Schedule of Investments (unaudited)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Asset-Backed Securities
Ballyrock CLO Ltd., Series 2023-25A, Class C, (3-mo.
CME Term SOFR + 4.70%), 9.98%, 01/25/36(a)(b)
USD
1,000
$ 1,009,005
Bryant Park Funding Ltd., Series 2024-23A, Class D1,
(3-mo. CME Term SOFR + 3.85%), 9.18%,
05/15/37(a)(b)
 
1,000
1,015,024
Eaton Vance CLO Ltd., Series 2019-1A, Class D1R2,
(3-mo. CME Term SOFR + 3.35%), 8.68%,
07/15/37(a)(b)
 
2,000
2,024,662
Golub Capital Partners CLO Ltd.(a)(b)
 
Series 2023-66B, Class D, (3-mo. CME Term SOFR
+ 5.50%), 10.78%, 04/25/36
 
1,000
1,033,714
Series 2024-74A, Class D1, (3-mo. CME Term
SOFR + 3.20%), 8.51%, 07/25/37
 
1,500
1,520,071
Madison Park Funding LXIX Ltd., Series 2024-69A,
Class D1, (3-mo. CME Term SOFR + 3.35%), 8.68%,
07/25/37(a)(b)
 
1,090
1,105,597
Oaktree CLO Ltd., Series 2024-26A, Class D1, (3-mo.
CME Term SOFR + 3.45%), 8.78%, 04/20/37(a)(b)
 
1,500
1,523,155
Pikes Peak CLO Ltd., Series 2023-14, Class D, (3-mo.
CME Term SOFR + 5.45%), 10.73%, 04/20/36(a)(b)
 
1,000
1,034,438
Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R,
(3-mo. CME Term SOFR + 4.25%), 9.53%,
04/20/37(a)(b)
 
1,590
1,622,471
Symphony CLO Ltd.(a)(b)
 
Series 2023-38, Class D, (3-mo. CME Term SOFR +
5.20%), 10.48%, 04/24/36
 
1,000
1,036,822
Series 2023-40A, Class D, (3-mo. CME Term SOFR
+ 5.00%), 10.30%, 01/14/34
 
1,000
1,034,810
Unique Pub Finance Co. PLC, Series 02, Class N,
6.46%, 03/30/32(c)
GBP
100
137,548
Whitebox CLO IV Ltd., Series 2023-4A, Class D, (3-mo.
CME Term SOFR + 5.15%), 10.43%, 04/20/36(a)(b)
USD
1,000
1,028,044
Total Asset-Backed Securities — 2.9%
(Cost: $14,819,512)
15,125,361
 
 
 
 
Shares
 
Common Stocks
Construction & Engineering — 0.0%
McDermott International Ltd.(d)
 
141,483
28,297
Electrical Equipment — 0.0%
SunPower Corp.(d)
 
1,707
—
Financial Services(d) — 0.1%
NMG Parent LLC
 
1,477
175,763
Travelport Finance Luxembourg SARL(e)
 
230
601,586
 
 
777,349
Ground Transportation — 0.0%
Sirva BGRS Holdings, Inc.(d)(e)
 
1,661
8,304
Health Care Providers & Services — 0.1%
Envision Healthcare Corp., (Acquired 11/03/23, Cost:
$875,815)(d)(f)
 
28,198
292,554
Industrial Conglomerates — 0.0%
Ameriforge Group, Inc.(d)(e)
 
1,664
—
Security
 
 
Shares
Value
Media — 0.1%
Learfield Communications LLC, (Acquired 09/06/23,
Cost: $73,447)(d)(e)(f)
 
5,846
$ 385,836
Semiconductors & Semiconductor Equipment — 0.0%
Maxeon Solar Technologies Ltd.(d)
 
213
21
Trading Companies & Distributors — 0.0%
TMK Hawk Parent Corp.(d)(e)
 
24,798
198,382
Total Common Stocks — 0.3%
(Cost: $3,852,085)
1,690,743
 
 
 
Par
(000)
 
Corporate Bonds
Advertising Agencies — 0.2%
Clear Channel Outdoor Holdings, Inc.(b)
 
5.13%, 08/15/27
USD
113
111,091
7.75%, 04/15/28
 
168
150,328
9.00%, 09/15/28
 
203
215,813
7.50%, 06/01/29
 
120
103,351
7.88%, 04/01/30
 
210
219,596
CMG Media Corp., 8.88%, 12/15/27(b)
 
47
27,495
Lamar Media Corp., 4.00%, 02/15/30
 
15
14,131
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b)
 
186
182,196
Outfront Media Capital LLC/Outfront Media Capital
Corp.(b)
 
5.00%, 08/15/27
 
96
95,453
4.25%, 01/15/29
 
65
61,890
4.63%, 03/15/30
 
22
20,904
7.38%, 02/15/31
 
75
80,062
Stagwell Global LLC, 5.63%, 08/15/29(b)
 
32
30,938
 
 
1,313,248
Aerospace & Defense(b) — 0.5%
AAR Escrow Issuer LLC, 6.75%, 03/15/29
 
71
73,841
Bombardier, Inc.
 
6.00%, 02/15/28
 
105
105,694
7.50%, 02/01/29
 
4
4,232
8.75%, 11/15/30
 
118
129,573
7.25%, 07/01/31
 
44
46,516
7.00%, 06/01/32
 
62
64,848
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%,
08/15/26
 
200
199,392
Spirit AeroSystems, Inc.
 
9.38%, 11/30/29
 
111
120,419
9.75%, 11/15/30
 
128
142,720
TransDigm, Inc.
 
6.75%, 08/15/28
 
240
247,029
6.38%, 03/01/29
 
444
458,084
7.13%, 12/01/31
 
191
202,013
6.63%, 03/01/32
 
585
609,185
6.00%, 01/15/33
 
287
291,065
Triumph Group, Inc., 9.00%, 03/15/28
 
191
199,942
 
 
2,894,553
Air Freight & Logistics — 0.0%
Rand Parent LLC, 8.50%, 02/15/30(b)
 
44
44,873
Schedule of Investments
1
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Automobile Components — 0.2%
Clarios Global LP/Clarios U.S. Finance Co.(b)
 
8.50%, 05/15/27
USD
624
$ 626,032
6.75%, 05/15/28
 
85
87,614
Forvia SE, 3.75%, 06/15/28(c)
EUR
100
106,894
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%,
05/31/32(b)
USD
29
29,678
Goodyear Tire & Rubber Co.
 
5.00%, 07/15/29
 
26
23,913
5.63%, 04/30/33
 
30
26,470
Mahle GmbH, 6.50%, 05/02/31(c)
EUR
100
108,087
Phinia, Inc., 6.63%, 10/15/32(b)
USD
28
28,231
Tenneco, Inc., 8.00%, 11/17/28(b)
 
77
71,451
ZF Finance GmbH, 5.75%, 08/03/26(c)
EUR
100
113,206
 
 
1,221,576
Automobiles — 0.2%
Asbury Automotive Group, Inc.
 
4.50%, 03/01/28
USD
39
37,965
5.00%, 02/15/32(b)
 
25
23,707
Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29(c)
GBP
100
133,087
Carvana Co.(b)(g)
 
(13.00% PIK), 13.00%, 06/01/30
USD
96
104,572
(14.00% PIK), 14.00%, 06/01/31
 
225
265,185
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(b)
 
50
52,863
Group 1 Automotive, Inc., 6.38%, 01/15/30(b)
 
34
34,540
Ken Garff Automotive LLC, 4.88%, 09/15/28(b)
 
39
37,720
LCM Investments Holdings II LLC(b)
 
4.88%, 05/01/29
 
103
98,969
8.25%, 08/01/31
 
87
92,378
Venture Holdings Trust, 12.00%, 06/01/09(d)(e)(h)
 
5,150
1
Wabash National Corp., 4.50%, 10/15/28(b)
 
70
64,128
 
 
945,115
Banks — 0.2%
Banca Monte dei Paschi di Siena SpA, (3-mo.
EURIBOR + 2.05%), 4.75%, 03/15/29(a)(c)
EUR
100
114,695
Banco de Credito Social Cooperativo SA, (1-year
EURIBOR ICE Swap + 1.70%), 4.13%, 09/03/30(a)(c)
 
100
112,772
Banco Espirito Santo SA(d)(h)
 
2.63%, 05/08/17(c)
 
100
31,168
4.75%, 01/15/18
 
200
62,337
4.00%, 01/21/19
 
100
31,168
Barclays Bank PLC, 1.00%, 02/16/29(i)
USD
93
93,814
Deutsche Bank AG, (5-year EURIBOR ICE Swap +
4.55%), 4.50%(a)(c)(j)
EUR
200
204,680
Freedom Mortgage Corp., 12.25%, 10/01/30(b)
USD
26
29,119
National Bank of Greece SA, (5-year EURIBOR ICE
Swap + 3.15%), 5.88%, 06/28/35(a)(c)
EUR
100
115,927
 
 
795,680
Broadline Retail — 0.0%
Rakuten Group, Inc., 9.75%, 04/15/29(b)
USD
200
218,250
Building Materials — 0.4%
Builders FirstSource, Inc., 6.38%, 03/01/34(b)
 
51
52,956
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28(b)
 
67
67,799
EMRLD Borrower LP/Emerald Co-Issuer, Inc.(b)
 
6.63%, 12/15/30
 
703
724,860
6.75%, 07/15/31
 
55
57,357
JELD-WEN, Inc., 7.00%, 09/01/32(b)
 
96
97,009
New Enterprise Stone & Lime Co., Inc.(b)
 
5.25%, 07/15/28
 
26
25,389
9.75%, 07/15/28
 
47
48,011
Security
 
Par
(000)
Value
Building Materials (continued)
Smyrna Ready Mix Concrete LLC(b)
 
6.00%, 11/01/28
USD
119
$ 119,439
8.88%, 11/15/31
 
178
192,007
Standard Building Solutions, Inc., 6.50%, 08/15/32(b)
 
84
86,978
Standard Industries, Inc.
 
2.25%, 11/21/26(c)
EUR
100
107,463
4.38%, 07/15/30(b)
USD
176
166,584
3.38%, 01/15/31(b)
 
34
30,289
Summit Materials LLC/Summit Materials Finance Corp.,
7.25%, 01/15/31(b)
 
102
108,049
Wilsonart LLC, 11.00%, 08/15/32(b)
 
74
74,022
 
 
1,958,212
Building Products(b) — 0.2%
Beacon Roofing Supply, Inc.
 
4.13%, 05/15/29
 
31
29,206
6.50%, 08/01/30
 
48
49,680
Foundation Building Materials, Inc., 6.00%, 03/01/29
 
18
15,851
GYP Holdings III Corp., 4.63%, 05/01/29
 
74
70,543
White Cap Buyer LLC, 6.88%, 10/15/28
 
532
536,962
White Cap Parent LLC, (8.25% Cash or 9.00% PIK),
8.25%, 03/15/26(g)
 
109
109,069
 
 
811,311
Capital Markets — 0.3%
Apollo Debt Solutions BDC, 6.90%, 04/13/29(b)
 
79
82,124
Ares Capital Corp.
 
5.88%, 03/01/29
 
35
35,841
5.95%, 07/15/29
 
70
71,851
Ares Strategic Income Fund, 02/15/30(b)(k)
 
77
76,391
Blackstone Private Credit Fund
 
3.25%, 03/15/27
 
24
22,873
5.95%, 07/16/29(b)
 
34
34,618
6.25%, 01/25/31(b)
 
31
31,846
Blue Owl Capital Corp., 3.40%, 07/15/26
 
5
4,841
Blue Owl Capital Corp. II, 8.45%, 11/15/26(b)
 
38
39,898
Blue Owl Credit Income Corp.
 
7.75%, 09/16/27
 
58
61,104
6.60%, 09/15/29(b)
 
25
25,647
6.65%, 03/15/31
 
75
76,603
Blue Owl Technology Finance Corp. II, 6.75%,
04/04/29(b)
 
26
26,122
Compass Group Diversified Holdings LLC, 5.25%,
04/15/29(b)
 
65
63,148
HA Sustainable Infrastructure Capital, Inc., 6.38%,
07/01/34(b)
 
35
35,827
HPS Corporate Lending Fund, 6.75%, 01/30/29(b)
 
50
51,790
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
 
5.25%, 05/15/27
 
194
185,899
9.75%, 01/15/29(b)
 
77
79,885
4.38%, 02/01/29
 
55
48,067
9.00%, 06/15/30(b)
 
49
49,405
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27(i)
 
100
100,600
Oaktree Strategic Credit Fund(b)
 
8.40%, 11/14/28
 
43
46,516
6.50%, 07/23/29
 
43
43,669
State Street Corp., Series I, (5-year CMT + 2.61%),
6.70%(a)(j)
 
69
71,483
 
 
1,366,048
Chemicals — 0.6%
Avient Corp., 6.25%, 11/01/31(b)
 
37
37,930
Chemours Co.
 
4.00%, 05/15/26
EUR
100
110,641
2
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Chemicals (continued)
Chemours Co. (continued)
 
5.38%, 05/15/27
USD
60
$ 58,736
5.75%, 11/15/28(b)
 
103
97,841
4.63%, 11/15/29(b)
 
39
34,925
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27(c)
EUR
100
111,048
Herens Holdco SARL, 4.75%, 05/15/28(b)
USD
200
174,555
Illuminate Buyer LLC/Illuminate Holdings IV, Inc.,
9.00%, 07/01/28(b)
 
157
158,727
INEOS Quattro Finance 2 PLC, 8.50%, 03/15/29(c)
EUR
100
117,841
Ingevity Corp., 3.88%, 11/01/28(b)
USD
23
21,598
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK),
9.25%, 11/01/26(b)(g)
 
90
75,375
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(b)
 
42
40,851
Mativ Holdings, Inc., 10/01/29(b)(k)
 
50
51,034
Minerals Technologies, Inc., 5.00%, 07/01/28(b)
 
55
53,518
Olympus Water U.S. Holding Corp.
 
9.63%, 11/15/28(c)
EUR
100
119,423
9.75%, 11/15/28(b)
USD
200
213,452
7.25%, 06/15/31(b)
 
200
208,116
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b)
 
185
177,602
WR Grace Holdings LLC(b)
 
4.88%, 06/15/27
 
55
54,197
5.63%, 08/15/29
 
1,040
976,958
7.38%, 03/01/31
 
53
55,530
 
 
2,949,898
Commercial Services & Supplies — 1.2%
ADT Security Corp.(b)
 
4.13%, 08/01/29
 
9
8,596
4.88%, 07/15/32
 
68
64,950
Allied Universal Holdco LLC, 7.88%, 02/15/31(b)
 
406
414,724
Allied Universal Holdco LLC/Allied Universal Finance
Corp., 6.00%, 06/01/29(b)
 
715
638,963
Allied Universal Holdco LLC/Allied Universal Finance
Corp./Atlas Luxco 4 SARL
 
4.63%, 06/01/28(b)
 
400
375,712
4.88%, 06/01/28(c)
GBP
100
123,061
APCOA Group GmbH, 04/15/31(a)(c)(k)
EUR
100
111,297
APi Group DE, Inc.(b)
 
4.13%, 07/15/29
USD
67
62,997
4.75%, 10/15/29
 
32
30,686
APX Group, Inc.(b)
 
6.75%, 02/15/27
 
46
46,126
5.75%, 07/15/29
 
86
85,145
Block, Inc.
 
2.75%, 06/01/26
 
161
156,090
6.50%, 05/15/32(b)
 
273
284,280
Boels Topholding BV, 5.75%, 05/15/30(c)
EUR
100
114,398
Boost Newco Borrower LLC, 7.50%, 01/15/31(b)
USD
200
214,609
Brink’s Co.(b)
 
6.50%, 06/15/29
 
39
40,402
6.75%, 06/15/32
 
58
60,499
Champions Financing, Inc., 8.75%, 02/15/29(b)
 
279
284,177
Fortress Transportation and Infrastructure Investors
LLC
 
5.50%, 05/01/28(b)
 
144
143,398
7.88%, 12/01/30(b)
 
161
173,448
7.00%, 05/01/31(b)
 
259
272,988
7.50%, 06/01/31(b)
 
145
152,979
7.00%, 06/15/32(b)
 
140
146,958
04/15/33(k)
 
98
97,510
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
Garda World Security Corp.(b)
 
4.63%, 02/15/27
USD
61
$ 59,892
9.50%, 11/01/27
 
30
30,039
7.75%, 02/15/28
 
175
181,459
6.00%, 06/01/29
 
27
25,911
8.25%, 08/01/32
 
94
96,209
Global Payments, Inc., 1.50%, 03/01/31(b)(i)
 
142
135,610
Herc Holdings, Inc., 6.63%, 06/15/29(b)
 
58
60,075
Mavis Tire Express Services Topco Corp., 6.50%,
05/15/29(b)
 
39
37,475
Prime Security Services Borrower LLC/Prime Finance,
Inc., 6.25%, 01/15/28(b)
 
178
178,048
Q-Park Holding I BV, 5.13%, 02/15/30(c)
EUR
100
113,541
RR Donnelley & Sons Co., 9.50%, 08/01/29(b)
USD
65
65,553
Service Corp. International
 
3.38%, 08/15/30
 
2
1,813
4.00%, 05/15/31
 
49
45,342
5.75%, 10/15/32
 
230
231,506
Shift4 Payments LLC/Shift4 Payments Finance Sub,
Inc.(b)
 
4.63%, 11/01/26
 
46
45,526
6.75%, 08/15/32
 
221
230,732
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b)
 
202
177,049
United Rentals North America, Inc., 6.13%, 03/15/34(b)
 
45
46,505
Wand NewCo 3, Inc., 7.63%, 01/30/32(b)
 
205
215,967
Williams Scotsman, Inc.(b)
 
6.63%, 06/15/29
 
28
28,829
7.38%, 10/01/31
 
54
57,076
Worldline SA/France, 0.00%, 07/30/26(c)(l)
EUR
18
18,183
 
 
6,186,333
Construction & Engineering — 0.2%
Arcosa, Inc.(b)
 
4.38%, 04/15/29
USD
117
112,150
6.88%, 08/15/32
 
14
14,652
Azzurra Aeroporti SpA, 2.63%, 05/30/27(c)
EUR
100
107,093
Brand Industrial Services, Inc., 10.38%, 08/01/30(b)
USD
624
668,211
Dycom Industries, Inc., 4.50%, 04/15/29(b)
 
37
35,717
 
 
937,823
Consumer Finance — 0.1%
Bread Financial Holdings, Inc., 9.75%, 03/15/29(b)
 
21
22,192
Focus Financial Partners LLC, 6.75%, 09/15/31(b)
 
61
61,582
Navient Corp.
 
5.50%, 03/15/29
 
66
64,025
9.38%, 07/25/30
 
70
77,650
OneMain Finance Corp.
 
6.63%, 01/15/28
 
53
53,964
9.00%, 01/15/29
 
122
129,279
5.38%, 11/15/29
 
32
30,751
7.88%, 03/15/30
 
99
103,493
4.00%, 09/15/30
 
95
84,615
7.50%, 05/15/31
 
27
27,793
7.13%, 11/15/31
 
45
45,541
SLM Corp., 3.13%, 11/02/26
 
56
53,835
 
 
754,720
Consumer Staples Distribution & Retail — 0.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/Albertsons LLC(b)
 
5.88%, 02/15/28
 
84
84,375
6.50%, 02/15/28
 
10
10,182
Bellis Acquisition Co. PLC, 8.13%, 05/14/30(c)
GBP
100
132,320
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Consumer Staples Distribution & Retail (continued)
Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%),
6.95%, 07/01/29(a)(c)
EUR
100
$ 111,872
Walgreens Boots Alliance, Inc., 8.13%, 08/15/29
USD
23
22,956
 
 
361,705
Containers & Packaging — 0.5%
Ardagh Metal Packaging Finance USA LLC/Ardagh
Metal Packaging Finance PLC(b)
 
6.00%, 06/15/27
 
200
201,437
4.00%, 09/01/29
 
285
254,396
Ardagh Packaging Finance PLC/Ardagh Holdings USA,
Inc.
 
2.13%, 08/15/26(c)
EUR
100
96,296
4.13%, 08/15/26(b)
USD
200
180,289
Clydesdale Acquisition Holdings, Inc.(b)
 
6.63%, 04/15/29
 
76
76,721
6.88%, 01/15/30
 
115
117,442
8.75%, 04/15/30
 
252
255,892
Fiber Bidco SpA, 6.13%, 06/15/31(c)
EUR
100
110,758
LABL, Inc.(b)
 
6.75%, 07/15/26
USD
17
16,986
5.88%, 11/01/28
 
49
45,891
9.50%, 11/01/28
 
117
120,894
10/01/31(k)
 
93
92,289
Mauser Packaging Solutions Holding Co.(b)
 
7.88%, 04/15/27
 
784
810,011
9.25%, 04/15/27
 
40
41,015
Owens-Brockway Glass Container, Inc., 7.25%,
05/15/31(b)
 
32
32,874
Sealed Air Corp.(b)
 
5.00%, 04/15/29
 
15
14,773
6.50%, 07/15/32
 
46
47,434
Trident TPI Holdings, Inc., 12.75%, 12/31/28(b)
 
27
29,973
 
 
2,545,371
Diversified REITs — 0.3%
Global Net Lease, Inc./Global Net Lease Operating
Partnership LP, 3.75%, 12/15/27(b)
 
35
32,627
HAT Holdings I LLC/HAT Holdings II LLC(b)
 
3.38%, 06/15/26
 
59
57,135
8.00%, 06/15/27
 
54
57,207
Iron Mountain Information Management Services, Inc.,
5.00%, 07/15/32(b)
 
77
74,218
Iron Mountain, Inc.(b)
 
7.00%, 02/15/29
 
152
158,431
5.25%, 07/15/30
 
6
5,924
5.63%, 07/15/32
 
44
43,887
SBA Communications Corp.
 
3.13%, 02/01/29
 
294
271,743
3.88%, 02/15/27
 
27
26,313
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital
LLC, 10.50%, 02/15/28(b)
 
495
528,366
VICI Properties LP/VICI Note Co., Inc., 4.63%,
06/15/25(b)
 
147
146,102
 
 
1,401,953
Diversified Telecommunication Services — 1.0%
Altice Financing SA(b)
 
9.63%, 07/15/27
 
200
194,794
5.75%, 08/15/29
 
236
189,659
Altice France SA, 5.13%, 07/15/29(b)
 
200
140,643
CommScope, Inc., 4.75%, 09/01/29(b)
 
95
79,800
Security
 
Par
(000)
Value
Diversified Telecommunication Services (continued)
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%,
09/15/29(b)
USD
200
$ 193,547
Frontier Communications Holdings LLC(b)
 
5.88%, 10/15/27
 
12
12,049
5.00%, 05/01/28
 
21
20,811
8.75%, 05/15/30
 
550
586,115
8.63%, 03/15/31
 
98
105,653
Iliad Holding SASU, 7.00%, 10/15/28(b)
 
200
203,463
Level 3 Financing, Inc.(b)
 
10.50%, 04/15/29
 
238
259,432
4.88%, 06/15/29
 
114
95,760
11.00%, 11/15/29
 
780
863,364
10.50%, 05/15/30
 
348
374,535
10.75%, 12/15/30
 
13
14,706
Lorca Telecom Bondco SA, 5.75%, 04/30/29(c)
EUR
100
116,187
Lumen Technologies, Inc.(b)
 
4.13%, 04/15/29
USD
50
41,946
4.13%, 04/15/30
 
50
40,313
Optics Bidco SpA, 7.20%, 07/18/36(b)
 
200
215,234
Sable International Finance Ltd., 10/15/32(b)(k)
 
200
200,406
SoftBank Group Corp., 2.88%, 01/06/27(c)
EUR
100
108,532
T-Mobile U.S., Inc.
 
3.38%, 04/15/29
USD
67
64,304
3.50%, 04/15/31
 
26
24,465
Viavi Solutions, Inc., 3.75%, 10/01/29(b)
 
31
28,130
Vmed O2 U.K. Financing I PLC
 
4.50%, 07/15/31(c)
GBP
100
115,312
4.75%, 07/15/31(b)
USD
200
178,005
Windstream Escrow LLC/Windstream Escrow Finance
Corp.(b)
 
7.75%, 08/15/28
 
124
124,116
10/01/31(k)
 
59
59,981
Zayo Group Holdings, Inc.(b)
 
4.00%, 03/01/27
 
589
526,827
6.13%, 03/01/28
 
185
153,550
 
 
5,331,639
Electric Utilities — 0.2%
Alpha Generation LLC, 6.75%, 10/15/32(b)
 
79
80,114
Calpine Corp.(b)
 
4.63%, 02/01/29
 
99
95,618
5.00%, 02/01/31
 
19
18,396
Clearway Energy Operating LLC, 4.75%, 03/15/28(b)
 
8
7,850
Edison International, Series A, (5-year CMT + 4.70%),
5.38%(a)(j)
 
144
142,573
FirstEnergy Corp., 4.00%, 05/01/26(i)
 
148
154,882
Lightning Power LLC, 7.25%, 08/15/32(b)
 
23
24,185
NextEra Energy Capital Holdings, Inc., (5-year CMT +
2.46%), 6.75%, 06/15/54(a)
 
70
75,536
NRG Energy, Inc., 7.00%, 03/15/33(b)
 
25
27,772
Pattern Energy Operations LP/Pattern Energy
Operations, Inc., 4.50%, 08/15/28(b)
 
32
30,956
PG&E Corp., 4.25%, 12/01/27(b)(i)
 
50
54,150
Pike Corp., 8.63%, 01/31/31(b)
 
23
24,592
Talen Energy Supply LLC, 8.63%, 06/01/30(b)
 
34
37,054
Texas Competitive Electric Holdings, Series M, 5.03%,
10/10/19(d)(e)(h)
 
2,375
—
TransAlta Corp., 7.75%, 11/15/29
 
8
8,450
Vistra Corp., (5-year CMT + 6.93%), 8.00%(a)(b)(j)
 
44
46,092
Vistra Operations Co. LLC(b)
 
5.63%, 02/15/27
 
41
40,938
4
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Vistra Operations Co. LLC(b) (continued)
 
5.00%, 07/31/27
USD
5
$ 4,976
7.75%, 10/15/31
 
70
75,362
6.88%, 04/15/32
 
95
99,933
 
 
1,049,429
Electronic Equipment, Instruments & Components — 0.1%
CDW LLC/CDW Finance Corp., 5.55%, 08/22/34
 
44
45,018
Coherent Corp., 5.00%, 12/15/29(b)
 
109
106,577
EquipmentShare.com, Inc., 8.00%, 03/15/33(b)
 
33
33,782
Sensata Technologies BV, 4.00%, 04/15/29(b)
 
36
34,318
Sensata Technologies, Inc., 4.38%, 02/15/30(b)
 
146
139,528
WESCO Distribution, Inc., 6.38%, 03/15/29(b)
 
38
39,258
Zebra Technologies Corp., 6.50%, 06/01/32(b)
 
29
30,277
 
 
428,758
Energy Equipment & Services — 0.2%
Archrock Partners LP/Archrock Partners Finance
Corp.(b)
 
6.88%, 04/01/27
 
77
77,241
6.25%, 04/01/28
 
37
37,184
6.63%, 09/01/32
 
115
117,932
Enerflex Ltd., 9.00%, 10/15/27(b)
 
83
85,623
Kodiak Gas Services LLC, 7.25%, 02/15/29(b)
 
133
137,642
Oceaneering International, Inc., 6.00%, 02/01/28
 
18
18,035
Star Holding LLC, 8.75%, 08/01/31(b)
 
62
59,123
USA Compression Partners LP/USA Compression
Finance Corp.
 
6.88%, 09/01/27
 
167
168,412
7.13%, 03/15/29(b)
 
106
109,175
Weatherford International Ltd., 8.63%, 04/30/30(b)
 
107
111,496
 
 
921,863
Entertainment — 0.6%
Boyne USA, Inc., 4.75%, 05/15/29(b)
 
165
158,620
Caesars Entertainment, Inc.(b)
 
4.63%, 10/15/29
 
338
321,512
7.00%, 02/15/30
 
386
403,253
6.50%, 02/15/32
 
175
181,022
Churchill Downs, Inc.(b)
 
4.75%, 01/15/28
 
47
46,083
5.75%, 04/01/30
 
231
231,253
6.75%, 05/01/31
 
102
105,331
Cinemark USA, Inc., 7.00%, 08/01/32(b)
 
28
29,231
Light & Wonder International, Inc., 7.50%, 09/01/31(b)
 
81
84,959
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29(b)
 
54
48,477
Live Nation Entertainment, Inc.(b)
 
4.75%, 10/15/27
 
68
67,038
3.75%, 01/15/28
 
35
33,631
Lottomatica SpA/Roma, (3-mo. EURIBOR + 4.00%),
7.51%, 12/15/30(a)(c)
EUR
100
112,175
Midwest Gaming Borrower LLC/Midwest Gaming
Finance Corp., 4.88%, 05/01/29(b)
USD
40
38,367
Odeon Finco PLC, 12.75%, 11/01/27(b)
 
519
545,354
Pinewood Finco PLC, 6.00%, 03/27/30(c)
GBP
100
134,068
Playtika Holding Corp., 4.25%, 03/15/29(b)
USD
21
19,273
Premier Entertainment Sub LLC/Premier Entertainment
Finance Corp.(b)
 
5.63%, 09/01/29
 
34
25,434
5.88%, 09/01/31
 
49
33,444
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%,
11/01/26(b)
 
25
24,266
Scientific Games Holdings LP/Scientific Games
U.S. FinCo, Inc., 6.63%, 03/01/30(b)
 
69
68,479
Six Flags Entertainment Corp., 7.25%, 05/15/31(b)
 
135
139,822
Security
 
Par
(000)
Value
Entertainment (continued)
Six Flags Entertainment Corp./Six Flags Theme Parks,
Inc., 6.63%, 05/01/32(b)
USD
24
$ 24,854
Vail Resorts, Inc., 6.50%, 05/15/32(b)
 
90
94,043
Wynn Resorts Finance LLC/Wynn Resorts Capital
Corp.(b)
 
5.13%, 10/01/29
 
202
199,575
7.13%, 02/15/31
 
128
138,099
6.25%, 03/15/33
 
45
45,587
 
 
3,353,250
Environmental, Maintenance & Security Service — 0.4%
Clean Harbors, Inc., 6.38%, 02/01/31(b)
 
7
7,171
GFL Environmental, Inc.(b)
 
4.00%, 08/01/28
 
8
7,683
4.75%, 06/15/29
 
164
159,975
4.38%, 08/15/29
 
65
62,303
6.75%, 01/15/31
 
107
112,225
Madison IAQ LLC, 5.88%, 06/30/29(b)
 
1,178
1,146,855
Reworld Holding Corp.
 
4.88%, 12/01/29(b)
 
43
40,478
5.00%, 09/01/30
 
21
19,697
Waste Pro USA, Inc., 5.50%, 02/15/26(b)
 
328
326,364
Wrangler Holdco Corp., 6.63%, 04/01/32(b)
 
38
39,498
 
 
1,922,249
Financial Services — 0.4%
Air Lease Corp., Series D, (5-year CMT + 2.56%),
6.00%(a)(j)
 
30
29,690
Enact Holdings, Inc., 6.25%, 05/28/29
 
22
22,842
Freedom Mortgage Holdings LLC(b)
 
9.25%, 02/01/29
 
97
100,826
9.13%, 05/15/31
 
68
69,911
GGAM Finance Ltd.(b)
 
8.00%, 02/15/27
 
83
86,736
8.00%, 06/15/28
 
29
31,084
6.88%, 04/15/29
 
65
67,618
5.88%, 03/15/30
 
52
52,068
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(b)
 
32
32,502
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%,
08/15/28(b)
 
200
190,162
Macquarie Airfinance Holdings Ltd.(b)
 
8.38%, 05/01/28
 
28
29,437
6.40%, 03/26/29
 
15
15,612
8.13%, 03/30/29
 
57
60,369
6.50%, 03/26/31
 
40
42,224
Nationstar Mortgage Holdings, Inc.(b)
 
5.00%, 02/01/26
 
322
320,438
6.00%, 01/15/27
 
28
28,003
6.50%, 08/01/29
 
128
130,154
5.13%, 12/15/30
 
21
20,145
5.75%, 11/15/31
 
79
77,386
7.13%, 02/01/32
 
183
191,116
PennyMac Financial Services, Inc.(b)
 
7.88%, 12/15/29
 
72
76,775
7.13%, 11/15/30
 
68
70,410
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc.(b)
 
2.88%, 10/15/26
 
203
194,896
3.88%, 03/01/31
 
68
62,610
4.00%, 10/15/33
 
27
24,119
 
 
2,027,133
Food Products — 0.3%
Aramark International Finance SARL, 3.13%,
04/01/25(c)
EUR
100
110,717
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Food Products (continued)
Aramark Services, Inc., 5.00%, 02/01/28(b)
USD
100
$ 99,678
B&G Foods, Inc., 8.00%, 09/15/28(b)
 
22
23,013
Chobani LLC/Chobani Finance Corp., Inc.(b)
 
4.63%, 11/15/28
 
264
257,100
7.63%, 07/01/29
 
298
312,936
Darling Ingredients, Inc., 6.00%, 06/15/30(b)
 
76
76,723
Fiesta Purchaser, Inc.(b)
 
7.88%, 03/01/31
 
27
28,643
9.63%, 09/15/32
 
32
33,124
KeHE Distributors LLC/KeHE Finance Corp./NextWave
Distribution, Inc., 9.00%, 02/15/29(b)
 
21
21,838
Performance Food Group, Inc.(b)
 
4.25%, 08/01/29
 
74
70,370
6.13%, 09/15/32
 
129
131,819
Post Holdings, Inc.(b)
 
4.63%, 04/15/30
 
36
34,447
4.50%, 09/15/31
 
28
26,158
6.25%, 02/15/32
 
70
72,080
6.38%, 03/01/33
 
58
58,947
10/15/34(k)
 
49
49,309
U.S. Foods, Inc.(b)
 
4.63%, 06/01/30
 
13
12,559
7.25%, 01/15/32
 
60
63,501
United Natural Foods, Inc., 6.75%, 10/15/28(b)
 
22
20,982
 
 
1,503,944
Gas Utilities — 0.0%
AmeriGas Partners LP/AmeriGas Finance Corp.,
9.38%, 06/01/28(b)
 
18
18,902
Ground Transportation(b) — 0.0%
Genesee & Wyoming, Inc., 6.25%, 04/15/32
 
106
109,005
Watco Cos. LLC/Watco Finance Corp., 7.13%,
08/01/32
 
33
34,395
 
 
143,400
Health Care Equipment & Supplies(b) — 0.2%
Bausch & Lomb Corp., 8.38%, 10/01/28
 
434
458,955
Medline Borrower LP
 
3.88%, 04/01/29
 
157
148,642
5.25%, 10/01/29
 
432
423,871
Neogen Food Safety Corp., 8.63%, 07/20/30
 
64
70,837
Sotera Health Holdings LLC, 7.38%, 06/01/31
 
48
49,849
 
 
1,152,154
Health Care Providers & Services — 0.5%
Acadia Healthcare Co., Inc., 5.00%, 04/15/29(b)
 
46
43,805
AHP Health Partners, Inc., 5.75%, 07/15/29(b)
 
110
107,574
Catalent Pharma Solutions, Inc.(b)
 
5.00%, 07/15/27
 
206
204,980
3.13%, 02/15/29
 
25
24,558
3.50%, 04/01/30
 
86
84,594
CHS/Community Health Systems, Inc.(b)
 
5.63%, 03/15/27
 
168
165,323
6.00%, 01/15/29
 
180
174,742
5.25%, 05/15/30
 
215
197,866
4.75%, 02/15/31
 
72
63,291
10.88%, 01/15/32
 
165
181,828
Concentra Escrow Issuer Corp., 6.88%, 07/15/32(b)
 
95
99,894
DaVita, Inc., 6.88%, 09/01/32(b)
 
43
44,421
Fortrea Holdings, Inc., 7.50%, 07/01/30(b)
 
39
39,256
HAH Group Holding Co. LLC, 9.75%, 10/01/31(b)
 
32
32,266
HCA, Inc., 5.45%, 09/15/34
 
20
20,579
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
HealthEquity, Inc., 4.50%, 10/01/29(b)
USD
182
$ 175,892
LifePoint Health, Inc.(b)
 
9.88%, 08/15/30
 
65
71,565
11.00%, 10/15/30
 
157
177,157
10.00%, 06/01/32
 
68
74,757
Star Parent, Inc., 9.00%, 10/01/30(b)
 
251
269,468
Surgery Center Holdings, Inc., 7.25%, 04/15/32(b)
 
166
173,266
Tenet Healthcare Corp., 6.75%, 05/15/31
 
288
300,203
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(b)
 
63
65,253
 
 
2,792,538
Health Care REITs — 0.1%
MPT Operating Partnership LP/MPT Finance Corp.
 
2.50%, 03/24/26
GBP
100
120,710
4.63%, 08/01/29
USD
147
118,237
3.50%, 03/15/31
 
146
106,621
 
 
345,568
Hotel & Resort REITs — 0.2%
Host Hotels & Resorts LP, 5.50%, 04/15/35
 
54
54,783
Park Intermediate Holdings LLC/PK Domestic Property
LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(b)
 
56
58,211
Pebblebrook Hotel LP/PEB Finance Corp.,
10/15/29(b)(k)
 
29
29,192
Pebblebrook Hotel Trust, 1.75%, 12/15/26(i)
 
3
2,751
RHP Hotel Properties LP/RHP Finance Corp.(b)
 
7.25%, 07/15/28
 
68
71,154
4.50%, 02/15/29
 
153
148,040
6.50%, 04/01/32
 
194
200,484
RLJ Lodging Trust LP, 4.00%, 09/15/29(b)
 
74
68,119
Service Properties Trust
 
8.63%, 11/15/31(b)
 
398
432,809
8.88%, 06/15/32
 
113
107,939
 
 
1,173,482
Hotels, Restaurants & Leisure — 0.8%
1011778 BC ULC/New Red Finance, Inc., 5.63%,
09/15/29(b)
 
46
46,665
Acushnet Co., 7.38%, 10/15/28(b)
 
2
2,108
Burger King (Restaurant Brands International, Inc.)/New
Red Finance, Inc., 4.00%, 10/15/30(b)
 
75
69,161
Carnival Corp.(b)
 
5.75%, 03/01/27
 
15
15,191
6.00%, 05/01/29
 
260
263,432
7.00%, 08/15/29
 
12
12,750
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28(b)
 
561
605,357
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc.(b)
 
4.63%, 01/15/29
 
139
132,721
6.75%, 01/15/30
 
586
545,952
Hilton Domestic Operating Co., Inc.
 
4.88%, 01/15/30
 
14
13,814
3.63%, 02/15/32(b)
 
12
10,841
5.88%, 03/15/33(b)
 
160
163,032
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28(b)
 
31
32,436
Lindblad Expeditions LLC, 6.75%, 02/15/27(b)
 
77
77,524
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b)
 
78
75,869
Melco Resorts Finance Ltd., 5.38%, 12/04/29(b)
 
200
187,750
MGM Resorts International, 6.13%, 09/15/29
 
112
113,394
NCL Corp. Ltd.(b)
 
5.88%, 03/15/26
 
97
97,006
8.13%, 01/15/29
 
31
33,145
7.75%, 02/15/29
 
51
54,652
6
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
NCL Corp. Ltd.(b) (continued)
 
6.25%, 03/01/30
USD
74
$ 73,918
NCL Finance Ltd., 6.13%, 03/15/28(b)
 
46
46,920
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29(b)
 
36
38,982
Royal Caribbean Cruises Ltd.(b)
 
4.25%, 07/01/26
 
24
23,729
5.38%, 07/15/27
 
25
25,224
5.50%, 04/01/28
 
40
40,507
5.63%, 09/30/31
 
283
286,714
6.25%, 03/15/32
 
39
40,456
6.00%, 02/01/33
 
226
231,692
Sabre GLBL, Inc.(b)
 
8.63%, 06/01/27
 
85
83,608
11.25%, 12/15/27
 
6
6,226
Station Casinos LLC(b)
 
4.50%, 02/15/28
 
69
66,629
4.63%, 12/01/31
 
31
28,747
6.63%, 03/15/32
 
49
50,090
Viking Cruises Ltd.(b)
 
5.88%, 09/15/27
 
58
57,960
7.00%, 02/15/29
 
13
13,164
9.13%, 07/15/31
 
215
235,113
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b)
 
27
26,911
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(b)
 
44
42,443
Wynn Macau Ltd., 5.63%, 08/26/28(b)
 
200
194,260
 
 
4,166,093
Household Durables — 0.2%
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)
 
4.63%, 08/01/29
 
32
30,718
4.63%, 04/01/30
 
46
44,072
Beazer Homes USA, Inc., 7.50%, 03/15/31(b)
 
22
22,828
Brookfield Residential Properties, Inc./Brookfield
Residential U.S. LLC(b)
 
5.00%, 06/15/29
 
67
64,213
4.88%, 02/15/30
 
56
52,718
CD&R Smokey Buyer, Inc./Radio Systems Corp.,
10/15/29(b)(k)
 
91
91,087
Dream Finders Homes, Inc., 8.25%, 08/15/28(b)
 
30
31,702
Empire Communities Corp., 9.75%, 05/01/29(b)
 
20
21,354
K Hovnanian Enterprises, Inc., 11.75%, 09/30/29(b)
 
80
88,982
LGI Homes, Inc., 8.75%, 12/15/28(b)
 
33
35,340
Mattamy Group Corp., 4.63%, 03/01/30(b)
 
72
68,933
Meritage Homes Corp., 1.75%, 05/15/28(b)(i)
 
7
7,970
New Home Co., Inc., 9.25%, 10/01/29(b)
 
56
59,004
Scotts Miracle-Gro Co.
 
4.50%, 10/15/29
 
5
4,808
4.38%, 02/01/32
 
97
89,892
STL Holding Co. LLC, 8.75%, 02/15/29(b)
 
31
32,978
SWF Holdings I Corp., 6.50%, 10/01/29(b)
 
340
215,917
Taylor Morrison Communities, Inc., 5.13%, 08/01/30(b)
 
20
19,871
Tempur Sealy International, Inc.(b)
 
4.00%, 04/15/29
 
89
83,001
3.88%, 10/15/31
 
23
20,501
 
 
1,085,889
Household Products — 0.0%
Central Garden & Pet Co.
 
4.13%, 10/15/30
 
26
24,171
4.13%, 04/30/31(b)
 
55
50,376
Security
 
Par
(000)
Value
Household Products (continued)
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31(b)
USD
15
$ 15,056
Spectrum Brands, Inc.(b)
 
3.38%, 06/01/29(i)
 
48
49,692
3.88%, 03/15/31
 
10
8,755
 
 
148,050
Independent Power and Renewable Electricity Producers(b)(i) — 0.0%
NextEra Energy Partners LP
 
0.00%, 11/15/25(l)
 
214
199,876
2.50%, 06/15/26
 
51
47,938
 
 
247,814
Industrial Conglomerates — 0.0%
NM Holdings Co. LLC, Series B, 9.50%, 07/01/05(d)(e)(h)
 
5,125
1
Insurance(b) — 1.2%
Acrisure LLC/Acrisure Finance, Inc., 7.50%, 11/06/30
 
66
67,920
Alliant Holdings Intermediate LLC/Alliant Holdings Co-
Issuer
 
4.25%, 10/15/27
 
275
263,261
6.75%, 10/15/27
 
754
751,172
6.75%, 04/15/28
 
37
37,599
5.88%, 11/01/29
 
393
377,383
7.00%, 01/15/31
 
238
244,567
7.38%, 10/01/32
 
220
223,048
AmWINS Group, Inc.
 
6.38%, 02/15/29
 
36
36,878
4.88%, 06/30/29
 
88
84,383
Ardonagh Finco Ltd., 7.75%, 02/15/31
 
200
206,745
Ardonagh Group Finance Ltd., 8.88%, 02/15/32
 
200
206,702
AssuredPartners, Inc., 7.50%, 02/15/32
 
99
101,747
Baldwin Insurance Group Holdings LLC/Baldwin
Insurance Group Holdings Finance, 7.13%, 05/15/31
 
20
21,044
Howden UK Refinance PLC/Howden UK Refinance
2 PLC/Howden US Refinance LLC
 
7.25%, 02/15/31
 
441
457,610
8.13%, 02/15/32
 
245
251,853
HUB International Ltd.
 
7.25%, 06/15/30
 
847
882,473
7.38%, 01/31/32
 
902
931,401
Jones Deslauriers Insurance Management, Inc.
 
8.50%, 03/15/30
 
136
145,507
10.50%, 12/15/30
 
126
137,023
Panther Escrow Issuer LLC, 7.13%, 06/01/31
 
668
700,671
Ryan Specialty LLC, 5.88%, 08/01/32
 
48
48,800
USI, Inc./New York, 7.50%, 01/15/32
 
119
123,278
 
 
6,301,065
Interactive Media & Services — 0.0%
iliad SA, 5.63%, 02/15/30(c)
EUR
100
117,582
Internet Software & Services(b) — 0.2%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%,
05/01/28
USD
200
183,175
ANGI Group LLC, 3.88%, 08/15/28
 
80
73,363
Match Group Holdings II LLC, 3.63%, 10/01/31
 
53
47,462
Uber Technologies, Inc.
 
7.50%, 09/15/27(m)
 
15
15,285
6.25%, 01/15/28
 
201
203,138
4.50%, 08/15/29
 
330
327,165
 
 
849,588
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
IT Services(b) — 0.1%
Amentum Escrow Corp., 7.25%, 08/01/32
USD
67
$ 69,923
CA Magnum Holdings, 5.38%, 10/31/26
 
201
198,164
Insight Enterprises, Inc., 6.63%, 05/15/32
 
40
41,751
KBR, Inc., 4.75%, 09/30/28
 
75
71,709
McAfee Corp., 7.38%, 02/15/30
 
173
168,737
 
 
550,284
Machinery — 0.5%
ATS Corp., 4.13%, 12/15/28(b)
 
35
32,954
Chart Industries, Inc.(b)
 
7.50%, 01/01/30
 
224
236,079
9.50%, 01/01/31
 
28
30,518
Esab Corp., 6.25%, 04/15/29(b)
 
66
67,786
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28(b)
 
35
28,035
Husky Injection Molding Systems Ltd./Titan Co-
Borrower LLC, 9.00%, 02/15/29(b)
 
521
543,669
Manitowoc Co., Inc., 9.25%, 10/01/31(b)
 
32
32,800
Terex Corp.(b)
 
5.00%, 05/15/29
 
67
65,396
10/15/32(k)
 
55
55,000
TK Elevator Holdco GmbH
 
6.63%, 07/15/28(c)
EUR
90
99,933
7.63%, 07/15/28(b)
USD
200
201,276
TK Elevator Midco GmbH, 4.38%, 07/15/27(c)
EUR
200
220,773
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)
USD
312
308,632
Vertiv Group Corp., 4.13%, 11/15/28(b)
 
781
754,831
 
 
2,677,682
Media — 0.7%
Adelphia Communications Corp., 10.50%,
12/31/49(d)(e)(h)
 
400
—
Cable One, Inc.
 
0.00%, 03/15/26(i)(l)
 
28
25,620
1.13%, 03/15/28(i)
 
82
65,980
4.00%, 11/15/30(b)
 
5
3,986
CCO Holdings LLC/CCO Holdings Capital Corp.(b)
 
6.38%, 09/01/29
 
261
261,309
4.50%, 08/15/30
 
22
19,942
7.38%, 03/01/31
 
327
334,807
4.25%, 01/15/34
 
152
124,680
CSC Holdings LLC(b)
 
5.50%, 04/15/27
 
200
175,890
5.38%, 02/01/28
 
200
168,473
11.75%, 01/31/29
 
200
193,318
Directv Financing LLC/Directv Financing Co-Obligor,
Inc., 5.88%, 08/15/27(b)
 
193
189,494
DISH DBS Corp.(b)
 
5.25%, 12/01/26
 
188
173,735
5.75%, 12/01/28
 
106
92,614
DISH Network Corp., 11.75%, 11/15/27(b)
 
315
330,602
GCI LLC, 4.75%, 10/15/28(b)
 
35
33,610
Gray Television, Inc., 10.50%, 07/15/29(b)
 
185
193,226
LCPR Senior Secured Financing DAC, 6.75%,
10/15/27(b)
 
180
164,705
Midcontinent Communications, 8.00%, 08/15/32(b)
 
89
90,586
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%,
09/15/26(b)
 
604
515,288
Sirius XM Radio, Inc.(b)
 
3.13%, 09/01/26
 
11
10,628
5.00%, 08/01/27
 
98
96,410
4.00%, 07/15/28
 
53
50,003
Security
 
Par
(000)
Value
Media (continued)
Univision Communications, Inc.(b)
 
6.63%, 06/01/27
USD
155
$ 155,190
8.00%, 08/15/28
 
183
187,111
07/31/31(k)
 
95
95,212
 
 
3,752,419
Metals & Mining — 0.5%
Advanced Drainage Systems, Inc.(b)
 
5.00%, 09/30/27
 
6
5,929
6.38%, 06/15/30
 
42
42,902
Arsenal AIC Parent LLC(b)
 
8.00%, 10/01/30
 
46
49,362
11.50%, 10/01/31
 
219
247,518
ATI, Inc.
 
5.88%, 12/01/27
 
19
18,975
4.88%, 10/01/29
 
32
30,929
7.25%, 08/15/30
 
103
109,678
5.13%, 10/01/31
 
88
85,485
Big River Steel LLC/BRS Finance Corp., 6.63%,
01/31/29(b)
 
296
299,880
Carpenter Technology Corp., 7.63%, 03/15/30
 
65
68,060
Constellium SE, 3.75%, 04/15/29(b)
 
250
233,465
ERO Copper Corp., 6.50%, 02/15/30(b)
 
78
77,556
First Quantum Minerals Ltd., 9.38%, 03/01/29(b)
 
200
212,000
Kaiser Aluminum Corp.(b)
 
4.63%, 03/01/28
 
63
60,930
4.50%, 06/01/31
 
243
222,323
Mineral Resources Ltd., 9.25%, 10/01/28(b)
 
10
10,648
New Gold, Inc., 7.50%, 07/15/27(b)
 
147
149,905
Novelis Corp.(b)
 
3.25%, 11/15/26
 
217
209,399
4.75%, 01/30/30
 
225
218,139
3.88%, 08/15/31
 
96
87,759
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(c)
EUR
100
106,279
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(b)
USD
39
37,416
 
 
2,584,537
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.0%
Ladder Capital Finance Holdings LLLP/Ladder Capital
Finance Corp.
 
4.75%, 06/15/29
 
22
21,487
7.00%, 07/15/31
 
55
58,313
Starwood Property Trust, Inc.
 
4.38%, 01/15/27
 
13
12,668
7.25%, 04/01/29
 
43
45,088
04/15/30(k)
 
21
21,009
 
 
158,565
Oil, Gas & Consumable Fuels — 1.9%
Aethon United BR LP/Aethon United Finance Corp.(b)
 
8.25%, 02/15/26
 
119
120,406
10/01/29(k)
 
93
94,232
Antero Midstream Partners LP/Antero Midstream
Finance Corp.(b)
 
5.38%, 06/15/29
 
66
65,306
6.63%, 02/01/32
 
75
77,624
Ascent Resources Utica Holdings LLC/ARU Finance
Corp.(b)
 
9.00%, 11/01/27
 
50
59,772
8.25%, 12/31/28
 
150
153,671
5.88%, 06/30/29
 
89
87,923
Baytex Energy Corp., 8.50%, 04/30/30(b)
 
39
40,420
8
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Blue Racer Midstream LLC/Blue Racer Finance Corp.(b)
 
7.00%, 07/15/29
USD
56
$ 58,217
7.25%, 07/15/32
 
45
47,223
Borr IHC Ltd./Borr Finance LLC, 10.00%, 11/15/28(b)
 
193
198,704
Buckeye Partners LP
 
6.88%, 07/01/29(b)
 
24
24,590
5.85%, 11/15/43
 
16
14,305
5.60%, 10/15/44
 
1
856
CITGO Petroleum Corp.(b)
 
7.00%, 06/15/25
 
163
162,897
8.38%, 01/15/29
 
130
135,272
Civitas Resources, Inc.(b)
 
8.38%, 07/01/28
 
106
110,184
8.63%, 11/01/30
 
66
69,925
8.75%, 07/01/31
 
150
158,781
CNX Midstream Partners LP, 4.75%, 04/15/30(b)
 
32
29,922
Comstock Resources, Inc.(b)
 
6.75%, 03/01/29
 
350
341,601
5.88%, 01/15/30
 
33
30,858
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%,
06/15/31(b)
 
250
245,206
Crescent Energy Finance LLC(b)
 
7.63%, 04/01/32
 
102
102,032
7.38%, 01/15/33
 
150
147,633
Diamond Foreign Asset Co./Diamond Finance LLC,
8.50%, 10/01/30(b)
 
57
59,557
DT Midstream, Inc., 4.38%, 06/15/31(b)
 
79
74,782
eG Global Finance PLC, 12.00%, 11/30/28(b)
 
415
463,165
Enbridge, Inc.(a)
 
(5-year CMT + 2.97%), 7.20%, 06/27/54
 
40
41,936
(5-year CMT + 3.12%), 7.38%, 03/15/55
 
54
56,006
(5-year CMT + 4.43%), 8.50%, 01/15/84
 
50
55,925
Encino Acquisition Partners Holdings LLC, 8.75%,
05/01/31(b)
 
56
58,897
Energy Transfer LP(a)
 
(5-year CMT + 2.83%), 7.13%, 10/01/54
 
75
76,700
(5-year CMT + 4.02%), 8.00%, 05/15/54
 
152
163,547
Series B, (3-mo. LIBOR US + 4.16%), 6.63%(j)
 
29
28,584
Series H, (5-year CMT + 5.69%), 6.50%(j)
 
129
128,691
EQM Midstream Partners LP(b)
 
6.38%, 04/01/29
 
89
91,894
7.50%, 06/01/30
 
49
53,814
Genesis Energy LP/Genesis Energy Finance Corp.
 
7.75%, 02/01/28
 
29
29,364
8.25%, 01/15/29
 
82
84,908
8.88%, 04/15/30
 
28
29,434
7.88%, 05/15/32
 
95
96,724
Gulfport Energy Corp., 6.75%, 09/01/29(b)
 
45
45,526
Harvest Midstream I LP, 7.50%, 05/15/32(b)
 
54
56,799
Hess Midstream Operations LP, 6.50%, 06/01/29(b)
 
64
66,243
Hilcorp Energy I LP/Hilcorp Finance Co.(b)
 
6.25%, 11/01/28
 
3
2,994
5.75%, 02/01/29
 
72
70,045
6.00%, 04/15/30
 
5
4,874
8.38%, 11/01/33
 
138
148,778
6.88%, 05/15/34
 
84
83,688
Howard Midstream Energy Partners LLC(b)
 
8.88%, 07/15/28
 
67
71,060
7.38%, 07/15/32
 
55
56,964
ITT Holdings LLC, 6.50%, 08/01/29(b)
 
109
103,261
Kinetik Holdings LP, 5.88%, 06/15/30(b)
 
6
6,041
Matador Resources Co.(b)
 
6.88%, 04/15/28
 
64
65,094
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Matador Resources Co.(b) (continued)
 
6.50%, 04/15/32
USD
75
$ 74,893
Moss Creek Resources Holdings, Inc., 8.25%,
09/01/31(b)
 
43
42,460
Nabors Industries Ltd., 7.50%, 01/15/28(b)
 
63
59,028
Nabors Industries, Inc.(b)
 
7.38%, 05/15/27
 
37
37,082
9.13%, 01/31/30
 
40
41,252
8.88%, 08/15/31
 
14
13,318
NGL Energy Operating LLC/NGL Energy Finance
Corp.(b)
 
8.13%, 02/15/29
 
132
135,346
8.38%, 02/15/32
 
266
274,128
Noble Finance II LLC, 8.00%, 04/15/30(b)
 
147
151,674
Northern Oil & Gas, Inc.
 
8.13%, 03/01/28(b)
 
238
239,726
3.63%, 04/15/29(i)
 
40
45,660
8.75%, 06/15/31(b)
 
74
77,109
Northriver Midstream Finance LP, 6.75%, 07/15/32(b)
 
42
43,349
Parkland Corp., 6.63%, 08/15/32(b)
 
60
60,911
PBF Holding Co. LLC/PBF Finance Corp., 7.88%,
09/15/30(b)
 
46
47,385
Permian Resources Operating LLC(b)
 
8.00%, 04/15/27
 
70
72,073
5.88%, 07/01/29
 
74
73,931
9.88%, 07/15/31
 
79
88,163
7.00%, 01/15/32
 
85
88,428
6.25%, 02/01/33
 
118
119,904
Prairie Acquiror LP, 9.00%, 08/01/29(b)
 
50
51,624
Precision Drilling Corp., 6.88%, 01/15/29(b)
 
4
3,992
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b)
 
14
13,389
Sitio Royalties Operating Partnership LP/Sitio Finance
Corp., 7.88%, 11/01/28(b)
 
100
104,610
SM Energy Co.
 
6.50%, 07/15/28
 
6
5,993
7.00%, 08/01/32(b)
 
33
33,128
Southwestern Energy Co., 4.75%, 02/01/32
 
2
1,913
Summit Midstream Holdings LLC, 8.63%, 10/31/29(b)
 
34
35,563
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp.(b)
 
5.50%, 01/15/28
 
35
33,886
7.38%, 02/15/29
 
122
123,376
6.00%, 12/31/30
 
2
1,900
6.00%, 09/01/31
 
41
38,830
Talos Production, Inc.(b)
 
9.00%, 02/01/29
 
44
45,305
9.38%, 02/01/31
 
40
41,124
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(b)
 
131
124,465
Transocean Aquila Ltd., 8.00%, 09/30/28(b)
 
30
30,639
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b)
 
26
26,780
Transocean, Inc.(b)
 
8.00%, 02/01/27
 
53
52,968
8.25%, 05/15/29
 
161
159,604
8.75%, 02/15/30
 
194
202,062
8.50%, 05/15/31
 
177
175,876
Valaris Ltd., 8.38%, 04/30/30(b)
 
204
210,121
Venture Global Calcasieu Pass LLC, 3.88%,
08/15/29(b)
 
218
206,017
Venture Global LNG, Inc.(b)
 
9.50%, 02/01/29
 
574
646,614
8.38%, 06/01/31
 
316
333,673
9.88%, 02/01/32
 
330
366,693
Vermilion Energy, Inc., 6.88%, 05/01/30(b)
 
51
50,979
Schedule of Investments
9
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Vital Energy, Inc.
 
9.75%, 10/15/30
USD
85
$ 90,825
7.88%, 04/15/32(b)
 
148
143,369
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(b)
 
48
47,235
 
 
10,141,228
Passenger Airlines — 0.1%
Air Canada, 3.88%, 08/15/26(b)
 
73
71,086
American Airlines, Inc., 8.50%, 05/15/29(b)
 
121
128,383
Finnair OYJ, 4.75%, 05/24/29(c)
EUR
100
111,674
United Airlines, Inc., 4.63%, 04/15/29(b)
USD
175
169,060
 
 
480,203
Personal Care Products — 0.0%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige
International U.S. LLC, 6.63%, 07/15/30(b)
 
25
25,976
Perrigo Finance Unlimited Co., 6.13%, 09/30/32
 
77
77,594
 
 
103,570
Pharmaceuticals — 0.2%
1375209 BC Ltd., 9.00%, 01/30/28(b)
 
60
59,467
Bausch Health Cos., Inc.(b)
 
6.13%, 02/01/27
 
80
72,254
5.75%, 08/15/27
 
10
8,496
11.00%, 09/30/28
 
212
197,690
Endo Finance Holdings, Inc., 8.50%, 04/15/31(b)
 
77
82,508
Nidda Healthcare Holding GmbH, 7.00%, 02/21/30(c)
EUR
100
116,046
Option Care Health, Inc., 4.38%, 10/31/29(b)
USD
79
75,059
Rossini SARL, (3-mo. EURIBOR + 3.88%), 7.22%,
12/31/29(a)(c)
EUR
100
112,264
Teva Pharmaceutical Finance Netherlands II BV, 3.75%,
05/09/27
 
100
110,300
Teva Pharmaceutical Finance Netherlands III BV,
3.15%, 10/01/26
USD
203
194,689
 
 
1,028,773
Real Estate Management & Development — 0.1%
Anywhere Real Estate Group LLC/Anywhere Co-Issuer
Corp.
 
7.00%, 04/15/30(b)
 
45
42,075
Series AI, 7.00%, 04/15/30
 
80
74,316
CoreLogic, Inc., 4.50%, 05/01/28(b)
 
243
229,343
Cushman & Wakefield U.S. Borrower LLC(b)
 
6.75%, 05/15/28
 
101
101,916
8.88%, 09/01/31
 
38
41,488
Howard Hughes Corp., 4.38%, 02/01/31(b)
 
53
48,582
 
 
537,720
Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR
Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b)
 
45
43,794
Semiconductors & Semiconductor Equipment — 0.0%
MKS Instruments, Inc., 1.25%, 06/01/30(b)(i)
 
98
97,657
ON Semiconductor Corp., 0.50%, 03/01/29(i)
 
39
39,429
Synaptics, Inc., 4.00%, 06/15/29(b)
 
55
52,099
 
 
189,185
Software — 1.2%
AthenaHealth Group, Inc., 6.50%, 02/15/30(b)
 
784
753,099
Camelot Finance SA, 4.50%, 11/01/26(b)
 
121
119,240
Capstone Borrower, Inc., 8.00%, 06/15/30(b)
 
124
131,385
Security
 
Par
(000)
Value
Software (continued)
Central Parent LLC/CDK Global II LLC/CDK Financing
Co., Inc., 8.00%, 06/15/29(b)
USD
317
$ 329,707
Central Parent, Inc./CDK Global, Inc., 7.25%,
06/15/29(b)
 
170
173,843
Clarivate Science Holdings Corp.(b)
 
3.88%, 07/01/28
 
328
314,773
4.88%, 07/01/29
 
186
178,902
Cloud Software Group, Inc.(b)
 
6.50%, 03/31/29
 
1,013
1,007,901
9.00%, 09/30/29
 
1,150
1,166,825
8.25%, 06/30/32
 
484
505,925
Dun & Bradstreet Corp., 5.00%, 12/15/29(b)
 
153
152,351
Snowflake, Inc.(b)(i)(l)
 
0.00%, 10/01/27
 
90
93,330
0.00%, 10/01/29
 
90
92,475
SS&C Technologies, Inc.(b)
 
5.50%, 09/30/27
 
173
172,925
6.50%, 06/01/32
 
176
181,950
Twilio, Inc.
 
3.63%, 03/15/29
 
52
48,382
3.88%, 03/15/31
 
43
39,725
UKG, Inc., 6.88%, 02/01/31(b)
 
583
602,414
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%,
09/01/25(b)
 
113
106,010
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.,
3.88%, 02/01/29(b)
 
162
149,749
 
 
6,320,911
Specialty Retail — 0.0%
Afflelou SAS, 6.00%, 07/25/29(c)
EUR
100
114,415
NMG Holding Co., Inc./Neiman Marcus Group LLC,
8.50%, 10/01/28(b)
USD
38
38,677
Staples, Inc., 10.75%, 09/01/29(b)
 
54
52,396
Suburban Propane Partners LP/Suburban Energy
Finance Corp., 5.00%, 06/01/31(b)
 
29
27,038
 
 
232,526
Technology Hardware, Storage & Peripherals — 0.1%
NCR Atleos Corp., 9.50%, 04/01/29(b)
 
63
69,355
Seagate HDD Cayman
 
8.25%, 12/15/29
 
98
106,384
8.50%, 07/15/31
 
120
130,955
 
 
306,694
Textiles, Apparel & Luxury Goods(b) — 0.0%
Crocs, Inc.
 
4.25%, 03/15/29
 
57
53,887
4.13%, 08/15/31
 
13
11,808
Hanesbrands, Inc.
 
4.88%, 05/15/26
 
42
41,632
9.00%, 02/15/31
 
3
3,238
Kontoor Brands, Inc., 4.13%, 11/15/29
 
17
16,047
S&S Holdings LLC, 10/01/31(k)
 
20
20,137
 
 
146,749
Trading Companies & Distributors(b) — 0.1%
BCPE Empire Holdings, Inc., 7.63%, 05/01/27
 
104
104,336
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28
 
12
11,946
Gates Corp., 6.88%, 07/01/29
 
74
76,653
H&E Equipment Services, Inc., 3.88%, 12/15/28
 
20
18,777
10
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Trading Companies & Distributors (continued)
Resideo Funding, Inc.
 
4.00%, 09/01/29
USD
18
$ 16,955
6.50%, 07/15/32
 
99
101,625
 
 
330,292
Transportation Infrastructure — 0.0%
GN Bondco LLC, 9.50%, 10/15/31(b)
 
48
50,524
Total Corporate Bonds — 17.3%
(Cost: $98,342,409)
91,422,716
Fixed Rate Loan Interests
Advertising Agencies — 0.1%
Clear Channel International BV, 2024 CCIBV Fixed
Term Loan, 7.50%, 04/01/27
 
665
660,013
Commercial Services & Supplies — 0.2%
AVSC Holding Corp., 2020 Term Loan B3, (10.00%
PIK), 15.00%, 10/15/26(g)
 
944
963,992
Software — 0.2%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31
 
965
968,619
Total Fixed Rate Loan Interests — 0.5%
(Cost: $2,550,667)
2,592,624
Floating Rate Loan Interests(a)
Advertising Agencies — 0.1%
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 4.11%),
8.96%, 08/23/28
 
644
640,559
CMG Media Corp., 2021 Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 3.60%), 8.10%, 12/17/26
 
—
(n)
178
 
 
640,737
Aerospace & Defense — 2.8%
Amazon Holdco, Inc., 2024 Term Loan B, 09/29/31(o)
 
1,209
1,204,466
Barnes Group, Inc., 2024 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 7.35%, 09/03/30
 
937
936,085
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.85%,
10/31/30
 
1,098
1,098,122
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-
mo. CME Term SOFR at 0.50% Floor + 3.75%),
9.24%, 08/03/29
 
715
683,741
Dynasty Acquisition Co., Inc., 2024 Term Loan B1, (1-
mo. CME Term SOFR at 0.00% Floor + 3.50%),
8.35%, 08/24/28
 
3,765
3,765,374
NORDAM Group, Inc., Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 5.70%), 10.45%, 04/09/26(e)
 
750
742,916
Ovation Parent, Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 3.50%), 8.10%,
04/21/31
 
268
268,783
Propulsion BC Newco LLC, Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.75%), 8.35%,
09/14/29
 
195
195,374
Standard Aero Ltd., 2024 Term Loan B2, (1-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 8.35%,
08/24/28
 
1,452
1,451,877
Security
 
Par
(000)
Value
Aerospace & Defense (continued)
TransDigm, Inc.
 
2023 Term Loan J, (3-mo. CME Term SOFR at
1.00% Floor + 2.50%), 7.10%, 02/28/31
USD
3,447
$ 3,432,527
2024 Term Loan, (Prime + 1.50%), 7.32%, 01/19/32
 
843
839,485
2024 Term Loan K, (3-mo. CME Term SOFR at
0.00% Floor + 2.75%), 7.35%, 03/22/30
 
98
98,455
 
 
14,717,205
Air Freight & Logistics — 0.0%
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.75%), 8.35%, 03/17/30
 
219
218,799
Automobile Components — 0.7%
Clarios Global LP, 2024 USD Term Loan B, (1-mo. CME
Term SOFR + 2.50%), 7.35%, 05/06/30
 
2,925
2,921,843
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term
SOFR + 5.10%), 10.23%, 11/17/28
 
1,011
958,822
 
 
3,880,665
Automobiles — 0.0%
RVR Dealership Holdings LLC, Term Loan B, (3-mo.
CME Term SOFR at 0.75% Floor + 3.90%), 8.50%,
02/08/28
 
202
179,475
Beverages — 0.7%
Naked Juice LLC
 
2nd Lien Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 6.10%), 10.70%, 01/24/30
 
1,588
963,483
Term Loan, (3-mo. CME Term SOFR at 0.50% Floor
+ 3.35%), 7.95%, 01/24/29
 
2,074
1,692,344
Triton Water Holdings, Inc., Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.51%), 8.12%,
03/31/28
 
835
832,621
 
 
3,488,448
Broadline Retail — 0.4%
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME
Term SOFR + 3.50%), 8.75%, 11/08/27
 
1,923
1,925,819
Building Materials — 3.3%
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo.
CME Term SOFR + 4.51%), 9.12%, 05/17/28
 
862
718,656
AZEK Group LLC, 2024 Term Loan B, 09/19/31(e)(o)
 
824
824,000
Chariot Buyer LLC
 
2024 Incremental Term Loan B, (1-mo. CME Term
SOFR + 3.50%), 8.35%, 11/03/28
 
566
564,536
Term Loan B, (1-mo. CME Term SOFR + 3.35%),
8.20%, 11/03/28
 
2,112
2,099,596
Cornerstone Building Brands, Inc., 2021 Term Loan B,
(1-mo. CME Term SOFR + 3.35%), 8.45%, 04/12/28
 
307
300,477
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 3.85%), 8.70%,
11/23/27
 
923
909,518
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME
Term SOFR + 3.50%), 8.35%, 10/02/28
 
522
517,228
EMRLD Borrower LP
 
2024 Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 2.50%), 7.56%, 08/04/31
 
1,206
1,202,768
Term Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 7.56%, 05/31/30
 
1,946
1,940,698
LSF10 XL Bidco SCA, 2021 EUR Term Loan B4, (3-mo.
EURIBOR at 0.00% Floor + 4.18%), 7.52%,
04/12/28
EUR
853
863,112
Schedule of Investments
11
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Building Materials (continued)
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 6.00%), 10.85%, 03/08/29
USD
722
$ 696,642
Oscar AcquisitionCo LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.25%), 8.50%,
04/29/29
 
1,129
1,113,624
Potters Borrower LP, 2024 Term Loan, (1-mo. CME
Term SOFR at 0.75% Floor + 3.75%), 8.60%,
12/14/27
 
469
470,599
Quikrete Holdings, Inc., 2024 Term Loan B1, (1-mo.
CME Term SOFR + 2.25%), 7.10%, 03/19/29
 
553
552,841
Smyrna Ready Mix Concrete LLC, 2023 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 3.50%),
8.35%, 04/02/29(e)
 
475
477,630
Standard Industries, Inc., 2021 Term Loan B, (1-mo.
CME Term SOFR + 2.00%), 6.92%, 09/22/28
 
927
928,171
Summit Materials LLC, 2023 Incremental Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 1.75%),
7.05%, 01/12/29
 
653
655,538
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 8.85%, 08/05/31
 
2,543
2,513,323
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR
+ 2.11%), 6.96%, 10/04/28
 
98
98,213
 
 
17,447,170
Building Products — 1.2%
Beacon Roofing Supply, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.85%,
05/19/28
 
1,284
1,283,296
Foundation Building Materials, Inc., 2024 Term Loan
B2, (1-mo. CME Term SOFR at 0.00% Floor +
4.00%), 9.25%, 01/29/31
 
2,029
1,972,971
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 8.29%, 06/17/31
 
507
506,581
White Cap Buyer LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 8.10%,
10/19/29
 
2,527
2,506,847
 
 
6,269,695
Capital Markets — 2.1%
Aretec Group, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 8.85%,
08/09/30
 
545
532,940
Ascensus Holdings, Inc., Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 3.61%), 8.46%, 08/02/28
 
2,368
2,363,600
Deerfield Dakota Holding LLC
 
2020 USD Term Loan B, (3-mo. CME Term SOFR at
1.00% Floor + 3.75%), 8.35%, 04/09/27
 
4,601
4,502,371
2021 USD 2nd Lien Term Loan, (3-mo. CME Term
SOFR + 7.01%), 11.62%, 04/07/28
 
1,594
1,554,150
FinCo I LLC, 2023 Term Loan, (3-mo. CME Term SOFR
at 0.00% Floor + 3.00%), 8.26%, 06/27/29
 
423
423,347
Grant Thornton LLP/Chicago, Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 8.10%,
06/02/31
 
296
296,331
Jane Street Group LLC, 2024 Term Loan B, 01/26/28(o)
 
302
301,656
Wec U.S. Holdings Ltd., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 7.60%,
01/27/31
 
1,022
1,021,397
 
 
10,995,792
Security
 
Par
(000)
Value
Chemicals — 4.3%
Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1-mo.
CME Term SOFR at 0.50% Floor + 7.10%), 11.95%,
09/30/29
USD
815
$ 756,931
Aruba Investments Holdings LLC, 2020 2nd Lien Term
Loan, (1-mo. CME Term SOFR + 7.85%), 12.70%,
11/24/28
 
1,275
1,206,469
Ascend Performance Materials Operations LLC,
2021 Term Loan B, (3-mo. CME Term SOFR +
4.85%), 9.10%, 08/27/26
 
364
336,203
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term
Loan B6, (3-mo. CME Term SOFR at 0.50% Floor +
2.00%), 6.60%, 12/20/29
 
1,072
1,074,740
Chemours Co., 2023 USD Term Loan B, (1-mo. CME
Term SOFR + 3.50%), 8.35%, 08/18/28
 
1,031
1,030,610
Derby Buyer LLC, 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 3.50%), 8.70%, 11/01/30
 
1,854
1,854,148
Discovery Purchaser Corp., Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 4.38%), 9.69%,
10/04/29
 
151
149,974
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
7.50%, 06/12/31
 
1,500
1,488,838
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME
Term SOFR + 2.00%), 6.85%, 12/18/30
 
1,719
1,719,410
HB Fuller Co., 2024 Term Loan B, (1-mo. CME Term
SOFR + 2.00%), 6.85%, 02/15/30
 
262
261,862
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo.
CME Term SOFR at 0.75% Floor + 4.03%), 8.53%,
07/03/28
 
1,132
1,056,969
INEOS U.S. Finance LLC, 2023 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.25%),
8.10%, 02/18/30
 
610
609,625
LSF11 A5 Holdco LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 3.61%), 8.46%,
10/15/28
 
1,603
1,598,434
Momentive Performance Materials, Inc., 2023 Term
Loan, (1-mo. CME Term SOFR + 4.50%), 9.35%,
03/29/28
 
1,992
1,996,095
NIC Acquisition Corp, Term Loan, (3-mo. CME Term
SOFR at 0.75% Floor + 4.01%), 8.62%, 12/29/27
 
209
181,811
Nouryon USA LLC, 2024 USD Term Loan B1, (3-mo.
CME Term SOFR + 3.50%), 8.63%, 04/03/28
 
1,130
1,129,951
Olympus Water U.S. Holding Corp., 2024 USD Term
Loan B, (3-mo. CME Term SOFR at 0.50% Floor +
3.50%), 8.10%, 06/20/31
 
1,392
1,391,014
OQ Chemicals Corp.
 
2017 USD Term Loan B2, (3-mo. CME Term SOFR
at 0.00% Floor + 3.60%), 8.92%, 12/31/26
 
1,425
1,204,724
2024 USD Term Loan B, (1-mo. CME Term SOFR at
3.00% Floor + 8.00%), 12.92%, 12/31/26
 
175
179,755
Paint Intermediate III LLC, 2024 Term Loan B,
09/11/31(o)
 
506
504,735
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan
B, (3-mo. CME Term SOFR + 3.50%), 8.76%,
03/16/27
 
547
546,343
12
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Chemicals (continued)
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1-mo. CME
Term SOFR at 0.75% Floor + 3.25%), 8.45%,
08/02/30
USD
1,441
$ 1,439,025
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 7.85%,
09/22/28
 
1,246
1,247,941
 
 
22,965,607
Commercial Services & Supplies — 9.5%
Albion Financing 3 SARL, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 4.51%),
9.83%, 08/16/29
 
1,755
1,761,509
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.61%), 7.46%,
02/04/28
 
1,751
1,751,843
Allied Universal Holdco LLC, 2021 USD Incremental
Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 3.85%), 8.70%, 05/12/28
 
3,673
3,635,697
APi Group DE, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.85%,
01/03/29
 
850
849,074
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo.
CME Term SOFR + 1.86%), 6.71%, 08/06/27
 
558
555,527
AVSC Holding Corp., 2020 Term Loan B1, (1-mo. CME
Term SOFR + 3.60%, 0.25% PIK), 8.45%,
03/03/25(g)
 
855
849,735
Belron Finance U.S. LLC
 
2018 Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 2.51%), 7.62%, 11/13/25
 
1,936
1,933,885
2019 USD Term Loan B3, (3-mo. CME Term SOFR +
2.51%), 7.77%, 10/30/26
 
1,111
1,110,199
2023 1st Lien Term Loan, (3-mo. CME Term SOFR +
2.35%), 7.63%, 04/18/29
 
421
420,498
2023 USD Term Loan, (3-mo. CME Term SOFR +
2.19%), 7.32%, 04/13/28
 
3,089
3,086,794
Boost Newco Borrower LLC, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.50%),
7.10%, 01/31/31
 
2,292
2,291,037
Bright Horizons Family Solutions LLC, 2021 Term Loan
B, (1-mo. CME Term SOFR at 0.50% Floor + 2.36%),
7.21%, 11/24/28
 
797
796,453
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-
mo. CME Term SOFR + 2.75%), 7.60%, 01/31/31
 
2,899
2,893,706
Champions Financing, Inc., 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.75%), 9.85%,
02/23/29
 
2,404
2,307,840
CHG Healthcare Services, Inc., 2021 Term Loan, (1-mo.
CME Term SOFR at 0.50% Floor + 3.61%), 8.46%,
09/29/28
 
883
882,470
Creative Artists Agency LLC, 2024 Term Loan B, (Prime
+ 2.25%), 10.25%, 11/27/28
 
2,651
2,648,147
Element Materials Technology Group U.S. Holdings,
Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR
at 0.50% Floor + 3.75%), 8.35%, 07/06/29
 
1,646
1,647,168
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 8.25%,
08/01/29
 
209
209,109
Fleet US Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 7.58%,
02/21/31(e)
 
50
49,875
Fortress Transportation and Infrastructure Investors
LLC, Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 3.75%), 8.60%, 06/27/31
 
522
520,695
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term
SOFR + 4.75%), 10.00%, 04/29/29
USD
434
$ 362,745
Garda World Security Corp., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 8.60%,
02/01/29
 
628
627,255
Hertz Corp.
 
2021 Term Loan B, (1-mo. CME Term SOFR +
3.61%), 8.88%, 06/30/28
 
668
595,925
2021 Term Loan C, (1-mo. CME Term SOFR +
3.61%), 8.46%, 06/30/28
 
142
126,553
Ingenovis Health, Inc., Term Loan B, (1-mo. CME Term
SOFR + 4.36%), 9.21%, 03/06/28
 
697
576,493
KUEHG Corp., 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 4.50%), 9.10%, 06/12/30
 
1,258
1,261,115
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan
B, (3-mo. CME Term SOFR + 4.00%), 9.21%,
08/11/28
 
197
197,878
Mavis Tire Express Services Topco Corp., 2024 Term
Loan, (1-mo. CME Term SOFR at 0.75% Floor +
3.50%), 8.35%, 05/04/28
 
2,338
2,335,034
Neon Maple U.S. Debt Mergersub, Inc., 2024 Term
Loan B1, 07/18/31(o)
 
1,600
1,582,000
Prime Security Services Borrower LLC, 2024 Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%),
7.45%, 10/13/30
 
646
645,202
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.50%), 8.35%, 11/14/30
 
75
73,754
Sotheby’s, 2021 Term Loan B, (3-mo. CME Term SOFR
+ 4.61%), 10.06%, 01/15/27
 
2,192
2,162,643
Spring Education Group, Inc., Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 8.60%,
10/04/30
 
1,397
1,404,401
Trans Union LLC
 
2024 Term Loan B7, (1-mo. CME Term SOFR +
2.00%), 6.85%, 12/01/28
 
1,601
1,599,273
2024 Term Loan B8, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 6.60%, 06/24/31
 
1,608
1,604,333
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR
+ 4.00%), 8.85%, 11/02/27
 
966
931,870
Vestis Corp., Term Loan, (3-mo. CME Term SOFR +
2.25%), 7.37%, 02/22/31
 
877
870,714
Viad Corp., Initial Term Loan, (1-mo. CME Term SOFR
+ 4.25%), 9.10%, 07/30/28(e)
 
873
871,847
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 4.36%), 9.12%,
12/17/28
 
576
409,679
Wand NewCo 3, Inc., 2024 1st Lien Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 3.25%),
8.01%, 01/30/31
 
1,709
1,706,095
 
 
50,146,070
Construction & Engineering — 1.8%
AECOM, 2024 Term Loan B, (1-mo. CME Term SOFR +
1.88%), 6.72%, 04/18/31
 
1,048
1,055,365
Apple Bidco LLC
 
2021 Term Loan, (1-mo. CME Term SOFR + 2.86%),
7.71%, 09/22/28
 
1,145
1,142,750
2022 Incremental Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 3.50%), 8.35%, 09/22/28
 
663
664,084
Arcosa, Inc., Term Loan B, 08/12/31(e)(o)
 
481
479,567
Brand Industrial Services, Inc., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 4.50%),
9.75%, 08/01/30
 
3,227
3,132,918
Schedule of Investments
13
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Construction & Engineering (continued)
Brown Group Holding LLC
 
2022 Incremental Term Loan B2, (3-mo. CME Term
SOFR at 0.50% Floor + 2.75%), 7.84%, 07/01/31
USD
1,261
$ 1,257,641
Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 2.75%), 7.60%, 07/01/31
 
1,756
1,750,205
Legence Holdings LLC, 2021 Term Loan, (1-mo. CME
Term SOFR at 0.75% Floor + 3.60%), 8.45%,
12/16/27
 
198
198,856
 
 
9,681,386
Consumer Finance — 1.0%
CPI Holdco B LLC, Term Loan, (1-mo. CME Term SOFR
+ 2.00%), 6.85%, 05/19/31
 
1,218
1,211,691
Edelman Financial Engines Center LLC, 2024 Term
Loan B, (1-mo. CME Term SOFR + 3.25%), 8.10%,
04/07/28
 
738
736,683
Focus Financial Partners, LLC
 
2024 Delayed Draw Term Loan, 0.00%, 09/11/31
 
129
129,604
2024 Term Loan B8, 09/11/31(o)
 
1,207
1,202,717
Osaic Holdings, Inc., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 8.85%,
08/17/28
 
1,795
1,773,822
 
 
5,054,517
Consumer Staples Distribution & Retail — 0.1%
Peer Holding III BV, 2024 USD Term Loan B5, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.60%,
07/01/31
 
589
589,984
Containers & Packaging — 1.6%
Charter Next Generation, Inc., 2024 Term Loan B, (1-
mo. CME Term SOFR at 0.75% Floor + 3.25%),
8.10%, 12/01/27
 
3,353
3,352,993
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 5.10%), 9.95%,
10/29/28
 
1,380
1,346,196
Mauser Packaging Solutions Holding Co., 2024 Term
Loan B, (1-mo. CME Term SOFR + 3.50%), 8.70%,
04/15/27
 
1,211
1,212,177
Pregis TopCo LLC
 
1st Lien Term Loan, (1-mo. CME Term SOFR at
0.00% Floor + 4.00%), 8.85%, 07/31/26
 
584
584,636
2021 Incremental Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 4.11%), 8.96%, 07/31/26
 
606
605,826
Trident TPI Holdings, Inc., 2024 Term Loan B6, (3-mo.
CME Term SOFR at 0.50% Floor + 4.00%), 8.60%,
09/15/28
 
1,124
1,124,546
 
 
8,226,374
Diversified REITs — 0.3%
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.85%,
01/25/31
 
1,363
1,362,948
Diversified Telecommunication Services — 3.2%
Altice Financing SA, USD 2017 1st Lien Term Loan,
(3-mo. LIBOR US at 0.00% Floor + 2.75%), 8.31%,
01/31/26
 
1,691
1,640,223
Altice France SA, 2023 USD Term Loan B14, (3-mo.
CME Term SOFR at 0.00% Floor + 5.50%), 10.80%,
08/15/28
 
2,058
1,537,269
Ciena Corp., 2020 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.96%, 10/24/30
 
1,245
1,246,253
Security
 
Par
(000)
Value
Diversified Telecommunication Services (continued)
Connect Finco SARL, 2024 Extended Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 4.50%),
9.35%, 09/27/29
USD
898
$ 840,464
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo.
CME Term SOFR + 3.86%), 8.71%, 04/30/28
 
814
764,766
Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 2.25%), 7.10%,
09/20/30
 
584
573,013
Level 3 Financing Inc.
 
2024 Extended Term Loan B1, (1-mo. CME Term
SOFR at 2.00% Floor + 6.56%), 11.41%,
04/15/29
 
871
888,565
2024 Extended Term Loan B2, (1-mo. CME Term
SOFR at 2.00% Floor + 6.56%), 11.41%,
04/15/30
 
878
892,012
Lumen Technologies, Inc.
 
2024 Extended Term Loan B1, (1-mo. CME Term
SOFR + 2.46%), 7.74%, 04/15/29
 
669
585,264
2024 Extended Term Loan B2, (1-mo. CME Term
SOFR + 2.46%), 7.74%, 04/15/30
 
684
590,957
2024 Term Loan A, (1-mo. CME Term SOFR +
6.00%), 10.85%, 06/01/28
 
127
122,305
ORBCOMM, Inc., Term Loan B, (1-mo. CME Term
SOFR at 0.75% Floor + 4.36%), 9.21%, 09/01/28
 
752
657,741
Viasat, Inc.
 
2023 Term Loan, (1-mo. CME Term SOFR + 4.61%),
9.73%, 05/30/30
 
501
455,554
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor
+ 4.50%), 9.35%, 03/02/29
 
1,023
934,563
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-
mo. CME Term SOFR + 3.36%), 8.46%, 01/31/29
 
1,212
1,158,139
Zayo Group Holdings, Inc., USD Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.11%), 7.97%,
03/09/27
 
4,386
3,999,234
 
 
16,886,322
Electric Utilities — 1.1%
Calpine Construction Finance Co. LP, 2023 Refinancing
Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 6.85%, 07/31/30
 
1,647
1,635,021
Calpine Corp., Term Loan B9, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.85%, 01/31/31
 
523
521,454
Constellation Renewables LLC, 2020 Term Loan, (3-mo.
CME Term SOFR + 2.25%), 7.31%, 12/15/27
 
1,011
1,011,260
Hamilton Projects Acquiror LLC, 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 3.75%),
8.60%, 05/22/31
 
282
283,692
NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 7.26%, 04/16/31
 
1,114
1,115,236
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME
Term SOFR + 3.11%), 7.96%, 01/21/28
 
925
928,246
Vistra Operations Co. LLC, 1st Lien Term Loan B3,
12/20/30(o)
 
389
388,650
 
 
5,883,559
Electronic Equipment, Instruments & Components — 1.0%
Celestica Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.61%, 06/20/31(e)
 
840
838,845
Coherent Corp., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 2.50%), 7.35%, 07/02/29
 
1,671
1,669,487
14
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electronic Equipment, Instruments & Components (continued)
MX Holdings U.S., Inc., 2023 USD Term Loan B1D,
(1-mo. CME Term SOFR + 2.86%), 7.71%, 07/31/28
USD
155
$ 155,690
Roper Industrial Products Investment Co., 2024 USD
Term Loan B, (3-mo. CME Term SOFR at 0.50%
Floor + 3.25%), 7.85%, 11/22/29
 
2,447
2,450,592
 
 
5,114,614
Entertainment — 5.2%
Bally’s Corp., 2021 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 3.51%), 8.79%, 10/02/28
 
1,282
1,219,770
Caesars Entertainment, Inc.
 
2024 Term Loan B1, (1-mo. CME Term SOFR +
2.75%), 7.60%, 02/06/31
 
2,555
2,551,966
Term Loan B, (1-mo. CME Term SOFR + 2.75%),
7.60%, 02/06/30
 
1,069
1,067,790
Churchill Downs, Inc., 2021 Incremental Term Loan B1,
(1-mo. CME Term SOFR at 0.00% Floor + 2.10%),
6.95%, 03/17/28(e)
 
1,292
1,288,767
Delta 2 Lux SARL(o)
 
2024 Term Loan B1, 09/10/31
 
1,483
1,482,318
2024 Term Loan B2, 09/10/31
 
741
740,572
ECL Entertainment LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR + 4.00%), 8.85%, 08/31/30
 
949
951,105
Flutter Financing BV, Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 2.00%), 6.60%, 11/29/30
 
3,204
3,202,637
Light & Wonder International, Inc., 2024 Term Loan B2,
(1-mo. CME Term SOFR at 0.50% Floor + 2.25%),
7.33%, 04/14/29
 
988
985,932
Lions Gate Capital Holdings LLC, 2018 Term Loan B,
(1-mo. CME Term SOFR + 2.35%), 7.20%, 03/24/25
 
454
452,471
Live Nation Entertainment, Inc., Term Loan B4, (1-mo.
CME Term SOFR at 0.00% Floor + 1.85%), 6.81%,
10/19/26
 
2,216
2,210,396
Motion Finco SARL, 2024 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 8.10%,
11/12/29
 
1,213
1,166,108
OVG Business Services LLC, 2024 Term Loan B, (1-
mo. CME Term SOFR + 3.00%), 7.85%, 06/25/31
 
641
636,994
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.85%), 7.71%,
05/03/29
 
1,262
1,263,880
Playtika Holding Corp., 2021 Term Loan B1, (1-mo.
CME Term SOFR + 2.86%), 7.71%, 03/13/28
 
1,478
1,466,957
Scientific Games Holdings LP, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.00%),
8.32%, 04/04/29
 
375
372,529
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan
B, (1-mo. CME Term SOFR + 2.50%), 7.35%,
08/25/28
 
464
462,689
Six Flags Entertainment Corp., 2024 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.85%, 05/01/31
 
302
301,411
UFC Holdings LLC, 2021 Term Loan B, (3-mo. CME
Term SOFR + 3.01%), 8.29%, 04/29/26
 
754
754,066
Security
 
Par
(000)
Value
Entertainment (continued)
William Morris Endeavor Entertainment LLC, 2018 1st
Lien Term Loan, (1-mo. CME Term SOFR + 2.86%),
7.71%, 05/18/25
USD
2,497
$ 2,496,402
WMG Acquisition Corp., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 6.60%,
01/24/31
 
2,657
2,653,165
 
 
27,727,925
Environmental, Maintenance & Security Service — 2.2%
Action Environmental Group, Inc., 2023 Term Loan B,
(3-mo. CME Term SOFR + 4.00%), 8.60%, 10/24/30
 
664
663,849
Clean Harbors, Inc., 2023 Term Loan, (1-mo. CME Term
SOFR + 1.75%), 6.71%, 10/09/28
 
913
914,965
Covanta Holding Corp.
 
2021 Term Loan B, (6-mo. CME Term SOFR at
0.50% Floor + 2.50%), 7.35%, 11/30/28
 
974
974,511
2021 Term Loan C, (6-mo. CME Term SOFR at
0.50% Floor + 2.50%), 7.59%, 11/30/28
 
75
74,869
2024 Term Loan B, (1-mo. CME Term SOFR at
0.50% Floor + 2.75%), 7.85%, 11/30/28
 
778
777,781
2024 Term Loan C, (1-mo. CME Term SOFR at
0.50% Floor + 2.75%), 7.85%, 11/30/28
 
43
42,608
Filtration Group Corp., 2021 Incremental Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 3.61%),
8.46%, 10/21/28
 
3,070
3,068,965
GFL Enviromental, Inc., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 2.00%), 7.32%,
07/03/31
 
671
670,040
JFL-Tiger Acquisition Co., Inc., Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 4.50%), 9.46%,
10/17/30
 
629
629,497
Madison IAQ LLC, Term Loan, (6-mo. CME Term SOFR
at 0.50% Floor + 2.75%), 7.89%, 06/21/28
 
3,212
3,207,584
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME
Term SOFR at 0.75% Floor + 3.35%), 8.20%,
03/09/28
 
807
419,384
 
 
11,444,053
Financial Services — 0.6%
Castlelake Aviation One DAC
 
2023 Incremental Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 7.70%, 10/22/27
 
642
643,446
Term Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 7.45%, 10/22/26
 
1,877
1,879,836
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.35%, 11/05/28
 
587
590,120
 
 
3,113,402
Food Products — 2.4%
8th Avenue Food & Provisions, Inc.
 
2018 1st Lien Term Loan, (1-mo. CME Term SOFR +
3.86%), 8.71%, 10/01/25
 
315
304,114
2021 Incremental Term Loan, (1-mo. CME Term
SOFR at 0.75% Floor + 4.86%), 9.71%, 10/01/25
 
1,311
1,268,499
Aramark Services, Inc., 2024 Term Loan B8, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.85%,
06/22/30
 
587
588,434
Chobani LLC
 
2020 Term Loan B, (1-mo. CME Term SOFR at
1.00% Floor + 3.36%), 8.21%, 10/25/27
 
2,863
2,867,635
Schedule of Investments
15
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Food Products (continued)
Chobani LLC (continued)
 
2023 Incremental Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 3.75%), 8.60%, 10/25/27
USD
731
$ 733,118
Froneri U.S., Inc., 2020 USD Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.35%), 7.20%,
01/29/27
 
3,197
3,187,870
H-Food Holdings LLC, 2018 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.95%), 9.01%,
05/23/25
 
447
332,951
Nomad Foods U.S. LLC, Term Loan B4, (3-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 7.81%,
11/12/29
 
902
900,670
U.S. Foods, Inc.
 
2019 Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.00%), 6.96%, 09/13/26
 
557
556,786
2021 Term Loan B, (1-mo. CME Term SOFR +
2.00%), 6.85%, 11/22/28
 
779
779,280
2024 1st Lien Term Loan B, 09/26/31(e)(o)
 
624
627,120
UTZ Quality Foods LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR + 2.75%), 7.35%, 01/20/28
 
488
487,514
 
 
12,633,991
Ground Transportation — 0.5%
Genesee & Wyoming, Inc., 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.60%,
04/10/31
 
2,118
2,112,705
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 2.00% Floor + 8.00%), 13.13%,
08/20/29(e)
 
853
639,409
 
 
2,752,114
Health Care Equipment & Supplies — 2.4%
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 2.10%), 6.95%,
11/08/27
 
935
939,892
Bausch & Lomb Corp.
 
2023 Incremental Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 4.00%), 8.85%, 09/29/28
 
844
841,903
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor
+ 3.35%), 8.27%, 05/10/27
 
2,015
2,005,471
Maravai Intermediate Holdings LLC, 2022 Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.00%),
8.28%, 10/19/27
 
1,146
1,139,821
Medline Borrower LP
 
2024 Term Loan B, (1-mo. CME Term SOFR at
0.50% Floor + 2.75%), 7.60%, 10/23/28
 
4,159
4,158,643
2024 USD Add-on Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 2.25%), 7.10%, 10/23/28
 
1,587
1,584,731
Sotera Health Holdings LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 8.10%,
05/30/31
 
1,991
1,983,534
 
 
12,653,995
Health Care Providers & Services — 2.9%
Catalent Pharma Solutions, Inc., 2021 Term Loan B3,
(1-mo. CME Term SOFR at 0.50% Floor + 2.11%),
7.03%, 02/22/28
 
1,819
1,816,359
Concentra Health Services, Inc., Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 7.10%,
07/28/31(e)
 
340
339,150
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
Electron BidCo, Inc., 2021 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 3.11%), 7.96%,
11/01/28
USD
1,735
$ 1,736,782
EyeCare Partners LLC
 
2024 Second Out Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.71%), 9.99%, 11/30/28
 
2,411
1,711,917
2024 Superpriority New Money 1st Out Term Loan A,
(3-mo. CME Term SOFR at 0.00% Floor + 5.75%),
11.03%, 08/31/28
 
684
686,418
2024 Third Out Term Loan C, (3-mo. CME Term
SOFR + 6.85%), 12.13%, 11/30/28(d)(e)(h)
 
39
6,672
Fortrea Holdings, Inc., Term Loan B, (6-mo. CME Term
SOFR + 3.75%), 8.49%, 07/01/30
 
101
101,051
ICON Luxembourg SARL
 
2024 LUX Term Loan B, (3-mo. CME Term SOFR at
0.50% Floor + 2.00%), 6.60%, 07/03/28
 
504
506,696
2024 US Term Loan B, (3-mo. CME Term SOFR at
0.50% Floor + 2.00%), 6.60%, 07/03/28
 
126
126,244
IQVIA, Inc., 2023 USD Term Loan B4, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.60%,
01/02/31
 
1,088
1,091,555
Medical Solutions Holdings, Inc.
 
2021 1st Lien Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.60%), 8.85%, 11/01/28
 
543
409,856
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR
at 0.50% Floor + 7.10%), 12.35%, 11/01/29
 
536
348,400
Phoenix Newco, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 3.00%), 7.85%,
11/15/28
 
2,533
2,532,236
Precision Medicine Group LLC, 2021 Term Loan, (3-mo.
CME Term SOFR at 0.75% Floor + 3.10%), 7.70%,
11/18/27
 
1,072
1,065,373
Star Parent, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.75%), 8.35%, 09/27/30
 
1,009
980,176
Surgery Center Holdings, Inc., 2024 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.75%),
7.67%, 12/19/30
 
1,046
1,046,201
WCG Intermediate Corp., 2024 Term Loan, (1-mo. CME
Term SOFR + 3.50%), 8.35%, 01/08/27
 
926
925,047
 
 
15,430,133
Hotel & Resort REITs — 0.1%
RHP Hotel Properties LP, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 7.10%,
05/18/30
 
441
441,241
Hotels, Restaurants & Leisure — 4.3%
1011778 B.C. Unlimited Liability Co., 2024 Term Loan
B6, (1-mo. CME Term SOFR at 0.00% Floor +
1.75%), 6.60%, 09/20/30
 
1,864
1,843,633
Aimbridge Acquisition Co., Inc., 2019 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.86%),
8.71%, 02/02/26
 
1,628
1,582,743
Alterra Mountain Co., 2024 Term Loan B5, (1-mo. CME
Term SOFR + 3.50%), 8.35%, 05/31/30
 
827
828,598
Carnival Corp., 2024 Term Loan B2, (1-mo. CME Term
SOFR at 0.75% Floor + 2.75%), 7.60%, 08/08/27
 
563
563,995
City Football Group Ltd., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 3.11%), 7.97%,
07/22/30
 
1,924
1,911,560
16
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Fender Musical Instruments Corp., 2021 Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 4.10%),
8.95%, 12/01/28(e)
USD
399
$ 385,056
Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 3.75%),
8.85%, 01/27/29
 
3,504
3,492,824
Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 1.75%),
6.61%, 11/30/29
 
2,819
2,816,566
Hilton Domestic Operating Co., Inc., 2023 Term Loan
B4, (1-mo. CME Term SOFR + 1.75%), 6.60%,
11/08/30
 
696
695,603
IRB Holding Corp., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 2.85%), 7.70%,
12/15/27
 
1,687
1,683,925
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo.
CME Term SOFR + 2.75%), 7.60%, 01/05/29
 
404
400,835
Sabre GLBL, Inc.
 
2021 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 8.46%, 12/17/27
 
357
332,463
2021 Term Loan B2, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 8.46%, 12/17/27
 
557
518,132
2022 1st Lien Term Loan B, (1-mo. CME Term SOFR
+ 5.10%), 9.95%, 06/30/28
 
320
303,200
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 7.10%,
03/14/31
 
1,773
1,764,544
Whatabrands LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.75%), 7.60%,
08/03/28
 
2,677
2,672,151
Wyndham Hotels & Resorts, Inc., 2024 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.60%, 05/24/30
 
1,145
1,143,992
 
 
22,939,820
Household Durables — 1.4%
AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 3.50%),
8.70%, 07/31/28
 
1,303
1,300,768
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME
Term SOFR at 0.50% Floor + 3.50%), 8.57%,
02/26/29
 
2,056
2,035,820
SWF Holdings I Corp., 2021 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 4.11%), 8.96%,
10/06/28
 
1,550
1,273,890
Weber-Stephen Products LLC, Term Loan B, (1-mo.
CME Term SOFR at 0.75% Floor + 3.36%), 8.21%,
10/30/27
 
2,747
2,582,724
 
 
7,193,202
Industrial Conglomerates — 0.0%
Stitch Aquisition Corporation, 2024 Term Loan, 0.00%,
07/28/28
 
1,009
246,057
Insurance — 7.7%
Alliant Holdings Intermediate, LLC, 2024 Term Loan B6,
(1-mo. CME Term SOFR at 0.00% Floor + 3.00%),
7.96%, 09/19/31
 
6,818
6,775,328
AmWINS Group, Inc., 2021 Term Loan B, (1-mo. CME
Term SOFR + 2.36%), 7.21%, 02/19/28
 
2,651
2,645,253
Security
 
Par
(000)
Value
Insurance (continued)
Amynta Agency Borrower, Inc., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + %), 9.00%,
02/28/28
USD
2,035
$ 2,034,016
AssuredPartners, Inc., 2024 Incremental Term Loan B5,
(1-mo. CME Term SOFR at 0.50% Floor + 3.50%),
8.35%, 02/14/31
 
4,075
4,070,541
Asurion LLC
 
2020 Term Loan B8, (1-mo. CME Term SOFR at
0.00% Floor + 3.36%), 8.21%, 12/23/26
 
317
316,849
2021 2nd Lien Term Loan B3, (1-mo. CME Term
SOFR + 5.36%), 10.21%, 01/31/28
 
985
921,157
2021 Second Lien Term Loan B4, (1-mo. CME Term
SOFR + 5.36%), 10.21%, 01/20/29
 
953
878,847
2023 Term Loan B11, (1-mo. CME Term SOFR at
0.00% Floor + 4.35%), 9.20%, 08/19/28
 
1,362
1,340,036
Baldwin Insurance Group Holdings LLC, 2024 Term
Loan B, (1-mo. CME Term SOFR + 3.25%), 8.10%,
05/26/31(e)
 
1,263
1,262,843
HUB International Ltd., 2024 1st Lien Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.00%),
8.23%, 06/20/30
 
4,641
4,633,541
Hyperion Refinance SARL, 2024 USD Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 3.50%),
8.35%, 02/15/31
 
1,462
1,461,816
Jones Deslauriers Insurance Management, Inc.,
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 8.35%, 03/15/30
 
1,020
1,018,855
Ryan Specialty Group LLC, 2024 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.25%),
7.10%, 09/15/31
 
1,249
1,246,103
Sedgwick Claims Management Services, Inc.,
2023 Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 3.00%), 8.25%, 07/31/31
 
3,598
3,589,874
Truist Insurance Holdings LLC
 
1st Lien Term Loan, (3-mo. CME Term SOFR at
0.00% Floor + 3.25%), 7.85%, 05/06/31
 
2,727
2,720,182
2nd Lien Term Loan, (3-mo. CME Term SOFR at
0.00% Floor + 4.75%), 9.35%, 05/06/32
 
904
917,560
USI, Inc.
 
2024 Term Loan (2029), (3-mo. CME Term SOFR at
0.00% Floor + 2.75%), 7.35%, 11/22/29
 
3,649
3,636,515
2024 Term Loan (2030), (3-mo. CME Term SOFR at
0.00% Floor + 2.75%), 7.35%, 09/27/30
 
997
993,486
 
 
40,462,802
Interactive Media & Services — 0.4%
MH Sub I LLC
 
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR
+ 6.25%), 11.50%, 02/23/29
 
478
468,291
2023 Term Loan, (1-mo. CME Term SOFR at 0.50%
Floor + 4.25%), 9.10%, 05/03/28
 
1,643
1,631,828
Voyage Australia Pty. Ltd., USD Term Loan B, (3-mo.
CME Term SOFR + 3.76%), 9.04%, 07/20/28
 
210
209,105
 
 
2,309,224
Internet Software & Services — 2.7%
Barracuda Networks, Inc., 2022 Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 4.50%), 9.81%,
08/15/29
 
549
532,916
Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR + 1.75%), 6.60%, 09/12/29
 
2,250
2,242,000
Schedule of Investments
17
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Internet Software & Services (continued)
Go Daddy Operating Co. LLC
 
2024 Term Loan B6, (1-mo. CME Term SOFR at
0.00% Floor + 2.00%), 6.85%, 11/09/29
USD
1,054
$ 1,051,950
2024 Term Loan B7, (1-mo. CME Term SOFR +
1.75%), 6.60%, 05/30/31
 
2,312
2,305,571
Hoya Midco LLC, 2022 Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 3.00%), 7.85%, 02/03/29
 
839
842,572
ION Trading Finance Ltd, 2024 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 9.02%,
04/01/28
 
437
437,024
Proofpoint, Inc., 2024 Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 3.00%), 7.85%, 08/31/28
 
2,924
2,921,738
StubHub Holdco Sub LLC, 2024 Extended Term Loan
B, (1-mo. CME Term SOFR + 4.75%), 9.60%,
03/15/30
 
3,693
3,682,512
 
 
14,016,283
IT Services — 2.2%
Magenta Security Holdings LLC
 
2024 First Out Term Loan, (3-mo. CME Term SOFR
at 0.75% Floor + 7.01%), 12.13%, 07/27/28
 
487
460,647
2024 Second Out Term Loan, (3-mo. CME Term
SOFR at 0.75% Floor + 7.00%), 12.38%,
07/27/28
 
573
392,196
2024 Super Priority Term Loan, (3-mo. CME Term
SOFR at 1.00% Floor + 6.25%), 11.37%,
07/27/28
 
188
190,639
2024 Third Out Term Loan, 0.00%, 07/27/28(d)(h)
 
925
270,655
McAfee Corp., 2024 USD Term Loan B, (1-mo. CME
Term SOFR + 3.25%), 8.45%, 03/01/29
 
3,133
3,118,799
Peraton Corp.
 
2nd Lien Term Loan B1, (3-mo. CME Term SOFR +
7.85%), 12.97%, 02/01/29
 
1,467
1,373,739
Term Loan B, (1-mo. CME Term SOFR at 0.75%
Floor + 3.85%), 8.70%, 02/01/28
 
2,719
2,610,551
Tempo Acquisition LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR + 2.25%), 7.10%, 08/31/28
 
3,401
3,401,981
 
 
11,819,207
Machinery — 2.7%
Arcline FM Holdings, LLC, 2024 Term Loan, (6-mo.
CME Term SOFR at 0.75% Floor + 4.50%), 9.57%,
06/23/28
 
2,030
2,032,388
Columbus McKinnon Corp./New York, 2024 Term Loan,
(3-mo. CME Term SOFR at 0.50% Floor + 2.50%),
7.10%, 05/14/28(e)
 
280
279,667
Doosan Bobcat North America, Inc., 2024 Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.60%, 04/20/29
 
316
315,832
Generac Power Systems, Inc., 2024 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.95%, 07/03/31
 
290
291,087
Madison Safety & Flow LLC, 2024 Term Loan B,
09/19/31(o)
 
364
363,545
SPX Flow, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 3.50%), 8.35%, 04/05/29
 
1,455
1,456,338
Security
 
Par
(000)
Value
Machinery (continued)
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6-
mo. CME Term SOFR at 0.00% Floor + 5.00%),
10.30%, 02/15/29
USD
3,918
$ 3,894,733
TK Elevator U.S. Newco, Inc., USD Term Loan B, (6-
mo. CME Term SOFR at 0.50% Floor + 3.50%),
8.59%, 04/30/30
 
3,498
3,504,155
Vertiv Group Corp., 2024 Term Loan B2, (1-mo. CME
Term SOFR + 2.00%), 7.20%, 03/02/27
 
2,208
2,208,981
 
 
14,346,726
Media — 2.1%
A L Parent LLC, 2023 Take Back Term Loan, (1-mo.
CME Term SOFR + 5.50%), 10.35%, 06/30/28
 
682
679,709
Charter Communications Operating LLC, 2023 Term
Loan B4, (3-mo. CME Term SOFR at 0.00% Floor +
2.00%), 7.33%, 12/07/30
 
1,244
1,232,248
Cogeco Financing 2 LP, 2023 Incremental Term Loan B,
(1-mo. CME Term SOFR + 2.61%), 7.46%, 09/01/28
 
892
875,087
CSC Holdings LLC, 2019 Term Loan B5, (6-mo. LIBOR
US at 0.00% Floor + 2.50%), 7.17%, 04/15/27
 
1,600
1,460,706
DirecTV Financing LLC, Term Loan, (1-mo. CME Term
SOFR at 0.75% Floor + 5.11%), 9.96%, 08/02/27
 
832
831,023
Gray Television, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR + 5.25%), 10.45%, 06/04/29
 
219
210,347
NEP Group, Inc.
 
2018 1st Lien Term Loan, (3-mo. CME Term SOFR at
0.00% Floor + 3.51%), 8.12%, 08/19/26(e)
 
146
137,297
2023 Term Loan B, (3-mo. CME Term SOFR +
3.51%, 1.50% PIK), 9.62%, 08/19/26(g)
 
1,747
1,670,360
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 3.36%), 8.21%,
09/25/26
 
2,357
2,016,280
Sinclair Television Group, Inc., 2022 Term Loan B4,
(1-mo. CME Term SOFR + 3.85%), 8.70%, 04/21/29
 
500
363,539
Sunrise Financing Partnership, 2021 USD Term Loan
AX, (1-mo. CME Term SOFR at 0.00% Floor +
3.04%), 8.14%, 01/31/29
 
672
667,882
Ziggo Financing Partnership, USD Term Loan I, (1-mo.
CME Term SOFR at 0.00% Floor + 2.61%), 7.71%,
04/30/28
 
1,066
1,040,203
 
 
11,184,681
Metals & Mining — 0.0%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR +
2.50%), 7.35%, 05/13/29
 
229
230,236
Oil, Gas & Consumable Fuels — 2.0%
EG America LLC, 2021 Term Loan, (3-mo. SOFR OIS
CMPD + 4.36%), 9.19%, 03/31/26(e)
 
246
245,518
Freeport LNG Investments LLLP, Term Loan B, (3-mo.
CME Term SOFR + 3.50%), 9.04%, 12/21/28
 
2,550
2,524,911
GIP Pilot Acquisition Partners LP, 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.50%),
7.82%, 10/04/30
 
246
246,502
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 4.60%), 9.45%,
09/19/29
 
225
225,024
18
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Medallion Midland Acquisition LP, 2023 Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 3.50%),
8.31%, 10/18/28
USD
1,860
$ 1,859,610
Murphy USA, Inc., Term Loan B, (1-mo. CME Term
SOFR + 1.86%), 7.07%, 01/31/28
 
555
555,517
New Fortress Energy, Inc., Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 5.00%), 10.25%,
10/27/28
 
1,585
1,429,357
NGL Energy Operating LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR + 3.75%), 8.60%, 02/03/31
 
580
575,922
NGP XI Midstream Holdings LLC, Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.00%), 8.60%,
07/25/31
 
159
158,801
Oryx Midstream Services Permian Basin LLC,
2024 Term Loan B, (1-mo. CME Term SOFR at
0.50% Floor + 3.11%), 8.23%, 10/05/28
 
2,640
2,639,658
 
 
10,460,820
Paper & Forest Products — 0.4%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.85%), 6.70%,
09/07/27
 
1,858
1,858,623
Passenger Airlines — 1.2%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo.
CME Term SOFR at 0.75% Floor + 5.01%), 10.29%,
04/20/28
 
1,075
1,104,426
Air Canada, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 7.25%, 03/21/31
 
742
743,198
American Airlines, Inc.
 
Series AA, 2017 1st Lien Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 1.85%), 6.45%,
01/29/27
 
144
143,484
2023 1st Lien Term Loan, (6-mo. CME Term SOFR at
0.00% Floor + 2.50%), 7.21%, 06/04/29
 
1,563
1,549,886
Series AA, 2023 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.86%), 7.96%, 02/15/28
 
1,132
1,128,543
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 5.50%), 10.52%,
08/27/29
 
546
533,884
United Airlines, Inc., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 8.03%,
02/22/31
 
1,266
1,266,220
 
 
6,469,641
Personal Care Products — 0.0%
Prestige Brands, Inc., 2021 Term Loan B5, (1-mo. CME
Term SOFR + 2.11%), 6.96%, 07/03/28
 
24
24,202
Pharmaceuticals — 1.8%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 5.50%),
10.35%, 05/04/28
 
1,037
1,047,349
Bausch Health Americas, Inc., 2022 Term Loan B, (1-
mo. CME Term SOFR + 5.35%), 10.20%, 02/01/27
 
891
854,252
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME
Term SOFR + 1.85%), 7.05%, 08/01/27
 
880
878,258
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 4.10%), 8.70%,
10/01/27
 
1,803
1,711,885
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR + 2.25%), 7.10%, 05/05/28
 
2,239
2,236,062
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
Option Care Health, Inc., 2021 Term Loan B, (1-mo.
CME Term SOFR + 2.25%), 7.10%, 10/27/28
USD
702
$ 704,452
Organon & Co., 2024 USD Term Loan B, (1-mo. CME
Term SOFR + 2.50%), 7.46%, 05/19/31
 
862
858,578
Perrigo Investments LLC, Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.35%), 7.20%,
04/20/29
 
906
902,391
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 2.00%), 6.85%, 08/01/31
 
350
350,175
 
 
9,543,402
Professional Services — 0.5%
Corpay Technologies Operating Co. LLC, Term Loan
B5, 04/28/28(o)
 
2,154
2,150,394
Maximus, Inc., 2024 Term Loan B, (3-mo. CME Term
SOFR + 2.00%), 6.60%, 05/30/31
 
633
634,996
 
 
2,785,390
Real Estate Management & Development — 0.8%
CoreLogic, Inc.
 
2nd Lien Term Loan, (1-mo. CME Term SOFR +
6.61%), 11.46%, 06/04/29
 
978
945,804
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor
+ 3.61%), 8.46%, 06/02/28
 
2,418
2,390,533
Cushman & Wakefield U.S. Borrower LLC
 
2020 Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.75%), 7.71%, 08/21/25
 
20
19,645
2024 Term Loan, (1-mo. CME Term SOFR at 0.50%
Floor + 3.75%), 8.60%, 01/31/30
 
579
579,066
2024 Term Loan B, (1-mo. CME Term SOFR at
0.50% Floor + 3.00%), 7.85%, 01/31/30(e)
 
473
472,152
 
 
4,407,200
Semiconductors & Semiconductor Equipment — 0.5%
Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.35%, 07/06/29
 
734
735,647
MKS Instruments, Inc., 2024 USD Term Loan B, (1-mo.
CME Term SOFR + 2.25%), 7.17%, 08/17/29
 
1,211
1,209,345
Synaptics, Inc., Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 2.36%), 7.53%, 12/02/28
 
538
536,600
 
 
2,481,592
Software — 12.9%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.60%,
02/24/31
 
3,128
3,128,767
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo.
CME Term SOFR + 2.35%), 6.95%, 05/24/29
 
88
87,719
Ascend Learning LLC, 2021 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 3.60%), 8.45%,
12/11/28
 
154
153,396
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 8.10%,
02/15/29
 
2,696
2,676,411
Azalea Topco, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 8.35%,
04/30/31
 
584
582,540
BCPE Pequod Buyer, Inc., USD Term Loan B,
09/19/31(o)
 
1,141
1,135,535
Boxer Parent Co., Inc., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.75%), 9.01%,
07/30/31
 
560
558,505
Schedule of Investments
19
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Software (continued)
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME
Term SOFR + 2.36%), 7.21%, 09/21/28
USD
1,823
$ 1,822,050
Central Parent, Inc., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.85%,
07/06/29
 
2,887
2,854,120
Cloud Software Group, Inc.
 
2024 Third Amendment Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 4.50%), 9.10%,
03/21/31
 
1,051
1,053,186
2024 USD Term Loan B, (3-mo. CME Term SOFR at
0.50% Floor + 4.00%), 8.60%, 03/30/29
 
4,588
4,565,298
Cloudera, Inc.
 
2021 Second Lien Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 6.10%), 10.95%,
10/08/29
 
676
633,189
2021 Term Loan, (1-mo. CME Term SOFR at 0.50%
Floor + 3.85%), 8.70%, 10/08/28
 
1,866
1,812,233
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR
+ 3.25%), 8.45%, 05/01/31
 
1,744
1,742,055
Dayforce, Inc., Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.50%), 7.35%, 02/26/31
 
1,675
1,670,615
DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 4.25%), 8.92%,
06/26/31(e)
 
656
629,760
Dun & Bradstreet Corp., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 7.61%,
01/18/29
 
5,523
5,516,425
E2open LLC, 2020 Term Loan B, (1-mo. CME Term
SOFR + 3.61%), 8.46%, 02/04/28
 
245
245,860
Ellucian Holdings, Inc.
 
2024 Term Loan B, (1-mo. CME Term SOFR at
0.50% Floor + 3.60%), 8.45%, 10/09/29
 
2,484
2,488,988
2nd Lien Term Loan, (1-mo. CME Term SOFR at
1.00% Floor + 8.10%), 12.95%, 10/09/28(e)
 
1,580
1,579,741
Epicor Software Corp., 2024 Term Loan E, (1-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 8.10%,
05/30/31
 
1,503
1,503,191
Genesys Cloud Services Holdings II LLC
 
First Lien Term Loan B, (1-mo. CME Term SOFR at
0.75% Floor + 3.50%), 8.35%, 12/01/27
 
2,741
2,744,080
Term Loan B, (1-mo. CME Term SOFR at 0.75%
Floor + 3.75%), 8.71%, 12/01/27
 
1,125
1,125,491
Helios Software Holdings, Inc., 2024 Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.75%), 8.35%,
07/18/30
 
1,002
995,745
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 7.10%, 10/27/28
 
2,626
2,621,713
Mitchell International, Inc.
 
2024 1st Lien Term Loan, (1-mo. CME Term SOFR +
3.25%), 8.10%, 06/17/31
 
2,046
2,014,123
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR
+ 5.25%), 10.10%, 06/17/32
 
704
691,096
Modena Buyer LLC, Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 4.50%), 9.10%, 07/01/31
 
762
727,870
Planview Parent, Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.75%), 8.35%,
12/17/27
 
216
216,458
PointClickCare Technologies, Inc., 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.75% Floor + 3.00%),
7.60%, 12/29/27(e)
 
496
494,891
Security
 
Par
(000)
Value
Software (continued)
Polaris Newco LLC, USD Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.26%), 9.51%,
06/02/28
USD
4,124
$ 4,051,592
Project Boost Purchaser LLC, 2024 Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 8.79%,
07/16/31
 
981
980,166
Quartz Acquireco LLC, 2024 Term Loan B1, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 7.35%,
06/28/30
 
655
653,529
RealPage, Inc.
 
1st Lien Term Loan, (1-mo. CME Term SOFR +
3.11%), 7.96%, 04/24/28
 
2,401
2,329,176
2nd Lien Term Loan, (1-mo. CME Term SOFR +
6.61%), 11.46%, 04/23/29
 
2,459
2,355,262
Severin Acquisition LLC, 2018 Term Loan B, (3-mo.
CME Term SOFR + 3.00%), 8.25%, 08/01/27
 
1,153
1,152,616
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.85%,
05/09/31
 
1,841
1,840,480
Thunder Generation Funding LLC, Term Loan B,
09/27/31(e)(o)
 
371
371,928
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 8.55%, 02/10/31
 
3,138
3,137,516
Veritas U.S., Inc., 2021 USD Term Loan B, (1-mo. CME
Term SOFR at 1.00% Floor + 5.11%), 9.96%,
09/01/25
 
718
671,298
VS Buyer LLC, 2024 Term Loan B, (1-mo. CME Term
SOFR + 3.25%), 8.35%, 04/11/31
 
1,826
1,825,399
Waystar Technologies, Inc., 2024 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.75%),
7.60%, 10/22/29
 
431
430,890
Zelis Payments Buyer, Inc., Term Loan B, (1-mo. CME
Term SOFR + 2.75%), 7.60%, 09/28/29
 
209
208,718
 
 
68,079,621
Specialty Retail — 0.5%
LS Group OpCo Acquistion LLC, 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.00%),
7.85%, 04/23/31
 
504
503,409
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term
SOFR at 0.75% Floor + 3.85%), 8.70%, 02/11/28
 
830
821,891
Restoration Hardware, Inc., 2022 Incremental Term
Loan, (1-mo. CME Term SOFR at 0.50% Floor +
3.35%), 8.20%, 10/20/28
 
499
483,817
Serta Simmons Bedding LLC, 2023 New Term Loan,
(3-mo. CME Term SOFR + 7.61%), 12.22%,
06/29/28
 
443
361,822
Woof Holdings, Inc., 1st Lien Term Loan, (3-mo. CME
Term SOFR + 4.01%), 8.62%, 12/21/27
 
333
222,143
 
 
2,393,082
Technology Hardware, Storage & Peripherals — 0.5%
Cubic Corp.
 
Term Loan B, (3-mo. CME Term SOFR at 0.75%
Floor + 4.51%), 9.57%, 05/25/28
 
3,041
2,342,388
Term Loan C, (3-mo. CME Term SOFR at 0.75%
Floor + 4.51%), 9.57%, 05/25/28
 
618
476,441
 
 
2,818,829
20
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Textiles, Apparel & Luxury Goods — 0.4%
ABG Intermediate Holdings 2 LLC, 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.75%),
7.60%, 12/21/28
USD
1,272
$ 1,272,581
Fanatics Commerce Intermediate Holdco LLC, Term
Loan B, (1-mo. CME Term SOFR + 3.36%), 8.21%,
11/24/28
 
590
585,849
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 3.75%), 8.60%,
03/08/30
 
464
462,775
 
 
2,321,205
Trading Companies & Distributors — 2.0%
American Builders & Contractors Supply Co., Inc.,
2024 Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.00%), 6.85%, 01/31/31
 
1,448
1,448,444
Core & Main LP
 
2024 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 7.11%, 02/09/31
 
702
702,470
2024 Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.00%), 6.86%, 07/27/28
 
3,496
3,489,260
Dealer Tire Financial LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR + 3.50%), 8.35%, 07/02/31
 
1,046
1,047,289
Gates Corp., 2024 Term Loan B5, (1-mo. CME Term
SOFR + 2.25%), 7.10%, 06/04/31
 
1,679
1,681,013
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term
SOFR at 0.75% Floor + 4.01%), 9.26%, 10/28/27
 
856
781,986
TMK Hawk Parent Corp.(e)
 
2024 PIK Term Loan, (3-mo. CME Term SOFR +
11.00%), 11.00%, 12/15/31
 
58
37,416
2024 Term Loan B, (1-mo. CME Term SOFR at
1.00% Floor + 5.25%), 10.17%, 06/30/29
 
1,835
1,192,922
 
 
10,380,800
Transportation Infrastructure — 0.2%
AIT Worldwide Logistics Holdings, Inc., 2021 Term
Loan, (3-mo. CME Term SOFR at 0.75% Floor +
4.85%), 9.97%, 04/06/28
 
501
500,520
OLA Netherlands BV, Term Loan, (1-mo. CME Term
SOFR at 0.75% Floor + 6.35%), 11.20%, 12/15/26
 
729
725,471
 
 
1,225,991
Total Floating Rate Loan Interests — 98.7%
(Cost: $527,668,509)
521,870,676
 
 
 
 
Shares
 
Investment Companies
Equity Funds — 0.1%
Janus Henderson AAA CLO ETF
 
15,000
763,200
Fixed Income Funds — 2.4%
Invesco Senior Loan ETF
 
591,200
12,421,112
Total Investment Companies — 2.5%
(Cost: $13,200,099)
13,184,312
 
Security
 
Benefical
Interest (000)
Value
Other Interests
Capital Markets — 0.0%
Millennium Lender Claim Trust(e)(p)
USD
1,156
$ —
Industrial Conglomerates — 0.0%
Millennium Corp. Claim(e)(p)
 
1,084
—
Total Other Interests — 0.0%
(Cost: $ — )
—
 
 
 
Par
(000)
 
Preferred Securities
Capital Trusts — 1.0%(a)
Automobile Components — 0.0%
Aptiv PLC/Aptiv Global Financing DAC, 6.88%,
12/15/54
USD
200
202,102
Automobiles — 0.0%
General Motors Financial Co., Inc., Series C, 5.70%(j)
 
33
32,295
Banks(j) — 0.3%
Barclays PLC
 
4.38%
 
200
179,012
9.63%
 
200
225,183
Citigroup, Inc.
 
Series AA, 7.63%
 
81
86,538
Series CC, 7.13%
 
180
187,369
Series DD, 7.00%
 
45
48,155
HSBC Holdings PLC, 4.75%(c)
EUR
200
217,348
PNC Financial Services Group, Inc.
 
Series V, 6.20%
USD
67
68,206
Series W, 6.25%
 
72
73,115
Wells Fargo & Co.
 
6.85%
 
85
88,715
7.63%
 
111
120,883
 
 
1,294,524
Capital Markets(j) — 0.2%
Goldman Sachs Group, Inc., Series Y, 6.13%
 
205
205,889
UBS Group AG(b)
 
6.85%
 
200
202,381
7.75%
 
200
213,841
Series NC10, 9.25%
 
200
235,867
 
 
857,978
Diversified Telecommunication Services(c) — 0.0%
British Telecommunications PLC, 5.13%, 10/03/54
EUR
100
114,237
Telefonica Europe BV, 6.14%(j)
 
100
118,887
 
 
233,124
Electric Utilities — 0.1%
Duke Energy Corp., 6.45%, 09/01/54
USD
73
75,796
Edison International, Series B, 5.00%(j)
 
75
73,282
EDP SA, 4.75%, 05/29/54(c)
EUR
100
112,595
Electricite de France SA, 3.38%(c)(j)
 
200
202,838
NRG Energy, Inc., 10.25%(b)(j)
USD
118
133,100
PG&E Corp., 7.38%, 03/15/55
 
45
47,199
Terna - Rete Elettrica Nazionale, 4.75%(c)(j)
EUR
100
113,819
 
 
758,629
Energy Equipment & Services — 0.2%
Venture Global LNG, Inc., 9.00%(b)(j)
USD
908
920,375
Schedule of Investments
21
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Financial Services — 0.0%
Corebridge Financial, Inc., 6.38%, 09/15/54
USD
59
$ 59,607
Gas Utilities — 0.0%
AltaGas Ltd., 7.20%, 10/15/54(b)
 
78
79,668
Snam SpA, 4.50%(c)(j)
EUR
100
112,484
 
 
192,152
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp., 7.60%, 01/15/55
USD
71
74,695
Vistra Corp., 7.00%(b)(j)
 
170
173,537
 
 
248,232
Media — 0.0%
SES SA, 6.00%, 09/12/54(c)
EUR
100
104,701
Multi-Utilities — 0.1%
CenterPoint Energy, Inc.
 
Series A, 7.00%, 02/15/55
USD
29
30,123
Series B, 6.85%, 02/15/55
 
60
61,870
Centrica PLC, 6.50%, 05/21/55(c)
GBP
100
137,071
Dominion Energy, Inc., Series B, 7.00%, 06/01/54
USD
45
49,132
 
 
278,196
Oil, Gas & Consumable Fuels(b) — 0.0%
South Bow Canadian Infrastructure Holdings Ltd.
 
7.50%, 03/01/55
 
70
73,543
7.63%, 03/01/55
 
29
30,054
 
 
103,597
Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 6.50%, 08/30/84(c)
EUR
100
122,447
 
5,407,959
 
 
 
 
Shares
 
Preferred Stocks — 0.1%
Ground Transportation — 0.1%
Sirva BGRS Holdings, Inc., 15.25%, 07/21/30(d)(e)
 
382
286,260
 
286,260
Total Preferred Securities — 1.1%
(Cost: $5,520,041)
5,694,219
Warrants
Consumer Discretionary — 0.0%
Service King (Carnelian Point), (Exercisable 01/14/23,
1 Share for 1 Warrant, Expires 06/30/27, Strike Price
USD 10.00)(d)
 
2,435
—
Energy Equipment & Services — 0.0%
Turbo Cayman Ltd.(d)(e)
 
1
—
Security
 
 
Shares
Value
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
$       19,319
Total Warrants — 0.0%
(Cost: $ — )
19,319
Total Long-Term Investments — 123.3%
(Cost: $665,953,322)
651,599,970
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 4.83%(q)(r)
 
3,201,389
3,201,389
Total Short-Term Securities — 0.6%
(Cost: $3,201,389)
3,201,389
Total Investments — 123.9%
(Cost: $669,154,711)
654,801,359
Liabilities in Excess of Other Assets — (23.9)%
(126,252,806
)
Net Assets — 100.0%
$  528,548,553
 
(a)
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.
(b)
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.
(c)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(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 $678,390, representing 0.1% of its net assets as of
period end, and an original cost of $949,262.
(g)
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.
(h)
Issuer filed for bankruptcy and/or is in default.
(i)
Convertible security.
(j)
Perpetual security with no stated maturity date.
(k)
When-issued security.
(l)
Zero-coupon bond.
(m)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(n)
Rounds to less than 1,000.
(o)
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.
(p)
Other interests represent beneficial interests in liquidation trusts and other reorganization
or private entities.
(q)
Affiliate of the Fund.
(r)
Annualized 7-day yield as of period end.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
22
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/23
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
09/30/24
Shares
Held at
09/30/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares
$ 1,315,320
$ 1,886,069
(a)
$ —
$ —
$ —
$ 3,201,389
3,201,389
$ 53,948
$ —
iShares iBoxx $ High Yield Corporate Bond ETF(b)
1,160,850
—
(1,155,993
)
17,193
(22,050
)
—
—
18,089
—
 
$ 17,193
$ (22,050
)
$ 3,201,389
$ 72,037
$ —
 
(a)
Represents net amount purchased (sold).
(b)
As of period end, the entity is no longer held.
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
EUR
115,000
USD
128,692
BNP Paribas SA
12/18/24
$ (280
)
USD
4,799,733
EUR
4,299,000
BNP Paribas SA
12/18/24
(638
)
USD
106,507
EUR
96,000
Morgan Stanley & Co. International PLC
12/18/24
(689
)
USD
822,843
EUR
737,000
Toronto-Dominion Bank
12/18/24
(110
)
USD
880,531
GBP
671,000
Barclays Bank PLC
12/18/24
(16,411
)
USD
161,400
GBP
123,000
UBS AG
12/18/24
(3,017
)
 
 
 
 
 
 
$ (21,145
)
OTC Credit Default Swaps — Buy Protection 
Reference Obligations/Index
Financing
Rate Paid
by the Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Matterhorn Telecom Holding S.A.
5.00
% 
Quarterly
Goldman Sachs International
12/20/29
EUR
8
$ (1,152
)
$ (1,093
)
$ (59
)
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)
CMA CGM SA
5.00
% 
Quarterly
Morgan Stanley & Co.
International PLC
06/20/27
N/R
EUR
8
$ 866
$ 1,127
$ (261
)
Adler Real Estate AG
5.00
Quarterly
Bank of America N.A.
12/20/27
N/R
EUR
15
55
(2,225
)
2,280
Faurecia SE
5.00
Quarterly
Barclays Bank PLC
06/20/29
BB
EUR
5
401
629
(228
)
Faurecia SE
5.00
Quarterly
Goldman Sachs International
06/20/29
BB
EUR
4
321
444
(123
)
Intrum AB
5.00
Quarterly
Goldman Sachs International
06/20/29
CC
EUR
1
(329
)
(359
)
30
Intrum AB
5.00
Quarterly
Goldman Sachs International
06/20/29
CC
EUR
1
(220
)
(207
)
(13
)
 
 
 
 
 
 
$ 1,094
$ (591
)
$ 1,685
 
(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.
Schedule of Investments
23
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
 
OTC Total Return Swaps 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate
Frequency
Reference
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-Day SOFR,
4.96%
Quarterly
Markit iBoxx USD
Liquid Leveraged
Loan Index
At Termination
Morgan Stanley &
Co. International
PLC
N/A
12/20/24
USD
4,000
$ (3,889,822
)
$ —
$ (3,889,822
)
1-Day SOFR,
4.96%
Quarterly
Markit iBoxx USD
Liquid Leveraged
Loan Index
At Termination
Barclays Bank PLC
N/A
03/20/25
USD
5,000
(4,993,907
)
—
(4,993,907
)
1-Day SOFR,
4.96%
Quarterly
Markit iBoxx USD
Liquid Leveraged
Loan Index
At Termination
Morgan Stanley &
Co. International
PLC
N/A
03/20/25
USD
2,000
(1,962,598
)
—
(1,962,598
)
1-Day SOFR,
4.96%
Quarterly
Markit iBoxx USD
Liquid Leveraged
Loan Index
At Termination
BNP Paribas SA
N/A
06/20/25
USD
14,200
(14,182,327
)
—
(14,182,327
)
 
 
 
 
 
 
 
$ (25,028,654
)
$ —
$ (25,028,654
)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical, unrestricted assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (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
$ —
$ 15,125,361
$ —
$ 15,125,361
Common Stocks 
Construction & Engineering
—
28,297
—
28,297
Electrical Equipment
—
—
—
—
Financial Services
—
175,763
601,586
777,349
Ground Transportation
—
—
8,304
8,304
Health Care Providers & Services
—
292,554
—
292,554
Industrial Conglomerates
—
—
—
—
Media
—
—
385,836
385,836
Semiconductors & Semiconductor Equipment
21
—
—
21
Trading Companies & Distributors
—
—
198,382
198,382
Corporate Bonds 
Advertising Agencies
—
1,313,248
—
1,313,248
Aerospace & Defense
—
2,894,553
—
2,894,553
Air Freight & Logistics
—
44,873
—
44,873
24
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Corporate Bonds (continued)
Automobile Components
$ —
$ 1,221,576
$ —
$ 1,221,576
Automobiles
—
945,114
1
945,115
Banks
—
795,680
—
795,680
Broadline Retail
—
218,250
—
218,250
Building Materials
—
1,958,212
—
1,958,212
Building Products
—
811,311
—
811,311
Capital Markets
—
1,366,048
—
1,366,048
Chemicals
—
2,949,898
—
2,949,898
Commercial Services & Supplies
18,183
6,168,150
—
6,186,333
Construction & Engineering
—
937,823
—
937,823
Consumer Finance
—
754,720
—
754,720
Consumer Staples Distribution & Retail
—
361,705
—
361,705
Containers & Packaging
—
2,545,371
—
2,545,371
Diversified REITs
—
1,401,953
—
1,401,953
Diversified Telecommunication Services
—
5,331,639
—
5,331,639
Electric Utilities
—
1,049,429
—
1,049,429
Electronic Equipment, Instruments & Components
—
428,758
—
428,758
Energy Equipment & Services
—
921,863
—
921,863
Entertainment
—
3,353,250
—
3,353,250
Environmental, Maintenance & Security Service
—
1,922,249
—
1,922,249
Financial Services
—
2,027,133
—
2,027,133
Food Products
—
1,503,944
—
1,503,944
Gas Utilities
—
18,902
—
18,902
Ground Transportation
—
143,400
—
143,400
Health Care Equipment & Supplies
—
1,152,154
—
1,152,154
Health Care Providers & Services
—
2,792,538
—
2,792,538
Health Care REITs
—
345,568
—
345,568
Hotel & Resort REITs
—
1,173,482
—
1,173,482
Hotels, Restaurants & Leisure
—
4,166,093
—
4,166,093
Household Durables
—
1,085,889
—
1,085,889
Household Products
—
148,050
—
148,050
Independent Power and Renewable Electricity Producers
—
247,814
—
247,814
Industrial Conglomerates
—
—
1
1
Insurance
—
6,301,065
—
6,301,065
Interactive Media & Services
—
117,582
—
117,582
Internet Software & Services
—
849,588
—
849,588
IT Services
—
550,284
—
550,284
Machinery
—
2,677,682
—
2,677,682
Media
—
3,752,419
—
3,752,419
Metals & Mining
—
2,584,537
—
2,584,537
Mortgage Real Estate Investment Trusts (REITs)
—
158,565
—
158,565
Oil, Gas & Consumable Fuels
—
10,141,228
—
10,141,228
Passenger Airlines
—
480,203
—
480,203
Personal Care Products
—
103,570
—
103,570
Pharmaceuticals
—
1,028,773
—
1,028,773
Real Estate Management & Development
—
537,720
—
537,720
Retail REITs
—
43,794
—
43,794
Semiconductors & Semiconductor Equipment
—
189,185
—
189,185
Software
—
6,320,911
—
6,320,911
Specialty Retail
—
232,526
—
232,526
Technology Hardware, Storage & Peripherals
—
306,694
—
306,694
Textiles, Apparel & Luxury Goods
—
146,749
—
146,749
Trading Companies & Distributors
—
330,292
—
330,292
Transportation Infrastructure
—
50,524
—
50,524
Fixed Rate Loan Interests
—
2,592,624
—
2,592,624
Floating Rate Loan Interests
—
507,595,687
14,274,989
521,870,676
Investment Companies
13,184,312
—
—
13,184,312
Other Interests
—
—
—
—
Preferred Securities
Capital Trusts
—
5,407,959
—
5,407,959
Preferred Stocks
—
—
286,260
286,260
Warrants
19,319
—
—
19,319
Schedule of Investments
25
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Short-Term Securities 
Money Market Funds
$ 3,201,389
$ —
$ —
$ 3,201,389
Liabilities
Unfunded Floating Rate Loan Interests(a)
—
(1,033
)
—
(1,033
)
 
$16,423,224
$622,621,743
$15,755,359
$654,800,326
Derivative Financial Instruments(b)
Assets 
Credit Contracts
$ —
$ 2,310
$ —
$ 2,310
Liabilities 
Credit Contracts
—
(684
)
—
(684
)
Foreign Currency Exchange Contracts
—
(21,145
)
—
(21,145
)
Interest Rate Contracts
—
(25,028,654
)
—
(25,028,654
)
 
$—
$(25,048,173
)
$—
$(25,048,173
)
 
(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 $116,000,000 are categorized as Level 2 within the fair value hierarchy.
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
Unfunded
Floating
Rate
Loan
Interests
Warrants
Total
Assets
Opening balance, as of December 31, 2023
$ 470,693
$ — 
(a)
$ 17,370,922
$ — 
(a)
$ 82,144
870
$ — 
(a)
$ 17,924,629
Transfers into Level 3(b)
17
—
7,224,855
—
—
—
—
7,224,872
Transfers out of Level 3(c)
(211,485
)
—
(6,973,482
)
—
—
—
—
(7,184,967
)
Accrued discounts/premiums
—
—
47,847
—
—
—
—
47,847
Net realized gain (loss)
(11,909,013
)
—
(877,581
)
—
1,245
—
—
(12,785,349
)
Net change in unrealized appreciation (depreciation)(d)
11,643,187
—
279,792
—
(388
)
(870
)
—
11,921,721
Purchases
1,200,805
2
10,890,192
—
286,259
—
—
12,377,258
Sales
(96
)
—
(13,687,556
)
—
(83,000
)
—
—
(13,770,652
)
Closing balance, as of September 30, 2024
$ 1,194,108
$ 2
$ 14,274,989
$ — 
(a)
$ 286,260
—
$ — 
(a)
$ 15,755,359
Net change in unrealized appreciation (depreciation) on investments still held at
September 30, 2024(d)
$ (255,168
)
$ —
$ (712,607
)
$ —
$ 2
—
$ —
$ (967,773
)
 
(a)
Rounds to less than $1.
(b)
As of December 31, 2023, the Fund used observable inputs in determining the value of certain investments. As of September 30, 2024, 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, 2023, the Fund used significant unobservable inputs in determining the value of certain investments. As of September 30, 2024, 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 September 30, 2024 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
Currency Abbreviation (continued)
USD
United States Dollar
26
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Debt Strategies Fund, Inc. (DSU)
 
 
Portfolio Abbreviation 
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
Schedule of Investments
27
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