NPORT-EX 2 NPORT_LCPI_83487614_0323.htm BlackRock Debt Strategies Fund

Schedule of Investments (unaudited) 

March 31, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  

Asset-Backed Securities

      

Golub Capital Partners CLO 66B Ltd., Series 2023-66, Class D, (3 mo. Term SOFR + 5.50%), 10.48%, 04/25/36

     USD       1,000     $     1,000,000  

Pikes Peak CLO Ltd., Series 2023-14, Class D, (3 mo. Term SOFR + 5.45%), 0.00%, 04/20/36

       1,000       1,000,000  

Symphony CLO 38 Ltd., Series 2023-38, Class D, (3 mo. Term SOFR + 5.20%), 10.02%, 04/24/36

       1,000       998,550  

Unique Pub Finance Co. PLC(a)

      

Series A4, 5.66%, 06/30/27

     GBP       33       40,683  

Series N, 6.46%, 03/30/32

       100       124,283  

Whitebox CLO IV Ltd., Series 2023-4A, Class D, (3 mo. Term SOFR + 5.15%), 9.93%, 04/20/36(b)(c)

     USD       1,000       999,709  
   

 

 

  

Total Asset-Backed Securities — 0.8%
(Cost: $4,190,876)

 

     4,163,225  
   

 

 

  
            Shares         

Common Stocks

      
Construction & Engineering — 0.0%  

McDermott International Ltd.(d)

       141,483       48,104  
   

 

 

  

Electrical Equipment — 0.0%

      

SunPower Corp.(d)

       1,707       23,625  
   

 

 

  

Energy Equipment & Services — 0.0%

 

  

Project Investor Holdings LLC, (Acquired 02/12/19,
Cost: $255,714)(e)(f)

       14,576       1,749  
   

 

 

  

Industrial Conglomerates — 0.0%

      

Ameriforge Group, Inc.

       1,664       832  
   

 

 

  

Oil, Gas & Consumable Fuels — 0.0%

 

  

Kcad Holdings I Ltd.(e)

       1,075,282,733       10,753  
   

 

 

  

Semiconductors & Semiconductor Equipment — 0.0%

 

Maxeon Solar Technologies Ltd.(d)

       213       5,653  
   

 

 

  

Specialty Retail — 0.1%

      

NMG Parent LLC

       1,477       187,089  
   

 

 

  

Total Common Stocks — 0.1%
(Cost: $13,865,911)

         277,805  
   

 

 

  
           

Par

(000)

         

Corporate Bonds

      
Aerospace & Defense — 0.8%                  

Boeing Co., 5.15%, 05/01/30

     USD       383       385,395  

Bombardier, Inc.(c)

      

7.50%, 03/15/25

       5       4,999  

7.13%, 06/15/26

       380       381,368  

7.88%, 04/15/27

       130       131,603  

6.00%, 02/15/28

       206       200,594  

7.50%, 02/01/29

       119       121,566  

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

       200       167,000  

Rolls-Royce PLC, 5.75%, 10/15/27(c)

       200       199,240  

Spirit AeroSystems, Inc.(c)

      

7.50%, 04/15/25

       10       10,000  
Security         

Par

(000)

     Value  
Aerospace & Defense (continued)                  

Spirit AeroSystems, Inc.(c) (continued)

      

9.38%, 11/30/29

     USD       161     $ 175,691  

TransDigm, Inc.

      

8.00%, 12/15/25(c)

       508       517,525  

6.25%, 03/15/26(c)

       929       929,845  

6.38%, 06/15/26

       15       14,662  

7.50%, 03/15/27

       33       32,917  

6.75%, 08/15/28(c)

       572       577,720  

Triumph Group, Inc., 9.00%, 03/15/28(c)

       214       214,225  
   

 

 

  
            4,064,350  
Air Freight & Logistics — 0.0%                  

XPO Escrow Sub LLC, 7.50%, 11/15/27(c)

       27       28,080  
   

 

 

  

Automobile Components — 0.3%

      

Clarios Global LP, 6.75%, 05/15/25(c)

       618       624,582  

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

      

6.25%, 05/15/26

       271       270,323  

8.50%, 05/15/27

       622       624,332  

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

      12       10,770  

Goodyear Tire & Rubber Co.

      

9.50%, 05/31/25

       22       22,607  

5.00%, 07/15/29

       26       23,228  

5.63%, 04/30/33

       30       25,950  

NM Holdings Co. LLC(d)(e)(g)

      

12.00%, 07/01/49

       5,150       —  

Series B, 9.50%, 07/01/05

       5,125       1  

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

       18       16,219  

ZF Finance GmbH, 5.75%, 08/03/26(a)

     EUR       100       108,717  
   

 

 

  
        1,726,729  
Automobiles — 0.3%                  

Asbury Automotive Group, Inc.

      

4.50%, 03/01/28

     USD       35       31,850  

5.00%, 02/15/32(c)

       73       63,948  

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

     GBP       100       89,744  

Ford Motor Co.

      

4.35%, 12/08/26

     USD       9       8,744  

3.25%, 02/12/32

       142       111,606  

6.10%, 08/19/32

       180       174,430  

Ford Motor Credit Co. LLC

      

3.81%, 01/09/24

       200       197,636  

4.95%, 05/28/27

       255       243,223  

4.87%, 08/03/27

     EUR       100       105,197  

7.35%, 03/06/30

     USD       200       205,500  

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

       39       33,155  

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

       90       75,294  

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

       42       36,330  

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

       59       43,685  

Penske Automotive Group, Inc., 3.75%, 06/15/29

       87       75,110  

RCI Banque SA, (5 year EUR Swap + 2.85%), 2.63%, 02/18/30(a)(b)

     EUR       100       98,792  

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

     USD       70       60,688  
   

 

 

  
        1,654,932  
Banks — 0.0%                  

Banca Monte dei Paschi di Siena SpA, (1 mo. EURIBOR + 3.21%), 6.75%, 03/02/26(a)(b)

     EUR       100       106,243  

Banco Espirito Santo SA(d)(g)

      

2.63%, 05/08/17(a)

       100       12,472  
 

 

 

1  

    

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  
Banks (continued)                  

Banco Espirito Santo SA(d)(g) (continued)

      

4.75%, 01/15/22(b)

     EUR       200     $ 24,943  

4.00%, 01/21/22

       100       12,472  
   

 

 

  
        156,130  
Beverages — 0.4%                  

ARD Finance SA, (6.50% Cash or 7.25% PIK),

      

6.50%, 06/30/27(c)(h)

     USD       200       152,980  

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(c)

      

6.00%, 06/15/27

       200       198,205  

4.00%, 09/01/29

       485       379,512  

Ball Corp., 3.13%, 09/15/31

       122       100,955  

Mauser Packaging Solutions Holding Co.(c)

      

7.88%, 08/15/26

       718       718,000  

9.25%, 04/15/27

       10       9,240  

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

      247       224,770  
   

 

 

  
            1,783,662  
Broadline Retail — 0.0%                  

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

       65       61,027  
   

 

 

  

Building Materials — 0.2%

      

Camelot Return Merger Sub, Inc., 8.75%, 08/01/28(c)

       67       62,038  

Jeld-Wen, Inc., 4.63%, 12/15/25(c)

       7       6,493  

Masonite International Corp.(c)

      

Class C, 5.38%, 02/01/28

       45       42,975  

Class C, 3.50%, 02/15/30

       69       57,188  

New Enterprise Stone & Lime Co., Inc.(c)

      

5.25%, 07/15/28

       26       22,981  

9.75%, 07/15/28

       38       36,290  

Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28(c)

       126       118,282  

Standard Industries, Inc.

      

2.25%, 11/21/26(a)

     EUR       100       93,839  

5.00%, 02/15/27(c)

     USD       45       42,737  

4.75%, 01/15/28(c)

       12       11,210  

4.38%, 07/15/30(c)

       179       155,730  

3.38%, 01/15/31(c)

       31       24,914  

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

       124       117,180  
   

 

 

  
        791,857  
Building Products(c) — 0.3%                  

Advanced Drainage Systems, Inc.

      

5.00%, 09/30/27

       19       18,056  

6.38%, 06/15/30

       105       102,883  

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

       39       34,412  

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

       24       19,023  

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

       109       93,195  

Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26

       27       24,814  

SRS Distribution, Inc.

      

4.63%, 07/01/28

       207       183,836  

6.13%, 07/01/29

       116       97,870  

6.00%, 12/01/29

       168       138,713  

 

Security         

Par

(000)

     Value  
Building Products (continued)                  

White Cap Buyer LLC, 6.88%, 10/15/28

     USD       528     $ 458,018  

White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26(h)

       75       68,204  
   

 

 

  
        1,239,024  
Capital Markets — 0.3%                  

AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27(c)

       150       150,977  

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

       16       13,080  

Blackstone Private Credit Fund

      

7.05%, 09/29/25(c)

       25       24,652  

3.25%, 03/15/27

       24       20,377  

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

       65       57,227  

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

       160       129,818  

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

      

4.75%, 09/15/24

       101       98,516  

6.25%, 05/15/26

       9       8,857  

5.25%, 05/15/27

       110       103,214  

4.38%, 02/01/29

       80       68,800  

NFP Corp.(c)

      

4.88%, 08/15/28

       170       153,340  

6.88%, 08/15/28

       423       362,993  

7.50%, 10/01/30

       34       32,852  

Northern Trust Corp., 6.13%, 11/02/32

       52       55,438  

Owl Rock Capital Corp., 3.40%, 07/15/26

       21       18,542  

Owl Rock Core Income Corp.

      

5.50%, 03/21/25

       55       53,557  

3.13%, 09/23/26

       12       10,410  

7.75%, 09/16/27(c)

       58       57,138  
   

 

 

  
            1,419,788  
Chemicals — 0.5%                  

Ashland LLC, 3.38%, 09/01/31(c)

       48       39,237  

Avient Corp., 7.13%, 08/01/30(c)

       39       40,219  

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

       150       128,517  

Celanese U.S. Holdings LLC, 6.17%, 07/15/27

       32       32,183  

Chemours Co., 5.75%, 11/15/28(c)

       38       33,924  

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

       498       437,065  

HB Fuller Co., 4.25%, 10/15/28

       35       31,048  

Herens Holdco SARL, 4.75%, 05/15/28(c)

       200       161,000  

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

       188       166,665  

Ingevity Corp., 3.88%, 11/01/28(c)

       23       19,706  

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

       82       59,040  

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

       42       35,316  

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

       55       50,151  

Scotts Miracle-Gro Co., 4.38%, 02/01/32

       65       52,242  

SK Invictus Intermediate II SARL, 5.00%, 10/30/29(c)

       176       146,122  

WESCO Distribution, Inc.(c)

      

7.13%, 06/15/25

       49       49,806  

7.25%, 06/15/28

       153       157,100  

WR Grace Holdings LLC(c)

      

4.88%, 06/15/27

       55       53,015  

5.63%, 08/15/29

       714       605,115  

7.38%, 03/01/31

       37       37,140  
   

 

 

  
        2,334,611  
 

 

 

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, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  
Commercial Services & Supplies — 0.3%                  

ADT Security Corp.(c)

      

4.13%, 08/01/29

     USD       9     $ 8,026  

4.88%, 07/15/32

       4       3,529  

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

       28       24,780  

APX Group, Inc.(c)

      

6.75%, 02/15/27

       64       63,680  

5.75%, 07/15/29

       86       76,970  

Fortress Transportation & Infrastructure Investors LLC(c)

      

6.50%, 10/01/25

       132       132,088  

9.75%, 08/01/27

       36       37,983  

5.50%, 05/01/28

       118       107,656  

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

       81       78,165  

Hertz Corp., 5.00%, 12/01/29(c)

       76       62,945  

LABL, Inc., 9.50%, 11/01/28

       61       61,534  

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

       39       32,483  

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

       74       66,946  

Prime Security Services Borrower LLC/Prime Finance, Inc.(c)

      

5.75%, 04/15/26

       40       39,700  

6.25%, 01/15/28

       166       155,210  

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

      202       167,523  

Williams Scotsman International, Inc.(c)

      

6.13%, 06/15/25

       49       48,693  

4.63%, 08/15/28

       74       67,316  
   

 

 

  
            1,235,227  
Communications Equipment(c) — 0.1%  

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

       153       144,089  

CommScope, Inc.

      

8.25%, 03/01/27

       35       28,668  

7.13%, 07/01/28

       58       42,777  

4.75%, 09/01/29

       161       134,197  

Viasat, Inc.

      

5.63%, 09/15/25

       132       125,144  

5.63%, 04/15/27

       21       19,719  

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

       98       83,806  
   

 

 

  
        578,400  
Construction Materials(c) — 0.0%        

American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29

       18       15,369  

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

       75       68,531  

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

       20       17,527  

Resideo Funding, Inc., 4.00%, 09/01/29

       18       14,965  

Ritchie Bros Holdings, Inc., 6.75%, 03/15/28

       20       20,597  
   

 

 

  
        136,989  
Consumer Discretionary(c) — 0.5%  

APi Group DE, Inc.

      

4.13%, 07/15/29

       67       57,491  

4.75%, 10/15/29

       32       28,154  

Carnival Corp.

      

10.50%, 02/01/26

       171       178,168  

7.63%, 03/01/26

       29       26,463  

5.75%, 03/01/27

       321       263,326  

9.88%, 08/01/27

       99       101,979  

4.00%, 08/01/28

       91       78,336  

6.00%, 05/01/29

       144       114,480  

Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28

       445       478,713  

CoreLogic, Inc., 4.50%, 05/01/28

       138       104,707  

 

Security         

Par

(000)

     Value  
Consumer Discretionary (continued)                  

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

     USD       52     $ 46,533  

Life Time, Inc.

      

5.75%, 01/15/26

       101       98,114  

8.00%, 04/15/26

       76       72,497  

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

       100       96,810  

NCL Corp. Ltd.

      

5.88%, 03/15/26

       86       73,193  

8.38%, 02/01/28

       37       37,127  

7.75%, 02/15/29

       14       12,004  

NCL Finance Ltd., 6.13%, 03/15/28

       46       37,271  

Neptune Bidco U.S., Inc., 9.29%, 04/15/29

       88       81,585  

Royal Caribbean Cruises Ltd.

      

11.50%, 06/01/25

       98       104,495  

4.25%, 07/01/26

       24       21,540  

5.50%, 08/31/26

       40       37,422  

5.38%, 07/15/27

       43       38,300  

11.63%, 08/15/27

       56       60,147  

5.50%, 04/01/28

       58       51,207  

8.25%, 01/15/29

       62       64,860  

9.25%, 01/15/29

       113       120,062  

7.25%, 01/15/30

       67       67,419  

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

       41       35,191  
   

 

 

  
            2,587,594  
Consumer Finance — 0.5%                  

Block, Inc.

      

2.75%, 06/01/26

       102       93,000  

3.50%, 06/01/31

       208       170,820  

Discover Financial Services, 6.70%, 11/29/32

       30       30,928  

Global Payments, Inc.

      

3.20%, 08/15/29

       181       159,211  

2.90%, 05/15/30

       172       145,646  

5.40%, 08/15/32

       28       27,453  

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

       164       145,709  

Navient Corp.

      

7.25%, 09/25/23

       3       2,990  

5.88%, 10/25/24

       77       74,796  

5.50%, 03/15/29

       66       55,770  

OneMain Finance Corp.

      

6.88%, 03/15/25

       20       19,380  

7.13%, 03/15/26

       7       6,729  

6.63%, 01/15/28

       8       7,334  

5.38%, 11/15/29

       139       116,936  

4.00%, 09/15/30

       76       57,000  

Sabre Global, Inc.(c)

      

9.25%, 04/15/25

       78       73,476  

11.25%, 12/15/27

       115       107,162  

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

       167       156,980  

SLM Corp., 3.13%, 11/02/26

       56       47,600  

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

       741       741,000  
   

 

 

  
        2,239,920  
Consumer Staples Distribution & Retail — 0.2%  

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

      

3.25%, 03/15/26

       12       11,292  

4.63%, 01/15/27

       21       20,309  

5.88%, 02/15/28

       107       106,342  

6.50%, 02/15/28

       38       38,095  
 

 

 

3  

    

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  
Consumer Staples Distribution & Retail (continued)  

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

      

3.50%, 03/15/29

     USD       35     $ 30,453  

4.88%, 02/15/30

       122       113,873  

Darling Ingredients, Inc., 6.00%, 06/15/30(c)

       94       93,680  

Lamb Weston Holdings, Inc.(c)

      

4.88%, 05/15/28

       7       6,790  

4.13%, 01/31/30

       113       103,395  

4.38%, 01/31/32

       102       92,504  

Ocado Group PLC, 3.88%, 10/08/26(a)

     GBP       100       91,538  

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

    USD       146       131,104  

Post Holdings, Inc.(c)

      

5.50%, 12/15/29

       11       10,366  

4.63%, 04/15/30

       36       32,265  

4.50%, 09/15/31

       21       18,482  

U.S. Foods, Inc.(c)

      

6.25%, 04/15/25

       51       51,460  

4.75%, 02/15/29

       73       67,434  

4.63%, 06/01/30

       13       11,727  

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

       26       24,165  
   

 

 

  
            1,055,274  
Containers & Packaging(c) — 0.1%                  

Clydesdale Acquisition Holdings, Inc.

      

6.63%, 04/15/29

       137       131,863  

8.75%, 04/15/30

       178       161,756  

LABL, Inc., 5.88%, 11/01/28

       84       74,639  

Sealed Air Corp., 4.00%, 12/01/27

       61       56,925  

Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28

       44       44,491  
   

 

 

  
        469,674  
Diversified Consumer Services — 0.4%  

Allied Universal Holdco LLC/Allied Universal Finance Corp.(c)

      

6.63%, 07/15/26

       305       293,106  

9.75%, 07/15/27

       101       90,017  

6.00%, 06/01/29

       323       241,107  

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

       400       337,121  

Brink’s Co., 5.50%, 07/15/25(c)

       15       14,861  

Clarivate Science Holdings Corp.(c)

      

3.88%, 07/01/28

       338       301,655  

4.88%, 07/01/29

       175       158,265  

Garda World Security Corp.(c)

      

4.63%, 02/15/27

       11       9,874  

7.75%, 02/15/28

       91       89,690  

Rekeep SpA, 7.25%, 02/01/26(a)

     EUR       100       95,436  

Service Corp. International, 3.38%, 08/15/30

     USD       144       122,760  

Sotheby’s, 7.38%, 10/15/27(c)

       200       189,186  
   

 

 

  
        1,943,078  
Diversified REITs — 0.1%        

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

       57       45,743  

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

       46       36,396  

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

       59       51,183  

 

Security         

Par

(000)

     Value  
Diversified REITs (continued)                  

Iron Mountain, Inc.(c)

      

5.00%, 07/15/28

     USD       10     $ 9,305  

5.63%, 07/15/32

       60       54,812  

MPT Operating Partnership LP/MPT Finance Corp.

      

4.63%, 08/01/29

       178       131,497  

3.50%, 03/15/31

       244       164,261  

RHP Hotel Properties LP/RHP Finance Corp.

      

4.75%, 10/15/27

       23       21,556  

4.50%, 02/15/29(c)

       140       126,459  

RLJ Lodging Trust LP, 4.00%, 09/15/29(c)

       74       61,799  

VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29(c)

       16       14,226  
   

 

 

  
        717,237  
Diversified Telecommunication Services — 0.5%  

Level 3 Financing, Inc.

      

3.40%, 03/01/27(c)

       144       113,896  

4.63%, 09/15/27(c)

       17       10,221  

4.25%, 07/01/28(c)

       24       13,541  

3.63%, 01/15/29(c)

       66       36,493  

3.75%, 07/15/29(c)

       53       28,257  

3.88%, 11/15/29(c)

       67       48,490  

10.50%, 05/15/30

       133       129,737  

Lumen Technologies, Inc., 4.00%, 02/15/27(c)

       234       154,440  

SoftBank Group Corp., 3.13%, 09/19/25(a)

     EUR       100       99,214  

Sprint Capital Corp.

      

6.88%, 11/15/28

     USD       313       336,328  

8.75%, 03/15/32

       389       473,608  

Telecom Italia Capital SA

      

6.38%, 11/15/33

       58       52,514  

6.00%, 09/30/34

       134       114,905  

7.20%, 07/18/36

       14       12,666  

7.72%, 06/04/38

       23       21,294  

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

     EUR       100       101,117  

Zayo Group Holdings, Inc.(c)

      

4.00%, 03/01/27

     USD       741       563,160  

6.13%, 03/01/28

       555       337,551  
   

 

 

  
            2,647,432  
Electric Utilities — 0.1%                  

Edison International, Series A, (5 year CMT + 4.70%), 5.38%(b)(i)

       100       88,433  

FirstEnergy Corp., Series C, 3.40%, 03/01/50

       68       46,633  

FirstEnergy Transmission LLC(c)

      

5.45%, 07/15/44

       115       110,176  

4.55%, 04/01/49

       21       17,674  

Pike Corp., 5.50%, 09/01/28(c)

       130       113,750  

Texas Competitive Electric Holdings, 1.00%, 11/10/21(d)(e)(g)

       2,375       —  
   

 

 

  
        376,666  
Electrical Equipment(c) — 0.1%                  

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

       263       258,397  

GrafTech Finance, Inc., 4.63%, 12/15/28

       66       55,035  

Regal Rexnord Corp.

      

6.05%, 02/15/26

       30       30,132  

6.05%, 04/15/28

       184       184,082  

6.30%, 02/15/30

       70       70,483  

6.40%, 04/15/33

       70       70,043  
   

 

 

  
        668,172  
 

 

 

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, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  
Electronic Equipment, Instruments & Components — 0.2%  

BWX Technologies, Inc.(c)

      

4.13%, 06/30/28

     USD       86     $ 77,435  

4.13%, 04/15/29

       57       50,547  

CDW LLC/CDW Finance Corp.

      

3.28%, 12/01/28

       7       6,166  

3.25%, 02/15/29

       32       28,144  

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

       186       166,394  

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

       980       864,708  
   

 

 

  
            1,193,394  
Energy Equipment & Services — 0.2%  

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

      

6.88%, 04/01/27

       225       220,781  

6.25%, 04/01/28

       37       35,520  

Enerflex Ltd., 9.00%, 10/15/27(c)

       83       80,718  

USA Compression Partners LP/USA Compression Finance Corp.

      

6.88%, 04/01/26

       111       107,886  

6.88%, 09/01/27

       178       170,093  

Vallourec SA, 8.50%, 06/30/26(a)

     EUR       8       8,633  

Weatherford International Ltd.(c)

      

11.00%, 12/01/24

     USD       3       3,078  

6.50%, 09/15/28

       68       68,116  

8.63%, 04/30/30

       61       62,407  
   

 

 

  
        757,232  
Environmental, Maintenance & Security Service — 0.2%  

Clean Harbors, Inc., 6.38%, 02/01/31(c)

       30       30,608  

Covanta Holding Corp.

      

4.88%, 12/01/29(c)

       43       38,259  

5.00%, 09/01/30

       21       18,064  

GFL Environmental, Inc.(c)

      

4.25%, 06/01/25

       4       3,903  

3.75%, 08/01/25

       45       43,245  

5.13%, 12/15/26

       113       110,487  

4.00%, 08/01/28

       8       7,269  

3.50%, 09/01/28

       53       47,965  

4.75%, 06/15/29

       206       192,425  

4.38%, 08/15/29

       44       39,389  

Stericycle, Inc., 3.88%, 01/15/29(c)

       49       42,776  

Tervita Corp., 11.00%, 12/01/25(c)

       25       26,812  

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

       183       168,298  
   

 

 

  
        769,500  
Financial Services — 0.3%  

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

       200       157,000  

Bank of America Corp., (1 day SOFR + 1.99%), 6.20%, 11/10/28(b)

       113       118,128  

Blackstone Holdings Finance Co. LLC, 5.90%, 11/03/27(c)

       176       179,489  

Citigroup, Inc., Series Y, (5 year CMT + 3.00%), 4.15%(b)(i)

       10       8,175  

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

       129       125,775  

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

       26       23,019  

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

       58       43,518  

Intrum AB, 4.88%, 08/15/25(a)

     EUR       100       99,774  

 

Security         

Par

(000)

     Value  
Financial Services (continued)  

Jefferies Finance LLC/JFIN Co.-Issuer Corp.,

      

5.00%, 08/15/28(c)

     USD       200     $ 169,318  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(c)

      

5.25%, 10/01/25

       12       10,558  

4.75%, 06/15/29

       22       15,902  

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

       47       44,673  

Morgan Stanley, (5 year CMT + 2.43%), 5.95%, 01/19/38(b)

       30       29,833  

Nationstar Mortgage Holdings, Inc.(c)

      

6.00%, 01/15/27

       54       49,005  

5.75%, 11/15/31

       70       54,296  

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

       157       140,515  

Spectrum Brands, Inc.(c)

      

5.00%, 10/01/29

       8       6,943  

5.50%, 07/15/30

       50       43,995  

VistaJet Malta Finance PLC/XO Management

      

Holding, Inc., 6.38%, 02/01/30(c)

       52       46,344  
   

 

 

  
            1,366,260  
Food Products — 0.2%  

Aramark International Finance SARL, 3.13%, 04/01/25(a)

     EUR       100       104,894  

Aramark Services, Inc.(c)

      

5.00%, 04/01/25

     USD       15       14,761  

6.38%, 05/01/25

       69       69,508  

5.00%, 02/01/28

       124       117,362  

Chobani LLC/Chobani Finance Corp., Inc.(c)

      

7.50%, 04/15/25

       326       317,857  

4.63%, 11/15/28

       264       240,570  

JBS USA LUX SA/JBS USA Food Co./JBS USA

      

Finance, Inc., 3.75%, 12/01/31(c)

       26       21,471  

Pilgrim’s Pride Corp., 3.50%, 03/01/32

       8       6,510  

Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29(c)

       60       48,758  
   

 

 

  
        941,691  
Gas Utilities — 0.0%  

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

       29       25,339  
   

 

 

  

Ground Transportation — 0.1%

 

United Rentals North America, Inc., 6.00%, 12/15/29(c)

       375       380,164  
   

 

 

  

Health Care Equipment & Supplies(c) — 0.1%

 

Avantor Funding, Inc.

      

4.63%, 07/15/28

       114       108,015  

3.88%, 11/01/29

       61       54,595  

Embecta Corp., 6.75%, 02/15/30

       24       21,840  

Garden Spinco Corp., 8.63%, 07/20/30

       64       68,379  
   

 

 

  
        252,829  
Health Care Providers & Services — 0.6%  

Acadia Healthcare Co., Inc., 5.00%, 04/15/29(c)

       64       60,160  

AdaptHealth LLC(c)

      

6.13%, 08/01/28

       24       22,036  

5.13%, 03/01/30

       9       7,635  

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

       105       88,200  

Cano Health LLC, 6.25%, 10/01/28(c)

       25       13,688  
 

 

 

5  

    

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  
Health Care Providers & Services (continued)  

Centene Corp.

      

2.45%, 07/15/28

     USD       57     $ 49,590  

3.00%, 10/15/30

       260       218,941  

2.50%, 03/01/31

       184       149,003  

2.63%, 08/01/31

       32       25,930  

CHS/Community Health Systems, Inc.(c)

      

6.00%, 01/15/29

       164       138,724  

5.25%, 05/15/30

       150       117,668  

4.75%, 02/15/31

       41       30,269  

Encompass Health Corp.

      

4.50%, 02/01/28

       5       4,660  

4.75%, 02/01/30

       152       138,198  

4.63%, 04/01/31

       66       57,654  

Legacy LifePoint Health LLC(c)

      

6.75%, 04/15/25

       156       148,038  

4.38%, 02/15/27

       47       38,440  

Medline Borrower LP(c)

      

3.88%, 04/01/29

       116       100,630  

5.25%, 10/01/29

       642       557,007  

ModivCare, Inc., 5.88%, 11/15/25(c)

       35       33,556  

Molina Healthcare, Inc.(c)

      

4.38%, 06/15/28

       24       22,327  

3.88%, 11/15/30

       39       34,028  

3.88%, 05/15/32

       53       44,541  

Surgery Center Holdings, Inc.(c)

      

6.75%, 07/01/25

       73       72,217  

10.00%, 04/15/27

       111       113,176  

Teleflex, Inc.

      

4.63%, 11/15/27

       6       5,861  

4.25%, 06/01/28(c)

       31       29,478  

Tenet Healthcare Corp.

      

4.88%, 01/01/26

       244       239,208  

6.25%, 02/01/27

       89       87,522  

5.13%, 11/01/27

       8       7,680  

6.13%, 10/01/28

       55       52,713  

4.25%, 06/01/29

       14       12,666  

4.38%, 01/15/30

       146       131,035  

6.13%, 06/15/30(c)

       112       110,488  
   

 

 

  
            2,962,967  
Health Care Technology(c) — 0.1%  

AthenaHealth Group, Inc., 6.50%, 02/15/30

       447       362,454  

Catalent Pharma Solutions, Inc.

      

5.00%, 07/15/27

       85       83,006  

3.13%, 02/15/29

       4       3,516  

3.50%, 04/01/30

       89       78,216  

Charles River Laboratories International, Inc.

      

4.25%, 05/01/28

       46       43,051  

4.00%, 03/15/31

       11       9,625  
   

 

 

  
        579,868  
Hotels, Restaurants & Leisure — 0.8%  

Boyd Gaming Corp.

      

4.75%, 12/01/27

       46       44,119  

4.75%, 06/15/31(c)

       39       35,420  

Boyne USA, Inc., 4.75%, 05/15/29(c)

       109       97,312  

Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(c)

      

3.88%, 01/15/28

       41       38,130  

4.38%, 01/15/28

       77       71,083  

 

Security         

Par

(000)

     Value  
Hotels, Restaurants & Leisure (continued)  

Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(c) (continued)

      

4.00%, 10/15/30

     USD       35     $ 30,013  

Caesars Entertainment, Inc.(c)

      

6.25%, 07/01/25

       377       377,018  

8.13%, 07/01/27

       304       310,080  

4.63%, 10/15/29

       486       425,007  

7.00%, 02/15/30

       395       401,912  

Caesars Resort Collection LLC/CRC Finco, Inc.,

      

5.75%, 07/01/25(c)

       45       45,010  

CCM Merger, Inc., 6.38%, 05/01/26(c)

       53       51,747  

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

       174       168,056  

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

      

5.50%, 05/01/25(c)

       89       88,944  

6.50%, 10/01/28

       19       18,434  

Churchill Downs, Inc.(c)

      

5.50%, 04/01/27

       155       151,758  

4.75%, 01/15/28

       73       68,359  

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

      

4.63%, 01/15/29

       113       99,180  

6.75%, 01/15/30

       570       468,956  

Hilton Domestic Operating Co., Inc.(c)

      

5.75%, 05/01/28

       103       103,000  

3.75%, 05/01/29

       46       41,170  

4.00%, 05/01/31

       94       82,316  

3.63%, 02/15/32

       40       33,750  

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

       73       72,824  

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

       71       61,723  

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

      

5.63%, 09/01/29

       34       25,096  

5.88%, 09/01/31

       37       26,597  

Raptor Acquisition Corp./Raptor Co.-Issuer LLC,

      

4.88%, 11/01/26(c)

       57       53,010  

Scientific Games International, Inc., 8.63%, 07/01/25(c)

       65       66,544  

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

       96       96,992  

Station Casinos LLC(c)

      

4.50%, 02/15/28

       69       62,272  

4.63%, 12/01/31

       35       29,558  

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

       89       89,208  

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

       44       40,534  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(c)

      

5.13%, 10/01/29

       193       175,313  

7.13%, 02/15/31

       83       84,193  

Yum! Brands, Inc., 4.75%, 01/15/30(c)

       17       16,242  
   

 

 

  
            4,150,880  
Household Durables — 0.1%  

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

      

4.63%, 08/01/29

       32       25,920  

4.63%, 04/01/30

       46       37,875  
 

 

 

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, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  
Household Durables (continued)                  

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

      

5.00%, 06/15/29

     USD       67     $ 51,255  

4.88%, 02/15/30

       56       42,232  

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

       104       89,180  

KB Home, 7.25%, 07/15/30

       21       21,299  

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

       72       62,624  

NCR Corp.(c)

      

5.00%, 10/01/28

       57       50,101  

5.13%, 04/15/29

       69       59,703  

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

       105       64,575  

Taylor Morrison Communities, Inc.(c)

      

5.88%, 06/15/27

       2       1,962  

5.13%, 08/01/30

       20       18,462  

Tempur Sealy International, Inc.(c)

      

4.00%, 04/15/29

       67       58,945  

3.88%, 10/15/31

       44       36,740  

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

       18       17,320  
   

 

 

  
            638,193  
Household Products — 0.0%  

Central Garden & Pet Co.

      

5.13%, 02/01/28

       15       14,438  

4.13%, 10/15/30

       63       55,667  

4.13%, 04/30/31(c)

       55       47,490  
   

 

 

  
        117,595  
Independent Power and Renewable Electricity Producers — 0.1%  

Calpine Corp.(c)

      

5.25%, 06/01/26

       28       27,297  

4.63%, 02/01/29

       99       85,468  

5.00%, 02/01/31

       14       11,851  

Clearway Energy Operating LLC(c)

      

4.75%, 03/15/28

       47       44,885  

3.75%, 01/15/32

       82       68,149  

NRG Energy, Inc.

      

5.75%, 01/15/28

       22       21,575  

5.25%, 06/15/29(c)

       5       4,642  

3.88%, 02/15/32(c)

       18       14,400  

7.00%, 03/15/33(c)

       50       51,796  

TerraForm Power Operating LLC, 4.75%, 01/15/30(c)

       74       66,355  

TransAlta Corp., 7.75%, 11/15/29

       35       36,781  
   

 

 

  
        433,199  
Insurance — 0.5%  

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

       71       58,669  

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(c)

      

4.25%, 10/15/27

       285       255,272  

6.75%, 10/15/27

       792       734,580  

6.75%, 04/15/28

       151       149,301  

5.88%, 11/01/29

       467       393,818  

AmWINS Group, Inc., 4.88%, 06/30/29(c)

       89       78,765  

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

       4       3,817  

HUB International Ltd.(c)

      

7.00%, 05/01/26

       345       339,069  

5.63%, 12/01/29

       16       13,940  

 

Security         

Par

(000)

     Value  
Insurance (continued)                  

Jones Deslauriers Insurance Management, Inc.

      

8.50%, 03/15/30

     USD       68     $ 70,480  

10.50%, 12/15/30(c)

       87       87,627  

Ryan Specialty Group LLC, 4.38%, 02/01/30(c)

       49       42,844  
   

 

 

  
            2,228,182  
Interactive Media & Services — 0.1%  

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

       36       30,087  

iliad SA(a)

      

5.38%, 06/14/27

     EUR       100       107,577  

5.63%, 02/15/30

       100       105,197  

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

      

4.75%, 04/30/27

     USD       92       78,598  

6.00%, 02/15/28

       9       6,659  
   

 

 

  
        328,118  
Internet Software & Services(c) — 0.4%  

ANGI Group LLC, 3.88%, 08/15/28

       106       80,532  

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

       71       61,389  

Match Group Holdings II LLC

      

4.63%, 06/01/28

       81       75,226  

3.63%, 10/01/31

       53       43,130  

Uber Technologies, Inc.

      

7.50%, 05/15/25

       108       109,385  

8.00%, 11/01/26

       308       315,771  

7.50%, 09/15/27

       282       290,773  

6.25%, 01/15/28

       341       340,147  

4.50%, 08/15/29

       547       498,454  
   

 

 

  
        1,814,807  
IT Services — 0.5%  

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

       50       41,407  

Booz Allen Hamilton, Inc.(c)

      

3.88%, 09/01/28

       75       68,441  

4.00%, 07/01/29

       93       83,924  

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

       201       177,383  

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

       136       128,520  

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

       143       123,820  

Fair Isaac Corp., 4.00%, 06/15/28(c)

       63       58,433  

Fiserv, Inc., 2.25%, 06/01/27

       1,385       1,253,482  

Gartner, Inc.(c)

      

4.50%, 07/01/28

       85       80,682  

3.63%, 06/15/29

       7       6,246  

KBR, Inc., 4.75%, 09/30/28(c)

       66       58,978  

McAfee Corp., 7.38%, 02/15/30(c)

       211       176,922  

Presidio Holdings, Inc., 4.88%, 02/01/27(c)

       12       11,468  

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

       123       121,953  

Twilio, Inc.

      

3.63%, 03/15/29

       52       44,850  

3.88%, 03/15/31

       129       109,459  

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

       186       161,025  
   

 

 

  
        2,706,993  
Leisure Products — 0.0%  

Mattel, Inc.

      

3.75%, 04/01/29(c)

       27       24,259  
 

 

 

7  

    

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  
Leisure Products (continued)  

Mattel, Inc. (continued)

      

6.20%, 10/01/40

     USD       60     $ 54,038  

5.45%, 11/01/41

       119       100,198  
   

 

 

  
        178,495  
Machinery — 0.4%  

ATS Corp., 4.13%, 12/15/28(c)

       35       31,042  

Chart Industries, Inc.(c)

      

7.50%, 01/01/30

       206       212,843  

9.50%, 01/01/31

       30       31,650  

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

       126       106,470  

Madison IAQ LLC, 5.88%, 06/30/29(c)

       1,139       879,877  

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

       24       21,439  

OT Merger Corp., 7.88%, 10/15/29(c)

       37       21,831  

Terex Corp., 5.00%, 05/15/29(c)

       102       94,912  

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

       171       143,213  

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

       200       172,848  

TK Elevator Midco GmbH, 4.38%, 07/15/27(a)

     EUR       100       97,876  

TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(c)

     USD       312       294,559  
   

 

 

  
            2,108,560  
Marine Transportation — 0.0%  

Huntington Ingalls Industries, Inc., 4.20%, 05/01/30

       57       53,348  
   

 

 

  

Media — 1.7%

      

Adelphia Communications Corp., 10.50%, 12/31/49(d)(e)(g)

       400       —  

Altice Financing SA, 5.75%, 08/15/29(c)

       436       346,620  

Altice France Holding SA, 10.50%, 05/15/27(c)

       342       261,630  

AMC Networks, Inc., 4.25%, 02/15/29

       39       23,978  

Cable One, Inc.

      

0.00%, 03/15/26(j)(k)

       28       22,092  

1.13%, 03/15/28(j)

       66       48,246  

4.00%, 11/15/30(c)

       62       50,466  

CCO Holdings LLC/CCO Holdings Capital Corp.

      

5.00%, 02/01/28(c)

       28       25,830  

6.38%, 09/01/29(c)

       385       367,675  

4.50%, 08/15/30(c)

       41       34,645  

7.38%, 03/01/31(c)

       568       559,125  

4.50%, 05/01/32

       14       11,449  

4.25%, 01/15/34(c)

       375       293,295  

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

      200       194,616  

Clear Channel Outdoor Holdings, Inc.(c)

      

5.13%, 08/15/27

       380       341,050  

7.75%, 04/15/28

       349       261,750  

7.50%, 06/01/29

       84       59,699  

CMG Media Corp., 8.88%, 12/15/27(c)

       90       68,040  

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

      

6.75%, 10/01/26(c)

       338       317,720  

CSC Holdings LLC

      

5.25%, 06/01/24

       398       384,070  

5.50%, 04/15/27(c)

       200       168,420  

4.50%, 11/15/31(c)

       416       299,940  

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

       111       100,533  

DISH DBS Corp.

      

7.75%, 07/01/26

       85       56,100  

5.25%, 12/01/26(c)

       479       382,192  

5.75%, 12/01/28(c)

       33       24,626  

 

Security         

Par

(000)

     Value  
Media (continued)  

DISH Network Corp., 11.75%, 11/15/27(c)

     USD       201     $ 194,970  

Frontier Communications Holdings LLC, 8.75%, 05/15/30(c)

       523       520,913  

GCI LLC, 4.75%, 10/15/28(c)

       35       30,196  

Iliad Holding SASU(c)

      

6.50%, 10/15/26

       220       209,664  

7.00%, 10/15/28

       200       189,758  

LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(c)

       180       170,010  

Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(c)(h)

       78       18,626  

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

       54       35,505  

Live Nation Entertainment, Inc.(c)

      

4.88%, 11/01/24

       9       8,820  

5.63%, 03/15/26

       4       3,870  

6.50%, 05/15/27

       380       384,083  

4.75%, 10/15/27

       80       74,000  

3.75%, 01/15/28

       35       31,325  

Odeon Finco PLC, 12.75%, 11/01/27(c)

       519       477,261  

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

      

5.00%, 08/15/27

       108       97,290  

4.25%, 01/15/29

       63       52,290  

4.63%, 03/15/30

       25       20,849  

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

      

4.50%, 09/15/26

       764       597,830  

6.50%, 09/15/28

       349       143,090  

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

       178       143,512  

Sirius XM Radio, Inc., 5.00%, 08/01/27(c)

       74       69,280  

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

       32       28,062  

Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25(a)(h)

     EUR       113       94,401  

TEGNA, Inc., 4.75%, 03/15/26(c)

     USD       11       10,435  

Univision Communications, Inc.(c)

      

6.63%, 06/01/27

       91       86,286  

7.38%, 06/30/30

       43       40,654  

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

       200       172,946  

Warnermedia Holdings, Inc., 6.41%, 03/15/26

       20       20,101  
   

 

 

  
            8,629,834  
Metals & Mining — 0.4%  

Arconic Corp.(c)

      

6.00%, 05/15/25

       13       13,000  

6.13%, 02/15/28

       111       109,192  

ATI, Inc.

      

5.88%, 12/01/27

       48       46,891  

4.88%, 10/01/29

       32       29,122  

5.13%, 10/01/31

       88       80,080  

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

       285       282,823  

Carpenter Technology Corp.

      

6.38%, 07/15/28

       24       23,410  

7.63%, 03/15/30

       72       74,473  

Commercial Metals Co.

      

4.13%, 01/15/30

       12       10,592  

4.38%, 03/15/32

       14       12,043  

Constellium SE

      

4.25%, 02/15/26(a)

     EUR       100       105,223  

3.75%, 04/15/29(c)

     USD       250       216,552  
 

 

 

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, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  
Metals & Mining (continued)                  

ERO Copper Corp., 6.50%, 02/15/30(c)

     USD       64     $ 55,720  

Kaiser Aluminum Corp.(c)

      

4.63%, 03/01/28

       42       37,381  

4.50%, 06/01/31

       144       118,254  

New Gold, Inc., 7.50%, 07/15/27(c)

       125       120,321  

Nexans SA, 5.50%, 04/05/28

     EUR       100       110,519  

Novelis Corp.(c)

      

3.25%, 11/15/26

     USD       110       100,525  

4.75%, 01/30/30

       366       336,279  

3.88%, 08/15/31

       68       57,272  

Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(a)

     EUR       100       94,290  

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

     USD       39       34,823  
   

 

 

  
            2,068,785  
Mortgage Real Estate Investment Trusts (REITs) — 0.0%  

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

       9       9,017  
   

 

 

  

Offshore Drilling & Other Services(c) — 0.1%

 

Entegris Escrow Corp., 4.75%, 04/15/29

       452       427,322  

Entegris, Inc.

      

4.38%, 04/15/28

       107       96,667  

3.63%, 05/01/29

       49       42,295  
   

 

 

  
        566,284  
Oil, Gas & Consumable Fuels — 2.3%  

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

       162       158,958  

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

      

5.75%, 03/01/27

       34       33,219  

5.75%, 01/15/28

       15       14,400  

5.38%, 06/15/29

       66       62,115  

Antero Resources Corp., 7.63%, 02/01/29(c)

       23       23,518  

Apache Corp.

      

4.25%, 01/15/30

       61       55,663  

5.10%, 09/01/40

       48       40,680  

5.35%, 07/01/49

       41       31,686  

Arcosa, Inc., 4.38%, 04/15/29(c)

       117       104,055  

Ascent Resources Utica Holdings LLC/ARU Finance Corp.(c)

      

9.00%, 11/01/27

       217       263,602  

5.88%, 06/30/29

       133       117,372  

Buckeye Partners LP

      

5.85%, 11/15/43

       16       12,081  

5.60%, 10/15/44

       1       708  

Callon Petroleum Co.

      

8.25%, 07/15/25

       6       5,958  

6.38%, 07/01/26

       49       46,550  

8.00%, 08/01/28(c)

       181       179,317  

7.50%, 06/15/30(c)

       297       279,180  

Cellnex Finance Co. SA, 1.25%, 01/15/29(a)

     EUR       100       88,705  

Cheniere Energy Partners LP

      

4.50%, 10/01/29

     USD       216       200,666  

4.00%, 03/01/31

       97       86,324  

3.25%, 01/31/32

       190       156,963  

Chesapeake Energy Corp., 6.75%, 04/15/29(c)

       147       145,936  

CITGO Petroleum Corp., 7.00%, 06/15/25(c)

       163       160,816  

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

       28       26,320  

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

       32       27,520  

CNX Resources Corp.(c)

      

6.00%, 01/15/29

       19       17,765  

 

Security         

Par

(000)

     Value  

Oil, Gas & Consumable Fuels (continued)

      

CNX Resources Corp.(c) (continued)

      

7.38%, 01/15/31

     USD       62     $ 61,070  

Comstock Resources, Inc., 6.75%, 03/01/29(c)

       360           329,414  

CQP Holdco LP/BIP-V Chinook Holdco LLC,

      

5.50%, 06/15/31(c)

       250       224,712  

Crescent Energy Finance LLC(c)

      

7.25%, 05/01/26

       180       169,200  

9.25%, 02/15/28

       69       66,154  

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

      

6.00%, 02/01/29

       55       52,359  

8.00%, 04/01/29

       28       28,560  

7.38%, 02/01/31

       27       27,000  

CrownRock LP/CrownRock Finance, Inc.(c)

      

5.63%, 10/15/25

       175       171,510  

5.00%, 05/01/29

       16       14,906  

DCP Midstream Operating LP(c)

      

6.45%, 11/03/36

       140       145,200  

6.75%, 09/15/37

       6       6,508  

Diamondback Energy, Inc., 6.25%, 03/15/33

       167       176,482  

DT Midstream, Inc.(c)

      

4.13%, 06/15/29

       110       96,437  

4.38%, 06/15/31

       79       68,824  

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

       37       33,393  

Earthstone Energy Holdings LLC, 8.00%, 04/15/27(c)

       88       85,389  

Energy Transfer LP

      

3.75%, 05/15/30

       231       213,169  

Series H, (5 year CMT + 5.69%), 6.50%(b)(i)

       144       126,720  

EnLink Midstream LLC

      

5.63%, 01/15/28(c)

       103       100,940  

5.38%, 06/01/29

       41       39,463  

6.50%, 09/01/30(c)

       76       76,852  

EnLink Midstream Partners LP

      

4.85%, 07/15/26

       39       37,538  

5.60%, 04/01/44

       82       66,926  

5.45%, 06/01/47

       18       14,346  

EQM Midstream Partners LP

      

6.00%, 07/01/25(c)

       11       10,874  

4.13%, 12/01/26

       17       15,438  

6.50%, 07/01/27(c)

       132       127,945  

7.50%, 06/01/30(c)

       67       64,906  

Genesis Energy LP/Genesis Energy Finance Corp.

      

6.50%, 10/01/25

       30       29,059  

7.75%, 02/01/28

       15       14,544  

8.88%, 04/15/30

       43       43,538  

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

       11       11,385  

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

       20       19,946  

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

      77       68,769  

Hilcorp Energy I LP/Hilcorp Finance Co.(c)

      

6.25%, 11/01/28

       21       19,929  

5.75%, 02/01/29

       73       67,200  

6.00%, 02/01/31

       5       4,604  

ITT Holdings LLC, 6.50%, 08/01/29(c)

       109       92,031  

Kinder Morgan, Inc., 4.80%, 02/01/33

       125       120,603  

Kinetik Holdings LP, 5.88%, 06/15/30(c)

       172       165,550  

Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(c)

       10       9,724  

MasTec, Inc., 4.50%, 08/15/28(c)

       56       51,761  

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

       54       53,277  
 

 

 

9  

    

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  

Oil, Gas & Consumable Fuels (continued)

 

Murphy Oil Corp.

      

5.75%, 08/15/25

     USD       8     $ 7,901  

5.88%, 12/01/27

       20       19,479  

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

       109       99,289  

Nabors Industries Ltd.(c)

      

7.25%, 01/15/26

       66       62,947  

7.50%, 01/15/28

       90       83,061  

Nabors Industries, Inc.

      

5.75%, 02/01/25

       306           296,437  

7.38%, 05/15/27(c)

       116       113,608  

New Fortress Energy, Inc.(c)

      

6.75%, 09/15/25

       300       288,750  

6.50%, 09/30/26

       321       295,320  

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

       85       82,015  

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

       84       92,565  

Northern Oil & Gas, Inc., 8.13%, 03/01/28(c)

       253       250,963  

NuStar Logistics LP

      

6.00%, 06/01/26

       123       120,566  

6.38%, 10/01/30

       2       1,919  

Occidental Petroleum Corp.

      

6.95%, 07/01/24

       9       9,113  

5.88%, 09/01/25

       23       23,179  

8.88%, 07/15/30

       86       100,030  

6.63%, 09/01/30

       726       764,601  

6.13%, 01/01/31

       7       7,263  

7.50%, 05/01/31

       27       29,778  

6.45%, 09/15/36

       135       141,943  

6.20%, 03/15/40

       152       152,821  

4.63%, 06/15/45

       7       5,607  

6.60%, 03/15/46

       60       63,083  

4.40%, 04/15/46

       27       21,398  

4.20%, 03/15/48

       8       6,200  

PDC Energy, Inc.

      

6.13%, 09/15/24

       68       67,660  

5.75%, 05/15/26

       6       5,841  

Permian Resources Operating LLC(c)

      

5.38%, 01/15/26

       32       30,331  

7.75%, 02/15/26

       84       84,210  

6.88%, 04/01/27

       54       52,829  

5.88%, 07/01/29

       140       132,565  

Precision Drilling Corp., 6.88%, 01/15/29(c)

       4       3,630  

Range Resources Corp., 4.88%, 05/15/25

       39       38,236  

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

       103       91,285  

Rockies Express Pipeline LLC, 4.95%, 07/15/29(c)

       14       12,472  

SM Energy Co.

      

5.63%, 06/01/25

       44       42,662  

6.75%, 09/15/26

       36       35,304  

6.63%, 01/15/27

       7       6,725  

6.50%, 07/15/28

       56       53,439  

Southwestern Energy Co.

      

5.38%, 02/01/29

       85       80,112  

4.75%, 02/01/32

       2       1,766  

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

      

7.50%, 10/01/25

       3       2,999  

6.00%, 03/01/27

       14       13,252  

5.50%, 01/15/28

       11       10,058  

6.00%, 12/31/30

       10       8,937  

6.00%, 09/01/31

       41       36,255  

 

Security         

Par

(000)

     Value  

Oil, Gas & Consumable Fuels (continued)

 

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

     USD       202     $ 176,964  

Transocean Titan Financing Ltd., 8.38%, 02/01/28(c)

       57       58,657  

Transocean, Inc.(c)

      

7.50%, 01/15/26

       212       192,488  

8.75%, 02/15/30

       245       249,900  

Venture Global Calcasieu Pass LLC(c)

      

3.88%, 08/15/29

       302       272,404  

4.13%, 08/15/31

       209       183,623  

3.88%, 11/01/33

       393       330,120  

Vermilion Energy, Inc., 6.88%, 05/01/30(c)

       51       46,445  

Western Midstream Operating LP

      

6.15%, 04/01/33

       20       20,271  

5.45%, 04/01/44

       112       97,666  

5.30%, 03/01/48

       39       33,045  

5.50%, 08/15/48

       17       14,640  

5.50%, 02/01/50

       137       116,244  
   

 

 

  
            11,507,103  
Passenger Airlines — 0.6%  

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

       116       105,328  

Allegiant Travel Co.(c)

      

8.50%, 02/05/24

       1,065       1,065,000  

7.25%, 08/15/27

       37       36,833  

American Airlines, Inc.(c)

      

11.75%, 07/15/25

       392       428,864  

7.25%, 02/15/28

       8       7,780  

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

      

5.50%, 04/20/26

       184       181,091  

5.75%, 04/20/29

       113       108,531  

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

       73       70,296  

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

       101       95,885  

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

       230       229,185  

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

       70       70,750  

United Airlines Pass-Through Trust

      

Series 2020-1, Class A, 5.88%, 04/15/29

       169       168,505  

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

       15       13,989  

United Airlines, Inc.(c)

      

4.38%, 04/15/26

       60       57,403  

4.63%, 04/15/29

       383       346,424  
   

 

 

  
        2,985,864  
Personal Care Products — 0.0%  

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

       5       4,669  
   

 

 

  

Pharmaceuticals — 0.2%

      

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

     EUR       100       100,638  

Gruenenthal GmbH, 4.13%, 05/15/28(a)

       100       98,147  

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

     USD       79       69,764  

Organon & Co./Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/28(c)

       200       182,822  

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

       200       184,482  
 

 

 

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, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  

Pharmaceuticals (continued)

      

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

     USD       70     $ 59,331  

Teva Pharmaceutical Finance Netherlands II BV,

      

3.75%, 05/09/27

     EUR       100       97,863  

Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26

     USD       83       74,648  
   

 

 

  
            867,695  
Real Estate — 0.0%  

VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28(c)

       30       27,781  
   

 

 

  

Real Estate Management & Development — 0.2%

 

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

       101       90,423  

Howard Hughes Corp.(c)

      

5.38%, 08/01/28

       49       44,620  

4.38%, 02/01/31

       63       50,715  

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

      

5.75%, 01/15/29

       531       397,432  

5.25%, 04/15/30

       43       31,342  

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

       25       20,662  

VICI Properties LP, 5.13%, 05/15/32

       182       171,469  
   

 

 

  
        806,663  
Semiconductors & Semiconductor Equipment — 0.1%  

Broadcom, Inc.

      

4.30%, 11/15/32

       73       67,258  

3.42%, 04/15/33(c)

       77       64,427  

Marvell Technology, Inc., 2.95%, 04/15/31

       75       62,629  

Sensata Technologies B.V., 4.00%, 04/15/29(c)

       36       32,525  

Sensata Technologies, Inc.(c)

      

4.38%, 02/15/30

       169       153,986  

3.75%, 02/15/31

       49       42,875  

Synaptics, Inc., 4.00%, 06/15/29(c)

       107       92,141  
   

 

 

  
        515,841  
Software — 0.5%  

Alteryx, Inc., 8.75%, 03/15/28

       57       57,369  

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

       122       110,867  

Boxer Parent Co., Inc.(c)

      

7.13%, 10/02/25

       148       147,295  

9.13%, 03/01/26

       144       139,640  

Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(c)

       173       170,038  

Cloud Software Group Holdings, Inc., 6.50%, 03/31/29(c)

       715       632,492  

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

       16       13,964  

Elastic NV, 4.13%, 07/15/29(c)

       120       102,450  

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

       45       38,643  

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

       144       127,800  

MSCI, Inc.(c)

      

3.63%, 09/01/30

       7       6,085  

3.88%, 02/15/31

       11       9,791  

3.25%, 08/15/33

       34       27,844  

Open Text Corp., 6.90%, 12/01/27(c)

       214       220,762  

Oracle Corp., 6.25%, 11/09/32

       375       403,332  

PTC, Inc., 4.00%, 02/15/28(c)

       32       29,903  

 

Security         

Par

(000)

     Value  

Software (continued)

      

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

     USD       245     $ 237,723  

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

       188       141,519  
   

 

 

  
            2,617,517  
Specialized REITs — 0.0%  

Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28(c)

       120       116,400  
   

 

 

  

Specialty Retail(c) — 0.1%

 

Arko Corp., 5.13%, 11/15/29

       58       48,006  

PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29

       253       248,347  

Staples, Inc., 7.50%, 04/15/26

       82       71,843  
   

 

 

  
        368,196  
Technology Hardware, Storage & Peripherals — 0.0%  

Coherent Corp., 5.00%, 12/15/29(c)

       126       114,370  
   

 

 

  

Textiles, Apparel & Luxury Goods(c) — 0.1%

 

  

Crocs, Inc.

      

4.25%, 03/15/29

       77       67,539  

4.13%, 08/15/31

       70       57,673  

Hanesbrands, Inc., 9.00%, 02/15/31

       71       72,686  

Kontoor Brands, Inc., 4.13%, 11/15/29

       32       27,462  

Levi Strauss & Co., 3.50%, 03/01/31

       78       66,495  
   

 

 

  
        291,855  
Transportation Infrastructure — 0.0%  

Azzurra Aeroporti SpA, 2.63%, 05/30/27(a)

     EUR       100       95,600  
   

 

 

  

Utilities(c) — 0.0%

      

Consensus Cloud Solutions, Inc.

      

6.00%, 10/15/26

     USD       23       19,982  

6.50%, 10/15/28

       20       16,586  

Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28

       42       38,423  

Vistra Operations Co. LLC

      

5.50%, 09/01/26

       5       4,854  

5.63%, 02/15/27

       41       39,785  

5.00%, 07/31/27

       5       4,727  
   

 

 

  
        124,357  
Wireless Telecommunication Services — 0.3%  

Altice France SA/France, 8.13%, 02/01/27(c)

       334       309,184  

SBA Communications Corp.

      

3.13%, 02/01/29

       283       246,193  

3.88%, 02/15/27

       7       6,608  

T-Mobile USA, Inc.

      

3.38%, 04/15/29

       67       61,083  

3.50%, 04/15/31

       26       23,378  

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

      

5.63%, 05/01/24

       18       17,843  

3.50%, 02/15/25

       34       32,222  

4.63%, 06/15/25

       161       155,657  

4.25%, 12/01/26

       34       31,723  

4.63%, 12/01/29

       133       121,072  
 

 

 

11  

    

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  

Wireless Telecommunication Services (continued)

 

VICI Properties LP/VICI Note Co., Inc.(c) (continued)

      

4.13%, 08/15/30

     USD       124     $ 109,527  

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

 

     200       171,444  
   

 

 

  
        1,285,934  
   

 

 

  

Total Corporate Bonds — 17.5%
(Cost: $102,078,062)

             86,907,232  
   

 

 

  

Floating Rate Loan Interests(b)

      
Aerospace & Defense — 3.4%                  

Atlas CC Acquisition Corp.

      

Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 4.25%), 9.40%, 05/25/28

       2,449       2,097,668  

Term Loan C, (3 mo. SOFR CME at 0.75% Floor + 4.25%), 9.40%, 05/25/28

       498       426,645  

Bleriot U.S. Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR US + 4.00%), 9.16%, 10/31/26

       806       805,351  

Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, (6 mo. LIBOR US at 0.50% Floor + 3.50%), 8.56%, 08/03/29

       324       316,736  

Dynasty Acquisition Co., Inc.

      

2020 CAD Term Loan B2, (1 mo. SOFR CME + 3.50%), 8.41%, 04/06/26

       1,169       1,139,489  

2020 Term Loan B1, (1 mo. SOFR CME + 3.50%), 8.41%, 04/06/26

       2,174       2,119,709  

Nordam Group, Inc., Term Loan B, (1 mo. LIBOR US + 5.60%), 10.41%, 04/09/26

       760       590,389  

Peraton Corp.

      

2nd Lien Term Loan B1, (3 mo. LIBOR US at 0.75% Floor + 7.75%), 12.65%, 02/01/29

       1,474       1,429,913  

Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.59%, 02/01/28

       5,035       4,961,529  

TransDigm, Inc., 2023 Term Loan I, (3 mo. SOFR CME + 3.25%), 8.15%, 08/24/28

       2,797       2,786,836  
   

 

 

  
        16,674,265  
Air Freight & Logistics — 0.3%  

AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.45%, 04/06/28

       508       489,622  

Kestrel Bidco, Inc., Term Loan B, (1 mo. SOFR CME at 1.00% Floor + 3.00%), 7.86%, 12/11/26

       363       347,240  

PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 4.25%), 9.09%, 12/15/28

       687       575,408  
   

 

 

  
        1,412,270  
Automobile Components — 1.2%  

Adient U.S. LLC, 2021 Term Loan B, (1 mo. LIBOR US + 3.25%), 8.09%, 04/10/28

       462       458,733  

 

Security         

Par

(000)

     Value  

Automobile Components (continued)

      

Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR US + 3.25%), 8.09%, 04/30/26

     USD       3,217     $ 3,192,531  

Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR US + 2.75%), 7.59%, 02/05/26

       2,273       2,225,892  
   

 

 

  
            5,877,156  
Banks — 0.7%  

DirecTV Financing LLC, Term Loan, (1 mo. LIBOR US at 0.75% Floor + 5.00%), 9.84%, 08/02/27

       2,006       1,926,152  

LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 5.00%), 9.84%, 10/29/28

       1,401       1,355,722  
   

 

 

  
        3,281,874  
Beverages — 0.7%  

Naked Juice LLC

      

2nd Lien Term Loan, (3 mo. SOFRTE at 0.50% Floor + 6.00%), 11.00%, 01/24/30

       1,565       1,167,043  

Term Loan, (3 mo. SOFRTE at 0.50% Floor + 3.25%), 8.25%, 01/24/29

       2,596       2,276,460  
   

 

 

  
        3,443,503  
Building Materials — 0.1%  

Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 7.93%, 04/12/28

       312       273,423  
   

 

 

  

Building Products — 1.7%

      

CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.50%), 8.41%, 11/23/27

       1,271       1,123,372  

CPG International LLC, 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.41%, 04/28/29

       703       693,497  

Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR US + 2.25%), 7.09%, 07/28/28

       718       694,839  

LSF10 XL Bidco SCA, 2021 EUR Term Loan B4, (3 mo. EURIBOR + 3.925%), 6.94%, 04/12/28

     EUR       854       793,924  

New AMI I LLC, 2022 Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 6.00%), 10.81%, 03/08/29

     USD       733       629,169  

Standard Industries, Inc., 2021 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.00%), 7.12%, 09/22/28

       1,409       1,400,138  

Wilsonart LLC, 2021 Term Loan E, (6 mo. LIBOR US at 1.00% Floor + 3.25%), 8.46%, 12/31/26

       3,015       2,896,423  
   

 

 

  
        8,231,362  
Capital Markets — 3.0%  

Ascensus Holdings, Inc.

      

2021 2nd Lien Term Loan, (3 mo. LIBOR US at 0.50% Floor + 6.50%), 11.31%, 08/02/29

       2,373       2,119,515  

Term Loan, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.38%, 08/02/28

       2,473       2,395,827  

Castlelake Aviation One DAC, 2023 Incremental Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 2.75%), 7.78%, 10/22/27

       651       641,193  
 

 

 

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, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  

Capital Markets (continued)

      

Deerfield Dakota Holding LLC

      

2020 USD Term Loan B, (1 mo. SOFR CME at 1.00% Floor + 3.75%), 8.65%, 04/09/27

     USD       5,622     $ 5,434,125  

2021 USD 2nd Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 6.75%), 11.91%, 04/07/28

       1,594       1,459,833  

Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR US at 0.75% Floor + 3.00%), 8.19%, 11/12/27

       1,328       1,300,711  

FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR US + 2.30%), 7.14%, 06/27/25

       — (l)       184  

Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.31%, 06/30/28

       1,290       1,267,670  

Greenhill & Co., Inc., Term Loan B, (3 mo. LIBOR US + 3.25%), 8.20%, 04/12/24

       517       504,048  
     

 

 

  
            15,123,106  
Chemicals — 4.6%                  

Ascend Performance Materials Operations LLC, 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 4.75%), 9.71%, 08/27/26

       2,892       2,838,674  

Axalta Coating Systems U.S. Holdings, Inc., 2022 USD Term Loan B4, (3 mo. SOFR CME at 0.50% Floor + 3.00%), 7.90%, 12/20/29

       1,028       1,028,382  

CPC Acquisition Corp., Term Loan, (3 mo. SOFR CME at 0.75% Floor + 3.75%), 8.91%, 12/29/27

       569       431,627  

Discovery Purchaser Corp., Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.375%), 8.96%, 10/04/29

       1,140       1,077,914  

Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR US + 2.00%), 6.81%, 01/31/26

       1,741       1,737,686  

HB Fuller Co., 2023 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.31%, 02/15/30

       265       265,912  

Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR US + 3.50%), 8.34%, 06/30/27

       1,223       1,201,367  

INEOS U.S. Finance LLC, 2023 USD Term Loan B, (3 mo. SOFR CME + 3.50%), 8.41%, 02/18/30

       615       610,935  

Lonza Group AG, USD Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 4.00%), 9.16%, 07/03/28

       942       870,201  

LSF11 A5 Holdco LLC, Term Loan, (1 mo. SOFRTE at 0.50% Floor + 3.50%), 8.42%, 10/15/28

       1,648       1,595,322  

Messer Industries GmbH, 2018 USD Term Loan, (3 mo. SOFR CME + 2.50%), 7.66%, 03/02/26

       2,481       2,472,080  

Momentive Performance Materials, Inc., 2023 Term Loan, (3 mo. SOFR + 4.50%), 9.29%, 03/31/28(e)(m)

      1,851       1,809,353  

OQ Chemicals Corp., 2017 USD Term Loan B2, (1 mo. LIBOR US + 3.25%), 8.00%, 10/14/24

       1,511       1,465,061  

PQ Corp., 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.50%), 7.33%, 06/09/28

       1,519       1,504,469  

Pregis TopCo Corp., 2021 Incremental Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.75%), 8.59%, 07/31/26

       615       597,127  

SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 4.00%), 8.83%, 03/16/27

       928       903,417  
Security           Par
(000)		      Value  

Chemicals (continued)

        

Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.25%), 7.92%, 08/02/28

     USD        1,429      $ 1,411,545  

Starfruit Finco BV, 2018 USD Term Loan B, (3 mo. SOFR CME + 2.75%), 7.53%, 10/01/25

        327        323,452  

W.R. Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 3.75%), 8.94%, 09/22/28

        838        829,747  
       

 

 

  
              22,974,271  
Commercial Services & Supplies — 3.4%                    

Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.75%), 8.66%, 05/12/28

        2,298        2,178,831  

Amentum Government Services Holdings LLC, 2022 Term Loan, (3 mo. SOFR CME + 4.00%), 8.91%, 02/15/29

        684        667,024  

Asurion LLC

        

2020 Term Loan B8, (1 mo. LIBOR US + 3.25%), 8.09%, 12/23/26

        252        232,869  

2021 2nd Lien Term Loan B3, (1 mo. LIBOR US + 5.25%), 10.09%, 01/31/28

        985        816,883  

2021 Second Lien Term Loan B4, (1 mo. LIBOR US + 5.25%), 10.09%, 01/20/29

        1,402        1,152,444  

2023 Term Loan B11, (1 mo. SOFR CME + 4.25%), 9.16%, 08/19/28

        1,098        1,015,030  

Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR US + 2.00%), 6.84%, 10/08/28

        610        612,258  

Covanta Holding Corp.

        

2021 Term Loan C, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.31%, 11/30/28

        75        74,451  

2021 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.31%, 11/30/28

        989        983,983  

Creative Artists Agency LLC, 2023 Term Loan B, (1 mo. SOFR CME + 3.50%), 8.31%, 11/27/28

        1,415        1,408,519  

EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR US at 1.00% Floor + 3.75%), 8.91%, 05/09/25

        430        414,271  

GFL Environmental, Inc., 2023 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.00%), 7.91%, 05/28/27

        1,137        1,136,815  

Packers Holdings LLC, 2021 Term Loan, (1 mo. SOFR CME at 0.75% Floor + 3.25%), 8.09%, 03/09/28

        820        739,373  

Prime Security Services Borrower LLC, 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 2.75%), 7.52%, 09/23/26

        1,475        1,469,020  

Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR US + 4.00%), 8.84%, 08/27/25

        3,222        3,214,559  

Viad Corp., Initial Term Loan, (1 mo. SOFR CME at 0.50% Floor + 5.00%), 9.92%, 07/30/28

        686        652,996  
       

 

 

  
          16,769,326  
Communications Equipment — 0.4%                    

Ciena Corp., 2023 Term Loan B, (1 mo. SOFR CME + 2.50%), 7.19%, 01/18/30

        189        188,647  

ViaSat, Inc., Term Loan, (1 mo. SOFR CME at 0.50% Floor + 4.50%), 9.42%, 03/02/29

        1,783        1,727,239  
       

 

 

  
          1,915,886  
 

 

 

13  

    

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  

Construction & Engineering — 1.5%

      

Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 7.00%), 11.84%, 09/30/29(e)

    USD       815     $ 688,675  

Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR US at 1.00% Floor + 4.25%), 9.13%, 06/21/24

       2,155       2,004,688  

Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR US + 3.00%), 7.85%, 01/21/28

       925       916,777  

SRS Distribution, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.34%, 06/02/28

       2,403       2,316,227  

USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.34%, 05/12/28

       1,542       1,488,943  
     

 

 

  
        7,415,310  
Construction Materials — 1.4%                  

Core & Main LP, 2021 Term Loan B, (3 mo. LIBOR US + 2.50%), 7.37%, 07/27/28(e)

      3,550       3,523,723  

Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR US + 3.00%), 7.84%, 03/29/25

       2,094       2,085,373  

Oscar AcquisitionCo. LLC, Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.50%, 04/29/29

       956       919,544  

Tamko Building Products LLC, Term Loan B, (3 mo. LIBOR US + 3.00%), 7.87%, 06/01/26

       320       309,488  
     

 

 

  
        6,838,128  
Consumer Staples Distribution & Retail — 0.4%  

H-Food Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR US + 3.688%), 8.53%, 05/23/25

       454       387,367  

U.S. Foods, Inc.

      

2019 Term Loan B, (1 mo. LIBOR US + 2.00%), 6.84%, 09/13/26

       629       625,180  

2021 Term Loan B, (1 mo. LIBOR US + 2.75%), 7.59%, 11/22/28

       781       779,374  
     

 

 

  
            1,791,921  
Containers & Packaging — 1.3%                  

Charter Next Generation, Inc., 2021 Term Loan, (1 mo. SOFR CME at 0.75% Floor + 3.75%), 8.67%, 12/01/27

       2,977       2,935,407  

Mauser Packaging Solutions Holding Co., Term Loan B, (3 mo. SOFR CME + 4.00%), 8.78%, 08/14/26

       1,144       1,132,972  

Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. SOFR CME + 3.75%), 8.67%, 07/31/26

       539       524,612  

Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.42%, 08/18/27

       1,026       787,261  

Trident TPI Holdings, Inc., 2021 Incremental Term Loan, (3 mo. LIBOR US at 0.50% Floor + 4.00%), 9.16%, 09/15/28

       1,008       971,798  
     

 

 

  
        6,352,050  
Distributors — 1.4%                  

American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. SOFR CME + 2.00%), 6.91%, 01/15/27

       1,053       1,046,154  

 

Security          Par
(000)		     Value  

Distributors (continued)

      

CNT Holdings I Corp., 2020 Term Loan, (3 mo. SOFR CME at 0.75% Floor + 3.50%), 8.13%, 11/08/27

     USD       1,608     $ 1,578,773  

Dealer Tire Financial LLC, Term Loan B2, (1 mo. SOFR CME at 0.50% Floor + 4.50%), 9.31%, 12/14/27

       2,653       2,631,594  

Go Daddy Operating Co. LLC, 2022 Term Loan B5, (1 mo. SOFR CME + 3.25%), 8.06%, 11/09/29

       1,272       1,269,434  

PUG LLC, 2021 Incremental Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 4.25%), 9.09%, 02/12/27(e)

      322       230,298  
     

 

 

  
            6,756,253  
Diversified Consumer Services — 1.6%                  

2U, Inc., 2023 Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 6.50%), 11.32%, 12/28/26

       841       807,097  

Ascend Learning LLC

      

2021 2nd Lien Term Loan, (1 mo. SOFR CME at 0.50% Floor + 5.75%), 10.66%, 12/10/29

       681       584,523  

2021 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.50%), 8.41%, 12/11/28

       1,684       1,551,097  

Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.25%), 7.17%, 11/24/28

       810       796,089  

Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR US + 3.75%), 8.59%, 07/11/25

       832       824,805  

OLA Netherlands BV, Term Loan, (1 mo. SOFR CME at 0.75% Floor + 6.25%), 11.11%, 12/15/26

       744       702,856  

PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.75%), 8.58%, 10/28/27

       869       812,770  

Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 4.50%), 9.33%, 01/15/27

       1,654       1,641,483  

Voyage Australia Pty. Ltd., USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 3.50%), 8.40%, 07/20/28

       287       282,633  
     

 

 

  
        8,003,353  
Diversified REITs — 0.0%                  

RHP Hotel Properties LP, 2017 Term Loan B,

      

(1 mo. LIBOR US + 2.00%), 6.85%, 05/11/24

       269       267,975  
     

 

 

  

Diversified Telecommunication Services — 1.5%

 

Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 7.93%, 11/30/27

       198       195,856  

Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.38%, 10/02/27

       713       559,907  

Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.63%, 05/01/28

       1,749       1,655,916  

Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. SOFR CME at 0.75% Floor + 2.50%), 7.41%, 11/04/26

       1,579       1,576,445  

Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. SOFR CME + 1.75%), 6.67%, 03/01/27

       1,299       1,092,327  
 

 

 

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, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  

Diversified Telecommunication Services (continued)

 

Lumen Technologies, Inc., 2020 Term Loan B, (3 mo. SOFR CME + 2.25%), 7.17%, 03/15/27

     USD       1,241     $ 815,358  

Virgin Media SFA Finance Ltd., GBP Term Loan L, (1 mo. SONIA + 3.25%), 7.21%, 01/15/27

     GBP       1,400       1,618,788  
     

 

 

  
        7,514,597  
Electric Utilities — 0.7%                  

Constellation Renewables LLC, 2020 Term Loan, (3 mo. LIBOR US at 1.00% Floor + 2.50%), 7.46%, 12/15/27

     USD       1,109       1,102,801  

Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.66%, 03/31/28

       2,791       2,494,239  
     

 

 

  
        3,597,040  
Electrical Equipment — 0.7%                  

Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.91%, 06/23/28

       1,334       1,269,513  

AZZ, Inc., Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 4.25%), 9.16%, 05/13/29

       226       226,276  

Gates Global LLC, 2021 Term Loan B3, (1 mo. SOFR CME at 0.75% Floor + 2.50%), 7.41%, 03/31/27

       2,130       2,114,273  
     

 

 

  
        3,610,062  
Electronic Equipment, Instruments & Components — 0.3%  

Coherent Corp., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.75%), 7.67%, 07/02/29

       1,452       1,435,398  
     

 

 

  

Energy Equipment & Services — 0.5%

      

Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.06%, 10/05/28

       2,681           2,630,954  
   

 

 

  

Entertainment — 0.7%

      

Cirque Du Soleil Holding USA Newco, Inc., 2023 Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.25%), 9.13%, 03/08/30

       815       804,812  

City Football Group Ltd., Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 7.78%, 07/21/28

       1,469       1,397,395  

Delta 2 Lux SARL, Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.06%, 01/15/30

       1,104       1,104,464  
     

 

 

  
        3,306,671  
Environmental, Maintenance & Security Service — 0.6%  

Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR US + 1.75%), 6.59%, 09/07/27

       1,730       1,719,809  

TruGreen LP, 2020 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 4.00%), 8.84%, 11/02/27

       1,457       1,343,000  
     

 

 

  
        3,062,809  
Financial Services — 5.0%                  

Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.00%), 9.05%, 02/16/28

       380       366,068  

Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR US + 4.50%), 9.34%, 07/31/26

       912       895,076  

AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 2.75%), 7.61%, 02/04/28

       1,520       1,512,818  

 

Security          Par
(000)		     Value  

Financial Services (continued)

 

Altice France SA/France, 2023 USD Term Loan B14, (2 mo. SOFR CME + 5.50%), 10.17%, 08/15/28(e)

    USD       1,726     $ 1,639,764  

Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.62%, 10/22/26

       1,357       1,342,396  

Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 2.50%), 7.34%, 09/01/28

       1,380       1,360,207  

Delta TopCo, Inc., 2020 2nd Lien Term Loan, (3 mo. SOFR CME at 0.75% Floor + 7.25%), 12.16%, 12/01/28

       330       279,675  

EG America LLC, 2018 USD Term Loan, (3 mo. LIBOR US + 4.00%), 8.84%, 02/07/25

       1,223       1,166,389  

Gainwell Acquisition Corp., Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 4.00%), 9.00%, 10/01/27

       2,815       2,680,911  

KKR Apple Bidco LLC, 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 2.75%), 7.59%, 09/23/28

       827       816,971  

LBM Acquisition LLC, Term Loan B, (6 mo. LIBOR US at 0.75% Floor + 3.75%), 8.59%, 12/17/27

       436       409,282  

Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.25%), 8.09%, 09/25/26

       2,219       1,807,533  

RVR Dealership Holdings LLC, Term Loan B, (1 mo. SOFRTE at 0.75% Floor + 3.75%), 8.55%, 02/08/28

       205       174,169  

Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR US + 2.00%), 7.16%, 11/05/28

       1,175       1,173,825  

SMG U.S. Midco 2, Inc., 2020 Term Loan, (3 mo. LIBOR US + 2.50%), 7.33%, 01/23/25

       1,695       1,673,840  

SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR US + 4.00%), 8.90%, 07/30/25

       913       903,281  

Veritas U.S., Inc., 2021 USD Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 5.00%), 9.84%, 09/01/25

       2,986       2,258,512  

VS Buyer LLC, Term Loan B, (2 mo. LIBOR US + 3.00%), 7.70%, 02/28/27

       1,455       1,437,767  

White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 8.56%, 10/19/27

       1,086       1,072,228  

Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR US + 2.50%), 7.18%, 04/30/28

       1,876       1,849,942  
     

 

 

  
            24,820,654  
Food Products — 2.5%                  

8th Avenue Food & Provisions, Inc.

      

2018 1st Lien Term Loan, (1 mo. LIBOR US + 3.75%), 8.59%, 10/01/25

       1,175       1,030,655  

2021 Incremental Term Loan, (1 mo. LIBOR US at 0.75% Floor + 4.75%), 9.59%, 10/01/25

       1,332       1,175,506  

Chobani LLC, 2020 Term Loan B, (1 mo. SOFR CME at 1.00% Floor + 3.50%), 8.42%, 10/25/27(e)

      2,432       2,408,031  

Froneri International Ltd., 2020 USD Term Loan, (3 mo. LIBOR US + 2.25%), 7.41%, 01/29/27

       3,247       3,196,161  
 

 

 

15  

    

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  

Food Products (continued)

      

Nomad Foods U.S. LLC, 2022 Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 3.75%), 8.23%, 11/12/29

     USD       911     $ 909,767  

Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1 mo. LIBOR US + 3.25%), 8.09%, 02/05/26

       1,520       1,512,473  

Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 3.50%), 8.33%, 06/08/28(e)

      1,660       1,643,234  

UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.92%, 01/20/28

       601       597,703  
     

 

 

  
            12,473,530  
Gas Utilities — 0.6%                  

Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.31%, 12/21/28

       3,260       3,150,109  
     

 

 

  
Ground Transportation — 0.6%                  

Avis Budget Car Rental LLC, 2020 Term Loan B, (1 mo. LIBOR US + 1.75%), 6.60%, 08/06/27

       567       556,147  

SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR US + 5.50%), 10.37%, 08/04/25

       1,318       1,205,171  

Uber Technologies, Inc., 2023 Term Loan B, (3 mo. SOFR CME + 2.75%), 7.87%, 02/28/30

       1,456       1,451,263  
     

 

 

  
        3,212,581  
Health Care Equipment & Supplies — 1.2%                  

Electron BidCo, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 7.84%, 11/01/28

       1,914       1,883,339  

Insulet Corp., Term Loan B, (1 mo. SOFR CME + 3.25%), 8.17%, 05/04/28

       673       671,122  

Medline Borrower LP, USD Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 10/23/28

       3,743       3,645,313  
     

 

 

  
        6,199,774  
Health Care Providers & Services — 2.1%                  

CHG Healthcare Services, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 09/29/28

       896       886,687  

Envision Healthcare Corp.

      

2022 First Out Term Loan, (3 mo. SOFR CME at 1.00% Floor + 7.875%), 12.92%, 03/31/27

       209       173,692  

2022 Second Out Term Loan, (3 mo. SOFR CME at 1.00% Floor + 4.25%), 9.15%, 03/31/27

       1,390       330,168  

EyeCare Partners LLC

      

2020 Term Loan, (1 mo. LIBOR US + 3.75%), 8.59%, 02/18/27

       1,930       1,565,421  

2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 6.75%), 11.59%, 11/15/29

       508       383,278  

2021 Incremental Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.75%), 8.59%, 11/15/28

       466       376,715  

Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR US + 4.50%), 9.66%, 03/05/26

       626       558,462  

Ingenovis Health, Inc., Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.60%, 03/06/28

       1,395       1,343,957  

Orbcomm, Inc., Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 4.25%), 9.15%, 09/01/28

       761       617,338  

 

Security          Par
(000)		     Value  

Health Care Providers & Services (continued)

 

    

PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.34%, 02/14/25

     USD       46     $ 44,253  

Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.58%, 12/11/26

       2,247       2,159,929  

Surgery Center Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.46%, 08/31/26

       509       505,618  

Vizient, Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.25%), 7.11%, 05/16/29

       292       291,170  

WCG Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR US at 1.00% Floor + 4.00%), 8.95%, 01/08/27

       1,046       986,455  
     

 

 

  
        10,223,143  
Health Care Services — 0.3%                  

Azalea Topco, Inc., Term Loan, (1 mo. LIBOR US + 3.50%), 8.34%, 07/24/26

       842       785,068  

Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. SOFR CME at 0.50% Floor + 7.00%), 11.99%, 11/01/29

       536       485,080  
     

 

 

  
        1,270,148  
Health Care Technology — 2.3%                  

AthenaHealth Group, Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.50%), 8.26%, 02/15/29

       2,612       2,441,990  

GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR US + 2.75%), 7.59%, 10/10/25

       619       614,480  

Polaris Newco LLC, USD Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 4.00%), 9.16%, 06/02/28

       3,828       3,481,971  

Press Ganey Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.59%, 07/24/26

       2,304       2,148,910  

Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 7.00%), 11.84%, 04/02/29(e)

      2,740       2,740,000  
     

 

 

  
            11,427,351  
Hotels, Restaurants & Leisure — 6.2%                  

Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR US + 3.75%), 8.59%, 02/02/26

       1,108       1,055,246  

Aristocrat Technologies, Inc., 2022 Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 2.25%), 7.25%, 05/24/29

       87       87,555  

Bally’s Corp., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 7.96%, 10/02/28

       787       749,426  

Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., Term Loan B4, (1 mo. LIBOR US + 1.75%), 6.59%, 11/19/26

       2,701       2,671,868  

Caesars Entertainment, Inc., Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.16%, 02/06/30

       1,131       1,123,773  

Carnival Corp., USD Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.00%), 7.84%, 06/30/25

       1,554       1,530,646  

Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR US + 2.00%), 6.85%, 03/17/28

       682       676,964  

ECL Entertainment LLC, Term Loan, (1 mo. LIBOR US at 0.75% Floor + 7.50%), 12.42%, 05/01/28

       806       798,101  
 

 

 

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, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  

Hotels, Restaurants & Leisure (continued)

 

Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR US at 1.00% Floor + 3.00%), 8.16%, 03/08/24

     USD       3,458     $ 3,124,367  

Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 4.00%), 8.81%, 01/27/29

       3,254       3,198,018  

Flutter Financing B.V., 2022 USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 3.25%), 8.41%, 07/22/28

       1,011       1,009,606  

Four Seasons Hotels Ltd., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.16%, 11/30/29

       2,373       2,370,290  

IRB Holding Corp., 2022 Term Loan B, (1 mo. SOFRTE at 0.75% Floor + 3.00%), 7.83%, 12/15/27

       2,132       2,098,339  

Penn National Gaming, Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.75%), 7.66%, 05/03/29

       1,278       1,273,611  

Playa Resorts Holding B.V., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 4.25%), 8.99%, 01/05/29

       410       407,025  

Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR US + 2.75%), 7.59%, 03/13/28

       1,501       1,489,234  

Scientific Games International, Inc., 2022 USD Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.00%), 7.96%, 04/14/29

       706       699,196  

SeaWorld Parks & Entertainment, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 7.88%, 08/25/28

       589       585,564  

Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR US + 2.25%), 7.41%, 07/21/26

       1,042       1,040,339  

Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR US at 0.25% Floor + 2.25%), 7.10%, 02/08/27

       1,953       1,934,422  

Travelport Finance Luxembourg SARL

      

2020 Super Priority Term Loan, (3 mo. LIBOR US at 1.00% Floor + 1.50%, 7.25% PIK), 6.34%, 02/28/25(h)

      110       111,207  

2021 Consented Term Loan, (3 mo. LIBOR US + 6.75%), 10.16%, 05/29/26

       1,228       692,930  

Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 08/03/28

       1,981       1,957,273  

Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR US + 1.75%), 6.59%, 05/30/25

       173       172,373  
     

 

 

  
            30,857,373  
Household Durables — 1.3%                  

ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 4.25%), 9.41%, 05/17/28

       1,422       1,125,229  

Hunter Douglas, Inc., USD Term Loan B1, (3 mo. SOFR CME + 3.50%), 8.37%, 02/26/29

       2,083       1,864,314  

Serta Simmons Bedding LLC

      

2020 Super Priority First Out Term Loan, (3 mo. LIBOR US + 7.50%), 12.37%, 08/10/23

       412       403,144  

 

Security          Par
(000)		     Value  

Household Durables (continued)

      

Serta Simmons Bedding LLC (continued)

      

2020 Super Priority Second Out Term Loan, (3 mo. LIBOR US at 1.00% Floor + 7.50%), 12.37%, 08/10/23

     USD       843     $ 477,149  

Snap One Holdings Corp., Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 4.50%), 9.66%, 12/08/28(e)

      330       299,951  

Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 4.00%), 8.75%, 10/06/28

       722       605,031  

Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.25%), 8.09%, 10/30/27

       2,079       1,781,237  
     

 

 

  
        6,556,055  
Household Products — 0.1%                  

Spectrum Brands, Inc., 2021 Term Loan, (3 mo. LIBOR US at 0.50% Floor + 2.00%), 6.96%, 03/03/28

       740       732,685  
     

 

 

  

Independent Power and Renewable Electricity Producers — 0.7%

 

Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR US + 2.00%), 6.84%, 01/15/25

       653       651,544  

Calpine Corp.

      

2019 Term Loan B10, (1 mo. LIBOR US + 2.00%), 6.84%, 08/12/26

       1,037       1,029,046  

Term Loan B9, (1 mo. LIBOR US + 2.00%), 6.85%, 04/05/26

       1,879       1,864,484  
     

 

 

  
        3,545,074  
Industrial Conglomerates — 1.6%                  

AVSC Holding Corp.

      

2020 Term Loan B1, (3 mo. LIBOR US at 1.00% Floor + 3.25%), 7.81%, 03/03/25(m)

      864       830,144  

2020 Term Loan B3, (3 mo. LIBOR US + 15.00%), 15.00%, 10/15/26

       812       826,504  

Diamond BC BV, 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.58%, 09/29/28

       1,516       1,508,734  

Stitch Aquisition Corp., Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 6.75%), 11.91%, 07/28/28

       953       743,714  

Vertical U.S. Newco, Inc., Term Loan B, (6 mo. LIBOR US at 0.50% Floor + 3.50%), 8.60%, 07/30/27

       1,989       1,939,652  

Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR US + 2.75%), 7.42%, 03/02/27

       2,132       2,089,558  
     

 

 

  
            7,938,306  
Insurance — 5.1%                  

Alliant Holdings Intermediate LLC

      

2021 Term Loan B4, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.28%, 11/06/27

       3,274       3,232,096  

2023 Term Loan B5, (1 mo. SOFR CME at 0.50% Floor + 3.50%), 8.35%, 11/05/27

       3,535       3,488,493  

AmWINS Group, Inc.

      

2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 2.25%), 7.11%, 02/19/28

       2,333       2,302,401  

2023 Incremental Term Loan B, (1 mo. SOFR CME at 0.75% Floor + 2.75%), 7.66%, 02/19/28

       448       445,078  
 

 

 

17  

    

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security           Par
(000)		      Value  

Insurance (continued)

        

AssuredPartners, Inc.

        

2020 Term Loan B, (1 mo. LIBOR US + 3.50%), 8.34%, 02/12/27

     USD        1,278      $ 1,263,825  

2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.34%, 02/12/27

        762        751,604  

Hub International Ltd.

        

2018 Term Loan B, (3 mo. LIBOR US + 3.00%), 7.82%, 04/25/25

        2,333        2,323,062  

2021 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.25%), 8.06%, 04/25/25

        2,964        2,953,689  

2022 Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 4.00%), 8.73%, 11/10/29

        397        395,369  

NFP Corp., 2020 Term Loan, (1 mo. LIBOR US + 3.25%), 8.09%, 02/15/27

        162        158,188  

Ryan Specialty Group LLC, Term Loan, (1 mo. SOFR CME at 0.75% Floor + 3.00%), 7.91%, 09/01/27

        1,168        1,163,585  

Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1 mo. SOFR CME + 3.75%), 8.56%, 02/17/28

        3,334        3,288,115  

USI, Inc.

        

2019 Incremental Term Loan B, (3 mo. LIBOR US + 3.25%), 8.41%, 12/02/26

        245        244,175  

2022 Incremental Term Loan, (3 mo. SOFR CME at 0.50% Floor + 3.75%), 8.65%, 11/22/29

        3,479        3,462,352  
       

 

 

  
              25,472,032  
Interactive Media & Services — 1.2%  

Adevinta ASA, USD Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 2.75%), 7.91%, 06/26/28

        1,526        1,511,475  

Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 3.00%), 7.84%, 10/30/26

        1,941        1,935,652  

Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR US + 2.00%), 6.84%, 08/10/27

        1,682        1,675,409  

Grab Holdings, Inc., Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 4.50%), 9.35%, 01/29/26

        904        897,941  
    

 

 

  
          6,020,477  
IT Services — 4.5%                    

Aruba Investments Holdings LLC

        

2020 2nd Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 7.75%), 12.59%, 11/24/28

        1,275        1,141,125  

2020 USD Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.59%, 11/24/27

        676        658,216  

Boxer Parent Co., Inc., 2021 USD Term Loan, (1 mo. LIBOR US + 3.75%), 8.59%, 10/02/25

        1,762        1,736,948  

Camelot Finance SA, Term Loan B, (1 mo. LIBOR US + 3.00%), 7.84%, 10/30/26

        1,788        1,782,833  

CCC Intelligent Solutions, Inc., Term Loan, (1 mo. LIBOR US at 0.50% Floor + 2.25%), 7.09%, 09/21/28

        1,473        1,458,926  

CoreLogic, Inc.

        

2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 6.50%), 11.38%, 06/04/29

        1,248        918,066  

Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.38%, 06/02/28

        3,068        2,609,196  

 

Security          Par
(000)		     Value  

IT Services (continued)

      

Fleetcor Technologies Operating Co. LLC,
2021 Term Loan B4, (1 mo. LIBOR US + 1.75%), 6.59%, 04/28/28

     USD       1,936     $ 1,921,668  

Genesys Cloud Services Holdings II LLC,
2020 USD Term Loan B4, (1 mo. LIBOR US at 0.75% Floor + 4.00%), 8.84%, 12/01/27

       2,784       2,738,047  

PUG LLC, USD Term Loan, (1 mo. LIBOR US + 3.50%), 8.34%, 02/12/27

       3,087       2,224,705  

Trans Union LLC

      

2019 Term Loan B5, (1 mo. LIBOR US + 1.75%), 6.59%, 11/16/26

       1,631       1,617,264  

2021 Term Loan B6, (1 mo. LIBOR US at 0.50% Floor + 2.25%), 7.09%, 12/01/28

       2,034       2,008,508  

Venga Finance SARL, 2021 USD Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.70%, 06/28/29

       567       539,969  

WEX, Inc., 2021 Term Loan, (1 mo. LIBOR US + 2.25%), 7.09%, 03/31/28

       857       849,565  
     

 

 

  
            22,205,036  
Leisure Products — 0.4%                  

Fender Musical Instruments Corp., 2021 Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 4.00%), 8.84%, 12/01/28(e)

      851       772,201  

Peloton Interactive, Inc., Term Loan, (3 mo. SOFR CME at 0.50% Floor + 6.50%), 11.76%, 05/25/27

       297       295,027  

Topgolf Callaway Brands Corp., Term Loan B, (3 mo. SOFR CME + 3.50%), 8.26%, 03/15/30

       1,042       1,034,352  
     

 

 

  
        2,101,580  
Life Sciences Tools & Services — 2.2%                  

Avantor Funding, Inc., 2021 Term Loan B5, (1 mo. LIBOR US at 0.50% Floor + 2.25%), 7.09%, 11/08/27

       1,558       1,554,563  

Curia Global, Inc., 2021 Term Loan, (1 mo. SOFR CME at 0.75% Floor + 3.75%), 8.53%, 08/30/26

       119       101,535  

eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR US at 1.00% Floor + 4.50%), 9.34%, 02/04/27

       2,840       2,678,474  

ICON Luxembourg SARL, LUX Term Loan, (3 mo. SOFR CME at 0.50% Floor + 2.25%), 7.41%, 07/03/28

       2,089       2,082,377  

Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3 mo. SOFRTE at 0.50% Floor + 3.00%), 7.63%, 10/19/27

       1,291       1,282,480  

Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 11/15/28

       2,667       2,641,013  

PRA Health Sciences, Inc., US Term Loan, (3 mo. LIBOR US at 0.50% Floor + 2.25%), 7.41%, 07/03/28

       521       518,882  
     

 

 

  
        10,859,324  
Machinery — 3.3%                  

Albion Acquisitions Ltd., USD Term Loan, (3 mo. LIBOR US at 0.50% Floor + 5.25%), 10.07%, 08/17/26

       1,603       1,557,784  
 

 

 

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, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  

Machinery (continued)

      

Clark Equipment Co., 2022 Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 2.50%), 7.50%, 04/20/29

     USD       262     $ 261,531  

Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.94%, 05/14/28

       336       332,966  

Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.34%, 10/21/28

       1,023       1,006,785  

Fluidra SA, 2022 USD Term Loan B, (1 mo. SOFR CME + 2.00%), 6.91%, 01/29/29

       269       264,090  

Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. SOFR CME + 1.75%), 6.66%, 03/01/27

       2,470       2,459,284  

Madison IAQ LLC, Term Loan, (6 mo. LIBOR US at 0.50% Floor + 3.25%), 8.30%, 06/21/28

       3,253       3,090,646  

Roper Industrial Products Investment Co., USD Term Loan, (3 mo. SOFR CME + 4.50%), 9.40%, 11/22/29

       1,533       1,519,310  

SPX Flow, Inc., 2022 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 4.50%), 9.41%, 04/05/29

       1,728       1,645,122  

Titan Acquisition Ltd., 2018 Term Loan B, (3 mo. LIBOR US + 3.00%), 8.15%, 03/28/25

       4,195       3,965,582  

Zurn LLC, 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 2.00%), 6.84%, 10/04/28

       111       110,383  
     

 

 

  
            16,213,483  
Media — 8.8%                  

Altice Financing SA

      

2017 USD Term Loan B, (3 mo. LIBOR US + 2.75%), 7.58%, 07/15/25

       644       632,242  

USD 2017 1st Lien Term Loan, (3 mo. LIBOR US + 2.75%), 7.58%, 01/31/26

       1,718       1,683,789  

AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR US + 3.00%), 7.68%, 04/22/26

       1,309       952,582  

Cable One, Inc., 2021 Term Loan B4, (1 mo. LIBOR US + 2.00%), 6.84%, 05/03/28

       429       417,545  

Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (1 mo. SOFR CME + 1.75%), 6.56%, 04/30/25

       2,561       2,557,441  

Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR US + 3.50%), 8.33%, 08/21/26

       3,355       3,117,313  

CMG Media Corp., 2021 Term Loan, (3 mo. LIBOR US + 3.50%), 8.66%, 12/17/26

       — (l)       181  

Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 3.50%), 8.35%, 12/11/26

       7,187       7,133,093  

CSC Holdings LLC

      

2017 Term Loan B1, (1 mo. LIBOR US + 2.25%), 6.93%, 07/17/25

       575       546,644  

2019 Term Loan B5, (1 mo. LIBOR US + 2.50%), 7.18%, 04/15/27

       1,831       1,611,766  

E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR US at 0.75% Floor + 2.75%), 7.67%, 01/07/28

       469       447,419  

Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR US at 1.00% Floor + 3.25%), 8.10%, 12/01/23

       748       521,799  

 

Security          Par
(000)		     Value  

Media (continued)

      

Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR US + 2.25%), 7.09%, 03/24/25

     USD       1,509     $ 1,481,488  

Live Nation Entertainment, Inc., Term Loan B4, (1 mo. SOFR CME + 1.75%), 6.61%, 10/17/26(e)

      2,245       2,216,487  

MH Sub I LLC

      

2017 1st Lien Term Loan, (1 mo. LIBOR US + 3.75%), 8.59%, 09/13/24

       2,756       2,705,299  

2021 2nd Lien Term Loan, (1 mo. SOFR CME + 6.25%), 11.06%, 02/23/29

       1,724       1,574,829  

Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR US + 2.50%), 7.34%, 09/18/26

       912       908,629  

Sinclair Television Group, Inc., 2022 Term Loan B4, (1 mo. SOFR CME + 3.75%), 8.66%, 04/21/29(e)

      1,569       1,423,997  

UFC Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 2.75%), 7.57%, 04/29/26

       767       761,836  

UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR US + 2.925%), 7.61%, 01/31/29

       672       656,916  

Virgin Media Bristol LLC

      

2020 USD Term Loan Q, (1 mo. LIBOR US + 3.25%), 7.93%, 01/31/29

       1,212       1,197,008  

USD Term Loan N, (1 mo. LIBOR US + 2.50%), 7.18%, 01/31/28

       2,578       2,531,826  

Voyage Digital Ltd., USD Term Loan B, (3 mo. SOFRTE at 0.50% Floor + 4.25%), 9.05%, 05/11/29(e)

      878       865,187  

William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR US + 2.75%), 7.60%, 05/18/25

       2,575       2,550,562  

WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR US + 2.125%), 6.97%, 01/20/28

       1,854       1,830,664  

Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR US + 3.00%), 7.84%, 03/09/27

       4,386       3,550,928  
     

 

 

  
            43,877,470  
Oil, Gas & Consumable Fuels — 0.7%                  

Ascent Resources Utica Holdings LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR US at 1.00% Floor + 9.00%), 13.82%, 11/01/25

       555       588,286  

Lealand Finance Co. BV

      

2020 Make Whole Term Loan, (1 mo. LIBOR US + 3.00%), 7.84%, 06/28/24

       46       31,066  

2020 Take Back Term Loan, (1 mo. LIBOR US + 1.00%), 5.84%, 06/30/25

       345       227,786  

M6 ETX Holdings II Midco LLC, Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.36%, 09/19/29

       230       226,461  

Medallion Midland Acquisition LLC, 2021 Term Loan, (3 mo. SOFR CME at 0.75% Floor + 3.75%), 8.91%, 10/18/28

       1,668       1,643,086  

Murphy USA, Inc., Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 1.75%), 6.43%, 01/31/28

       564       564,310  
     

 

 

  
        3,280,995  
 

 

 

19  

    

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  

Passenger Airlines — 2.3%

      

AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.56%, 04/20/28

     USD       1,434     $ 1,453,857  

Air Canada, 2021 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.50%), 8.37%, 08/11/28

       1,789       1,781,619  

American Airlines, Inc.

      

2017 1st Lien Term Loan, (6 mo. LIBOR US + 3.50%), 8.26%, 01/29/27

       146       142,045  

2023 Term Loan B, (6 mo. SOFR CME + 2.75%), 8.15%, 02/15/28

       2,190       2,136,958  

Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR US at 1.00% Floor + 5.25%), 10.21%, 06/21/27

       2,561       2,654,372  

United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.75%), 8.57%, 04/21/28

       3,253       3,225,131  
     

 

 

  
            11,393,982  
Personal Care Products — 1.1%  

Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3 mo. SOFRTE at 1.00% Floor + 6.00%), 11.02%, 12/22/26

       356       342,971  

Prestige Brands, Inc., 2021 Term Loan B5, (1 mo. LIBOR US at 0.50% Floor + 2.00%), 6.84%, 07/03/28

       145       144,605  

Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR US at 0.75% Floor + 3.75%), 8.91%, 10/01/26

       5,291       5,234,937  
     

 

 

  
        5,722,513  
Pharmaceuticals — 2.1%                  

Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR US + 3.50%), 8.38%, 05/04/25

       1,062       1,006,878  

Amynta Agency Borrower, Inc., 2023 Term Loan B, (3 mo. SOFR CME + 5.00%), 9.99%, 02/28/28

       774       740,911  

Bausch Health Cos., Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 5.25%), 10.09%, 02/01/27

       967       715,685  

Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR US at 0.50% Floor + 2.00%), 6.81%, 02/22/28

       1,847       1,828,432  

Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR US + 1.75%), 6.41%, 08/01/27

       1,276       1,246,567  

Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.34%, 05/05/28

       1,910       1,900,299  

Option Care Health, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 2.75%), 7.59%, 10/27/28

       606       603,308  

Organon & Co., USD Term Loan, (3 mo. LIBOR US at 0.50% Floor + 3.00%), 8.00%, 06/02/28

       1,238       1,236,130  

Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 3.00%), 8.16%, 11/18/27(e)

      1,278       1,228,877  
     

 

 

  
        10,507,087  
Professional Services — 1.2%                  

Dun & Bradstreet Corp.

      

2022 Incremental Term Loan B2, (1 mo. SOFR CME + 3.25%), 8.04%, 01/18/29

       619       613,800  

 

Security          Par
(000)		     Value  

Professional Services (continued)

      

Dun & Bradstreet Corp. (continued)

      

Term Loan, (1 mo. LIBOR US + 3.25%), 8.10%, 02/06/26

     USD       2,016     $ 2,009,651  

Element Materials Technology Group U.S. Holdings, Inc.

      

2022 USD Delayed Draw Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.25%), 9.25%, 07/06/29

       528       520,510  

2022 USD Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.25%), 9.25%, 07/06/29

       1,143       1,127,773  

Galaxy U.S. Opco, Inc., Term Loan, (1 mo. SOFR CME at 0.50% Floor + 4.75%), 9.56%, 04/29/29

       1,740       1,535,775  
     

 

 

  
            5,807,509  
Real Estate Management & Development — 0.8%  

Chariot Buyer LLC, Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 11/03/28

       2,145       2,057,447  

Cushman & Wakefield U.S. Borrower LLC

      

2020 Term Loan B, (1 mo. LIBOR US + 2.75%), 7.59%, 08/21/25

       765       744,102  

2023 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.16%, 01/31/30(e)

      1,080       1,039,877  
     

 

 

  
        3,841,426  
Semiconductors & Semiconductor Equipment — 0.3%  

MKS Instruments, Inc., 2022 USD Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.75%), 7.61%, 08/17/29

       990       983,421  

Synaptics, Inc., Term Loan B, (6 mo. LIBOR US at 0.50% Floor + 2.25%), 7.40%, 12/02/28

       547       540,186  
     

 

 

  
        1,523,607  
Software — 10.6%                  

Applied Systems, Inc.

      

2021 2nd Lien Term Loan, (3 mo. SOFR CME at 0.75% Floor + 6.75%), 11.65%, 09/17/27

       630       628,898  

2022 Extended 1st Lien Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.40%, 09/18/26

       431       429,551  

Barracuda Networks, Inc., 2022 Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.18%, 08/15/29

       659       633,593  

Central Parent, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.25%), 9.15%, 07/06/29

       1,221       1,218,590  

Cloudera, Inc.

      

2021 Second Lien Term Loan, (1 mo. SOFR CME at 0.50% Floor + 6.00%), 10.91%, 10/08/29

       676       596,009  

2021 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.75%), 8.66%, 10/08/28(e)

      741       705,597  

Cornerstone OnDemand, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.75%), 8.59%, 10/16/28

       1,047       963,626  

Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR US + 3.25%), 8.08%, 05/28/24

       495       445,097  

E2open LLC, 2020 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.20%, 02/04/28

       249       246,473  
 

 

 

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, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  

Software (continued)

      

Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR US at 1.00% Floor + 7.75%), 12.59%, 07/31/28

     USD       1,886     $     1,860,464  

Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR US + 2.75%), 7.63%, 10/27/28

       2,666       2,642,048  

Instructure Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.85%, 10/30/28(e)

      638       632,778  

IPS Corp.

      

2021 2nd Lien Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 7.00%), 11.84%, 10/01/29(e)

      919       735,200  

2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.41%, 10/02/28

       522       488,121  

Magenta Buyer LLC

      

2021 USD 1st Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.58%, 07/27/28

       2,089       1,715,223  

2021 USD 2nd Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 8.25%), 13.08%, 07/27/29

       1,907       1,411,107  

McAfee Corp., 2022 USD Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.75%), 8.52%, 03/01/29

       3,027       2,837,930  

NortonLifeLock, Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.00%), 6.91%, 09/12/29

       1,269       1,254,830  

Planview Parent, Inc., 2nd Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 7.25%), 12.41%, 12/18/28

       824       726,496  

Proofpoint, Inc.

      

1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 08/31/28

       2,463       2,403,158  

2nd Lien Term Loan, (3 mo. LIBOR US at 0.50% Floor + 6.25%), 11.09%, 08/31/29

       1,281       1,205,203  

RealPage, Inc.

      

1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 7.84%, 04/24/28

       5,415       5,243,266  

2nd Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 6.50%), 11.34%, 04/23/29

       2,629       2,474,626  

Renaissance Holding Corp., 2023 Refi Term Loan, (1 mo. LIBOR US + 3.25%), 8.09%, 04/05/30

       576       559,586  

Severin Acquisition LLC, 2018 Term Loan B, (3 mo. SOFR CME + 3.00%), 7.68%, 08/01/25

       1,921       1,916,958  

Sophia LP

      

2020 2nd Lien Term Loan, (3 mo. LIBOR US at 1.00% Floor + 8.00%), 13.16%, 10/09/28

       3,730       3,697,362  

2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.66%, 10/07/27

       1,958       1,932,788  

SS&C Technologies, Inc.

      

2018 Term Loan B3, (1 mo. LIBOR US + 1.75%), 6.59%, 04/16/25

       354       352,701  

2018 Term Loan B4, (1 mo. LIBOR US + 1.75%), 6.59%, 04/16/25

       314       312,559  

2018 Term Loan B5, (1 mo. LIBOR US + 1.75%), 6.59%, 04/16/25

       1,635       1,629,772  

Tempo Acquisition LLC, 2022 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.81%, 08/31/28

       4,199       4,189,773  

TIBCO Software, Inc., 2022 USD Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.50%, 03/30/29

       3,888       3,525,133  

 

Security          Par
(000)		      Value  

Software (continued)

       

UKG, Inc., 2021 2nd Lien Term Loan,
(3 mo. LIBOR US at 0.50% Floor + 5.25%), 10.03%, 05/03/27

     USD       1,216      $ 1,162,095  

Ultimate Software Group, Inc., Term Loan B, (3 mo. LIBOR US + 3.75%), 8.58%, 05/04/26

       1,617        1,588,397  

ZoomInfo LLC, 2023 Term Loan B, (1 mo. SOFR CME + 2.75%), 7.66%, 02/28/30

       192        191,041  
      

 

 

  
             52,556,049  
Specialty Retail — 3.8%                   

Belron Finance U.S. LLC

       

2018 Term Loan B, (3 mo. LIBOR US + 2.25%), 7.13%, 11/13/25

       1,962        1,959,465  

2019 USD Term Loan B3, (3 mo. LIBOR US + 2.25%), 7.06%, 10/30/26(e)

      1,125        1,122,390  

2021 USD Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.425%), 7.30%, 04/13/28

       1,706        1,700,609  

EG Group Ltd., 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 4.25%), 9.09%, 03/31/26

       499        476,209  

Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 11/24/28

       1,371        1,363,106  

Mavis Tire Express Services Corp., 2021 Term Loan B, (1 mo. SOFR CME at 0.75% Floor + 4.00%), 8.92%, 05/04/28

       2,637        2,580,571  

MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR US + 4.25%), 9.09%, 08/31/26

       1,185        1,035,687  

Midas Intermediate Holdco II LLC, 2022 PIK Term Loan, (1 mo. SOFR CME at 0.75% Floor + 8.35%, 1.50% PIK), 13.11%, 06/30/27

       2,492        2,025,132  

PetSmart, Inc., 2021 Term Loan B, (1 mo. SOFR CME at 0.75% Floor + 3.75%), 8.66%, 02/11/28

       3,247        3,219,623  

Pilot Travel Centers LLC, 2021 Term Loan B, (1 mo. SOFR CME + 2.00%), 6.91%, 08/04/28

       970        966,018  

Restoration Hardware, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.16%, 10/20/28

       749        703,112  

Reverb Buyer, Inc., 2021 1st Lien Term Loan, (3 mo. SOFR CME at 0.50% Floor + 3.25%), 8.24%, 11/01/28

       551        534,861  

Sally Holdings LLC, 2023 Term Loan B, (3 mo. SOFR CME + 2.50%), 7.31%, 02/28/30(e)

      576        573,840  

Woof Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.53%, 12/21/27(e)

      481        459,527  
      

 

 

  
         18,720,150  
Technology Hardware, Storage & Peripherals — 0.1%  

Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR US + 5.00%), 10.21%, 07/23/26

       686        536,587  
      

 

 

  

Textiles, Apparel & Luxury Goods — 0.3%

 

Crocs, Inc., Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 3.50%), 8.41%, 02/20/29

       1,003        998,890  

Hanesbrands, Inc., 2023 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.75%), 8.56%, 03/08/30(e)

      471        468,645  
      

 

 

  
         1,467,535  
Trading Companies & Distributors — 1.1%  

Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR US + 2.25%), 7.09%, 05/19/28

       1,212        1,203,065  
 

 

 

21  

    

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  

Trading Companies & Distributors (continued)

 

ION Trading Finance Ltd., 2021 USD Term Loan, (3 mo. LIBOR US + 4.75%), 9.91%, 04/03/28

     USD       593     $ 557,456  

SRS Distribution, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.25%), 8.16%, 06/02/28

       862       823,904  

TMK Hawk Parent Corp.

      

2020 Super Priority First Out Term Loan A, (3 mo. LIBOR US at 1.00% Floor + 9.50%), 14.46%, 05/30/24(e)

      1,011       981,269  

2020 Super Priority Second Out Term Loan B, (3 mo. LIBOR US at 1.00% Floor + 3.50%), 8.46%, 08/28/24

       3,205       1,794,669  
     

 

 

  
        5,360,363  
Transportation Infrastructure — 0.0%  

KKR Apple Bidco LLC, 2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 5.75%), 10.59%, 09/21/29

       218       213,041  
     

 

 

  

Wireless Telecommunication Services — 0.9%

 

GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.75%), 8.70%, 04/30/28

       961       952,689  

SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR US + 1.75%), 6.60%, 04/11/25

       3,292       3,287,581  
     

 

 

  
        4,240,270  
     

 

 

  

Total Floating Rate Loan Interests — 107.4%
(Cost: $554,082,158)

 

         532,886,262  
     

 

 

  
            Shares         
Investment Companies  
Financial Services — 0.4%  

Invesco Senior Loan ETF

       16,200       336,960  

iShares iBoxx $ High Yield Corporate Bond ETF(n)

      20,000       1,511,000  
     

 

 

  
        1,847,960  
     

 

 

  

Total Investment Companies — 0.4%
(Cost: $1,868,154)

 

     1,847,960  
     

 

 

  
            Benefical
Interest (000)		         
Other Interests  
Capital Markets — 0.0%  

Millennium Lender Claim Trust(e)(o)

    USD       1,156       —  
   

 

 

  

 

Security          Benefical
Interest (000)		     Value  

Industrial Conglomerates — 0.0%

 

Millennium Corp. Claim(e)(o)

    USD       1,084     $ —  
     

 

 

  

Total Other Interests — 0.0%
(Cost: $ — )

         —  
     

 

 

  
           

Par

(000)

         
Preferred Securities  
Capital Trusts — 0.3%(b)  

Automobiles — 0.0%

      

General Motors Financial Co., Inc., Series C, 5.70%(i)

    USD       50       43,032  
     

 

 

  

Banks(i) — 0.1%

      

AIB Group PLC, 5.25%(a)

    EUR       200       194,668  

PNC Financial Services Group, Inc.

      

Series V, 6.20%

     USD       67       63,037  

Series W, 6.25%

       72       66,960  
     

 

 

  
        324,665  

Diversified Telecommunication Services — 0.1%

 

Telefonica Europe BV, 6.14%(a)(i)

    EUR       200       209,405  
     

 

 

  

Electric Utilities — 0.0%

      

Edison International, Series B, 5.00%(i)

    USD       55       45,567  

EDP - Energias de Portugal SA, 5.94%, 04/23/83(a)

    EUR       100       106,281  
     

 

 

  
        151,848  
Financial Services — 0.0%                  

Barclays PLC, 4.38%(i)

    USD       200       136,722  
     

 

 

  

Independent Power and Renewable Electricity Producers(c)(i) — 0.1%

 

NRG Energy, Inc., 10.25%

       112       107,028  

Vistra Corp., 7.00%

       77       67,760  
     

 

 

  
        174,788  
Utilities — 0.0%                  

Electricite de France SA, 3.38%(a)(i)

    EUR       200       161,374  
     

 

 

  

Wireless Telecommunication Services — 0.0%

 

Vodafone Group PLC, 3.25%, 06/04/81

     USD       42       35,597  
     

 

 

  
        1,237,431  
   

 

 

  
            Shares         

Preferred Stocks — 0.0%

      
Financial Services — 0.0%                  

Alliant Holdings, Inc.(e)

      83       77,480  
     

 

 

  
        77,480  
   

 

 

  

Total Preferred Securities — 0.3%
(Cost: $1,515,896)

             1,314,911  
     

 

 

  
 

 

 

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, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Warrants

    
Consumer Discretionary — 0.0%            

Service King (Carnelian Point), (Expires 06/30/27, Strike Price USD 10.00)(d)

    3,030     $ —  
   

 

 

  

Energy Equipment & Services — 0.0%

    

Turbo Cayman Ltd.(d)(e)

    1       —  
   

 

 

  

Oil, Gas & Consumable Fuels — 0.0%

    

California Resources Corp., (Issued/Exercisable 11/03/20, 1 Share for 1 Warrant, Expires 10/27/24, Strike Price USD 36.00)(d)

    1,152       9,792  
   

 

 

  

Total Warrants — 0.0%
(Cost: $ —)

       9,792  
   

 

 

  

Total Investments — 126.5%
(Cost: $ 677,601,057)

       627,407,187  

Liabilities in Excess of Other Assets — (26.5)%

 

       (131,283,206 ) 
   

 

 

  

Net Assets — 100.0%

     $ 496,123,981  
   

 

 

  

 

(a) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(b) 

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.

 

(c) 

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.

(d) 

Non-income producing security.

(e) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(f) 

Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,749, representing less than 0.05% of its net assets as of period end, and an original cost of $255,714.

(g) 

Issuer filed for bankruptcy and/or is in default.

(h) 

Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

(i) 

Perpetual security with no stated maturity date.

(j) 

Convertible security.

(k) 

Zero-coupon bond.

(l) 

Rounds to less than 1,000.

(m) 

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.

(n) 

Affiliate of the Fund.

(o) 

Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

 

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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer    Value at
12/31/22		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
03/31/23		      Shares
Held at
03/31/23		      Income      Capital Gain
Distributions
from
Underlying
Funds 		 

BlackRock Liquidity Funds, T-Fund, Institutional Class(a)

   $ 482,274      $ —        $(482,274 )(b)     $ —      $ —      $ —        —      $ 4,486      $ —  

iShares iBoxx $ High Yield Corporate Bond ETF

      —        4,175,600        (2,611,534 )       (45,666 )       (7,400 )       1,511,000        20,000        —        —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  
            $ (45,666 )     $ (7,400 )     $ 1,511,000         $ 4,486      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

As of period end, the entity is no longer held.

 
  (b) 

Represents net amount purchased (sold).

 

 

 

23  

    

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

 

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

 

Currency Purchased

       

Currency Sold

      Counterparty      Settlement Date        Unrealized
Appreciation
(Depreciation)		  
EUR     168,000        USD     181,316      Morgan Stanley & Co. International PLC        06/21/23        $ 1,680  
GBP     81,000        USD     99,024      Morgan Stanley & Co. International PLC        06/21/23          1,051  
                     

 

 

  
                        2,731  
                     

 

 

  
USD     81,169        EUR     74,949      Bank of America N.A.        06/21/23          (470 ) 
USD         2,910,054        EUR         2,691,000      Bank of America N.A.        06/21/23          (21,152 ) 
USD     816,539        EUR     757,000      UBS AG        06/21/23          (8,033 ) 
USD     284,804        GBP     236,000      Bank of America N.A.        06/21/23          (6,771 ) 
USD     1,628,498        GBP     1,356,000      Bank of America N.A.        06/21/23          (46,822 ) 
                     

 

 

  
                        (83,248 ) 
                     

 

 

  
                      $ (80,517 ) 
                     

 

 

  

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.39.V1

      5.00 %      Quarterly     12/20/27     B+       USD     4,090     $  56,222     $ (60,629 )    $ 116,851  
            

 

 

    

 

 

    

 

 

  

 

  (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

  
  

) 

  
 

Casino, Guichard-Perrachon S.A.

     5.00 %      Quarterly     BNP Paribas SA     12/20/23       CCC+     EUR 6     $ (2,093 )    $ (453 )    $ (1,640 )   
 

CenturyLink, Inc.

     1.00       Quarterly     Barclays Bank PLC     12/20/23       N/R     USD 43       (1,039 )      (503 )      (536 )   
 

Jaguar Land Rover Automotive PLC

     5.00       Quarterly     Credit Suisse International     12/20/26       B+     EUR 1       (100 )      53       (153 )   
 

Jaguar Land Rover Automotive PLC

     5.00       Quarterly     Credit Suisse International     12/20/26       B+     EUR 10       (677 )      327       (1,004 )   
 

CMA CGM SA

     5.00       Quarterly     Credit Suisse International     06/20/27       N/R     EUR 8       863       314       549    
 

Adler Real Estate AG

     5.00       Quarterly     Bank of America N.A.     12/20/27       CCC-     EUR 15       (4,748 )      (3,349 )      (1,399 )   
 

Loxam SAS

     5.00       Quarterly     Bank of America N.A.     12/20/27       B     EUR 10       (1,036 )      (736 )      (300 )   
 

United Group B.V.

     5.00       Quarterly     Bank of America N.A.     12/20/27       B     EUR 5       (890 )      (668 )      (222 )   
 

United Group B.V.

     5.00       Quarterly    

Morgan Stanley & Co. International PLC

     12/20/27       B     EUR 5       (1,078 )      (874 )      (204 )   
               

 

 

    

 

 

    

 

 

    
                $   (10,798 )    $ (5,889 )    $ (4,909 )   
               

 

 

    

 

 

    

 

 

    

 

  (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.

 

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

 

 

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, 2023

   

BlackRock Debt Strategies Fund, Inc. (DSU)

 

Fair Value Hierarchy as of Period End (continued)

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the 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 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

    $ —        $ 4,163,225        $ —        $ 4,163,225  

Common Stocks

                  

Construction & Engineering

      —          48,104          —          48,104  

Electrical Equipment

      23,625          —          —          23,625  

Energy Equipment & Services

      —          —          1,749          1,749  

Industrial Conglomerates

      —          832          —          832  

Oil, Gas & Consumable Fuels

      —          —          10,753          10,753  

Semiconductors & Semiconductor Equipment

      5,653          —          —          5,653  

Specialty Retail

      —          187,089          —          187,089  

Corporate Bonds

      —          86,907,231          1          86,907,232  

Floating Rate Loan Interests

      —          504,677,361          28,208,901          532,886,262  

Investment Companies

      1,847,960          —          —          1,847,960  

Other Interests

      —          —          —          —  

Preferred Securities

                  

Capital Trusts

      —          1,237,431          —          1,237,431  

Preferred Stocks

      —          —          77,480          77,480  

Warrants

      9,792          —          —          9,792  

Liabilities

                  

Unfunded Floating Rate Loan Interests(a)

     —          (33,392 )         —          (33,392 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $     1,887,030        $  597,187,881        $   28,298,884        $  627,373,795  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                 

Assets

                  

Credit Contracts

    $ —        $ 117,400        $ —        $ 117,400  

Foreign Currency Exchange Contracts

      —          2,731          —          2,731  

Liabilities

                  

Credit Contracts

      —          (5,458 )         —          (5,458 ) 

Foreign Currency Exchange Contracts

      —          (83,248 )         —          (83,248 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ 31,425        $ —        $ 31,425  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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 $133,000,000 are categorized as Level 2 within the fair value hierarchy.

 

 

25  

    

Schedule of Investments (unaudited) (continued)

March 31, 2023

   

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 and derivative financial instruments 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

      Total  

Assets

                  

Opening balance, as of December 31, 2022

    $ 12,356      $ 1      $ 11,366,161      $ — (a)     $ 75,612      $ 11,454,130  

Transfers into Level 3(b)

     —        —        13,616,610        —        —        13,616,610  

Transfers out of Level 3(c)

     —        —        (2,168,045 )       —        —        (2,168,045 ) 

Accrued discounts/premiums

      —        —        11,236        —        —        11,236  

Net realized gain (loss)

      —        —        (30,318 )       —        —        (30,318 ) 

Net change in unrealized appreciation (depreciation)(d)

     146        —        198,076        —        1,868        200,090  

Purchases

      —        —        5,900,617        —        —        5,900,617  

Sales

      —        —        (685,436 )       —        —        (685,436 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Closing balance, as of March 31, 2023

    $   12,502      $ 1      $  28,208,901      $     (a)     $   77,480      $   28,298,884  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023(d)

   $ 146      $         —      $ 198,076      $         —      $ 1,868      $ 200,090  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Rounds to less than $1.

 
  (b) 

As of December 31, 2022, the Fund used observable inputs in determining the value of certain investments. As of March 31, 2023, 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 disclosure hierarchy.

 
  (c) 

As of December 31, 2022, the Fund used significant unobservable inputs in determining the value of certain investments. As of March 31, 2023, 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 disclosure 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, 2023 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

CLO

   Collateralized Loan Obligation

CMT

   Constant Maturity Treasury

DAC

   Designated Activity Company

ETF

   Exchange-Traded Fund

EURIBOR

   Euro Interbank Offered Rate

LIBOR

   London Interbank Offered Rate

PIK

   Payment-in-Kind

REIT

   Real Estate Investment Trust

SCA

   Societe en Commandite par Actions

SOFR

   Secured Overnight Financing Rate

SOFR CME

   Secured Overnight Financing Rate Chicago Mercantile Exchange

SOFRTE

   Term Secured Overnight Financing Rate

SONIA

   Sterling Overnight Interbank Average Rate

 

 

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