Schedule of Investments (unaudited) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks — 0.2% |
| |||||||
Chemicals — 0.1% |
| |||||||
Geo Specialty Chemicals, Inc.(a) | 494,718 | $ | 494,710 | |||||
|
| |||||||
Diversified Financial Services — 0.1% | ||||||||
Kcad Holdings I Ltd.(a)(b) | 1,075,282,733 | 731,192 | ||||||
|
| |||||||
Health Care Management Services — 0.0% | ||||||||
New Millennium HoldCo, Inc.(b) | 10,718 | 64 | ||||||
|
| |||||||
Media — 0.0% | ||||||||
Adelphia Communications Corp., | 400,000 | 4 | ||||||
Adelphia Recovery Trust(b) | 396,568 | 198 | ||||||
|
| |||||||
202 | ||||||||
Metals & Mining — 0.0% | ||||||||
Ameriforge Group, Inc. | 1,664 | 89,856 | ||||||
Preferred Proppants LLC(a) | 14,576 | 32,796 | ||||||
|
| |||||||
122,652 | ||||||||
Semiconductors & Semiconductor Equipment — 0.0% | ||||||||
SunPower Corp.(b) | 1,707 | 12,786 | ||||||
|
| |||||||
Software — 0.0% | ||||||||
Avaya Holdings Corp.(b) | 40 | 511 | ||||||
|
| |||||||
Total Common Stocks — 0.2% |
| 1,362,117 | ||||||
|
| |||||||
Par (000) | ||||||||
Corporate Bonds — 20.8% | ||||||||
Aerospace & Defense — 1.5% | ||||||||
Arconic, Inc., 5.13%, 10/01/24 | USD 441 | 480,712 | ||||||
Bombardier, Inc.(d): | ||||||||
6.13%, 01/15/23 | 664 | 673,236 | ||||||
7.50%, 12/01/24 | 58 | 59,595 | ||||||
7.50%, 03/15/25 | 31 | 31,388 | ||||||
7.88%, 04/15/27 | 6 | 6,036 | ||||||
Signature Aviation US Holdings, Inc.(d): | ||||||||
5.38%, 05/01/26 | 42 | 44,162 | ||||||
4.00%, 03/01/28 | 292 | 293,913 | ||||||
TransDigm UK Holdings PLC, | 493 | 521,347 | ||||||
TransDigm, Inc.(d): | ||||||||
6.25%, 03/15/26 | 4,263 | 4,577,396 | ||||||
5.50%, 11/15/27 | 419 | 419,000 | ||||||
Triumph Group, Inc., 6.25%, 09/15/24(d) | 260 | 273,000 |
Security | Par (000) | Value | ||||||
Aerospace & Defense (continued) | ||||||||
Wolverine Escrow LLC, 9.00%, 11/15/26(d) | USD 1,790 | $ | 1,808,079 | |||||
|
| |||||||
9,187,864 | ||||||||
Airlines — 0.1% | ||||||||
US Airways Pass-Through Trust, Series2013-1, Class B, 5.38%, 11/15/21 | 393 | 409,620 | ||||||
|
| |||||||
Auto Components — 0.3% | ||||||||
Allison Transmission, Inc., 5.88%, 06/01/29(d) | 315 | 339,806 | ||||||
GKN Holdings Ltd., 4.63%, 05/12/32 | GBP 100 | 132,563 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | ||||||||
4.75%, 09/15/24(d) | USD 60 | 61,200 | ||||||
6.38%, 12/15/25 | 308 | 325,710 | ||||||
6.25%, 05/15/26 | 336 | 357,420 | ||||||
IHO Verwaltungs GmbH, (3.63% Cash or 4.38% PIK), 3.63%, 05/15/25(e) | EUR 100 | 114,311 | ||||||
NM Holdings Co. LLC, Series B, | USD 5,125 | 1 | ||||||
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.: | ||||||||
4.38%, 05/15/26 | EUR 134 | 153,547 | ||||||
6.25%, 05/15/26(d) | USD 122 | 129,702 | ||||||
Tesla, Inc., 5.30%, 08/15/25(d) | 168 | 161,070 | ||||||
Venture Holdings Co. LLC, | 5,150 | 1 | ||||||
|
| |||||||
1,775,331 | ||||||||
Banks — 0.0% | ||||||||
Allied Irish Banks PLC(5 year EUR Swap + 3.95%), 4.13%, 11/26/25(f) | EUR 100 | 113,890 | ||||||
Banco Espirito Santo SA(b)(c): | ||||||||
2.63%, 05/08/17 | 100 | 18,730 | ||||||
4.75%, 01/15/18 | 200 | 37,461 | ||||||
4.00%, 01/21/19 | 100 | 18,731 | ||||||
|
| |||||||
188,812 | ||||||||
Building Products — 0.2% | ||||||||
Beacon Roofing Supply, Inc., | USD 35 | 33,994 | ||||||
CPG Merger Sub LLC, 8.00%, 10/01/21(d) | 446 | 444,528 | ||||||
Masonite International Corp., | 198 | 209,633 | ||||||
Standard Industries, Inc.(d): | ||||||||
5.50%, 02/15/23 | 4 | 4,090 |
1 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Building Products (continued) | ||||||||||||
6.00%, 10/15/25 | USD | 238 | $ | 249,007 | ||||||||
|
| |||||||||||
941,252 | ||||||||||||
Capital Markets — 0.0% | ||||||||||||
LABL Escrow Issuer LLC, 6.75%, 07/15/26(d) | 243 | 249,075 | ||||||||||
|
| |||||||||||
Chemicals — 0.4% | ||||||||||||
Atotech Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25(d) | 1,030 | 1,045,450 | ||||||||||
Blue Cube Spinco LLC: | ||||||||||||
9.75%, 10/15/23 | 313 | 340,388 | ||||||||||
10.00%, 10/15/25 | 355 | 395,825 | ||||||||||
GCP Applied Technologies, Inc., | 134 | 138,020 | ||||||||||
Monitchem HoldCo 3 SA, 5.25%, 03/15/25 | EUR | 100 | 113,503 | |||||||||
OCI NV, 3.13%, 11/01/24 | 100 | 113,320 | ||||||||||
PQ Corp., 5.75%, 12/15/25(d) | USD | 507 | 531,082 | |||||||||
|
| |||||||||||
2,677,588 | ||||||||||||
Commercial Services & Supplies — 0.3% | ||||||||||||
ADT Security Corp., 4.88%, 07/15/32(d) | 583 | 507,210 | ||||||||||
Core & Main LP, 6.13%, 08/15/25(d) | 473 | 483,643 | ||||||||||
GFL Environmental, Inc.(d): | ||||||||||||
7.00%, 06/01/26 | 300 | 305,250 | ||||||||||
8.50%, 05/01/27 | 344 | 366,121 | ||||||||||
Summer BC Holdco B Sarl, 5.75%, 10/31/26 | EUR | 100 | 113,192 | |||||||||
United Rentals North America, Inc.: | ||||||||||||
5.88%, 09/15/26 | USD | 46 | 49,220 | |||||||||
5.25%, 01/15/30 | 2 | 2,125 | ||||||||||
|
| |||||||||||
1,826,761 | ||||||||||||
Communications Equipment — 0.3% | ||||||||||||
ViaSat, Inc., 5.63%, 04/15/27(d) | 558 | 594,967 | ||||||||||
Zayo Group LLC/Zayo Capital, Inc.: | ||||||||||||
6.38%, 05/15/25 | 92 | 94,645 | ||||||||||
5.75%, 01/15/27(d) | 1,187 | 1,210,740 | ||||||||||
|
| |||||||||||
1,900,352 | ||||||||||||
Construction & Engineering — 0.1% | ||||||||||||
Brand Industrial Services, Inc., | 248 | 241,800 | ||||||||||
SRS Distribution, Inc., 8.25%, 07/01/26(d) | 258 | 263,160 | ||||||||||
|
| |||||||||||
504,960 | ||||||||||||
Construction Materials — 0.3% | ||||||||||||
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/28(d) | 266 | 266,333 |
Security | Par (000) | Value | ||||||||||
Construction Materials (continued) | ||||||||||||
Core & Main Holdings LP, (8.63% Cash or 9.38% PIK), 8.63%, 09/15/24(d)(e) | USD | 336 | $ | 346,920 | ||||||||
HD Supply, Inc., 5.38%, 10/15/26(d) | 449 | 475,940 | ||||||||||
Williams Scotsman International, Inc., | 531 | 557,905 | ||||||||||
|
| |||||||||||
1,647,098 | ||||||||||||
Consumer Finance — 0.5% | ||||||||||||
Mulhacen Pte Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 08/01/23(e) | EUR | 100 | 89,934 | |||||||||
Navient Corp.: | ||||||||||||
7.25%, 09/25/23 | USD | 5 | 5,550 | |||||||||
6.13%, 03/25/24 | 96 | 102,480 | ||||||||||
5.88%, 10/25/24 | 180 | 191,700 | ||||||||||
Refinitiv US Holdings, Inc.: | ||||||||||||
4.50%, 05/15/26(d) | EUR | 855 | 1,023,167 | |||||||||
4.50%, 05/15/26 | 100 | 119,669 | ||||||||||
Springleaf Finance Corp., 5.38%, 11/15/29 | USD | 114 | 117,420 | |||||||||
Verscend Escrow Corp., 9.75%, 08/15/26(d) | 977 | 1,050,275 | ||||||||||
|
| |||||||||||
2,700,195 | ||||||||||||
Containers & Packaging — 0.5% | ||||||||||||
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(d)(e) | 541 | 539,079 | ||||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.: | ||||||||||||
4.13%, 08/15/26(d) | 200 | 203,000 | ||||||||||
4.75%, 07/15/27 | GBP | 100 | 135,189 | |||||||||
OI European Group BV, 2.88%, 02/15/25 | EUR | 100 | 112,267 | |||||||||
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, | USD | 223 | 230,805 | |||||||||
Trivium Packaging Finance BV(d): | ||||||||||||
5.50%, 08/15/26 | 748 | 785,411 | ||||||||||
8.50%, 08/15/27 | 1,154 | 1,254,975 | ||||||||||
|
| |||||||||||
3,260,726 | ||||||||||||
Diversified Consumer Services — 0.2% | ||||||||||||
APX Group, Inc.: | ||||||||||||
8.75%, 12/01/20 | 215 | 210,431 | ||||||||||
7.88%, 12/01/22 | 216 | 214,650 | ||||||||||
Ascend Learning LLC, 6.88%, 08/01/25(d) | 558 | 586,173 |
2 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Diversified Consumer Services (continued) | ||||||||||||
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 04/15/26(d) | USD | 264 | $ | 275,753 | ||||||||
|
| |||||||||||
1,287,007 | ||||||||||||
Diversified Financial Services — 0.4% | ||||||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/26(d) | 800 | 846,000 | ||||||||||
Arrow Global Finance PLC, 5.13%, 09/15/24 | GBP | 100 | 129,976 | |||||||||
F-BrasileSpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26(d) | USD | 200 | 211,000 | |||||||||
Intrum AB, 2.75%, 07/15/22 | EUR | 50 | 55,710 | |||||||||
LHC3 PLC, (4.13% Cash or 4.88% PIK), | 100 | 113,859 | ||||||||||
Murphy Oil USA, Inc., 4.75%, 09/15/29 | USD | 119 | 125,652 | |||||||||
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25(d) | 587 | 604,610 | ||||||||||
VZ Vendor Financing BV, 2.50%, 01/31/24 | EUR | 100 | 112,108 | |||||||||
|
| |||||||||||
2,198,915 | ||||||||||||
Diversified Telecommunication Services — 0.4% | ||||||||||||
CenturyLink, Inc.: | ||||||||||||
5.63%, 04/01/25 | USD | 170 | 179,562 | |||||||||
Series P, 7.60%, 09/15/39 | 181 | 186,430 | ||||||||||
Series U, 7.65%, 03/15/42 | 443 | 456,232 | ||||||||||
SoftBank Group Corp.: |
| |||||||||||
4.00%, 04/20/23 | EUR | 100 | 117,435 | |||||||||
4.00%, 09/19/29 | 100 | 112,569 | ||||||||||
Telecom Italia Capital SA: |
| |||||||||||
6.38%, 11/15/33 | USD | 58 | 64,235 | |||||||||
6.00%, 09/30/34 | 479 | 512,461 | ||||||||||
7.20%, 07/18/36 | 14 | 16,388 | ||||||||||
7.72%, 06/04/38 | 51 | 62,571 | ||||||||||
Telecom Italia SpA: | ||||||||||||
5.30%, 05/30/24(d) | 514 | 552,689 | ||||||||||
2.75%, 04/15/25 | EUR | 100 | 115,247 | |||||||||
|
| |||||||||||
2,375,819 | ||||||||||||
Electric Utilities — 0.1% | ||||||||||||
NextEra Energy Operating Partners LP(d): | ||||||||||||
4.25%, 07/15/24 | USD | 393 | 403,737 |
Security | Par (000) | Value | ||||||||||
Electric Utilities (continued) | ||||||||||||
4.50%, 09/15/27 | USD | 84 | $ | 85,680 | ||||||||
|
| |||||||||||
489,417 | ||||||||||||
Electrical Equipment — 0.4% | ||||||||||||
Vertiv Group Corp., 10.00%, 06/30/24(a) | 2,314 | 2,325,570 | ||||||||||
|
| |||||||||||
Electronic Equipment, Instruments & Components — 0.1% | ||||||||||||
Vertiv Group Corp., 9.25%, 10/15/24(d) | 618 | 607,185 | ||||||||||
|
| |||||||||||
Energy Equipment & Services — 0.2% | ||||||||||||
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27(d) | 107 | 110,168 | ||||||||||
Gates Global LLC/Gates Global Co., | 167 | 167,018 | ||||||||||
USA Compression Partners LP/USA Compression Finance Corp.: | ||||||||||||
6.88%, 04/01/26 | 344 | 353,460 | ||||||||||
6.88%, 09/01/27(d) | 362 | 370,254 | ||||||||||
|
| |||||||||||
1,000,900 | ||||||||||||
Environmental, Maintenance, & Security Service — 0.1% | ||||||||||||
Tervita Corp., 7.63%, 12/01/21(d) | 380 | 379,958 | ||||||||||
|
| |||||||||||
Equity Real Estate Investment Trusts (REITs) — 0.4% | ||||||||||||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, | ||||||||||||
5.75%, 05/15/26(d) | 128 | 133,440 | ||||||||||
GLP Capital LP/GLP Financing II, Inc.: | ||||||||||||
5.25%, 06/01/25 | 90 | 98,778 | ||||||||||
5.38%, 04/15/26 | 80 | 88,155 | ||||||||||
Iron Mountain, Inc., 4.88%, 09/15/27(d) | 302 | 310,305 | ||||||||||
MGM Growth Properties Operating Partnership LP/MGP FinanceCo-Issuer, Inc.: | ||||||||||||
4.50%, 09/01/26 | 139 | 146,297 | ||||||||||
4.50%, 01/15/28 | 520 | 543,400 | ||||||||||
MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 08/01/29 | 329 | 345,029 | ||||||||||
Ryman Hospitality Properties, Inc., | 742 | 764,260 | ||||||||||
|
| |||||||||||
2,429,664 | ||||||||||||
Food & Staples Retailing — 0.1% | ||||||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC(d): | ||||||||||||
4.63%, 01/15/27 | 284 | 280,479 | ||||||||||
5.88%, 02/15/28 | 389 | 406,991 |
3 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Food & Staples Retailing (continued) | ||||||||||||
Post Holdings, Inc., 5.50%, 12/15/29(d) | USD | 2 | $ | 2,095 | ||||||||
|
| |||||||||||
689,565 | ||||||||||||
Food Products — 0.4% | ||||||||||||
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25(d) | 479 | 453,852 | ||||||||||
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28(d) | 118 | 129,911 | ||||||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(d): | ||||||||||||
6.50%, 04/15/29 | 755 | 836,162 | ||||||||||
5.50%, 01/15/30 | 294 | 313,478 | ||||||||||
Performance Food Group, Inc., | 201 | 213,563 | ||||||||||
Simmons Foods, Inc., 7.75%, 01/15/24(d) | 174 | 187,050 | ||||||||||
|
| |||||||||||
2,134,016 | ||||||||||||
Health Care Equipment & Supplies — 0.5% | ||||||||||||
Avantor, Inc.(d): | ||||||||||||
6.00%, 10/01/24 | 1,111 | 1,190,159 | ||||||||||
9.00%, 10/01/25 | 266 | 295,925 | ||||||||||
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/22(d) | 1,654 | 1,629,190 | ||||||||||
|
| |||||||||||
3,115,274 | ||||||||||||
Health Care Providers & Services — 1.5% | ||||||||||||
AHP Health Partners, Inc., 9.75%, 07/15/26(d) | 200 | 215,000 | ||||||||||
Centene Corp.(d)(g): | ||||||||||||
4.25%, 12/15/27 | 533 | 548,324 | ||||||||||
4.63%, 12/15/29 | 1,287 | 1,349,741 | ||||||||||
CHS/Community Health Systems, Inc.(d): | ||||||||||||
8.63%, 01/15/24 | 628 | 646,840 | ||||||||||
8.00%, 03/15/26 | 288 | 287,640 | ||||||||||
Eagle Holding Co. II LLC, (7.75% Cash or 8.50% PIK), 7.75%, 05/15/22(d)(e) | 262 | 266,258 | ||||||||||
Encompass Health Corp., 5.75%, 11/01/24 | 69 | 69,949 | ||||||||||
Envision Healthcare Crop., 8.75%, 10/15/26(d) | 262 | 106,765 | ||||||||||
HCA, Inc.: | ||||||||||||
5.38%, 09/01/26 | 80 | 88,600 | ||||||||||
5.63%, 09/01/28 | 616 | 696,080 | ||||||||||
MPH Acquisition Holdings LLC, | 461 | 418,357 | ||||||||||
NVA Holdings, Inc., 6.88%, 04/01/26(d) | 65 | 70,200 | ||||||||||
Polaris Intermediate Corp., (8.50% Cash), 8.50%, 12/01/22(d)(e) | 431 | 357,622 | ||||||||||
Sotera Health Holdings LLC, | 106 | 109,445 |
Security | Par (000) | Value | ||||||||||
Health Care Providers & Services (continued) | ||||||||||||
Surgery Center Holdings Inc., | USD | 193 | $ | 202,650 | ||||||||
Team Health Holdings, Inc., | 144 | 76,320 | ||||||||||
Tenet Healthcare Corp.: | ||||||||||||
8.13%, 04/01/22 | 1,183 | 1,292,427 | ||||||||||
4.88%, 01/01/26(d) | 1,052 | 1,092,765 | ||||||||||
5.13%, 11/01/27(d) | 642 | 670,890 | ||||||||||
WellCare Health Plans, Inc., | 117 | 124,605 | ||||||||||
|
| |||||||||||
8,690,478 | ||||||||||||
Health Care Technology — 0.1% | ||||||||||||
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(d) | 229 | 236,443 | ||||||||||
IQVIA, Inc., 5.00%, 05/15/27(d) | 535 | 561,750 | ||||||||||
|
| |||||||||||
798,193 | ||||||||||||
Hotels, Restaurants & Leisure — 0.9% | ||||||||||||
1011778 BC ULC/New Red Finance, Inc., 4.38%, 01/15/28(d) | 218 | 218,817 | ||||||||||
Cedar Fair LP, 5.25%, 07/15/29(d) | 176 | 187,880 | ||||||||||
Golden Nugget, Inc., 6.75%, 10/15/24(d) | 991 | 1,023,207 | ||||||||||
Hilton Domestic Operating Co., Inc., | 684 | 726,750 | ||||||||||
Lions Gate Capital Holdings LLC(d): | ||||||||||||
6.38%, 02/01/24 | 26 | 25,285 | ||||||||||
5.88%, 11/01/24 | 53 | 51,024 | ||||||||||
MGM Resorts International, 5.75%, 06/15/25 | 110 | 122,788 | ||||||||||
Sabre GLBL, Inc., 5.25%, 11/15/23(d) | 221 | 226,525 | ||||||||||
Scientific Games International, Inc.(d): | ||||||||||||
5.00%, 10/15/25 | 211 | 220,396 | ||||||||||
8.25%, 03/15/26 | 897 | 971,092 | ||||||||||
7.00%, 05/15/28 | 196 | 204,330 | ||||||||||
7.25%, 11/15/29 | 193 | 201,685 | ||||||||||
Station Casinos LLC, 5.00%, 10/01/25(d) | 99 | 100,485 | ||||||||||
Stonegate Pub Co. Financing PLC(3 mo. LIBOR GBP + 4.38%), 5.16%, 03/15/22(h) | GBP | 100 | 129,673 | |||||||||
Unique Pub Finance Co. PLC, Series N, | 100 | 164,298 | ||||||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(d) | USD | 165 | 172,013 | |||||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(d) | 262 | 277,392 | ||||||||||
Yum! Brands, Inc.: | ||||||||||||
4.75%, 01/15/30(d) | 285 | 294,975 |
4 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Hotels, Restaurants & Leisure (continued) | ||||||||||||
5.35%, 11/01/43 | USD | 14 | $ | 13,755 | ||||||||
|
| |||||||||||
5,332,370 | ||||||||||||
Household Durables — 0.1% | ||||||||||||
Algeco Global Finance PLC, 8.00%, 02/15/23(d) | 300 | 293,250 | ||||||||||
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., | 7 | 7,105 | ||||||||||
Lennar Corp., 5.25%, 06/01/26 | 143 | 156,228 | ||||||||||
Tempur Sealy International, Inc., | 2 | 2,100 | ||||||||||
|
| |||||||||||
458,683 | ||||||||||||
Independent Power and Renewable Electricity Producers — 0.4% | ||||||||||||
Calpine Corp.: | ||||||||||||
5.38%, 01/15/23 | 588 | 596,085 | ||||||||||
5.75%, 01/15/25 | 31 | 31,465 | ||||||||||
5.25%, 06/01/26(d) | 226 | 236,199 | ||||||||||
Clearway Energy Operating LLC: | ||||||||||||
5.38%, 08/15/24 | 222 | 227,550 | ||||||||||
5.75%, 10/15/25 | 149 | 156,450 | ||||||||||
NRG Energy, Inc.: | ||||||||||||
6.63%, 01/15/27 | 326 | 352,895 | ||||||||||
5.75%, 01/15/28 | 2 | 2,160 | ||||||||||
5.25%, 06/15/29(d) | 420 | 450,156 | ||||||||||
TerraForm Power Operating LLC(d): | ||||||||||||
5.00%, 01/31/28 | 89 | 92,505 | ||||||||||
4.75%, 01/15/30 | 236 | 237,168 | ||||||||||
|
| |||||||||||
2,382,633 | ||||||||||||
Insurance — 0.3% | ||||||||||||
Alliant Holdings Intermediate LLC/Alliant HoldingsCo-Issuer, 6.75%, 10/15/27(d) | 705 | 745,537 | ||||||||||
Assicurazioni Generali SpA(3 mo. EURIBOR + 5.35%), 5.50%, 10/27/47(f) | EUR | 100 | 132,602 | |||||||||
HUB International Ltd., 7.00%, 05/01/26(d) | USD | 826 | 846,650 | |||||||||
|
| |||||||||||
1,724,789 | ||||||||||||
Interactive Media & Services — 0.2% | ||||||||||||
Netflix, Inc.: | ||||||||||||
4.88%, 04/15/28 | 213 | 218,171 | ||||||||||
5.88%, 11/15/28 | 36 | 39,330 | ||||||||||
3.88%, 11/15/29 | EUR | 149 | 171,556 | |||||||||
3.63%, 06/15/30 | 100 | 111,554 | ||||||||||
4.88%, 06/15/30(d) | USD | 364 | 366,730 | |||||||||
Uber Technologies, Inc.(d): | ||||||||||||
7.50%, 11/01/23 | 241 | 248,230 |
Security | Par (000) | Value | ||||||||||
Interactive Media & Services (continued) | ||||||||||||
7.50%, 09/15/27 | USD | 255 | $ | 252,769 | ||||||||
|
| |||||||||||
1,408,340 | ||||||||||||
IT Services — 0.4% | ||||||||||||
Banff Merger Sub, Inc., 9.75%, 09/01/26(d) | 1,525 | 1,429,306 | ||||||||||
Camelot Finance SA, 4.50%, 11/01/26(d) | 487 | 496,230 | ||||||||||
Harland Clarke Holdings Corp., | 712 | 534,000 | ||||||||||
Xerox Corp., 4.80%, 03/01/35 | 181 | 162,900 | ||||||||||
|
| |||||||||||
2,622,436 | ||||||||||||
Leisure Products — 0.0% | ||||||||||||
Mattel, Inc., 5.88%, 12/15/27(d) | 152 | 153,915 | ||||||||||
|
| |||||||||||
Machinery — 0.2% | ||||||||||||
Colfax Corp., 6.38%, 02/15/26(d) | 226 | 244,080 | ||||||||||
Platin 1426 GmbH, 5.38%, 06/15/23 | EUR | 100 | 106,610 | |||||||||
RBS Global, Inc./Rexnord LLC, | USD | 205 | 210,638 | |||||||||
SPX FLOW, Inc., 5.88%, 08/15/26(d) | 209 | 219,711 | ||||||||||
Titan Acquisition Ltd./TitanCo-Borrower LLC, 7.75%, 04/15/26(d) | 699 | 660,555 | ||||||||||
|
| |||||||||||
1,441,594 | ||||||||||||
Media — 3.2% | ||||||||||||
Altice Financing SA(d): | ||||||||||||
6.63%, 02/15/23 | 1,051 | 1,074,647 | ||||||||||
7.50%, 05/15/26 | 408 | 433,990 | ||||||||||
Altice France SA: | ||||||||||||
7.38%, 05/01/26(d) | 1,139 | 1,215,882 | ||||||||||
5.88%, 02/01/27 | EUR | 100 | 122,586 | |||||||||
8.13%, 02/01/27(d) | USD | 534 | 591,405 | |||||||||
5.50%, 01/15/28(d) | 726 | 733,260 | ||||||||||
Altice Luxembourg SA: | ||||||||||||
7.63%, 02/15/25(d) | 530 | 551,862 | ||||||||||
8.00%, 05/15/27 | EUR | 100 | 122,096 | |||||||||
10.50%, 05/15/27(d) | USD | 1,361 | 1,543,374 | |||||||||
AMC Networks, Inc., 4.75%, 08/01/25 | 121 | 120,093 | ||||||||||
CCO Holdings LLC/CCO Holdings | ||||||||||||
5.13%, 05/01/27 | 890 | 943,400 | ||||||||||
5.00%, 02/01/28 | 84 | 88,410 | ||||||||||
5.38%, 06/01/29 | 956 | 1,024,115 | ||||||||||
4.75%, 03/01/30 | 545 | 559,987 | ||||||||||
Clear Channel Worldwide Holdings, Inc.(d): | ||||||||||||
9.25%, 02/15/24 | 807 | 888,951 | ||||||||||
5.13%, 08/15/27 | 1,341 | 1,394,640 | ||||||||||
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26(d) | 1,065 | 1,092,956 |
5 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Media (continued) | ||||||||||||
CSC Holdings LLC: | ||||||||||||
5.25%, 06/01/24 | USD | 344 | $ | 369,800 | ||||||||
10.88%, 10/15/25(d) | 1,357 | 1,526,625 | ||||||||||
5.75%, 01/15/30(d) | 544 | 573,240 | ||||||||||
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26(d) | 368 | 373,520 | ||||||||||
DISH DBS Corp., 5.88%, 07/15/22 | 674 | 704,330 | ||||||||||
eircom Finance DAC, 3.50%, 05/15/26 | EUR | 100 | 115,030 | |||||||||
Entertainment One Ltd., 4.63%, 07/15/26 | GBP | 100 | 140,063 | |||||||||
Hughes Satellite Systems Corp., | USD | 105 | 113,925 | |||||||||
iHeartCommunications, Inc.: | ||||||||||||
6.38%, 05/01/26 | 124 | 133,428 | ||||||||||
5.25%, 08/15/27(d) | 15 | 15,412 | ||||||||||
4.75%, 01/15/28(d) | 122 | 122,769 | ||||||||||
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(d) | 200 | 206,250 | ||||||||||
Live Nation Entertainment, Inc., | 33 | 33,990 | ||||||||||
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 02/15/25(d) | 252 | 254,520 | ||||||||||
SES SA(5 year EUR Swap + 5.40%), | EUR | 100 | 122,713 | |||||||||
Sirius XM Radio, Inc., 5.50%, 07/01/29(d) | USD | 198 | 212,602 | |||||||||
Telesat Canada/Telesat LLC, | 235 | 238,819 | ||||||||||
Univision Communications, Inc.(d): | ||||||||||||
5.13%, 05/15/23 | 22 | 21,698 | ||||||||||
5.13%, 02/15/25 | 166 | 159,982 | ||||||||||
Virgin Media Finance PLC, | 456 | 469,680 | ||||||||||
Virgin Media Secured Finance PLC, | GBP | 100 | 131,917 | |||||||||
WMG Acquisition Corp., 4.13%, 11/01/24 | EUR | 90 | 102,241 | |||||||||
Ziggo Bond Co. BV, 6.00%, 01/15/27(d) | USD | 309 | 324,143 | |||||||||
Ziggo BV(d): | ||||||||||||
5.50%, 01/15/27 | 188 | 199,054 | ||||||||||
4.88%, 01/15/30 | 200 | 205,000 | ||||||||||
|
| |||||||||||
19,372,405 | ||||||||||||
Metals & Mining — 0.7% | ||||||||||||
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25(d) | 317 | 326,954 | ||||||||||
Constellium SE(d): | ||||||||||||
6.63%, 03/01/25 | 300 | 312,006 | ||||||||||
5.88%, 02/15/26 | 1,176 | 1,225,245 | ||||||||||
Freeport-McMoRan, Inc., 5.45%, 03/15/43 | 1,397 | 1,341,120 |
Security | Par (000) | Value | ||||||||||
Metals & Mining (continued) | ||||||||||||
Grinding Media,Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(d) | USD | 309 | $ | 308,404 | ||||||||
Kaiser Aluminum Corp., 4.63%, 03/01/28(d) | 100 | 102,640 | ||||||||||
Novelis Corp., 5.88%, 09/30/26(d) | 251 | 262,922 | ||||||||||
thyssenkrupp AG, 2.88%, 02/22/24 | EUR | 64 | 71,874 | |||||||||
|
| |||||||||||
3,951,165 | ||||||||||||
Multiline Retail — 0.0% | ||||||||||||
Dufry One BV, 2.00%, 02/15/27 | 100 | 110,284 | ||||||||||
|
| |||||||||||
Oil, Gas & Consumable Fuels — 2.4% | ||||||||||||
Antero Resources Corp., 5.38%, 11/01/21 | USD | 117 | 108,079 | |||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22(d) | 324 | 311,040 | ||||||||||
Callon Petroleum Co., Series WI, | 42 | 39,165 | ||||||||||
Carrizo Oil & Gas, Inc.: | ||||||||||||
6.25%, 04/15/23 | 129 | 124,162 | ||||||||||
8.25%, 07/15/25 | 281 | 275,380 | ||||||||||
Cheniere Energy Partners LP: | ||||||||||||
5.63%, 10/01/26 | 283 | 297,852 | ||||||||||
4.50%, 10/01/29(d) | 450 | 452,385 | ||||||||||
Series WI, 5.25%, 10/01/25 | 12 | 12,360 | ||||||||||
Chesapeake Energy Corp.: | ||||||||||||
4.88%, 04/15/22 | 430 | 301,000 | ||||||||||
5.75%, 03/15/23 | 72 | 43,740 | ||||||||||
7.00%, 10/01/24 | 142 | 72,420 | ||||||||||
CNX Resources Corp., 5.88%, 04/15/22 | 374 | 362,780 | ||||||||||
Comstock Resources, Inc., 9.75%, 08/15/26 | 97 | 80,025 | ||||||||||
CONSOL Energy, Inc., 11.00%, 11/15/25(d) | 555 | 471,750 | ||||||||||
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25(d) | 221 | 171,275 | ||||||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.63%, 05/01/27(d) | 365 | 352,216 | ||||||||||
CrownRock LP/CrownRock Finance, Inc., | 625 | 617,578 | ||||||||||
DCP Midstream Operating LP: | ||||||||||||
5.38%, 07/15/25 | 22 | 23,430 | ||||||||||
5.13%, 05/15/29 | 118 | 119,770 | ||||||||||
6.45%, 11/03/36(d) | 250 | 260,000 | ||||||||||
6.75%, 09/15/37(d) | 226 | 232,780 | ||||||||||
eG Global Finance PLC: | ||||||||||||
6.75%, 02/07/25(d) | 303 | 299,212 | ||||||||||
6.25%, 10/30/25 | EUR | 142 | 164,028 | |||||||||
Endeavor Energy Resources LP/EER Finance, Inc.(d): | ||||||||||||
5.50%, 01/30/26 | USD | 368 | 376,280 | |||||||||
5.75%, 01/30/28 | 338 | 353,771 |
6 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||
EnLink Midstream Partners LP: | ||||||||||||
4.40%, 04/01/24 | USD | 136 | $ | 125,120 | ||||||||
4.85%, 07/15/26 | 42 | 37,130 | ||||||||||
5.60%, 04/01/44 | 249 | 174,300 | ||||||||||
5.05%, 04/01/45 | 157 | 106,760 | ||||||||||
5.45%, 06/01/47 | 5 | 3,500 | ||||||||||
Extraction Oil & Gas, Inc.(d): | ||||||||||||
7.38%, 05/15/24 | 397 | 179,642 | ||||||||||
5.63%, 02/01/26 | 133 | 61,180 | ||||||||||
Matador Resources Co., 5.88%, 09/15/26 | 361 | 356,495 | ||||||||||
MEG Energy Corp.(d): | ||||||||||||
6.38%, 01/30/23 | 147 | 144,060 | ||||||||||
7.00%, 03/31/24 | 73 | 71,586 | ||||||||||
6.50%, 01/15/25 | 600 | 623,664 | ||||||||||
Murphy Oil Corp.: | ||||||||||||
5.75%, 08/15/25 | 105 | 107,492 | ||||||||||
5.88%, 12/01/27 | 100 | 100,521 | ||||||||||
Nabors Industries, Inc., 4.63%, 09/15/21 | 447 | 424,650 | ||||||||||
Neptune Energy Bondco PLC, 6.63%, 05/15/25(d) | 200 | 199,260 | ||||||||||
NGPL PipeCo LLC, 7.77%, 12/15/37(d) | 186 | 237,645 | ||||||||||
Noble Holding International Ltd., 7.75%, 01/15/24 | 20 | 10,200 | ||||||||||
NuStar Logistics LP, 6.00%, 06/01/26 | 124 | 132,680 | ||||||||||
Parsley Energy LLC/Parsley Finance Corp.(d): | ||||||||||||
6.25%, 06/01/24 | 132 | 136,950 | ||||||||||
5.63%, 10/15/27 | 477 | 493,099 | ||||||||||
PDC Energy, Inc.: | ||||||||||||
6.13%, 09/15/24 | 66 | 65,670 | ||||||||||
5.75%, 05/15/26 | 9 | 8,496 | ||||||||||
QEP Resources, Inc.: | ||||||||||||
5.38%, 10/01/22 | 675 | 659,812 | ||||||||||
5.25%, 05/01/23 | 165 | 156,750 | ||||||||||
5.63%, 03/01/26 | 117 | 106,172 | ||||||||||
Range Resources Corp.: | ||||||||||||
5.88%, 07/01/22 | 181 | 174,212 | ||||||||||
5.00%, 08/15/22 | 80 | 75,800 | ||||||||||
Rowan Cos., Inc., 4.88%, 06/01/22 | 599 | 368,385 | ||||||||||
SM Energy Co.: | ||||||||||||
6.13%, 11/15/22 | 101 | 98,475 | ||||||||||
5.00%, 01/15/24 | 453 | 416,760 | ||||||||||
5.63%, 06/01/25 | 29 | 26,390 | ||||||||||
6.75%, 09/15/26 | 44 | 40,040 | ||||||||||
6.63%, 01/15/27 | 39 | 35,490 | ||||||||||
Southwestern Energy Co.: | ||||||||||||
6.20%, 01/23/25 | 195 | 169,654 | ||||||||||
7.75%, 10/01/27 | 71 | 61,681 | ||||||||||
SRC Energy, Inc., 6.25%, 12/01/25 | 29 | 28,348 | ||||||||||
Sunoco LP/Sunoco Finance Corp., : | ||||||||||||
5.50%, 02/15/26 | 57 | 58,924 | ||||||||||
5.88%, 03/15/28 | 151 | 158,550 |
Security | Par (000) | Value | ||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(d): | ||||||||||||
5.50%, 09/15/24 | USD | 62 | $ | 60,372 | ||||||||
5.50%, 01/15/28 | 40 | 37,001 | ||||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp.: | ||||||||||||
5.13%, 02/01/25 | 75 | 77,055 | ||||||||||
5.38%, 02/01/27 | 17 | 17,298 | ||||||||||
6.50%, 07/15/27(d) | 165 | 175,983 | ||||||||||
6.88%, 01/15/29(d) | 368 | 397,440 | ||||||||||
5.50%, 03/01/30(d) | 255 | 255,714 | ||||||||||
Transocean, Inc.: | ||||||||||||
8.38%, 12/15/21 | 99 | 100,361 | ||||||||||
9.00%, 07/15/23(d) | 558 | 569,327 | ||||||||||
Viper Energy Partners LP, 5.38%, 11/01/27(d) | 88 | 91,516 | ||||||||||
WPX Energy, Inc., 8.25%, 08/01/23 | 261 | 293,051 | ||||||||||
|
| |||||||||||
14,433,139 | ||||||||||||
Paper & Forest Products — 0.0% | ||||||||||||
International Paper Co., 7.30%, 11/15/39 | 5 | 6,955 | ||||||||||
|
| |||||||||||
Pharmaceuticals — 0.4% | ||||||||||||
Bausch Health Americas, Inc., | 173 | 195,922 | ||||||||||
Bausch Health Cos., Inc.: | ||||||||||||
4.50%, 05/15/23 | EUR | 340 | 379,295 | |||||||||
6.13%, 04/15/25(d) | USD | 3 | 3,120 | |||||||||
9.00%, 12/15/25(d) | 382 | 430,705 | ||||||||||
7.00%, 01/15/28(d) | 337 | 369,236 | ||||||||||
Catalent Pharma Solutions, Inc., | 251 | 260,412 | ||||||||||
Charles River Laboratories International, Inc., 4.25%, 05/01/28(d) | 103 | 103,773 | ||||||||||
Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 05/15/22(d)(e) | 114 | 115,425 | ||||||||||
Elanco Animal Health, Inc., 4.90%, 08/28/28 | 236 | 255,190 | ||||||||||
MEDNAX, Inc., 5.25%, 12/01/23(d) | 122 | 124,745 | ||||||||||
Nidda Healthcare Holding GmbH, Series NOV, 3.50%, 09/30/24 | EUR | 100 | 112,934 | |||||||||
Rossini Sarl, 6.75%, 10/30/25 | 168 | 205,695 | ||||||||||
Synlab Unsecured Bondco PLC, | 100 | 115,105 | ||||||||||
|
| |||||||||||
2,671,557 | ||||||||||||
Professional Services — 0.2% | ||||||||||||
ASGN, Inc., 4.63%, 05/15/28(d) | USD | 231 | 232,155 | |||||||||
Dun & Bradstreet Corp.(d): | ||||||||||||
6.88%, 08/15/26 | 410 | 446,900 |
7 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Professional Services (continued) | ||||||||||||
10.25%, 02/15/27 | USD | 600 | $ | 669,000 | ||||||||
|
| |||||||||||
1,348,055 | ||||||||||||
Real Estate Management & Development — 0.1% | ||||||||||||
Greystar Real Estate Partners LLC, | 218 | 226,539 | ||||||||||
Unique Pub Finance Co. PLC, Series A4, | GBP | 51 | 75,633 | |||||||||
|
| |||||||||||
302,172 | ||||||||||||
Road & Rail — 0.2% | ||||||||||||
Herc Holdings, Inc., 5.50%, 07/15/27(d) | USD | 274 | 286,672 | |||||||||
Hertz Corp.(d): | ||||||||||||
7.63%, 06/01/22 | 133 | 138,320 | ||||||||||
6.00%, 01/15/28 | 235 | 233,557 | ||||||||||
United Rentals North America, Inc.: | ||||||||||||
5.50%, 07/15/25 | 2 | 2,083 | ||||||||||
5.50%, 05/15/27 | 324 | 345,870 | ||||||||||
|
| |||||||||||
1,006,502 | ||||||||||||
Semiconductors & Semiconductor Equipment — 0.0% | ||||||||||||
Sensata Technologies BV, 5.00%, 10/01/25(d) | 47 | 50,878 | ||||||||||
|
| |||||||||||
Software — 0.9% | ||||||||||||
CDK Global, Inc., 5.25%, 05/15/29(d) | 105 | 111,316 | ||||||||||
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho, 10.00%, 11/30/24(d) | 287 | 308,884 | ||||||||||
Infor US, Inc., 6.50%, 05/15/22 | 861 | 877,187 | ||||||||||
MSCI, Inc., 4.00%, 11/15/29(d) | 58 | 58,290 | ||||||||||
Outfront Media Capital LLC/Outfront Media Capital Corp., 4.63%, 03/15/30(d) | 142 | 143,332 | ||||||||||
RP Crown Parent LLC, 7.38%, 10/15/24(d) | 602 | 623,070 | ||||||||||
Solera LLC/Solera Finance, Inc., | 981 | 1,021,466 | ||||||||||
SS&C Technologies, Inc., 5.50%, 09/30/27(d) | 1,067 | 1,141,637 | ||||||||||
TIBCO Software, Inc., 11.38%, 12/01/21(d) | 871 | 899,307 | ||||||||||
|
| |||||||||||
5,184,489 | ||||||||||||
Specialty Retail — 0.1% | ||||||||||||
IAA, Inc., 5.50%, 06/15/27(d) | 367 | 385,939 | ||||||||||
PetSmart, Inc., 7.13%, 03/15/23(d) | 115 | 103,500 |
Security | Par (000) | Value | ||||||||||
Specialty Retail (continued) | ||||||||||||
Staples, Inc., 7.50%, 04/15/26(d) | USD | 114 | $ | 119,273 | ||||||||
|
| |||||||||||
608,712 | ||||||||||||
Technology Hardware, Storage & Peripherals — 0.1% | ||||||||||||
NCR Corp.(d): | ||||||||||||
5.75%, 09/01/27 | 92 | 95,280 | ||||||||||
6.13%, 09/01/29 | 208 | 219,440 | ||||||||||
Western Digital Corp., 4.75%, 02/15/26 | 306 | 315,180 | ||||||||||
|
| |||||||||||
629,900 | ||||||||||||
Thrifts & Mortgage Finance — 0.1% | ||||||||||||
Nationstar Mortgage Holdings, Inc.(d): | ||||||||||||
8.13%, 07/15/23 | 174 | 186,180 | ||||||||||
9.13%, 07/15/26 | 139 | 153,595 | ||||||||||
|
| |||||||||||
339,775 | ||||||||||||
Utilities — 0.0% | ||||||||||||
Vistra Operations Co. LLC, | 99 | 103,970 | ||||||||||
|
| |||||||||||
Wireless Telecommunication Services — 0.5% | ||||||||||||
Sprint Capital Corp.: | ||||||||||||
6.88%, 11/15/28 | 187 | 199,392 | ||||||||||
8.75%, 03/15/32 | 393 | 468,652 | ||||||||||
Sprint Corp.: | ||||||||||||
7.88%, 09/15/23 | 424 | 466,135 | ||||||||||
7.13%, 06/15/24 | 117 | 126,068 | ||||||||||
7.63%, 02/15/25 | 89 | 97,482 | ||||||||||
7.63%, 03/01/26 | 58 | 63,290 | ||||||||||
VICI Properties LP/VICI Note Co., Inc.(d): | ||||||||||||
4.25%, 12/01/26 | 962 | 981,240 | ||||||||||
4.63%, 12/01/29 | 683 | 704,275 | ||||||||||
|
| |||||||||||
3,106,534 | ||||||||||||
|
| |||||||||||
Total Corporate Bonds — 20.8% |
| 124,542,847 | ||||||||||
|
| |||||||||||
Floating Rate Loan Interests(h) — 118.9% |
| |||||||||||
Aerospace & Defense — 2.5% | ||||||||||||
1199169 B.C. Unlimited Liability Co., 2019 Term Loan B2, 04/06/26(j) | 2,195 | 2,201,610 | ||||||||||
Atlantic Aviation FBO, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), | 1,365 | 1,374,923 | ||||||||||
Bleriot US Bidco, Inc., Term Loan B, (3 mo. LIBOR + 4.75%), 6.61%, 10/31/26 | 1,307 | 1,311,497 |
8 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Aerospace & Defense (continued) | ||||||||||||
Dynasty Acquisition Co., Inc., 2019 Term Loan B1, 04/06/26(j) | USD | 4,083 | $ | 4,094,994 | ||||||||
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 7.88%, 04/09/26(a) | 788 | 782,130 | ||||||||||
TransDigm, Inc.: | ||||||||||||
2018 Term Loan F, (1 mo. LIBOR + 2.50%), 4.20%, 06/09/23 | 4,514 | 4,514,321 | ||||||||||
2018 Term Loan G, 08/22/24(j) | 549 | 548,596 | ||||||||||
|
| |||||||||||
14,828,071 | ||||||||||||
Air Freight & Logistics — 0.9% | ||||||||||||
Avolon TLB Borrower 1 (US) LLC, Term Loan B3, (1 mo. LIBOR + 1.75%), 3.47%, 01/15/25 | 1,980 | 1,987,269 | ||||||||||
WestJet Airlines Ltd., Term Loan B, | 3,671 | 3,689,869 | ||||||||||
|
| |||||||||||
5,677,138 | ||||||||||||
Airlines — 0.9% | ||||||||||||
Allegiant Travel Co., Term Loan B, (3 mo. LIBOR + 4.50%), 6.39%, 02/05/24 | 1,772 | 1,777,158 | ||||||||||
American Airlines, Inc.: | ||||||||||||
2017 Incremental Term Loan, (1 mo. LIBOR + 2.00%), 3.77%, 12/14/23 | 2,125 | 2,124,674 | ||||||||||
Repriced TL B due 2023, (1 mo. LIBOR + 2.00%), 3.70%, 04/28/23 | 1,257 | 1,256,722 | ||||||||||
|
| |||||||||||
5,158,554 | ||||||||||||
Auto Components — 2.3% | ||||||||||||
Panther BF Aggregator 2 LP, USD Term Loan B, (1 mo. LIBOR + 3.50%), 5.20%, 04/30/26 | 7,572 | 7,567,305 | ||||||||||
USI, Inc.(j): | ||||||||||||
2017 Repriced Term Loan, 05/16/24 | 4,450 | 4,389,616 | ||||||||||
2019 Incremental Term Loan B, 12/02/26 | 253 | 252,578 |
Security | Par (000) | Value | ||||||||||
Auto Components (continued) | ||||||||||||
Wand NewCo 3, Inc., 2019 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.20%, 02/05/26 | USD | 1,689 | $ | 1,694,256 | ||||||||
|
| |||||||||||
13,903,755 | ||||||||||||
Banks — 0.7% | ||||||||||||
Capri Finance LLC, 2017 1st Lien Term Loan, 11/01/24(j) | 4,074 | 3,971,290 | ||||||||||
|
| |||||||||||
Building Materials — 1.0% | ||||||||||||
Allied Universal Holdco LLC, 2019 Term Loan B, (6 mo. LIBOR + 4.25%), 6.51%, 07/10/26 | 5,808 | 5,782,424 | ||||||||||
|
| |||||||||||
5,782,424 | ||||||||||||
Building Products — 1.0% | ||||||||||||
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 5.93%, 05/05/24 | 1,425 | 1,406,531 | ||||||||||
LSF10 XL Bidco SCA, EUR Term Loan B3, (EURIBOR + 4.00%), 4.00%, 10/31/26 | EUR | 1,000 | 1,069,782 | |||||||||
Wilsonart LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.36%, 12/19/23 | USD | 3,800 | 3,755,818 | |||||||||
|
| |||||||||||
6,232,131 | ||||||||||||
Capital Markets — 2.3% | ||||||||||||
Duff & Phelps Corp., 2017 Term Loan B, 02/13/25(j) | 4,024 | 3,968,041 | ||||||||||
Fortress Investment Group LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.70%, 12/27/22 | 1,250 | 1,253,052 | ||||||||||
Greenhill & Co., Inc., Term Loan B, | 1,763 | 1,701,102 | ||||||||||
Jefferies Finance LLC, 2019 Term Loan, (3 mo. LIBOR + 3.75%), 5.56%, 06/03/26 | 1,548 | 1,531,354 | ||||||||||
RPI Finance Trust, Term Loan B6, (1 mo. LIBOR + 2.00%), 3.70%, 03/27/23 | 1,933 | 1,943,998 | ||||||||||
Travelport Finance (Luxembourg) Sarl: | ||||||||||||
2019 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%), 11.10%, 05/28/27(a) | 1,370 | 1,150,800 |
9 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Capital Markets (continued) | ||||||||||||
2019 Term Loan, (3 mo. LIBOR + 5.00%), 7.10%, 05/29/26 | USD | 2,170 | $ | 1,974,668 | ||||||||
|
| |||||||||||
13,523,015 | ||||||||||||
Chemicals — 4.1% | ||||||||||||
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.10%, 01/31/24 | 3,856 | 3,806,532 | ||||||||||
Axalta Coating Systems US Holdings, Inc., Term Loan, (3 mo. LIBOR + 1.75%), 3.85%, 06/01/24 | 968 | 968,385 | ||||||||||
Charter NEX US Holdings, Inc., 2017 Term Loan B, 05/16/24(j) | 3,435 | 3,391,832 | ||||||||||
Charter NEX US, Inc., Incremental Term Loan, (1 mo. LIBOR + 3.50%), 5.20%, 05/16/24 | 873 | 872,629 | ||||||||||
Chemours Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.46%, 04/03/25 | 1,148 | 1,086,808 | ||||||||||
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.60%, 06/28/24 | 648 | 647,153 | ||||||||||
Encapsys LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.20%, 11/07/24 | 1,286 | 1,288,124 | ||||||||||
Invictus US LLC: | ||||||||||||
1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 4.93%, 03/28/25 | 1,902 | 1,878,953 | ||||||||||
2nd Lien Term Loan, (3 mo. LIBOR + 6.75%), 8.68%, 03/30/26 | 390 | 361,401 | ||||||||||
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 4.60%, 03/01/26 | 3,336 | 3,342,905 | ||||||||||
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 4.96%, 05/15/24 | 928 | 915,504 | ||||||||||
Oxea Holding Drei GmbH, 2017 Term Loan B2, (3 mo. LIBOR + 3.50%), 5.56%, 10/14/24 | 2,431 | 2,429,859 | ||||||||||
Plaskolite LLC, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.97%, 12/15/25 | 997 | 919,701 | ||||||||||
PQ Corp., 2018 Term Loan B, (3 mo. LIBOR + 2.50%), 4.43%, 02/08/25 | 2,197 | 2,201,393 |
Security | Par (000) | Value | ||||||||||
Chemicals (continued) | ||||||||||||
Tata Chemicals North America, Inc., Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 4.88%, 08/07/20 | USD | 526 | $ | 523,728 | ||||||||
|
| |||||||||||
24,634,907 | ||||||||||||
Commercial Services & Supplies — 5.1% | ||||||||||||
Advanced Disposal Services, Inc., Term Loan B3, (1 Week LIBOR + 2.25%), 3.85%, 11/10/23 | 1,852 | 1,855,009 | ||||||||||
Asurion LLC: | ||||||||||||
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 8.20%, 08/04/25 | 2,164 | 2,179,559 | ||||||||||
2017 Term Loan B4, (1 mo. LIBOR + 3.00%), 4.70%, 08/04/22 | 1,503 | 1,505,031 | ||||||||||
2018 Term Loan B6, (1 mo. LIBOR + 3.00%), 4.70%, 11/03/23 | 1,638 | 1,638,789 | ||||||||||
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 4.70%, 11/03/24 | 1,940 | 1,941,604 | ||||||||||
Creative Artists Agency LLC, 2019 Term Loan B, 11/27/26(j) | 3,980 | 3,978,328 | ||||||||||
Diamond (BC) BV, Term Loan, 09/06/24(j) | 2,906 | 2,756,675 | ||||||||||
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 5.85%, 05/09/25 | 483 | 453,108 | ||||||||||
GFL Environmental, Inc., 2018 USD Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.70%, 05/30/25 | 1,800 | 1,779,643 | ||||||||||
Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75%, 1.00% Floor), 6.85%, 11/03/23 | 550 | 417,162 | ||||||||||
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 4.00%, 09/19/26 | 728 | 731,982 | ||||||||||
Prime Security Services Borrower LLC, 2019 Term Loan B1, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.03%, 09/23/26 | 1,870 | 1,848,919 | ||||||||||
US Ecology, Inc., Term Loan B, 08/14/26(a)(j) | 468 | 470,925 | ||||||||||
Verscend Holding Corp., 2018 Term Loan B, (1 mo. LIBOR + 4.50%), 6.20%, 08/27/25 | 6,139 | 6,143,386 | ||||||||||
West Corp.: | ||||||||||||
2017 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.93%, 10/10/24 | 2,147 | 1,731,072 |
10 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Commercial Services & Supplies (continued) | ||||||||||||
2018 Term Loan B1, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.20%, 10/10/24 | USD | 1,422 | $ | 1,126,935 | ||||||||
|
| |||||||||||
30,558,127 | ||||||||||||
Communications Equipment — 0.5% | ||||||||||||
Avantor, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.70%, 11/21/24 | 1,873 | 1,886,120 | ||||||||||
Ciena Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.72%, 09/26/25 | 1,262 | 1,264,783 | ||||||||||
|
| |||||||||||
3,150,903 | ||||||||||||
Construction & Engineering — 1.2% | ||||||||||||
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 6.18%, 06/21/24 | 3,296 | 3,222,689 | ||||||||||
Ply Gem Midco, Inc., 2018 Term Loan, (1 mo. LIBOR + 3.75%), 5.51%, 04/12/25 | 530 | 522,354 | ||||||||||
SRS Distribution, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.95%, 05/23/25 | 2,296 | 2,253,041 | ||||||||||
USIC Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.95%, 12/08/23 | 1,020 | 1,006,234 | ||||||||||
|
| |||||||||||
7,004,318 | ||||||||||||
Construction Materials — 2.4% | ||||||||||||
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 3.70%, 01/15/27 | 3,773 | 3,764,865 | ||||||||||
Core & Main LP, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.88%, 08/01/24 | 4,855 | 4,784,766 | ||||||||||
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.70%, 03/29/25 | 3,579 | 3,584,132 | ||||||||||
Forterra Finance LLC, 2017 Term Loan B, 10/25/23(j) | 955 | 917,201 | ||||||||||
Foundation Building Materials LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.70%, 08/13/25(a) | 688 | 690,654 | ||||||||||
Tamko Building Products, Inc., Term Loan B, (3 mo. LIBOR + 3.25%), | 838 | 841,533 | ||||||||||
|
| |||||||||||
14,583,151 | ||||||||||||
Containers & Packaging — 2.5% | ||||||||||||
Berry Global, Inc.: | ||||||||||||
Term Loan W, (3 mo. LIBOR + 2.00%), 3.76%, 10/01/22 | 5,590 | 5,605,746 |
Security | Par (000) | Value | ||||||||||
Containers & Packaging (continued) | ||||||||||||
USD Term Loan U, (1 mo. LIBOR + 2.50%), 4.26%, 07/01/26 | USD | 2,823 | $ | 2,834,386 | ||||||||
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.23%, 04/03/24 | 2,594 | 2,541,164 | ||||||||||
Flex Acquisition Co., Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.10%, 12/29/23 | 3,050 | 2,955,715 | ||||||||||
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 5.70%, 07/31/26 | 959 | 938,621 | ||||||||||
|
| |||||||||||
14,875,632 | ||||||||||||
Distributors — 0.4% | ||||||||||||
TriMark USA LLC, 2017 1st Lien Term Loan, (6 mo. LIBOR + 3.50%), 5.70%, 08/28/24 | 3,312 | 2,639,892 | ||||||||||
|
| |||||||||||
Diversified Consumer Services — 3.9% | ||||||||||||
Ascend Learning LLC, 2017 Term Loan B, 07/12/24(j) | 1,211 | 1,210,500 | ||||||||||
BidFair MergerRight, Inc., Term Loan B, 01/15/27(j) | 2,860 | 2,781,771 | ||||||||||
Bright Horizons Family Solutions, Inc., 2017 Term Loan B, (1 mo. LIBOR + 1.75%), 3.45%, 11/07/23 | 2,039 | 2,040,630 | ||||||||||
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.45%, 07/12/25 | 1,987 | 1,912,478 | ||||||||||
J.D. Power and Associates, 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.45%, 09/07/23 | 1,935 | 1,935,134 | ||||||||||
Nomad Foods Europe Midco Ltd., 2017 Term Loan B4, (1 mo. LIBOR + 2.25%), 4.02%, 05/15/24 | 1,132 | 1,132,439 | ||||||||||
Serta Simmons Bedding LLC, 1.00% Floor): | ||||||||||||
1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 5.27%, 11/08/23 | 1,113 | 649,076 | ||||||||||
2nd Lien Term Loan, (1 mo. LIBOR + 8.00%, 9.72%, 11/08/24 | 115 | 32,803 | ||||||||||
Spin Holdco, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.25%, 11/14/22 | 5,539 | 5,400,374 | ||||||||||
TruGreen LP, 2019 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.45%, 03/19/26 | 2,650 | 2,654,490 |
11 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Diversified Consumer Services (continued) | ||||||||||||
Uber Technologies, Inc., 2018 Incremental Term Loan, (1 mo. LIBOR + 3.50%), 5.20%, 07/13/23 | USD | 3,982 | $ | 3,879,790 | ||||||||
|
| |||||||||||
23,629,485 | ||||||||||||
Diversified Financial Services — 4.3% | ||||||||||||
Advisor Group, Inc., 2019 Term Loan, (1 mo. LIBOR + 5.00%), 6.70%, 07/31/26 | 2,330 | 2,212,778 | ||||||||||
AlixPartners LLP, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.45%, 04/04/24 | 5,067 | 5,086,859 | ||||||||||
Allsup’s Convenience Stores, Inc., Term Loan, 11/18/24(a)(j) | 1,241 | 1,206,641 | ||||||||||
Connect Finco Sarl, Term Loan B, | 11,764 | 11,702,239 | ||||||||||
CRCI Longhorn Holdings, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.28%, 08/08/25(a) | 410 | 387,574 | ||||||||||
EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 6.10%, 02/07/25 | 1,349 | 1,311,652 | ||||||||||
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.20%, 07/03/24 | 1,509 | 1,507,467 | ||||||||||
LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.20%, 09/06/25 | 627 | 533,139 | ||||||||||
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 5.70%, 07/30/25 | 1,239 | 1,227,397 | ||||||||||
Starwood Property Trust, Inc., 2019 Term Loan B, (1 mo. LIBOR + 2.50%), 4.20%, 07/27/26(a) | 697 | 699,614 | ||||||||||
|
| |||||||||||
25,875,360 | ||||||||||||
Diversified Telecommunication Services — 2.0% | ||||||||||||
CenturyLink, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.45%, 01/31/25 | 1,896 | 1,894,568 | ||||||||||
Hargray Communications Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.70%, 05/16/24 | 1,338 | 1,335,281 | ||||||||||
Iridium Satellite LLC, Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.45%, 10/17/26 | 1,303 | 1,315,222 | ||||||||||
Level 3 Financing, Inc., 2019 Term Loan B, 03/01/27(j) | 1,676 | 1,675,321 | ||||||||||
MTN Infrastructure TopCo, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.70%, 11/15/24 | 1,805 | 1,797,754 |
Security | Par (000) | Value | ||||||||||
Diversified Telecommunication Services (continued) | ||||||||||||
Telenet Financing USD LLC, Term Loan AN, (1 mo. LIBOR + 2.25%), 4.02%, 08/15/26 | USD | 1,568 | $ | 1,566,624 | ||||||||
Telesat Canada, Term Loan B4, (3 mo. LIBOR + 2.50%), 4.61%, 11/17/23 | 660 | 660,214 | ||||||||||
Virgin Media Investment Holdings Ltd., Term Loan L, (LIBOR—GBP + 3.25%), 3.96%, 01/15/27 | GBP | 1,400 | 1,804,518 | |||||||||
|
| |||||||||||
12,049,502 | ||||||||||||
Electric Utilities — 0.3% | ||||||||||||
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Term Loan, 1.00%, 11/10/20(a)(b)(c) | USD | 2,375 | — | |||||||||
Vistra Energy Corp., 1st Lien Term Loan B3, (1 mo. LIBOR + 1.75%), 3.52%, 12/31/25 | 1,554 | 1,557,905 | ||||||||||
|
| |||||||||||
1,557,905 | ||||||||||||
Electrical Equipment — 1.0% | ||||||||||||
Dell International LLC, 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.71%, 09/19/25 | 1,965 | 1,974,724 | ||||||||||
Gates Global LLC, 2017 Repriced Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.45%, 04/01/24 | 4,259 | 4,244,290 | ||||||||||
|
| |||||||||||
6,219,014 | ||||||||||||
Energy Equipment & Services — 0.5% | ||||||||||||
GrafTech Finance, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.20%, 02/12/25(a) | 2,062 | 2,010,315 | ||||||||||
Pioneer Energy Services Corp., Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 9.45%, 11/08/22(a) | 770 | 739,200 | ||||||||||
|
| |||||||||||
2,749,515 | ||||||||||||
Equity Real Estate Investment Trusts (REITs) — 1.9% | ||||||||||||
Claros Mortgage Trust, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 5.01%, 08/10/26(a) | 1,853 | 1,853,000 | ||||||||||
Iron Mountain, Inc., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.45%, 01/02/26(a) | 1,338 | 1,327,563 | ||||||||||
MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, (1 mo. LIBOR + 2.00%), 3.70%, 03/21/25 | 3,000 | 3,006,355 |
12 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||||||
VICI Properties 1 LLC, Replacement Term Loan B, (1 mo. LIBOR + 2.00%), 3.72%, 12/20/24 | USD | 5,209 | $ | 5,224,613 | ||||||||
|
| |||||||||||
11,411,531 | ||||||||||||
Food & Staples Retailing — 1.6% | ||||||||||||
Albertsons LLC: | ||||||||||||
2019 Term Loan B7, (1 mo. LIBOR + 2.75%), 4.45%, 11/17/25 | 509 | 511,868 | ||||||||||
2019 Term Loan B8, (1 mo. LIBOR + 2.75%), 4.45%, 08/17/26 | 13 | 13,259 | ||||||||||
BCPE Empire Holdings, Inc.: | ||||||||||||
2019 Delayed Draw Term Loan, (1 mo. LIBOR + 4.00%), 5.70%, 06/11/26 | 240 | 30,223 | ||||||||||
2019 Term Loan B, (1 mo. LIBOR + 4.00%), 5.70%, 06/11/26 | 1,220 | 1,208,917 | ||||||||||
Hearthside Food Solutions LLC: | ||||||||||||
2018 Incremental Term Loan, (1 mo. LIBOR + 4.00%), 5.70%, 05/23/25 | 1,549 | 1,443,940 | ||||||||||
2018 Term Loan B, (1 mo. LIBOR + 3.68%), 5.39%, 05/23/25 | 693 | 641,538 | ||||||||||
US Foods, Inc.: | ||||||||||||
2016 Term Loan B, (1 mo. LIBOR + 2.00%), 3.70%, 06/27/23 | 3,049 | 3,051,912 | ||||||||||
2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.70%, 09/13/26 | 2,944 | 2,948,416 | ||||||||||
|
| |||||||||||
9,850,073 | ||||||||||||
Food Products — 2.4% | ||||||||||||
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.51%, 10/01/25 | 684 | 684,400 | ||||||||||
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.20%, 10/10/23 | 4,120 | 4,064,065 | ||||||||||
JBS USA LUX SA, 2019 Term Loan B, (1 mo. LIBOR + 2.50%), 4.20%, 05/01/26 | 2,534 | 2,544,022 | ||||||||||
Reynolds Group Holdings, Inc., 2017 Term Loan, (1 mo. LIBOR + 2.75%), 4.45%, 02/05/23 | 7,107 | 7,116,852 | ||||||||||
|
| |||||||||||
14,409,339 | ||||||||||||
Gas Utilities — 0.1% | ||||||||||||
AL Midcoast Holdings LLC, 2018 Term Loan B, (3 mo. LIBOR + 5.50%), 7.60%, 07/31/25 | 678 | 656,113 | ||||||||||
|
| |||||||||||
Health Care Equipment & Supplies — 1.8% | ||||||||||||
Immucor, Inc., Extended Term Loan B, 06/15/21(j) | 5,311 | 5,276,560 |
Security | Par (000) | Value | ||||||||||
Health Care Equipment & Supplies (continued) | ||||||||||||
Ortho-Clinical Diagnostics SA, 2018 Term Loan B, (3 mo. LIBOR + 3.25%), 5.31%, 06/30/25 | USD | 5,391 | $ | 5,314,501 | ||||||||
|
| |||||||||||
10,591,061 | ||||||||||||
Health Care Providers & Services — 6.7% | ||||||||||||
AHP Health Partners, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.20%, 06/30/25 | 848 | 848,619 | ||||||||||
CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.70%, 06/07/23 | 3,058 | 3,061,584 | ||||||||||
Concentra, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 2.50%), 4.54%, 06/01/22 | 910 | 909,772 | ||||||||||
DentalCorp Perfect Smile ULC, 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.45%, 06/06/25 | 922 | 899,610 | ||||||||||
Diplomat Pharmacy, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.21%, 12/20/24 | 969 | 843,239 | ||||||||||
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/10/25 | 2,600 | 2,037,904 | ||||||||||
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 6.63%, 03/05/26(a) | 730 | 700,963 | ||||||||||
Gentiva Health Services, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.50%, 07/02/25 | 2,712 | 2,720,550 | ||||||||||
HC Group Holdings II, Inc., Term Loan B, (1 mo. LIBOR + 4.50%), 6.20%, 08/06/26 | 1,460 | 1,432,012 | ||||||||||
HCA, Inc., Term Loan B12, (1 mo. LIBOR + 1.75%), 3.45%, 03/13/25 | 951 | 954,223 | ||||||||||
MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 4.85%, 06/07/23 | 2,821 | 2,694,575 | ||||||||||
nThrive, Inc., 2016 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.20%, 10/20/22 | 2,883 | 2,320,435 | ||||||||||
NVA Holdings, Inc., Term Loan B3, (PRIME + 1.75%), 6.50%, 02/02/25 | 2,239 | 2,237,053 | ||||||||||
Sotera Health Holdings LLC: | ||||||||||||
2017 Term Loan, 05/15/22(j) | 3,947 | 3,920,833 | ||||||||||
2019 Incremental Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.43%, 05/15/22 | 1,351 | 1,344,983 | ||||||||||
2019 Term Loan, 11/20/26(a)(j) | 11,283 | 11,254,650 |
13 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par | Value | ||||||||||
Health Care Providers & Services (continued) | ||||||||||||
Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.45%, 02/06/24 | USD | 1,103 | $ | 774,367 | ||||||||
Vizient, Inc., 2019 Term Loan B5, (1 mo. LIBOR + 2.75%), 4.45%, 05/06/26 | 988 | 988,635 | ||||||||||
|
| |||||||||||
39,944,007 | ||||||||||||
Health Care Services — 0.7% | ||||||||||||
Emerald TopCo., Inc., Term Loan, (1 mo. LIBOR + 3.50%), 5.20%, 07/24/26 | 2,074 | 2,063,257 | ||||||||||
WP CityMD Bidco LLC, 2019 Term Loan B, 08/13/26(j) | 2,209 | 2,186,910 | ||||||||||
|
| |||||||||||
4,250,167 | ||||||||||||
Health Care Technology — 1.9% | ||||||||||||
Athenahealth, Inc., 2019 Term Loan B, (3 mo. LIBOR + 4.50%), 6.40%, 02/11/26 | 5,816 | 5,803,203 | ||||||||||
Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.50%, 1.00% Floor), 4.20%, 03/01/24 | 4,125 | 4,121,971 | ||||||||||
GoodRx, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 4.50%, 10/10/25 | 1,069 | 1,066,706 | ||||||||||
Quintiles IMS, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 4.10%, 03/07/24 | 279 | 280,317 | ||||||||||
|
| |||||||||||
11,272,197 | ||||||||||||
Hotels, Restaurants & Leisure — 7.1% | ||||||||||||
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 3.45%, 11/19/26 | 3,865 | 3,863,252 | ||||||||||
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 5.46%, 02/02/26(a) | 502 | 504,555 | ||||||||||
Aristocrat Technologies, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 1.75%), 3.72%, 10/19/24 | 1,085 | 1,088,374 | ||||||||||
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.25%), 3.85%, 09/15/23 | 1,860 | 1,862,470 | ||||||||||
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 4.45%, 12/23/24 | 4,052 | 4,018,539 | ||||||||||
CCM Merger, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 3.95%, 08/08/21 | 608 | 607,439 | ||||||||||
Four Seasons Hotels Ltd., 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.70%, 11/30/23 | �� | 2,902 | 2,914,688 |
Security | Par | Value | ||||||||||
Hotels, Restaurants & Leisure (continued) | ||||||||||||
Golden Nugget LLC, 2017 Incremental Term Loan B, (3 mo. LIBOR + 2.75%), 4.72%, 10/04/23 | USD | 1,154 | $ | 1,153,597 | ||||||||
Hilton Worldwide Finance LLC, 2019 Term Loan B2, (1 mo. LIBOR + 1.75%), 3.46%, 06/22/26 | 3,440 | 3,454,908 | ||||||||||
IRB Holding Corp., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.19%, 02/05/25 | 4,297 | 4,295,253 | ||||||||||
KFC Holding Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.51%, 04/03/25 | 883 | 884,786 | ||||||||||
Penn National Gaming, Inc., 2018 1st Lien Term Loan B, (1 mo. LIBOR + 2.25%), 3.95%, 10/15/25 | 644 | 646,181 | ||||||||||
Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.45%, 04/29/24 | 1,441 | 1,403,640 | ||||||||||
Sabre GLBL, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.70%, 02/22/24 | 1,199 | 1,202,130 | ||||||||||
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 4.45%, 08/14/24 | 2,267 | 2,255,867 | ||||||||||
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 5.60%, 07/10/25 | 6,328 | 6,351,994 | ||||||||||
Station Casinos LLC, 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 4.21%, 06/08/23 | 3,310 | 3,314,482 | ||||||||||
Whatabrands LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 5.03%, 08/02/26 | 3,026 | 3,034,836 | ||||||||||
|
| |||||||||||
42,856,991 | ||||||||||||
Independent Power and Renewable Electricity Producers — 0.6% | ||||||||||||
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.20%, 01/15/25 | 496 | 496,741 | ||||||||||
Calpine Corp.: | ||||||||||||
2019 Term Loan B10, (1 mo. LIBOR + 2.50%), 4.20%, 08/12/26 | 1,075 | 1,077,741 | ||||||||||
Term Loan B9, (3 mo. LIBOR + 2.75%), 4.86%, 04/05/26 | 1,947 | 1,952,961 | ||||||||||
|
| |||||||||||
3,527,443 | ||||||||||||
Industrial Conglomerates — 1.7% | ||||||||||||
Cortes NP Acquisition Corp., 2017 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.93%, 11/30/23(a) | 5,789 | 5,651,191 | ||||||||||
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (2 mo. LIBOR + 5.00%, 1.00% Floor), 6.82%, 11/28/21 | 1,833 | 1,828,395 |
14 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Industrial Conglomerates (continued) | ||||||||||||
Sundyne US Purchaser, Inc., Term Loan, 05/15/26(j) | USD | 2,533 | $ | 2,531,041 | ||||||||
|
| |||||||||||
10,010,627 | ||||||||||||
Insurance — 4.0% | ||||||||||||
Alliant Holdings I, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.70%, 05/09/25 | 3,458 | 3,418,895 | ||||||||||
Alliant Holdings Intermediate LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 5.02%, 05/09/25 | 1,205 | 1,198,146 | ||||||||||
AmWINS Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.52%, 01/25/24 | 2,992 | 2,997,324 | ||||||||||
AssuredPartners, Inc., 2017 1st LienAdd-On Term Loan, (1 mo. LIBOR + 3.50%), 5.20%, 10/22/24 | 3,089 | 3,075,665 | ||||||||||
Davis Vision, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.70%, 12/02/24 | 678 | 669,451 | ||||||||||
Hub International Ltd.: | ||||||||||||
2018 Term Loan B, (3 mo. LIBOR + 2.75%), 4.65%, 04/25/25 | 2,565 | 2,527,784 | ||||||||||
2019 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 1,641.59% — 5.90%, 04/25/25 | 2,503 | 2,508,106 | ||||||||||
Sedgwick Claims Management Services, Inc.: | ||||||||||||
2019 Term Loan B, (1 mo. LIBOR + 4.00%), 5.70%, 09/03/26 | 2,104 | 2,098,660 | ||||||||||
Term Loan B, (1 mo. LIBOR + 3.25%), 4.95%, 12/31/25 | 5,770 | 5,663,321 | ||||||||||
|
| |||||||||||
24,157,352 | ||||||||||||
Interactive Media & Services — 0.7% | ||||||||||||
Ancestry.com Operations, Inc.,Non-Extended Term Loan B, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.46%, 10/19/23 | 1,555 | 1,496,688 | ||||||||||
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.90%, 11/03/23 | 1,543 | 1,444,643 | ||||||||||
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.45%, 05/06/24 | 1,359 | 1,272,793 | ||||||||||
|
| |||||||||||
4,214,124 | ||||||||||||
IT Services — 2.6% | ||||||||||||
Altran Technologies SA, 1st Lien Term Loan, (3 mo. LIBOR + 2.50%), 4.66%, 03/20/25 | 621 | 620,550 |
Security | Par (000) | Value | ||||||||||
IT Services (continued) | ||||||||||||
Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.25%), 4.95%, 10/31/26 | USD | 3,128 | $ | 3,137,384 | ||||||||
Epicor Software Corp., 1st Lien Term Loan, 06/01/22(j) | 3,011 | 3,011,189 | ||||||||||
Evertec Group LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 5.29%, 11/27/24 | 1,072 | 1,077,259 | ||||||||||
Flexential Intermediate Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 9.38%, 08/01/25 | 1,121 | 695,020 | ||||||||||
Greeneden US Holdings II LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 4.95%, 12/01/23 | 1,402 | 1,395,123 | ||||||||||
Trans Union LLC, 2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 3.45%, 11/16/26 | 3,335 | 3,336,664 | ||||||||||
WEX, Inc., Term Loan B3, (1 mo. LIBOR + 2.25%), 3.95%, 05/15/26 | 2,245 | 2,251,468 | ||||||||||
|
| |||||||||||
15,524,657 | ||||||||||||
Leisure Products — 0.1% | ||||||||||||
MND Holdings III Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.60%, 06/19/24(a) | 792 | 764,063 | ||||||||||
|
| |||||||||||
Life Sciences Tools & Services — 0.7% | ||||||||||||
Albany Molecular Research, Inc.: | ||||||||||||
2017 1st Lien Term Loan, 08/30/24(j) | 1,530 | 1,510,070 | ||||||||||
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 1.00% Floor), 8.70%, 08/30/25 | 75 | 74,578 | ||||||||||
eResearchTechnology, Inc., 2019 Term Loan, 11/20/26(j) | 2,482 | 2,463,385 | ||||||||||
|
| |||||||||||
4,048,033 | ||||||||||||
Machinery — 1.6% | ||||||||||||
Clark Equipment Company, 2019 Term Loan B, 05/18/24(j) | 550 | 549,903 | ||||||||||
Gardner Denver, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.45%, 07/30/24 | 2,307 | 2,314,029 | ||||||||||
Terex Corp., 2019 Term Loan B1, (2 mo. LIBOR + 2.75%), 4.59%, 01/31/24 | 387 | 388,344 | ||||||||||
Titan Acquisition Ltd., 2018 Term Loan B, 03/28/25(j) | 5,395 | 5,156,019 |
15 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Machinery (continued) | ||||||||||||
Welbilt, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.20%, 10/23/25(a) | USD | 1,166 | $ | 1,167,107 | ||||||||
|
| |||||||||||
9,575,402 | ||||||||||||
Media — 8.7% | ||||||||||||
Altice Financing SA: | ||||||||||||
2017 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 4.47%, 01/31/26 | 1,357 | 1,321,477 | ||||||||||
2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.52%, 07/15/25 | 255 | 248,306 | ||||||||||
Altice France SA, 2018 Term Loan B13, (1 mo. LIBOR + 4.00%), 5.77%, 08/14/26 | 2,033 | 2,015,668 | ||||||||||
Charter Communications Operating LLC, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 3.45%, 04/30/25 | 3,635 | 3,651,168 | ||||||||||
Clear Channel Outdoor Holdings, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), | 8,351 | 8,373,381 | ||||||||||
CSC Holdings LLC, 2019 Term Loan B5, (2 mo. LIBOR + 2.50%), 4.33%, 04/15/27 | 1,585 | 1,585,334 | ||||||||||
Diamond Sports Group LLC, Term Loan, (1 mo. LIBOR + 3.25%), 4.96%, 08/24/26 | 1,795 | 1,788,825 | ||||||||||
Gray Television, Inc., 2018 Term Loan C, (1 mo. LIBOR + 2.50%), 4.28%, 01/02/26 | 1,584 | 1,588,869 | ||||||||||
iHeartCommunications, Inc., Exit Term Loan, (1 mo. LIBOR + 4.00%), 5.78%, 05/01/26 | 2,220 | 2,233,392 | ||||||||||
Intelsat Jackson Holdings SA, 2017 Term Loan B3, 11/27/23(j) | 910 | 895,213 | ||||||||||
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.96%, 12/01/23 | 1,526 | 1,529,402 | ||||||||||
Liberty Latin America Ltd., Term Loan B, (1 mo. LIBOR + 5.00%), 6.77%, 10/22/26 | 1,488 | 1,499,532 | ||||||||||
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), | 1,745 | 1,698,942 | ||||||||||
MH Sub I LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.45%, 09/13/24 | 2,434 | 2,424,892 | ||||||||||
Midcontinent Communications, 2019 Term Loan B, (1 mo. LIBOR + 2.25%), | 848 | 853,288 | ||||||||||
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.75%), | 1,790 | 1,796,712 |
Security | Par (000) | Value | ||||||||||
Media (continued) | ||||||||||||
PCI Gaming Authority, Term Loan, (1 mo. LIBOR + 3.00%), 4.70%, 05/29/26 | USD | 1,709 | $ | 1,717,548 | ||||||||
PSAV Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), | 3,578 | 3,469,542 | ||||||||||
Radiate Holdco LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.70%, 02/01/24 | 2,288 | 2,271,004 | ||||||||||
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), | 4,338 | 4,311,013 | ||||||||||
Univision Communications, Inc., Term Loan C5, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.45%, 03/15/24 | 816 | 798,133 | ||||||||||
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 4.46%, 05/18/25 | 3,441 | 3,378,973 | ||||||||||
Ziggo Secured Finance Partnership, Term Loan E, (1 mo. LIBOR + 2.50%), | 2,578 | 2,572,999 | ||||||||||
|
| |||||||||||
52,023,613 | ||||||||||||
Metals & Mining — 0.9% | ||||||||||||
Ball Metalpack LLC, 2018 1st Lien Term Loan B, (3 mo. LIBOR + 4.50%), 6.41%, 07/31/25 | 1,679 | 1,424,686 | ||||||||||
Equinox Holdings, Inc., 2017 1st Lien Term Loan, 03/08/24(j) | 3,919 | 3,904,749 | ||||||||||
|
| |||||||||||
5,329,435 | ||||||||||||
Multiline Retail — 0.2% | ||||||||||||
Eyemart Express LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), | 916 | 914,009 | ||||||||||
Neiman Marcus Group Ltd. LLC, Cash Pay Extended Term Loan, (1 mo. LIBOR + 6.00%), 7.77%, 10/25/23 | 394 | 289,982 | ||||||||||
|
| |||||||||||
1,203,991 | ||||||||||||
Oil & Gas Equipment & Services — 0.4% | ||||||||||||
McDermott Technology Americas, Inc.: | ||||||||||||
2018 1st Lien Term Loan, 10/21/21(j) | 1,351 | 1,360,429 | ||||||||||
2018 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.10%, 05/09/25 | 1,966 | 941,269 | ||||||||||
|
| |||||||||||
2,301,698 | ||||||||||||
Oil, Gas & Consumable Fuels — 0.7% | ||||||||||||
California Resources Corp., Second Out Term Loan, (1 mo. LIBOR + 10.37%, 1.00% Floor), 12.08%, 12/31/21 | 2,002 | 1,157,120 |
16 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||
CONSOL Energy, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.20%, 09/27/24 | USD | 922 | $ | 841,823 | ||||||||
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 5.45%, 12/13/25 | 1,514 | 1,433,375 | ||||||||||
EG Group Ltd., 2018 Term Loan B, (3 mo. LIBOR + 4.00%), 6.10%, 02/07/25 | 729 | 708,702 | ||||||||||
|
| |||||||||||
4,141,020 | ||||||||||||
Personal Products — 0.5% | ||||||||||||
Sunshine Luxembourg VII Sarl, USD 1st Lien Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 6.35%, 10/01/26 | 3,250 | 3,259,066 | ||||||||||
|
| |||||||||||
Pharmaceuticals — 4.0% | ||||||||||||
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), | 1,754 | 1,345,749 | ||||||||||
Catalent Pharma Solutions, Inc., Term Loan B2, (1 mo. LIBOR + 2.25%, 1.00% Floor), 3.95%, 05/18/26 | 2,359 | 2,359,259 | ||||||||||
Endo Luxembourg Finance Co. I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 6.00%, 04/29/24 | 1,836 | 1,688,035 | ||||||||||
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 3.77%, 11/15/27 | 2,404 | 2,417,077 | ||||||||||
Jaguar Holding Co. II, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), | 7,705 | 7,711,621 | ||||||||||
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.77%, 06/02/25 | 8,378 | 8,412,089 | ||||||||||
|
| |||||||||||
23,933,830 | ||||||||||||
Professional Services — 1.5% | ||||||||||||
ASGN, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 3.45%, 04/02/25 | 631 | 631,650 | ||||||||||
Cast and Crew Payroll LLC, 2019 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 5.71%, 02/09/26 | 2,478 | 2,485,305 | ||||||||||
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 5.00%), 6.70%, 02/06/26 | 4,557 | 4,579,785 |
Security | Par (000) | Value | ||||||||||
Professional Services (continued) | ||||||||||||
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 5.50%), | USD | 1,447 | $ | 1,392,839 | ||||||||
|
| |||||||||||
9,089,579 | ||||||||||||
Real Estate Management & Development — 2.2% | ||||||||||||
CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%), | 3,999 | 4,003,755 | ||||||||||
DTZ US Borrower LLC, 2018 Add On Term Loan B, (1 mo. LIBOR + 3.25%), | 3,509 | 3,513,520 | ||||||||||
ESH Hospitality, Inc., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.70%, 09/18/26 | 896 | 897,602 | ||||||||||
Forest City Enterprises LP, 2019 Term Loan B, (1 mo. LIBOR + 3.50%), 5.20%, 12/08/25 | 2,506 | 2,510,774 | ||||||||||
Realogy Corp., 2018 Term Loan B, (3 mo. LIBOR + 2.25%), 3.96%, 02/08/25 | 854 | 823,236 | ||||||||||
SMG Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), | 1,298 | 1,297,457 | ||||||||||
|
| |||||||||||
13,046,344 | ||||||||||||
Road & Rail — 0.3% | ||||||||||||
Moda Ingleside Energy Center LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), | 880 | 879,687 | ||||||||||
Road Infrastructure Investment LLC, 2016 1st Lien Term Loan, 06/13/23(j) | 985 | 905,383 | ||||||||||
|
| |||||||||||
1,785,070 | ||||||||||||
Semiconductors & Semiconductor Equipment — 0.2% | ||||||||||||
Microchip Technology, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), | 427 | 426,831 | ||||||||||
ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), | 738 | 740,413 | ||||||||||
|
| |||||||||||
1,167,244 | ||||||||||||
Software — 17.0% | ||||||||||||
Applied Systems, Inc.: | ||||||||||||
2017 1st Lien Term Loan, 09/19/24(j) | 3,753 | 3,736,288 | ||||||||||
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%, 1.00% Floor), 9.10%, 09/19/25 | 470 | 477,301 |
17 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Software (continued) | ||||||||||||
BMC Software Finance, Inc., 2017 Term Loan, (1 mo. LIBOR + 4.25%), 5.95%, 10/02/25 | USD | 3,336 | $ | 3,206,678 | ||||||||
Cerence, Inc., Term Loan B, (1 mo. LIBOR + 6.00%, 1.00% Floor), 7.78%, 10/01/24 | 991 | 929,062 | ||||||||||
Cypress Intermediate Holdings III, Inc.: | ||||||||||||
2017 1st Lien Term Loan, 04/29/24(j) | 2,771 | 2,751,782 | ||||||||||
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 1.00% Floor), 8.45%, 04/27/25 | 740 | 738,705 | ||||||||||
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), | 341 | 285,173 | ||||||||||
DTI Holdco, Inc., 2018 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), | 1,092 | 1,006,553 | ||||||||||
Ellie Mae, Inc., Term Loan, (2 mo. LIBOR + 4.00%), 5.86%, 04/17/26 | 3,140 | 3,127,252 | ||||||||||
Financial & Risk US Holdings, Inc.: | ||||||||||||
2018 EUR Term Loan, (EURIBOR + 4.00%), 4.00%, 10/01/25 | EUR | 963 | 1,071,392 | |||||||||
2018 USD Term Loan, (1 mo. LIBOR + 3.75%), 5.45%, 10/01/25 | USD | 7,045 | 7,086,396 | |||||||||
Infor (US), Inc., Term Loan B6, (3 mo. LIBOR + 2.75%, 1.00% Floor), 4.85%, 02/01/22 | 8,508 | 8,515,934 | ||||||||||
Informatica Corp., 2018 Term Loan, (1 mo. LIBOR + 3.25%), 4.95%, 08/05/22 | 5,148 | 5,150,034 | ||||||||||
Kronos, Inc.: | ||||||||||||
2017 Term Loan B, 11/01/23(j) | 7,222 | 7,217,198 | ||||||||||
2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 10.16%, 11/01/24 | 2,510 | 2,532,741 | ||||||||||
McAfee LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 5.45%, 09/30/24 | 4,873 | 4,876,448 | ||||||||||
Mitchell International, Inc.: | ||||||||||||
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.95%, 11/29/24 | 4,740 | 4,532,191 | ||||||||||
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 8.95%, 12/01/25 | 887 | 820,167 | ||||||||||
Renaissance Holding Corp., 2018 Add On Term Loan, (1 mo. LIBOR + 3.25%), | 597 | 584,742 |
Security | Par (000) | Value | ||||||||||
Software (continued) | ||||||||||||
RP Crown Parent LLC, 2016 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), | USD | 2,655 | $ | 2,654,667 | ||||||||
Severin Acquisition LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.25%), | 843 | 828,940 | ||||||||||
SolarWinds Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), | 5,142 | 5,157,048 | ||||||||||
Solera LLC, Term Loan B, 03/03/23(j) | 3,515 | 3,455,183 | ||||||||||
Sophia LP, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), | 6,815 | 6,817,821 | ||||||||||
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 2.25%), 3.95%, 04/16/25 | 704 | 706,968 | ||||||||||
SS&C Technologies, Inc.: | ||||||||||||
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 3.95%, 07/08/22 | 38 | 38,080 | ||||||||||
2018 Term Loan B3, (1 mo. LIBOR + 2.25%), 3.95%, 04/16/25 | 1,081 | 1,086,506 | ||||||||||
2018 Term Loan B5, (1 mo. LIBOR + 2.25%), 3.95%, 04/16/25 | 4,794 | 4,816,778 | ||||||||||
Tempo Acquisition LLC, Term Loan, | 5,297 | 5,297,854 | ||||||||||
Tibco Software, Inc., 2019 Term Loan B, (1 mo. LIBOR + 4.00%), | 4,543 | 4,554,036 | ||||||||||
Ultimate Software Group, Inc., Term Loan B, (1 mo. LIBOR + 3.75%), | 3,296 | 3,310,634 | ||||||||||
Vertafore, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.95%, 07/02/25 | 4,636 | 4,495,086 | ||||||||||
|
| |||||||||||
101,865,638 | ||||||||||||
Specialty Retail — 2.4% | ||||||||||||
Belron Finance US LLC: | ||||||||||||
2019 USD Term Loan B, (3 mo. LIBOR + 2.50%), 4.44%, 11/07/26 | 1,163 | 1,165,547 | ||||||||||
Term Loan B, (3 mo. LIBOR + 2.25%), 4.14%, 11/07/24 | 1,461 | 1,464,749 | ||||||||||
Term Loan B, (3 mo. LIBOR + 2.25%), 4.15%, 11/13/25 | 2,034 | 2,038,717 | ||||||||||
IAA, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 4.00%, 06/28/26 | 944 | 947,424 | ||||||||||
Leslie’s Poolmart, Inc., 2018 Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.34%, 08/16/23 | 871 | 814,570 |
18 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Specialty Retail (continued) | ||||||||||||
MED ParentCo LP: | ||||||||||||
1st Lien Delayed Draw Term Loan, (3 mo. LIBOR + 4.25%), 6.06%, 08/31/26 | USD | 379 | $ | 80,166 | ||||||||
1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 5.95%, 08/31/26 | 1,519 | 1,505,343 | ||||||||||
Midas Intermediate Holdco II LLC, Incremental Term Loan B, 08/18/21(j) | 1,421 | 1,337,972 | ||||||||||
PetSmart, Inc., Term Loan B2, 03/11/22(j) | 3,879 | 3,774,740 | ||||||||||
Research Now Group, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 7.41%, 12/20/24 | 1,159 | 1,158,191 | ||||||||||
|
| |||||||||||
14,287,419 | ||||||||||||
Technology Hardware, Storage & Peripherals — 0.5% | ||||||||||||
Western Digital Corp., 2018 Term Loan B4, (3 mo. LIBOR + 1.75%), 3.45%, 04/29/23 | 2,966 | 2,956,893 | ||||||||||
|
| |||||||||||
Textiles, Apparel & Luxury Goods — 0.5% | ||||||||||||
Ascend Performance Materials Operations LLC, 2019 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 7.35%, 08/27/26 | 2,996 | 2,996,021 | ||||||||||
|
| |||||||||||
Thrifts & Mortgage Finance — 0.7% | ||||||||||||
IG Investment Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 5.70%, 05/23/25 | 4,264 | 4,198,552 | ||||||||||
|
| |||||||||||
Trading Companies & Distributors — 0.9% | ||||||||||||
Beacon Roofing Supply, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), | 1,271 | 1,260,356 | ||||||||||
HD Supply, Inc., Term Loan B5, (1 mo. LIBOR + 1.75%), 3.45%, 10/17/23 | 4,137 | 4,154,072 |
Security | Par (000) | Value | ||||||||||
Trading Companies & Distributors (continued) | ||||||||||||
United Rentals, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 3.45%, 10/31/25 | USD | 265 | $ | 265,965 | ||||||||
|
| |||||||||||
5,680,393 | ||||||||||||
Transportation — 0.2% | ||||||||||||
Safe Fleet Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.77%, 02/03/25 | 982 | 936,334 | ||||||||||
|
| |||||||||||
Utilities — 0.3% | ||||||||||||
ExGen Renewables IV LLC, Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.91%, 11/28/24 | 2,188 | 2,100,543 | ||||||||||
|
| |||||||||||
Wireless Telecommunication Services — 0.8% | ||||||||||||
Geo Group, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), | 1,467 | 1,296,587 | ||||||||||
Ligado Networks LLC, PIK Exit Term Loan (9.75% PIK), | 638 | 377,960 | ||||||||||
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.46%, 04/11/25 | 3,413 | 3,412,276 | ||||||||||
|
| |||||||||||
5,086,823 | ||||||||||||
|
| |||||||||||
Total Floating Rate Loan Interests — 118.9% |
| 713,056,775 | ||||||||||
|
| |||||||||||
Shares | ||||||||||||
Investment Companies — 5.0% |
| |||||||||||
Diversified Financial Services — 5.0% | ||||||||||||
Invesco Senior Loan ETF | 1,338,368 | 30,059,745 | ||||||||||
|
| |||||||||||
Total Investment Companies — 5.0% |
| 30,059,745 | ||||||||||
|
| |||||||||||
Beneficial Interest (000) | ||||||||||||
Other Interests(k) — 0.0% |
| |||||||||||
IT Services — 0.0% |
| |||||||||||
Millennium Corp.(a)(b) | USD | 1,156 | — | |||||||||
Millennium Lender Claims (a)(b) | 1,084 | — | ||||||||||
|
| |||||||||||
Total Other Interests — 0.0% |
| — | ||||||||||
|
|
19 |
|
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Preferred Securities |
| |||||||||||
Capital Trusts — 1.3% |
| |||||||||||
Banks(i) — 0.3% |
| |||||||||||
Banco de Sabadell SA, 6.50%(f) | EUR | 200 | $ | 226,695 | ||||||||
Bankia SA, 6.38%(f) | 200 | 234,502 | ||||||||||
CaixaBank SA, 6.75%(f) | 200 | 244,324 | ||||||||||
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 1.93%(h) | USD | 100 | 76,234 | |||||||||
ING Groep NV, 6.75%(f) | 200 | 214,250 | ||||||||||
Wells Fargo & Co., Series U, 5.88%(f) | 840 | 933,064 | ||||||||||
|
| |||||||||||
1,929,069 | ||||||||||||
Building Materials — 0.0% | ||||||||||||
Holcim Finance Luxembourg SA, 3.00%(f)(i) | EUR | 100 | 115,138 | |||||||||
|
| |||||||||||
Capital Markets — 0.0% | ||||||||||||
Goldman Sachs Group, Inc., Series P, | USD | 182 | 183,365 | |||||||||
|
| |||||||||||
Diversified Financial Services(i) — 0.8% | ||||||||||||
Bank of America Corp.,(f): | ||||||||||||
Series AA, 6.10% | 752 | 837,405 | ||||||||||
Series DD, 6.30% | 155 | 177,475 | ||||||||||
Series X, 6.25% | 350 | 390,187 | ||||||||||
Series Z, 6.50% | 232 | 262,740 | ||||||||||
HBOS Capital Funding LP, 6.85% | 200 | 203,650 | ||||||||||
HSBC Holdings PLC, 6.00%(f) | 600 | 634,500 | ||||||||||
JPMorgan Chase & Co.,(f): | ||||||||||||
Series 1, 5.41% | 52 | 52,159 | ||||||||||
Series FF, 5.00% | 865 | 901,763 | ||||||||||
Series V, 5.42% | 780 | 783,120 | ||||||||||
Royal Bank of Scotland Group PLC, 8.63%(f) | 246 | 265,527 | ||||||||||
|
| |||||||||||
4,508,526 | ||||||||||||
Diversified Telecommunication Services(i) — 0.1% | ||||||||||||
Koninklijke KPN NV, 2.00%(f) | EUR | 100 | 109,695 | |||||||||
Telefonica Europe BV(f): | ||||||||||||
3.88% | 100 | 118,317 | ||||||||||
4.38% | 100 | 121,611 | ||||||||||
|
| |||||||||||
349,623 | ||||||||||||
Electric Utilities — 0.0% | ||||||||||||
Naturgy Finance BV, 3.38%(f)(i) | 100 | 117,418 | ||||||||||
RWE AG, 2.75%, 04/21/75(f) | 10 | 11,179 | ||||||||||
|
| |||||||||||
128,597 | ||||||||||||
Electronic Equipment, Instruments & Components — 0.0% | ||||||||||||
Belden, Inc., 4.13%, 10/15/26 | 100 | 116,791 | ||||||||||
|
| |||||||||||
Utilities(i) — 0.1% | ||||||||||||
Electricite de France SA(f): | ||||||||||||
3.00% | 200 | 222,815 |
Security | Par (000) | Value | ||||||||||
Utilities(i) (continued) | ||||||||||||
4.00% | 100 | $ | 119,407 | |||||||||
|
| |||||||||||
342,222 | ||||||||||||
Wireless Telecommunication Services — 0.0% | ||||||||||||
Vodafone Group PLC, 3.10%, 01/03/79(l) | 100 | 114,863 | ||||||||||
|
| |||||||||||
Total Capital Trusts — 1.3% |
| 7,788,194 | ||||||||||
|
| |||||||||||
Shares | ||||||||||||
Preferred Stock |
| |||||||||||
Capital Markets — 0.1% |
| |||||||||||
Goldman Sachs Group, Inc., | 13,550 | 356,636 | ||||||||||
|
| |||||||||||
Total Preferred Stocks — 0.1% |
| 356,636 | ||||||||||
|
| |||||||||||
Trust Preferred |
| |||||||||||
Diversified Financial Services — 0.1% |
| |||||||||||
GMAC Capital Trust I, Series 2, | 23,604 | 612,052 | ||||||||||
|
| |||||||||||
Total Trust Preferreds — 0.1% |
| 612,052 | ||||||||||
|
| |||||||||||
Total Preferred Securities— 1.5% |
| 8,756,882 | ||||||||||
|
| |||||||||||
Warrants — 0.0% |
| |||||||||||
Metals & Mining — 0.0% | ||||||||||||
AFGlobal Corp. (Expires 12/20/20)(a) | 5,283 | — | ||||||||||
|
| |||||||||||
Transportation Infrastructure — 0.0% | ||||||||||||
Turbo Cayman Ltd. (Strike Price $0.01)(a) | 1 | — | ||||||||||
|
| |||||||||||
Total Warrants — 0.0% |
| — | ||||||||||
|
| |||||||||||
Total Long-Term Investments — 146.4% |
| 877,778,366 | ||||||||||
|
|
20 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||||||
Short-Term Securities — 0.5% |
| |||||||||||
BlackRock Liquidity Funds,T-Fund, Institutional Class, 1.53%(m)(n) | 3,017,755 | $ | 3,017,755 | |||||||||
|
| |||||||||||
Total Short-Term Securities — 0.5% |
| 3,017,755 | ||||||||||
|
|
Security | Value | |||||||||
Options Purchased — 0.0% | $ | 40,099 | ||||||||
|
| |||||||||
Total Investments — 146.9% | 880,836,220 | |||||||||
Liabilities in Excess of Other Assets — (46.9)% | (281,150,119 | ) | ||||||||
|
| |||||||||
Net Assets — 100.0% | $ | 599,686,101 | ||||||||
|
|
(a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(b) | Non-income producing security. |
(c) | Issuer filed for bankruptcy and/or is in default. |
(d) | 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. |
(e) | 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. |
(f) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
(g) | When-issued security. |
(h) | Variable rate security. Rate shown is the rate in effect as of period end. |
(i) | Perpetual security with no stated maturity date. |
(j) | 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. |
(k) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities. |
(l) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
(m) | Annualized7-day yield as of period end. |
(n) | During the period ended November 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate | Shares Held at 02/28/19 | Net Activity | Shares Held at 11/30/19 | Value at 11/30/19 | Income | Net Realized | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Liquidity Funds,T-Fund, Institutional Class | 3,616,393 | (598,638 | ) | 3,017,755 | $ | 3,017,755 | $ | 24,854 | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes net capital gain distributions, if applicable. |
For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industrysub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industrysub-classifications for reporting ease.
Currency Abbreviations
EUR — Euro
GBP — British Pound
USD — United States Dollar
21 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) |
Portfolio Abbreviations
ETF — Exchange-Traded Fund
EURIBOR — Euro Interbank Offered Rate
LIBOR — London Interbank Offered Rate
MSCI — Morgan Stanley Capital International
MTN — Medium-Term Note
OTC —Over-the-Counter
PIK —Payment-In-Kind
REIT — Real Estate Investment Trust
S&P — Standard & Poor’s
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
Euro Stoxx 50 Index | 1 | 12/20/19 | $ | 41 | $ | 2,190 | ||||||||||
Euro Stoxx 600 Index | 1 | 12/20/19 | 8 | 390 | ||||||||||||
|
| |||||||||||||||
$ | 2,580 | |||||||||||||||
|
|
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
EUR | 7,508,000 | USD | 8,258,800 | Citibank N.A. | 12/04/19 | $ | 14,005 | |||||||||||||
GBP | 1,658,000 | USD | 2,136,904 | Barclays Bank PLC | 12/04/19 | 7,444 | ||||||||||||||
GBP | 213,000 | USD | 275,038 | Morgan Stanley & Co. International PLC | 12/04/19 | 442 | ||||||||||||||
USD | 1,201,651 | EUR | 1,075,000 | Citibank N.A. | 12/04/19 | 17,145 | ||||||||||||||
USD | 101,287 | EUR | 91,000 | Morgan Stanley & Co. International PLC | 12/04/19 | 1,017 | ||||||||||||||
USD | 7,308,624 | EUR | 6,562,000 | UBS AG | 12/04/19 | 78,184 | ||||||||||||||
|
| |||||||||||||||||||
118,237 | ||||||||||||||||||||
|
| |||||||||||||||||||
EUR | 417,000 | USD | 461,338 | Morgan Stanley & Co. International PLC | 12/04/19 | (1,860 | ) | |||||||||||||
USD | 2,410,488 | GBP | 1,871,000 | JPMorgan Chase Bank N.A. | 12/04/19 | (9,340 | ) | |||||||||||||
USD | 8,295,859 | EUR | 7,508,000 | Citibank N.A. | 02/05/20 | (14,426 | ) | |||||||||||||
USD | 2,141,881 | GBP | 1,658,000 | Barclays Bank PLC | 02/05/20 | (7,470 | ) | |||||||||||||
|
| |||||||||||||||||||
(33,096 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
Net Unrealized Appreciation |
| $ | 85,141 | |||||||||||||||||
|
|
22 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) |
Exchange-Traded Options Purchased
Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value | |||||||||||||||||||
Call | ||||||||||||||||||||||||
Euro Stoxx 50 Index | 4 | 12/20/19 | EUR | 3,800.00 | EUR | 16 | $ | 227 | ||||||||||||||||
|
| |||||||||||||||||||||||
Put | ||||||||||||||||||||||||
SPDR S&P 500 ETF Trust | 195 | 12/31/19 | USD | 295.00 | USD | 6,129 | $ | 16,672 | ||||||||||||||||
SPDR S&P 500 ETF Trust | 200 | 12/31/19 | USD | 299.00 | USD | 6,286 | 23,200 | |||||||||||||||||
|
| |||||||||||||||||||||||
39,872 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
$ | 40,099 | |||||||||||||||||||||||
|
|
Centrally Cleared Credit Default Swaps — Sell Protection
Reference Obligation/Index | Financing Rate Received by the Fund | Payment Frequency | Termination Date | Credit Rating (a) | Notional Amount (000) (b) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
iTraxx.XO.31.V1 | 5.00 | % | Quarterly | 06/20/24 | B | EUR | 109 | $ | 15,013 | $ | 12,112 | $ | 2,901 | |||||||||||||||||||
|
|
|
|
|
|
(a) | Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
(b) | The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement. |
OTC Credit Default Swaps — Buy Protection
Reference Obligation/Index | Financing Rate Paid by the Fund | Payment Frequency | Counterparty | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||
UPC Holding BV | 5.00 | % | Quarterly | JPMorgan Chase Bank N.A. | 06/20/24 | EUR | 20 | $ | (4,081 | ) | $ | (4,768 | ) | $ | 687 | |||||||||||||||||||
UPC Holding BV | 5.00 | Quarterly | BNP Paribas S.A. | 06/20/24 | EUR | 4 | (842 | ) | (1,025 | ) | 183 | |||||||||||||||||||||||
UPC Holding BV | 5.00 | Quarterly | Bank of America N.A. | 06/20/24 | EUR | 10 | (2,041 | ) | (2,443 | ) | 402 | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||
$ | (6,964 | ) | $ | (8,236 | ) | $ | 1,272 | |||||||||||||||||||||||||||
|
|
|
|
|
|
OTC Credit Default Swaps — Sell Protection
Reference Obligation/Index | Financing Rate Received by the Fund | Payment Frequency | Counterparty | Termination Date | Credit Rating (a) | Notional Amount (000) (b) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
Casino Guichard | 1.00 | % | Quarterly | JPMorgan Chase Bank N.A. | 06/20/23 | B | EUR | 10 | $ | (1,635 | ) | $ | (1,027 | ) | $ | (608 | ) | |||||||||||||||||||
Casino Guichard | 1.00 | Quarterly | Bank of America N.A. | 06/20/23 | B | EUR | 9 | (1,513 | ) | (1,455 | ) | (58 | ) | |||||||||||||||||||||||
Casino Guichard | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/23 | B | EUR | 5 | (890 | ) | (728 | ) | (162 | ) | |||||||||||||||||||||||
Casino Guichard | 1.00 | Quarterly | Citibank N.A. | 06/20/23 | B | EUR | 9 | (1,482 | ) | (1,294 | ) | (188 | ) | |||||||||||||||||||||||
Casino Guichard | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/23 | B | EUR | 9 | (1,483 | ) | (1,295 | ) | (188 | ) | |||||||||||||||||||||||
Casino Guichard | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/23 | B | EUR | 4 | (594 | ) | (486 | ) | (108 | ) | |||||||||||||||||||||||
Casino Guichard | 1.00 | Quarterly | Barclays Bank PLC | 06/20/23 | B | EUR | 6 | (947 | ) | (738 | ) | (209 | ) | |||||||||||||||||||||||
CenturyLink, Inc. | 1.00 | Quarterly | Barclays Bank PLC | 12/20/23 | B+ | USD | 170 | (3,848 | ) | (13,661 | ) | 9,813 | ||||||||||||||||||||||||
Chesapeake Energy Corp. | 5.00 | Quarterly | Barclays Bank PLC | 12/20/23 | B+ | USD | 168 | (75,474 | ) | 330 | (75,804 | ) |
23 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) |
OTC Credit Default Swaps — Sell Protection (continued)
Reference Obligation/Index | Financing Rate Received by the Fund | Payment Frequency | Counterparty | Termination Date | Credit Rating (a) | Notional (000) (b) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
Chesapeake Energy Corp. | 5.00 | % | Quarterly | Barclays Bank PLC | 12/20/23 | B+ | USD | 478 | $ | (214,741 | ) | $ | 4,729 | $ | (219,470 | ) | ||||||||||||||||||||
Tesco PLC | 1.00 | Quarterly | Citibank N.A. | 12/20/23 | B+ | EUR | 50 | 840 | (748 | ) | 1,588 | |||||||||||||||||||||||||
Casino Guichard Perrachon SA | 5.00 | Quarterly | Credit Suisse International | 06/20/24 | B | EUR | 5 | (326 | ) | (380 | ) | 54 | ||||||||||||||||||||||||
Casino Guichard Perrachon SA | 5.00 | Quarterly | Credit Suisse International | 06/20/24 | B | EUR | 5 | (288 | ) | (388 | ) | 100 | ||||||||||||||||||||||||
Telecom Italia SpA | 1.00 | Quarterly | Goldman Sachs International | 06/20/24 | B+ | EUR | 10 | (112 | ) | (927 | ) | 815 | ||||||||||||||||||||||||
Telecom Italia SpA | 1.00 | Quarterly | Citibank N.A. | 06/20/24 | B+ | EUR | 3 | (28 | ) | (86 | ) | 58 | ||||||||||||||||||||||||
Telecom Italia SpA | 1.00 | Quarterly | Bank of America N.A. | 06/20/24 | B+ | EUR | 3 | (28 | ) | (85 | ) | 57 | ||||||||||||||||||||||||
Telecom Italia SpA | 1.00 | Quarterly | Citibank N.A. | 06/20/24 | B+ | EUR | 3 | (28 | ) | (88 | ) | 60 | ||||||||||||||||||||||||
Garfunkelux Holdco 2 SA | 5.00 | Quarterly | Credit Suisse International | 12/20/24 | B+ | EUR | 10 | 135 | (141 | ) | 276 | |||||||||||||||||||||||||
Garfunkelux Holdco 2 SA | 5.00 | Quarterly | Credit Suisse International | 12/20/24 | B+ | EUR | 20 | 272 | — | 272 | ||||||||||||||||||||||||||
CenturyLink, Inc. | 1.00 | Quarterly | Barclays Bank PLC | 06/20/25 | B+ | USD | 185 | (13,493 | ) | (34,508 | ) | 21,015 | ||||||||||||||||||||||||
Telecom Italia SpA | 1.00 | Quarterly | Citibank N.A. | 06/20/26 | B+ | EUR | 5 | (322 | ) | (762 | ) | 440 | ||||||||||||||||||||||||
Virgin Media Finance PLC | 5.00 | Quarterly | Credit Suisse International | 12/20/26 | B | EUR | 10 | 2,327 | 2,530 | (203 | ) | |||||||||||||||||||||||||
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$ | (313,658 | ) | $ | (51,208 | ) | $ | (262,450 | ) | ||||||||||||||||||||||||||||
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(a) | Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
(b) | The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access |
• | Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative financial instruments) |
24 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) |
Fair Value Hierarchy as of Period End (continued)
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Long-Term Investments(a): | ||||||||||||||||
Common Stocks | $ | 13,495 | $ | 89,920 | $ | 1,258,702 | $ | 1,362,117 | ||||||||
Corporate Bonds | — | 122,217,275 | 2,325,572 | 124,542,847 | ||||||||||||
Floating Rate Loan Interests | — | 667,520,384 | 45,536,391 | 713,056,775 | ||||||||||||
Investment Companies | 30,059,745 | — | — | 30,059,745 | ||||||||||||
Other Interests | — | — | — | (b) | — | (b) | ||||||||||
Preferred Securities | 968,688 | 7,788,194 | — | 8,756,882 | ||||||||||||
Warrants | — | — | — | (b) | — | (b) | ||||||||||
Short-Term Securities | 3,017,755 | — | — | 3,017,755 | ||||||||||||
Options Purchased | ||||||||||||||||
Equity contracts | 40,099 | — | — | 40,099 | ||||||||||||
Unfunded Floating Rate Loan Interests(c) | — | 3,180 | — | 3,180 | ||||||||||||
Liabilities: | ||||||||||||||||
Unfunded Floating Rate Loan Interests(c) | — | (4,388 | ) | — | (4,388 | ) | ||||||||||
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$ | 34,099,782 | $ | 797,614,565 | $ | 49,120,665 | $ | 880,835,012 | |||||||||
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Derivative Financial Instruments(d) | ||||||||||||||||
Assets: | ||||||||||||||||
Credit contracts | $ | — | $ | 38,721 | $ | — | $ | 38,721 | ||||||||
Equity contracts | 2,580 | — | — | 2,580 | ||||||||||||
Forward foreign currency contracts | — | 118,237 | — | 118,237 | ||||||||||||
Liabilities: | ||||||||||||||||
Credit contracts | — | (296,998 | ) | — | (296,998 | ) | ||||||||||
Forward foreign currency contracts | — | (33,096 | ) | — | (33,096 | ) | ||||||||||
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$ | 2,580 | $ | (173,136 | ) | $ | — | $ | (170,556 | ) | |||||||
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(a) | See above Schedule of Investments for values in each industry. |
(b) | Rounds to less than $1. |
(c) | Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
(d) | Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
25 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock Debt Strategies Fund, Inc. (DSU) |
A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
Common Stocks | Corporate Bonds | Floating Rate Loan Interests | Options purchased | Other Interests | Warrants | Total | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Opening balance, as of February 28, 2019 | $ | 3,075,400 | $ | 8,149,827 | $ | 42,349,614 | $ | — | $ | — | (a) | $ | — | $ | 53,574,841 | |||||||||||||
Transfers into Level 3(b) | — | — | 2,927,108 | — | — | — | 2,927,108 | |||||||||||||||||||||
Transfers out of Level 3(c) | — | — | (19,483,656 | ) | — | — | — | (19,483,656 | ) | |||||||||||||||||||
Accrued discounts/premiums | — | 7,479 | 13,899 | — | — | — | 21,378 | |||||||||||||||||||||
Net realized gain (loss) | (7,838,390 | ) | (1,581,795 | ) | (165,695 | ) | (5,867 | ) | — | (30 | ) | (9,591,777 | ) | |||||||||||||||
Net change in unrealized appreciation (depreciation)(d) | 6,546,822 | 2,997,153 | (36,709 | ) | 5,867 | — | 30 | 9,513,163 | ||||||||||||||||||||
Purchases | 10,655,961 | 2,448,686 | 30,844,726 | — | — | — | 43,949,373 | |||||||||||||||||||||
Sales | (11,181,091 | ) | (9,695,778 | ) | (10,912,896 | ) | — | — | — | (31,789,765 | ) | |||||||||||||||||
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Closing balance, as of November 30, 2019 | $ | 1,258,702 | $ | 2,325,572 | $ | 45,536,391 | $ | — | $ | — | (a) | $ | — | $ | 49,120,665 | |||||||||||||
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Net change in unrealized appreciation (depreciation) on investments still held at November 30, 2019(d) | $ | (1,336,995 | ) | $ | 73,511 | $ | (65,529 | ) | $ | — | $ | — | (a) | $ | — | $ | (1,329,013 | ) | ||||||||||
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(a) | Rounds to less than $1. |
(b) | As of February 28, 2019, the Fund used observable inputs in determining the value of certain investments. As of November 30, 2019, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at the beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy. |
(c) | As of February 28, 2019, the Fund used significant unobservable inputs in determining the value of certain investments. As of November 30, 2019, the Fund used observable inputs in determining the value of the same investments. As a result, investments at the 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 November 30, 2019 is generally due to investments no longer held or categorized as Level 3 at period end. |
26 |