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

Schedule of Investments  (unaudited) September 30, 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(a)	GBP	100	$	161,656
Total Asset-Backed Securities — 0.0% (Cost: $145,035)				161,656
	Shares
Common Stocks
Construction & Engineering — 0.0%
McDermott International Ltd.(b)		141,483		70,741
Diversified Financial Services — 0.0%
Kcad Holdings I Ltd.(c)		1,075,282,733		10,753
Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.		809		12,588
Metals & Mining — 0.0%
Ameriforge Group, Inc.		1,664		2,498
Preferred Proppants LLC(c)		14,576		945
				3,443
Oil, Gas & Consumable Fuels — 0.2%
California Resources Corp.(b)		2,336		95,776
Chesapeake Energy Corp.		10,267		632,345
Extraction Oil & Gas, Inc., (Acquired 03/05/21, Cost: $32,685)(d)		2,622		148,012
SM Energy Co.		1,580		41,680
				917,813
Semiconductors & Semiconductor Equipment(b) — 0.0%
Maxeon Solar Technologies Ltd.		213		3,755
SunPower Corp.		1,707		38,715
				42,470
Software — 0.0%
Avaya Holdings Corp.(b)		40		792
Specialty Retail — 0.0%
NMG Parent LLC		1,477		190,780
Total Common Stocks — 0.2% (Cost: $16,069,556)				1,249,380
	Par (000)
Corporate Bonds
Aerospace & Defense — 0.6%
Bombardier, Inc.(e)
7.50%, 12/01/24	USD	78		81,120
7.50%, 03/15/25		14		14,297
7.13%, 06/15/26		204		214,200
7.88%, 04/15/27		17		17,624
6.00%, 02/15/28		112		113,260
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26(e)		200		206,000
Rolls-Royce PLC, 5.75%, 10/15/27(e)		200		221,000
Spirit AeroSystems, Inc., 5.50%, 01/15/25(e)		58		61,335
TransDigm, Inc.
8.00%, 12/15/25(e)		656		699,460
6.25%, 03/15/26(e)		1,073		1,118,602

Security	Par (000)		Value
Aerospace & Defense (continued)
TransDigm, Inc. (continued)
6.38%, 06/15/26	USD	29	$	29,918
7.50%, 03/15/27		33		34,568
4.63%, 01/15/29		85		84,852
4.88%, 05/01/29		96		96,179
Triumph Group, Inc., 8.88%, 06/01/24(e)		245		269,500
				3,261,915
Airlines — 0.7%
Air Canada, 3.88%, 08/15/26(e)		134		135,213
Air France-KLM, 3.88%, 07/01/26(a)	EUR	100		114,985
Allegiant Travel Co., 8.50%, 02/05/24(e)	USD	1,065		1,153,190
American Airlines, Inc., 11.75%, 07/15/25(e)		279		345,262
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(e)
5.50%, 04/20/26		158		165,793
5.75%, 04/20/29		302		325,484
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(e)		265		295,475
Deutsche Lufthansa AG, 3.75%, 02/11/28(a)	EUR	100		121,634
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(e)	USD	101		105,671
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(e)		274		297,953
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(e)		13		14,972
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 10/15/27		263		294,759
Series 2020-1, Class B, 4.88%, 07/15/27		19		19,786
United Airlines, Inc.(e)
4.38%, 04/15/26		146		149,832
4.63%, 04/15/29		133		137,449
				3,677,458
Auto Components — 0.4%
Clarios Global LP, 6.75%, 05/15/25(e)		721		760,655
Clarios Global LP/Clarios US Finance Co.
4.38%, 05/15/26(a)	EUR	100		119,746
6.25%, 05/15/26(e)	USD	110		115,571
8.50%, 05/15/27(e)		611		649,951
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(e)		25		26,173
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/29(e)(f)		36		36,000
Goodyear Tire & Rubber Co.
9.50%, 05/31/25		65		71,337
5.00%, 07/15/29(e)		42		44,572
5.25%, 07/15/31(e)		103		109,695
5.63%, 04/30/33		102		111,180
Meritor, Inc., 4.50%, 12/15/28(e)		24		24,060
Tenneco, Inc., 7.88%, 01/15/29(e)		18		20,093
Titan International, Inc., 7.00%, 04/30/28(e)		18		18,968
Venture Holdings Co. LLC, 12.00%, 07/01/49(b)(c)(g)		5,150		1
				2,108,002
Automobiles — 0.4%
Allison Transmission, Inc.(e)
5.88%, 06/01/29		113		122,950
3.75%, 01/30/31		115		111,837
Asbury Automotive Group, Inc.
4.50%, 03/01/28		35		35,919

1

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Automobiles (continued)
Asbury Automotive Group, Inc. (continued)
4.75%, 03/01/30	USD		73	$	76,194
Carvana Co.(e)
5.50%, 04/15/27			92		93,904
4.88%, 09/01/29			72		71,301
Constellation Automotive Financing PLC, 4.88%, 07/15/27(a)	GBP		100		133,676
Ford Motor Co.
4.35%, 12/08/26	USD		9		9,585
4.75%, 01/15/43			176		184,471
5.29%, 12/08/46			78		86,872
Ford Motor Credit Co. LLC
3.81%, 01/09/24			200		206,500
4.69%, 06/09/25			200		214,000
5.13%, 06/16/25			200		217,250
4.00%, 11/13/30			200		208,000
Group 1 Automotive, Inc., 4.00%, 08/15/28(e)			15		15,263
Ken Garff Automotive LLC, 4.88%, 09/15/28(e)			39		40,073
LCM Investments Holdings II LLC, 4.88%, 05/01/29(e)			93		95,425
Lithia Motors, Inc., 3.88%, 06/01/29(e)			42		43,594
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(e)			33		31,893
Penske Automotive Group, Inc.
3.50%, 09/01/25			62		63,782
3.75%, 06/15/29			22		22,124
Wabash National Corp., 4.50%, 10/15/28(e)(f)			70		69,912
					2,154,525
Banks — 0.1%
American Finance Trust, Inc./American Finance Operating Partner LP, 4.50%, 09/30/28(e)(f)			21		21,000
Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25(a)	EUR		100		118,438
Banco Espirito Santo SA(b)(g)
4.75%, 01/15/22(h)			200		33,592
4.00%, 01/21/22			100		16,796
2.63%, 05/08/49(a)			100		16,796
Wells Fargo & Co., (5 year CMT + 3.45%), 3.90%(h)(i)	USD		115		118,594
					325,216
Beverages — 0.4%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(e)(j)			441		468,496
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29(e)			285		288,206
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/27(e)			208		211,745
Ball Corp., 3.13%, 09/15/31			131		129,373
Triton Water Holdings, Inc., 6.25%, 04/01/29(e)			362		367,883
Trivium Packaging Finance BV, 8.50%, 08/15/27(e)			814		874,032
					2,339,735
Biotechnology — 0.0%
Cidron Aida Finco Sarl, 5.00%, 04/01/28(a)	EUR		100		116,688
Emergent BioSolutions, Inc., 3.88%, 08/15/28(e)	USD		25		24,313
HCRX Investments Holdco LP, 4.50%, 08/01/29(e)			42		42,210
					183,211
Building Materials — 0.2%
APi Group DE, Inc., 4.13%, 07/15/29(e)			42		41,154

Security		Par (000)		Value
Building Materials (continued)
Cornerstone Building Brands, Inc., 6.13%, 01/15/29(e)	USD		104	$	110,549
CP Atlas Buyer, Inc., 7.00%, 12/01/28(e)			89		89,222
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25(e)			42		44,940
Griffon Corp., 5.75%, 03/01/28			16		16,800
Jeld-Wen, Inc.(e)
4.63%, 12/15/25			32		32,491
4.88%, 12/15/27			10		10,420
Masonite International Corp.(e)
3.50%, 02/15/30			69		68,482
Class C, 5.38%, 02/01/28			45		47,385
New Enterprise Stone & Lime Co., Inc., 9.75%, 07/15/28(e)(f)			38		41,325
Patrick Industries, Inc., 4.75%, 05/01/29(e)			20		20,400
SRM Escrow Issuer LLC, 6.00%, 11/01/28(e)			200		211,750
Standard Industries, Inc.(e)
5.00%, 02/15/27			34		35,063
4.38%, 07/15/30			85		86,700
3.38%, 01/15/31			101		96,122
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(e)			168		176,400
Victors Merger Corp., 6.38%, 05/15/29(e)			51		48,833
					1,178,036
Building Products(e) — 0.2%
BCPE Ulysses Intermediate, Inc., (7.75% Cash or 8.50% PIK), 7.75%, 04/01/27(j)			18		17,865
Beacon Roofing Supply, Inc., 4.13%, 05/15/29			32		31,800
Foundation Building Materials, Inc., 6.00%, 03/01/29			61		59,780
GYP Holdings III Corp., 4.63%, 05/01/29			76		76,855
LBM Acquisition LLC, 6.25%, 01/15/29			154		153,923
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(f)			36		36,000
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26			93		97,650
SRS Distribution, Inc.
4.63%, 07/01/28			139		141,808
6.13%, 07/01/29			111		114,330
White Cap Buyer LLC, 6.88%, 10/15/28			207		218,385
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26(j)			67		69,177
					1,017,573
Capital Markets — 0.3%
Aretec Escrow Issuer, Inc., 7.50%, 04/01/29(e)			36		37,080
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%(h)(i)			265		273,347
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(e)			68		71,145
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24			101		105,040
5.25%, 05/15/27			221		229,287
4.38%, 02/01/29			87		86,891
NFP Corp.(e)
4.88%, 08/15/28(f)			138		140,346
6.88%, 08/15/28			374		381,873
Owl Rock Technology Finance Corp., 3.75%, 06/17/26(e)			40		42,228
RP Escrow Issuer LLC, 5.25%, 12/15/25(e)			50		51,438
					1,418,675

SCHEDULE    OF    INVESTMENTS 2

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chemicals — 0.4%
Ashland LLC, 3.38%, 09/01/31(e)	USD		112	$	112,980
Axalta Coating Systems LLC, 3.38%, 02/15/29(e)			150		145,875
Chemours Co., 5.75%, 11/15/28(e)			38		39,794
Diamond (BC) BV, 4.63%, 10/01/29(e)			85		86,275
Element Solutions, Inc., 3.88%, 09/01/28(e)			402		406,020
GCP Applied Technologies, Inc., 5.50%, 04/15/26(e)			134		137,015
HB Fuller Co., 4.25%, 10/15/28			31		31,543
Herens Holdco Sarl, 4.75%, 05/15/28(e)			200		201,000
Herens Midco Sarl, 5.25%, 05/15/29(a)	EUR		100		112,360
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(e)	USD		181		199,552
Ingevity Corp., 3.88%, 11/01/28(e)			23		22,943
Minerals Technologies, Inc., 5.00%, 07/01/28(e)			55		57,062
SCIH Salt Holdings, Inc.(e)
4.88%, 05/01/28			82		82,410
6.63%, 05/01/29			57		54,720
Scotts Miracle-Gro Co.(e)
4.00%, 04/01/31			83		82,844
4.38%, 02/01/32			8		8,065
WESCO Distribution, Inc.(e)
7.13%, 06/15/25			49		52,289
7.25%, 06/15/28			146		161,695
WR Grace Holdings LLC, 5.63%, 08/15/29(e)			301		310,033
					2,304,475
Commercial Services & Supplies — 0.2%
AMN Healthcare, Inc., 4.00%, 04/15/29(e)			28		28,840
APX Group, Inc., 5.75%, 07/15/29(e)			86		84,886
ASGN, Inc., 4.63%, 05/15/28(e)			79		81,765
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29(e)			33		34,878
EC Finance PLC, 3.00%, 10/15/26(a)(f)	EUR		100		116,484
Fortress Transportation & Infrastructure Investors LLC(e)
6.50%, 10/01/25	USD		24		24,705
9.75%, 08/01/27			17		19,252
5.50%, 05/01/28			98		98,659
Herc Holdings, Inc., 5.50%, 07/15/27(e)			106		111,218
Metis Merger Sub LLC, 6.50%, 05/15/29(e)			68		66,130
NESCO Holdings II, Inc., 5.50%, 04/15/29(e)			77		79,864
Prime Security Services Borrower LLC/Prime Finance, Inc.(e)
3.38%, 08/31/27			2		1,919
6.25%, 01/15/28			110		113,716
Team Health Holdings, Inc., 6.38%, 02/01/25(e)			103		99,537
United Rentals North America, Inc., 5.25%, 01/15/30			2		2,190
					964,043
Communications Equipment(e) — 0.2%
Avaya, Inc., 6.13%, 09/15/28			245		257,610
CommScope Technologies LLC, 6.00%, 06/15/25			94		95,175
CommScope, Inc.
6.00%, 03/01/26			24		24,920
8.25%, 03/01/27			12		12,561
7.13%, 07/01/28			110		112,252
4.75%, 09/01/29			161		160,799

Security		Par (000)		Value
Communications Equipment (continued)
ViaSat, Inc.
5.63%, 04/15/27	USD		38	$	39,615
6.50%, 07/15/28			150		157,983
Viavi Solutions, Inc., 3.75%, 10/01/29			93		93,204
					954,119
Construction Materials(e) — 0.1%
American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/28			125		127,656
3.88%, 11/15/29			14		13,961
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			35		34,825
H&E Equipment Services, Inc., 3.88%, 12/15/28			20		19,922
IAA, Inc., 5.50%, 06/15/27			159		166,155
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/28(f)			26		26,292
Picasso Finance Sub, Inc., 6.13%, 06/15/25			82		86,706
Williams Scotsman International, Inc., 4.63%, 08/15/28			77		80,212
Winnebago Industries, Inc., 6.25%, 07/15/28			45		48,375
Wolverine Escrow LLC, 9.00%, 11/15/26			136		125,630
					729,734
Consumer Discretionary(e) — 0.4%
Carnival Corp.
10.50%, 02/01/26			224		259,885
5.75%, 03/01/27			230		237,762
9.88%, 08/01/27			92		106,178
4.00%, 08/01/28			317		320,170
CoreLogic, Inc., 4.50%, 05/01/28			113		112,294
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26			52		53,300
Life Time, Inc.
5.75%, 01/15/26			80		82,800
8.00%, 04/15/26			57		60,420
NCL Corp. Ltd.
10.25%, 02/01/26			37		42,458
5.88%, 03/15/26			88		90,200
NCL Finance Ltd., 6.13%, 03/15/28			85		88,187
Nielsen Finance LLC/Nielsen Finance Co.
5.63%, 10/01/28			60		62,250
5.88%, 10/01/30			70		73,701
4.75%, 07/15/31			19		18,482
Royal Caribbean Cruises Ltd.
10.88%, 06/01/23			45		50,400
9.13%, 06/15/23			54		58,688
11.50%, 06/01/25			57		65,037
5.50%, 08/31/26			25		25,699
5.50%, 04/01/28			138		141,148
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29			59		59,000
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/26			33		34,459
					2,042,518
Consumer Finance — 0.5%
American Express Co., (5 year CMT + 2.85%), 3.55%(h)(i)			235		239,430
HealthEquity, Inc., 4.50%, 10/01/29(e)(f)			91		92,365
MoneyGram International, Inc., 5.38%, 08/01/26(e)			34		34,510

3

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Consumer Finance (continued)
MPH Acquisition Holdings LLC, 5.50%, 09/01/28(e)	USD		104	$	103,714
Navient Corp.
7.25%, 09/25/23			5		5,453
6.13%, 03/25/24			96		102,792
5.88%, 10/25/24			77		82,197
5.00%, 03/15/27			2		2,060
OneMain Finance Corp.
8.88%, 06/01/25			27		29,295
3.50%, 01/15/27			97		97,044
6.63%, 01/15/28			8		9,200
5.38%, 11/15/29			7		7,587
4.00%, 09/15/30			10		9,950
Sabre GLBL, Inc.(e)
9.25%, 04/15/25			287		331,712
7.38%, 09/01/25			81		86,330
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(e)			109		113,769
Square, Inc., 3.50%, 06/01/31(e)			198		203,094
Verscend Escrow Corp., 9.75%, 08/15/26(e)			851		896,741
					2,447,243
Containers & Packaging — 0.0%
International Paper Co., 7.30%, 11/15/39			5		7,692
Intertape Polymer Group, Inc., 4.38%, 06/15/29(e)			43		43,714
LABL, Inc., 10.50%, 07/15/27(e)			39		42,023
Sealed Air Corp., 4.00%, 12/01/27(e)			23		24,493
					117,922
Diversified Consumer Services — 0.5%
Allied Universal Holdco LLC/Allied Universal Finance Corp.(e)
6.63%, 07/15/26			662		699,919
9.75%, 07/15/27			101		109,886
6.00%, 06/01/29			200		197,358
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28			400		399,066
Ascend Learning LLC, 6.88%, 08/01/25			340		346,179
Brink’s Co., 5.50%, 07/15/25(e)			15		15,675
Clarivate Science Holdings Corp.(e)
3.88%, 07/01/28			126		126,000
4.88%, 07/01/29			163		163,318
Garda World Security Corp.(e)
4.63%, 02/15/27			29		29,000
9.50%, 11/01/27			45		48,706
Rekeep SpA, 7.25%, 02/01/26(a)	EUR		100		124,872
Service Corp. International, 4.00%, 05/15/31	USD		211		218,121
Sotheby’s, 7.38%, 10/15/27(e)			200		211,500
					2,689,600
Diversified Financial Services — 0.3%
Acuris Finance US, Inc./Acuris Finance SARL, 5.00%, 05/01/28(e)			200		199,000
Arrow Global Finance PLC, 5.13%, 09/15/24(a)	GBP		100		134,740
Central Garden & Pet Co.
4.13%, 10/15/30	USD		59		60,327
4.13%, 04/30/31(e)			62		62,963
Citigroup, Inc., Series W, (5 year CMT + 3.60%), 4.00%(h)(i)			50		51,810
Coinbase Global, Inc.(e)
3.38%, 10/01/28			97		93,200
3.63%, 10/01/31			93		88,408

Security		Par (000)		Value
Diversified Financial Services (continued)
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25(a)	GBP		100	$	140,747
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(e)(j)	USD		25		24,264
Intrum AB, 4.88%, 08/15/25(a)	EUR		100		121,275
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28(e)	USD		200		202,750
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/29(e)			44		43,690
Spectrum Brands, Inc.(e)
5.00%, 10/01/29			18		19,350
5.50%, 07/15/30			50		55,375
3.88%, 03/15/31			21		21,218
UBS Group AG, (5 year CMT + 3.31%), 4.38%(e)(h)(i)			345		348,519
					1,667,636
Diversified Telecommunication Services — 0.7%
Cincinnati Bell, Inc.(e)
7.00%, 07/15/24			26		26,461
8.00%, 10/15/25			20		20,844
Consolidated Communications, Inc., 6.50%, 10/01/28(e)			160		173,800
Intelsat Jackson Holdings SA, 8.00%, 02/15/24(e)			155		159,069
Level 3 Financing, Inc.(e)
4.25%, 07/01/28			122		122,943
3.75%, 07/15/29			56		54,123
Lumen Technologies, Inc.
5.13%, 12/15/26(e)			485		503,187
4.50%, 01/15/29(e)			157		152,130
5.38%, 06/15/29(e)			153		156,115
Series P, 7.60%, 09/15/39			63		70,560
Series U, 7.65%, 03/15/42			55		61,600
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(j)			7		6,554
Sprint Capital Corp.
6.88%, 11/15/28			307		392,960
8.75%, 03/15/32			389		581,111
Switch Ltd.(e)
3.75%, 09/15/28			110		111,650
4.13%, 06/15/29			128		131,360
Telecom Italia Capital SA
6.38%, 11/15/33			58		67,495
6.00%, 09/30/34			134		150,415
7.20%, 07/18/36			14		17,150
7.72%, 06/04/38			23		29,440
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30(e)(f)			45		44,606
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28(e)			111		113,359
Zayo Group Holdings, Inc.(e)
4.00%, 03/01/27			421		418,992
6.13%, 03/01/28			472		478,504
					4,044,428
Electric Utilities — 0.2%
Edison International, (5 year CMT + 4.70%), 5.38%(h)(i)			100		103,405
FirstEnergy Corp.
2.65%, 03/01/30			53		52,735
Series B, 4.40%, 07/15/27			42		46,082
Series B, 2.25%, 09/01/30			6		5,790
Series C, 7.38%, 11/15/31			14		19,125

SCHEDULE    OF    INVESTMENTS 4

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Electric Utilities (continued)
FirstEnergy Corp. (continued)
Series C, 5.35%, 07/15/47	USD		163	$	198,758
Series C, 3.40%, 03/01/50			176		169,199
FirstEnergy Transmission LLC(e)
5.45%, 07/15/44			120		152,945
4.55%, 04/01/49			51		59,690
PG&E Corp., 5.25%, 07/01/30			62		63,473
Pike Corp., 5.50%, 09/01/28(e)			130		132,476
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.50%, 11/10/21(c)			2,375		—
					1,003,678
Electrical Equipment — 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26(e)			291		301,912
GrafTech Finance, Inc., 4.63%, 12/15/28(e)			66		67,732
NM Holdings Co. LLC, Series B, 9.50%, 07/01/05(b)(c)(g)			5,125		1
					369,645
Electronic Equipment, Instruments & Components — 0.1%
BWX Technologies, Inc.(e)
4.13%, 06/30/28			81		83,126
4.13%, 04/15/29			56		57,330
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29			98		100,450
Energizer Holdings, Inc.(e)
4.75%, 06/15/28			34		34,586
4.38%, 03/31/29			6		5,955
Imola Merger Corp., 4.75%, 05/15/29(e)			196		202,766
Xerox Corp., 4.80%, 03/01/35			181		181,036
					665,249
Energy Equipment & Services — 0.2%
Archrock Partners LP/Archrock Partners Finance Corp.(e)
6.88%, 04/01/27			106		111,300
6.25%, 04/01/28			166		171,681
Pioneer Energy Services Corp.(c)(e)(j)
(11.00% Cash or 11.00% PIK), 11.00%, 05/15/25			317		351,449
(5.00% PIK), 5.00%, 11/15/25			237		276,686
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			58		60,390
6.88%, 09/01/27			291		308,052
Vallourec SA, 8.50%, 06/30/26(a)	EUR		8		9,486
					1,289,044
Entertainment — 0.0%
SWF Escrow Issuer Corp., 6.50%, 10/01/29(e)(f)	USD		72		70,150
Environmental, Maintenance, & Security Service — 0.1%
Covanta Holding Corp., 5.00%, 09/01/30			43		43,430
GFL Environmental, Inc.(e)
3.75%, 08/01/25			85		87,444
5.13%, 12/15/26			73		76,658
4.00%, 08/01/28			142		140,935
3.50%, 09/01/28			65		65,406
4.75%, 06/15/29			105		107,887
4.38%, 08/15/29			44		44,440
Stericycle, Inc., 3.88%, 01/15/29(e)			52		52,318

Security		Par (000)		Value
Environmental, Maintenance, & Security Service (continued)
Tervita Corp., 11.00%, 12/01/25(e)(k)	USD		27	$	30,551
Waste Pro USA, Inc., 5.50%, 02/15/26(e)			71		71,710
					720,779
Equity Real Estate Investment Trusts (REITs) — 0.4%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27(e)			57		56,430
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28(e)			52		53,950
Diversified Healthcare Trust, 9.75%, 06/15/25			53		57,969
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(e)			46		45,675
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26(e)			62		62,930
Iron Mountain, Inc.(e)
5.25%, 07/15/30			91		96,572
5.63%, 07/15/32			66		70,785
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
4.63%, 06/15/25(e)			205		220,887
4.50%, 09/01/26			139		151,162
4.50%, 01/15/28			318		347,415
3.88%, 02/15/29(e)			101		107,565
MPT Operating Partnership LP/MPT Finance Corp.
4.63%, 08/01/29			296		317,608
3.50%, 03/15/31			222		226,440
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			311		321,876
4.50%, 02/15/29(e)			24		24,048
RLJ Lodging Trust LP(e)
3.75%, 07/01/26			43		43,215
4.00%, 09/15/29			31		30,952
Service Properties Trust
4.35%, 10/01/24			12		12,159
7.50%, 09/15/25			82		92,065
5.50%, 12/15/27			42		44,760
					2,384,463
Food & Staples Retailing — 0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(e)
3.25%, 03/15/26			146		148,190
4.63%, 01/15/27			11		11,539
4.88%, 02/15/30			68		73,270
Kraft Heinz Foods Co.
4.25%, 03/01/31			204		230,626
5.00%, 07/15/35			24		29,514
6.88%, 01/26/39			164		242,119
4.63%, 10/01/39			88		102,562
6.50%, 02/09/40			35		49,700
5.20%, 07/15/45			101		126,507
4.38%, 06/01/46			227		258,285
4.88%, 10/01/49			170		206,906
5.50%, 06/01/50			372		490,806
Lamb Weston Holdings, Inc., 4.88%, 05/15/28(e)			18		19,787
Performance Food Group, Inc., 4.25%, 08/01/29(e)			108		108,270
Post Holdings, Inc.(e)
4.63%, 04/15/30			45		45,348
4.50%, 09/15/31			81		80,039

5

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Food & Staples Retailing (continued)
TreeHouse Foods, Inc., 4.00%, 09/01/28	USD		23	$	22,509
United Natural Foods, Inc., 6.75%, 10/15/28(e)			28		30,310
US Foods, Inc., 4.75%, 02/15/29(e)			118		121,098
					2,397,385
Food Products(e) — 0.2%
Aramark Services, Inc.
6.38%, 05/01/25			99		104,074
5.00%, 02/01/28			3		3,083
Chobani LLC/Chobani Finance Corp., Inc.
7.50%, 04/15/25			272		283,016
4.63%, 11/15/28			76		78,470
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28			90		97,358
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
6.50%, 04/15/29			138		154,215
3.75%, 12/01/31			113		117,580
Pilgrim’s Pride Corp., 3.50%, 03/01/32			165		167,784
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29			113		113,847
					1,119,427
Gas Utilities — 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(e)			42		43,575
Health Care Equipment & Supplies(e) — 0.1%
Avantor Funding, Inc., 4.63%, 07/15/28			318		334,695
Hologic, Inc., 3.25%, 02/15/29			28		28,013
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA
7.38%, 06/01/25			171		180,405
7.25%, 02/01/28			134		143,397
					686,510
Health Care Providers & Services — 1.0%
Acadia Healthcare Co., Inc.(e)
5.50%, 07/01/28			66		69,379
5.00%, 04/15/29			44		45,815
AdaptHealth LLC(e)
6.13%, 08/01/28			49		52,063
4.63%, 08/01/29			55		54,959
5.13%, 03/01/30			33		33,017
AHP Health Partners, Inc., 5.75%, 07/15/29(e)			90		90,900
Akumin Escrow, Inc., 7.50%, 08/01/28(e)			19		18,383
Cano Health LLC, 6.25%, 10/01/28(e)			29		29,290
Centene Corp.
4.25%, 12/15/27			59		61,752
2.45%, 07/15/28			198		198,990
4.63%, 12/15/29			141		153,662
3.00%, 10/15/30			367		376,175
2.50%, 03/01/31			400		394,500
2.63%, 08/01/31			135		134,087
CHS/Community Health Systems, Inc.(e)
6.63%, 02/15/25			379		396,529
8.00%, 03/15/26			419		444,339
5.63%, 03/15/27			173		181,153
6.00%, 01/15/29			136		144,160
6.88%, 04/15/29			34		34,080
6.13%, 04/01/30			91		88,427

Security		Par (000)		Value
Health Care Providers & Services (continued)
DaVita, Inc., 4.63%, 06/01/30(e)	USD		3	$	3,086
Encompass Health Corp.
4.50%, 02/01/28			16		16,520
4.75%, 02/01/30			123		129,365
4.63%, 04/01/31			66		69,369
HCA, Inc., 3.50%, 09/01/30			382		404,687
Legacy LifePoint Health LLC(e)
6.75%, 04/15/25			116		121,899
4.38%, 02/15/27			44		43,890
LifePoint Health, Inc., 5.38%, 01/15/29(e)			97		94,333
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/29(e)			53		54,937
ModivCare, Inc., 5.88%, 11/15/25(e)			23		24,323
Molina Healthcare, Inc.(e)
4.38%, 06/15/28			22		22,888
3.88%, 11/15/30			96		100,320
Prime Healthcare Services, Inc., 7.25%, 11/01/25(e)			152		163,020
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26(e)			17		17,956
Surgery Center Holdings, Inc.(e)
6.75%, 07/01/25			145		147,538
10.00%, 04/15/27			276		298,080
Teleflex, Inc., 4.25%, 06/01/28(e)			42		43,642
Tenet Healthcare Corp.(e)
7.50%, 04/01/25			41		43,511
4.88%, 01/01/26			209		216,298
5.13%, 11/01/27			343		357,577
4.63%, 06/15/28			26		26,940
6.13%, 10/01/28			123		129,208
4.25%, 06/01/29			95		96,425
					5,627,472
Health Care Technology(e) — 0.2%
Catalent Pharma Solutions, Inc.
5.00%, 07/15/27			41		42,589
3.13%, 02/15/29			58		56,953
3.50%, 04/01/30			148		148,000
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25			229		230,717
Charles River Laboratories International, Inc.
4.25%, 05/01/28			46		47,741
3.75%, 03/15/29			11		11,234
4.00%, 03/15/31			31		32,480
MEDNAX, Inc., 6.25%, 01/15/27			32		33,640
Syneos Health, Inc., 3.63%, 01/15/29			147		146,588
US Acute Care Solutions LLC, 6.38%, 03/01/26			37		39,035
					788,977
Healthcare — 0.0%
Akumin, Inc., 7.00%, 11/01/25(e)			35		33,950
Hotels, Restaurants & Leisure — 0.9%
1011778 BC ULC/New Red Finance, Inc.(e)
3.88%, 01/15/28			60		60,591
4.38%, 01/15/28			218		221,316
Affinity Gaming, 6.88%, 12/15/27(e)			49		51,535
Boyd Gaming Corp.
8.63%, 06/01/25(e)			79		85,616
4.75%, 12/01/27			58		59,780
4.75%, 06/15/31(e)			121		124,781
Boyne USA, Inc., 4.75%, 05/15/29(e)			78		80,535

SCHEDULE    OF    INVESTMENTS 6

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Caesars Entertainment, Inc.(e)
6.25%, 07/01/25	USD		481	$	506,376
8.13%, 07/01/27			340		382,236
4.63%, 10/15/29			124		125,550
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(e)			154		162,351
Carrols Restaurant Group, Inc., 5.88%, 07/01/29(e)			20		18,825
CCM Merger, Inc., 6.38%, 05/01/26(e)			53		55,783
Cedar Fair LP/Canada’s Wonderland Co. /Magnum Management Corp./Millennium Op, 6.50%, 10/01/28			19		20,384
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(e)			388		403,035
Churchill Downs, Inc., 4.75%, 01/15/28(e)			80		83,700
Everi Holdings, Inc., 5.00%, 07/15/29(e)			17		17,420
Full House Resorts, Inc., 8.25%, 02/15/28(e)			20		21,500
Golden Nugget, Inc., 6.75%, 10/15/24(e)			455		455,591
Hilton Domestic Operating Co., Inc.
5.75%, 05/01/28(e)			108		116,316
4.88%, 01/15/30			166		178,078
4.00%, 05/01/31(e)			73		74,095
MGM Resorts International, 5.75%, 06/15/25			73		79,570
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(e)			83		84,556
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(e)			79		84,826
Penn National Gaming, Inc., 4.13%, 07/01/29(e)			30		29,652
Powdr Corp., 6.00%, 08/01/25(e)(k)			67		70,350
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(e)
5.63%, 09/01/29			37		37,370
5.88%, 09/01/31			37		37,381
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26(e)			57		58,211
Scientific Games International, Inc.(e)
8.63%, 07/01/25			65		70,391
8.25%, 03/15/26			301		319,436
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(e)			275		292,875
Travel + Leisure Co., 6.63%, 07/31/26(e)			43		48,967
Vail Resorts, Inc., 6.25%, 05/15/25(e)			89		94,118
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(e)			44		45,933
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(e)			202		203,515
Yum! Brands, Inc.
4.75%, 01/15/30(e)			24		26,012
5.35%, 11/01/43			14		15,400
					4,903,957
Household Durables — 0.2%
Ashton Woods USA LLC/Ashton Woods Finance Co.(e)
4.63%, 08/01/29			32		32,311
4.63%, 04/01/30			32		32,180
Brookfield Residential Properties, Inc./Brookfield Residential US LLC(e)
5.00%, 06/15/29			67		68,511
4.88%, 02/15/30			260		265,200

Security		Par (000)		Value
Household Durables (continued)
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(e)	USD		104	$	110,029
Forestar Group, Inc., 3.85%, 05/15/26(e)			33		32,959
K Hovnanian Enterprises, Inc., 10.00%, 11/15/25(e)			20		21,300
KB Home, 4.00%, 06/15/31			31		31,814
Mattamy Group Corp., 4.63%, 03/01/30(e)			72		73,574
NCR Corp.(e)
5.75%, 09/01/27			20		21,092
5.00%, 10/01/28			57		58,243
5.13%, 04/15/29			33		34,031
6.13%, 09/01/29			78		84,630
5.25%, 10/01/30			36		37,747
New Home Co., Inc., 7.25%, 10/15/25(e)			22		23,150
Newell Brands, Inc., 6.00%, 04/01/46			35		45,238
Taylor Morrison Communities, Inc., 5.13%, 08/01/30(e)			20		21,525
Tempur Sealy International, Inc.(e)
4.00%, 04/15/29			87		89,610
3.88%, 10/15/31			88		88,110
Tri Pointe Homes, Inc., 5.70%, 06/15/28			18		19,575
					1,190,829
Independent Power and Renewable Electricity Producers(e) — 0.2%
Calpine Corp.
5.25%, 06/01/26			57		58,638
5.13%, 03/15/28			458		463,832
4.63%, 02/01/29			33		32,505
5.00%, 02/01/31			45		45,000
3.75%, 03/01/31			4		3,850
Clearway Energy Operating LLC
4.75%, 03/15/28			20		21,172
3.75%, 01/15/32(f)			82		81,897
NRG Energy, Inc.
3.63%, 02/15/31			96		94,296
3.88%, 02/15/32			113		111,729
TerraForm Power Operating LLC, 4.75%, 01/15/30			74		77,423
					990,342
Insurance(e) — 0.4%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29			74		73,061
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27			371		374,710
6.75%, 10/15/27			731		756,585
AmWINS Group, Inc., 4.88%, 06/30/29			85		86,195
AssuredPartners, Inc., 5.63%, 01/15/29			86		86,533
BroadStreet Partners, Inc., 5.88%, 04/15/29			61		60,771
GTCR AP Finance, Inc., 8.00%, 05/15/27			6		6,330
HUB International Ltd., 7.00%, 05/01/26			416		430,040
					1,874,225
Interactive Media & Services — 0.1%
Arches Buyer, Inc., 4.25%, 06/01/28(e)			36		36,500
Netflix, Inc.
4.88%, 04/15/28			112		129,080
5.88%, 11/15/28			14		17,156
6.38%, 05/15/29			11		13,915
5.38%, 11/15/29(e)			11		13,324
4.88%, 06/15/30(e)			115		135,412
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.(e)
4.75%, 04/30/27(f)			74		74,000

7

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Interactive Media & Services (continued)
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.(e) (continued)
6.00%, 02/15/28	USD		80	$	79,574
10.75%, 06/01/28			30		33,750
Twitter, Inc., 3.88%, 12/15/27(e)			97		103,548
					636,259
Internet Software & Services(e) — 0.3%
ANGI Group LLC, 3.88%, 08/15/28			106		105,470
Endure Digital, Inc., 6.00%, 02/15/29			45		42,750
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29			40		39,650
Match Group Holdings II LLC
4.63%, 06/01/28			43		44,955
4.13%, 08/01/30			68		70,805
3.63%, 10/01/31(f)			35		34,585
Uber Technologies, Inc.
7.50%, 05/15/25			271		288,886
8.00%, 11/01/26			92		97,233
7.50%, 09/15/27			188		205,272
6.25%, 01/15/28			314		336,762
4.50%, 08/15/29			149		150,024
					1,416,392
IT Services — 0.6%
Ahead DB Holdings LLC, 6.63%, 05/01/28(e)			35		35,263
Austin BidCo, Inc., 7.13%, 12/15/28(e)			23		23,173
Booz Allen Hamilton, Inc.(e)
3.88%, 09/01/28			101		103,537
4.00%, 07/01/29			132		135,300
Camelot Finance SA, 4.50%, 11/01/26(e)			53		55,054
Dun & Bradstreet Corp.(e)
6.88%, 08/15/26			102		106,972
10.25%, 02/15/27			232		249,400
Fiserv, Inc., 2.25%, 06/01/27			1,385		1,428,556
Gartner, Inc.(e)
4.50%, 07/01/28			83		87,150
3.63%, 06/15/29			82		82,623
3.75%, 10/01/30			66		67,927
KBR, Inc., 4.75%, 09/30/28(e)			61		61,762
Rackspace Technology Global, Inc., 5.38%, 12/01/28(e)			87		85,477
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25(e)			190		199,500
Twilio, Inc., 3.88%, 03/15/31			112		114,667
Unisys Corp., 6.88%, 11/01/27(e)			13		14,203
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(e)			149		148,255
					2,998,819
Leisure Products — 0.0%
Mattel, Inc.
5.88%, 12/15/27(e)			34		36,847
3.75%, 04/01/29(e)			33		34,403
6.20%, 10/01/40			38		48,830
5.45%, 11/01/41			94		111,390
					231,470
Machinery — 0.4%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28(e)			35		35,893
Clark Equipment Co., 5.88%, 06/01/25(e)			24		25,039

Security		Par (000)		Value
Machinery (continued)
Colfax Corp., 6.38%, 02/15/26(e)	USD		63	$	66,257
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(e)(j)			445		472,812
Madison IAQ LLC(e)
4.13%, 06/30/28			31		31,000
5.88%, 06/30/29			852		858,390
Mueller Water Products, Inc., 4.00%, 06/15/29(e)			34		35,197
Platin 1426 GmbH, 5.38%, 06/15/23(a)	EUR		100		116,704
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25(e)	USD		5		5,122
Terex Corp., 5.00%, 05/15/29(e)			95		98,444
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26(e)			147		150,194
TK Elevator US Newco Inc., 5.25%, 07/15/27(e)			200		209,595
					2,104,647
Media — 2.3%
Adelphia Communications Corp., 10.50%, 12/31/49(c)			400		—
Advantage Sales & Marketing, Inc., 6.50%, 11/15/28(e)			34		35,436
Altice Financing SA(e)
5.00%, 01/15/28			204		196,702
5.75%, 08/15/29			251		243,126
Altice France Holding SA(e)
10.50%, 05/15/27			539		589,450
6.00%, 02/15/28			272		261,249
AMC Networks, Inc., 4.25%, 02/15/29			39		38,805
Cable One, Inc.(e)
1.13%, 03/15/28(l)			66		66,966
4.00%, 11/15/30			34		33,873
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 05/01/27(e)			48		49,983
5.00%, 02/01/28(e)			34		35,493
5.38%, 06/01/29(e)			117		126,360
4.50%, 08/15/30(e)			113		116,584
4.25%, 02/01/31(e)			263		267,563
4.50%, 05/01/32			231		237,930
4.50%, 06/01/33(e)			95		96,683
4.25%, 01/15/34(e)			302		299,169
Clear Channel International BV, 6.63%, 08/01/25(e)			200		208,250
Clear Channel Outdoor Holdings, Inc.(e)
7.75%, 04/15/28			176		185,240
7.50%, 06/01/29			242		251,680
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(e)			659		681,940
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26(e)			738		772,132
CSC Holdings LLC
5.25%, 06/01/24			344		368,486
4.63%, 12/01/30(e)			223		211,398
3.38%, 02/15/31(e)			205		190,650
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.88%, 08/15/27(e)			141		147,169
DISH DBS Corp.
5.88%, 07/15/22			582		599,824
7.75%, 07/01/26			151		170,513
5.13%, 06/01/29			250		244,947
Frontier Communications Holdings LLC(e)
5.88%, 10/15/27			145		154,062
5.00%, 05/01/28			216		226,800
6.75%, 05/01/29			167		175,976

SCHEDULE    OF    INVESTMENTS 8

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
GCI LLC, 4.75%, 10/15/28(e)	USD		29	$	30,444
Hughes Satellite Systems Corp., 5.25%, 08/01/26			20		22,550
iHeartCommunications, Inc., 8.38%, 05/01/27			11		12,112
Lamar Media Corp., 4.00%, 02/15/30			57		58,682
LCPR Senior Secured Financing DAC(e)
6.75%, 10/15/27			200		212,000
5.13%, 07/15/29			200		205,990
Liberty Broadband Corp., 2.75%, 09/30/50(e)(l)			481		507,765
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(e)(j)			185		179,296
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(e)			45		46,520
Live Nation Entertainment, Inc.(e)
4.88%, 11/01/24			9		9,101
6.50%, 05/15/27			329		361,900
4.75%, 10/15/27			30		30,487
3.75%, 01/15/28			61		60,638
Midas OpCo Holdings LLC, 5.63%, 08/15/29(e)			32		33,112
News Corp., 3.88%, 05/15/29(e)			40		41,100
Outfront Media Capital LLC/Outfront Media Capital Corp.(e)
5.00%, 08/15/27			25		25,641
4.25%, 01/15/29			38		37,664
Radiate Holdco LLC/Radiate Finance, Inc.(e)
4.50%, 09/15/26			703		725,847
6.50%, 09/15/28			386		393,589
Scripps Escrow II, Inc., 3.88%, 01/15/29(e)			5		5,017
Sinclair Television Group, Inc., 4.13%, 12/01/30(e)			108		105,570
Sirius XM Radio, Inc.(e)
3.13%, 09/01/26			156		158,145
4.00%, 07/15/28			163		165,751
5.50%, 07/01/29			5		5,406
4.13%, 07/01/30			45		45,209
3.88%, 09/01/31			215		210,028
Telesat Canada/Telesat LLC, 4.88%, 06/01/27(e)			47		43,240
Terrier Media Buyer, Inc., 8.88%, 12/15/27(e)			104		109,968
Univision Communications, Inc.(e)
5.13%, 02/15/25			107		108,562
6.63%, 06/01/27			9		9,776
UPC Broadband Finco BV, 4.88%, 07/15/31(e)			200		204,772
Videotron Ltd., 3.63%, 06/15/29(e)			116		117,595
Virgin Media Secured Finance PLC, 4.50%, 08/15/30(e)			200		203,250
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28(e)			242		249,950
WMG Acquisition Corp., 3.88%, 07/15/30(e)			7		7,280
Ziggo Bond Co. BV, 5.13%, 02/28/30(e)			200		205,095
Ziggo BV, 5.50%, 01/15/27(e)			150		155,062
					12,388,553
Metals & Mining — 0.5%
Allegheny Technologies, Inc.
7.88%, 08/15/23			20		22,500
4.88%, 10/01/29			32		32,120
5.13%, 10/01/31			37		37,285
Arconic Corp.(e)
6.00%, 05/15/25			13		13,653
6.13%, 02/15/28			145		153,703
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(e)			324		350,325

Security		Par (000)		Value
Metals & Mining (continued)
Constellium SE, 3.75%, 04/15/29(e)	USD		500	$	486,960
Freeport-McMoRan, Inc.
4.38%, 08/01/28			92		96,255
5.40%, 11/14/34			11		13,214
5.45%, 03/15/43			365		449,406
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(e)			96		97,872
Joseph T Ryerson & Son, Inc., 8.50%, 08/01/28(e)			38		42,132
Kaiser Aluminum Corp.(e)
4.63%, 03/01/28			75		77,437
4.50%, 06/01/31			41		42,025
New Gold, Inc., 7.50%, 07/15/27(e)			170		174,910
Novelis Corp.(e)
3.25%, 11/15/26			133		134,886
4.75%, 01/30/30			364		383,183
3.88%, 08/15/31			189		186,930
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(e)(f)			39		39,975
United States Steel Corp.
6.25%, 03/15/26			2		2,063
6.88%, 03/01/29			87		92,761
					2,929,595
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Starwood Property Trust, Inc., 5.50%, 11/01/23(e)			9		9,441
Multi-line Retail(e) — 0.0%
Bath & Body Works, Inc., 6.63%, 10/01/30			46		52,210
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26			126		133,717
					185,927
Offshore Drilling & Other Services — 0.0%
Entegris, Inc., 3.63%, 05/01/29(e)			31		31,624
Oil, Gas & Consumable Fuels — 2.6%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(e)			145		156,600
Antero Midstream Partners LP/Antero Midstream Finance Corp.(e)
7.88%, 05/15/26			130		142,149
5.75%, 03/01/27			66		68,181
5.75%, 01/15/28			15		15,544
5.38%, 06/15/29			66		67,980
Antero Resources Corp.(e)
7.63%, 02/01/29			79		88,322
5.38%, 03/01/30			25		26,329
Apache Corp.
4.25%, 01/15/30			62		66,806
5.10%, 09/01/40			121		135,518
5.25%, 02/01/42			18		19,755
5.35%, 07/01/49			23		25,546
Arcosa, Inc., 4.38%, 04/15/29(e)			120		121,500
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(e)
9.00%, 11/01/27			212		290,440
8.25%, 12/31/28			42		45,780
5.88%, 06/30/29			136		138,955
Brand Industrial Services, Inc., 8.50%, 07/15/25(e)			314		315,177
Buckeye Partners LP 5.85%, 11/15/43			16		16,014

9

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Buckeye Partners LP (continued)
5.60%, 10/15/44	USD		6	$	5,835
Callon Petroleum Co.
6.13%, 10/01/24			33		32,430
9.00%, 04/01/25(e)			219		236,806
8.00%, 08/01/28(e)			179		176,762
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31(a)	EUR		100		113,816
Cheniere Energy Partners LP
4.50%, 10/01/29	USD		133		141,396
4.00%, 03/01/31(e)			230		240,856
3.25%, 01/31/32(e)			156		156,515
Cheniere Energy, Inc., 4.63%, 10/15/28			525		553,219
Chesapeake Energy Corp., 5.88%, 02/01/29(e)			5		5,342
CITGO Petroleum Corp.(e)
7.00%, 06/15/25			90		92,025
6.38%, 06/15/26			74		75,480
CNX Midstream Partners LP, 4.75%, 04/15/30(e)			30		30,464
CNX Resources Corp., 6.00%, 01/15/29(e)			19		20,093
Colgate Energy Partners III LLC(e)
7.75%, 02/15/26			38		39,995
5.88%, 07/01/29			96		96,720
Comstock Resources, Inc.(e)
7.50%, 05/15/25			96		99,800
6.75%, 03/01/29			161		173,880
5.88%, 01/15/30			89		92,560
Continental Resources, Inc., 4.90%, 06/01/44			75		84,000
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(e)			435		445,201
DCP Midstream Operating LP(e)
6.45%, 11/03/36			250		310,645
6.75%, 09/15/37			21		27,090
DT Midstream, Inc.(e)
4.13%, 06/15/29			139		140,954
4.38%, 06/15/31			178		183,340
Dycom Industries, Inc., 4.50%, 04/15/29(e)			33		33,139
eG Global Finance PLC
6.75%, 02/07/25(e)			200		204,500
6.25%, 10/30/25(a)	EUR		142		168,022
Endeavor Energy Resources LP/EER Finance, Inc., 5.50%, 01/30/26(e)	USD		421		438,850
Energy Transfer LP, Series H, (5 year CMT + 5.69%), 6.50%(h)(i)			204		212,439
EnLink Midstream LLC, 5.63%, 01/15/28(e)			56		59,625
EnLink Midstream Partners LP
4.40%, 04/01/24			136		141,361
4.85%, 07/15/26			39		40,938
5.60%, 04/01/44			74		70,670
EQM Midstream Partners LP
6.00%, 07/01/25(e)			88		96,466
4.13%, 12/01/26			17		17,462
6.50%, 07/01/27(e)			117		131,596
4.50%, 01/15/29(e)			55		57,063
4.75%, 01/15/31(e)			236		245,445
EQT Corp.
3.13%, 05/15/26(e)			57		58,432
3.90%, 10/01/27			116		125,539
5.00%, 01/15/29			10		11,260
7.50%, 02/01/30			39		50,201

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
EQT Corp. (continued)
3.63%, 05/15/31(e)	USD		16	$	16,672
Genesis Energy LP/Genesis Energy Finance Corp.,
8.00%, 01/15/27			68		68,850
Great Western Petroleum LLC/Great Western Finance Corp., 12.00%, 09/01/25(e)			6		6,092
Harvest Midstream I LP, 7.50%, 09/01/28(e)			20		21,303
Hess Midstream Operations LP, 4.25%, 02/15/30(e)			82		82,923
Independence Energy Finance LLC, 7.25%, 05/01/26(e)			157		161,664
ITT Holdings LLC, 6.50%, 08/01/29(e)			109		109,954
MasTec, Inc., 4.50%, 08/15/28(e)			66		68,888
Matador Resources Co., 5.88%, 09/15/26			204		210,875
Murphy Oil Corp., 5.75%, 08/15/25			55		56,772
Murphy Oil USA, Inc., 4.75%, 09/15/29			109		115,404
New Fortress Energy, Inc.(e)
6.75%, 09/15/25			489		470,662
6.50%, 09/30/26			367		350,944
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(e)			95		96,781
NGPL PipeCo LLC, 7.77%, 12/15/37(e)			186		266,560
Northern Oil and Gas, Inc., 8.13%, 03/01/28(e)			153		163,442
NuStar Logistics LP
5.75%, 10/01/25			41		44,178
6.00%, 06/01/26			124		133,920
6.38%, 10/01/30			2		2,200
Occidental Petroleum Corp.
6.95%, 07/01/24			19		21,470
5.50%, 12/01/25			33		36,548
5.55%, 03/15/26			12		13,320
3.00%, 02/15/27			2		1,998
8.88%, 07/15/30			2		2,717
6.13%, 01/01/31			77		92,437
4.30%, 08/15/39			174		171,613
6.20%, 03/15/40			291		342,711
4.50%, 07/15/44			98		98,471
4.63%, 06/15/45			173		176,892
6.60%, 03/15/46			7		8,785
4.40%, 04/15/46			114		113,698
4.10%, 02/15/47			22		20,920
4.20%, 03/15/48			69		66,068
4.40%, 08/15/49			35		34,344
Ovintiv Exploration, Inc., 5.38%, 01/01/26			11		12,437
Ovintiv, Inc.
7.38%, 11/01/31			23		31,198
6.50%, 08/15/34			15		20,230
PDC Energy, Inc.
6.13%, 09/15/24			136		138,040
6.25%, 12/01/25			29		29,435
Range Resources Corp.
4.88%, 05/15/25			39		41,176
9.25%, 02/01/26			19		20,711
Rockcliff Energy II LLC, 5.50%, 10/15/29(e)(f)			65		65,975
SM Energy Co.
10.00%, 01/15/25(e)			225		250,960
5.63%, 06/01/25			22		22,126
6.75%, 09/15/26			37		37,788
6.50%, 07/15/28			23		23,812

SCHEDULE    OF    INVESTMENTS 10

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Southwestern Energy Co.
8.38%, 09/15/28	USD		24	$	27,186
5.38%, 02/01/29(e)			150		160,471
Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28			151		159,305
Tap Rock Resources LLC, 7.00%, 10/01/26(e)			188		192,465
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.38%, 02/01/27			17		17,615
5.50%, 03/01/30			267		291,948
4.88%, 02/01/31			89		96,009
4.00%, 01/15/32(e)			6		6,201
Transocean, Inc., 11.50%, 01/30/27(e)			167		172,010
Venture Global Calcasieu Pass LLC(e)
3.88%, 08/15/29			250		257,512
4.13%, 08/15/31			222		231,435
Vine Energy Holdings LLC, 6.75%, 04/15/29(e)			188		202,923
Western Midstream Operating LP
4.75%, 08/15/28			95		103,577
5.45%, 04/01/44			217		249,255
5.30%, 03/01/48			51		58,778
5.50%, 08/15/48			13		15,210
6.50%, 02/01/50			131		154,158
					14,218,850
Personal Products — 0.0%
Edgewell Personal Care Co., 5.50%, 06/01/28(e)			29		30,628
Pharmaceuticals — 0.6%
Bausch Health Americas, Inc., 8.50%, 01/31/27(e)			101		107,585
Bausch Health Cos., Inc.(e)
9.00%, 12/15/25			255		269,146
7.00%, 01/15/28			130		133,211
4.88%, 06/01/28			93		96,371
5.00%, 02/15/29			154		143,413
6.25%, 02/15/29			144		142,491
5.25%, 02/15/31			29		26,669
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28(a)	EUR		100		120,468
Elanco Animal Health, Inc., 5.90%, 08/28/28	USD		57		66,690
Endo Dac/Endo Finance LLC/Endo Finco, Inc.,
9.50%, 07/31/27(e)			218		218,484
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc., 6.13%, 04/01/29(e)			154		154,000
Gruenenthal GmbH, 4.13%, 05/15/28(a)	EUR		100		121,363
Jaguar Holding Co. II/PPD Development LP(e)
4.63%, 06/15/25	USD		26		27,008
5.00%, 06/15/28			188		202,352
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24(a)	EUR		200		230,048
Organon & Co./Organon Foreign Debt Co-Issuer BV(e)
4.13%, 04/30/28	USD		200		204,000
5.13%, 04/30/31			200		210,070
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25(e)			91		94,522
Par Pharmaceutical, Inc., 7.50%, 04/01/27(e)			254		258,762

Security		Par (000)		Value
Pharmaceuticals (continued)
PRA Health Sciences, Inc., 2.88%, 07/15/26(e)	USD		200	$	202,000
Prestige Brands, Inc., 3.75%, 04/01/31(e)			70		67,550
					3,096,203
Professional Services(e)(f) — 0.1%
Mozart Debt Merger Sub, Inc.
3.88%, 04/01/29			152		152,000
5.25%, 10/01/29			329		329,000
					481,000
Real Estate Management & Development — 0.1%
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28(e)			93		100,905
DIC Asset AG, 2.25%, 09/22/26(a)	EUR		100		113,860
Howard Hughes Corp.(e)
5.38%, 08/01/28	USD		8		8,430
4.13%, 02/01/29			51		51,064
4.38%, 02/01/31			78		78,461
Kennedy-Wilson, Inc., 4.75%, 02/01/30			44		44,671
Realogy Group LLC/Realogy Co-Issuer Corp.(e)
7.63%, 06/15/25			41		43,786
5.75%, 01/15/29			94		97,502
Unique Pub Finance Co. PLC, Series A4, 5.66%, 06/30/27(a)	GBP		43		64,270
					602,949
Road & Rail — 0.0%
Autostrade per l’Italia SpA, 2.00%, 01/15/30(a)	EUR		100		121,453
Seaspan Corp., 5.50%, 08/01/29(e)	USD		104		106,165
					227,618
Semiconductors & Semiconductor Equipment(e) — 0.1%
Atkore, Inc., 4.25%, 06/01/31			53		54,590
ON Semiconductor Corp., 3.88%, 09/01/28			106		109,445
Sensata Technologies BV, 4.00%, 04/15/29			57		58,023
Sensata Technologies, Inc.
4.38%, 02/15/30			164		176,458
3.75%, 02/15/31			49		49,335
Synaptics, Inc., 4.00%, 06/15/29			61		62,407
					510,258
Software — 0.4%
Black Knight InfoServ LLC, 3.63%, 09/01/28(e)			122		122,610
Boxer Parent Co., Inc.(e)
7.13%, 10/02/25			111		118,476
9.13%, 03/01/26			215		225,440
Crowdstrike Holdings, Inc., 3.00%, 02/15/29			88		87,705
Elastic NV, 4.13%, 07/15/29(e)			120		120,600
MicroStrategy, Inc., 6.13%, 06/15/28(e)			102		103,020
MSCI, Inc.(e)
3.63%, 09/01/30			50		51,687
3.88%, 02/15/31			20		20,975
3.63%, 11/01/31			41		42,664
3.25%, 08/15/33			58		58,665
Open Text Corp., 3.88%, 02/15/28(e)			5		5,100
Playtika Holding Corp., 4.25%, 03/15/29(e)			136		136,434
PTC, Inc., 4.00%, 02/15/28(e)			80		82,100
Rocket Software, Inc., 6.50%, 02/15/29(e)			132		130,680

11

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Software (continued)
SS&C Technologies, Inc., 5.50%, 09/30/27(e)	USD		228	$	240,753
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(e)			501		521,040
					2,067,949
Specialty Retail(e) — 0.2%
Gap, Inc.
3.63%, 10/01/29			32		32,080
3.88%, 10/01/31			25		25,000
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29			503		548,899
Staples, Inc.
7.50%, 04/15/26			130		131,849
10.75%, 04/15/27			61		59,399
					797,227
Textiles, Apparel & Luxury Goods(e) — 0.0%
Crocs, Inc.
4.25%, 03/15/29			50		51,454
4.13%, 08/15/31			63		63,472
Hanesbrands, Inc., 5.38%, 05/15/25			30		31,406
Levi Strauss & Co., 3.50%, 03/01/31			35		35,350
William Carter Co., 5.50%, 05/15/25			11		11,558
Wolverine World Wide, Inc., 4.00%, 08/15/29			33		33,330
					226,570
Thrifts & Mortgage Finance — 0.1%
Enact Holdings, Inc., 6.50%, 08/15/25(e)			132		144,114
Home Point Capital, Inc., 5.00%, 02/01/26(e)			68		61,643
MGIC Investment Corp., 5.25%, 08/15/28			47		50,151
Nationstar Mortgage Holdings, Inc.(e)
6.00%, 01/15/27			78		81,650
5.50%, 08/15/28			76		78,280
5.13%, 12/15/30			45		45,100
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(e)(f)
2.88%, 10/15/26			60		58,632
4.00%, 10/15/33			61		60,543
					580,113
Utilities(e) — 0.1%
Consensus Cloud Solutions, Inc.(f)
6.00%, 10/15/26			23		23,633
6.50%, 10/15/28			20		20,755
Solaris Midstream Holdings LLC, 7.63%, 04/01/26			34		36,436
Vistra Operations Co. LLC
5.63%, 02/15/27			99		102,471
4.38%, 05/01/29			73		73,447
					256,742
Wireless Telecommunication Services — 0.6%
Altice France SA(e)
8.13%, 02/01/27			334		359,384
5.13%, 07/15/29			351		344,147
5.50%, 10/15/29(f)			200		197,976
GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31			39		42,065
Matterhorn Telecom SA, 4.00%, 11/15/27(a)	EUR		100		118,525
SBA Communications Corp., 3.88%, 02/15/27	USD		424		439,370
T-Mobile USA, Inc.
2.63%, 02/15/29			45		45,475
2.88%, 02/15/31			154		155,309

Security		Par (000)		Value
Wireless Telecommunication Services (continued)
T-Mobile USA, Inc. (continued)
3.50%, 04/15/31	USD		138	$	145,540
3.50%, 04/15/31(e)			116		122,338
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29(e)			144		148,128
VICI Properties LP/VICI Note Co., Inc.(e)
4.25%, 12/01/26			392		409,377
4.63%, 12/01/29			321		345,075
4.13%, 08/15/30			24		25,440
Vmed O2 UK Financing I PLC, 4.75%, 07/15/31(e)			200		204,336
					3,102,485
Total Corporate Bonds — 20.4% (Cost: $116,173,020)				110,917,040
Floating Rate Loan Interests(h)
Aerospace & Defense — 4.5%
Atlas CC Acquisition Corp.
Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 05/25/28			5,608		5,623,453
Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 05/25/28			1,140		1,143,753
Bleriot US Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 4.13%, 10/31/26			818		818,145
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (3 mo. LIBOR + 3.50%), 3.63%, 04/06/26			1,791		1,749,860
2020 Term Loan B1, (3 mo. LIBOR + 3.50%), 3.63%, 04/06/26			3,331		3,254,739
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 5.63%, 04/09/26			772		720,077
Peraton Holding Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 8.50%, 02/01/29			2,002		2,039,537
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/01/28			6,069		6,070,184
Spirit Aerosystems, Inc., 2020 Term Loan B, (1 mo. LIBOR + 5.25%, 0.75% Floor), 6.00%, 01/15/25			886		888,891
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.33%, 12/09/25			2,400		2,369,768
					24,678,407
Air Freight & Logistics — 0.4%
AIT Worldwide Logistics, Inc, 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 03/31/28			423		424,059
Kestrel Bidco, Inc., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			1,558		1,518,850
					1,942,909
Airlines — 2.1%
AAdvantage Loyalty IP Ltd./American Airlines, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/20/28			1,131		1,168,855
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/11/28			1,802		1,808,402
American Airlines, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 1.84%, 01/29/27			451		431,528

SCHEDULE    OF    INVESTMENTS 12

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Airlines (continued)
American Airlines, Inc. (continued)
2017 Incremental Term Loan, (1 mo. LIBOR + 2.00%), 2.08%, 12/15/23	USD		2,255	$	2,204,555
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/21/27			2,112		2,242,691
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 04/21/28			3,303		3,323,683
					11,179,714
Auto Components — 2.4%
Adient US LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 3.58%, 04/08/28			726		725,875
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.33%, 04/30/26			3,217		3,200,573
Truck Hero, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 01/31/28			2,224		2,217,799
USI, Inc.
2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 3.13%, 05/16/24			4,359		4,327,145
2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 3.38%, 12/02/26			248		246,788
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 3.08%, 02/05/26			2,308		2,285,742
					13,003,922
Banks — 0.5%
Directv Financing LLC, (3 mo. LIBOR + 5.00%, 0.75% Floor), 5.75%, 07/22/27			2,507		2,507,320
Building Materials — 0.1%
CHI Overhead Doors, Inc, Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 07/31/25			161		161,320
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 04/12/28			519		517,255
					678,575
Building Products — 2.3%
CP Atlas Buyer, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 11/23/27			2,463		2,453,804
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 05/05/24			1,529		1,528,251
Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 2.33%, 07/28/28			1,121		1,118,858
LSF10 XL Bidco SCA, 2021 EUR Term Loan, (Euribor + 4.25%), 4.25%, 04/12/28	EUR		1,000		1,159,439
MI Windows And Doors LLC, 2020 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27	USD		470		471,033
Standard Industries, Inc., 2021 Term Loan B, 09/22/28(m)			2,245		2,246,212
Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/19/26			3,723		3,724,220
					12,701,817
Capital Markets — 2.2%
AQGEN Ascensus, Inc., 2021 2nd Lien Term Loan, (2 mo. LIBOR + 6.50%, 0.50% Floor), 7.00%, 08/02/29(c)			2,232		2,209,680

Security		Par (000)			Value
Capital Markets (continued)
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 04/09/27	USD		5,477		$	5,488,632
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 04/07/28			1,594			1,641,820
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 11/12/27			1,256			1,255,512
FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.50%), 2.58%, 06/27/25			—	(n)		247
Focus Financial Partners LLC, 2021 Term Loan, (1 mo. LIBOR + 2.50%, 0.50% Floor), 3.00%, 07/01/28			1,063			1,059,722
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.33%, 04/12/24			559			556,598
						12,212,211
Chemicals — 5.2%
Ascend Performance Materials Operations LLC,
2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 08/27/26			2,936			2,968,944
Atotech BV, 2021 USD Term Loan B, (3 mo. LIBOR + 2.50%, 0.50% Floor), 3.00%, 03/18/28			3,083			3,078,771
Axalta Coating Systems US Holdings, Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 1.88%, 06/01/24			1,253			1,248,884
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/28/24			1,339			1,333,165
Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 2.08%, 01/31/26			1,769			1,765,182
Encapsys LLC, 2020 Term Loan B2, (PRIME + 2.25%), 5.50%, 11/07/24			1,259			1,256,614
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.58%, 06/30/27			1,243			1,240,247
Invictus Technical Solutions LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.83%, 03/30/26			973			970,591
Invictus US LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.08%, 03/28/25			673			671,015
Klockner-Pentaplast of America, Inc., 2021 Term Loan B, (6 mo. LIBOR + 4.75%, 0.50% Floor), 5.25%, 02/12/26			1,134			1,136,432
Lonza Group AG, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 07/03/28			918			920,159
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 2.63%, 03/01/26			2,832			2,816,036
Minerals Technologies, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.00%, 02/14/24(c)			378			378,403
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.34%, 05/15/24			1,527			1,523,191
NIC Acquisition Corp., Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/29/27			652			650,910
Oxea Corp., 2017 USD Term Loan B2, (1 mo. LIBOR + 3.25%), 3.38%, 10/14/24			1,537			1,528,914
PQ Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 06/09/28			1,542			1,542,459
Pregis TopCo Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 07/31/26(c)			625			624,564

13

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chemicals (continued)
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27	USD		945	$	945,637
Sparta U.S. HoldCo LLC, 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/02/28			1,025		1,026,281
Starfruit Finco BV, 2018 USD Term Loan B, (1 mo. LIBOR + 2.75%), 2.83%, 10/01/25			354		351,063
WR Grace & Co., 2021 Term Loan B, 09/22/28(m)			475		476,487
					28,453,949
Commercial Services & Supplies — 4.4%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (3 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 05/12/28			2,333		2,334,297
Asurion LLC
2018 Term Loan B6, (1 mo. LIBOR + 3.12%), 3.21%, 11/03/23			1,278		1,270,220
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 3.08%, 11/03/24			919		908,231
2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 3.33%, 12/23/26			699		687,916
2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 5.33%, 01/31/28			985		981,896
2021 2nd Lien Term Loan B4, (1 mo. LIBOR + 5.25%), 5.33%, 01/20/29			1,402		1,394,640
Bingo Industries Ltd., Term Loan, 07/08/28(c)(m)			414		412,965
Clean Harbors, Inc., 2021 Incremental Term Loan B, 09/21/28(m)			618		617,740
Creative Artists Agency LLC, 2020 Incremental Term Loan B1, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 11/27/26			1,715		1,705,068
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.33%, 12/12/25			2,687		2,686,009
Diamond (BC) BV, 2021 Term Loan B, 09/29/28(m)			1,702		1,703,174
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/09/25(c)			450		448,477
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.38%, 09/19/26(c)			1,277		1,244,680
Packers Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 03/09/28			1,766		1,756,524
Prime Security Services Borrower LLC, 2021 Term Loan, (6 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 09/23/26			1,498		1,495,834
Vericast Corp., 2021 Term Loan, (3 mo. LIBOR + 7.75%, 1.00% Floor), 8.75%, 06/16/26			396		370,845
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.08%, 08/27/25			3,271		3,274,122
Viad Corp, Initial Term Loan, (3 mo. LIBOR + 5.00%, 0.50% Floor), 5.50%, 07/30/28(c)			696		692,520
					23,985,158
Construction & Engineering — 1.7%
Brand Industrial Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/21/24			3,590		3,556,094

Security		Par (000)		Value
Construction & Engineering (continued)
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 3.09%, 01/21/28	USD		925	$	924,241
SRS Distribution, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 06/02/28			3,457		3,455,548
USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 05/12/28			1,565		1,563,139
					9,499,022
Construction Materials — 2.0%
Core & Main LP, 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 2.59%, 07/27/28			6,033		6,002,838
Filtration Group Corp.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.08%, 03/29/25			2,128		2,116,003
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 03/29/25			1,272		1,273,695
Forterra Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/25/23			1,000		999,834
Tamko Building Products, Inc., Term Loan B, (2 mo. LIBOR + 3.00%), 3.10%, 06/01/26			772		767,266
					11,159,636
Containers & Packaging — 1.9%
BWAY Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 3.33%, 04/03/24			2,236		2,188,306
Charter NEX US, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27			3,794		3,800,544
Flex Acquisition Co., Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 02/23/28			1,938		1,933,216
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 4.08%, 07/31/26			547		547,702
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/18/27			730		727,664
Trident TPI Holdings, Inc.(m)
2021 Delayed Draw Term Loan, 09/15/28			127		127,144
2021 Incremental Term Loan, 09/15/28			895		896,369
					10,220,945
Distributors — 0.9%
American Builders & Contractors Supply Co., Inc.,
2019 Term Loan, (1 mo. LIBOR + 2.00%), 2.08%, 01/15/27			1,305		1,295,992
TMK Hawk Parent Corp.
2020 Super Priority First Out Term Loan A, (1 mo. LIBOR + 9.50%, 1.00% Floor), 10.50%, 05/30/24(c)			996		975,922
2020 Super Priority Second Out Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/28/24			3,262		2,876,261
					5,148,175
Diversified Consumer Services — 2.5%
Ascend Learning LLC
2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 07/12/24			305		304,116
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/12/24			982		982,571

SCHEDULE    OF    INVESTMENTS 14

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Consumer Services (continued)
Bright Horizons Family Solutions LLC, 2017 Term Loan B, (1 mo. LIBOR + 1.75%, 0.75% Floor), 2.50%, 11/07/23	USD		1,753	$	1,745,876
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.83%, 07/11/25			2,988		2,956,919
Midas Intermediate Holdco II LLC, 2020 Term Loan B, (3 mo. LIBOR + 7.75%, 0.75% Floor), 8.50%, 12/22/25			2,706		2,571,151
Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (3 mo. LIBOR + 2.25%), 2.37%, 05/15/24			1,109		1,103,653
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/28/27			428		428,030
Serta Simmons Bedding LLC
2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 8.50%, 08/10/23			418		420,961
2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 8.50%, 08/10/23			856		812,308
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%, 0.50% Floor), 5.00%, 01/15/27			1,679		1,683,271
Voyage Australia Pty Ltd., USD Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 07/20/28			659		658,176
					13,667,032
Diversified Financial Services — 7.7%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 4.58%, 07/31/26			1,248		1,248,818
Alchemy Copyrights LLC, Term Loan B, (1 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 03/10/28(c)			755		755,384
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 02/04/28			1,543		1,538,488
AQGEN Island Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 08/02/28			2,489		2,480,712
Belron Finance US LLC, 2021 USD Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 04/13/28			1,733		1,728,700
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 3.00%, 09/01/28			2,826		2,807,151
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/01/28			595		599,213
2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27			3,262		3,264,141
EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 4.13%, 02/07/25			1,152		1,147,576
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (1 Week LIBOR + 4.00%, 0.50% Floor), 4.50%, 02/16/28			760		762,402
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 07/03/24(c)			1,332		1,328,192
KKR Apple Bidco LLC(m) 2021 2nd Lien Term Loan, 07/13/29			218		221,135

Security		Par (000)		Value
Diversified Financial Services (continued)
KKR Apple Bidco LLC(m) (continued)
2021 Term Loan, 09/22/28	USD		534	$	534,379
LBM Acquisition LLC
2021 Incremental Delayed Draw Term Loan B2, 12/17/27(m)			585		579,546
2021 Incremental Term Loan B2, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/17/27			1,168		1,157,271
Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/17/27			1,033		1,022,737
LEB Holdings (USA), Inc, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/02/27	.		901		902,842
Milano Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			4,311		4,317,210
RV Retailer LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 02/08/28			826		823,785
SMG US Midco 2, Inc., 2020 Term Loan, (1 mo. LIBOR + 2.50%), 2.63%, 01/23/25			1,721		1,689,033
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 4.38%, 07/30/25	.		2,055		1,994,850
Veritas US, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 09/01/25			6,642		6,665,033
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 3.08%, 02/28/27(c)			1,312		1,310,666
White Cap Buyer LLC, Term Loan B, (1 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 10/19/27			1,103		1,105,171
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 2.58%, 04/30/28			1,876		1,860,373
					41,844,808
Diversified Telecommunication Services — 2.7%
Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 3.75%, 11/30/27			506		506,555
ConnectWise LLC, 2021 Term Loan B, 09/29/28(m)			898		895,755
Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/02/27			713		712,911
Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/01/28			1,775		1,771,318
GCI LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 10/15/25			1,094		1,091,690
Intelsat Jackson Holdings SA
2017 Term Loan B3, (PRIME + 4.75%), 8.00%, 11/27/23			455		460,037
2021 DIP Term Loan, (3 mo. LIBOR + 4.75%, 1.00% Floor), 3.60%, 10/13/22			180		180,595
Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 11/04/26	.		1,710		1,711,118
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 1.83%, 03/01/27			1,676		1,655,104
Meridian Adhesives Group, Inc., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 07/24/28			1,318		1,314,705

15

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
MTN Infrastructure TopCo, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 11/15/24	USD		2,316	$	2,309,021
Virgin Media SFA Finance Ltd., GBP Term Loan L, (LIBOR - GBP + 3.25%), 3.30%, 01/15/27	GBP		1,400		1,858,706
					14,467,515
Electric Utilities — 0.9%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 12/15/27	USD		1,176		1,174,458
Triton Water Holdings, Inc, Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 03/31/28			3,997		3,989,508
					5,163,966
Electrical Equipment — 0.5%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 06/23/28(c)			762		762,000
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 03/31/27			2,163		2,157,962
					2,919,962
Energy Equipment & Services — 0.2%
Dell International LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 2.00%, 09/19/25			114		113,955
New Arclin U.S. Holding Corp., 2021 2nd Lien Term Loan, 09/30/29(c)(m)			815		808,888
					922,843
Entertainment — 0.3%
MSG National Properties LLC, Term Loan, (3 mo. LIBOR + 6.25%, 0.75% Floor), 7.00%, 11/12/25(c)			1,746		1,785,088
Environmental, Maintenance, & Security Service — 0.5%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 1.83%, 09/07/27			1,757		1,750,415
TruGreen Limited Partnership, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/02/27			1,081		1,080,694
					2,831,109
Food & Staples Retailing — 0.8%
H Food Holdings LLC, 2018 Incremental Term Loan B2, (1 mo. LIBOR + 4.00%), 4.08%, 05/23/25			653		652,997
Hearthside Food Solutions LLC, 2020 Incremental Term Loan B3, (1 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 05/23/25			178		177,627
US Foods, Inc.
2016 Term Loan B, (1 mo. LIBOR + 1.75%), 1.83%, 06/27/23			2,556		2,540,217
2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.08%, 09/13/26			741		730,712
					4,101,553
Food Products — 2.3%
8th Avenue Food & Provisions, Inc.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.84%, 10/01/25			1,105		1,089,599

Security		Par (000)		Value
Food Products (continued)
8th Avenue Food & Provisions, Inc. (continued)
2021 Incremental Term Loan, (1 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 10/01/25(c)	USD		1,352	$	1,341,523
B&G Foods, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.58%, 10/10/26			415		414,420
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/20/27			2,746		2,750,187
Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 2.33%, 01/29/27			3,297		3,255,607
Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 3.33%, 02/05/26			1,693		1,680,568
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 06/08/28			1,455		1,455,317
UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 3.08%, 01/20/28			610		609,450
					12,596,671
Health Care Equipment & Supplies — 0.7%
Insulet Corp., Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 05/04/28			683		684,429
Ortho-Clinical Diagnostics SA
2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.08%, 06/30/25			2,034		2,031,811
EUR Term Loan B, (EURIBOR + 3.50%), 3.50%, 06/30/25	EUR		952		1,101,901
					3,818,141
Health Care Providers & Services — 3.0%
CCRR Parent, Inc, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 03/06/28(c)	USD		1,184		1,187,010
CHG Healthcare Services, Inc., 2021 Term Loan, 09/29/28(m)			910		910,974
Da Vinci Purchaser Corp., 2019 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 01/08/27			1,256		1,259,940
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.83%, 10/10/25			1,714		1,521,065
EyeCare Partners LLC
2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%), 8.38%, 02/18/28(c)			1,460		1,452,700
2020 Term Loan, (3 mo. LIBOR + 3.75%), 3.88%, 02/18/27			1,959		1,946,617
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 4.63%, 03/05/26			939		881,829
HC Group Holdings II, Inc., Term Loan B, (1 mo. LIBOR + 3.75%), 3.83%, 08/06/26			4,345		4,342,929
Orbcomm, Inc., Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 09/01/28			647		645,919
PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 02/14/25			47		46,629
Sotera Health Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 12/11/26			2,247		2,239,517
					16,435,129

SCHEDULE    OF    INVESTMENTS 16

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Services — 1.2%
Azalea Topco, Inc., Term Loan, (1 mo. LIBOR + 3.50%), 3.63%, 07/24/26	USD		2,394	$	2,377,031
Medical Solutions LLC, 2021 2nd Lien Term Loan, 10/01/29(m)			627		620,730
Unified Physician Management LLC, 2020 Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 12/16/27			1,647		1,647,656
WP CityMD Bidco LLC, 2021 Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 08/13/26			1,877		1,882,387
					6,527,804
Health Care Technology — 2.8%
Athenahealth, Inc., 2021 Term Loan B1, (3 mo. LIBOR + 4.25%), 4.38%, 02/11/26			326		327,013
Change Healthcare Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 03/01/24			3,069		3,065,242
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.83%, 10/10/25			1,943		1,940,146
Polaris Newco LLC, USD Term Loan B, (6 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 06/02/28			4,736		4,744,404
Press Ganey Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 07/24/26			2,340		2,342,568
Quintiles IMS, Inc., 2017 USD Term Loan B1, (1 mo. LIBOR + 1.75%), 1.83%, 03/07/24			266		265,354
Verscend Holdings Corp., 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 7.50%, 02/01/29(c)			2,740		2,753,700
					15,438,427
Hotels, Restaurants & Leisure — 7.2%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 1.84%, 11/19/26			2,743		2,707,559
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.83%, 02/02/26			492		483,187
Aristocrat Leisure Ltd., 2020 Incremental Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/19/24			878		882,005
Aristocrat Technologies, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 1.75%), 1.88%, 10/19/24	.		1,085		1,077,490
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.25%), 2.32%, 09/15/23			1,073		1,071,739
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 2.83%, 12/23/24			1,802		1,790,201
2020 Term Loan B1, (3 mo. LIBOR + 3.50%), 3.58%, 07/21/25			3,515		3,515,815
CCM Merger, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/04/25	.		1,187		1,186,538
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 2.09%, 03/10/28(c)			692		685,595
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 8.50%, 03/31/28(c)			818		836,354
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 03/08/24			4,190		3,872,896
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.09%, 11/30/23			895		892,114

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23	USD		1,714	$	1,705,109
Golden Nugget, Inc., 2020 Initial Term Loan, (3 mo. LIBOR + 12.00%, 1.00% Floor), 13.00%, 10/04/23(c)			201		217,317
IRB Holding Corp.
2020 Fourth Amendment Incremental Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/15/27			3,259		3,262,971
2020 Term Loan B, (6 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 02/05/25			1,389		1,386,150
Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 04/29/24			661		645,597
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 2.83%, 03/13/28			1,749		1,747,811
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 2.83%, 08/14/24			1,135		1,129,613
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 3.63%, 07/21/26			1,058		1,054,192
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%), 2.50%, 02/08/27			1,984		1,963,486
Travelport Finance (Luxembourg) Sarl
2020 Super Priority Term Loan, (6.50% PIK), 3.50%, 02/28/25(j)			1,550		1,606,501
2021 Consented Term Loan, (3 mo. LIBOR + 6.75%), 7.75%, 05/29/26.			2,606		2,233,491
Twin River Worldwide Holdings, Inc., 2021 Term Loan B, 08/06/28(m)			1,189		1,188,179
Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 08/03/28			2,006		2,003,031
					39,144,941
Household Durables — 0.9%
ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 05/17/28			3,082		3,074,129
Springs Windows Fashions LLC, 2021 Term Loan B, 10/06/28(m)			729		723,081
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 10/30/27			866		867,737
					4,664,947
Household Products — 0.1%
Spectrum Brands, Inc., 2021 Term Loan, (3 mo. LIBOR + 2.00%, 0.50% Floor), 2.50%, 03/03/28			478		476,205
Independent Power and Renewable Electricity Producers — 0.7%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.08%, 01/15/25			664		655,411
Calpine Corp.
2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.08%, 08/12/26			1,053		1,040,017
Term Loan B9, (1 mo. LIBOR + 2.00%), 2.09%, 04/05/26			1,908		1,885,431
					3,580,859

17

Schedule of Investments  (unaudited) (continued) September 30, 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.(j)
2020 Term Loan B1, (0.25% PIK), 4.50%, 03/03/25	USD		3,647	$	3,242,918
2020 Term Loan B3, (10.00% PIK), 10.00%, 10/15/26			1,371		1,649,176
Medline Industries, Inc., USD Term Loan B, 09/20/28(m)			1,933		1,928,767
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 11/28/23			1,426		1,445,623
Stitch Aquisition Corp., Term Loan B, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 07/28/28			968		905,883
Vertical US Newco, Inc., Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 07/29/27			1,695		1,697,300
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 2.83%, 03/02/27			2,608		2,590,324
					13,459,991
Insurance — 3.1%
Alliant Holdings Intermediate LLC
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.33%, 05/09/25			2,421		2,403,336
2020 Term Loan B3, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 11/05/27			1,320		1,320,250
Term Loan B, (1 mo. LIBOR + 3.25%), 3.33%, 05/09/25			1,181		1,171,253
AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/19/28			2,992		2,972,998
AssuredPartners, Inc.
2020 Term Loan B, (1 mo. LIBOR + 3.50%), 3.58%, 02/12/27			1,298		1,289,039
2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 02/12/27			773		772,120
HUB International Ltd.
2018 Term Loan B, (3 mo. LIBOR + 2.75%), 2.88%, 04/25/25			2,369		2,345,500
2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 04/25/25			1,409		1,409,216
NFP Corp., 2020 Term Loan, 02/15/27(m)			165		162,760
Ryan Specialty Group LLC, Term Loan, (1 mo. LIBOR + 3.00%), 3.75%, 09/01/27			1,019		1,017,647
Sedgwick Claims Management Services, Inc.
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.83%, 09/03/26			1,364		1,359,268
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26			737		738,049
					16,961,436
Interactive Media & Services — 2.6%
Adevinta ASA, USD Term Loan B, 06/26/28			2,213		2,212,771
Arches Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 12/06/27			2,118		2,106,092
Camelot Finance SA, 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/30/26			2,986		2,991,978

Security		Par (000)		Value
Interactive Media & Services (continued)
Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 2.08%, 08/10/27	USD		1,708	$	1,693,411
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			5,112		5,154,968
					14,159,220
Internet & Direct Marketing Retail — 0.5%
CNT Holdings I Corp., 2020 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/08/27	.		2,416		2,417,382
PUG LLC, 2021 Incremental Term Loan B, (1 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 02/12/27(c)			327		326,591
					2,743,973
Internet Software & Services — 0.4%
Uber Technologies, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 3.58%, 02/25/27			2,406		2,403,892
IT Services — 6.4%
Aruba Investments, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.75%, 0.75% Floor), 8.50%, 11/24/28			1,275		1,278,188
2020 USD Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/24/27			687		687,408
Banff Merger Sub, Inc., 2021 USD Term Loan, (3 mo. LIBOR + 3.75%), 3.88%, 10/02/25			2,046		2,033,317
Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 3.08%, 10/30/26			3,330		3,320,021
CCC Intelligent Solutions Inc., Term Loan B, (3 mo. LIBOR + 2.50%, 0.50% Floor), 3.00%, 09/21/28			1,492		1,490,135
Celestial -Saturn Parent, Inc., 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.50% Floor), 7.00%, 06/04/29(c)			1,120		1,142,400
CoreLogic, Inc., Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 06/02/28			3,280		3,275,900
Fleetcor Technologies Operating Company LLC, 2021 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.83%, 04/28/28			1,506		1,501,390
Greeneden US Holdings II LLC, 2020 USD Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/01/27			5,075		5,090,939
GreenSky Holdings LLC, 2020 Term Loan B2, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 03/29/25(c)			1,372		1,365,279
Optiv Security, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 02/01/24			895		882,231
Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 7.33%, 08/01/25			1,121		1,028,047
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.58%, 02/12/27			2,254		2,202,161
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 9.00%, 10/09/28			3,730		3,844,250
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%), 4.50%, 05/05/26			862		862,792
Trans Union LLC, 2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 1.83%, 11/16/26			1,660		1,648,933
Virtusa Corp.
1st Lien Term Loan B, 7.13%, 12/15/28			934		934,305
Term Loan B, 02/11/28(m)			934		935,239

SCHEDULE    OF    INVESTMENTS 18

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
IT Services (continued)
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 2.33%, 03/31/28	USD		870	$	865,526
ZoomInfo LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 3.08%, 02/02/26			192		192,000
					34,580,461
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			776		747,701
Life Sciences Tools & Services — 3.1%
Avantor Funding, Inc., 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 2.50%, 11/21/24			591		587,566
Avantor, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.25%, 0.50% Floor), 2.75%, 11/08/27			1,834		1,836,077
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/04/27			4,021		4,038,638
ICON Luxembourg Sarl
LUX Term Loan, (3 mo. LIBOR + 2.50%, 0.50% Floor), 3.00%, 07/03/28			2,602		2,609,987
US Term Loan, (3 mo. LIBOR + 2.50%, 0.50% Floor), 3.00%, 07/03/28			648		650,282
Maravai Intermediate Holdings LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/19/27			1,095		1,097,374
Parexel International Corp., 2021 1st Lien Term Loan, 08/11/28(m)			1,932		1,932,309
PPD, Inc., Initial Term Loan, (1 mo. LIBOR + 2.00%, 0.50% Floor), 2.50%, 01/13/28			3,915		3,907,181
					16,659,414
Machinery — 2.5%
Clark Equipment Co., 2021 Incremental Term Loan, (3 mo. LIBOR + 2.25%), 2.38%, 05/18/24			1,203		1,200,705
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.25%, 05/14/28(c)			377		375,388
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 1.83%, 03/01/27			2,508		2,472,733
Madison IAQ LLC, Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 06/21/28			3,645		3,638,778
Rexnord LLC, 2021 Term Loan B, 10/04/28(m)			112		111,972
Titan Acquisition Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 3.17%, 03/28/25			6,007		5,893,507
					13,693,083
Media — 11.8%
Altice Financing SA
2017 USD Term Loan B, (1 mo. LIBOR + 2.75%), 2.88%, 07/15/25			655		643,503
USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 2.90%, 01/31/26			1,745		1,713,499
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 4.12%, 08/14/26			2,810		2,797,861
Cable One, Inc., 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 2.08%, 05/03/28			436		432,773
Charter Communications Operating LLC, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 1.84%, 04/30/25			2,601		2,597,278

Security		Par (000)			Value
Media (continued)
City Football Group Ltd., Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 07/21/28(c)	USD		1,407		$	1,399,965
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.63%, 08/21/26			5,802			5,677,124
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/11/26	.		9,038			9,040,803
CSC Holdings LLC
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 2.33%, 07/17/25			584			574,710
2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.58%, 04/15/27			1,961			1,936,122
E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 01/07/28			795			795,735
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23			2,285			2,189,176
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 2.33%, 03/24/25			1,543			1,528,555
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 1.88%, 10/17/26			2,279			2,220,556
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.58%, 09/13/24			4,208			4,193,857
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 09/13/24			2,274			2,278,553
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 6.34%, 02/12/29			1,095			1,110,396
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.59%, 09/18/26			1,544			1,541,998
Radiate Holdco LLC, 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 09/25/26			2,189			2,186,264
Terrier Media Buyer, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.58%, 12/17/26			—	(n)		208
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 09/28/23(c)			4,338			4,327,281
Trader Interactive LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 07/28/28(c)			523			521,692
UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 3.00%), 3.08%, 01/31/29			509			507,198
Virgin Media Bristol LLC
2020 USD Term Loan Q, (1 mo. LIBOR + 3.25%), 3.33%, 01/31/29			2,097			2,096,413
USD Term Loan N, (1 mo. LIBOR + 2.50%), 2.58%, 01/31/28			2,578			2,559,877
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.84%, 05/18/25			3,130			3,063,565
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.12%), 2.21%, 01/20/28			591			587,573
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.08%, 03/09/27			5,890			5,835,144
						64,357,679
Metals & Mining — 0.4%
Ball Metalpack LLC, 2018 1st Lien Term Loan B, (3 mo. LIBOR + 4.50%), 4.62%, 07/31/25			2,034			2,030,091
Oil, Gas & Consumable Fuels — 0.7%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, 11/01/25			474			518,457

19

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 3.83%, 12/13/25	USD		1,658	$	1,577,696
EG Group Ltd., 2018 USD Term Loan B, (3 mo. LIBOR + 4.00%), 4.13%, 02/07/25			714		711,308
Lealand Finance Company BV, 2020 Take Back Term Loan, (3.00% PIK), 3.00%, 06/30/25(j)			330		147,476
McDermott Technology Americas, Inc., 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 3.08%, 06/30/24(c)			46		25,313
Murphy USA, Inc., Term Loan B, (1 mo. LIBOR + 1.75%, 0.50% Floor), 2.25%, 01/31/28			573		572,565
					3,552,815
Personal Products — 1.3%
Prestige Brands, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.00%, 0.50% Floor), 2.50%, 07/03/28			448		447,230
Sunshine Luxembourg VII Sarl, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/01/26			6,440		6,456,216
					6,903,446
Pharmaceuticals — 2.8%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 3.63%, 05/04/25			2,252		2,218,877
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%, 0.50% Floor), 2.50%, 02/22/28			2,317		2,316,813
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 1.84%, 08/01/27			933		916,543
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 2.07%, 11/15/27			1,871		1,839,634
Jazz Financing Lux Sarl, USD Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 05/05/28			2,232		2,233,929
Organon Finance 1 LLC, USD Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 06/02/28			1,457		1,459,694
Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 11/18/27			1,158		1,157,617
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.08%, 06/02/25			3,049		3,044,609
					15,187,716
Professional Services — 1.0%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.25%), 3.34%, 02/06/26			5,426		5,418,876
Real Estate Management & Development — 0.2%
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.83%, 08/21/25			1,301		1,288,272
Road & Rail — 0.4%
Moda Ingleside Energy Center LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.33%, 09/29/25			863		860,718
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 5.50%), 5.58%, 08/04/25			1,382		1,300,501
					2,161,219

Security		Par (000)			Value
Semiconductors & Semiconductor Equipment — 0.0%
ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.08%, 09/19/26	USD		—	(n)	$	31
Software — 15.7%
2U, Inc., Term Loan, (3 mo. LIBOR + 5.75%), 6.50%, 11/30/24			1,274			1,289,730
Applied Systems, Inc.
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 09/19/24			437			436,546
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.50%, 0.75% Floor), 6.25%, 09/19/25			630			637,535
Barracuda Networks, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/12/25			2,684			2,690,684
2020 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 10/30/28			771			779,435
Cloudera, Inc.
2021 2nd Lien Term Loan, 08/10/29(c)(m)			1,304			1,297,480
2021 Term Loan, 08/10/28(m)			3,634			3,627,204
Term Loan B, (1 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 12/22/27			864			862,580
Cornerstone OnDemand, Inc.
2021 Term Loan, 09/21/28(m)			1,058			1,055,355
2021 Term Loan B, (1 mo. LIBOR + 3.25%), 3.33%, 04/22/27			893			891,357
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 3.43%, 05/28/24			568			547,373
DTI Holdco, Inc., 2018 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 09/30/23			447			441,320
E2open LLC, 2020 Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/04/28			253			252,843
Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 8.75%, 07/31/28			1,886			1,935,507
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 3.75%), 3.88%, 03/11/28			1,887			1,883,827
Informatica LLC
2020 USD 2nd Lien Term Loan, (Fixed + 7.12%), 7.13%, 02/25/25			1,914			1,938,882
2020 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.33%, 02/25/27			6,547			6,522,024
IPS Corp.(m)
2021 2nd Lien Term Loan B, 09/21/29(c)			919			909,810
2021 Delayed Draw Term Loan, 09/21/28			103			103,302
2021 Term Loan, 09/21/28			517			516,584
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 0.75% Floor), 5.75%, 07/27/28			5,325			5,323,349
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%), 9.00%, 07/27/29(c)			2,587			2,583,766
McAfee LLC, 2018 USD Term Loan B, (1 mo. LIBOR + 3.75%), 3.84%, 09/30/24			813			813,070
Mitchell International, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.33%, 11/29/24			390			389,611
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.33%, 12/01/25			1,218			1,215,398
2020 Add-On Term Loan, (1 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 11/29/24			1,164			1,163,181

SCHEDULE    OF    INVESTMENTS 20

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Software (continued)
Netsmart Technologies, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27	USD		1,390	$	1,395,368
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			1,908		1,911,529
Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.09%, 04/26/24			1,357		1,355,540
Proof Point, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 6.25%, 0.50% Floor), 6.75%, 08/31/29(c)			1,281		1,293,810
Proofpoint, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 08/31/28			2,453		2,439,508
RealPage, Inc.
1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 04/24/28			5,552		5,532,718
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 7.25%, 04/22/29			2,629		2,681,666
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.33%, 05/30/25			585		579,987
Severin Acquisition LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.34%, 08/01/25			3,504		3,483,097
Sophia LP, 2020 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/07/27			4,543		4,557,800
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.83%, 04/16/25			333		329,475
SS&C Technologies, Inc.
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 1.83%, 04/16/25			440		435,390
2018 Term Loan B5, (1 mo. LIBOR + 1.75%), 1.83%, 04/16/25			1,734		1,717,213
Tempo Acquisition LLC
2020 Extended Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 11/02/26			4,720		4,727,373
2021 Term Loan B, (1 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 08/31/28			441		441,366
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.34%, 03/03/28			2,577		2,601,299
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		1,794,972
2021 Incremental Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 05/04/26			3,843		3,848,598
Term Loan B, (1 mo. LIBOR + 3.75%), 3.83%, 05/04/26			3,469		3,473,907
					85,528,249
Specialty Retail — 2.9%
Belron Finance US LLC
2018 Term Loan B, (3 mo. LIBOR + 2.25%), 2.38%, 11/13/25			1,993		1,981,035
2019 USD Term Loan B, (3 mo. LIBOR + 2.25%), 2.44%, 10/30/26			1,143		1,135,152

Security		Par (000)		Value
Specialty Retail (continued)
EG Group Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 03/31/26	USD		504	$	503,821
Mavis Tire Express Services Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 05/04/28			2,677		2,682,163
MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 4.33%, 08/31/26			1,861		1,855,942
PetSmart, Inc., 2021 Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/11/28			4,705		4,711,928
Pilot Travel Centers LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.00%), 2.08%, 07/28/28			846		842,980
Research Now Group, Inc., 2017 1st Lien Term Loan, (6 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/20/24			1,090		1,076,226
Woof Holdings, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/21/27			489		488,853
WOOF Holdings, Inc., 2nd Lien Term Loan, (6 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/21/28			495		499,024
					15,777,124
Technology Hardware, Storage & Peripherals — 0.4%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 5.08%, 07/23/26			1,600		1,507,351
Western Digital Corp., 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.84%, 04/29/23			569		568,794
					2,076,145
Trading Companies & Distributors — 0.6%
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 2.33%, 05/19/28			1,230		1,222,576
Foundation Building Materials Holding Company LLC, 2021 Term Loan, (3 mo. LIBOR + 7.00%, 1.00% Floor), 3.75%, 02/03/28			1,360		1,350,501
ION Trading Finance Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 4.92%, 04/01/28			603		603,171
					3,176,248
Transportation Infrastructure — 0.3%
First Student Bidco, Inc.
Term Loan B, (2 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 07/21/28			1,140		1,133,056
Term Loan C, (3 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 07/21/28			421		418,242
					1,551,298
Wireless Telecommunication Services — 1.3%
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 04/30/28			976		976,582
Metronet Systems Holdings LLC, 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/26/28			630		630,611

21

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Wireless Telecommunication Services (continued)
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.84%, 04/11/25	USD		3,344	$	3,310,430
Xplornet Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%), 4.84%, 06/10/27			2,136		2,133,368
					7,050,991
Total Floating Rate Loan Interests — 126.6% (Cost: $685,640,421)					689,228,131
		Shares
Investment Companies
Equity Funds — 0.1%
SPDR S&P Oil & Gas Exploration & Production ETF			4,875		471,510
Fixed Income Funds — 0.2%
Invesco Senior Loan ETF			45,000		994,950
Total Investment Companies — 0.3% (Cost: $1,414,171)					1,466,460
		Benefical Interest (000)
Other Interests(o)
IT Services(c) — 0.0%
Millennium Corp.	USD		1,156		—
Millennium Lender Claims			1,084		—
Total Other Interests — 0.0% (Cost: $ — )					—
		Par (000)
Preferred Securities
Capital Trusts — 0.5%(h)(i)
Automobiles — 0.0%
General Motors Financial Co., Inc., Series C, 5.70%	USD		50		57,563
Banks — 0.1%
CaixaBank SA, 6.38%(a)	EUR		200		250,165
Wells Fargo & Co., Series U, 5.88%	USD		193		215,100
					465,265
Diversified Financial Services — 0.4%
Bank of America Corp.
Series AA, 6.10%			9		10,036
Series X, 6.25%			222		244,200
Barclays PLC, 4.38%			200		199,860
HSBC Holdings PLC, 6.00%			600		657,750
JPMorgan Chase & Co.
Series FF, 5.00%			765		798,469
Series HH, 4.60%			166		169,735
					2,080,050
Utilities — 0.0%
Electricite de France SA, 3.38%(a)	EUR		200		243,557
Total Capital Trusts — 0.5%					2,846,435

Security	Shares		Value
Preferred Stocks — 0.1%
Capital Markets — 0.1%
Goldman Sachs Group, Inc., Series J, 5.50%(h)(i)		13,550	$	367,476
Insurance — 0.0%
Alliant Holdings, Inc.(c)		83		86,485
Total Preferred Stocks — 0.1%.				453,961
Total Preferred Securities — 0.6% (Cost: $3,110,310)				3,300,396
Warrants
Metals & Mining — 0.0%
Ameriforge Group, Inc. (Expires 06/08/22)(b)		5,283		—
Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp. (Expires 10/27/24)(b)		1,152		13,824
Transportation Infrastructure — 0.0%
Turbo Cayman Ltd. (Strike Price $0.01)(b)(c)		1		—
Total Warrants — 0.0% (Cost: $ — )				13,824
Total Long-Term Investments — 148.1% (Cost: $822,552,513)				806,336,887
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(p)(q)		2,526,050		2,526,050
Total Short-Term Securities — 0.5% (Cost: $2,526,050)				2,526,050
Total Investments — 148.6% (Cost: $825,078,563)				808,862,937
Liabilities in Excess of Other Assets — (48.6)%				(264,360,280	)
Net Assets — 100.0%			$	544,502,657

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

^(b)  Non-income producing security.

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

^(d)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $148,012, representing less than 0.05% of its net assets as of period end, and an original cost of $32,685.

^(e)  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.

^(f)  When-issued security.

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

^(h)  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.

⁽ⁱ⁾  Perpetual security with no stated maturity date.

^(j)  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.

^(k)  All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

^(l)  Convertible security.

^(m)  Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

⁽ⁿ⁾  Rounds to less than 1,000.

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

^(p)  Affiliate of the Fund.

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

SCHEDULE    OF    INVESTMENTS 22

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU)

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 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 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	—	$	2,526,050	(a)	$	—		$	—	$	—		$	2,526,050		2,526,050	$	147	$	—
iShares iBoxx $ High Yield Corporate Bond ETF(b)		5,412,600		—			(5,428,367	)		378,190		(362,423	)		—		—		93,763		—
iShares iBoxx $ Investment Grade Corporate Bond ETF(b)		5,387,070		—			(5,302,432	)		245,056		(329,694	)		—		—		60,652		—
									$	623,246	$	(692,117	)	$	2,526,050			$	154,562	$	—

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

^(b) As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	1,495,032	EUR	1,260,500	Bank of America N.A.		12/15/21	$	32,771
USD	1,060,151	EUR	895,000	BNP Paribas SA		12/15/21		21,893
USD	1,493,095	EUR	1,260,500	BNP Paribas SA		12/15/21		30,834
USD	103,218	EUR	88,000	Goldman Sachs International		12/15/21		1,132
USD	1,060,917	EUR	895,000	HSBC Bank USA N.A.		12/15/21		22,659
USD	290,820	GBP	210,000	Bank of America N.A.		12/15/21		7,838
USD	1,976,916	GBP	1,427,000	Natwest Markets PLC		12/15/21		53,980
								171,107
USD	130,527	GBP	97,000	Bank of America N.A.		12/15/21		(184	)
							$	170,923

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Counterparty	Termination Date	Credit Rating(a)	Notional     Amount (000)(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CenturyLink, Inc.	1.00	%	Quarterly	Barclays Bank PLC	12/20/23	N/R	USD	170	$	(1,289	)	$	(6,041	)	$	4,752
CenturyLink, Inc.	1.00		Quarterly	Barclays Bank PLC	06/20/25	N/R	USD	185		(7,275	)		(19,109	)		11,834
									$	(8,564	)	$	(25,150	)	$	16,586

^(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.

23

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU)

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 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 financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	161,656	$	—	$	161,656
Common Stocks
Construction & Engineering		70,741		—		—		70,741
Diversified Financial Services		—		—		10,753		10,753
Energy Equipment & Services		—		12,588		—		12,588
Metals & Mining		—		2,498		945		3,443
Oil, Gas & Consumable Fuels		769,801		148,012		—		917,813
Semiconductors & Semiconductor Equipment		42,470		—		—		42,470
Software		792		—		—		792
Specialty Retail		—		190,780		—		190,780
Corporate Bonds
Aerospace & Defense		—		3,261,915		—		3,261,915
Airlines		—		3,677,458		—		3,677,458
Auto Components		—		2,108,001		1		2,108,002
Automobiles		—		2,154,525		—		2,154,525
Banks		—		325,216		—		325,216
Beverages		—		2,339,735		—		2,339,735
Biotechnology		—		183,211		—		183,211
Building Materials		—		1,178,036		—		1,178,036
Building Products		—		1,017,573		—		1,017,573
Capital Markets		—		1,418,675		—		1,418,675
Chemicals		—		2,304,475		—		2,304,475
Commercial Services & Supplies		—		964,043		—		964,043
Communications Equipment		—		954,119		—		954,119
Construction Materials		—		729,734		—		729,734
Consumer Discretionary		—		2,042,518		—		2,042,518
Consumer Finance		—		2,447,243		—		2,447,243
Containers & Packaging		—		117,922		—		117,922
Diversified Consumer Services		—		2,689,600		—		2,689,600
Diversified Financial Services		—		1,667,636		—		1,667,636
Diversified Telecommunication Services		—		4,044,428		—		4,044,428
Electric Utilities		—		1,003,678		—		1,003,678
Electrical Equipment		—		369,644		1		369,645
Electronic Equipment, Instruments & Components		—		665,249		—		665,249

SCHEDULE    OF    INVESTMENTS 24

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU)

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Corporate Bonds (continued)
Energy Equipment & Services	$	—	$	660,909		$	628,135	$	1,289,044
Entertainment		—		70,150			—		70,150
Environmental, Maintenance, & Security Service		—		720,779			—		720,779
Equity Real Estate Investment Trusts (REITs)		—		2,384,463			—		2,384,463
Food & Staples Retailing		—		2,397,385			—		2,397,385
Food Products		—		1,119,427			—		1,119,427
Gas Utilities		—		43,575			—		43,575
Health Care Equipment & Supplies		—		686,510			—		686,510
Health Care Providers & Services		—		5,627,472			—		5,627,472
Health Care Technology		—		788,977			—		788,977
Healthcare		—		33,950			—		33,950
Hotels, Restaurants & Leisure		—		4,903,957			—		4,903,957
Household Durables		—		1,190,829			—		1,190,829
Independent Power and Renewable Electricity Producers		—		990,342			—		990,342
Insurance		—		1,874,225			—		1,874,225
Interactive Media & Services		—		636,259			—		636,259
Internet Software & Services		—		1,416,392			—		1,416,392
IT Services		—		2,998,819			—		2,998,819
Leisure Products		—		231,470			—		231,470
Machinery		—		2,104,647			—		2,104,647
Media		—		12,388,553			—		12,388,553
Metals & Mining		—		2,929,595			—		2,929,595
Mortgage Real Estate Investment Trusts (REITs)		—		9,441			—		9,441
Multi-line Retail		—		185,927			—		185,927
Offshore Drilling & Other Services		—		31,624			—		31,624
Oil, Gas & Consumable Fuels		113,816		14,105,034			—		14,218,850
Personal Products		—		30,628			—		30,628
Pharmaceuticals		—		3,096,203			—		3,096,203
Professional Services		—		481,000			—		481,000
Real Estate Management & Development		—		602,949			—		602,949
Road & Rail		—		227,618			—		227,618
Semiconductors & Semiconductor Equipment		—		510,258			—		510,258
Software		—		2,067,949			—		2,067,949
Specialty Retail		—		797,227			—		797,227
Textiles, Apparel & Luxury Goods		—		226,570			—		226,570
Thrifts & Mortgage Finance		—		580,113			—		580,113
Utilities		—		256,742			—		256,742
Wireless Telecommunication Services		—		3,102,485			—		3,102,485
Floating Rate Loan Interests		—		651,447,728			37,780,403		689,228,131
Investment Companies		1,466,460		—			—		1,466,460
Other Interests		—		—			—		—
Preferred Securities
Capital Trusts		—		2,846,435			—		2,846,435
Preferred Stocks		367,476		—			86,485		453,961
Warrants		13,824		—			—		13,824
Short-Term Securities
Money Market Funds		2,526,050		—			—		2,526,050
Unfunded Floating Rate Loan Interests(a)		—		669			—		669
Liabilities
Unfunded Floating Rate Loan Interests(a)		—		(919	)		—		(919	)
	$	5,371,430	$	764,984,534		$	38,506,723	$	808,862,687
Derivative Financial Instruments(b)
Assets
Credit Contracts	$	—	$	16,586		$	—	$	16,586
Foreign Currency Exchange Contracts		—		171,107			—		171,107
Liabilities
Foreign Currency Exchange Contracts		—		(184	)		—		(184	)
	$	—	$	187,509		$	—	$	187,509

^(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.

25

Schedule of Investments  (unaudited) (continued) September 30, 2021 BlackRock Debt Strategies Fund, Inc. (DSU)

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $247,000,000 are categorized as Level 2 within the fair value hierarchy.

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments 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		Warrants			Total
Assets
Opening balance, as of December 31, 2020	$	64,033		$	387,813		$	30,751,870		$	—	(a)	$	81,671	$	—	(a)	$	31,285,387
Transfers into Level 3(b)		—			—			5,740,790			—			—		—			5,740,790
Transfers out of Level 3(c)		(31,418	)		—			(13,556,793	)		—			—		—			(13,588,211	)
Accrued discounts/premiums		—			17,321			29,751			—			—		—			47,072
Net realized gain (loss)		—			1,497			46,769			—			—		—			48,266
Net change in unrealized appreciation (depreciation)(d)		(20,917	)		227,015			386,000			—			4,814		—			596,912
Purchases		—			10,262			22,029,716			—			—		—			22,039,978
Sales		—			(15,771	)		(7,647,700	)		—			—		—			(7,663,471	)
Closing balance, as of September 30, 2021	$	11,698		$	628,137		$	37,780,403		$	—	(a)	$	86,485	$	—	(a)	$	38,506,723
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2021(d)	$	(20,917	)	$	227,015		$	455,269		$	—		$	4,814	$	—		$	666,181

^(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 September 30, 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 September 30, 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 September 30, 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
EURIBOR	Euro Interbank Offered Rate
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
SCA	Societe en Commandite par Actions
SPDR	Standard & Poor’s Depository Receipt

SCHEDULE    OF    INVESTMENTS 26