merger Corp., 4.75%, 05/15/29(e)

       192       184,888  

Vertiv Group Corp., 4.13%, 11/15/28(e)

       649       592,287  

Xerox Corp., 4.80%, 03/01/35

       53       45,898  
   

 

 

  
        1,007,440  
Energy Equipment & Services — 0.1%                  

Archrock Partners LP/Archrock Partners Finance Corp.(e)

      

6.88%, 04/01/27

       106       107,189  

6.25%, 04/01/28

       166       163,608  

USA Compression Partners LP/USA Compression Finance Corp.

      

6.88%, 04/01/26

       53       53,477  

6.88%, 09/01/27

       235       235,902  

Vallourec SA, 8.50%, 06/30/26(a)

     EUR       8       9,053  

Weatherford International Ltd.(e)

      

6.50%, 09/15/28

     USD       4       4,135  

8.63%, 04/30/30

       68       69,044  
   

 

 

  
        642,408  
Environmental, Maintenance & Security Service — 0.1%  

Covanta Holding Corp.

      

4.88%, 12/01/29(e)

       62       59,191  

5.00%, 09/01/30

       50       47,375  

GFL Environmental, Inc.(e)

      

3.75%, 08/01/25

       85       83,445  

5.13%, 12/15/26

       88       88,748  

4.00%, 08/01/28

       142       130,640  

3.50%, 09/01/28

       65       61,025  

4.75%, 06/15/29

       83       78,954  

4.38%, 08/15/29

       33       30,484  

Security

         

Par

(000)

     Value  

Environmental, Maintenance & Security Service (continued)

 

Stericycle, Inc., 3.88%, 01/15/29(e)

     USD       49     $ 45,570  

Tervita Corp., 11.00%, 12/01/25(e)

       25       28,316  

Waste Pro USA, Inc., 5.50%, 02/15/26(e)

       104       98,288  
   

 

 

  
        752,036  
Equity Real Estate Investment Trusts (REITs) — 0.4%  

Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27(e)

       57       53,199  

CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28(e)

       52       49,021  

Diversified Healthcare Trust, 9.75%, 06/15/25

       53       55,783  

Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(e)

       46       42,319  

HAT Holdings I LLC/HAT Holdings II LLC,
3.38%, 06/15/26(e)

       59       56,050  

Iron Mountain, Inc.(e)

      

5.25%, 07/15/30

       88       86,240  

5.63%, 07/15/32

       66       65,028  

MGM Growth Properties Operating Partnership

      

LP/MGP Finance Co.-Issuer, Inc.

      

4.63%, 06/15/25(e)

       205       206,538  

4.50%, 09/01/26

       139       139,695  

4.50%, 01/15/28

       318       320,385  

3.88%, 02/15/29(e)

       101       99,233  

MPT Operating Partnership LP/MPT Finance Corp.

      

4.63%, 08/01/29

       306       302,940  

3.50%, 03/15/31

       249       231,249  

RHP Hotel Properties LP/RHP Finance Corp.

      

4.75%, 10/15/27

       307       295,423  

4.50%, 02/15/29(e)

       24       22,560  

RLJ Lodging Trust LP(e)

      

3.75%, 07/01/26

       40       38,000  

4.00%, 09/15/29

       31       28,671  

Service Properties Trust

      

4.35%, 10/01/24

       12       11,550  

7.50%, 09/15/25

       79       82,875  

5.50%, 12/15/27

       42       40,509  
   

 

 

  
            2,227,268  
Food & Staples Retailing — 0.2%                  

Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(e)

      

3.25%, 03/15/26

       146       137,973  

4.63%, 01/15/27

       11       10,634  

4.88%, 02/15/30

       68       66,215  

Kraft Heinz Foods Co.

      

6.50%, 02/09/40

       35       41,738  

4.88%, 10/01/49

       61       64,271  

5.50%, 06/01/50

       253       287,289  

Lamb Weston Holdings, Inc.(e)

      

4.88%, 05/15/28

       18       18,000  

4.13%, 01/31/30

       53       49,493  

4.38%, 01/31/32

       51       47,645  

Ocado Group PLC, 3.88%, 10/08/26(a)

     GBP       100       116,910  

Performance Food Group, Inc.,
4.25%, 08/01/29(e)

    USD       105       95,681  

Post Holdings, Inc.(e)

      

5.50%, 12/15/29

       11       10,584  

4.63%, 04/15/30

       45       40,520  
 

 

5  

    

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security          

Par

(000)

      Value  

Food & Staples Retailing (continued)

        

Post Holdings, Inc.(e) (continued)

        

4.50%, 09/15/31

     USD        21      $ 18,606  

U.S. Foods, Inc., 4.75%, 02/15/29(e)

        115        109,681  

United Natural Foods, Inc.,
6.75%, 10/15/28(e)

        28        28,700  
       

 

 

  
          1,143,940  

Food Products(e) — 0.2%

        

Aramark Services, Inc.

        

6.38%, 05/01/25

        96        98,547  

5.00%, 02/01/28

        52        50,440  

Chobani LLC/Chobani Finance Corp, Inc., 7.50%, 04/15/25

        352        340,314  

Chobani LLC/Chobani Finance Corp., Inc., 4.63%, 11/15/28

        76        70,110  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
3.75%, 12/01/31

        113        104,890  

Pilgrim’s Pride Corp.

        

4.25%, 04/15/31

        8        7,400  

3.50%, 03/01/32

        178        155,391  

Simmons Foods, Inc./Simmons Prepared Foods,
Inc./Simmons Pet Food, Inc., 4.63%, 03/01/29

        110        103,125  
       

 

 

  
          930,217  

Gas Utilities — 0.0%

        

Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(e)

        29        27,188  
       

 

 

  
Health Care Equipment & Supplies — 0.2%  

Avantor Funding, Inc.(e)

        

4.63%, 07/15/28

        318        314,502  

3.88%, 11/01/29

        63        59,220  

Embecta Corp.

        

5.00%, 02/15/30(e)

        33        31,126  

6.75%, 02/15/30(j)

        49        49,123  

Hologic, Inc., 3.25%, 02/15/29(e)

        24        22,410  

Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA(e)

        

7.38%, 06/01/25

        171        176,130  

7.25%, 02/01/28

        152        156,560  
       

 

 

  
          809,071  
Health Care Providers & Services — 1.0%  

Acadia Healthcare Co., Inc.(e)

        

5.50%, 07/01/28

        66        66,330  

5.00%, 04/15/29

        44        43,438  

AdaptHealth LLC(e)

        

6.13%, 08/01/28

        24        23,820  

5.13%, 03/01/30

        16        14,860  

AHP Health Partners, Inc.,
5.75%, 07/15/29(e)

        105        97,650  

Akumin Escrow, Inc., 7.50%, 08/01/28(e)

        19        15,105  

Cano Health LLC, 6.25%, 10/01/28(e)

        40        38,400  

Centene Corp.

        

4.25%, 12/15/27

        59        59,221  

2.45%, 07/15/28

        198        180,913  

4.63%, 12/15/29

        70        70,566  

3.00%, 10/15/30

        382        350,856  

2.50%, 03/01/31

        462        407,729  

2.63%, 08/01/31

        135        120,150  

CHS/Community Health Systems,
Inc.(e)

        

8.00%, 03/15/26

        410        426,982  

5.63%, 03/15/27

        173        176,189  

6.00%, 01/15/29

        136        137,421  

6.88%, 04/15/29

        34        33,405  
Security          Par
(000)		     Value  

Health Care Providers & Services (continued)

      

CHS/Community Health Systems, Inc.(e) (continued)
6.13%, 04/01/30

     USD       91     $ 84,673  

DaVita, Inc., 4.63%, 06/01/30(e)

       3       2,801  

Encompass Health Corp.

      

4.50%, 02/01/28

       16       15,680  

4.75%, 02/01/30

       123           118,080  

4.63%, 04/01/31

       66       61,779  

HCA, Inc.

      

5.63%, 09/01/28

       200       216,250  

3.50%, 09/01/30

       354       341,987  

Legacy LifePoint Health LLC(e)

      

6.75%, 04/15/25

       116       119,855  

4.38%, 02/15/27

       44       42,508  

LifePoint Health, Inc., 5.38%, 01/15/29(e)

       74       69,921  

ModivCare Escrow Issuer, Inc.,
5.00%, 10/01/29(e)

      31       28,899  

ModivCare, Inc., 5.88%, 11/15/25(e)

       23       23,223  

Molina Healthcare, Inc.(e)

      

4.38%, 06/15/28

       12       11,875  

3.88%, 11/15/30

       79       75,840  

3.88%, 05/15/32

       64       60,861  

Mozart Debt Merger Sub, Inc., 5.25%, 10/01/29(e)

       363       337,470  

Owens & Minor, Inc., 6.63%, 04/01/30(e)

       46       47,334  

Prime Healthcare Services, Inc.,
7.25%, 11/01/25(e)

       149       152,724  

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26(e)

       17       17,783  

Surgery Center Holdings, Inc.(e)

      

6.75%, 07/01/25

       145       144,456  

10.00%, 04/15/27

       276       289,800  

Teleflex, Inc., 4.25%, 06/01/28(e)

       42       40,897  

Tenet Healthcare Corp.(e)

      

4.88%, 01/01/26

       202       203,767  

5.13%, 11/01/27

       343       344,614  

4.63%, 06/15/28

       26       25,513  

6.13%, 10/01/28

       55       55,894  

4.25%, 06/01/29

       39       37,391  
   

 

 

  
        5,234,910  
Health Care Technology — 0.2%                  

Catalent Pharma Solutions, Inc.(e)

      

5.00%, 07/15/27

       41       41,478  

3.13%, 02/15/29

       48       43,628  

3.50%, 04/01/30

       134       122,275  

Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(e)

       229       229,000  

Charles River Laboratories International, Inc.(e)

      

4.25%, 05/01/28

       46       44,965  

3.75%, 03/15/29

       11       10,375  

4.00%, 03/15/31

       31       29,101  

Chrome Bidco SASU, 3.50%, 05/31/28(a)

     EUR       100       105,691  

Minerva Merger Sub, Inc., 6.50%, 02/15/30(e)

     USD       174       168,802  

Syneos Health, Inc., 3.63%, 01/15/29(e)

       166       153,343  
   

 

 

  
        948,658  
Healthcare — 0.0%                  

Akumin, Inc., 7.00%, 11/01/25(e)

       23       19,090  
   

 

 

  

Hotels, Restaurants & Leisure — 0.9%

      

1011778 BC ULC/New Red Finance, Inc.(e)

      

3.88%, 01/15/28

       60       56,852  

4.38%, 01/15/28

       234       224,640  

4.00%, 10/15/30

       12       10,824  
 

 

S C H E D U L E   O F   I N V E S T M E N T S

   6

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Hotels, Restaurants & Leisure (continued)

 

Affinity Gaming, 6.88%, 12/15/27(e)

   USD 49     $ 47,653  

Boyd Gaming Corp.

    

8.63%, 06/01/25(e)

     39       40,964  

4.75%, 12/01/27

     58       57,710  

4.75%, 06/15/31(e)

     160       154,200  

Boyne USA, Inc., 4.75%, 05/15/29(e)

     94       90,240  

Caesars Entertainment, Inc.(e)

    

6.25%, 07/01/25

     481       496,604  

8.13%, 07/01/27

     361       386,795  

4.63%, 10/15/29

     172       160,820  

Caesars Resort Collection LLC/CRC Finco, Inc.,
5.75%, 07/01/25(e)

     151       154,108  

CCM Merger, Inc., 6.38%, 05/01/26(e)

     53       53,530  

CDI Escrow Issuer, Inc.,
5.75%, 04/01/30(e)(j)

             177       178,770  

Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op

    

5.50%, 05/01/25(e)

     384               394,335  

6.50%, 10/01/28

     19       19,333  

Churchill Downs, Inc., 4.75%, 01/15/28(e)

     129       125,130  

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(e)

    

4.63%, 01/15/29

     179       169,603  

6.75%, 01/15/30

     182       167,435  

Food Service Project SA,
5.50%, 01/21/27(a)

   EUR 100       108,286  

Hilton Domestic Operating Co., Inc.

    

5.75%, 05/01/28(e)

   USD 108       111,737  

4.88%, 01/15/30

     186       185,581  

4.00%, 05/01/31(e)

     73       68,894  

MGM Resorts International,
5.75%, 06/15/25

     73       74,826  

Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
4.88%, 05/01/29(e)

     80       73,749  

Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc.,
8.50%, 11/15/27(e)

     76       84,075  

Penn National Gaming, Inc.,
4.13%, 07/01/29(e)

     24       21,485  

Powdr Corp., 6.00%, 08/01/25(e)

     67       68,508  

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(e)

    

5.63%, 09/01/29

     34       29,221  

5.88%, 09/01/31

     37       31,585  

Raptor Acquisition Corp./Raptor Co.-Issuer LLC,
4.88%, 11/01/26(e)

     57       54,749  

Scientific Games International, Inc.(e)

    

8.63%, 07/01/25

     65       68,331  

8.25%, 03/15/26

     301       313,416  

Six Flags Theme Parks, Inc.,
7.00%, 07/01/25(e)

     211       220,231  

Station Casinos LLC, 4.63%, 12/01/31(e)

     89       81,408  

Vail Resorts, Inc., 6.25%, 05/15/25(e)

     89       91,926  

Wyndham Hotels & Resorts, Inc.,
4.38%, 08/15/28(e)

     44       42,350  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
5.13%, 10/01/29(e)

     198       186,367  

Yum! Brands, Inc.

    

4.75%, 01/15/30(e)

     24       23,535  

5.35%, 11/01/43

     14       13,615  
   

 

 

  
      4,943,421  
Household Durables — 0.2%            

Ashton Woods USA LLC/Ashton Woods Finance Co.(e)

    

4.63%, 08/01/29

     32       28,219  
Security  

Par

(000)

     Value  

Household Durables (continued)

    

Ashton Woods USA LLC/Ashton Woods Finance
Co.(e) (continued)

    

4.63%, 04/01/30

   USD 46     $ 40,074  

Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(e)

    

5.00%, 06/15/29

     67       60,837  

4.88%, 02/15/30

         256       228,945  

CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(e)

     104       106,860  

Forestar Group, Inc., 3.85%, 05/15/26(e)

     33       30,772  

K Hovnanian Enterprises, Inc., 10.00%, 11/15/25(e)

    20       21,150  

Mattamy Group Corp., 4.63%, 03/01/30(e)

     72       67,630  

NCR Corp.(e)

    

5.75%, 09/01/27

     20       20,000  

5.00%, 10/01/28

     57       54,577  

5.13%, 04/15/29

     30       28,840  

6.13%, 09/01/29

     78       78,195  

New Home Co., Inc., 7.25%, 10/15/25(e)

     22       21,270  

Newell Brands, Inc., 5.75%, 04/01/46

     35       36,575  

SWF Escrow Issuer Corp., 6.50%, 10/01/29(e)

     88       76,050  

Taylor Morrison Communities, Inc.,
5.13%, 08/01/30(e)

     20       19,550  

Tempur Sealy International, Inc.(e)

    

4.00%, 04/15/29

     87       79,024  

3.88%, 10/15/31

     88       75,460  

Tri Pointe Homes, Inc., 5.70%, 06/15/28

     18       17,969  
   

 

 

  
      1,091,997  
Household Products — 0.0%            

Energizer Holdings, Inc., 6.50%, 12/31/27(e)

     38       37,620  
   

 

 

  
Independent Power and Renewable Electricity Producers(e) — 0.2%  

Calpine Corp.

    

5.25%, 06/01/26

     28       28,140  

5.13%, 03/15/28

     451       429,613  

4.63%, 02/01/29

     22       20,240  

5.00%, 02/01/31

     21       19,110  

3.75%, 03/01/31

     4       3,581  

Clearway Energy Operating LLC

    

4.75%, 03/15/28

     20       20,086  

3.75%, 01/15/32

     82       75,440  

NRG Energy, Inc.

    

3.63%, 02/15/31

     91       80,043  

3.88%, 02/15/32

     78       68,640  

TerraForm Power Operating LLC, 4.75%, 01/15/30

     74       72,172  

Vistra Corp., (5 year CMT + 6.93%), 8.00%(g)(h)

     138       139,379  
   

 

 

  
      956,444  
Insurance(e) — 0.4%            

Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29

     71       65,649  

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

    

4.25%, 10/15/27

     371       356,854  

6.75%, 10/15/27

     731       722,184  

5.88%, 11/01/29

     380       365,275  

AmWINS Group, Inc., 4.88%, 06/30/29

     82       78,722  

BroadStreet Partners, Inc., 5.88%, 04/15/29

     17       15,852  

GTCR AP Finance, Inc., 8.00%, 05/15/27

     4       4,046  

HUB International Ltd.

    

7.00%, 05/01/26

     416       420,807  
 

 

7  

    

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Insurance (continued)

    

HUB International Ltd. (continued)

    

5.63%, 12/01/29

   USD 16     $ 15,280  

Ryan Specialty Group LLC, 4.38%, 02/01/30

     43       40,635  
   

 

 

  
          2,085,304  
Interactive Media & Services — 0.1%            

Arches Buyer, Inc., 4.25%, 06/01/28(e)

     36       33,583  

Iliad SA, 2.38%, 06/17/26(a)

   EUR 100       107,333  

Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.(e)

    

4.75%, 04/30/27

   USD 96       91,152  

6.00%, 02/15/28

     71       62,324  

10.75%, 06/01/28

     30       31,275  

Twitter, Inc.(e)

    

3.88%, 12/15/27

     103       100,039  

5.00%, 03/01/30

     86       85,570  

United Group BV, 5.25%, 02/01/30(a)

   EUR 100       103,309  
   

 

 

  
      614,585  
Internet Software & Services(e) — 0.2%            

ANGI Group LLC, 3.88%, 08/15/28

   USD 106       89,797  

Endurance International Group Holdings, Inc., 6.00%, 02/15/29

     34       29,326  

Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29

     40       36,779  

Match Group Holdings II LLC

    

4.63%, 06/01/28

     43       41,656  

4.13%, 08/01/30

     65       60,910  

3.63%, 10/01/31

     35       31,305  

Uber Technologies, Inc.

    

7.50%, 05/15/25

             242       252,527  

8.00%, 11/01/26

     92       97,768  

7.50%, 09/15/27

     188       200,457  

6.25%, 01/15/28

     314       324,657  

4.50%, 08/15/29

     149       139,688  
   

 

 

  
      1,304,870  
IT Services — 0.5%            

Ahead DB Holdings LLC, 6.63%, 05/01/28(e)

     35       31,270  

Booz Allen Hamilton, Inc.(e)

    

3.88%, 09/01/28

     101       97,494  

4.00%, 07/01/29

     145       141,584  

CA Magnum Holdings, 5.38%, 10/31/26(e)

     201       195,975  

Camelot Finance SA, 4.50%, 11/01/26(e)

     50       48,625  

Dun & Bradstreet Corp., 5.00%, 12/15/29(e)

     162       152,280  

Fair Isaac Corp., 4.00%, 06/15/28(e)

     63       60,992  

Fiserv, Inc., 2.25%, 06/01/27

     1,385       1,308,047  

Gartner, Inc.(e)

    

4.50%, 07/01/28

     83       82,688  

3.63%, 06/15/29

     48       45,000  

3.75%, 10/01/30

     66       61,957  

KBR, Inc., 4.75%, 09/30/28(e)

     61       59,471  

Rackspace Technology Global, Inc., 5.38%, 12/01/28(e)

     18       15,618  

Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,
5.75%, 06/01/25(e)

     190       191,662  

Twilio, Inc., 3.88%, 03/15/31

     112       104,106  

ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(e)

     157       143,502  
   

 

 

  
      2,740,271  
Security  

Par

(000)

     Value  

Leisure Products — 0.1%

    

Mattel, Inc.

    

5.88%, 12/15/27(e)

   USD 34     $ 35,567  

3.75%, 04/01/29(e)

     45       43,300  

6.20%, 10/01/40

     65       74,771  

5.45%, 11/01/41

     119       126,676  
   

 

 

  
      280,314  
Machinery — 0.4%            

ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28(e)

     35       32,900  

Clark Equipment Co., 5.88%, 06/01/25(e)

     24       24,210  

Colfax Corp., 6.38%, 02/15/26(e)

     63       64,987  

Husky III Holding Ltd., (13.00% Cash or 13.75% PIK),
13.00%, 02/15/25(e)(i)

             445       462,800  

Madison IAQ LLC(e)

    

4.13%, 06/30/28

     31       28,571  

5.88%, 06/30/29

     831       745,822  

Mueller Water Products, Inc.,
4.00%, 06/15/29(e)

     34       32,206  

OT Merger Corp., 7.88%, 10/15/29(e)

     37       32,005  

Schenck Process Holding GmbH/Darmstadt,
5.38%, 06/15/23(a)

   EUR 100       109,242  

Terex Corp., 5.00%, 05/15/29(e)

   USD 102       97,764  

Titan Acquisition Ltd./Titan Co.-Borrower LLC,
7.75%, 04/15/26(e)

     163       161,969  

TK Elevator Holdco GmbH,
7.63%, 07/15/28(e)

     200       198,250  

TK Elevator US Newco Inc.,
5.25%, 07/15/27(e)

     200       197,806  
   

 

 

  
              2,188,532  
Media — 2.5%            

Adelphia Communications Corp.,
10.50%, 12/31/49(b)(c)(f)

     400       —  

Advantage Sales & Marketing, Inc.,
6.50%, 11/15/28(e)

     34       32,179  

Altice Financing SA(e)

    

5.00%, 01/15/28

     204       182,855  

5.75%, 08/15/29

     251       228,180  

Altice France Holding SA(e)

    

10.50%, 05/15/27

     742       776,507  

6.00%, 02/15/28

     272       234,600  

AMC Entertainment Holdings, Inc.(e)

    

7.50%, 02/15/29

     148       143,820  

(10.00% Cash or 12.00% PIK),
10.00%, 06/15/26(i)

     115       103,257  

AMC Networks, Inc., 4.25%, 02/15/29

     39       36,395  

Cable One, Inc.

    

1.13%, 03/15/28

     66       59,004  

4.00%, 11/15/30(e)

     44       40,578  

CCO Holdings LLC/CCO Holdings Capital Corp.

    

5.13%, 05/01/27(e)

     38       38,056  

5.00%, 02/01/28(e)

     34       33,643  

5.38%, 06/01/29(e)

     117       117,000  

4.75%, 03/01/30(e)

     22       21,125  

4.50%, 08/15/30(e)

     103       96,644  

4.25%, 02/01/31(e)

     273       247,747  

4.75%, 02/01/32(e)

     78       72,637  

4.50%, 05/01/32

     199       182,025  

4.50%, 06/01/33(e)

     95       85,262  

4.25%, 01/15/34(e)

     282       244,916  

Clear Channel International BV,
6.63%, 08/01/25(e)

    200       203,500  

Clear Channel Outdoor Holdings, Inc.(e)

    

7.75%, 04/15/28

     222       223,161  
 

 

S C H E D U L E   O F   I N V E S T M E N T S

   8

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Media (continued)

    

Clear Channel Outdoor Holdings, Inc.(e) (continued)

 

7.50%, 06/01/29

   USD 298     $ 297,361  

Clear Channel Worldwide Holdings, Inc.,
5.13%, 08/15/27(e)

     550       544,054  

Connect Finco SARL/Connect U.S. Finco LLC,

    

6.75%, 10/01/26(e)

     738       750,834  

CSC Holdings LLC

    

5.25%, 06/01/24

     344       344,435  

4.13%, 12/01/30(e)

     223       195,541  

3.38%, 02/15/31(e)

     205       172,712  

Directv Financing LLC/Directv Financing Co.- Obligor, Inc., 5.88%, 08/15/27(e)

     155       152,481  

DISH DBS Corp.

    

5.88%, 07/15/22

     582       584,898  

5.25%, 12/01/26(e)

     463       441,007  

5.75%, 12/01/28(e)

     301       284,821  

5.13%, 06/01/29

     107       91,120  

Frontier Communications Holdings LLC(e)

    

5.88%, 10/15/27

     138       137,075  

5.00%, 05/01/28

     291       279,360  

6.75%, 05/01/29

     146       140,160  

6.00%, 01/15/30

     120       111,000  

GCI LLC, 4.75%, 10/15/28(e)

     29       28,312  

iHeartCommunications, Inc., 8.38%, 05/01/27

     11       11,718  

Iliad Holding SASU(e)

    

6.50%, 10/15/26

     200           200,540  

7.00%, 10/15/28

     200       200,296  

Kaixo Bondco Telecom SA, 5.13%, 09/30/29(a)

   EUR 100       103,575  

Lamar Media Corp., 4.00%, 02/15/30

   USD 57       54,221  

LCPR Senior Secured Financing DAC(e)

    

6.75%, 10/15/27

         180       184,914  

5.13%, 07/15/29

     200       190,939  

Liberty Broadband Corp., 2.75%, 09/30/50(e)(k)

     481       474,398  

Ligado Networks LLC, (15.50% PIK),
15.50%, 11/01/23(e)(i)

     199       138,406  

Lions Gate Capital Holdings LLC,
5.50%, 04/15/29(e)

     180       173,475  

Live Nation Entertainment, Inc.(e)

    

4.88%, 11/01/24

     9       9,036  

6.50%, 05/15/27

     342       364,237  

4.75%, 10/15/27

     30       29,250  

3.75%, 01/15/28

     27       25,377  

Outfront Media Capital LLC/Outfront Media Capital Corp.(e)

    

5.00%, 08/15/27

     25       24,440  

4.25%, 01/15/29

     43       40,001  

4.63%, 03/15/30

     4       3,765  

Radiate Holdco LLC/Radiate Finance, Inc.(e)

    

4.50%, 09/15/26

     759       732,435  

6.50%, 09/15/28

     395       373,522  

Scripps Escrow II, Inc., 3.88%, 01/15/29(e)

     5       4,646  

Sinclair Television Group, Inc.,
4.13%, 12/01/30(e)

     100       89,167  

Sirius XM Radio, Inc.(e)

    

3.13%, 09/01/26

     156       147,494  

4.00%, 07/15/28

     134       127,300  

4.13%, 07/01/30

     45       42,128  

3.88%, 09/01/31

     159       144,690  

Stagwell Global LLC, 5.63%, 08/15/29(e)

     32       30,188  

Terrier Media Buyer, Inc., 8.88%, 12/15/27(e)

     100       101,750  
Security  

Par

(000)

     Value  

Media (continued)

    

Univision Communications, Inc.(e)

    

5.13%, 02/15/25

   USD 107     $ 107,090  

6.63%, 06/01/27

     6       6,285  

UPC Broadband Finco BV,
4.88%, 07/15/31(e)

     200       187,774  

Videotron Ltd., 3.63%, 06/15/29(e)

     85       78,811  

Virgin Media Secured Finance PLC,
4.50%, 08/15/30(e)

     200       186,500  

Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28(e)

     242       232,320  

WMG Acquisition Corp., 3.88%, 07/15/30(e)

     7       6,668  

Ziggo Bond Co. BV, 5.13%, 02/28/30(e)

         200       186,126  
   

 

 

  
        12,971,744  
Metals & Mining — 0.4%            

Allegheny Technologies, Inc.

    

4.88%, 10/01/29

     32       30,326  

5.13%, 10/01/31

     37       34,696  

Arconic Corp.(e)

    

6.00%, 05/15/25

     13       13,299  

6.13%, 02/15/28

     145       145,488  

Big River Steel LLC/BRS Finance Corp.,
6.63%, 01/31/29(e)

     334       350,439  

Carpenter Technology Corp.,
7.63%, 03/15/30

     49       50,172  

Commercial Metals Co.

    

4.13%, 01/15/30

     23       21,476  

4.38%, 03/15/32

     24       22,290  

Constellium SE, 3.75%, 04/15/29(e)

     250       224,375  

ERO Copper Corp., 6.50%, 02/15/30(e)

     50       48,713  

Joseph T Ryerson & Son, Inc.,
8.50%, 08/01/28(e)

     38       41,135  

Kaiser Aluminum Corp.(e)

    

4.63%, 03/01/28

     118       110,844  

4.50%, 06/01/31

     38       34,260  

New Gold, Inc., 7.50%, 07/15/27(e)

     170       176,375  

Novelis Corp.(e)

    

3.25%, 11/15/26

     133       127,052  

4.75%, 01/30/30

     344       333,978  

3.88%, 08/15/31

     139       127,138  

Roller Bearing Co. of America, Inc.,
4.38%, 10/15/29(e)

     39       36,368  

U.S. Steel Corp., 6.88%, 03/01/29

     130       135,200  
   

 

 

  
      2,063,624  
Mortgage Real Estate Investment Trusts (REITs) — 0.0%  

Starwood Property Trust, Inc.,
5.50%, 11/01/23(e)

     9       9,153  
   

 

 

  
Multiline Retail — 0.0%            

Bath & Body Works, Inc., 7.60%, 07/15/37

     96       99,600  

Macy’s Retail Holdings LLC(e)

    

5.88%, 03/15/30

     15       14,798  

6.13%, 03/15/32

     15       14,812  

NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(e)

     123       126,321  
   

 

 

  
      255,531  
Oil, Gas & Consumable Fuels — 2.6%            

Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(e)

     110       114,147  

Antero Midstream Partners LP/Antero Midstream Finance Corp.(e)

    

5.75%, 03/01/27

     66       67,214  

5.75%, 01/15/28

     15       15,319  

5.38%, 06/15/29

     66       65,933  
 

 

9  

    

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Oil, Gas & Consumable Fuels (continued)

    

Antero Resources Corp.(e)

    

7.63%, 02/01/29

   USD 46     $ 49,723  

5.38%, 03/01/30

     25       25,531  

Apache Corp.

    

4.25%, 01/15/30

     78       78,625  

5.10%, 09/01/40

     130       130,975  

5.25%, 02/01/42

     18       17,910  

5.35%, 07/01/49

     41       39,463  

Arcosa, Inc., 4.38%, 04/15/29(e)

     117       111,004  

Ascent Resources Utica Holdings LLC/ARU

    

Finance Corp.(e)

    

9.00%, 11/01/27

     298       408,260  

5.88%, 06/30/29

     71       70,154  

Brand Industrial Services, Inc., 8.50%, 07/15/25(e)

     314       292,045  

Buckeye Partners LP

    

5.85%, 11/15/43

     16       13,639  

5.60%, 10/15/44

     6       5,030  

Callon Petroleum Co.

    

6.13%, 10/01/24

     33       32,835  

9.00%, 04/01/25(e)

     237       251,220  

6.38%, 07/01/26

     14       13,921  

8.00%, 08/01/28(e)

     197       207,671  

Cellnex Telecom SA, Series CLNX,
0.75%, 11/20/31(a)

   EUR 100       95,313  

Centennial Resource Production LLC,
6.88%, 04/01/27(e)

   USD 36       36,184  

Cheniere Energy Partners LP

    

4.50%, 10/01/29

     198       198,990  

4.00%, 03/01/31

     174       168,674  

3.25%, 01/31/32(e)

     205       186,404  

Cheniere Energy, Inc., 4.63%, 10/15/28

         540           541,809  

Chesapeake Energy Corp.(e)

    

5.88%, 02/01/29

     5       5,163  

6.75%, 04/15/29

     166       175,816  

CITGO Petroleum Corp.(e)

    

7.00%, 06/15/25

     90       90,562  

6.38%, 06/15/26

     74       74,457  

Civitas Resources, Inc., 5.00%, 10/15/26(e)

     28       27,756  

CNX Midstream Partners LP, 4.75%, 04/15/30(e)

     30       28,094  

CNX Resources Corp., 6.00%, 01/15/29(e)

     27       27,270  

Colgate Energy Partners III LLC(e)

    

7.75%, 02/15/26

     38       40,508  

5.88%, 07/01/29

     129       132,993  

Comstock Resources, Inc.(e)

    

7.50%, 05/15/25

     96       97,440  

6.75%, 03/01/29

     137       141,326  

5.88%, 01/15/30

     152       149,766  

CQP Holdco LP/BIP-V Chinook Holdco LLC,

    

5.50%, 06/15/31(e)

     250       245,600  

Crescent Energy Finance LLC, 7.25%, 05/01/26(e)

     222       223,035  

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(e)

    

5.63%, 05/01/27

     11       10,899  

6.00%, 02/01/29

     8       7,970  

8.00%, 04/01/29

     27       28,819  

CrownRock LP/CrownRock Finance, Inc.,
5.63%, 10/15/25(e)

     435       443,367  

DCP Midstream Operating LP(e)

    

6.45%, 11/03/36

     250       288,062  

6.75%, 09/15/37

     8       9,380  
Security  

Par

(000)

     Value  

Oil, Gas & Consumable Fuels (continued)

    

DT Midstream, Inc.(e)

    

4.13%, 06/15/29

   USD 132     $ 126,562  

4.38%, 06/15/31

     152       145,540  

Dycom Industries, Inc., 4.50%, 04/15/29(e)

     33       31,103  

eG Global Finance PLC

    

6.75%, 02/07/25(e)

     200           199,500  

6.25%, 10/30/25(a)

   EUR 142       156,441  

Energy Transfer LP, Series H, (5 year CMT + 5.69%), 6.50%(g)(h)

   USD 204       200,491  

EnLink Midstream LLC

    

5.63%, 01/15/28(e)

     74       75,480  

5.38%, 06/01/29

     25       24,938  

EnLink Midstream Partners LP

    

4.40%, 04/01/24

     136       137,776  

4.85%, 07/15/26

     39       39,000  

5.60%, 04/01/44

     82       70,725  

5.45%, 06/01/47

     18       15,165  

EQM Midstream Partners LP

    

6.00%, 07/01/25(e)

     88       89,764  

4.13%, 12/01/26

     17       16,321  

6.50%, 07/01/27(e)

     117       122,211  

4.50%, 01/15/29(e)

     55       51,425  

4.75%, 01/15/31(e)

         236       220,660  

Great Western Petroleum LLC/Great Western Finance Corp., 12.00%, 09/01/25(e)

     6       6,690  

Gulfport Energy Corp., 8.00%, 05/17/26(e)

     11       11,830  

Harvest Midstream I LP, 7.50%, 09/01/28(e)

     20       20,428  

Hess Midstream Operations LP, 4.25%, 02/15/30(e)

    77       72,657  

Hilcorp Energy I LP/Hilcorp Finance Co.,
6.25%, 11/01/28(e)

     10       10,050  

ITT Holdings LLC, 6.50%, 08/01/29(e)

     109       100,685  

MasTec, Inc., 4.50%, 08/15/28(e)

     66       65,391  

Matador Resources Co., 5.88%, 09/15/26

     171       174,129  

Murphy Oil Corp.

    

5.75%, 08/15/25

     35       35,666  

5.88%, 12/01/27

     20       20,350  

Murphy Oil USA, Inc., 4.75%, 09/15/29

     109       108,081  

Nabors Industries Ltd.(e)

    

7.25%, 01/15/26

     17       17,000  

7.50%, 01/15/28

     44       42,900  

Nabors Industries, Inc., 7.38%, 05/15/27(e)

     78       81,023  

New Fortress Energy, Inc.(e)

    

6.75%, 09/15/25

     296       297,749  

6.50%, 09/30/26

     309       306,148  

NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(e)

     80       78,695  

NGPL PipeCo LLC, 7.77%, 12/15/37(e)

     186       233,435  

Northern Oil and Gas, Inc., 8.13%, 03/01/28(e)

     213       221,908  

NuStar Logistics LP

    

5.75%, 10/01/25

     41       41,769  

6.00%, 06/01/26

     124       125,394  

6.38%, 10/01/30

     2       2,027  

Occidental Petroleum Corp.

    

6.95%, 07/01/24

     19       20,401  

5.50%, 12/01/25

     33       34,726  

5.55%, 03/15/26

     12       12,720  

8.88%, 07/15/30

     19       24,368  

6.63%, 09/01/30

     705       808,987  

6.20%, 03/15/40

     302       335,220  

4.50%, 07/15/44

     20       19,113  
 

 

S C H E D U L E   O F   I N V E S T M E N T S

   10

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Oil, Gas & Consumable Fuels (continued)

    

Occidental Petroleum Corp. (continued)

    

6.60%, 03/15/46

   USD 10     $ 11,750  

4.40%, 04/15/46

     12       11,400  

4.40%, 08/15/49

     12       11,280  

PDC Energy, Inc., 6.13%, 09/15/24

     68       68,832  

Range Resources Corp.

    

4.88%, 05/15/25

     39       39,474  

4.75%, 02/15/30(e)

     35       34,761  

Rockcliff Energy II LLC, 5.50%, 10/15/29(e)

             108           108,100  

SM Energy Co.

    

10.00%, 01/15/25(e)

     242       264,182  

5.63%, 06/01/25

     22       21,973  

6.75%, 09/15/26

     37       38,046  

6.63%, 01/15/27

     10       10,252  

6.50%, 07/15/28

     37       38,181  

Southwestern Energy Co.

    

5.38%, 02/01/29

     124       125,550  

4.75%, 02/01/32

     52       51,935  

Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/26(e)

     32       30,513  

Sunoco LP/Sunoco Finance Corp.,
5.88%, 03/15/28

     151       152,510  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(e)

    

6.00%, 03/01/27

     14       13,946  

6.00%, 12/31/30

     10       9,704  

6.00%, 09/01/31

     33       31,771  

Tap Rock Resources LLC, 7.00%, 10/01/26(e)

     237       245,323  

Transocean, Inc., 11.50%, 01/30/27(e)

     167       172,427  

Venture Global Calcasieu Pass LLC(e)

    

3.88%, 08/15/29

     258       250,810  

4.13%, 08/15/31

     224       219,778  

3.88%, 11/01/33

     446       426,487  

Western Midstream Operating LP

    

4.75%, 08/15/28

     95       98,052  

4.55%, 02/01/30

     25       24,875  

5.45%, 04/01/44

     217       219,986  

5.30%, 03/01/48

     16       15,840  

5.50%, 08/15/48

     17       16,788  

5.75%, 02/01/50

     156       152,100  
   

 

 

  
      13,455,544  
Personal Products — 0.0%            

Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29(e)

     48       44,790  
   

 

 

  
Pharmaceuticals — 0.5%            

Bausch Health Americas, Inc., 8.50%, 01/31/27(e)

     93       92,746  

Bausch Health Cos., Inc.(e)

    

9.00%, 12/15/25

     192       198,926  

6.13%, 02/01/27

     44       44,279  

7.00%, 01/15/28

     119       106,538  

4.88%, 06/01/28

     45       43,087  

5.00%, 02/15/29

     76       59,204  

6.25%, 02/15/29

     84       68,880  

5.25%, 02/15/31

     7       5,449  

Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28(a)

   EUR 100       109,247  

Elanco Animal Health, Inc., 6.40%, 08/28/28

   USD 57       61,134  
Security  

Par

(000)

     Value  

Pharmaceuticals (continued)

    

Endo Dac/Endo Finance LLC/Endo Finco, Inc.,
9.50%, 07/31/27(e)

   USD 240     $ 210,600  

Endo Luxembourg Finance Co. I SARL/Endo U.S., Inc., 6.13%, 04/01/29(e)

     154       140,525  

Gruenenthal GmbH, 4.13%, 05/15/28(a)

   EUR 100       107,583  

Nidda Healthcare Holding GmbH,
3.50%, 09/30/24(a)

     200       211,847  

Option Care Health, Inc., 4.38%, 10/31/29(e)

   USD 43       40,313  

Organon and Co./Organon Foreign Debt Co-Issuer BV(e)

    

4.13%, 04/30/28

     200       190,541  

5.13%, 04/30/31

     200       193,000  

P&L Development LLC/PLD Finance Corp.,
7.75%, 11/15/25(e)

     88       80,960  

Par Pharmaceutical, Inc., 7.50%, 04/01/27(e)

     282           263,148  

PRA Health Sciences, Inc., 2.88%, 07/15/26(e)

             200       190,312  

Prestige Brands, Inc., 3.75%, 04/01/31(e)

     70       62,475  

Teva Pharmaceutical Finance Netherlands II BV,
3.75%, 05/09/27

   EUR 100       104,181  
   

 

 

  
      2,584,975  
Real Estate Management & Development — 0.1%  

Cushman & Wakefield U.S. Borrower LLC,
6.75%, 05/15/28(e)

   USD 90       94,050  

DIC Asset AG, 2.25%, 09/22/26(a)

   EUR 100       96,797  

Howard Hughes Corp.(e)

    

5.38%, 08/01/28

   USD 8       8,032  

4.13%, 02/01/29

     51       47,851  

4.38%, 02/01/31

     63       59,220  

Kennedy-Wilson, Inc.,
4.75%, 02/01/30

     44       41,840  

Realogy Group LLC/Realogy Co.-Issuer Corp.(e)

    

5.75%, 01/15/29

     91       85,768  

5.25%, 04/15/30

     43       39,560  

Starwood Property Trust, Inc., 4.38%, 01/15/27(e)

     25       24,250  

Unique Pub Finance Co. PLC, Series A4,
5.66%, 06/30/27(a)

   GBP 40       56,055  

WeWork Cos. LLC/WW Co-Obligor, Inc.,
5.00%, 07/10/25(e)

   USD 104       87,423  
   

 

 

  
      640,846  
Road & Rail — 0.0%            

Autostrade per l’Italia SpA, 2.00%, 01/15/30(a)

   EUR 100       104,216  

Seaspan Corp., 5.50%, 08/01/29(e)

   USD 101       94,561  
   

 

 

  
      198,777  
Semiconductors & Semiconductor Equipment(e) — 0.1%  

ON Semiconductor Corp., 3.88%, 09/01/28

     91       86,905  

Sensata Technologies BV, 4.00%, 04/15/29

     78       74,274  

Sensata Technologies, Inc.

    

4.38%, 02/15/30

     181       173,098  

3.75%, 02/15/31

     49       45,325  

Synaptics, Inc., 4.00%, 06/15/29

     61       57,493  
   

 

 

  
      437,095  
Software — 0.4%            

Black Knight InfoServ LLC, 3.63%, 09/01/28(e)

     122       115,619  

Boxer Parent Co., Inc.(e)

    

7.13%, 10/02/25

     148       153,408  

9.13%, 03/01/26

     215       221,450  

Condor Merger Sub, Inc., 7.38%, 02/15/30(e)

     184       176,500  

Crowdstrike Holdings, Inc., 3.00%, 02/15/29

     35       32,113  

Elastic NV, 4.13%, 07/15/29(e)

     120       111,595  
 

 

11  

    

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Software (continued)

    

Iron Mountain Information Management Services, Inc.,
5.00%, 07/15/32(e)

   USD 73     $ 68,437  

MicroStrategy, Inc., 6.13%, 06/15/28(e)

     139       135,251  

MSCI, Inc.(e)

    

3.63%, 09/01/30

     64       59,993  

3.88%, 02/15/31

     11       10,430  

3.63%, 11/01/31

     41       38,591  

3.25%, 08/15/33

     58       52,131  

Open Text Corp.(e)

    

3.88%, 02/15/28

     2       1,918  

3.88%, 12/01/29

     50       47,500  

Playtika Holding Corp., 4.25%, 03/15/29(e)

     155       142,987  

PTC, Inc., 4.00%, 02/15/28(e)

     80       77,942  

SS&C Technologies, Inc., 5.50%, 09/30/27(e)

     251       252,886  

Veritas U.S., Inc./Veritas Bermuda Ltd.,
7.50%, 09/01/25(e)

             327       310,227  
   

 

 

  
          2,008,978  

Specialty Retail(e) — 0.2%

    

Arko Corp., 5.13%, 11/15/29.

     58       52,780  

PetSmart, Inc./PetSmart Finance Corp.

    

4.75%, 02/15/28

     250       241,601  

7.75%, 02/15/29

     503       519,348  

Staples, Inc.

    

7.50%, 04/15/26

     144       139,839  

10.75%, 04/15/27

     58       51,620  
   

 

 

  
      1,005,188  
Technology Hardware, Storage & Peripherals — 0.0%  

II-VI, Inc., 5.00%, 12/15/29(e)

     111       108,503  
   

 

 

  
Textiles, Apparel & Luxury Goods(e) — 0.0%  

Crocs, Inc.

    

4.25%, 03/15/29

     56       49,560  

4.13%, 08/15/31

     73       61,685  

Kontoor Brands, Inc., 4.13%, 11/15/29

     32       29,280  

Levi Strauss & Co., 3.50%, 03/01/31

     35       32,052  

William Carter Co., 5.50%, 05/15/25

     11       11,336  

Wolverine World Wide, Inc., 4.00%, 08/15/29

     33       29,287  
   

 

 

  
      213,200  
Thrifts & Mortgage Finance — 0.1%            

Enact Holdings, Inc., 6.50%, 08/15/25(e)

     129       133,083  

Home Point Capital, Inc., 5.00%, 02/01/26(e)

     65       53,255  

MGIC Investment Corp., 5.25%, 08/15/28

     47       46,432  

Nationstar Mortgage Holdings, Inc.(e)

    

6.00%, 01/15/27

     54       54,950  

5.13%, 12/15/30

     34       31,450  

5.75%, 11/15/31

     32       30,519  

Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.,
2.88%, 10/15/26(e)

     42       38,562  
   

 

 

  
      388,251  
Utilities(e) — 0.0%            

Consensus Cloud Solutions, Inc.

    

6.00%, 10/15/26

     23       22,828  

6.50%, 10/15/28

     20       19,873  

Vistra Operations Co. LLC

    

5.63%, 02/15/27

     99       98,916  

4.38%, 05/01/29

     73       68,985  
   

 

 

  
      210,602  
Security  

Par

(000)

     Value  

Wireless Telecommunication Services — 0.5%

 

Altice France SA(e)

    

8.13%, 02/01/27

   USD 334     $ 344,397  

5.50%, 01/15/28

     229       212,214  

5.13%, 07/15/29

     351       314,584  

5.50%, 10/15/29

     200       179,456  

SBA Communications Corp., 3.88%, 02/15/27

     390       380,416  

T-Mobile USA, Inc.

    

2.63%, 02/15/29

     45       41,073  

2.88%, 02/15/31

     133       119,824  

3.50%, 04/15/31

     138       129,855  

3.50%, 04/15/31(e)

     116       109,154  

Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29(e)

     149       138,920  

VICI Properties LP/VICI Note Co., Inc.(e)

    

4.25%, 12/01/26

     392       390,354  

4.63%, 12/01/29

     321       320,197  

4.13%, 08/15/30

     24       23,169  

Vmed O2 U.K. Financing I PLC,
4.75%, 07/15/31(e).

         200       188,500  
   

 

 

  
      2,892,113  
   

 

 

  

Total Corporate Bonds — 20.4%
(Cost: $120,951,521)

 

         107,630,123  
   

 

 

  

Floating Rate Loan Interests(g)

 

Aerospace & Defense — 4.3%

    

Atlas CC Acquisition Corp.

    

Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 05/25/28

     4,709       4,684,404  

Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 05/25/28

     958       952,760  

Bleriot U.S. Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 5.01%, 10/30/26

     814       808,235  

Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, 4.25%, 11/16/28(l)

     326       322,062  

Dynasty Acquisition Co., Inc.

    

2020 CAD Term Loan B2, (3 mo. LIBOR + 3.50%), 4.51%, 04/06/26.

     1,782       1,747,417  

2020 Term Loan B1, (3 mo. LIBOR + 3.50%), 4.51%, 04/06/26

     3,314       3,250,195  

Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 6.00%, 04/09/26

     768       664,528  

Peraton Corp.

    

2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 8.50%, 02/01/29

     1,944       1,924,609  

Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/01/28

     5,087       5,044,334  

Spirit Aerosystems, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 4.25%, 01/15/25

     882       879,666  

TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.71%, 12/09/25

     2,387       2,345,771  
   

 

 

  
      22,623,981  

Air Freight & Logistics — 0.3%

    

AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/06/28

     513       508,671  
 

 

S C H E D U L E   O F   I N V E S T M E N T S

   12

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Air Freight & Logistics (continued)

    

Kestrel Bidco, Inc., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor),
4.00%, 12/11/26

   USD 366     $ 352,743  

PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%), 4.76%, 12/17/28

     842       832,538  
   

 

 

  
      1,693,952  
Airlines — 2.3%            

AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/20/28

         1,434       1,450,316  

Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/11/28

     1,802       1,783,619  

American Airlines, Inc.

    

2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 2.20%, 01/29/27

     571       532,924  

2017 Incremental Term Loan, (6 mo. LIBOR + 2.00%), 2.84%, 12/14/23

     2,232       2,201,429  

Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/20/27

     3,013       3,122,399  

United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor),
4.50%, 04/21/28

     3,287       3,242,987  
   

 

 

  
      12,333,674  
Auto Components — 2.4%            

Adient U.S. LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 3.71%, 04/08/28

     723       709,895  

Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.71%, 04/30/26

     3,217       3,172,427  

Truck Hero, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor),
4.00%, 01/31/28

     2,213       2,140,739  

USI, Inc.

    

2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 4.01%, 05/16/24

     4,336       4,303,741  

2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 4.26%, 12/02/26

     247       245,045  

Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 3.46%, 02/05/26

     2,296       2,222,930  
   

 

 

  
      12,794,777  
Banks — 0.6%            

Directv Financing LLC, Term Loan, (3 mo. LIBOR + 5.00%, 0.75% Floor), 5.75%, 08/02/27

     1,855       1,850,356  

LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR + 5.00%), 5.50%, 10/29/28

     1,415       1,394,476  
   

 

 

  
      3,244,832  
Beverages — 0.3%            

Naked Juice LLC

    

Delayed Draw Term Loan, (SOFR + 3.25%),
3.75%, 01/24/29

     89       87,850  

Term Loan, (SOFR + 3.25%), 3.32%, 01/24/29

     1,685       1,654,605  
   

 

 

  
      1,742,455  
Building Materials — 0.2%            

CHI Overhead Doors, Inc, Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor),
3.96%, 07/31/25

     161       158,468  
Security  

Par

(000)

     Value  

Building Materials (continued)

    

Cornerstone Building Brands, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 3.75%, 04/12/28

   USD 516     $ 498,731  

MI Windows & Doors LLC, 2022 Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 12/18/27

     292       288,304  
   

 

 

  
      945,503  
Building Products — 2.0%            

Associated Materials Inc., 6.50%, 03/08/29

     739       711,664  

CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 4.25%, 11/23/27

         1,283       1,245,208  

CPG International, Inc., 2017 Term Loan, (1 Week LIBOR + 2.50%, 0.75% Floor), 3.25%, 05/05/24

     1,529       1,514,005  

Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 2.71%, 07/28/28

     725       717,704  

LSF10 XL Bidco SCA, 2021 EUR Term Loan, (Euribor + 4.00%), 4.00%, 04/12/28

   EUR 1,000       1,086,393  

Standard Industries, Inc., 2021 Term Loan B, (6 mo. LIBOR + 2.50%), 3.79%, 09/22/28

   USD 1,432       1,427,454  

Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.25%, 1.00% Floor),
4.50%, 12/31/26

     3,704       3,604,487  
   

 

 

  
          10,306,915  
Capital Markets — 2.4%            

AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%),
7.00%, 08/02/29(c)

     2,373       2,348,874  

Deerfield Dakota Holding LLC

    

2020 USD Term Loan B, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 04/09/27

     5,640       5,605,041  

2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor),
7.50%, 04/07/28(c)

     1,594       1,590,015  

Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 4.06%, 11/12/27

     1,342       1,322,990  

FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.50%), 2.96%, 06/27/25

     — (m)      244  

Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.50%),
3.00%, 07/01/28

     1,303       1,284,586  

Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.71%, 04/12/24

     520       515,857  
   

 

 

  
      12,667,607  
Chemicals — 4.6%            

Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 08/27/26

     2,922       2,908,206  

Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%), 3.00%, 03/18/28

     3,068       3,024,101  

Axalta Coating Systems U.S. Holdings, Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 2.76%, 06/01/24

     1,245       1,232,972  

CPC Acquisition Corp., Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.76%, 12/29/27(c)

     649       628,997  

Element Materials Technology Group U.S. Holdings, Inc., 2017 USD Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor),
4.51%, 06/28/24

     1,333       1,314,183  

Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 2.46%, 01/31/26

     1,760       1,740,377  

Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.96%, 06/30/27

     1,236       1,193,781  
 

 

13  

    

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Chemicals (continued)

    

Lonza Group AG

    

USD 1st Lien Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor),
5.01%, 07/03/28

   USD 38     $ 36,910  

USD Term Loan B, (6 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 07/03/28

     913       889,142  

Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%),
3.51%, 03/02/26

         2,816       2,781,185  

Minerals Technologies, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/14/24(c)

     378       376,511  

Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.70%, 05/15/24

     1,333       1,314,788  

Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (1 mo. LIBOR + 3.25%),
3.56%, 10/14/24

     1,528       1,493,984  

PQ Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.50%), 3.00%, 06/09/28

     1,534       1,512,663  

Pregis TopCo Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 4.00%),
4.50%, 08/01/26(c)

     621       607,458  

SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (6 mo. LIBOR + 4.00%, 0.75% Floor),
4.75%, 03/16/27

     939       922,166  

Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/02/28(c)

     1,245       1,226,207  

Starfruit Finco BV, 2018 USD Term Loan B, (3 mo. LIBOR + 3.00%), 4.01%, 10/01/25

     331       325,551  

W.R. Grace & Co.-Conn., 2021 Term Loan B, (3 mo. LIBOR + 3.75%),
4.81%, 09/22/28

     474       469,074  
   

 

 

  
          23,998,256  
Commercial Services & Supplies — 4.2%            

Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%), 4.25%, 05/12/28

     2,322       2,283,020  

Asurion LLC

    

2018 Term Loan B6, (1 mo. LIBOR + 3.12%), 3.58%, 11/03/23

     1,208       1,199,466  

2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 3.46%, 11/03/24

     914       901,088  

2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 3.71%, 12/23/26

     695       679,195  

2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 5.71%, 01/31/28

     985       964,691  

2021 2nd Lien Term Loan B4, (1 mo. LIBOR + 5.25%), 5.71%, 01/20/29

     1,402       1,368,702  

Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.00%),
2.46%, 10/08/28

     616       609,520  

Covanta Holding Corp.(l)

    

2021 Term Loan B, 11/30/28

     999       993,303  

2021 Term Loan C, 11/30/28

     75       74,405  

Creative Artists Agency LLC, 2020 Incremental Term Loan B1, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 11/26/26

     1,706       1,702,031  

Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.71%, 12/12/25

     2,673       2,656,753  

EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.76%, 05/09/25

     447       437,095  

KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%),
2.75%, 09/19/26(c)

     1,325       1,312,084  
Security  

Par

(000)

     Value  

Commercial Services & Supplies (continued)

 

Packers Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor),
4.00%, 03/09/28

   USD 1,479     $ 1,458,145  

Prime Security Services Borrower LLC, 2021 Term Loan, (6 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 09/23/26

     1,491       1,478,107  

Vericast Corp., 2021 Term Loan, (3 mo. LIBOR + 7.75%, 1.00% Floor),
8.76%, 06/16/26

     390       322,365  

Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.46%, 08/27/25

         3,255       3,238,734  

Viad Corp., Initial Term Loan, (1 mo. LIBOR + 5.00%), 5.50%, 07/30/28

     693       682,132  
   

 

 

  
          22,360,836  
Communications Equipment — 0.4%            

ViaSat, Inc., Term Loan, (3 mo. LIBOR + 4.50%), 5.00%, 03/04/29

     2,198       2,184,159  
   

 

 

  

Construction & Engineering — 1.7%

    

Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.26%, 06/21/24

     3,572       3,401,480  

New Arclin U.S. Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 7.50%, 09/30/29(c)

     815       786,475  

Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 3.46%, 01/21/28

     925       915,973  

SRS Distribution, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 4.00%, 06/02/28

     2,555       2,521,293  

USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor),
4.25%, 05/12/28

     1,557       1,539,751  
   

 

 

  
      9,164,972  
Construction Materials — 1.3%            

Core & Main LP, 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 2.95%, 07/27/28

     4,017       3,976,528  

Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.46%, 03/29/25

     2,122       2,083,202  

Tamko Building Products LLC, Term Loan B, (2 mo. LIBOR + 3.00%),
3.30%, 05/29/26

     768       750,868  
   

 

 

  
      6,810,598  
Containers & Packaging — 1.7%            

BWAY Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 3.48%, 04/03/24

     2,225       2,190,204  

Charter NEX US, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27

     3,125       3,105,422  

Flex Acquisition Co., Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%), 4.00%, 03/02/28

     917       914,267  

Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 4.46%, 08/01/26

     544       532,212  

Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor),
4.25%, 08/18/27(c)

     1,036       1,010,335  

Trident TPI Holdings, Inc.

    

2021 Delayed Draw Term Loan,
4.00%, 09/15/28

     79       78,295  

2021 Incremental Term Loan, (1 mo. LIBOR + 4.00%), 4.50%, 09/17/28

     891       878,157  
   

 

 

  
      8,708,892  
 

 

S C H E D U L E   O F   I N V E S T M E N T S

   14

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Distributors — 0.9%

    

American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 2.46%, 01/15/27

   USD 1,064     $ 1,049,492  

TMK Hawk Parent Corp.

    

2020 Super Priority First Out Term Loan A, (1 mo. LIBOR + 9.50%, 1.00% Floor), 10.50%, 05/30/24

     1,003       952,434  

2020 Super Priority Second Out Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/28/24

         3,238           2,750,860  
   

 

 

  
      4,752,786  
Diversified Consumer Services — 3.1%  

2U, Inc., Term Loan, (3 mo. LIBOR + 5.75%, 0.75% Floor), 6.50%, 12/28/24

     1,267       1,212,505  

Amentum Government Services Holdings LLC, 2022 Term Loan, (SOFR + 4.00%), 4.50%, 02/15/29

     689       681,249  

Ascend Learning, LLC

    

2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 6.25%, 12/10/29

     681       675,893  

2021 Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 12/10/28

     1,699       1,679,903  

Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 2.75%, 11/23/28

     818       807,726  

Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 4.21%, 07/11/25

     2,604       2,569,911  

Midas Intermediate Holdco II LLC, 2020 Term Loan B, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.68%, 12/22/25

     2,723       2,538,164  

Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (3 mo. LIBOR + 2.25%), 2.76%, 05/15/24

     1,109       1,094,413  

Ola Singapore PTE, Ltd., Term Loan, (SOFR + 6.25%, 0.75% Floor), 7.00%, 12/15/26

     765       739,261  

PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/28/27

     515       509,451  

Serta Simmons Bedding LLC

    

2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 8.50%, 08/10/23

     416       415,740  

2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 8.50%, 08/10/23

     852       801,247  

Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%), 5.00%, 01/15/27

     1,671       1,668,589  

Voyage Australia Pty. Ltd., USD Term Loan B, (3 mo. LIBOR + 3.50%), 4.00%, 07/20/28

     656       647,784  
   

 

 

  
      16,041,836  
Diversified Financial Services — 7.6%            

Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 4.96%, 07/31/26

     921       916,125  

Alchemy Copyrights LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 3.50%, 03/10/28(c)

     751       748,761  

AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 3.25%, 02/04/28

     1,535       1,509,783  

AqGen Island Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 4.56%, 08/02/28(c)

     3,120       3,093,867  
Security  

Par

(000)

     Value  

Diversified Financial Services (continued)

 

Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR + 2.75%), 3.25%, 10/22/26

   USD 2,053     $ 1,995,016  

Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.50%), 3.00%, 09/01/28

             2,422           2,401,679  

Delta TopCo, Inc.

    

2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/01/28

     595       582,106  

2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27

     1,512       1,486,279  

EG America LLC, 2018 USD Term Loan, (3 mo. LIBOR + 4.00%), 5.00%, 02/07/25

     1,146       1,125,646  

Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 5.01%, 10/01/27(c)

     4,289       4,278,476  

I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (1 mo. LIBOR + 4.00%), 4.50%, 02/16/28

     380       376,184  

Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 07/03/24

     1,325       1,305,118  

KKR Apple Bidco LLC

    

2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 6.25%, 09/21/29.

     218       216,230  

2021 Term Loan, (1 mo. LIBOR + 3.00%), 3.50%, 09/23/28

     533       525,091  

LBM Acquisition LLC, Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.21%, 12/18/27

     2,146       2,090,227  

LEB Holdings (USA), Inc, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.76%, 11/02/27

     427       423,687  

Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 09/25/26

     2,129       2,108,187  

RVR Dealership Holdings LLC, Term Loan B, (SOFR + 3.75%, 0.75% Floor), 4.50%, 02/08/28

     645       613,453  

Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR + 2.00%), 3.01%, 11/05/28

     1,175       1,156,400  

SMG U.S. Midco 2, Inc., 2020 Term Loan, (3 mo. LIBOR + 2.50%), 2.96%, 01/23/25

     1,712       1,644,046  

SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 5.26%, 07/30/25

     1,586       1,535,097  

Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.01%, 09/01/25 .

     6,231       5,813,296  

VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 3.46%, 02/28/27

     1,302       1,288,235  

White Cap Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.75%), 4.25%, 10/19/27

     1,097       1,082,938  

Ziggo Financing Partnership, USD Term Loan I, (3 mo. LIBOR + 2.50%), 2.90%, 04/30/28

     1,876       1,845,815  
   

 

 

  
      40,161,742  
Diversified Telecommunication Services — 1.9%  

Cablevision Lightpath LLC, Term Loan B, (3 mo. LIBOR + 3.25%), 3.75%, 11/30/27

     504       496,574  

Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/02/27

     713       665,240  

Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.81%, 05/01/28

     1,766       1,736,841  
 

 

15  

    

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Diversified Telecommunication Services (continued)

 

Intelsat Jackson Holdings SA, 2017 Term Loan B3, (PRIME + 4.75%), 8.25%, 11/27/23

   USD — (m)    $ 1  

Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 11/04/26

         1,702       1,686,129  

Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 2.21%, 03/01/27

     1,676       1,643,353  

Meridian Adhesives Group, Inc., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 07/24/28

     1,778       1,749,641  

Virgin Media SFA Finance Ltd., GBP Term Loan L, (SONIA CMPD + 3.25%), 3.85%, 01/15/27

   GBP 1,400       1,799,109  
   

 

 

  
      9,776,888  
Electric Utilities — 1.0%            

ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 12/15/27

   USD 1,176       1,163,440  

Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 4.51%, 03/31/28

     4,295       4,182,809  
   

 

 

  
          5,346,249  
Electrical Equipment — 0.9%            

Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 06/23/28

     1,347       1,327,587  

Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.01% Floor), 3.25%, 03/31/27

     2,152       2,118,302  

II-VI, Inc., 2021 Bridge Term Loan B, (3 mo. LIBOR + 3.00%), 3.71%, 12/01/28(c)(l)

     1,519       1,507,608  
   

 

 

  
      4,953,497  
Entertainment — 0.3%            

MSG National Properties LLC, Term Loan, (3 mo. LIBOR + 6.25%, 0.75% Floor), 7.00%, 11/12/25(c)

     1,737       1,728,327  
   

 

 

  
Environmental, Maintenance & Security Service — 0.5%  

Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 2.21%, 09/07/27

     1,748       1,726,765  

TruGreen LP, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/02/27

     1,076       1,068,086  
   

 

 

  
      2,794,851  
Food & Staples Retailing — 0.3%            

U.S. Foods, Inc.

    

2019 Term Loan B, (3 mo. LIBOR + 2.00%), 2.51%, 09/13/26

     738       721,387  

2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.26%, 11/22/28

     969       956,754  
   

 

 

  
      1,678,141  
Food Products — 2.4%            

8th Avenue Food & Provisions, Inc.

    

2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 4.21%, 10/01/25.

     1,187       1,026,771  

2021 Incremental Term Loan, (1 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 10/01/25

     1,348       1,196,600  

Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/23/27

     2,433       2,387,528  

Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 2.71%, 01/29/27

     3,280           3,216,293  
Security  

Par

(000)

     Value  

Food Products (continued)

    

Naked Juice LLC, 2nd Lien Term Loan, (3 mo. LIBOR + 6.00%), 6.65%, 01/24/30

   USD 1,030     $ 1,024,608  

Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 3.71%, 02/05/26

     1,682       1,635,819  

Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 06/08/28

     1,345       1,328,506  

UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 3.46%, 01/20/28

     607       598,027  
   

 

 

  
      12,414,152  
Gas Utilities — 0.5%            

Freeport LNG Investments, LLLP, Term Loan B, (3 mo. LIBOR + 3.50%), 4.00%, 12/21/28

         2,465           2,447,034  
   

 

 

  
Health Care Equipment & Supplies — 1.8%            

Electron BidCo, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.26%, 11/01/28

     1,933       1,909,864  

Insulet Corp., Term Loan B, (1 mo. LIBOR + 3.25%), 3.75%, 05/04/28(c)

     680       674,764  

Medline Borrower, LP, USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.75%, 10/21/28

     3,215       3,181,354  

Ortho-Clinical Diagnostics SA

    

2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.23%, 06/30/25

     2,034       2,024,813  

EUR Term Loan B, (EURIBOR + 3.50%), 3.50%, 06/30/25

   EUR 872       957,464  

Venga Finance SARL, 2021 USD Term Loan B, 5.50%, 12/04/28(l)

   USD 570       552,477  
   

 

 

  
      9,300,736  
Health Care Providers & Services — 2.6%            

CCRR Parent, Inc., Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.76%, 03/05/28

     1,409       1,399,932  

CHG Healthcare Services, Inc., 2021 Term Loan, (6 mo. LIBOR + 3.50%), 4.51%, 09/29/28

     906       896,115  

Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.01%, 01/08/27

     1,414       1,406,757  

Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 4.20%, 10/10/25

     1,705       1,128,190  

EyeCare Partners LLC

    

2020 Term Loan, (3 mo. LIBOR + 3.75%), 4.76%, 02/18/27

     1,950       1,921,700  

2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%), 7.76%, 11/15/29

     504       500,827  

2021 Incremental Term Loan, (3 mo. LIBOR + 3.75%), 4.76%, 11/15/28

     471       279,196  

Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 5.51%, 03/05/26(c)

     935       838,768  

Orbcomm, Inc., Term Loan B, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 09/01/28

     769       760,766  

PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 02/14/25

     46       46,115  

Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%), 3.25%, 12/13/26

     2,247       2,215,160  

WP CityMD Bidco LLC, 2021 1st Lien Term Loan B, (6 mo. LIBOR + 3.25%), 3.75%, 12/23/28

     2,475       2,459,049  
   

 

 

  
      13,852,575  
 

 

S C H E D U L E   O F   I N V E S T M E N T S

   16

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Health Care Services — 0.6%

    

Azalea Topco, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 3.80%, 07/25/26

   USD 851     $ 838,818  

Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%), 7.50%, 11/01/29

     536       514,560  

Unified Physician Management LLC, 2020 Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 12/18/27

         1,639           1,618,526  
   

 

 

  
      2,971,904  
Health Care Technology — 3.0%            

Athenahealth, Inc., 2022 Term Loan B, (SOFR + 3.50%), 4.00%, 02/15/29

     2,524       2,492,828  

Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 03/01/24

     2,997       2,976,344  

GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 3.21%, 10/10/25

     1,933       1,915,056  

IQVIA, Inc., 2017 USD Term Loan B1, (1 mo. LIBOR + 1.75%), 2.21%, 03/07/24

     266       263,359  

Polaris Newco LLC, USD Term Loan B, (1 mo. LIBOR + 4.00%), 4.50%, 06/04/28

     3,288       3,252,906  

Press Ganey Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 07/25/26

     2,328       2,304,637  

Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 7.50%, 04/02/29(c)

     2,740       2,712,600  
   

 

 

  
      15,917,730  
Hotels, Restaurants & Leisure — 5.7%            

1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 2.21%, 11/19/26

     2,729       2,667,063  

Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 4.21%, 02/02/26

     490       478,632  

Aristocrat Technologies, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 1.75%), 2.00%, 10/19/24

     1,085       1,073,420  

Caesars Resort Collection LLC

    

2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 3.21%, 12/23/24.

     1,389       1,379,964  

2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 3.96%, 07/20/25

     1,066       1,061,340  

Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 2.46%, 03/17/28

     689       678,133  

ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 8.25%, 03/31/28

     814       817,154  

Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.01%, 03/08/24

     4,168       3,909,746  

Fertitta Entertainment LLC, 2022 Term Loan B, (SOFR + 4.00%), 4.50%, 01/27/29

     3,209       3,189,070  

Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.46%, 11/30/23

     874       889,353  

Golden Nugget, Inc., 2020 Initial Term Loan, (1 mo. LIBOR + 12.00%, 1.00% Floor), 13.00%, 10/04/23(c)

     201       213,292  

IRB Holding Corp., 2020 Term Loan B, (6 mo. LIBOR + 2.75%, 1.00% Floor), 3.76%, 02/05/25 .

     1,385       1,369,325  

Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 3.21%, 03/11/28

     1,740       1,712,330  
Security  

Par

(000)

     Value  

Hotels, Restaurants & Leisure (continued)

    

Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 3.21%, 08/14/24

   USD 1,129     $ 1,124,325  

Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 3.26%, 07/21/26

         1,053       1,043,436  

Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%), 2.71%, 02/08/27

     1,973       1,944,402  

Travelport Finance Luxembourg SARL(i)

    

2020 Super Priority Term Loan, (7.25% PIK), 2.51%, 02/28/25

     1,580       1,635,273  

2021 Consented Term Loan, (1.75% PIK), 6.01%, 05/29/26

     2,621       2,302,549  

Twin River Worldwide Holdings, Inc., 2021 Term Loan B, (6 mo. LIBOR + 3.25%), 3.75%, 10/01/28

     795       789,642  

Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 3.75%, 08/03/28

     2,001       1,974,732  
   

 

 

  
          30,253,181  
Household Durables — 1.3%            

ACProducts Holdings, Inc., 2021 Term Loan B, (6 mo. LIBOR + 4.25%), 4.75%, 05/17/28

     2,447       2,201,061  

Snap One Holdings Corp., Term Loan B, (3 mo. LIBOR + 4.50%), 5.51%, 12/08/28

     946       926,868  

Solis IV BV, USD Term Loan B1, (3 mo. LIBOR + 3.50%), 4.00%, 02/26/29

     1,958       1,916,393  

Springs Windows Fashions LLC, 2021 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/06/28

     729       705,913  

Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 10/30/27

     861       832,506  
   

 

 

  
      6,582,741  
Household Products — 0.1%            

Spectrum Brands, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.00%), 2.50%, 03/03/28

     475       468,371  
   

 

 

  
Independent Power and Renewable Electricity Producers — 0.7%  

Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.46%, 01/15/25

     660       647,604  

Calpine Corp.

    

2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.46%, 08/12/26

     1,048       1,031,692  

Term Loan B9, (1 mo. LIBOR + 2.00%), 2.46%, 04/06/26

     1,898       1,869,048  
   

 

 

  
      3,548,344  
Industrial Conglomerates — 2.5%            

AVSC Holding Corp.(i)

    

2020 Term Loan B1, (0.25% PIK), 4.25%, 03/03/25

     3,623       3,409,281  

2020 Term Loan B3, (10.00% PIK), 5.00%, 10/15/26

     1,442       1,662,718  

Diamond BC BV, 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 3.25%, 09/29/28

     1,698       1,661,244  

Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 11/28/23

     1,426       1,426,451  
 

 

17  

    

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  

Industrial Conglomerates (continued)

      

Stitch Aquisition Corp., Term Loan B, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.76%, 07/28/28

     USD       963     $ 902,016  

Vertical US Newco, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 4.00%, 07/30/27

       1,686       1,672,751  

Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 2.99%, 03/02/27

       2,595       2,526,473  
     

 

 

  
            13,260,934  
Insurance — 3.9%                  

Alliant Holdings Intermediate LLC

      

2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.71%, 05/09/25

       2,409       2,379,738  

2021 Term Loan B4, (1 mo. LIBOR + 3.50%), 4.00%, 11/06/27

       3,307       3,282,240  

Term Loan B, (1 mo. LIBOR + 3.25%), 3.71%, 05/09/25

       1,175       1,161,162  

AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/19/28

       2,977       2,924,899  

AssuredPartners, Inc.

      

2020 Term Loan B, (1 mo. LIBOR + 3.50%), 3.96%, 02/13/27

       1,291       1,273,660  

2021 Term Loan B, (1 mo. LIBOR + 3.50%), 4.00%, 02/12/27

       770       760,296  

Hub International Ltd.

      

2018 Term Loan B, (2 mo. LIBOR + 3.00%), 3.27%, 04/25/25

       2,357       2,327,957  

2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 04/25/25

       2,994       2,972,289  

NFP Corp., 2020 Term Loan, (1 mo. LIBOR + 3.25%), 3.71%, 02/13/27

       164       160,983  

Ryan Specialty Group LLC, Term Loan, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 09/01/27

       1,014       1,005,079  

Sedgwick Claims Management Services, Inc.

      

2019 Term Loan B, (1 mo. LIBOR + 3.75%), 4.21%, 09/03/26

       1,357       1,345,953  

2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26

       730       724,577  
   

 

 

  
        20,318,833  
Interactive Media & Services — 2.5%                  

Adevinta ASA, USD Term Loan B, (3 mo. LIBOR + 2.75%, 0.75% Floor), 3.76%, 06/26/28

       2,202       2,165,217  

Arches Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 3.75%, 12/06/27

       2,107       2,069,309  

Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/31/26.

       2,970       2,938,854  

Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 2.45%, 08/10/27

       1,700       1,683,255  

Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26

       4,510       4,397,460  
   

 

 

  
        13,254,095  
Internet & Direct Marketing Retail — 0.4%                  

CNT Holdings I Corp., 2020 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 11/08/27

       1,824       1,812,544  

PUG LLC, 2021 Incremental Term Loan B, (1 mo. LIBOR + 4.25%), 4.75%, 02/13/27(c)

       326       322,925  
   

 

 

  
        2,135,469  
Security          Par
(000)		     Value  

Internet Software & Services — 0.2%

      

Uber Technologies, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 3.96%, 02/25/27

     USD       1,282     $ 1,275,755  
   

 

 

  
IT Services — 6.2%                  

Aruba Investments, Inc.

      

2020 2nd Lien Term Loan, (6 mo. LIBOR + 7.75%, 0.75% Floor), 8.50%, 11/24/28

       1,275       1,259,063  

2020 USD Term Loan, (6 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/24/27

       683       672,871  

Banff Merger Sub, Inc., 2021 USD Term Loan, (3 mo. LIBOR + 3.75%), 4.21%, 10/02/25

       2,034       2,019,895  

Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.00%), 3.46%, 10/31/26

       2,119       2,093,585  

CCC Intelligent Solutions, Inc., Term Loan B, (3 mo. LIBOR + 2.25%), 3.26%, 09/21/28

       1,488       1,471,899  

CoreLogic, Inc.

      

2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 7.00%, 06/04/29

       1,248       1,227,720  

Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 06/04/28

       3,698       3,648,910  

Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 1.75%), 2.21%, 04/30/28

       1,955       1,919,424  

Greeneden U.S. Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/01/27

       5,050       5,037,379  

Optiv Security, Inc., 1st Lien Term Loan, (6 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 02/01/24

       383       373,507  

PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.96%, 02/13/27

       2,242       2,194,699  

Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 9.01%, 10/09/28 .

       3,730       3,795,275  

TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/05/26

       857       847,904  

Trans Union LLC

      

2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 2.21%, 11/16/26

       1,651       1,624,479  

2021 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.75%, 12/01/28

       2,295       2,274,415  

Virtusa Corp., 1st Lien Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/11/28(c)

       930       920,314  

WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 2.71%, 03/31/28

       865       853,674  

ZoomInfo LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 3.46%, 02/02/26

       192       191,040  
   

 

 

  
            32,426,053  
Leisure Products — 0.3%                  

Fender Musical Instruments Corp., 2021 Term Loan B, (SOFR + 4.00%), 4.50%, 12/01/28

       859       850,392  

MND Holdings III Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.51%, 06/19/24

       772       759,952  
   

 

 

  
        1,610,344  
Life Sciences Tools & Services — 2.6%                  

Avantor Funding, Inc.

      

2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 2.50%, 11/21/24

       273       270,172  

2021 Term Loan B5, (1 mo. LIBOR + 2.25%), 2.75%, 11/08/27

       2,539       2,515,895  
 

 

S C H E D U L E   O F   I N V E S T M E N T S

   18

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  

Life Sciences Tools & Services (continued)

 

eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/04/27

     USD       4,001     $ 3,981,503  

ICON Luxembourg SARL

      

LUX Term Loan, (3 mo. LIBOR + 2.25%), 3.31%, 07/01/28

       2,223       2,210,849  

US Term Loan, (3 mo. LIBOR + 2.25%), 3.31%, 07/01/28

       554       550,836  

Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3 mo. LIBOR + 3.00%), 3.50%, 10/19/27(c)

       1,089       1,083,454  

Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 11/15/28

       3,004       2,979,743  
   

 

 

  
            13,592,452  
Machinery — 3.3%                  

Albion Financing 3 SARL, USD Term Loan, (3 mo. LIBOR + 5.25%), 5.75%, 08/17/26

       1,619       1,601,899  

ASP Blade Holdings, Inc., Initial Term Loan, (1 mo. LIBOR + 4.00%), 4.50%, 10/15/28

       596       586,810  

Clark Equipment Co., 2021 Incremental Term Loan, (3 mo. LIBOR + 2.25%), 3.26%, 05/18/24

       1,197       1,192,230  

Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.81%, 05/14/28

       365       358,263  

Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 10/21/28

       1,036       1,020,883  

Fluidra SA, 2022 USD Term Loan B, (SOFR + 2.00%), 2.50%, 01/29/29

       271       268,810  

Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 2.21%, 02/28/27

       2,495       2,450,324  

Madison IAQ LLC, Term Loan, (6 mo. LIBOR + 3.25%), 4.52%, 06/21/28

       3,627       3,569,186  

SPX Flow, Inc., 4.54%, 03/16/29(l)

       1,204       1,171,889  

Titan Acquisition Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 4.01%, 03/28/25

       5,161       5,040,930  

Zurn LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 2.75%, 10/04/28

       112       110,975  
   

 

 

  
        17,372,199  
Media — 11.0%                  

A-L Parent LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23

       2,273       2,156,891  

Altice Financing SA

      

2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 2.99%, 07/15/25

       651       633,222  

USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 2.99%, 01/31/26

       1,736       1,670,202  

Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 4.51%, 08/14/26

       2,795       2,740,403  

AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.00%), 3.35%, 04/22/26

       834       741,736  

Cable One, Inc., 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 2.46%, 05/03/28

       434       426,783  

Charter Communications Operating LLC, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 2.21%, 04/30/25

       2,588       2,574,729  

City Football Group Ltd., Term Loan, (6 mo. LIBOR + 3.50%), 4.00%, 07/21/28

       1,404       1,373,659  
Security         

Par

(000)

     Value  

Media (continued)

      

Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.80%, 08/21/26

     USD       3,529     $ 3,464,705  

CMG Media Corp., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.96%, 12/17/26

       — (m)      204  

Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/12/26

       7,261       7,192,108  

CSC Holdings LLC

      

2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 2.65%, 07/17/25

       580       569,898  

2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.90%, 04/15/27

       1,951       1,914,021  

E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 01/07/28

       762       755,356  

Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 2.71%, 03/24/25

       1,531       1,507,277  

Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 2.25%, 10/19/26

       2,268       2,211,108  

MH Sub I LLC

      

2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.96%, 09/13/24

       4,186       4,129,900  

2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 09/15/24

       2,537       2,505,390  

2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 6.71%, 02/23/29

       1,095       1,082,681  

Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.73%, 09/19/26

       1,544       1,536,871  

Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 09/28/23(c)

       4,338       4,294,745  

Trader Interactive LLC, 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.50%, 07/28/28(c)

       495       487,513  

UPC Financing Partnership, 2021 USD Term Loan AX, (3 mo. LIBOR + 3.00%), 3.40%, 01/31/29

       509       501,579  

Virgin Media Bristol LLC

      

2020 USD Term Loan Q, (1 mo. LIBOR + 3.25%), 3.65%, 01/31/29

       2,097       2,082,594  

USD Term Loan N, (3 mo. LIBOR + 2.50%), 2.90%, 01/31/28

       2,578       2,543,196  

Voyage Digital Ltd., 5.00%, 03/03/29(c)(l)

       885       867,300  

William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 3.21%, 05/18/25

       3,113       3,055,480  

WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.12%), 2.58%, 01/20/28

       591       584,984  

Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.46%, 03/09/27

       4,305       4,185,632  
   

 

 

  
            57,790,167  
Oil, Gas & Consumable Fuels — 1.7%                  

Ascent Resources - Utica, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.00%, 11/01/25(c)

       555       592,913  

Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 4.21%, 12/13/25

       1,421       1,307,134  

Lealand Finance Co. BV

      

2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 3.46%, 06/28/24(c)

       46       27,614  

2020 Take Back Term Loan, (1 mo. LIBOR + 1.00%), 1.46%, 06/30/25

       335       166,182  
 

 

19  

    

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  

Oil, Gas & Consumable Fuels (continued)

      

Lucid Energy Group II Borrower LLC, 2021 Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 11/24/28

     USD       2,098     $     2,083,139  

Medallion Midland Acquisition, LLC, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/18/28

       1,685       1,664,999  

Murphy USA, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 2.25%, 01/31/28(c)

       570       569,695  

Oryx Midstream Services Permian Basin LLC, Term Loan B, (3 mo. LIBOR + 3.25%), 3.75%, 09/30/28

       2,734       2,709,216  
   

 

 

  
        9,120,892  
Personal Products — 1.1%                  

Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (SOFR + 6.00%, 1.00% Floor), 7.00%, 12/22/26

       358       354,672  

Prestige Brands, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.00%), 2.50%, 07/01/28

       200       198,848  

Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.76%, 10/01/26

       5,345       5,305,032  
   

 

 

  
        5,858,552  
Pharmaceuticals — 2.9%                  

Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 4.00%, 05/04/25

       1,073       1,055,199  

Bausch Health Americas Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.46%, 06/02/25

       2,468       2,471,556  

Bausch Health Cos., Inc., 2022 Term Loan B, 5.75%, 01/27/27

       2,108       2,084,285  

Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%), 2.50%, 02/22/28(c)

       2,306       2,299,983  

Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 1.98%, 08/01/27

       913       896,973  

Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.46%, 11/15/27

       1,762       1,730,667  

Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 05/05/28

       2,140       2,129,743  

Organon & Co., USD Term Loan, (3 mo. LIBOR + 3.00%), 3.56%, 06/02/28

       1,409       1,399,843  

Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 4.01%, 11/18/27

       1,152       1,128,268  
   

 

 

  
        15,196,517  
Professional Services — 0.5%                  

Dun & Bradstreet Corp.

      

2022 Incremental Term Loan B2, (SOFR + 3.25%), 3.56%, 01/18/29(c)

       625       618,750  

Term Loan, (1 mo. LIBOR + 3.25%), 3.70%, 02/06/26

       2,093       2,071,228  
   

 

 

  
        2,689,978  
Security         

Par

(000)

     Value  

Real Estate Management & Development — 0.7%

 

Chamberlain Group, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 4.51%, 11/03/28

     USD       2,167     $     2,137,690  

Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 3.21%, 08/21/25

       1,294       1,274,937  
   

 

 

  
        3,412,627  
Road & Rail — 0.2%                  

SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 5.50%), 5.80%, 08/04/25

       1,355       1,246,538  
   

 

 

  
Semiconductors & Semiconductor Equipment — 0.1%  

ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.46%, 09/19/26

       — (m)      31  

Synaptics, Inc., Term Loan B, (3 mo. LIBOR + 2.25%), 2.75%, 12/02/28

       552       549,293  
   

 

 

  
        549,324  
Software — 13.8%                  

Applied Systems, Inc.

      

2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 5.50%, 09/19/24

       437       433,323  

2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.50%, 0.75% Floor), 6.51%, 09/19/25

       630       625,571  

Barracuda Networks, Inc.

      

1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.73%, 02/12/25

       2,671       2,656,208  

2020 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 10/30/28

       771       766,181  

Cloudera, Inc.

      

2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%), 6.50%, 10/08/29(c)

       1,304       1,281,180  

2021 Term Loan, (1 mo. LIBOR + 3.75%), 4.25%, 10/08/28

       2,600       2,564,250  

ConnectWise LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 4.00%, 09/30/28

       896       888,589  

Cornerstone OnDemand, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.75%), 4.25%, 10/15/28

       1,058       1,046,098  

Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 3.50%, 05/27/24

       502       476,833  

E2open LLC, 2020 Term Loan B, (3 mo. LIBOR + 3.50%), 4.00%, 02/04/28

       252       248,083  

Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 8.75%, 07/31/28

       1,886       1,921,363  

Helios Software Holdings, Inc., 2021 USD Term Loan B, (6 mo. LIBOR + 3.75%), 5.25%, 03/11/28

       1,887       1,866,621  

Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 3.25%, 10/29/28

       4,489       4,437,475  

Instructure Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.27%, 10/29/28(c)

       644       640,780  

IPS Corp.

      

2021 2nd Lien Term Loan B, (1 mo. LIBOR + 7.00%), 7.50%, 10/01/29

       919       899,085  

2021 Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 10/01/28

       517       504,191  

Magenta Buyer LLC

      

2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 0.75% Floor), 5.75%, 07/27/28

       5,312       5,262,554  
 

 

S C H E D U L E   O F   I N V E S T M E N T S

   20

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  
Software (continued)                  

Magenta Buyer LLC (continued)

      

2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 9.00%, 07/27/29

     USD       2,587     $     2,557,896  

McAfee LLC, 2022 USD Term Loan B, (3 mo. LIBOR + 4.00%), 4.50%, 03/01/29

       3,050       3,023,313  

Netsmart Technologies, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27

       1,383       1,375,396  

Planview Parent, Inc.

      

2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.26%, 12/18/28(c)

       824       815,760  

Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 5.01%, 12/17/27

       1,898       1,872,228  

Proofpoint, Inc.

      

1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 3.76%, 08/31/28

       2,663       2,631,174  

2nd Lien Term Loan, (3 mo. LIBOR + 6.25%), 6.76%, 08/31/29

       1,281       1,273,391  

RealPage, Inc.

      

1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.75%, 04/22/28

       5,470       5,401,083  

2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 7.25%, 04/22/29

       2,629       2,632,371  

Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.71%, 05/30/25

       582       574,655  

Severin Acquisition LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.45%, 08/01/25

       3,485       3,440,686  

Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 4.26%, 10/07/27

       3,687       3,646,248  

SS&C Technologies Inc, 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 2.21%, 04/16/25

       326       320,494  

SS&C Technologies, Inc.

      

2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 2.21%, 04/16/25

       402       395,070  

2018 Term Loan B5, (1 mo. LIBOR + 1.75%), 2.21%, 04/16/25

       1,704       1,675,207  

Tempo Acquisition LLC, 2022 Term Loan B, (SOFR + 3.00%), 3.50%, 08/31/28

       4,241       4,208,154  

Tibco Software Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.71%, 03/04/28

       2,577       2,567,697  

Ultimate Software Group, Inc.

      

2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.25%), 5.75%, 05/03/27

       1,630       1,615,170  

2021 Term Loan, (3 mo. LIBOR + 3.25%), 3.75%, 05/04/26

       3,779       3,744,664  

Term Loan B, (3 mo. LIBOR + 3.75%), 4.76%, 05/03/26

       2,500       2,487,698  
     

 

 

  
        72,776,740  
Specialty Retail — 3.5%                  

Belron Finance U.S. LLC

      

2018 Term Loan B, (3 mo. LIBOR + 2.25%), 2.69%, 11/13/25

       1,982       1,964,229  

2019 USD Term Loan B3, (3 mo. LIBOR + 2.25%), 2.56%, 10/30/26

       1,137       1,123,338  

2021 USD Term Loan B, (3 mo. LIBOR + 2.75%), 3.25%, 04/13/28

       1,724       1,709,670  

EG Group Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.25%), 5.25%, 03/31/26

       503       494,483  
Security         

Par

(000)

     Value  
Specialty Retail (continued)                  

Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 3.75%, 11/24/28

     USD       600     $ 594,490  

Mavis Tire Express Services Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 05/04/28

       2,664       2,643,518  

MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 4.71%, 08/31/26

       1,852       1,829,397  

Medical Solutions LLC

      

2021 Delayed Draw Term Loan, 3.50%, 11/01/28

       337       14,440  

2021 First Lien Term Loan, (3 mo. LIBOR + 3.50%), 4.51%, 11/01/28

       1,768       1,750,253  

PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/11/28

       4,682       4,662,151  

Research Now Group, Inc., 2017 1st Lien Term Loan, (6 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/20/24

       862       844,940  

WOOF Holding, Inc.

      

1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.68%, 12/21/27

       486       481,837  

2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.18%, 12/21/28

       495       488,194  
     

 

 

  
        18,600,940  
Technology Hardware, Storage & Peripherals — 0.2%  

Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 5.46%, 07/23/26

       893       867,959  
     

 

 

  
Textiles, Apparel & Luxury Goods — 0.3%                  

Crocs, Inc., Term Loan B, (SOFR + 3.50%), 3.50%, 02/17/29

       1,663       1,619,646  
     

 

 

  
Trading Companies & Distributors — 0.8%                  

Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 2.71%, 05/19/28

       1,224       1,204,306  

Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%), 3.75%, 01/31/28

       1,354       1,328,260  

ION Trading Finance Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 5.76%, 04/01/28

       599       593,973  

SRS Distribution, Inc., 2022 Incremental Term Loan, (SOFR + 3.50%), 4.00%, 06/04/28

       870       858,159  
     

 

 

  
        3,984,698  
Wireless Telecommunication Services — 0.9%  

GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 04/30/28

       971       962,386  

MetroNet Systems Holdings LLC, 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 06/02/28.

       625       617,800  

SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 2.21%, 04/11/25

       3,327       3,281,778  
     

 

 

  
        4,861,964  
     

 

 

  

Total Floating Rate Loan Interests — 123.5%
(Cost: $655,899,541)

 

       650,395,170  
     

 

 

  
 

 

21  

    

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security          Shares     Value  

Investment Companies

      
Equity Funds — 0.1%                  

SPDR S&P Oil & Gas Exploration & Production ETF

       4,875     $ 655,931  
     

 

 

  
Fixed Income Funds — 0.1%                  

Invesco Senior Loan ETF

       16,200       352,674  
     

 

 

  

Total Investment Companies — 0.2%
(Cost: $791,441)

 

           1,008,605  
     

 

 

  
            Benefical
Interest (000)		         

Other Interests(n)

      
IT Services(b)(c) — 0.0%                  

Millennium Corp.

     USD       1,084       —  

Millennium Lender Claim Trust

       1,156       —  
     

 

 

  

Total Other Interests — 0.0%
(Cost: $ — )

         —  
     

 

 

  
           

Par

(000)

         

Preferred Securities

      
Capital Trusts — 0.4%                  
Automobiles — 0.0%                  

General Motors Financial Co., Inc., Series C, 5.70%(g)(h)

     USD       50       52,385  

Volkswagen International Finance NV, 4.38%, 12/31/49(j)

     EUR       100       110,167  
     

 

 

  
        162,552  
Diversified Financial Services(g)(h) — 0.4%  

Barclays PLC, 4.38%

     USD       200       176,150  

Credit Agricole S.A., 4.75%(e)

       200       181,486  

HSBC Holdings PLC, 6.00%

       600       610,500  

JPMorgan Chase & Co.

      

Series FF, 5.00%

       765       762,456  

Series HH, 4.60%

       166       159,983  
     

 

 

  
        1,890,575  
Electric Utilities — 0.0%                  

Edison International, Series B,
5.00%(g)(h)

       55       51,617  
     

 

 

  
Independent Power and Renewable Electricity Producers — 0.0%  

Vistra Corp., 7.00%(e)(g)(h)

       77       74,979  
     

 

 

  
Utilities — 0.0%                  

Electricite de France SA,
3.38%(a)(g)(h)

     EUR       200       198,848  
     

 

 

  
        2,378,571  
     

 

 

  
            Shares         
Preferred Stocks — 0.1%                  
Capital Markets — 0.1%                  

Goldman Sachs Group, Inc., Series J, 5.50%(g)(h)

       13,550       345,119  
     

 

 

  
Security          Shares     Value  
Insurance — 0.0%                       

Alliant Holdings, Inc.(c)

       83     $ 80,924  
     

 

 

  
        426,043  
     

 

 

  

Total Preferred Securities — 0.5%
(Cost: $2,875,908)

 

       2,804,614  
     

 

 

  

Warrants

      
Metals & Mining — 0.0%                  

Ameriforge Group, Inc. (Expires 06/08/24)(b)

       5,283       —  
     

 

 

  
Oil, Gas & Consumable Fuels — 0.0%                  

California Resources Corp. (Expires 10/24/24)(b)

       1,152       16,577  
     

 

 

  
Transportation Infrastructure — 0.0%                  

Turbo Cayman Ltd. (Strike Price $0.01)(b)(c)

       1       —  
     

 

 

  

Total Warrants — 0.0%
(Cost: $ — )

         16,577  
     

 

 

  

Total Long-Term Investments — 144.9%
(Cost: $796,621,989)

         763,314,873  
     

 

 

  

Short-Term Securities

      
Money Market Funds — 0.1%                  

BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.21%(o)(p)

       569,275       569,275  
     

 

 

  

Total Short-Term Securities — 0.1%
(Cost: $569,275)

         569,275  
     

 

 

  

Total Investments — 145.0%
(Cost: $797,191,264)

         763,884,148  

Liabilities in Excess of Other Assets — (45.0)%

 

     (237,147,685 ) 
     

 

 

  

Net Assets — 100.0%

       $ 526,736,463  
     

 

 

  

 

(a) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(b) 

Non-income producing security.

(c) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(d) 

Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $0, representing less than 0.05% of its net assets as of period end, and an original cost of $0.

(e) 

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.

(f) 

Issuer filed for bankruptcy and/or is in default.

(g) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(h) 

Perpetual security with no stated maturity date.

(i) 

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.

(j) 

When-issued security.

(k) 

Convertible security.

(l) 

Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(m) 

Rounds to less than 1,000.

(n) 

Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

(o) 

Affiliate of the Fund.

(p) 

Annualized 7-day yield as of period end.

 

 

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

 

S C H E D U L E   O F   I N V E S T M E N T S

   22

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

    
         Affiliated Issuer   Value at
12/31/21		     Purchases
at Cost		     Proceeds
from Sales		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
03/31/22		    

Shares
Held at

03/31/22

     Income     Capital Gain
Distributions
from
Underlying
Funds		             
 

 

    
 

BlackRock Liquidity Funds, T-Fund, Institutional Class

   $ 435,992     $ 133,283 (a)    $ —     $ —     $ —     $ 569,275       569,275     $ 193     $ —    
         

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

  (a)

Represents net amount purchased (sold).

 

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

 

 

 

    
         Currency Purchased                        Currency Sold        Counterparty      Settlement Date                               

Unrealized
Appreciation

(Depreciation)

    

      

  
 

 

    
 

USD

      108,175                              EUR          98,000        Bank of America N.A.        06/15/22             $ (530 )   
 

USD

      1,886,039          EUR          1,714,000        BNP Paribas SA        06/15/22               (15,194 )   
 

USD

      3,346,234          EUR          3,041,000        BNP Paribas SA        06/15/22               (26,958 )   
 

USD

      106,861          EUR          97,000        Morgan Stanley & Co. International PLC        06/15/22               (735 )   
 

USD

      521,669          GBP          400,000        Morgan Stanley & Co. International PLC        06/15/22               (3,639 )   
 

USD

      1,819,796          GBP          1,395,000        Toronto-Dominion Bank        06/15/22               (12,215 )   
                                  

 

 

    
                                   $ (59,271 )   
                                  

 

 

    

Centrally Cleared Credit Default Swaps — Sell Protection

 

 

 

    
         Reference Obligation/Index    

 Financing
Rate Received
by the Fund		  
 
 		    
 Payment
Frequency		  
 		    
 Termination
Date		  
 		    
 Credit
Rating		  
(a) 		    

 Notional

Amount (000)

  

(b) 

     Value      


 Upfront
Premium
Paid
(Received)		  
 
 
 		    

 Unrealized
Appreciation
(Depreciation)		  
 
 		             
 

 

    
 

CDX.NA.HY.37.V1

     5.00 %      Quarterly       12/20/26       B+       USD    5,000     $ 322,804     $ 354,059     $ (31,255 )   
             

 

 

    

 

 

    

 

 

    

 

  (a) 

Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

 
  (b) 

The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

 

OTC Credit Default Swaps — Sell Protection

 

 

 

    
         Reference Obligation/Index    

 Financing
Rate Received
by the Fund		  
 
 		    
 Payment
Frequency		  
 		   Counterparty    
 Termination
Date		  
 		    
 Credit
Rating		  
(a) 		    

 Notional

Amount (000)

  

(b) 

     Value      


 Upfront
Premium
Paid
(Received)		  
 
 
 		    

 Unrealized
Appreciation
(Depreciation)		  
 
 		             
 

 

    
 

CenturyLink, Inc.

     1.00 %      Quarterly    

Barclays Bank PLC

     12/20/23       N/R       USD    170     $ (2,658 )    $ (4,714 )    $ 2,056    
 

CenturyLink, Inc.

     1.00       Quarterly    

Barclays Bank PLC

     06/20/25       N/R       USD    185       (10,966 )      (16,657 )      5,691    
 

Adler Real Estate AG

     5.00       Quarterly    

Goldman Sachs International

     12/20/26       BB-       EUR      10       78       (22 )      100    
 

Adler Real Estate AG

     5.00       Quarterly    

Morgan Stanley & Co. International PLC

     12/20/26       BB-       EUR      30       234       134       100    
 

Jaguar Land Rover Automotive PLC

     5.00       Quarterly    

Bank of America N.A.

     12/20/26       B+       EUR      10       (123 )      (411 )      288    
 

Jaguar Land Rover Automotive PLC

     5.00       Quarterly    

Barclays Bank PLC

     12/20/26       B+       EUR        5       (62 )      209       (271 )   
 

Jaguar Land Rover Automotive PLC

     5.00       Quarterly    

Credit Suisse International

     12/20/26       B+       EUR        5       (60 )      215       (275 )   
 

Jaguar Land Rover Automotive PLC

     5.00       Quarterly    

Credit Suisse International

     12/20/26       B+       EUR      10       (123 )      404       (527 )   
       

Morgan Stanley & Co.

              
 

Jaguar Land Rover Automotive PLC

     5.00       Quarterly    

International PLC

     12/20/26       B+       EUR      10       (123 )      479       (602 )   
               

 

 

    

 

 

    

 

 

    
                $ (13,803 )    $ (20,363 )    $ 6,560    
               

 

 

    

 

 

    

 

 

    

 

  (a) 

Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

 
  (b) 

The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

 

 

23  

    

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value 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); and

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of 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. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments 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 financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                                   

 

  
     Level 1        Level 2        Level 3        Total  

 

  

Assets

                  

Investments

                  

Long-Term Investments

                  

Asset-Backed Securities

    $ —        $ 154,355        $ —        $ 154,355  

Common Stocks

                  

Construction & Engineering

      93,379          —          —          93,379  

Diversified Financial Services

      —          —          10,753          10,753  

Metals & Mining

      —          1,664          1,057          2,721  

Oil, Gas & Consumable Fuels

      916,460          —          —          916,460  

Semiconductors & Semiconductor Equipment

      39,750          —          —          39,750  

Software

      507          —          —          507  

Specialty Retail

      —          241,859          —          241,859  

Corporate Bonds

                  

Aerospace & Defense

      —          3,228,945          —          3,228,945  

Airlines

      —          3,475,251          —          3,475,251  

Auto Components

      —          2,216,655          1          2,216,656  

Automobiles

      —          2,469,282          —          2,469,282  

Banks

      —          278,383          —          278,383  

Beverages

      —          2,088,014          —          2,088,014  

Biotechnology

      —          103,591          —          103,591  

Building Materials

      —          1,052,731          —          1,052,731  

Building Products

      —          1,040,362          —          1,040,362  

Capital Markets

      —          1,719,686          —          1,719,686  

Chemicals

      —          2,686,319          —          2,686,319  

Commercial Services & Supplies

      —          1,316,246          —          1,316,246  

Communications Equipment

      —          917,508          —          917,508  

Construction Materials

      —          592,661          —          592,661  

Consumer Discretionary

      —          2,608,101          —          2,608,101  

Consumer Finance

      —          2,677,289          —          2,677,289  

Containers & Packaging

      —          152,052          —          152,052  

Diversified Consumer Services

      —          2,551,306          —          2,551,306  

Diversified Financial Services

      —          1,603,825          —          1,603,825  

Diversified Telecommunication Services

      —          4,233,751          —          4,233,751  

Electric Utilities

      —          791,019          —          791,019  

Electrical Equipment

      —          352,647          —          352,647  

Electronic Equipment, Instruments & Components

      —          1,007,440          —          1,007,440  

Energy Equipment & Services

      —          642,408          —          642,408  

 

S C H E D U L E   O F   I N V E S T M E N T S

   24

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

 

Fair Value Hierarchy as of Period End (continued)

 

                                                                                                   

 

  
     Level 1        Level 2        Level 3        Total  

 

  

Corporate Bonds (continued)

                  

Environmental, Maintenance & Security Service

    $ —        $ 752,036        $ —        $ 752,036  

Equity Real Estate Investment Trusts (REITs)

      —          2,227,268          —          2,227,268  

Food & Staples Retailing

      —          1,143,940          —          1,143,940  

Food Products

      —          930,217          —          930,217  

Gas Utilities

      —          27,188          —          27,188  

Health Care Equipment & Supplies

      —          809,071          —          809,071  

Health Care Providers & Services

      —          5,234,910          —          5,234,910  

Health Care Technology

      —          948,658          —          948,658  

Healthcare

      —          19,090          —          19,090  

Hotels, Restaurants & Leisure

      —          4,943,421          —          4,943,421  

Household Durables

      —          1,091,997          —          1,091,997  

Household Products

      —          37,620          —          37,620  

Independent Power and Renewable Electricity Producers

      —          956,444          —          956,444  

Insurance

      —          2,085,304          —          2,085,304  

Interactive Media & Services

      —          614,585          —          614,585  

Internet Software & Services

      —          1,304,870          —          1,304,870  

IT Services

      —          2,740,271          —          2,740,271  

Leisure Products

      —          280,314          —          280,314  

Machinery

      —          2,188,532          —          2,188,532  

Media

      —          12,971,744          —          12,971,744  

Metals & Mining

      —          2,063,624          —          2,063,624  

Mortgage Real Estate Investment Trusts (REITs)

      —          9,153          —          9,153  

Multiline Retail

      —          255,531          —          255,531  

Oil, Gas & Consumable Fuels

      95,313          13,360,231          —          13,455,544  

Personal Products

      —          44,790          —          44,790  

Pharmaceuticals

      —          2,584,975          —          2,584,975  

Real Estate Management & Development

      —          640,846          —          640,846  

Road & Rail

      —          198,777          —          198,777  

Semiconductors & Semiconductor Equipment

      —          437,095          —          437,095  

Software

      —          2,008,978          —          2,008,978  

Specialty Retail

      —          1,005,188          —          1,005,188  

Technology Hardware, Storage & Peripherals

      —          108,503          —          108,503  

Textiles, Apparel & Luxury Goods

      —          213,200          —          213,200  

Thrifts & Mortgage Finance

      —          388,251          —          388,251  

Utilities

      —          210,602          —          210,602  

Wireless Telecommunication Services

      —          2,892,113          —          2,892,113  

Floating Rate Loan Interests

      —          609,888,825          40,506,345          650,395,170  

Investment Companies

      1,008,605          —          —          1,008,605  

Other Interests

      —          —          —          —  

Preferred Securities

                  

Capital Trusts

      —          2,378,571          —          2,378,571  

Preferred Stocks

      345,119          —          80,924          426,043  

Warrants

      16,577          —          —          16,577  

Short-Term Securities

                  

Money Market Funds

      569,275          —          —          569,275  

Liabilities

                  

Unfunded Floating Rate Loan Interests(a)

      —          (13,229 )         —          (13,229 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 3,084,985        $ 720,186,854        $ 40,599,080        $ 763,870,919  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Assets

                  

Credit Contracts

    $ —        $ 8,235        $ —        $ 8,235  

Liabilities

                  

Credit Contracts

      —          (32,930 )         —          (32,930 ) 

Foreign Currency Exchange Contracts

      —          (59,271 )         —          (59,271 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (83,966 )       $ —        $ (83,966 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

 
  (b) 

Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, bank borrowings payable of $241,000,000 are categorized as Level 2 within the fair value hierarchy.

 

25  

    

Schedule of Investments (unaudited) (continued)

March 31, 2022

   

BlackRock Debt Strategies Fund, Inc. (DSU)

 

A reconciliation of Level 3 financial instruments 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

    

Corporate

Bonds

    

Floating

Rate Loan
Interests

    

Other

Interests

    

Preferred

Stocks

    

Unfunded
Floating

Rate Loan
Interests

     Total  

 

  

Assets

              

Opening balance, as of December 31, 2021

   $ 11,700     $ 1     $ 26,559,403     $ — (a)    $ 86,236     $ (259 )    $ 26,657,081  

Transfers into Level 3(b)

     —       —       22,772,762       —       —       —       22,772,762  

Transfers out of Level 3(c)

     —       —       (9,607,213 )      —       —       259       (9,606,954 ) 

Accrued discounts/premiums

     —       —       9,751       —       —       —       9,751  

Net realized gain (loss)

     —       —       35,972       —       —       —       35,972  

Net change in unrealized appreciation (depreciation)(d)

     110       —       (406,967 )      —       (5,312 )      —       (412,169 ) 

Purchases

     —       —       2,583,665       —       —       —       2,583,665  

Sales

     —       —       (1,441,028 )      —       —       —       (1,441,028 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Closing balance, as of March 31, 2022

   $ 11,810     $ 1     $ 40,506,345     $ — (a)    $ 80,924     $ —     $ 40,599,080  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2022(d)

   $ 110     $ —     $ (370,460 )    $ —     $ (5,312 )    $ —     $ (375,662 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

  (a) 

Rounds to less than $1.

 
  (b) 

As of December 31, 2021, the Fund used observable inputs in determining the value of certain investments. As of March 31, 2022, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the fair value hierarchy.

 
  (c) 

As of December 31, 2021, the Fund used significant unobservable inputs in determining the value of certain investments. As of March 31, 2022, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the fair value hierarchy.

 
  (d) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

 

The Fund’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.

 

Currency Abbreviation
EUR    Euro
GBP    British Pound
USD    United States Dollar

 

Portfolio Abbreviation
CDI    CREST Depository Interest
CMT    Constant Maturity Treasury
DAC    Designated Activity Company
DIP    Debtor-In-Possession
ETF    Exchange-Traded Fund
EURIBOR    Euro Interbank Offered Rate
LIBOR    London Interbank Offered Rate
PIK    Payment-in-Kind
REIT    Real Estate Investment Trust
S&P    Standard & Poor’s
SCA    Societe en Commandite par Actions
SOFR    Secured Overnight Financing Rate
SONIA    Sterling Overnight Interbank Average Rate
SPDR    Standard & Poor’s Depository Receipt

 

S C H E D U L E   O F   I N V E S T M E N T S

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