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% |
| 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% |
| 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) |
| 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 |
| 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) |
| 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 |
| 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) |
| 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 |
| 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) |
| 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 | 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 | 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) | 18 | 18,736 | ||||||
5.88%, 02/01/29 | 56 | 59,360 | ||||||
CITGO Petroleum Corp. (d) | 90 | 92,587 | ||||||
6.38%, 06/15/26 | 74 | 74,668 | ||||||
CNX Resources Corp. (d) | 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. | 96 | 99,600 | ||||||
9.75%, 08/15/26 | 5 | 5,438 | ||||||
6.75%, 03/01/29(d) | 161 | 165,025 | ||||||
Continental Resources, Inc. | 73 | 82,480 | ||||||
4.90%, 06/01/44 | 124 | 124,002 | ||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. (d) | 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) | 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 | 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) | 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 | 136 | 137,088 | ||||||
4.85%, 07/15/26 | 39 | 37,675 |
| Par (000) | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
EnLink Midstream Partners LP (continued) | USD | 74 | $ | 61,420 | ||||
EQM Midstream Partners LP | 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. | 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) | 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) | 91 | 93,998 | ||||||
7.13%, 02/01/27 | 79 | 82,753 | ||||||
5.88%, 02/01/29 | 45 | 45,113 | ||||||
Murphy Oil Corp. | 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) | 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 | 41 | 43,891 | ||||||
6.00%, 06/01/26 | 124 | 133,683 | ||||||
6.38%, 10/01/30 | 2 | 2,163 | ||||||
Occidental Petroleum Corp. | 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) |
| 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 |
| 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% | 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) |
| 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 |
| 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) |
| 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 |
| 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% |
| 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% | 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 | 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% |
| — | ||||||||||
|
| |||||||||||
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% |
| 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% |
| 191,926 | ||||||
|
| |||||||
Total Long-Term Investments — 149.3% | 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% |
| 2,333,814 | ||||||
|
| |||||||
Total Investments — 149.7% |
| 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 | 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 |