BlackRock Debt Strategies Fund (DSU) NPORT-P BlackRock Debt Strategies Fund, Inc. (Mar 2021 report)

Schedule of Investments  (unaudited) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32	GBP	100	$	141,300
Total Asset-Backed Securities — 0.0% (Cost: $145,972)				141,300
	Shares
Common Stocks
Construction & Engineering — 0.0%
McDermott International Ltd.(a)		141,483		113,186
Diversified Financial Services — 0.0%
Kcad Holdings I Ltd.(b)		1,075,282,733		10,753
Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.(b)		809		4,692
Metals & Mining — 0.0%
Ameriforge Group, Inc.		1,664		36,608
Preferred Proppants LLC(b)		14,576		875
				37,483
Oil, Gas & Consumable Fuels — 0.2%
California Resources Corp.(a)		2,336		56,204
Chesapeake Energy Corp.(a)		13,332		578,476
Extraction Oil & Gas, Inc., (Acquired 03/05/21, Cost: $32,685)(c)		2,622		92,114
				726,794
Semiconductors & Semiconductor Equipment(a) — 0.0%
Maxeon Solar Technologies Ltd.		213		6,722
SunPower Corp.		1,707		57,099
				63,821
Software — 0.0%
Avaya Holdings Corp.(a)		40		1,121
Specialty Retail — 0.0%
NMG Parent LLC		1,477		104,129
Total Common Stocks — 0.2% (Cost: $16,259,105)				1,061,979
	Par (000)
Corporate Bonds
Aerospace & Defense — 0.7%
Bombardier, Inc.(d)
8.75%, 12/01/21	USD	7		7,344
6.13%, 01/15/23		667		694,514
7.50%, 12/01/24		78		77,902
7.50%, 03/15/25		14		13,773
7.88%, 04/15/27		4		3,923
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26(d)		200		200,440
Signature Aviation US Holdings, Inc.(d)
5.38%, 05/01/26		42		42,840
4.00%, 03/01/28		196		199,316
Spirit AeroSystems, Inc., 5.50%, 01/15/25(d)		58		61,335
TransDigm, Inc.
8.00%, 12/15/25(d)		656		714,384

Security	Par (000)		Value
Aerospace & Defense (continued)
TransDigm, Inc. (continued)
6.25%, 03/15/26(d)	USD	1,073	$	1,137,595
6.38%, 06/15/26		62		64,092
4.63%, 01/15/29(d)		98		96,633
Triumph Group, Inc., 8.88%, 06/01/24(d)		292		328,558
				3,642,649
Airlines — 1.6%
Allegiant Travel Co., 8.50%, 02/05/24(d)		1,065		1,150,200
American Airlines, Inc., 11.75%, 07/15/25(d)		644		796,622
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(d)
5.50%, 04/20/26		631		656,675
5.75%, 04/20/29		262		278,754
Delta Air Lines, Inc./SkyMiles IP Ltd.(d)
4.50%, 10/20/25		46		49,100
4.75%, 10/20/28		265		288,160
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(d)		101		107,323
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(d)		2,210		2,422,712
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(d)		22		25,144
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 10/15/27		2,347		2,601,947
Series 2020-1, Class B, 4.88%, 01/15/26		20		20,750
				8,397,387
Auto Components — 0.4%
Clarios Global LP, 6.75%, 05/15/25(d)		801		856,830
Clarios Global LP/Clarios US Finance Co.
4.38%, 05/15/26	EUR	100		121,374
6.25%, 05/15/26(d)	USD	122		129,569
8.50%, 05/15/27(d)		586		630,682
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(d)		25		26,375
Goodyear Tire & Rubber Co., 9.50%, 05/31/25		65		72,917
GoodYear Tire + Rubber Co., 5.63%, 04/30/33		102		102,000
Meritor, Inc., 4.50%, 12/15/28(d)		24		24,072
Tenneco, Inc., 7.88%, 01/15/29(d)		25		28,055
Venture Holdings Co. LLC, 12.00%, 07/01/49(a)(b)(e)		5,150		1
ZF Finance GmbH
3.00%, 09/21/25	EUR	100		123,651
3.75%, 09/21/28		100		127,821
				2,243,347
Automobiles — 0.7%
Allison Transmission, Inc.(d)
5.88%, 06/01/29	USD	113		123,546
3.75%, 01/30/31		106		102,687
Asbury Automotive Group, Inc.
4.50%, 03/01/28		35		35,802
4.75%, 03/01/30		73		75,409
AutoNation, Inc., 4.75%, 06/01/30		93		107,235
Carvana Co., 5.50%, 04/15/27(d)		92		92,483
Ford Motor Co.
8.50%, 04/21/23		169		188,435
4.35%, 12/08/26		9		9,484
4.75%, 01/15/43		176		177,302

SCHEDULE    OF    INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Automobiles (continued)
Ford Motor Co. (continued)
5.29%, 12/08/46	USD	78	$	81,999
Ford Motor Credit Co. LLC
3.81%, 01/09/24		200		206,250
4.69%, 06/09/25		200		212,265
5.13%, 06/16/25		423		456,840
4.00%, 11/13/30		200		198,398
General Motors Co.
6.13%, 10/01/25		581		683,203
6.80%, 10/01/27		123		152,589
General Motors Financial Co., Inc., 2.75%, 06/20/25		574		599,200
Group 1 Automotive, Inc., 4.00%, 08/15/28(d)		168		166,950
Ken Garff Automotive LLC, 4.88%, 09/15/28(d)		39		38,961
Penske Automotive Group, Inc., 3.50%, 09/01/25		62		63,344
Tesla, Inc., 5.30%, 08/15/25(d)		135		140,076
				3,912,458
Banks — 0.1%
Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25	EUR	100		119,885
Banco Espirito Santo SA(a)(e)
2.63%, 05/08/17		100		16,418
4.75%, 01/15/22(f)		200		32,836
4.00%, 01/21/22		100		16,418
Wells Fargo & Co., (5 year CMT + 3.45%), 3.90%(f)(g)	USD	115		116,138
				301,695
Beverages(d) — 0.4%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(h)		441		463,050
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29		285		284,535
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/27		208		212,177
Triton Water Holdings, Inc., 6.25%, 04/01/29		399		406,980
Trivium Packaging Finance BV, 8.50%, 08/15/27		814		883,353
				2,250,095
Biotechnology — 0.0%
Emergent BioSolutions, Inc., 3.88%, 08/15/28(d)		25		24,438
Building Materials — 0.5%
Boise Cascade Co., 4.88%, 07/01/30(d)		37		38,758
Cornerstone Building Brands, Inc., 6.13%, 01/15/29(d)		114		121,410
CP Atlas Buyer, Inc., 7.00%, 12/01/28(d)		89		93,543
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25(d)		42		45,150
Griffon Corp., 5.75%, 03/01/28		28		29,785
Jeld-Wen, Inc.(d)
4.63%, 12/15/25		32		32,400
4.88%, 12/15/27		10		10,341
Masonite International Corp., 5.38%, 02/01/28(d)		45		47,756
SRM Escrow Issuer LLC, 6.00%, 11/01/28(d)		1,786		1,871,728

Security	Par (000)		Value
Building Materials (continued)
Standard Industries, Inc.(d)
5.00%, 02/15/27	USD	34	$	35,445
4.38%, 07/15/30		85		85,765
3.38%, 01/15/31		115		108,962
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(d)		168		175,350
				2,696,393
Building Products(d) — 0.2%
BCPE Ulysses Intermediate, Inc., (7.75% Cash or 8.50% PIK), 7.75%, 04/01/27(h)		43		44,613
Foundation Building Materials, Inc., 6.00%, 03/01/29		66		65,175
LBM Acquisition LLC, 6.25%, 01/15/29		118		121,540
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26		117		120,802
SRS Distribution, Inc., 8.25%, 07/01/26		403		422,646
White Cap Buyer LLC, 6.88%, 10/15/28		191		202,783
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26(h)		67		69,848
				1,047,407
Capital Markets — 0.2%
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%(f)(g)		265		260,495
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(d)		81		84,923
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24		101		104,882
6.38%, 12/15/25		3		3,098
5.25%, 05/15/27		138		142,485
4.38%, 02/01/29(d)		87		85,017
NFP Corp.(d)
7.00%, 05/15/25		31		33,248
6.88%, 08/15/28		374		388,025
Owl Rock Capital Corp.
4.25%, 01/15/26		58		60,867
3.40%, 07/15/26		30		30,386
Owl Rock Technology Finance Corp., 3.75%, 06/17/26(d)		40		40,906
RP Escrow Issuer LLC, 5.25%, 12/15/25(d)		50		51,812
				1,286,144
Chemicals — 0.3%
Axalta Coating Systems LLC, 3.38%, 02/15/29(d)		150		146,280
Blue Cube Spinco LLC, 10.00%, 10/15/25		39		41,145
Chemours Co., 5.75%, 11/15/28(d)		38		40,011
Element Solutions, Inc., 3.88%, 09/01/28(d)		397		391,740
GCP Applied Technologies, Inc., 5.50%, 04/15/26(d)		134		137,846
HB Fuller Co., 4.25%, 10/15/28		31		31,498
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(d)		181		203,679
Ingevity Corp., 3.88%, 11/01/28(d)		23		22,310
Minerals Technologies, Inc., 5.00%, 07/01/28(d)		55		56,719
PQ Corp., 5.75%, 12/15/25(d)		307		314,675

2

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
Scotts Miracle-Gro Co., 4.00%, 04/01/31(d)	USD	83	$	81,838
WESCO Distribution, Inc.(d)
7.13%, 06/15/25		153		167,305
7.25%, 06/15/28		198		221,046
				1,856,092
Commercial Services & Supplies — 0.1%
AMN Healthcare, Inc., 4.00%, 04/15/29(d)		28		27,860
APX Group, Inc., 7.88%, 12/01/22		163		163,611
ASGN, Inc., 4.63%, 05/15/28(d)		79		81,503
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29(d)		33		34,136
Fortress Transportation & Infrastructure Investors LLC, 6.50%, 10/01/25(d)		24		25,080
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/27(d)		17		19,359
Herc Holdings, Inc., 5.50%, 07/15/27(d)		106		112,805
NESCO Holdings II, Inc., 5.50%, 04/15/29(d)(i)		98		100,528
Prime Security Services Borrower LLC/Prime Finance, Inc.(d)
3.38%, 08/31/27		8		7,760
6.25%, 01/15/28		110		114,509
Team Health Holdings, Inc., 6.38%, 02/01/25(d)		103		90,761
United Rentals North America, Inc., 5.25%, 01/15/30		2		2,171
				780,083
Communications Equipment(d) — 0.2%
Avaya, Inc., 6.13%, 09/15/28		266		282,376
CommScope Technologies LLC
6.00%, 06/15/25		101		103,025
5.00%, 03/15/27		129		127,791
CommScope, Inc.
6.00%, 03/01/26		24		25,289
8.25%, 03/01/27		12		12,840
7.13%, 07/01/28		63		66,911
ViaSat, Inc.
5.63%, 04/15/27		90		94,402
6.50%, 07/15/28		150		157,959
				870,593
Construction & Engineering(d) — 0.0%
Arcosa, Inc., 4.38%, 04/15/29		111		113,081
KBR, Inc., 4.75%, 09/30/28		61		61,961
				175,042
Construction Materials(d) — 0.4%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/28		125		125,000
Core & Main LP, 6.13%, 08/15/25		797		817,993
H&E Equipment Services, Inc., 3.88%, 12/15/28		31		30,148
IAA, Inc., 5.50%, 06/15/27		159		166,751
Picasso Finance Sub, Inc., 6.13%, 06/15/25		143		151,937
Williams Scotsman International, Inc., 4.63%, 08/15/28		77		78,444
Winnebago Industries, Inc., 6.25%, 07/15/28		45		48,206
Wolverine Escrow LLC, 9.00%, 11/15/26		496		495,529
				1,914,008
Consumer Discretionary(d) — 0.3%
Carnival Corp.
11.50%, 04/01/23		30		34,388
10.50%, 02/01/26		42		49,403

Security	Par (000)		Value
Consumer Discretionary (continued)
Carnival Corp. (continued)
5.75%, 03/01/27	USD	400	$	410,500
9.88%, 08/01/27		61		71,821
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc., 5.00%, 02/01/26		67		68,172
Life Time, Inc.
5.75%, 01/15/26		101		103,909
8.00%, 04/15/26		64		65,920
NCL Corp. Ltd.
10.25%, 02/01/26		37		43,412
5.88%, 03/15/26		63		63,630
NCL Finance Ltd., 6.13%, 03/15/28		98		99,837
Nielsen Finance LLC/Nielsen Finance Co.
5.63%, 10/01/28		112		117,740
5.88%, 10/01/30		74		80,197
Royal Caribbean Cruises Ltd.
10.88%, 06/01/23		45		51,763
9.13%, 06/15/23		54		59,504
11.50%, 06/01/25		95		110,794
5.50%, 04/01/28		152		152,760
Viking Cruises Ltd., 7.00%, 02/15/29		14		14,416
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29		43		43,443
				1,641,609
Consumer Finance — 0.4%
MPH Acquisition Holdings LLC, 5.75%, 11/01/28(d)		228		222,300
Navient Corp.
7.25%, 09/25/23		5		5,412
6.13%, 03/25/24		96		101,640
5.88%, 10/25/24		77		80,858
5.00%, 03/15/27		2		2,005
OneMain Finance Corp.
8.88%, 06/01/25		27		29,911
6.63%, 01/15/28		8		9,066
5.38%, 11/15/29		7		7,446
4.00%, 09/15/30		10		9,725
PayPal Holdings, Inc., 1.65%, 06/01/25		257		261,730
Sabre GLBL, Inc.(d)
9.25%, 04/15/25		287		342,248
7.38%, 09/01/25		81		88,395
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(d)		103		106,863
Verscend Escrow Corp., 9.75%, 08/15/26(d)		851		912,459
				2,180,058
Containers & Packaging — 0.1%
Graham Packaging Co., Inc., 7.13%, 08/15/28(d)		147		156,371
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28(d)		75		77,438
International Paper Co., 7.30%, 11/15/39		5		7,472
LABL Escrow Issuer LLC(d)
6.75%, 07/15/26		116		124,265
10.50%, 07/15/27		56		62,362
Sealed Air Corp., 4.00%, 12/01/27(d)		23		23,546
				451,454

SCHEDULE    OF    INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Consumer Services — 0.3%
Allied Universal Holdco LLC/Allied Universal Finance Corp.(d)
6.63%, 07/15/26	USD	868	$	920,496
9.75%, 07/15/27		101		110,817
Ascend Learning LLC, 6.88%, 08/01/25		340		348,500
Brink’s Co., 5.50%, 07/15/25(d)		15		15,844
Garda World Security Corp.(d)
4.63%, 02/15/27		29		29,000
9.50%, 11/01/27		55		60,878
Rekeep SpA, 7.25%, 02/01/26	EUR	100		125,303
Sotheby’s, 7.38%, 10/15/27(d)	USD	200		216,272
				1,827,110
Diversified Financial Services — 0.2%
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP	100		139,026
Central Garden & Pet Co., 4.13%, 10/15/30	USD	59		59,590
Citigroup, Inc., Series W, (5 year CMT + 3.60%), 4.00%(f)(g)		50		50,487
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25	GBP	100		142,447
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(d)(h)	USD	25		23,622
Intrum AB, 4.88%, 08/15/25	EUR	100		122,401
Spectrum Brands, Inc.(d)
5.00%, 10/01/29	USD	18		18,990
5.50%, 07/15/30		50		53,500
3.88%, 03/15/31		31		30,341
UBS Group AG, (5 year CMT + 3.31%), 4.38%(d)(f)(g)		345		340,342
United Wholesale Mortgage LLC, 5.50%, 04/15/29(d)(i)		52		52,000
				1,032,746
Diversified Telecommunication Services — 1.1%
Cincinnati Bell, Inc.(d)
7.00%, 07/15/24		26		26,813
8.00%, 10/15/25		20		21,273
Consolidated Communications, Inc., 6.50%, 10/01/28(d)		172		185,782
Frontier Communications Corp.(d)
5.88%, 10/15/27		145		153,700
5.00%, 05/01/28		216		219,970
6.75%, 05/01/29		157		165,588
Intelsat Jackson Holdings SA, 8.00%, 02/15/24(d)		155		160,425
Level 3 Financing, Inc.(d)
4.25%, 07/01/28		174		175,968
3.75%, 07/15/29		77		75,356
Lumen Technologies, Inc.
5.13%, 12/15/26(d)		504		530,904
4.50%, 01/15/29(d)		177		172,628
Series P, 7.60%, 09/15/39		123		140,835
Series U, 7.65%, 03/15/42		59		67,113
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(h)		12		12,540
Sprint Capital Corp., 6.88%, 11/15/28		216		272,370
Switch Ltd., 3.75%, 09/15/28(d)		110		108,319
Telecom Italia Capital SA
6.38%, 11/15/33		58		68,269
6.00%, 09/30/34		134		151,976
7.20%, 07/18/36		14		17,668
7.72%, 06/04/38		23		30,676

Security	Par (000)			Value
Diversified Telecommunication Services (continued)
Telecom Italia SpA, 5.30%, 05/30/24(d)	USD	314		$	340,086
Zayo Group Holdings, Inc.(d)
4.00%, 03/01/27		2,179			2,140,867
6.13%, 03/01/28		472			484,390
					5,723,516
Electric Utilities — 0.2%
Edison International, (5 year CMT + 4.70%), 5.38%(f)(g)		100			101,380
FirstEnergy Corp.
2.65%, 03/01/30		8			7,608
Series B, 4.40%, 07/15/27		42			45,150
Series B, 2.25%, 09/01/30		6			5,565
Series C, 5.35%, 07/15/47		163			183,077
Series C, 3.40%, 03/01/50		49			42,875
FirstEnergy Transmission LLC(d)
5.45%, 07/15/44		109			125,934
4.55%, 04/01/49		51			53,782
PG&E Corp., 5.25%, 07/01/30		74			78,440
Pike Corp., 5.50%, 09/01/28(d)		207			210,623
Public Power Corp SA, 3.88%, 03/30/26	EUR	100			119,050
Texas Competitive Electric Holdings Co.
LLC/TCEH Finance, Inc., 11.50%, 11/10/21(b)	USD	2,375			—
					973,484
Electrical Equipment — 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26(d)		291			304,822
GrafTech Finance, Inc., 4.63%, 12/15/28(d)		66			66,495
NM Holdings Co. LLC, Series B, 9.50%, 07/01/05(a)(b)(e)		5,125			1
					371,318
Electronic Equipment, Instruments & Components — 0.1%
Brightstar Escrow Corp., 9.75%, 10/15/25(d)		28			30,380
BWX Technologies, Inc.(d)
4.13%, 06/30/28		81			82,012
4.13%, 04/15/29(i)		56			56,770
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29		98			96,775
Energizer Holdings, Inc.(d)
4.75%, 06/15/28		34			35,063
4.38%, 03/31/29		6			6,021
Xerox Corp., 4.80%, 03/01/35		181			181,083
					488,104
Energy Equipment & Services — 0.3%
Archrock Partners LP/Archrock Partners Finance Corp.(d)
6.88%, 04/01/27		106			110,505
6.25%, 04/01/28		166			168,623
Pioneer Energy Services Corp.(b)(d)(h)
(11.00% Cash or 11.00% PIK), 11.00%, 05/15/25		327			326,264
(5.00% PIK), 5.00%, 11/15/25		231			231,210
TechnipFMC PLC, 6.50%, 02/01/26(d)		123			128,700
USA Compression Partners LP/USA Compression Finance Corp.			��
6.88%, 04/01/26		331			339,482
6.88%, 09/01/27		291			299,730
					1,604,514

4

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Environmental, Maintenance, & Security Service — 0.1%
Covanta Holding Corp., 5.00%, 09/01/30	USD	43	$	43,430
GFL Environmental, Inc.(d)
3.75%, 08/01/25		85		86,275
5.13%, 12/15/26		73		76,924
4.00%, 08/01/28		120		116,100
3.50%, 09/01/28		65		63,050
Stericycle, Inc., 3.88%, 01/15/29(d)		52		51,350
Tervita Corp., 11.00%, 12/01/25(d)		42		47,670
Waste Pro USA, Inc., 5.50%, 02/15/26(d)		71		72,686
				557,485
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		131,776
Diversified Healthcare Trust, 9.75%, 06/15/25		53		59,996
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(d)		71		69,205
Iron Mountain, Inc.(d)
5.25%, 07/15/30		105		108,339
5.63%, 07/15/32		132		137,940
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
4.63%, 06/15/25(d)		205		216,213
4.50%, 09/01/26		139		145,476
4.50%, 01/15/28		318		329,035
3.88%, 02/15/29(d)		101		100,609
MPT Operating Partnership LP/MPT Finance Corp.
4.63%, 08/01/29		296		311,401
3.50%, 03/15/31		219		214,909
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27		311		318,346
4.50%, 02/15/29(d)		79		79,314
Service Properties Trust
4.50%, 06/15/23		15		15,238
4.35%, 10/01/24		12		11,930
7.50%, 09/15/25		108		122,733
5.50%, 12/15/27		42		44,425
				2,416,885
Food & Staples Retailing — 0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(d)
3.25%, 03/15/26		146		145,441
4.63%, 01/15/27		11		11,401
4.88%, 02/15/30		68		69,904
Kraft Heinz Foods Co.
4.25%, 03/01/31		204		224,591
5.00%, 07/15/35		24		27,623
6.88%, 01/26/39		164		225,924
4.63%, 10/01/39		88		95,076
6.50%, 02/09/40		35		45,707
5.20%, 07/15/45		101		116,812
4.38%, 06/01/46		227		237,299
4.88%, 10/01/49		170		190,674
5.50%, 06/01/50	��	368		450,506
Lamb Weston Holdings, Inc., 4.88%, 05/15/28(d)		46		49,671
Post Holdings, Inc.(d)
4.63%, 04/15/30		45		45,112
4.50%, 09/15/31		81		80,109

Security	Par (000)		Value
Food & Staples Retailing (continued)
TreeHouse Foods, Inc., 4.00%, 09/01/28	USD	23	$	23,162
U.S. Foods, Inc., 4.75%, 02/15/29(d)		118		118,000
United Natural Foods, Inc., 6.75%, 10/15/28(d)		28		29,925
				2,186,937
Food Products(d) — 0.1%
Aramark Services, Inc.
6.38%, 05/01/25		99		104,940
5.00%, 02/01/28		3		3,113
Chobani LLC/Chobani Finance Corp., Inc.
7.50%, 04/15/25		272		283,138
4.63%, 11/15/28		76		77,520
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28		90		98,325
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/29		85		96,008
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29		113		113,991
				777,035
Gas Utilities — 0.0%
Superior Plus LP/Superior General Partner, Inc., 4.50%, 03/15/29(d)		43		43,439
Health Care Equipment & Supplies(d) — 0.1%
Avantor Funding, Inc., 4.63%, 07/15/28		338		352,994
Hologic, Inc., 3.25%, 02/15/29		28		27,650
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA
7.38%, 06/01/25		171		183,842
7.25%, 02/01/28		134		146,818
				711,304
Health Care Providers & Services — 1.0%
Acadia Healthcare Co., Inc.(d)
5.50%, 07/01/28		66		69,482
5.00%, 04/15/29		55		57,075
AdaptHealth LLC(d)
6.13%, 08/01/28		49		51,940
4.63%, 08/01/29		55		54,725
AHP Health Partners, Inc., 9.75%, 07/15/26(d)		212		229,755
Centene Corp.
4.25%, 12/15/27		206		216,687
4.63%, 12/15/29		181		195,897
3.00%, 10/15/30		283		282,530
2.50%, 03/01/31		258		246,395
CHS/Community Health Systems, Inc.(d)
8.13%, 06/30/24		45		47,207
6.63%, 02/15/25		379		400,084
8.00%, 03/15/26		419		453,065
5.63%, 03/15/27		180		188,550
6.00%, 01/15/29		148		156,510
6.88%, 04/15/29		69		72,234
DaVita, Inc., 4.63%, 06/01/30(d)		49		49,924
Encompass Health Corp.
4.50%, 02/01/28		2		2,048
4.75%, 02/01/30		66		67,894
4.63%, 04/01/31		33		34,155
HCA, Inc., 3.50%, 09/01/30		382		385,235
Legacy LifePoint Health LLC(d)
6.75%, 04/15/25		116		123,250
4.38%, 02/15/27		44		43,120

SCHEDULE    OF    INVESTMENTS 5

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care Providers & Services (continued)
LifePoint Health, Inc., 5.38%, 01/15/29(d)	USD	97	$	95,545
ModivCare, Inc., 5.88%, 11/15/25(d)		23		24,208
Molina Healthcare, Inc.(d)
4.38%, 06/15/28		22		22,637
3.88%, 11/15/30		96		98,760
Prime Healthcare Services, Inc., 7.25%, 11/01/25(d)		108		115,290
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26(d)		17		18,403
Surgery Center Holdings, Inc.(d)
6.75%, 07/01/25		145		148,219
10.00%, 04/15/27		276		304,290
Teleflex, Inc., 4.25%, 06/01/28(d)		94		97,408
Tenet Healthcare Corp.(d)
7.50%, 04/01/25		41		44,266
4.88%, 01/01/26		288		299,451
5.13%, 11/01/27		354		370,178
4.63%, 06/15/28		26		26,649
6.13%, 10/01/28		135		140,906
				5,233,972
Health Care Technology(d) — 0.1%
Catalent Pharma Solutions, Inc.
5.00%, 07/15/27		41		42,948
3.13%, 02/15/29		58		55,680
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25		229		233,431
Charles River Laboratories International, Inc.
4.25%, 05/01/28		46		47,380
4.00%, 03/15/31		31		31,513
Mednax, Inc., 6.25%, 01/15/27		62		66,297
Syneos Health, Inc., 3.63%, 01/15/29		147		142,957
US Acute Care Solutions LLC, 6.38%, 03/01/26		12		12,450
				632,656
Healthcare — 0.0%
Akumin, Inc., 7.00%, 11/01/25(d)		35		37,231
Hotels, Restaurants & Leisure — 1.0%
1011778 BC ULC/New Red Finance, Inc., 4.38%, 01/15/28(d)		218		219,029
Accor SA, (5 year EUR Swap + 4.56%), 4.38%(f)(g)	EUR	100		120,946
Affinity Gaming, 6.88%, 12/15/27(d)	USD	38		40,043
Boyd Gaming Corp.
8.63%, 06/01/25(d)		79		87,848
6.38%, 04/01/26		32		33,040
4.75%, 12/01/27		58		59,115
Boyne USA, Inc., 7.25%, 05/01/25(d)		19		19,751
Caesars Entertainment, Inc.(d)
6.25%, 07/01/25		494		526,611
8.13%, 07/01/27		340		374,933
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(d)		154		162,516
CCM Merger, Inc., 6.38%, 05/01/26(d)		53		56,279
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op(d)
5.50%, 05/01/25		388		408,386
6.50%, 10/01/28		19		20,425
Churchill Downs, Inc., 4.75%, 01/15/28(d)		137		141,690
Full House Resorts, Inc., 8.25%, 02/15/28(d)		20		21,306
Golden Nugget, Inc., 6.75%, 10/15/24(d)		455		460,082

Security	Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Hilton Domestic Operating Co., Inc.
5.38%, 05/01/25(d)	USD	41	$	43,214
5.75%, 05/01/28(d)		163		175,432
4.88%, 01/15/30		166		176,093
4.00%, 05/01/31(d)		73		73,000
Marriott International, Inc., Series EE, 5.75%, 05/01/25		393		450,965
MGM Resorts International, 5.75%, 06/15/25		73		79,570
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(d)		52		55,900
Powdr Corp., 6.00%, 08/01/25(d)		74		77,985
Scientific Games International, Inc.(d)
8.63%, 07/01/25		65		70,668
8.25%, 03/15/26		506		542,685
SeaWorld Parks & Entertainment, Inc., 9.50%, 08/01/25(d)		52		56,515
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(d)		275		297,344
Travel & Leisure Co., 6.63%, 07/31/26(d)		56		63,580
Vail Resorts, Inc., 6.25%, 05/15/25(d)		89		94,896
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(d)		44		44,506
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(d)		287		293,744
Yum! Brands, Inc.
4.75%, 01/15/30(d)		24		25,375
5.35%, 11/01/43		14		14,770
				5,388,242
Household Durables — 0.2%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 4.88%, 02/15/30(d)		260		260,161
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(d)		97		104,032
Diebold Nixdorf, Inc., 9.38%, 07/15/25(d)		42		46,777
Mattamy Group Corp., 4.63%, 03/01/30(d)		102		101,315
NCR Corp.(d)
5.75%, 09/01/27		72		76,185
5.00%, 10/01/28		57		57,570
5.13%, 04/15/29(i)		60		60,450
6.13%, 09/01/29		78		82,582
5.25%, 10/01/30		36		36,455
New Home Co., Inc., 7.25%, 10/15/25(d)		22		22,775
Taylor Morrison Communities, Inc., 5.13%, 08/01/30(d)		20		21,250
Tempur Sealy International, Inc.
5.50%, 06/15/26		2		2,073
4.00%, 04/15/29(d)		99		98,505
Tri Pointe Homes, Inc., 5.70%, 06/15/28		18		19,894
				990,024
Household Products — 0.0%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00%, 12/31/26(d)		67		67,000
Independent Power and Renewable Electricity Producers(d) — 0.2%
Calpine Corp.
5.25%, 06/01/26		68		69,921
5.13%, 03/15/28		458		460,130
4.63%, 02/01/29		55		53,586
5.00%, 02/01/31		69		67,344
3.75%, 03/01/31		4		3,812
Clearway Energy Operating LLC, 4.75%, 03/15/28		20		20,808

6

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Independent Power and Renewable Electricity Producers (continued)
NRG Energy, Inc., 3.63%, 02/15/31	USD	103	$	100,425
TerraForm Power Operating LLC, 4.75%, 01/15/30		74		76,835
				852,861
Insurance — 0.3%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(d)
4.25%, 10/15/27		371		371,464
6.75%, 10/15/27		731		778,054
AmWINS Group, Inc., 7.75%, 07/01/26(d)		25		26,750
AssuredPartners, Inc., 5.63%, 01/15/29(d)		86		87,634
GTCR AP Finance, Inc., 8.00%, 05/15/27(d)		6		6,442
HUB International Ltd., 7.00%, 05/01/26(d)		416		431,979
Unipol Gruppo SpA, 3.25%, 09/23/30	EUR	100		124,035
				1,826,358
Interactive Media & Services — 0.1%
Arches Buyer, Inc.(d)
4.25%, 06/01/28	USD	36		35,935
6.13%, 12/01/28		16		16,480
Netflix, Inc.
4.88%, 04/15/28		112		126,700
5.88%, 11/15/28		14		16,934
6.38%, 05/15/29		11		13,640
5.38%, 11/15/29(d)		11		13,008
3.63%, 06/15/30	EUR	100		137,089
4.88%, 06/15/30(d)	USD	115		132,427
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.(d)
6.00%, 02/15/28		80		79,800
10.75%, 06/01/28		30		33,891
Twitter, Inc., 3.88%, 12/15/27(d)		67		70,249
				676,153
Internet Software & Services(d) — 0.4%
Endure Digital, Inc., 6.00%, 02/15/29		57		55,712
Expedia Group, Inc.
3.60%, 12/15/23		486		517,275
6.25%, 05/01/25		121		139,962
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29		40		39,300
Match Group Holdings II LLC
4.63%, 06/01/28		43		43,936
4.13%, 08/01/30		68		68,191
TripAdvisor, Inc., 7.00%, 07/15/25		72		77,868
Uber Technologies, Inc.
7.50%, 05/15/25		283		305,405
8.00%, 11/01/26		92		99,590
7.50%, 09/15/27		176		194,406
6.25%, 01/15/28		314		342,009
				1,883,654
IT Services — 0.7%
Austin BidCo, Inc., 7.13%, 12/15/28(d)		23		23,403
Banff Merger Sub, Inc., 9.75%, 09/01/26(d)		465		495,225
Booz Allen Hamilton, Inc., 3.88%, 09/01/28(d)		101		101,530
Camelot Finance SA, 4.50%, 11/01/26(d)		105		108,562
Dun & Bradstreet Corp.(d)
6.88%, 08/15/26		102		108,905
10.25%, 02/15/27		232		258,970
Fiserv, Inc., 2.25%, 06/01/27		1,385		1,415,760

Security	Par (000)		Value
IT Services (continued)
Gartner, Inc.(d)
4.50%, 07/01/28	USD	83	$	85,594
3.75%, 10/01/30		101		100,165
Presidio Holdings, Inc., 4.88%, 02/01/27(d)		3		3,075
Rackspace Technology Global, Inc., 5.38%, 12/01/28(d)		158		160,658
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.(d)
5.75%, 06/01/25		190		200,687
6.75%, 06/01/25		291		297,366
Twilio, Inc., 3.88%, 03/15/31		41		41,876
Unisys Corp., 6.88%, 11/01/27(d)		33		36,135
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(d)		104		101,996
				3,539,907
Leisure Products — 0.0%
Mattel, Inc.
6.75%, 12/31/25(d)		2		2,103
5.88%, 12/15/27(d)		34		37,326
3.75%, 04/01/29(d)		33		33,206
6.20%, 10/01/40		33		38,693
5.45%, 11/01/41		83		90,677
				202,005
Machinery — 0.2%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28(d)		35		34,694
Clark Equipment Co., 5.88%, 06/01/25(d)		85		89,941
Colfax Corp., 6.38%, 02/15/26(d)		63		67,016
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(d)(h)		445		483,938
Platin 1426 GmbH, 5.38%, 06/15/23	EUR	100		118,233
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25(d)	USD	57		58,157
Terex Corp., 5.00%, 05/15/29(d)(i)		95		98,344
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26(d)		147		152,689
Vertical US Newco, Inc., 5.25%, 07/15/27(d)		200		209,375
				1,312,387
Media — 2.2%
Adelphia Communications Corp., 10.50%, 12/31/49(a)(b)(e)		400		—
Advantage Sales & Marketing, Inc., 6.50%, 11/15/28(d)		46		47,840
Altice Financing SA, 5.00%, 01/15/28(d)		204		201,437
Altice France Holding SA(d)
10.50%, 05/15/27		539		606,224
6.00%, 02/15/28		272		267,999
AMC Networks, Inc., 4.25%, 02/15/29		39		37,928
Cable One, Inc.(d)
1.13%, 03/15/28(j)		66		66,495
4.00%, 11/15/30		56		55,395
CCO Holdings LLC/CCO Holdings Capital Corp.(d)
5.13%, 05/01/27		48		50,751
5.00%, 02/01/28		34		35,960
5.38%, 06/01/29		117		125,483
4.50%, 08/15/30		134		136,573
4.25%, 02/01/31		238		238,528
4.50%, 05/01/32		347		351,337
Cinemark USA, Inc., 5.88%, 03/15/26(d)		37		37,886

SCHEDULE    OF    INVESTMENTS 7

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
Clear Channel International BV, 6.63%, 08/01/25(d)	USD	200	$	209,022
Clear Channel Outdoor Holdings, Inc., 7.75%, 04/15/28(d)		155		153,295
Clear Channel Worldwide Holdings, Inc.
9.25%, 02/15/24		184		191,415
5.13%, 08/15/27(d)		659		662,789
Connect Finco Sarl/Connect US Finco LLC,
6.75%, 10/01/26(d)		738		785,778
CSC Holdings LLC
5.25%, 06/01/24		344		371,090
4.63%, 12/01/30(d)		223		219,346
3.38%, 02/15/31(d)		205		193,212
DISH DBS Corp.
5.88%, 07/15/22		689		719,660
7.75%, 07/01/26		219		241,718
GCI LLC, 4.75%, 10/15/28(d)		29		29,689
Hughes Satellite Systems Corp., 5.25%, 08/01/26		20		22,010
Lamar Media Corp., 4.00%, 02/15/30		57		56,842
LCPR Senior Secured Financing DAC(d)
6.75%, 10/15/27		200		213,230
5.13%, 07/15/29		200		203,524
Liberty Broadband Corp., 2.75%, 09/30/50(d)(j)		481		486,007
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(d)(h)		171		171,051
Lions Gate Capital Holdings LLC(d)
6.38%, 02/01/24		26		26,829
5.88%, 11/01/24		21		21,617
Live Nation Entertainment, Inc.(d)
4.88%, 11/01/24		9		9,159
6.50%, 05/15/27		329		365,190
4.75%, 10/15/27		30		30,225
3.75%, 01/15/28		61		60,161
Lorca Telecom Bondco SA, 4.00%, 09/18/27	EUR	100		120,191
Outfront Media Capital LLC/Outfront Media Capital Corp.(d)
5.00%, 08/15/27	USD	28		28,280
4.25%, 01/15/29		38		36,583
Qualitytech LP/QTS Finance Corp., 3.88%, 10/01/28(d)		74		73,630
Radiate Holdco LLC/Radiate Finance, Inc.(d)
4.50%, 09/15/26		703		710,909
6.50%, 09/15/28		1,096		1,157,321
Scripps Escrow II, Inc.(d)
3.88%, 01/15/29		5		4,913
5.38%, 01/15/31		55		54,588
Sinclair Television Group, Inc., 4.13%, 12/01/30(d)		160		154,200
Sirius XM Radio, Inc.(d)
5.50%, 07/01/29		60		64,875
4.13%, 07/01/30		109		109,125
Telesat Canada/Telesat LLC, 4.88%, 06/01/27(d)		131		131,000
Terrier Media Buyer, Inc., 8.88%, 12/15/27(d)		112		120,518
Univision Communications, Inc.(d)
5.13%, 02/15/25		107		108,338
6.63%, 06/01/27		347		370,570
Virgin Media Secured Finance PLC, 4.50%, 08/15/30(d)		200		201,750
Virgin Media Vendor Financing Notes IV DAC,
5.00%, 07/15/28(d)		242		246,235

Security	Par (000)		Value
Media (continued)
WMG Acquisition Corp., 3.88%, 07/15/30(d)	USD	7	$	7,068
Ziggo Bond Co. BV, 5.13%, 02/28/30(d)		200		204,500
Ziggo BV, 5.50%, 01/15/27(d)		150		156,187
				11,763,476
Metals & Mining — 0.5%
Allegheny Technologies, Inc., 7.88%, 08/15/23		20		21,694
Arconic Corp.(d)
6.00%, 05/15/25		13		14,011
6.13%, 02/15/28		145		154,425
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(d)		404		440,036
Constellium SE(d)
5.88%, 02/15/26		321		330,791
3.75%, 04/15/29		500		478,040
Freeport-McMoRan, Inc.
4.38%, 08/01/28		92		97,589
5.45%, 03/15/43		335		403,005
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(d)		96		98,107
Joseph T Ryerson & Son, Inc., 8.50%, 08/01/28(d)		57		63,840
Kaiser Aluminum Corp., 4.63%, 03/01/28(d)		75		76,766
New Gold, Inc., 7.50%, 07/15/27(d)		170		176,069
Novelis Corp., 4.75%, 01/30/30(d)		385		396,819
thyssenkrupp AG, 2.88%, 02/22/24	EUR	32		38,212
United States Steel Corp.
6.25%, 03/15/26	USD	4		4,042
6.88%, 03/01/29		87		88,958
				2,882,404
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Starwood Property Trust, Inc., 5.50%, 11/01/23(d)		9		9,405
Multi-line Retail(d) — 0.1%
Macy’s, Inc., 8.38%, 06/15/25		176		194,616
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26		126		128,520
Nordstrom, Inc., 8.75%, 05/15/25		75		84,882
				408,018
Oil, Gas & Consumable Fuels — 2.9%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(d)		154		159,390
Antero Midstream Partners LP/Antero Midstream Finance Corp.(d)
7.88%, 05/15/26		130		139,818
5.75%, 03/01/27		28		28,006
Antero Resources Corp.(d)
8.38%, 07/15/26		26		28,665
7.63%, 02/01/29		79		84,135
Apache Corp.
4.88%, 11/15/27		68		69,700
4.38%, 10/15/28		7		6,979
5.10%, 09/01/40		59		57,673
5.25%, 02/01/42		18		17,730
4.75%, 04/15/43		110		102,025
4.25%, 01/15/44		46		41,400
5.35%, 07/01/49		23		21,965
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(d)
9.00%, 11/01/27		212		269,240

8

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (d) (continued) 8.25%, 12/31/28	USD	37	$	38,480
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25(d)		54		58,197
Brand Industrial Services, Inc., 8.50%, 07/15/25(d).		314		316,449
Buckeye Partners LP 4.13%, 03/01/25(d)		5		5,101
3.95%, 12/01/26		34		33,608
4.50%, 03/01/28(d)		44		44,110
5.85%, 11/15/43		16		15,542
5.60%, 10/15/44		6		5,787
Callon Petroleum Co., 9.00%, 04/01/25(d)		134		135,927
Cheniere Energy Partners LP 5.63%, 10/01/26		151		157,901
4.50%, 10/01/29		133		137,924
4.00%, 03/01/31(d)		198		201,465
Cheniere Energy, Inc., 4.63%, 10/15/28(d)		414		429,956
Chesapeake Energy Corp. (d) 5.50%, 02/01/26		18		18,736
5.88%, 02/01/29		56		59,360
CITGO Petroleum Corp. (d) 7.00%, 06/15/25		90		92,587
6.38%, 06/15/26		74		74,668
CNX Resources Corp. (d) 7.25%, 03/14/27		14		15,038
6.00%, 01/15/29		91		94,565
Colgate Energy Partners III LLC, 7.75%, 02/15/26(d)		38		37,248
Comstock Resources, Inc. 7.50%, 05/15/25(d)		96		99,600
9.75%, 08/15/26		5		5,438
6.75%, 03/01/29(d)		161		165,025
Continental Resources, Inc. 5.75%, 01/15/31(d)		73		82,480
4.90%, 06/01/44		124		124,002
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. (d) 5.63%, 05/01/27		107		105,127
6.00%, 02/01/29		67		65,995
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(d)		683		696,810
DCP Midstream Operating LP (d) 6.45%, 11/03/36		250		279,375
6.75%, 09/15/37		21		23,441
Double Eagle III Midco 1 LLC/Double Eagle Finance Corp., 7.75%, 12/15/25(d)		135		144,142
Dycom Industries, Inc., 4.50%, 04/15/29(d)(i)		33		33,083
eG Global Finance PLC 6.75%, 02/07/25(d)		200		204,500
6.25%, 10/30/25	EUR	142		169,504
8.50%, 10/30/25(d)	USD	244		260,166
Endeavor Energy Resources LP/EER Finance, Inc. (d) 6.63%, 07/15/25		73		78,018
5.50%, 01/30/26		421		436,914
5.75%, 01/30/28		320		338,022
EnLink Midstream LLC, 5.63%, 01/15/28(d)		56		54,151
EnLink Midstream Partners LP 4.40%, 04/01/24		136		137,088
4.85%, 07/15/26		39		37,675

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
EnLink Midstream Partners LP (continued) 5.60%, 04/01/44	USD	74	$	61,420
EQM Midstream Partners LP 6.00%, 07/01/25(d)		88		94,710
4.13%, 12/01/26		17		16,873
6.50%, 07/01/27(d)		117		127,208
4.50%, 01/15/29(d)		77		75,033
4.75%, 01/15/31(d)		236		228,920
EQT Corp. 3.90%, 10/01/27		116		118,320
8.50%, 02/01/30		32		40,810
Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 01/15/27		68		68,851
Harvest Midstream I LP, 7.50%, 09/01/28(d)		111		119,292
Hilcorp Energy I LP/Hilcorp Finance Co. (d) 5.75%, 02/01/29		40		40,350
6.00%, 02/01/31		47		47,705
Indigo Natural Resources LLC, 5.38%, 02/01/29(d)		144		141,870
MasTec, Inc., 4.50%, 08/15/28(d)		66		68,475
Matador Resources Co., 5.88%, 09/15/26		155		150,931
MEG Energy Corp. (d) 6.50%, 01/15/25		91		93,998
7.13%, 02/01/27		79		82,753
5.88%, 02/01/29		45		45,113
Murphy Oil Corp. 5.75%, 08/15/25		55		54,989
6.38%, 07/15/28		32		32,023
Murphy Oil USA, Inc., 4.75%, 09/15/29		109		114,450
New Enterprise Stone & Lime Co. Inc., 9.75%, 07/15/28(d)		26		29,120
New Fortress Energy, Inc. (d) 6.75%, 09/15/25		526		540,412
6.50%, 09/30/26(i)		330		332,475
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(d)		170		174,675
NGPL PipeCo LLC, 7.77%, 12/15/37(d)		186		246,707
Northern Oil and Gas, Inc., 8.13%, 03/01/28(d)		153		152,120
NuStar Logistics LP 5.75%, 10/01/25		41		43,891
6.00%, 06/01/26		124		133,683
6.38%, 10/01/30		2		2,163
Occidental Petroleum Corp. 2.70%, 08/15/22		119		119,045
2.70%, 02/15/23		57		56,870
6.95%, 07/01/24		19		20,849
2.90%, 08/15/24		123		121,652
5.50%, 12/01/25		45		47,588
3.40%, 04/15/26		21		20,391
3.20%, 08/15/26		5		4,798
3.00%, 02/15/27		2		1,882
8.88%, 07/15/30		2		2,522
6.13%, 01/01/31		77		85,023
4.30%, 08/15/39		174		147,554
6.20%, 03/15/40		291		299,002
4.50%, 07/15/44		72		61,371
4.63%, 06/15/45		199		174,145
6.60%, 03/15/46		7		7,456
4.40%, 04/15/46		114		97,634
4.10%, 02/15/47		22		17,628
4.20%, 03/15/48		69		56,069

SCHEDULE    OF    INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp. (continued)
4.40%, 08/15/49	USD	35	$	29,269
Ovintiv Exploration, Inc.
5.75%, 01/30/22		28		28,918
5.38%, 01/01/26		11		12,122
Ovintiv, Inc.
7.38%, 11/01/31		23		29,256
6.50%, 08/15/34		32		38,741
Parkland Corp., 4.50%, 10/01/29(d)(i)		91		91,114
Parsley Energy LLC/Parsley Finance Corp.,
5.63%, 10/15/27(d)		477		516,949
PBF Holding Co. LLC/PBF Finance Corp., 9.25%,
05/15/25(d)		362		369,584
PDC Energy, Inc.
6.13%, 09/15/24		187		191,885
6.25%, 12/01/25		29		29,145
5.75%, 05/15/26		48		49,788
Range Resources Corp, 9.25%, 02/01/26		19		20,644
Range Resources Corp.
5.88%, 07/01/22		69		69,345
5.00%, 08/15/22		103		104,823
5.00%, 03/15/23		46		46,748
4.88%, 05/15/25		39		38,610
8.25%, 01/15/29(d)		26		27,820
Rattler Midstream LP, 5.63%, 07/15/25(d)		79		82,485
SM Energy Co.
6.13%, 11/15/22		11		10,846
5.00%, 01/15/24		4		3,762
10.00%, 01/15/25(d)		225		253,125
Southwestern Energy Co.
4.10%, 03/15/22		158		158,000
7.50%, 04/01/26		29		30,683
8.38%, 09/15/28		24		26,340
Sunoco Logistics Partners Operations LP
5.30%, 04/01/44		153		161,183
5.40%, 10/01/47		133		143,612
Sunoco LP/Sunoco Finance Corp.
5.50%, 02/15/26		8		8,218
5.88%, 03/15/28		151		158,041
4.50%, 05/15/29(d)		38		37,858
Tallgrass Energy Partners LP/Tallgrass Energy
Finance Corp.(d)
5.50%, 09/15/24		6		6,090
7.50%, 10/01/25		44		47,359
6.00%, 12/31/30		50		49,425
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.38%, 02/01/27		17		17,630
5.50%, 03/01/30		255		267,750
4.88%, 02/01/31(d)		31		31,411
Teine Energy Ltd., 6.88%, 04/15/29(d)(i)		56		56,678
Transocean, Inc., 11.50%, 01/30/27(d)		167		143,239
Vine Energy Holdings LLC, 6.75%, 04/15/29		177		177,000
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp.,
8.75%, 04/15/23(d)		18		19,161
Viper Energy Partners LP, 5.38%, 11/01/27(d)		107		111,280
Western Midstream Operating LP
4.75%, 08/15/28		95		99,275

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Western Midstream Operating LP (continued)
5.45%, 04/01/44	USD	217	$	222,533
5.30%, 03/01/48		53		53,188
5.50%, 08/15/48		13		12,794
6.50%, 02/01/50		126		136,237
				15,580,714
Personal Products — 0.0%
Edgewell Personal Care Co., 5.50%, 06/01/28(d)		29		30,624
Pharmaceuticals — 0.5%
Bausch Health Americas, Inc., 8.50%, 01/31/27(d)		101		112,047
Bausch Health Cos., Inc.(d)
9.00%, 12/15/25		255		277,050
7.00%, 01/15/28		185		200,827
5.00%, 02/15/29		167		165,852
6.25%, 02/15/29		168		178,577
5.25%, 01/30/30		66		66,343
5.25%, 02/15/31		94		93,551
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28	EUR	100		122,547
Elanco Animal Health, Inc., 5.90%, 08/28/28	USD	57		64,624
Endo Dac/Endo Finance LLC/Endo Finco, Inc.(d)
9.50%, 07/31/27		237		257,441
6.00%, 06/30/28		134		108,540
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc., 6.13%, 04/01/29(d)		154		155,347
Jaguar Holding Co. II/PPD Development LP(d)
4.63%, 06/15/25		122		127,283
5.00%, 06/15/28		188		195,802
Nidda Healthcare Holding GmbH, 3.50%,
09/30/24	EUR	200		235,713
P&L Development LLC/PLD Finance Corp.,
7.75%, 11/15/25(d)	USD	77		82,390
Par Pharmaceutical, Inc., 7.50%, 04/01/27(d)		254		269,405
Prestige Brands, Inc., 3.75%, 04/01/31(d)		70		66,762
				2,780,101
Real Estate Management & Development — 0.3%
Consus Real Estate AG, 9.63%, 05/15/24	EUR	100		123,620
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28(d)	USD	842		910,413
Greystar Real Estate Partners LLC, 5.75%,
12/01/25(d)		24		24,660
Howard Hughes Corp.(d)
5.38%, 08/01/28		45		47,306
4.13%, 02/01/29		62		60,619
4.38%, 02/01/31		70		68,556
Realogy Group LLC/Realogy Co-Issuer Corp.(d)
7.63%, 06/15/25		41		44,764
5.75%, 01/15/29		83		81,859
Unique Pub Finance Co. PLC, Series A4, 5.66%,
06/30/27	GBP	45		65,777
				1,427,574
Semiconductors & Semiconductor Equipment — 0.3%
Broadcom, Inc.
4.70%, 04/15/25	USD	910		1,025,688
3.15%, 11/15/25		514		547,838
ON Semiconductor Corp., 3.88%, 09/01/28(d)		106		109,037

10

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
Sensata Technologies BV, 4.00%, 04/15/29(d)	USD	22	$	22,397
Sensata Technologies, Inc., 4.38%, 02/15/30(d)		47		49,232
Synaptics, Inc., 4.00%, 06/15/29(d)		61		60,530
				1,814,722
Software — 0.8%
ANGI Group LLC, 3.88%, 08/15/28(d)		106		106,000
Black Knight InfoServ LLC, 3.63%, 09/01/28(d)		122		119,878
Boxer Parent Co., Inc.(d)
7.13%, 10/02/25		124		132,990
9.13%, 03/01/26		215		228,863
BY Crown Parent LLC, 7.38%, 10/15/24(d)		602		611,783
BY Crown Parent LLC/BY Bond Finance, Inc.,
4.25%, 01/31/26(d)		461		478,716
Crowdstrike Holdings, Inc., 3.00%, 02/15/29		50		48,885
MSCI, Inc., 3.63%, 09/01/30(d)		20		20,337
Open Text Corp., 3.88%, 02/15/28(d)		57		57,381
Playtika Holding Corp., 4.25%, 03/15/29(d)		97		95,564
PTC, Inc., 4.00%, 02/15/28(d)		80		81,200
Rocket Software, Inc., 6.50%, 02/15/29(d)		132		133,188
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24(d)		1,315		1,358,527
SS&C Technologies, Inc., 5.50%, 09/30/27(d)		236		251,352
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(d)		501		520,364
				4,245,028
Specialty Retail(d) — 0.2%
Gap, Inc., 8.88%, 05/15/27		105		122,587
L Brands, Inc.
6.88%, 07/01/25		133		147,790
6.63%, 10/01/30		46		52,523
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29		503		544,472
Staples, Inc., 7.50%, 04/15/26		80		84,380
				951,752
Textiles, Apparel & Luxury Goods — 0.0%
Crocs, Inc., 4.25%, 03/15/29(d)		50		48,751
Hanesbrands, Inc., 5.38%, 05/15/25(d)		30		31,744
Levi Strauss & Co.
5.00%, 05/01/25		7		7,136
3.50%, 03/01/31(d)		35		33,775
William Carter Co., 5.50%, 05/15/25(d)		11		11,732
Wolverine World Wide, Inc., 6.38%, 05/15/25(d)		24		25,560
				158,698
Thrifts & Mortgage Finance — 0.1%
Genworth Mortgage Holdings, Inc., 6.50%, 08/15/25(d)		184		198,835
Home Point Capital, Inc., 5.00%, 02/01/26(d)		92		91,080
MGIC Investment Corp., 5.25%, 08/15/28		47		48,822
Nationstar Mortgage Holdings, Inc.(d)
6.00%, 01/15/27		78		80,925
5.50%, 08/15/28		103		103,417
5.13%, 12/15/30		45		44,381
PennyMac Financial Services, Inc., 4.25%, 02/15/29(d)		16		15,300
				582,760

Security	Par (000)		Value
Utilities — 0.1%
Solaris Midstream Holdings LLC, 7.63%, 04/01/26(d)(i)	USD	34	$	34,765
Thames Water Kemble Finance PLC, 4.63%, 05/19/26	GBP	168		234,374
Vistra Operations Co. LLC, 5.63%, 02/15/27(d)	USD	99		102,899
				372,038
Wireless Telecommunication Services — 0.5%
Altice France SA(d)
7.38%, 05/01/26		391		406,679
8.13%, 02/01/27		334		366,097
GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31		305		315,210
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 9.88%, 05/01/24(d)		57		59,993
Matterhorn Telecom SA, 4.00%, 11/15/27	EUR	100		119,135
SBA Communications Corp., 3.88%, 02/15/27	USD	476		486,567
T-Mobile USA, Inc.
2.88%, 02/15/31		129		124,678
3.50%, 04/15/31		119		119,893
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC(d)
6.00%, 04/15/23		35		35,569
6.50%, 02/15/29		189		186,637
VICI Properties LP/VICI Note Co., Inc.(d)
4.25%, 12/01/26		392		401,049
4.63%, 12/01/29		321		332,993
				2,954,500
Total Corporate Bonds — 22.7% (Cost: $127,110,892)				122,989,093
Floating Rate Loan Interests(f)
Aerospace & Defense — 3.5%
Bleriot US Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 4.20%, 10/30/26		822		819,322
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (3 mo. LIBOR + 3.50%), 3.70%, 04/06/26		1,800		1,741,437
2020 Term Loan B1, (3 mo. LIBOR + 3.50%), 3.70%, 04/06/26		3,348		3,239,073
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 5.63%, 04/09/26		776		714,067
Peraton Holding Corp.(k)
2nd Lien Term Loan B1, 4.50%, 02/23/29(b)		2,002		2,032,030
Delayed Draw Term Loan B, 5.89%, 02/01/28		3,889		3,886,368
Term Loan B, 02/01/28		2,210		2,208,280
Spirit Aerosystems, Inc., 2020 Term Loan B,
(1 mo. LIBOR + 5.25%, 0.75% Floor), 6.00%, 01/15/25		891		893,369
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.36%, 12/09/25		3,550		3,473,076
				19,007,022
Air Freight & Logistics — 0.6%
Kestrel Bidco, Inc., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26		3,625		3,512,952

SCHEDULE    OF    INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Airlines — 1.5%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/20/28(k)	USD	1,131	$	1,157,511
American Airlines, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 1.86%, 01/29/27		450		410,213
2017 Incremental Term Loan, (1 mo. LIBOR + 2.00%), 2.11%, 12/14/23		2,255		2,151,631
Repriced TL B due 2023, (1 mo. LIBOR + 2.00%), 2.11%, 04/28/23		1,428		1,358,409
JetBlue Airways Corp., Term Loan, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/17/24		661		676,115
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/20/27		2,112		2,241,698
				7,995,577
Auto Components — 2.5%
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 04/30/26		4,331		4,279,427
Truck Hero, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 01/31/28		2,235		2,227,871
USI, Inc.
2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 3.20%, 05/16/24		4,382		4,329,351
2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 3.45%, 12/02/26		250		247,830
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 3.11%, 02/05/26		2,319		2,289,163
				13,373,642
Automobiles — 0.6%
Mavis Tire Express Services Corp.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.36%, 03/20/25		1,972		1,962,698
2020 Add-On Term Loan B, (1 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 03/20/25		1,188		1,185,801
				3,148,499
Building Materials — 0.4%
Allied Universal Holdco LLC, 2019 Term Loan B, (1 mo. LIBOR + 4.25%), 4.36%, 07/12/26		2,080		2,073,225
CHI Overhead Doors, Inc, Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 07/31/25(b)		162		161,779
				2,235,004
Building Products — 1.7%
CP Atlas Buyer, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 11/23/27		2,192		2,175,911
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 05/05/24		1,528		1,526,615
LSF10 XL Bidco SCA, EUR Term Loan B3, (3 mo. LIBOR + 4.00%), 4.00%, 10/12/26	EUR	1,000		1,169,897

Security	Par (000)			Value
Building Products (continued)
MI Windows And Doors LLC, 2020 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27	USD	473		$	474,295
Wilsonart LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/19/23		3,742			3,730,252
					9,076,970
Capital Markets — 1.6%
Deerfield Dakota Holding, LLC, 2020 USD Term Loan B, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 04/09/27		5,505			5,504,366
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 11/12/27		1,262			1,257,636
FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.50%), 2.61%, 06/27/25		—	(l)		247
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 04/12/24		626			621,779
Jefferies Finance LLC, 2019 Term Loan, (1 mo. LIBOR + 3.00%), 3.13%, 06/03/26		1,307			1,294,658
					8,678,686
Chemicals — 4.4%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 08/27/26		2,951			2,987,442
Atotech BV, 2021 USD Term Loan B, (3 mo. LIBOR + 2.50%, 0.50% Floor), 3.00%, 03/18/28		3,091			3,079,409
Axalta Coating Systems US Holdings Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 1.95%, 06/01/24		1,260			1,253,432
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/05/24		1,346			1,316,741
Encapsys LLC, 2020 Term Loan B2, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 11/07/24		1,266			1,265,295
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.61%, 06/30/27		2,887			2,871,379
Invictus US LLC
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.11%, 03/28/25		677			668,823
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.86%, 03/30/26		973			964,453
Klockner-Pentaplast of America, Inc., 2021 Term Loan B, 5.25%, 02/09/26(k)		1,140			1,135,725
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 2.70%, 03/01/26		3,211			3,182,302
Minerals Technologies, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/14/24(b)		379			377,930
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 05/15/24		1,534			1,507,491
NIC Acquisition Corp., Term Loan, (6 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/29/27		655			654,456

12

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Chemicals (continued)
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (1 mo. LIBOR + 3.50%), 3.63%, 10/14/24	USD	2,398	$	2,358,258
Starfruit Finco BV, 2018 USD Term Loan B, (1 mo. LIBOR + 2.75%), 2.86%, 10/01/25		424		417,389
				24,040,525
Commercial Services & Supplies — 3.5%
Asurion LLC
2018 Term Loan B6, (1 mo. LIBOR + 3.00%), 3.11%, 11/03/23		1,265		1,261,315
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 3.11%, 11/03/24		923		919,129
2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 3.36%, 12/23/26		702		697,280
2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 5.36%, 01/31/28		815		829,262
Creative Artists Agency LLC, 2020 Incremental Term Loan B1, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 11/26/26		1,724		1,703,049
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.36%, 12/12/25		2,701		2,701,866
Diamond (BC) BV, USD Term Loan, (1 mo. LIBOR + 3.00%), 3.11%, 09/06/24		1,823		1,812,559
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/09/25		475		472,580
Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 11/03/23		498		440,601
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.38%, 09/19/26		1,283		1,255,842
Packers Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 03/09/28		1,565		1,546,095
Prime Security Services Borrower LLC, 2021 Term Loan, (12 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 09/23/26		1,506		1,498,518
Verscend Holding Corp.
2018 Term Loan B, (1 mo. LIBOR + 4.50%), 4.61%, 08/27/25		2,904		2,900,437
2021 Term Loan B, 4.20%, 08/27/25(k)		740		739,451
				18,777,984
Communications Equipment — 0.1%
Avantor Funding, Inc., USD Term Loan B3, (1 mo. LIBOR + 2.25%, 1.00% Floor), 3.25%, 11/21/24		698		697,519
Construction & Engineering — 1.4%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/21/24		3,609		3,549,323
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 3.13%, 01/21/28		965		960,543
Pisces Midco, Inc., 2018 Term Loan, (1 mo. LIBOR + 3.75%), 3.86%, 04/12/25		522		520,679
SRS Distribution, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.11%, 05/23/25		2,595		2,558,257
				7,588,802

Security	Par             (000)		Value
Construction Materials — 1.4%
Core & Main LP, 2017 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 08/01/24	USD	2,184	$	2,173,124
Filtration Group Corp.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.11%, 03/29/25		2,139		2,106,804
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 03/29/25		1,278		1,275,974
Forterra Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/25/23		1,016		1,016,304
Tamko Building Products, Inc., Term Loan B, 05/29/26(k)		776		773,628
				7,345,834
Containers & Packaging — 1.7%
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 3.44%, 04/03/24		2,248		2,197,283
Charter NEX US, Inc., 2020 Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 12/01/27		3,629		3,633,701
Flex Acquisition Co., Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 03/02/28		1,942		1,916,246
Pregis TopCo Corp.
1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.86%, 08/01/26		550		545,104
2020 Incremental Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 08/01/26(b)		257		257,000
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/18/27		728		727,650
				9,276,984
Distributors — 1.2%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 2.11%, 01/15/27		2,687		2,663,461
TMK Hawk Parent Corp.
2020 Super Priority First Out Term Loan A, (2 mo. LIBOR + 9.50%, 1.00% Floor), 10.50%, 05/30/24(b)		994		984,172
2020 Super Priority Second Out Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/30/24		3,279		2,890,751
				6,538,384
Diversified Consumer Services — 2.2%
Amentum Government Services Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.50%), 3.61%, 01/31/27		637		630,284
Ascend Learning LLC
2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 07/12/24		1,192		1,185,714
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/12/24		987		986,428
Bright Horizons Family Solutions, LLC, 2017 Term Loan B, (PRIME + 0.75%), 4.00%, 11/07/23		1,762		1,751,301
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.86%, 07/11/25		3,004		2,954,801

SCHEDULE    OF    INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Diversified Consumer Services (continued)
Midas Intermediate Holdco II, LLC, 2020 Term Loan B, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 12/22/25	USD	1,485	$	1,520,478
Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (1 mo. LIBOR + 2.25%), 2.36%, 05/15/24		1,121		1,109,846
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 10/28/27		680		681,700
Serta Simmons Bedding LLC
2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 8.50%, 08/10/23		420		424,197
2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 8.50%, 08/10/23		861		819,714
				12,064,463
Diversified Financial Services — 7.3%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 4.61%, 07/31/26		1,254		1,252,327
Alchemy Copyrights, LLC, Term Loan B, (1 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 08/14/27(b)		759		759,190
AlixPartners LLP, 2021 USD Term Loan B, 3.50%, 02/04/28(k)		3,042		3,028,889
Allsup’s Convenience Stores, Inc., Term Loan, (1 mo. LIBOR + 6.25%), 6.36%, 11/18/24		667		672,231
Applecaramel Buyer LLC, Term Loan B, (6 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 10/19/27		1,108		1,105,452
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/01/28		595		607,644
2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27		3,270		3,263,002
EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 4.20%, 02/07/25		1,158		1,137,989
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 02/16/28(b)		1,123		1,113,174
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 07/03/24		1,338		1,306,597
LBM Acquisition LLC
Delayed Draw Term Loan, 4.50%, 12/18/27(k)		189		187,778
Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27		849		844,999
LEB Holdings (USA), Inc, Term Loan B, (3 mo. LIBOR + 4.00%, , 0.75% Floor), 4.75%, 11/02/27		905		905,657
Milano Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27		6,010		5,989,258
RV Retailer LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 02/08/28		830		826,888
SMG US Midco 2, Inc., 2020 Term Loan, (3 mo. LIBOR + 2.50%), 2.71%, 01/23/25		1,730		1,643,564
SpA Holdings 3 Oy, USD Term Loan B, 5.89%, 03/11/28(b)(k)		1,055		1,052,362

Security	Par             (000)		Value
Diversified Financial Services (continued)
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 4.45%, 07/30/25	USD	1,806	$	1,719,562
Therma Intermediate LLC, 2020 Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/16/27		623		622,967
Veritas US, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 09/01/25		6,692		6,697,264
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 3.11%, 02/28/27		3,062		3,047,606
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 2.61%, 04/30/28		1,876		1,855,533
				39,639,933
Diversified Telecommunication Services — 2.5%
Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 11/30/27		509		507,453
Consolidated Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 10/02/27		713		712,206
Frontier Communications Corp., 2020 DIP Exit Term Loan, (1 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 10/08/21		1,369		1,363,291
GCI LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 10/15/25		1,096		1,092,836
Hargray Communications Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 05/16/24		1,995		1,990,516
Intelsat Jackson Holdings SA
2017 Term Loan B3, (PRIME + 4.75%), 8.00%, 11/27/23		455		461,825
2020 DIP Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 07/13/22		158		159,207
Iridium Satellite LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 11/04/26		1,541		1,543,971
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 1.86%, 03/01/27		1,676		1,653,310
MTN Infrastructure TopCo, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 11/15/24		2,328		2,321,474
Virgin Media SFA Finance Ltd., GBP Term Loan L, (1 mo. LIBOR + 3.25%), 3.30%, 01/15/27	GBP	1,400		1,902,845
				13,708,934
Electric Utilities — 0.9%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 12/15/27	USD	1,200		1,200,497
Triton Water Holdings, Inc, Term Loan, 1.00%, 03/18/28(k)		3,572		3,555,247
				4,755,744
Electrical Equipment — 0.4%
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 03/31/27		2,173		2,166,204

14

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electronic Equipment, Instruments & Components — 0.1%
GrafTech Finance, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 02/12/25	USD	828	$	826,702
Energy Equipment & Services — 0.0%
Dell International LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%, 0.25% Floor), 2.00%, 09/19/25		115		114,431
Entertainment — 0.3%
MSG National Properties LLC, Term Loan, (3 mo. LIBOR + 6.25%, 0.75% Floor), 7.00%, 11/12/25(b)		1,755		1,798,467
Environmental, Maintenance, & Security Service — 0.7%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 1.86%, 09/07/27		1,766		1,760,332
TruGreen Limited Partnership, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/02/27		2,267		2,262,357
				4,022,689
Equity Real Estate Investment Trusts (REITs) — 0.4%
VICI Properties LLC, Replacement Term Loan B, (1 mo. LIBOR + 1.75%), 1.86%, 12/20/24		2,203		2,176,850
Food & Staples Retailing — 1.2%
H Food Holdings LLC, 2018 Incremental Term Loan B2, (1 mo. LIBOR + 4.00%), 4.11%, 05/23/25		1,028		1,022,544
Hearthside Food Solutions LLC
2018 Term Loan B, (1 mo. LIBOR + 3.68%), 3.80%, 05/23/25		1,398		1,383,051
2020 Incremental Term Loan B3, (1 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 05/23/25		179		179,100
US Foods, Inc.
2016 Term Loan B, (1 mo. LIBOR + 1.75%), 1.86%, 06/27/23		3,002		2,959,150
2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.11%, 09/13/26		745		729,256
				6,273,101
Food Products — 2.8%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.61%, 10/01/25		1,108		1,105,563
B&G Foods, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.61%, 10/10/26		415		413,935
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/23/27		2,760		2,755,990
Froneri International Ltd.
2020 USD 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 5.86%, 01/29/28		374		378,776
2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 2.36%, 01/29/27		3,898		3,842,176
JBS USA LUX SA, 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.11%, 05/01/26		596		592,078
Pathway Vet Alliance LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%), 3.86%, 03/31/27		515		511,268
Reynolds Group Holdings Inc., 2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 3.36%, 02/05/26		1,699		1,678,358

Security	Par (000)		Value
Food Products (continued)
Reynolds Group Holdings, Inc., 2017 Term Loan, (1 mo. LIBOR + 2.75%), 2.86%, 02/05/23	USD	2,009	$	1,999,334
Shearer’s Foods, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 09/23/27		847		844,498
Sovos Brands Intermediate, Inc., 2018 Term Loan, (3 mo. LIBOR + 4.75%), 4.98%, 11/20/25(b)		667		665,916
UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 3.11%, 01/20/28		532		530,450
				15,318,342
Health Care Equipment & Supplies — 1.0%
Avantor Funding, Inc., 2020 Incremental Term Loan B4, (1 mo. LIBOR + 2.25%, 1.00% Floor), 3.25%, 11/06/27		1,838		1,837,473
Ortho-Clinical Diagnostics SA
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 06/30/25		2,260		2,255,268
EUR Term Loan B, (3 mo. LIBOR + 3.50%), 3.50%, 06/30/25	EUR	993		1,162,939
				5,255,680
Health Care Providers & Services — 3.4%
AHP Health Partners, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 06/30/25	USD	830		830,623
CCRR Parent, Inc, Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 03/06/28(b)		1,190		1,191,488
CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 06/07/23		2,172		2,163,918
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 01/08/27		1,112		1,111,255
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.86%, 10/10/25		1,723		1,482,235
EyeCare Partners LLC
2020 2nd Lien Term Loan, (1 mo. LIBOR + 8.25%), 8.36%, 02/18/28		1,460		1,399,162
2020 Term Loan, (1 mo. LIBOR + 3.75%), 3.86%, 02/18/27		1,969		1,947,581
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 4.75%, 03/05/26		944		895,931
HC Group Holdings II, Inc., Term Loan B, (1 mo. LIBOR + 3.75%), 3.86%, 08/06/26		4,367		4,348,129
MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 06/07/23		1,017		1,010,488
PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 02/14/25		47		46,546
Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 12/13/26		2,247		2,238,574
				18,665,930

SCHEDULE    OF    INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care Services — 1.0%
Azalea Topco, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 3.71%, 07/25/26	USD	2,405	$	2,382,832
Unified Physician Management LLC, 2020 Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 12/18/27(b)		1,264		1,263,832
WP CityMD Bidco LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 08/13/26		1,887		1,887,948
				5,534,612
Health Care Technology — 2.0%
Athenahealth, Inc., 2021 Term Loan B1, (3 mo. LIBOR + 4.25%), 4.45%, 02/11/26		328		328,272
Change Healthcare Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 03/01/24		3,159		3,154,343
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.86%, 10/10/25		2,561		2,549,397
Press Ganey Holdings, Inc., 2020 Incremental Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 5.00%, 07/25/26		1,694		1,698,713
Quintiles IMS, Inc., 2017 USD Term Loan B1, (1 mo. LIBOR + 1.75%), 1.86%, 03/07/24		279		277,664
Verscend Holdings Corp., 2nd Lien Term Loan, 5.89%, 02/01/29(b)(k)		2,740		2,781,100
				10,789,489
Hotels, Restaurants & Leisure — 7.7%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 1.86%, 11/19/26		3,257		3,194,880
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.86%, 02/02/26(b)		495		479,678
Aristocrat Leisure Ltd., 2020 Incremental Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/19/24		882		884,724
Aristocrat Technologies, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 1.75%), 1.97%, 10/19/24		1,085		1,078,542
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.25%), 2.33%, 09/15/23		1,082		1,079,159
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 2.86%, 12/23/24		2,894		2,849,118
2020 Term Loan B1, (1 mo. LIBOR + 4.50%), 4.61%, 07/20/25		3,532		3,536,715
CCM Merger, Inc., 2020 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/04/25		1,366		1,366,875
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (3 mo. LIBOR + 2.00%), 2.12%, 03/10/28(b)		696		691,650
ECL Entertainment, LLC, Term Loan, 5.89%, 03/31/28(b)(k)		820		820,000
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 03/08/24		3,931		3,661,867
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.11%, 11/30/23		900		897,220

Security	Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23	USD	2,224	$	2,186,647
Golden Nugget, Inc., 2020 Initial Term Loan, (3 mo. LIBOR + 12.00%, 1.00% Floor), 13.00%, 10/04/23(b)		201		228,384
Herschend Entertainment Co. LLC, Term Loan B, (3 mo. LIBOR + 5.75%, 1.00% Floor), 6.75%, 08/25/25(b)		530		538,290
IRB Holding Corp, 2020 Fourth Amendment Incremental Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/15/27		4,311		4,301,040
IRB Holding Corp., 2020 Term Loan B, (6 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 02/05/25		1,991		1,972,925
Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 04/29/24		681		653,098
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 2.86%, 08/14/24		1,141		1,118,122
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 3.70%, 07/10/25		1,009		1,009,418
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%, 0.25% Floor), 2.50%, 02/08/27		1,994		1,959,834
Travelport Finance (Luxembourg) S.a.r.l.
2019 Term Loan, (3 mo. LIBOR + 5.00%), 5.20%, 05/29/26		2,613		2,123,589
2020 Super Priority Term Loan, 02/28/25(k)		1,343		1,341,516
Whatabrands LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.86%, 08/02/26		1,880		1,865,913
Zaxby’s Operating Company LLC
1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/28/27		1,387		1,384,573
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 7.25%, 12/28/28		563		568,630
				41,792,407
Household Durables — 0.2%
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 10/30/27		1,058		1,057,025
Household Products — 0.1%
Spectrum Brands, Inc., 2021 Term Loan, (3 mo. LIBOR + 2.00%, 0.50% Floor), 2.50%, 03/03/28		480		478,502
Independent Power and Renewable Electricity Producers — 0.7%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.11%, 01/15/25		667		657,702
Calpine Corp.
2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.11%, 08/12/26		1,058		1,046,276
Term Loan B9, (1 mo. LIBOR + 2.00%), 2.11%, 04/06/26		1,918		1,895,171
				3,599,149

16

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Industrial Conglomerates — 2.5%
AVSC Holding Corp.
2020 Term Loan B1, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 03/03/25	USD	4,398	$	3,889,563
2020 Term Loan B3, (PIK + 10.00%), 10.00%, 10/15/26(h)		1,304		1,476,098
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 11/28/23		1,427		1,430,017
Vertical Midco GmbH, USD Term Loan B, (6 mo. LIBOR + 4.25%), 4.48%, 07/31/27		1,704		1,710,282
Vertiv Group Corporation, 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 2.87%, 03/02/27		4,925		4,897,258
				13,403,218
Insurance — 3.6%
Alliant Holdings I, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 05/09/25		2,434		2,402,150
Alliant Holdings Intermediate LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 05/09/25		1,187		1,170,360
AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/19/28		2,759		2,736,681
AssuredPartners Capital, Inc., 2020 Incremental Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/13/27		601		600,780
AssuredPartners, Inc., 2020 Term Loan B, (1 mo. LIBOR + 3.50%), 3.61%, 02/13/27		1,554		1,535,522
Hub International Limited, 2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 04/25/25		1,416		1,414,302
HUB International Ltd., 2018 Term Loan B, (3 mo. LIBOR + 2.75%), 2.97%, 04/25/25		2,802		2,760,296
Ryan Specialty Group LLC, Term Loan, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 09/01/27		1,460		1,457,227
Sedgwick Claims Management Services, Inc.
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 12/31/25		1,738		1,712,763
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.86%, 09/03/26		2,072		2,058,626
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26		1,493		1,494,837
				19,343,544
Interactive Media & Services — 2.7%
Adevinta ASA, USD Term Loan B, 04/20/28(k)		2,218		2,216,714
Arches Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 12/06/27		2,129		2,111,636
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/31/26		3,000		2,997,479
Go Daddy Operating Co. LLC, 2021 Term Loan B4, (3 mo. LIBOR + 2.00%), 2.11%, 08/10/27		1,717		1,705,933
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26		5,709		5,794,635
				14,826,397

Security	Par (000)		Value
Internet & Direct Marketing Retail — 0.4%
CNT Holdings I Corp., 2020 Term Loan, (6 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/08/27	USD	2,428	$	2,421,177
Internet Software & Services — 0.4%
Uber Technologies, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 3.61%, 02/25/27		2,419		2,406,072
IT Services — 5.8%
Aruba Investments, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.75%, 0.75% Floor), 8.50%, 11/24/28		1,275		1,278,187
2020 USD Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/24/27		690		688,275
Banff Merger Sub, Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 3.86%, 10/02/25		2,057		2,047,191
Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.00%), 3.11%, 10/31/26		3,347		3,318,443
Celestial -Saturn Parent INC, 2nd Lien Term Loan, 5.89%, 03/22/29(k)		1,120		1,108,800
Greeneden US Holdings II LLC, 2020 USD Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/01/27		5,668		5,663,497
GreenSky Holdings, LLC, 2020 Term Loan B2, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 03/29/25(b)		1,376		1,361,849
Optiv Security, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 02/01/24		900		867,049
Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 7.43%, 08/01/25		1,121		954,431
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.61%, 02/13/27		2,830		2,727,691
Rackspace Hosting, Inc., 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 02/09/28		983		973,711
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 9.00%, 10/09/28(b)		3,730		3,832,575
TierPoint LLC, 2021 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/05/26		866		862,827
Trans Union, LLC, 2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 1.86%, 11/16/26		1,670		1,607,189
Virtusa Corp., Term Loan B, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 02/11/28		939		939,592
WEX Inc., Term Loan B3, (1 mo. LIBOR + 2.25%), 2.36%, 05/15/26		2,211		2,200,389
WEX, Inc., 2021 Term Loan, 0.00%, 03/18/28(k)		874		870,722
				31,302,418
Leisure Products — 0.1%
MND Holdings III Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/19/24		780		752,338
Life Sciences Tools & Services — 1.7%
eResearchTechnology, Inc.
2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/04/27		2,463		2,464,543

SCHEDULE    OF    INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Life Sciences Tools & Services (continued)
eResearchTechnology, Inc. (continued)
2021 Incremental Term Loan, 5.50%, 02/04/27(k)	USD	1,578	$	1,578,741
Maravai Intermediate Holdings LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 10/19/27(b)		1,101		1,106,161
PPD, Inc., Initial Term Loan, (1 mo. LIBOR + 2.25%, 0.50% Floor), 2.75%, 01/13/28		3,935		3,911,823
				9,061,268
Machinery — 1.7%
Hayward Industries, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.61%, 08/05/24		1,113		1,110,610
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 1.86%, 02/28/27		2,521		2,486,344
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 3.27%, 03/28/25		6,038		5,907,076
				9,504,030
Media — 13.2%
A-L Parent LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23		3,273		2,998,118
Altice Financing SA
2017 USD Term Loan B, (1 mo. LIBOR + 2.75%), 2.86%, 07/15/25		658		643,890
USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 2.95%, 01/31/26		1,754		1,717,681
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 4.20%, 08/14/26		2,824		2,814,138
Charter Communications Operating LLC, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 1.86%, 04/30/25		3,580		3,570,651
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.71%, 08/21/26		5,832		5,593,882
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/12/26		9,083		9,040,014
CSC Holdings LLC
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 2.36%, 07/17/25		587		577,834
2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.61%, 04/15/27		1,971		1,944,964
E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 01/07/28		914		909,571
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 2.36%, 03/24/25		1,554		1,527,688
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 1.88%, 10/17/26		2,291		2,229,212
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.61%, 09/13/24		4,230		4,179,364
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 09/15/24		2,285		2,282,640
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 6.36%, 02/23/29		1,095		1,100,475
Midcontinent Communications, 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 1.86%, 08/15/26		836		831,439

Security	Par (000)		Value
Media (continued)
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.62%, 09/19/26	USD	1,544	$	1,531,389
Playtika Holding Corp., 2021 Term Loan, 03/11/28(k)		1,758		1,747,013
Radiate Holdco LLC, 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 09/25/26		2,201		2,198,202
Terrier Media Buyer, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.61%, 12/17/26		3,001		2,971,301
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 09/28/23(b)		4,338		4,316,435
Virgin Media Bristol LLC
2020 USD Term Loan Q, 01/31/29(k)		2,097		2,091,506
USD Term Loan N, (1 mo. LIBOR + 2.50%), 2.61%, 01/31/28		2,578		2,553,045
William Morris Endeavor Entertainment, LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 2.94%, 05/18/25		3,147		2,970,904
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.12%), 2.23%, 01/20/28		591		588,372
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.11%, 03/09/27		8,691		8,614,680
				71,544,408
Metals & Mining — 0.4%
Ball Metalpack, LLC, 2018 1st Lien Term Loan B, (3 mo. LIBOR + 4.50%), 4.69%, 07/31/25		2,045		2,031,708
Multi-line Retail — 0.2%
Eyemart Express LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 08/04/24		902		896,284
Oil, Gas & Consumable Fuels — 0.7%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, (Fixed), 10.00%, 11/01/25		393		434,265
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 3.86%, 12/13/25		1,710		1,687,284
EG Group Ltd., 2018 USD Term Loan B, (3 mo. LIBOR + 4.00%), 4.20%, 02/07/25		718		705,368
Lealand Finance Company B.V., 2020 Take Back Term Loan, (PIK + 3.00%), 3.00%, 06/30/25(h)		327		176,913
McDermott Technology Americas, Inc., 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 3.11%, 06/30/24(b)		46		36,358
Murphy USA, Inc., Term Loan B, (1 mo. LIBOR + 1.75%, 0.50% Floor), 2.25%, 01/31/28(b)		574		576,152
				3,616,340
Personal Products — 1.2%
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/01/26		6,472		6,471,415
Pharmaceuticals — 2.7%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 3.63%, 05/04/25		2,263		2,219,363
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%, 0.50% Floor), 2.50%, 02/22/28		2,329		2,328,060
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 1.87%, 08/01/27		938		925,077

18

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Pharmaceuticals (continued)
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 2.08%, 11/15/27	USD	1,880		$	1,858,341
Precision Medicine Group LLC, 2021 Delayed Draw Term Loan, (3 mo. LIBOR + 5.50%), 0.00%, 11/18/27		22			21,848
Precision Medicine Group, LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, , 0.75% Floor), 3.75%, 11/18/27		2,117			2,099,538
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.11%, 06/02/25		4,983			4,963,534
					14,415,761
Professional Services — 1.3%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.25%), 3.36%, 02/06/26		6,889			6,845,536
Real Estate Management & Development — 0.6%
CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 04/18/24		1,831			1,806,337
Cushman & Wakefield U.S. Borrower, LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.86%, 08/21/25		1,308			1,279,500
Realogy Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/08/25		67			66,009
					3,151,846
Road & Rail — 0.4%
Moda Ingleside Energy Center LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 09/25/25		867			865,742
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 5.71%, 08/04/25(b)		1,392			1,280,458
					2,146,200
Semiconductors & Semiconductor Equipment — 0.0%
ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.11%, 09/19/26		—	(l)		31
Software — 16.8%
Applied Systems, Inc.
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 09/19/24		3,826			3,808,394
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.50%, 0.75% Floor), 5.70%, 09/19/25		630			633,150
Barracuda Networks, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/12/25		3,181			3,176,006
2020 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 10/30/28		771			783,529
By Crown Parent LLC, Term Loan B1, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 01/31/26		1,997			1,995,403
Cloudera, Inc., Term Loan B, (1 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 12/22/27(b)		868			865,830
Cornerstone OnDemand, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 4.36%, 04/22/27		897			897,433
Cypress Intermediate Holdings III, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 04/29/24		1,342			1,340,437

Security	Par (000)		Value
Software (continued)
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 3.51%, 05/27/24	USD	571	$	541,066
DTI Holdco, Inc., 2018 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 09/29/23		450		431,689
Epicor Software Corp.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 8.75%, 07/31/28		1,886		1,944,937
2020 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 07/31/27		2,157		2,153,591
First Advantage Holdings LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 3.11%, 01/31/27		1,514		1,501,684
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 3.75%), 3.93%, 03/11/28		2,277		2,258,511
Informatica LLC
2020 USD 2nd Lien Term Loan, (Fixed), 7.13%, 02/25/25		1,914		1,953,486
2020 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 02/25/27		8,237		8,167,139
McAfee LLC, 2018 USD Term Loan B, (1 mo. LIBOR + 3.75%), 3.86%, 09/30/24		1,299		1,299,186
MED ParentCo LP, 2020 Incremental Term Loan B, (1 mo. LIBOR + 6.25%, 1.00% Floor), 7.25%, 08/31/26		768		767,180
Mitchell International, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.36%, 11/29/24		2,813		2,765,359
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.36%, 11/30/25		1,218		1,213,218
2020 Add-On Term Loan, (1 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 12/01/24		1,831		1,832,173
Netsmart Technologies, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27		1,307		1,305,366
Omnitracs, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 8.00%), 8.11%, 10/01/28(b)		953		954,191
Planview Parent, Inc.
2nd Lien Term Loan, (1 Week LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/17/28		824		819,880
Term Loan, (3 mo. LIBOR + 4.00%, , 0.75% Floor), 4.75%, 12/17/27		2,308		2,303,723
Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.11%, 04/26/24		1,364		1,358,469
RealPage, Inc(k)
Second Lien Term Loan, 5.89%, 03/31/26(b)		2,629		2,694,812
Term Loan, 5.89%, 02/17/28		5,445		5,417,195
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.36%, 05/30/25		588		573,165
Sabre GLBL, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/17/27		984		993,767
Severin Acquisition, LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 08/01/25		3,522		3,473,995
SolarWinds Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 2.86%, 02/05/24		903		884,524
Solera LLC, USD Term Loan B, (1 mo. LIBOR + 2.75%), 2.86%, 03/03/23		3,152		3,131,601

SCHEDULE    OF    INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software (continued)
Sophia LP, 2020 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/07/27	USD	4,566	$	4,559,851
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.86%, 04/16/25		370		366,024
SS&C Technologies, Inc.
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 1.86%, 04/16/25		496		490,548
2018 Term Loan B5, (1 mo. LIBOR + 1.75%), 0.00%, 04/16/25		1,743		1,723,846
Tempo Acquisition LLC, 2020 Extended Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 11/02/26		6,098		6,092,730
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.36%, 03/04/28		2,577		2,601,634
Ultimate Software Group, Inc.
2020 2nd Lien Incremental Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 05/03/27		1,767		1,806,757
2021 Incremental Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 05/03/26		3,863		3,862,849
Term Loan B, (1 mo. LIBOR + 3.75%), 3.86%, 05/03/26		5,145		5,135,934
				90,880,262
Specialty Retail — 3.3%
Belron Finance US LLC
2018 Term Loan B, (3 mo. LIBOR + 2.25%), 2.45%, 11/13/25		2,003		1,990,379
2019 USD Term Loan B, (3 mo. LIBOR + 2.25%), 2.46%, 10/30/26		1,148		1,139,849
USD Term Loan B, (3 mo. LIBOR + 2.25%), 2.44%, 11/07/24		1,239		1,236,988
EG Group Limited, 2021 Term Loan, 5.89%, 03/10/26(k)		506		500,308
MED ParentCo LP
1st Lien Delayed Draw Term Loan, (1 mo. LIBOR + 4.25%), 4.25%, 08/31/26		375		371,774
1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 4.36%, 08/31/26		1,496		1,482,523
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/12/28		5,228		5,215,976
Research Now Group, Inc., 2017 1st Lien Term Loan, (6 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/20/24		1,996		1,972,166
Sotheby’s, Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 01/15/27		3,063		3,074,440
Woof Holdings, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/21/27		491		488,545
WOOF Holdings, Inc., 2nd Lien Term Loan, (12 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/21/28		495		501,806
				17,974,754

Security	Par (000)		Value
Technology Hardware, Storage & Peripherals — 0.4%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 5.11%, 07/23/26	USD	1,608	$	1,508,912
Western Digital Corp., 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.86%, 04/29/23		840		839,071
				2,347,983
Thrifts & Mortgage Finance — 0.5%
IG Investment Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 05/23/25		2,931		2,926,987
Trading Companies & Distributors — 0.4%
Foundation Building Materials Holding Company LLC
2021 Delayed Draw Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/10/28		500		494,616
2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/10/28		864		855,274
ION Trading Finance Limited, 2021 Term Loan, 0.00%, 03/25/28(k)		604		603,245
				1,953,135
Wireless Telecommunication Services — 1.2%
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.86%, 04/11/25		3,361		3,319,000
Xplornet Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%), 4.86%, 06/10/27		3,193		3,189,997
				6,508,997
Total Floating Rate Loan Interests — 123.2% (Cost: $666,467,925)				668,065,147
	Shares
Investment Companies
Equity Funds — 0.1%
SPDR S&P Oil & Gas Exploration & Production ETF		4,875		396,532
Fixed Income Funds — 2.1%
Invesco Senior Loan ETF		45,000		995,850
iShares iBoxx $ High Yield Corporate Bond ETF(m)		62,000		5,405,160
iShares iBoxx $ Investment Grade Corporate Bond ETF(m)		39,000		5,071,950
				11,472,960
Total Investment Companies — 2.2% (Cost: $11,521,723)				11,869,492

20

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Benefical Interest (000)				Value
Other Interests(n)
IT Services(a)(b) — 0.0%
Millennium Corp.		USD		1,156	$	—
Millennium Lender Claims				1,084		—
Total Other Interests — 0.0% (Cost: $ — )						—
			Par (000)
Preferred Securities
Capital Trusts — 0.9%(f)(g)
Automobiles — 0.0%
General Motors Financial Co., Inc., Series C, 5.70%		USD		50		54,000
Banks — 0.1%
Bankia SA, 6.38%		EUR		200		254,622
Wells Fargo & Co., Series U, 5.88%		USD		475		522,975
						777,597
Diversified Financial Services — 0.7%
Bank of America Corp.
Series AA, 6.10%				9		9,990
Series DD, 6.30%				55		63,250
Series X, 6.25%				222		245,710
Series Z, 6.50%				232		259,840
BNP Paribas SA, 4.50%(d)				200		197,400
Citigroup, Inc., Series Q, 4.29%				161		161,048
HSBC Holdings PLC, 6.00%				600		656,850
JPMorgan Chase & Co.
Series FF, 5.00%				765		790,819
Series HH, 4.60%				166		167,868
Series I, 3.68%				107		106,813
Series V, 3.56%				269		267,789
Morgan Stanley, Series H, 3.85%				403		403,602
Natwest Group PLC, 8.63%				246		251,842
						3,582,821
Utilities — 0.1%
Electricite de France SA, 3.38%		EUR		200		249,785
Total CapitalTrusts — 0.9%						4,664,203
			Shares
Preferred Stocks — 0.1%
Capital Markets — 0.1%
Goldman Sachs Group, Inc., Series J, 5.50%(f)(g)				13,550		366,121
Insurance — 0.0%
Alliant Holdings, Inc.(b)				83		81,588
Total Preferred Stocks — 0.1%						447,709
Total Preferred Securities — 1.0% (Cost: $4,884,520)						5,111,912

Security	Shares		Value
Warrants
Metals & Mining — 0.0%
Ameriforge Group, Inc. (Expires 06/08/22)		5,283	$	—
Oil, Gas & Consumable Fuels(a) — 0.0%
California Resources Corp. (Expires 10/27/24)		1,152		5,242
SM Energy Co. (Expires 06/30/23)		11,411		186,684
				191,926
Transportation Infrastructure — 0.0%
Turbo Cayman Ltd. (Strike Price $0.01)(b)		1		—
Total Warrants — 0.0% (Cost: $48,949)				191,926
Total Long-Term Investments — 149.3% (Cost: $826,439,086)				809,430,849
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(m)(o)		2,333,814		2,333,814
Total Short-Term Securities — 0.4% (Cost: $2,333,814)				2,333,814
Total Investments — 149.7% (Cost: $828,772,900)				811,764,663
Liabilities in Excess of Other Assets — (49.7)%				(269,499,926	)
Net Assets—100.0%			$	542,264,737

^(a)  Non-income producing security.

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

^(c)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $92,114, representing less than 0.05% of its net assets as of period end, and an original cost of $32,685.

^(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)  Issuer filed for bankruptcy and/or is in default.

^(f)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(g)  Perpetual security with no stated maturity date.

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

⁽ⁱ⁾  When-issued security.

^(j)  Convertible security.

^(k)  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.

^(l)  Amount is less than 500.

^(m)  Affiliate of the Fund.

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

^(o)  Annualized 7-day yield as of period end.

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

SCHEDULE    OF    INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU)

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/21		Shares Held at 03/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	—	$	2,333,814	(a)	$	—	$	—	$	—		$	2,333,814		2,333,814	$	87	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		5,412,600		—			—		—		(7,440	)		5,405,160		62,000		38,755		—
iShares iBoxx $ Investment Grade Corporate Bond ETF		5,387,070		—			—		—		(315,120	)		5,071,950		39,000		20,922		—
								$	—	$	(322,560	)	$	12,810,924			$	59,764	$	—

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	2,263,960	EUR	1,900,000	BNP Paribas S.A.		06/16/21	$	32,494
USD	2,694,112	EUR	2,261,000	BNP Paribas S.A.		06/16/21		38,668
USD	245,009	EUR	205,000	Morgan Stanley & Co. International PLC		06/16/21		4,245
USD	456,803	GBP	327,000	Morgan Stanley & Co. International PLC		06/16/21		5,904
USD	2,033,959	GBP	1,456,000	Morgan Stanley & Co. International PLC		06/16/21		26,287
							$	107,598

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty	Termination Date		Credit Rating (a)	Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CenturyLink, Inc.		1.00	%		Quarterly	Barclays Bank PLC		12/20/23	NR		USD	170	$	(2,673	)	$	(7,358	)	$	4,685
CenturyLink, Inc.		1.00			Quarterly	Barclays Bank PLC		06/20/25	NR		USD	185		(9,525	)		(21,541	)		12,016
													$	(12,198	)	$	(28,899	)	$	16,701

^(a)  Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

^(b)  The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable

22

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU)

Fair Value Hierarchy as of Period End (continued)

inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s investments categorized in the fair value hierarchy. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	141,300		$	—	$	141,300
Common Stocks
Construction & Engineering		113,186		—			—		113,186
Diversified Financial Services		—		—			10,753		10,753
Energy Equipment & Services		—		—			4,692		4,692
Metals & Mining		—		36,608			875		37,483
Oil, Gas & Consumable Fuels		634,680		92,114			—		726,794
Semiconductors & Semiconductor Equipment		63,821		—			—		63,821
Software		1,121		—			—		1,121
Specialty Retail		—		104,129			—		104,129
Corporate Bonds		—		122,431,617			557,476		122,989,093
Floating Rate Loan Interests		—		633,843,884			34,221,263		668,065,147
Investment Companies		11,869,492		—			—		11,869,492
Other Interests		—		—			—		—
Preferred Securities
Capital Trusts		—		4,664,203			—		4,664,203
Preferred Stocks		366,121		—			81,588		447,709
Warrants		—		191,926			—		191,926
Short-Term Securities
Money Market Funds		2,333,814		—			—		2,333,814
Liabilities
Unfunded Floating Rate Loan Interests(a)		—		(1,918	)		—		(1,918	)
	$	15,382,235	$	761,503,863		$	34,876,647	$	811,762,745
Derivative Financial Instruments(b)
Assets
Credit Contracts	$	—	$	16,701		$	—	$	16,701
Foreign Currency Exchange Contracts		—		107,598			—		107,598
	$	—	$	124,299		$	—	$	124,299

^(a)  Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

^(b)  Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Common Stocks			Corporate Bonds		Floating Rate Loan Interests			Other Interests			Preferred Stocks			Total
Assets
Opening balance, as of December 31, 2020	$	64,033		$	387,813	$	30,751,870		$	—	(a)	$	81,671		$	31,285,387
Transfers into Level 3(b)		—			—		3,583,467			—			—			3,583,467
Transfers out of Level 3(c)		—			—		(10,529,896	)		—			—			(10,529,896	)
Accrued discounts/premiums		—			5,535		12,170			—			—			17,705
Net realized gain (loss)		—			—		40,682			—			—			40,682
Net change in unrealized appreciation (depreciation)(d)		(47,713	)		166,040		444,061			—			(83	)		562,305

S C H E D U L E  O F  I N V E S T M E N T  S 23

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Debt Strategies Fund, Inc. (DSU)

	Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Other Interests			Preferred Stocks			Total
Purchases	$	—		$	4,483		$	13,123,157		$	—		$	—		$	13,127,640
Sales		—			(6,395	)		(3,204,248	)		—			—			(3,210,643	)
Closing balance, as of March 31, 2021	$	16,320		$	557,476		$	34,221,263		$	—	(a)	$	81,588		$	34,876,647
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2021(d)	$	(47,713	)	$	166,040		$	477,878		$	—		$	(83	)	$	596,122

^(a)  Rounds to less than $1.

^(b)  As of December 31, 2020, the Fund used observable inputs in determining the value of certain investments. As of March 31, 2021, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

^(c)  As of December 31, 2020, the Fund used significant unobservable inputs in determining the value of certain investments. As of March 31, 2021, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

^(d)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2021 is generally due to investments no longer held or categorized as Level 3 at period end.

The Fund’s financial instruments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

Currency Abbreviation
EUR	Euro
GBP	British Pound
USD	United States Dollar
Portfolio Abbreviation
CMT	Constant Maturity Treasury
DAC	Designated Activity Company
DIP	Debtor-In-Possession
ETF	Exchange-Traded Fund
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
MTN	Medium-Term Note
PIK	Payment-in-Kind
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s
SPDR	Standard & Poor’s Depository Receipt

24