BlackRock Debt Strategies Fund (DSU) NPORT-P BlackRock Debt Strategies Fund, Inc. (Mar 2022 report)

Schedule of Investments (unaudited)  March 31, 2022 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	$	154,355
Total Asset-Backed Securities — 0.0% (Cost: $144,098)				154,355
	Shares
Common Stocks
Construction & Engineering — 0.0%
McDermott International Ltd.(b)		141,483		93,379
Diversified Financial Services — 0.0%
Kcad Holdings I Ltd.(c)		1,075,282,733		10,753
Metals & Mining — 0.0%
Ameriforge Group, Inc.		1,664		1,664
Preferred Proppants LLC(c)		7,288		1,057
Preferred Proppants LLC, (Acquired 02/12/19, Cost: $0)(c)(d)		7,288		—
				2,721
Oil, Gas & Consumable Fuels — 0.2%
California Resources Corp.		2,336		104,489
Chesapeake Energy Corp.		9,333		811,971
				916,460
Semiconductors & Semiconductor Equipment(b) — 0.0%
Maxeon Solar Technologies Ltd.		213		3,084
SunPower Corp.		1,707		36,666
				39,750
Software — 0.0%
Avaya Holdings Corp.(b)		40		507
Specialty Retail — 0.1%
Neiman Marcus Group, Inc.		1,477		241,859
Total Common Stocks — 0.3% (Cost: $15,959,480)			1,305,429
	Par (000)
Corporate Bonds
Aerospace & Defense — 0.6%
Bombardier, Inc.(e)
7.50%, 12/01/24		USD      62		64,015
7.50%, 03/15/25		12		12,061
7.13%, 06/15/26		197		193,060
7.88%, 04/15/27		72		70,496
6.00%, 02/15/28		145		135,900
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(e)		200		180,000
Rolls-Royce PLC, 5.75%, 10/15/27(e)		200		205,280
Spirit AeroSystems, Inc.(e)
5.50%, 01/15/25		55		55,137
7.50%, 04/15/25		10		10,361
TransDigm, Inc.
8.00%, 12/15/25(e)		656		686,032
6.25%, 03/15/26(e)		1,073		1,101,585
6.38%, 06/15/26		29		29,262

Security		Par (000)		Value
Aerospace & Defense (continued)
TransDigm, Inc. (continued)
7.50%, 03/15/27	USD		33	$	33,990
4.63%, 01/15/29			126		117,806
4.88%, 05/01/29			96		89,978
Triumph Group, Inc., 8.88%, 06/01/24(e)			231		243,982
					3,228,945
Airlines — 0.7%
Air Canada, 3.88%, 08/15/26(e)			101		95,319
Air France-KLM, 3.88%, 07/01/26(a)	EUR		100		100,669
Allegiant Travel Co., 8.50%, 02/05/24(e)	USD		1,065		1,112,925
American Airlines, Inc., 11.75%, 07/15/25(e)			347		405,119
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(e)
5.50%, 04/20/26			158		158,893
5.75%, 04/20/29			335		333,886
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(e)			265		267,029
Deutsche Lufthansa AG, 3.75%, 02/11/28(a)	EUR		100		106,244
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(e)	USD		101		101,058
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(e)			274		285,645
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(e)			13		14,218
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 10/15/27			152		156,699
Series 2020-1, Class B, 4.88%, 07/15/27			17		17,054
United Airlines, Inc.(e)
4.38%, 04/15/26			146		143,616
4.63%, 04/15/29			186		176,877
					3,475,251
Auto Components — 0.4%
Clarios Global LP, 6.75%, 05/15/25(e)			721		746,617
Clarios Global LP/Clarios U.S. Finance Co.(e)
6.25%, 05/15/26			130		133,737
8.50%, 05/15/27			836		867,350
Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26(a)	EUR		100		109,242
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(e)	USD		22		22,055
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/29(e)			36		31,301
Goodyear Tire & Rubber Co.
9.50%, 05/31/25			65		68,821
5.00%, 07/15/29(e)			42		39,126
5.25%, 07/15/31(e)			51		47,160
5.63%, 04/30/33			98		90,160
Meritor, Inc., 4.50%, 12/15/28(e)			24		24,061
Tenneco, Inc., 7.88%, 01/15/29(e)			18		18,967
Titan International, Inc., 7.00%, 04/30/28			18		18,058
Venture Holdings Co. LLC, 12.00%, 07/01/49(b)(c)(f)			5,150		1
					2,216,656
Automobiles — 0.5%
Allison Transmission, Inc.(e)
5.88%, 06/01/29			157		160,057
3.75%, 01/30/31			112		101,601
Asbury Automotive Group, Inc.
4.50%, 03/01/28			35		33,621
4.75%, 03/01/30			73		68,894

1

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Automobiles (continued)
Asbury Automotive Group, Inc. (continued)
5.00%, 02/15/32(e)	USD		51	$	47,406
Carvana Co.(e)
5.50%, 04/15/27			88		78,540
4.88%, 09/01/29			72		59,460
Constellation Automotive Financing PLC, 4.88%, 07/15/27(a)	GBP		100		119,870
Ford Motor Co.
4.35%, 12/08/26	USD		9		9,055
3.25%, 02/12/32			199		177,733
4.75%, 01/15/43			176		159,854
5.29%, 12/08/46			78		75,707
Ford Motor Credit Co. LLC
3.81%, 01/09/24			200		199,675
4.69%, 06/09/25			200		201,432
5.13%, 06/16/25			200		204,000
4.27%, 01/09/27			200		197,252
4.00%, 11/13/30			200		188,340
Group 1 Automotive, Inc., 4.00%, 08/15/28(e)			15		13,969
Ken Garff Automotive LLC, 4.88%, 09/15/28(e)			39		36,660
LCM Investments Holdings II LLC, 4.88%, 05/01/29(e)			90		85,003
Lithia Motors, Inc., 3.88%, 06/01/29(e)			42		39,700
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(e)			59		52,215
Penske Automotive Group, Inc.
3.50%, 09/01/25			59		58,557
3.75%, 06/15/29			22		19,681
Sonic Automotive, Inc., 4.63%, 11/15/29(e)			20		18,000
Wabash National Corp., 4.50%, 10/15/28(e)			70		63,000
					2,469,282
Banks — 0.1%
Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25(a)	EUR		100		103,987
Banco Espirito Santo SA(b)(f)
2.63%, 05/08/17(a)			100		16,041
4.75%, 01/15/22(g)			200		32,081
4.00%, 01/21/22			100		16,041
Wells Fargo & Co., (5 year CMT + 3.45%), 3.90%(g)(h)	USD		115		110,233
					278,383
Beverages — 0.4%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(e)(i)			441		403,239
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29(e)			285		256,828
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/27(e)			208		192,270
Ball Corp.
2.88%, 08/15/30			12		10,759
3.13%, 09/15/31			119		106,350
Triton Water Holdings, Inc., 6.25%, 04/01/29(e)			362		308,638
Trivium Packaging Finance BV, 8.50%, 08/15/27(e)			814		809,930
					2,088,014
Biotechnology — 0.0%
Cidron Aida Finco Sarl, 5.00%, 04/01/28(a)	EUR		100		103,591
Building Materials(e) — 0.2%
Cornerstone Building Brands, Inc., 6.13%, 01/15/29	USD		101		93,733

Security		Par (000)		Value
Building Materials (continued)
CP Atlas Buyer, Inc., 7.00%, 12/01/28	USD		112	$	95,496
Jeld-Wen, Inc.
4.63%, 12/15/25			32		30,800
4.88%, 12/15/27			10		9,575
Masonite International Corp.
Class C, 5.38%, 02/01/28			45		45,337
Class C, 3.50%, 02/15/30			69		62,014
New Enterprise Stone & Lime Co., Inc.
5.25%, 07/15/28			26		24,996
9.75%, 07/15/28			38		38,332
SRM Escrow Issuer LLC, 6.00%, 11/01/28			213		210,073
Standard Industries, Inc.
5.00%, 02/15/27			34		33,704
4.38%, 07/15/30			144		131,898
3.38%, 01/15/31			79		69,125
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29			168		165,900
Victors Merger Corp., 6.38%, 05/15/29			51		41,748
					1,052,731
Building Products(e) — 0.2%
Beacon Roofing Supply, Inc., 4.13%, 05/15/29			32		29,562
Foundation Building Materials, Inc., 6.00%, 03/01/29			58		52,200
GYP Holdings III Corp., 4.63%, 05/01/29			76		70,377
LBM Acquisition LLC, 6.25%, 01/15/29			154		144,246
Patrick Industries, Inc., 4.75%, 05/01/29			20		17,200
Specialty Building Products Holdings LLC/SBP
Finance Corp., 6.38%, 09/30/26			79		80,327
SRS Distribution, Inc.
4.63%, 07/01/28			152		145,192
6.13%, 07/01/29			127		117,157
6.00%, 12/01/29			131		121,175
White Cap Buyer LLC, 6.88%, 10/15/28			208		197,099
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26(i)			67		65,827
					1,040,362
Capital Markets — 0.3%
Aretec Escrow Issuer, Inc., 7.50%, 04/01/29(e)			36		34,591
Blackstone Private Credit Fund, 4.70%, 03/24/25(e)			127		128,854
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%(g)(h)			265		238,002
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(e)			65		61,100
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32			15		13,609
Icahn Enterprises LP/Icahn Enterprises Finance
Corp.
4.75%, 09/15/24			101		101,460
5.25%, 05/15/27			163		159,972
4.38%, 02/01/29			87		79,822
Kane Bidco Ltd., 6.50%, 02/15/27(a)	GBP		100		127,771
NFP Corp.(e)
4.88%, 08/15/28	USD		138		131,790
6.88%, 08/15/28			673		642,715
					1,719,686
Chemicals — 0.5%
Ashland LLC, 3.38%, 09/01/31(e)			109		96,192
Axalta Coating Systems LLC, 3.38%, 02/15/29(e)			300		263,760
Chemours Co., 5.75%, 11/15/28(e)			38		36,922
Diamond (BC) B.V., 4.63%, 10/01/29(e)			99		88,852

SCHEDULE  OF  INVESTMENTS 2

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chemicals (continued)
Element Solutions, Inc., 3.88%, 09/01/28(e)	USD		434	$	405,247
EverArc Escrow Sarl, 5.00%, 10/30/29(e)			176		160,820
GCP Applied Technologies, Inc., 5.50%, 04/15/26(e)			134		135,675
HB Fuller Co., 4.25%, 10/15/28			31		29,022
Herens Holdco Sarl, 4.75%, 05/15/28(e)			200		179,346
Herens Midco Sarl, 5.25%, 05/15/29(a)	EUR		100		94,452
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(e)	USD		197		199,462
Ingevity Corp., 3.88%, 11/01/28(e)			23		20,788
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(e)(i)			73		70,810
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(e)			36		33,493
Lune Holdings Sarl, 5.63%, 11/15/28(a)	EUR		100		98,884
Minerals Technologies, Inc., 5.00%, 07/01/28(e)	USD		55		52,388
PMHC II, Inc., 9.00%, 02/15/30(e)			26		22,880
SCIH Salt Holdings, Inc., 6.63%, 05/01/29(e)			45		40,394
Scotts Miracle-Gro Co.
4.00%, 04/01/31			80		69,759
4.38%, 02/01/32			8		7,085
WESCO Distribution, Inc.(e)
7.13%, 06/15/25			49		50,976
7.25%, 06/15/28			146		155,072
WR Grace Holdings LLC, 5.63%, 08/15/29(e)			400		374,040
					2,686,319
Commercial Services & Supplies — 0.3%
AMN Healthcare, Inc., 4.00%, 04/15/29(e)			28		25,936
APX Group, Inc., 5.75%, 07/15/29(e)			86		78,460
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29(e)			33		32,512
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28(a)	EUR		100		105,862
EC Finance PLC, 3.00%, 10/15/26(a)			100		108,421
Fortress Transportation & Infrastructure Investors LLC(e)
6.50%, 10/01/25	USD		24		23,820
9.75%, 08/01/27			17		17,761
5.50%, 05/01/28			95		86,369
Herc Holdings, Inc., 5.50%, 07/15/27(e)			85		86,190
Hertz Corp.(e)
4.63%, 12/01/26			40		37,353
5.00%, 12/01/29			64		57,920
Metis Merger Sub LLC, 6.50%, 05/15/29(e)			68		63,991
NESCO Holdings II, Inc., 5.50%, 04/15/29(e)			74		72,705
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29(e)			71		68,515
Prime Security Services Borrower LLC/Prime
Finance, Inc., 6.25%, 01/15/28(e)			164		160,490
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(e)			202		195,435
Team Health Holdings, Inc., 6.38%, 02/01/25(e)			103		92,443
United Rentals North America, Inc., 5.25%, 01/15/30			2		2,063
					1,316,246
Communications Equipment(e) — 0.2%
Avaya, Inc., 6.13%, 09/15/28			223		219,916
Ciena Corp., 4.00%, 01/31/30			34		32,725
CommScope Technologies LLC, 6.00%, 06/15/25			119		112,706
CommScope, Inc.
6.00%, 03/01/26			24		24,278

Security		Par (000)		Value
Communications Equipment (continued)
CommScope, Inc. (continued)
8.25%, 03/01/27	USD		54	$	52,515
7.13%, 07/01/28			106		95,758
4.75%, 09/01/29			149		137,230
ViaSat, Inc.
5.63%, 09/15/25			77		75,204
5.63%, 04/15/27			21		20,685
6.50%, 07/15/28			48		46,080
Viavi Solutions, Inc., 3.75%, 10/01/29			107		100,411
					917,508
Construction Materials(e) — 0.1%
American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/28			125		120,086
3.88%, 11/15/29			14		13,055
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			35		32,977
H&E Equipment Services, Inc., 3.88%, 12/15/28			20		18,750
IAA, Inc., 5.50%, 06/15/27			159		159,397
Picasso Finance Sub, Inc., 6.13%, 06/15/25			82		83,333
Thor Industries, Inc., 4.00%, 10/15/29			54		47,407
Williams Scotsman International, Inc., 4.63%, 08/15/28			74		72,150
Winnebago Industries, Inc., 6.25%, 07/15/28			45		45,506
					592,661
Consumer Discretionary(e) — 0.5%
APi Escrow Corp., 4.75%, 10/15/29			32		29,720
APi Group DE, Inc., 4.13%, 07/15/29			42		38,707
Carnival Corp.
10.50%, 02/01/26			263		292,432
5.75%, 03/01/27			314		299,451
9.88%, 08/01/27			140		154,745
4.00%, 08/01/28			382		355,260
6.00%, 05/01/29			199		187,526
CoreLogic, Inc., 4.50%, 05/01/28			167		157,448
Legends Hospitality Holding Co. LLC/Legends
Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26			52		49,920
Life Time, Inc.
5.75%, 01/15/26			80		79,919
8.00%, 04/15/26			57		56,909
Lindblad Expeditions LLC, 6.75%, 02/15/27			56		56,140
NCL Corp. Ltd.
5.88%, 03/15/26			96		91,215
7.75%, 02/15/29			35		35,243
NCL Finance Ltd., 6.13%, 03/15/28			96		89,025
Nielsen Finance LLC/Nielsen Finance Co.
5.63%, 10/01/28			60		60,432
5.88%, 10/01/30			66		66,165
Royal Caribbean Cruises Ltd.
10.88%, 06/01/23			42		44,691
9.13%, 06/15/23			54		56,228
11.50%, 06/01/25			57		62,635
5.50%, 08/31/26			36		34,985
5.38%, 07/15/27			123		118,176
5.50%, 04/01/28			144		137,277
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29			59		53,852
					2,608,101
Consumer Finance — 0.5%
American Express Co., (5 year CMT + 2.85%), 3.55%(g)(h)			235		214,155

3

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Consumer Finance (continued)
Block, Inc., 3.50%, 06/01/31(e)	USD		235	$	215,025
HealthEquity, Inc., 4.50%, 10/01/29(e)			127		120,332
MPH Acquisition Holdings LLC, 5.50%, 09/01/28(e)			80		76,689
Navient Corp.
7.25%, 09/25/23			3		3,116
6.13%, 03/25/24			93		94,628
5.88%, 10/25/24			77		78,551
5.50%, 03/15/29			87		81,019
OneMain Finance Corp.
6.88%, 03/15/25			151		158,780
8.88%, 06/01/25			27		28,446
3.50%, 01/15/27			97		89,725
6.63%, 01/15/28			8		8,380
5.38%, 11/15/29			18		17,488
4.00%, 09/15/30			55		48,538
Sabre Global, Inc.(e)
9.25%, 04/15/25			284		314,852
7.38%, 09/01/25			81		84,583
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(e)			109		106,002
SLM Corp., 3.13%, 11/02/26			56		51,940
Verscend Escrow Corp., 9.75%, 08/15/26(e)			851		885,040
					2,677,289
Containers & Packaging — 0.0%
International Paper Co., 7.30%, 11/15/39			5		6,587
Intertape Polymer Group, Inc., 4.38%, 06/15/29(e)			43		44,290
LABL, Inc., 5.88%, 11/01/28(e)			84		78,750
Sealed Air Corp., 4.00%, 12/01/27(e)			23		22,425
					152,052
Diversified Consumer Services — 0.5%
Allied Universal Holdco LLC/Allied Universal
Finance Corp.(e)
6.63%, 07/15/26			655		662,749
9.75%, 07/15/27			101		104,395
6.00%, 06/01/29			600		529,299
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28(e)			400		375,920
Brink’s Co., 5.50%, 07/15/25(e)			15		15,117
Clarivate Science Holdings Corp.(e)
3.88%, 07/01/28			131		124,944
4.88%, 07/01/29			180		169,346
Garda World Security Corp.(e)
4.63%, 02/15/27			26		24,920
9.50%, 11/01/27			45		46,125
Rekeep SpA, 7.25%, 02/01/26(a)	EUR		100		115,050
Service Corp. International, 4.00%, 05/15/31	USD		192		178,623
Sotheby’s, 7.38%, 10/15/27(e)			200		204,818
					2,551,306
Diversified Financial Services — 0.3%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28(e)			200		183,750
Castlelake Aviation Finance DAC, 5.00%, 04/15/27(e)			24		21,420
Central Garden & Pet Co.
4.13%, 10/15/30			82		74,005
4.13%, 04/30/31(e)			62		55,800
Citigroup, Inc.(g)(h)
Series W, (5 year CMT + 3.60%), 4.00%			50		48,000

Security		Par (000)		Value
Diversified Financial Services (continued)
Citigroup, Inc.(g)(h) (continued)
Series Y, (5 year CMT + 3.00%), 4.15%	USD		10	$	9,369
Clydesdale Acquisition Holdings, Inc.(e)(j)
6.63%, 04/15/29			121		122,361
8.75%, 04/15/30		��	102		96,007
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25(a)	GBP		100		130,380
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(e)(i)	USD		25		22,438
Intrum AB, 4.88%, 08/15/25(a)	EUR		100		111,342
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28(e)	USD		200		191,496
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/29(e)			44		41,497
OWL Rock Core Income Corp., 5.50%, 03/21/25(e)			55		54,860
Spectrum Brands, Inc.(e)
5.00%, 10/01/29			18		16,933
5.50%, 07/15/30			50		48,000
3.88%, 03/15/31			18		15,880
UBS Group AG, (5 year CMT + 3.31%), 4.38%(e)(g)(h)			345		311,362
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 02/01/30(e)			52		48,925
					1,603,825
Diversified Telecommunication Services — 0.8%
Consolidated Communications, Inc., 6.50%, 10/01/28(e)			157		144,660
Level 3 Financing, Inc.(e)
4.25%, 07/01/28			126		115,669
3.63%, 01/15/29			64		56,000
3.75%, 07/15/29			53		46,970
Lumen Technologies, Inc.
5.13%, 12/15/26(e)			439		418,147
4.00%, 02/15/27(e)			45		41,910
4.50%, 01/15/29(e)			181		155,659
5.38%, 06/15/29(e)			153		136,266
Series P, 7.60%, 09/15/39			26		24,970
Series U, 7.65%, 03/15/42			41		39,565
SoftBank Group Corp., 5.00%, 04/15/28(a)	EUR		100		105,059
Sprint Capital Corp.
6.88%, 11/15/28.	USD		324		375,416
8.75%, 03/15/32			450		606,150
Switch Ltd.(e)
3.75%, 09/15/28			99		96,005
4.13%, 06/15/29			202		198,718
Telecom Italia Capital SA
6.38%, 11/15/33			58		55,432
6.00%, 09/30/34			134		125,969
7.20%, 07/18/36			14		13,615
7.72%, 06/04/38			23		23,456
Telecom Italia SpA, 2.88%, 01/28/26(a)	EUR		100		106,319
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30(e)	USD		45		40,500
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28(e)			81		76,445
Zayo Group Holdings, Inc.(e)
4.00%, 03/01/27			612		563,181
6.13%, 03/01/28			746		667,670
					4,233,751

SCHEDULE  OF  INVESTMENTS 4

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Electric Utilities — 0.2%
Edison International, (5 year CMT + 4.70%),
5.38%(g)(h)	USD		100	$	96,475
FirstEnergy Corp.
2.65%, 03/01/30			85		77,171
Series B, 2.25%, 09/01/30			6		5,310
Series C, 7.38%, 11/15/31			14		17,267
Series C, 3.40%, 03/01/50			255		214,784
FirstEnergy Transmission LLC(e)
5.45%, 07/15/44			139		151,538
4.55%, 04/01/49			51		48,725
PG&E Corp., 5.25%, 07/01/30			59		57,224
Pike Corp., 5.50%, 09/01/28(e)			130		122,525
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 5.02%, 11/10/21(b)(c)(f)			2,375		—
					791,019
Electrical Equipment — 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26(e)			291		291,272
GrafTech Finance, Inc., 4.63%, 12/15/28(e)			66		61,375
NM Holdings Co. LLC, Series B, 9.50%, 07/01/05(b)(c)(f)			5,125		—
					352,647
Electronic Equipment, Instruments & Components — 0.2%
BWX Technologies, Inc.(e)
4.13%, 06/30/28			86		82,782
4.13%, 04/15/29			68		65,450
Energizer Holdings, Inc.(e)
4.75%, 06/15/28			34		30,882
4.38%, 03/31/29			6		5,253
Imola Merger Corp., 4.75%, 05/15/29(e)			192		184,888
Vertiv Group Corp., 4.13%, 11/15/28(e)			649		592,287
Xerox Corp., 4.80%, 03/01/35			53		45,898
					1,007,440
Energy Equipment & Services — 0.1%
Archrock Partners LP/Archrock Partners Finance Corp.(e)
6.88%, 04/01/27			106		107,189
6.25%, 04/01/28			166		163,608
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			53		53,477
6.88%, 09/01/27			235		235,902
Vallourec SA, 8.50%, 06/30/26(a)	EUR		8		9,053
Weatherford International Ltd.(e)
6.50%, 09/15/28	USD		4		4,135
8.63%, 04/30/30			68		69,044
					642,408
Environmental, Maintenance & Security Service — 0.1%
Covanta Holding Corp.
4.88%, 12/01/29(e)			62		59,191
5.00%, 09/01/30			50		47,375
GFL Environmental, Inc.(e)
3.75%, 08/01/25			85		83,445
5.13%, 12/15/26			88		88,748
4.00%, 08/01/28			142		130,640
3.50%, 09/01/28			65		61,025
4.75%, 06/15/29			83		78,954
4.38%, 08/15/29			33		30,484

Security		Par (000)		Value
Environmental, Maintenance & Security Service (continued)
Stericycle, Inc., 3.88%, 01/15/29(e)	USD		49	$	45,570
Tervita Corp., 11.00%, 12/01/25(e)			25		28,316
Waste Pro USA, Inc., 5.50%, 02/15/26(e)			104		98,288
					752,036
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		53,199
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28(e)			52		49,021
Diversified Healthcare Trust, 9.75%, 06/15/25			53		55,783
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(e)			46		42,319
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26(e)			59		56,050
Iron Mountain, Inc.(e)
5.25%, 07/15/30			88		86,240
5.63%, 07/15/32			66		65,028
MGM Growth Properties Operating Partnership
LP/MGP Finance Co.-Issuer, Inc.
4.63%, 06/15/25(e)			205		206,538
4.50%, 09/01/26			139		139,695
4.50%, 01/15/28			318		320,385
3.88%, 02/15/29(e)			101		99,233
MPT Operating Partnership LP/MPT Finance Corp.
4.63%, 08/01/29			306		302,940
3.50%, 03/15/31			249		231,249
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			307		295,423
4.50%, 02/15/29(e)			24		22,560
RLJ Lodging Trust LP(e)
3.75%, 07/01/26			40		38,000
4.00%, 09/15/29			31		28,671
Service Properties Trust
4.35%, 10/01/24			12		11,550
7.50%, 09/15/25			79		82,875
5.50%, 12/15/27			42		40,509
					2,227,268
Food & Staples Retailing — 0.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(e)
3.25%, 03/15/26			146		137,973
4.63%, 01/15/27			11		10,634
4.88%, 02/15/30			68		66,215
Kraft Heinz Foods Co.
6.50%, 02/09/40			35		41,738
4.88%, 10/01/49			61		64,271
5.50%, 06/01/50			253		287,289
Lamb Weston Holdings, Inc.(e)
4.88%, 05/15/28			18		18,000
4.13%, 01/31/30			53		49,493
4.38%, 01/31/32			51		47,645
Ocado Group PLC, 3.88%, 10/08/26(a)	GBP		100		116,910
Performance Food Group, Inc., 4.25%, 08/01/29(e)	USD		105		95,681
Post Holdings, Inc.(e)
5.50%, 12/15/29			11		10,584
4.63%, 04/15/30			45		40,520

5

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Food & Staples Retailing (continued)
Post Holdings, Inc.(e) (continued)
4.50%, 09/15/31	USD		21	$	18,606
U.S. Foods, Inc., 4.75%, 02/15/29(e)			115		109,681
United Natural Foods, Inc., 6.75%, 10/15/28(e)			28		28,700
					1,143,940
Food Products(e) — 0.2%
Aramark Services, Inc.
6.38%, 05/01/25			96		98,547
5.00%, 02/01/28			52		50,440
Chobani LLC/Chobani Finance Corp, Inc., 7.50%, 04/15/25			352		340,314
Chobani LLC/Chobani Finance Corp., Inc., 4.63%, 11/15/28			76		70,110
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/31			113		104,890
Pilgrim’s Pride Corp.
4.25%, 04/15/31			8		7,400
3.50%, 03/01/32			178		155,391
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/29			110		103,125
					930,217
Gas Utilities — 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(e)			29		27,188
Health Care Equipment & Supplies — 0.2%
Avantor Funding, Inc.(e)
4.63%, 07/15/28			318		314,502
3.88%, 11/01/29			63		59,220
Embecta Corp.
5.00%, 02/15/30(e)			33		31,126
6.75%, 02/15/30(j)			49		49,123
Hologic, Inc., 3.25%, 02/15/29(e)			24		22,410
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA(e)
7.38%, 06/01/25			171		176,130
7.25%, 02/01/28			152		156,560
					809,071
Health Care Providers & Services — 1.0%
Acadia Healthcare Co., Inc.(e)
5.50%, 07/01/28			66		66,330
5.00%, 04/15/29			44		43,438
AdaptHealth LLC(e)
6.13%, 08/01/28			24		23,820
5.13%, 03/01/30			16		14,860
AHP Health Partners, Inc., 5.75%, 07/15/29(e)			105		97,650
Akumin Escrow, Inc., 7.50%, 08/01/28(e)			19		15,105
Cano Health LLC, 6.25%, 10/01/28(e)			40		38,400
Centene Corp.
4.25%, 12/15/27			59		59,221
2.45%, 07/15/28			198		180,913
4.63%, 12/15/29			70		70,566
3.00%, 10/15/30			382		350,856
2.50%, 03/01/31			462		407,729
2.63%, 08/01/31			135		120,150
CHS/Community Health Systems, Inc.(e)
8.00%, 03/15/26			410		426,982
5.63%, 03/15/27			173		176,189
6.00%, 01/15/29			136		137,421
6.88%, 04/15/29			34		33,405

Security		Par (000)		Value
Health Care Providers & Services (continued)
CHS/Community Health Systems, Inc.(e) (continued) 6.13%, 04/01/30	USD		91	$	84,673
DaVita, Inc., 4.63%, 06/01/30(e)			3		2,801
Encompass Health Corp.
4.50%, 02/01/28			16		15,680
4.75%, 02/01/30			123		118,080
4.63%, 04/01/31			66		61,779
HCA, Inc.
5.63%, 09/01/28			200		216,250
3.50%, 09/01/30			354		341,987
Legacy LifePoint Health LLC(e)
6.75%, 04/15/25			116		119,855
4.38%, 02/15/27			44		42,508
LifePoint Health, Inc., 5.38%, 01/15/29(e)			74		69,921
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/29(e)			31		28,899
ModivCare, Inc., 5.88%, 11/15/25(e)			23		23,223
Molina Healthcare, Inc.(e)
4.38%, 06/15/28			12		11,875
3.88%, 11/15/30			79		75,840
3.88%, 05/15/32			64		60,861
Mozart Debt Merger Sub, Inc., 5.25%, 10/01/29(e)			363		337,470
Owens & Minor, Inc., 6.63%, 04/01/30(e)			46		47,334
Prime Healthcare Services, Inc., 7.25%, 11/01/25(e)			149		152,724
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26(e)			17		17,783
Surgery Center Holdings, Inc.(e)
6.75%, 07/01/25			145		144,456
10.00%, 04/15/27			276		289,800
Teleflex, Inc., 4.25%, 06/01/28(e)			42		40,897
Tenet Healthcare Corp.(e)
4.88%, 01/01/26			202		203,767
5.13%, 11/01/27			343		344,614
4.63%, 06/15/28			26		25,513
6.13%, 10/01/28			55		55,894
4.25%, 06/01/29			39		37,391
					5,234,910
Health Care Technology — 0.2%
Catalent Pharma Solutions, Inc.(e)
5.00%, 07/15/27			41		41,478
3.13%, 02/15/29			48		43,628
3.50%, 04/01/30			134		122,275
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(e)			229		229,000
Charles River Laboratories International, Inc.(e)
4.25%, 05/01/28			46		44,965
3.75%, 03/15/29			11		10,375
4.00%, 03/15/31			31		29,101
Chrome Bidco SASU, 3.50%, 05/31/28(a)	EUR		100		105,691
Minerva Merger Sub, Inc., 6.50%, 02/15/30(e)	USD		174		168,802
Syneos Health, Inc., 3.63%, 01/15/29(e)			166		153,343
					948,658
Healthcare — 0.0%
Akumin, Inc., 7.00%, 11/01/25(e)			23		19,090
Hotels, Restaurants & Leisure — 0.9%
1011778 BC ULC/New Red Finance, Inc.(e)
3.88%, 01/15/28			60		56,852
4.38%, 01/15/28			234		224,640
4.00%, 10/15/30			12		10,824

SCHEDULE  OF  INVESTMENTS 6

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Affinity Gaming, 6.88%, 12/15/27(e)		USD	49	$	47,653
Boyd Gaming Corp.
8.63%, 06/01/25(e)			39		40,964
4.75%, 12/01/27			58		57,710
4.75%, 06/15/31(e)			160		154,200
Boyne USA, Inc., 4.75%, 05/15/29(e)			94		90,240
Caesars Entertainment, Inc.(e)
6.25%, 07/01/25			481		496,604
8.13%, 07/01/27			361		386,795
4.63%, 10/15/29			172		160,820
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(e)			151		154,108
CCM Merger, Inc., 6.38%, 05/01/26(e)			53		53,530
CDI Escrow Issuer, Inc., 5.75%, 04/01/30(e)(j)			177		178,770
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.50%, 05/01/25(e)			384		394,335
6.50%, 10/01/28			19		19,333
Churchill Downs, Inc., 4.75%, 01/15/28(e)			129		125,130
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(e)
4.63%, 01/15/29			179		169,603
6.75%, 01/15/30	��		182		167,435
Food Service Project SA, 5.50%, 01/21/27(a)		EUR	100		108,286
Hilton Domestic Operating Co., Inc.
5.75%, 05/01/28(e)		USD	108		111,737
4.88%, 01/15/30			186		185,581
4.00%, 05/01/31(e)			73		68,894
MGM Resorts International, 5.75%, 06/15/25			73		74,826
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(e)			80		73,749
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(e)			76		84,075
Penn National Gaming, Inc., 4.13%, 07/01/29(e)			24		21,485
Powdr Corp., 6.00%, 08/01/25(e)			67		68,508
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(e)
5.63%, 09/01/29			34		29,221
5.88%, 09/01/31			37		31,585
Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.88%, 11/01/26(e)			57		54,749
Scientific Games International, Inc.(e)
8.63%, 07/01/25			65		68,331
8.25%, 03/15/26			301		313,416
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(e)			211		220,231
Station Casinos LLC, 4.63%, 12/01/31(e)			89		81,408
Vail Resorts, Inc., 6.25%, 05/15/25(e)			89		91,926
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(e)			44		42,350
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(e)			198		186,367
Yum! Brands, Inc.
4.75%, 01/15/30(e)			24		23,535
5.35%, 11/01/43			14		13,615
					4,943,421
Household Durables — 0.2%
Ashton Woods USA LLC/Ashton Woods Finance Co.(e)
4.63%, 08/01/29			32		28,219

Security	Par (000)		Value
Household Durables (continued)
Ashton Woods USA LLC/Ashton Woods Finance Co.(e) (continued)
4.63%, 04/01/30	USD	46	$	40,074
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(e)
5.00%, 06/15/29		67		60,837
4.88%, 02/15/30		256		228,945
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(e)		104		106,860
Forestar Group, Inc., 3.85%, 05/15/26(e)		33		30,772
K Hovnanian Enterprises, Inc., 10.00%, 11/15/25(e)		20		21,150
Mattamy Group Corp., 4.63%, 03/01/30(e)		72		67,630
NCR Corp.(e)
5.75%, 09/01/27		20		20,000
5.00%, 10/01/28		57		54,577
5.13%, 04/15/29		30		28,840
6.13%, 09/01/29		78		78,195
New Home Co., Inc., 7.25%, 10/15/25(e)		22		21,270
Newell Brands, Inc., 5.75%, 04/01/46		35		36,575
SWF Escrow Issuer Corp., 6.50%, 10/01/29(e)		88		76,050
Taylor Morrison Communities, Inc., 5.13%, 08/01/30(e)		20		19,550
Tempur Sealy International, Inc.(e)
4.00%, 04/15/29		87		79,024
3.88%, 10/15/31		88		75,460
Tri Pointe Homes, Inc., 5.70%, 06/15/28		18		17,969
				1,091,997
Household Products — 0.0%
Energizer Holdings, Inc., 6.50%, 12/31/27(e)		38		37,620
Independent Power and Renewable Electricity Producers(e) — 0.2%
Calpine Corp.
5.25%, 06/01/26		28		28,140
5.13%, 03/15/28		451		429,613
4.63%, 02/01/29		22		20,240
5.00%, 02/01/31		21		19,110
3.75%, 03/01/31		4		3,581
Clearway Energy Operating LLC
4.75%, 03/15/28		20		20,086
3.75%, 01/15/32		82		75,440
NRG Energy, Inc.
3.63%, 02/15/31		91		80,043
3.88%, 02/15/32		78		68,640
TerraForm Power Operating LLC, 4.75%, 01/15/30		74		72,172
Vistra Corp., (5 year CMT + 6.93%), 8.00%(g)(h)		138		139,379
				956,444
Insurance(e) — 0.4%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29		71		65,649
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27		371		356,854
6.75%, 10/15/27		731		722,184
5.88%, 11/01/29		380		365,275
AmWINS Group, Inc., 4.88%, 06/30/29		82		78,722
BroadStreet Partners, Inc., 5.88%, 04/15/29		17		15,852
GTCR AP Finance, Inc., 8.00%, 05/15/27		4		4,046
HUB International Ltd.
7.00%, 05/01/26		416		420,807

7

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
HUB International Ltd. (continued)
5.63%, 12/01/29	USD	16	$	15,280
Ryan Specialty Group LLC, 4.38%, 02/01/30		43		40,635
				2,085,304
Interactive Media & Services — 0.1%
Arches Buyer, Inc., 4.25%, 06/01/28(e)		36		33,583
Iliad SA, 2.38%, 06/17/26(a)	EUR	100		107,333
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.(e)
4.75%, 04/30/27	USD	96		91,152
6.00%, 02/15/28		71		62,324
10.75%, 06/01/28		30		31,275
Twitter, Inc.(e)
3.88%, 12/15/27		103		100,039
5.00%, 03/01/30		86		85,570
United Group BV, 5.25%, 02/01/30(a)	EUR	100		103,309
				614,585
Internet Software & Services(e) — 0.2%
ANGI Group LLC, 3.88%, 08/15/28	USD	106		89,797
Endurance International Group Holdings, Inc., 6.00%, 02/15/29		34		29,326
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29		40		36,779
Match Group Holdings II LLC
4.63%, 06/01/28		43		41,656
4.13%, 08/01/30		65		60,910
3.63%, 10/01/31		35		31,305
Uber Technologies, Inc.
7.50%, 05/15/25		242		252,527
8.00%, 11/01/26		92		97,768
7.50%, 09/15/27		188		200,457
6.25%, 01/15/28		314		324,657
4.50%, 08/15/29		149		139,688
				1,304,870
IT Services — 0.5%
Ahead DB Holdings LLC, 6.63%, 05/01/28(e)		35		31,270
Booz Allen Hamilton, Inc.(e)
3.88%, 09/01/28		101		97,494
4.00%, 07/01/29		145		141,584
CA Magnum Holdings, 5.38%, 10/31/26(e)		201		195,975
Camelot Finance SA, 4.50%, 11/01/26(e)		50		48,625
Dun & Bradstreet Corp., 5.00%, 12/15/29(e)		162		152,280
Fair Isaac Corp., 4.00%, 06/15/28(e)		63		60,992
Fiserv, Inc., 2.25%, 06/01/27		1,385		1,308,047
Gartner, Inc.(e)
4.50%, 07/01/28		83		82,688
3.63%, 06/15/29		48		45,000
3.75%, 10/01/30		66		61,957
KBR, Inc., 4.75%, 09/30/28(e)		61		59,471
Rackspace Technology Global, Inc., 5.38%, 12/01/28(e)		18		15,618
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25(e)		190		191,662
Twilio, Inc., 3.88%, 03/15/31		112		104,106
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(e)		157		143,502
				2,740,271

Security	Par (000)		Value
Leisure Products — 0.1%
Mattel, Inc.
5.88%, 12/15/27(e)	USD	34	$	35,567
3.75%, 04/01/29(e)		45		43,300
6.20%, 10/01/40		65		74,771
5.45%, 11/01/41		119		126,676
				280,314
Machinery — 0.4%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28(e)		35		32,900
Clark Equipment Co., 5.88%, 06/01/25(e)		24		24,210
Colfax Corp., 6.38%, 02/15/26(e)		63		64,987
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(e)(i)		445		462,800
Madison IAQ LLC(e)
4.13%, 06/30/28		31		28,571
5.88%, 06/30/29		831		745,822
Mueller Water Products, Inc., 4.00%, 06/15/29(e)		34		32,206
OT Merger Corp., 7.88%, 10/15/29(e)		37		32,005
Schenck Process Holding GmbH/Darmstadt, 5.38%, 06/15/23(a)	EUR	100		109,242
Terex Corp., 5.00%, 05/15/29(e)	USD	102		97,764
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26(e)		163		161,969
TK Elevator Holdco GmbH, 7.63%, 07/15/28(e)		200		198,250
TK Elevator US Newco Inc., 5.25%, 07/15/27(e)		200		197,806
				2,188,532
Media — 2.5%
Adelphia Communications Corp., 10.50%, 12/31/49(b)(c)(f)		400		—
Advantage Sales & Marketing, Inc., 6.50%, 11/15/28(e)		34		32,179
Altice Financing SA(e)
5.00%, 01/15/28		204		182,855
5.75%, 08/15/29		251		228,180
Altice France Holding SA(e)
10.50%, 05/15/27		742		776,507
6.00%, 02/15/28		272		234,600
AMC Entertainment Holdings, Inc.(e)
7.50%, 02/15/29		148		143,820
(10.00% Cash or 12.00% PIK), 10.00%, 06/15/26(i)		115		103,257
AMC Networks, Inc., 4.25%, 02/15/29		39		36,395
Cable One, Inc.
1.13%, 03/15/28		66		59,004
4.00%, 11/15/30(e)		44		40,578
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 05/01/27(e)		38		38,056
5.00%, 02/01/28(e)		34		33,643
5.38%, 06/01/29(e)		117		117,000
4.75%, 03/01/30(e)		22		21,125
4.50%, 08/15/30(e)		103		96,644
4.25%, 02/01/31(e)		273		247,747
4.75%, 02/01/32(e)		78		72,637
4.50%, 05/01/32		199		182,025
4.50%, 06/01/33(e)		95		85,262
4.25%, 01/15/34(e)		282		244,916
Clear Channel International BV, 6.63%, 08/01/25(e)		200		203,500
Clear Channel Outdoor Holdings, Inc.(e)
7.75%, 04/15/28		222		223,161

SCHEDULE  OF  INVESTMENTS 8

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
Clear Channel Outdoor Holdings, Inc.(e) (continued)
7.50%, 06/01/29	USD	298	$	297,361
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(e)		550		544,054
Connect Finco SARL/Connect U.S. Finco LLC,
6.75%, 10/01/26(e)		738		750,834
CSC Holdings LLC
5.25%, 06/01/24		344		344,435
4.13%, 12/01/30(e)		223		195,541
3.38%, 02/15/31(e)		205		172,712
Directv Financing LLC/Directv Financing Co.- Obligor, Inc., 5.88%, 08/15/27(e)		155		152,481
DISH DBS Corp.
5.88%, 07/15/22		582		584,898
5.25%, 12/01/26(e)		463		441,007
5.75%, 12/01/28(e)		301		284,821
5.13%, 06/01/29		107		91,120
Frontier Communications Holdings LLC(e)
5.88%, 10/15/27		138		137,075
5.00%, 05/01/28		291		279,360
6.75%, 05/01/29		146		140,160
6.00%, 01/15/30		120		111,000
GCI LLC, 4.75%, 10/15/28(e)		29		28,312
iHeartCommunications, Inc., 8.38%, 05/01/27		11		11,718
Iliad Holding SASU(e)
6.50%, 10/15/26		200		200,540
7.00%, 10/15/28		200		200,296
Kaixo Bondco Telecom SA, 5.13%, 09/30/29(a)	EUR	100		103,575
Lamar Media Corp., 4.00%, 02/15/30	USD	57		54,221
LCPR Senior Secured Financing DAC(e)
6.75%, 10/15/27		180		184,914
5.13%, 07/15/29		200		190,939
Liberty Broadband Corp., 2.75%, 09/30/50(e)(k)		481		474,398
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(e)(i)		199		138,406
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(e)		180		173,475
Live Nation Entertainment, Inc.(e)
4.88%, 11/01/24		9		9,036
6.50%, 05/15/27		342		364,237
4.75%, 10/15/27		30		29,250
3.75%, 01/15/28		27		25,377
Outfront Media Capital LLC/Outfront Media Capital Corp.(e)
5.00%, 08/15/27		25		24,440
4.25%, 01/15/29		43		40,001
4.63%, 03/15/30		4		3,765
Radiate Holdco LLC/Radiate Finance, Inc.(e)
4.50%, 09/15/26		759		732,435
6.50%, 09/15/28		395		373,522
Scripps Escrow II, Inc., 3.88%, 01/15/29(e)		5		4,646
Sinclair Television Group, Inc., 4.13%, 12/01/30(e)		100		89,167
Sirius XM Radio, Inc.(e)
3.13%, 09/01/26		156		147,494
4.00%, 07/15/28		134		127,300
4.13%, 07/01/30		45		42,128
3.88%, 09/01/31		159		144,690
Stagwell Global LLC, 5.63%, 08/15/29(e)		32		30,188
Terrier Media Buyer, Inc., 8.88%, 12/15/27(e)		100		101,750

Security	Par (000)		Value
Media (continued)
Univision Communications, Inc.(e)
5.13%, 02/15/25	USD	107	$	107,090
6.63%, 06/01/27		6		6,285
UPC Broadband Finco BV, 4.88%, 07/15/31(e)		200		187,774
Videotron Ltd., 3.63%, 06/15/29(e)		85		78,811
Virgin Media Secured Finance PLC, 4.50%, 08/15/30(e)		200		186,500
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28(e)		242		232,320
WMG Acquisition Corp., 3.88%, 07/15/30(e)		7		6,668
Ziggo Bond Co. BV, 5.13%, 02/28/30(e)		200		186,126
				12,971,744
Metals & Mining — 0.4%
Allegheny Technologies, Inc.
4.88%, 10/01/29		32		30,326
5.13%, 10/01/31		37		34,696
Arconic Corp.(e)
6.00%, 05/15/25		13		13,299
6.13%, 02/15/28		145		145,488
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(e)		334		350,439
Carpenter Technology Corp., 7.63%, 03/15/30		49		50,172
Commercial Metals Co.
4.13%, 01/15/30		23		21,476
4.38%, 03/15/32		24		22,290
Constellium SE, 3.75%, 04/15/29(e)		250		224,375
ERO Copper Corp., 6.50%, 02/15/30(e)		50		48,713
Joseph T Ryerson & Son, Inc., 8.50%, 08/01/28(e)		38		41,135
Kaiser Aluminum Corp.(e)
4.63%, 03/01/28		118		110,844
4.50%, 06/01/31		38		34,260
New Gold, Inc., 7.50%, 07/15/27(e)		170		176,375
Novelis Corp.(e)
3.25%, 11/15/26		133		127,052
4.75%, 01/30/30		344		333,978
3.88%, 08/15/31		139		127,138
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(e)		39		36,368
U.S. Steel Corp., 6.88%, 03/01/29		130		135,200
				2,063,624
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Starwood Property Trust, Inc., 5.50%, 11/01/23(e)		9		9,153
Multiline Retail — 0.0%
Bath & Body Works, Inc., 7.60%, 07/15/37		96		99,600
Macy’s Retail Holdings LLC(e)
5.88%, 03/15/30		15		14,798
6.13%, 03/15/32		15		14,812
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(e)		123		126,321
				255,531
Oil, Gas & Consumable Fuels — 2.6%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(e)		110		114,147
Antero Midstream Partners LP/Antero Midstream Finance Corp.(e)
5.75%, 03/01/27		66		67,214
5.75%, 01/15/28		15		15,319
5.38%, 06/15/29		66		65,933

9

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Antero Resources Corp.(e)
7.63%, 02/01/29	USD	46	$	49,723
5.38%, 03/01/30		25		25,531
Apache Corp.
4.25%, 01/15/30		78		78,625
5.10%, 09/01/40		130		130,975
5.25%, 02/01/42		18		17,910
5.35%, 07/01/49		41		39,463
Arcosa, Inc., 4.38%, 04/15/29(e)		117		111,004
Ascent Resources Utica Holdings LLC/ARU
Finance Corp.(e)
9.00%, 11/01/27		298		408,260
5.88%, 06/30/29		71		70,154
Brand Industrial Services, Inc., 8.50%, 07/15/25(e)		314		292,045
Buckeye Partners LP
5.85%, 11/15/43		16		13,639
5.60%, 10/15/44		6		5,030
Callon Petroleum Co.
6.13%, 10/01/24		33		32,835
9.00%, 04/01/25(e)		237		251,220
6.38%, 07/01/26		14		13,921
8.00%, 08/01/28(e)		197		207,671
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31(a)	EUR	100		95,313
Centennial Resource Production LLC, 6.88%, 04/01/27(e)	USD	36		36,184
Cheniere Energy Partners LP
4.50%, 10/01/29		198		198,990
4.00%, 03/01/31		174		168,674
3.25%, 01/31/32(e)		205		186,404
Cheniere Energy, Inc., 4.63%, 10/15/28		540		541,809
Chesapeake Energy Corp.(e)
5.88%, 02/01/29		5		5,163
6.75%, 04/15/29		166		175,816
CITGO Petroleum Corp.(e)
7.00%, 06/15/25		90		90,562
6.38%, 06/15/26		74		74,457
Civitas Resources, Inc., 5.00%, 10/15/26(e)		28		27,756
CNX Midstream Partners LP, 4.75%, 04/15/30(e)		30		28,094
CNX Resources Corp., 6.00%, 01/15/29(e)		27		27,270
Colgate Energy Partners III LLC(e)
7.75%, 02/15/26		38		40,508
5.88%, 07/01/29		129		132,993
Comstock Resources, Inc.(e)
7.50%, 05/15/25		96		97,440
6.75%, 03/01/29		137		141,326
5.88%, 01/15/30		152		149,766
CQP Holdco LP/BIP-V Chinook Holdco LLC,
5.50%, 06/15/31(e)		250		245,600
Crescent Energy Finance LLC, 7.25%, 05/01/26(e)		222		223,035
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(e)
5.63%, 05/01/27		11		10,899
6.00%, 02/01/29		8		7,970
8.00%, 04/01/29		27		28,819
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(e)		435		443,367
DCP Midstream Operating LP(e)
6.45%, 11/03/36		250		288,062
6.75%, 09/15/37		8		9,380

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
DT Midstream, Inc.(e)
4.13%, 06/15/29	USD	132	$	126,562
4.38%, 06/15/31		152		145,540
Dycom Industries, Inc., 4.50%, 04/15/29(e)		33		31,103
eG Global Finance PLC
6.75%, 02/07/25(e)		200		199,500
6.25%, 10/30/25(a)	EUR	142		156,441
Energy Transfer LP, Series H, (5 year CMT + 5.69%), 6.50%(g)(h)	USD	204		200,491
EnLink Midstream LLC
5.63%, 01/15/28(e)		74		75,480
5.38%, 06/01/29		25		24,938
EnLink Midstream Partners LP
4.40%, 04/01/24		136		137,776
4.85%, 07/15/26		39		39,000
5.60%, 04/01/44		82		70,725
5.45%, 06/01/47		18		15,165
EQM Midstream Partners LP
6.00%, 07/01/25(e)		88		89,764
4.13%, 12/01/26		17		16,321
6.50%, 07/01/27(e)		117		122,211
4.50%, 01/15/29(e)		55		51,425
4.75%, 01/15/31(e)		236		220,660
Great Western Petroleum LLC/Great Western Finance Corp., 12.00%, 09/01/25(e)		6		6,690
Gulfport Energy Corp., 8.00%, 05/17/26(e)		11		11,830
Harvest Midstream I LP, 7.50%, 09/01/28(e)		20		20,428
Hess Midstream Operations LP, 4.25%, 02/15/30(e)		77		72,657
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/01/28(e)		10		10,050
ITT Holdings LLC, 6.50%, 08/01/29(e)		109		100,685
MasTec, Inc., 4.50%, 08/15/28(e)		66		65,391
Matador Resources Co., 5.88%, 09/15/26		171		174,129
Murphy Oil Corp.
5.75%, 08/15/25		35		35,666
5.88%, 12/01/27		20		20,350
Murphy Oil USA, Inc., 4.75%, 09/15/29		109		108,081
Nabors Industries Ltd.(e)
7.25%, 01/15/26		17		17,000
7.50%, 01/15/28		44		42,900
Nabors Industries, Inc., 7.38%, 05/15/27(e)		78		81,023
New Fortress Energy, Inc.(e)
6.75%, 09/15/25		296		297,749
6.50%, 09/30/26		309		306,148
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(e)		80		78,695
NGPL PipeCo LLC, 7.77%, 12/15/37(e)		186		233,435
Northern Oil and Gas, Inc., 8.13%, 03/01/28(e)		213		221,908
NuStar Logistics LP
5.75%, 10/01/25		41		41,769
6.00%, 06/01/26		124		125,394
6.38%, 10/01/30		2		2,027
Occidental Petroleum Corp.
6.95%, 07/01/24		19		20,401
5.50%, 12/01/25		33		34,726
5.55%, 03/15/26		12		12,720
8.88%, 07/15/30		19		24,368
6.63%, 09/01/30		705		808,987
6.20%, 03/15/40		302		335,220
4.50%, 07/15/44		20		19,113

SCHEDULE  OF  INVESTMENTS 10

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp. (continued)
6.60%, 03/15/46	USD	10	$	11,750
4.40%, 04/15/46		12		11,400
4.40%, 08/15/49		12		11,280
PDC Energy, Inc., 6.13%, 09/15/24		68		68,832
Range Resources Corp.
4.88%, 05/15/25		39		39,474
4.75%, 02/15/30(e)		35		34,761
Rockcliff Energy II LLC, 5.50%, 10/15/29(e)		108		108,100
SM Energy Co.
10.00%, 01/15/25(e)		242		264,182
5.63%, 06/01/25		22		21,973
6.75%, 09/15/26		37		38,046
6.63%, 01/15/27		10		10,252
6.50%, 07/15/28		37		38,181
Southwestern Energy Co.
5.38%, 02/01/29		124		125,550
4.75%, 02/01/32		52		51,935
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/26(e)		32		30,513
Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28		151		152,510
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(e)
6.00%, 03/01/27		14		13,946
6.00%, 12/31/30		10		9,704
6.00%, 09/01/31		33		31,771
Tap Rock Resources LLC, 7.00%, 10/01/26(e)		237		245,323
Transocean, Inc., 11.50%, 01/30/27(e)		167		172,427
Venture Global Calcasieu Pass LLC(e)
3.88%, 08/15/29		258		250,810
4.13%, 08/15/31		224		219,778
3.88%, 11/01/33		446		426,487
Western Midstream Operating LP
4.75%, 08/15/28		95		98,052
4.55%, 02/01/30		25		24,875
5.45%, 04/01/44		217		219,986
5.30%, 03/01/48		16		15,840
5.50%, 08/15/48		17		16,788
5.75%, 02/01/50		156		152,100
				13,455,544
Personal Products — 0.0%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29(e)		48		44,790
Pharmaceuticals — 0.5%
Bausch Health Americas, Inc., 8.50%, 01/31/27(e)		93		92,746
Bausch Health Cos., Inc.(e)
9.00%, 12/15/25		192		198,926
6.13%, 02/01/27		44		44,279
7.00%, 01/15/28		119		106,538
4.88%, 06/01/28		45		43,087
5.00%, 02/15/29		76		59,204
6.25%, 02/15/29		84		68,880
5.25%, 02/15/31		7		5,449
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28(a)	EUR	100		109,247
Elanco Animal Health, Inc., 6.40%, 08/28/28	USD	57		61,134

Security	Par (000)		Value
Pharmaceuticals (continued)
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/27(e)	USD	240	$	210,600
Endo Luxembourg Finance Co. I SARL/Endo U.S., Inc., 6.13%, 04/01/29(e)		154		140,525
Gruenenthal GmbH, 4.13%, 05/15/28(a)	EUR	100		107,583
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24(a)		200		211,847
Option Care Health, Inc., 4.38%, 10/31/29(e)	USD	43		40,313
Organon and Co./Organon Foreign Debt Co-Issuer BV(e)
4.13%, 04/30/28		200		190,541
5.13%, 04/30/31		200		193,000
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25(e)		88		80,960
Par Pharmaceutical, Inc., 7.50%, 04/01/27(e)		282		263,148
PRA Health Sciences, Inc., 2.88%, 07/15/26(e)		200		190,312
Prestige Brands, Inc., 3.75%, 04/01/31(e)		70		62,475
Teva Pharmaceutical Finance Netherlands II BV, 3.75%, 05/09/27	EUR	100		104,181
				2,584,975
Real Estate Management & Development — 0.1%
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28(e)	USD	90		94,050
DIC Asset AG, 2.25%, 09/22/26(a)	EUR	100		96,797
Howard Hughes Corp.(e)
5.38%, 08/01/28	USD	8		8,032
4.13%, 02/01/29		51		47,851
4.38%, 02/01/31		63		59,220
Kennedy-Wilson, Inc., 4.75%, 02/01/30		44		41,840
Realogy Group LLC/Realogy Co.-Issuer Corp.(e)
5.75%, 01/15/29		91		85,768
5.25%, 04/15/30		43		39,560
Starwood Property Trust, Inc., 4.38%, 01/15/27(e)		25		24,250
Unique Pub Finance Co. PLC, Series A4, 5.66%, 06/30/27(a)	GBP	40		56,055
WeWork Cos. LLC/WW Co-Obligor, Inc., 5.00%, 07/10/25(e)	USD	104		87,423
				640,846
Road & Rail — 0.0%
Autostrade per l’Italia SpA, 2.00%, 01/15/30(a)	EUR	100		104,216
Seaspan Corp., 5.50%, 08/01/29(e)	USD	101		94,561
				198,777
Semiconductors & Semiconductor Equipment(e) — 0.1%
ON Semiconductor Corp., 3.88%, 09/01/28		91		86,905
Sensata Technologies BV, 4.00%, 04/15/29		78		74,274
Sensata Technologies, Inc.
4.38%, 02/15/30		181		173,098
3.75%, 02/15/31		49		45,325
Synaptics, Inc., 4.00%, 06/15/29		61		57,493
				437,095
Software — 0.4%
Black Knight InfoServ LLC, 3.63%, 09/01/28(e)		122		115,619
Boxer Parent Co., Inc.(e)
7.13%, 10/02/25		148		153,408
9.13%, 03/01/26		215		221,450
Condor Merger Sub, Inc., 7.38%, 02/15/30(e)		184		176,500
Crowdstrike Holdings, Inc., 3.00%, 02/15/29		35		32,113
Elastic NV, 4.13%, 07/15/29(e)		120		111,595

11

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software (continued)
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(e)	USD	73	$	68,437
MicroStrategy, Inc., 6.13%, 06/15/28(e)		139		135,251
MSCI, Inc.(e)
3.63%, 09/01/30		64		59,993
3.88%, 02/15/31		11		10,430
3.63%, 11/01/31		41		38,591
3.25%, 08/15/33		58		52,131
Open Text Corp.(e)
3.88%, 02/15/28		2		1,918
3.88%, 12/01/29		50		47,500
Playtika Holding Corp., 4.25%, 03/15/29(e)		155		142,987
PTC, Inc., 4.00%, 02/15/28(e)		80		77,942
SS&C Technologies, Inc., 5.50%, 09/30/27(e)		251		252,886
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(e)		327		310,227
				2,008,978
Specialty Retail(e) — 0.2%
Arko Corp., 5.13%, 11/15/29.		58		52,780
PetSmart, Inc./PetSmart Finance Corp.
4.75%, 02/15/28		250		241,601
7.75%, 02/15/29		503		519,348
Staples, Inc.
7.50%, 04/15/26		144		139,839
10.75%, 04/15/27		58		51,620
				1,005,188
Technology Hardware, Storage & Peripherals — 0.0%
II-VI, Inc., 5.00%, 12/15/29(e)		111		108,503
Textiles, Apparel & Luxury Goods(e) — 0.0%
Crocs, Inc.
4.25%, 03/15/29		56		49,560
4.13%, 08/15/31		73		61,685
Kontoor Brands, Inc., 4.13%, 11/15/29		32		29,280
Levi Strauss & Co., 3.50%, 03/01/31		35		32,052
William Carter Co., 5.50%, 05/15/25		11		11,336
Wolverine World Wide, Inc., 4.00%, 08/15/29		33		29,287
				213,200
Thrifts & Mortgage Finance — 0.1%
Enact Holdings, Inc., 6.50%, 08/15/25(e)		129		133,083
Home Point Capital, Inc., 5.00%, 02/01/26(e)		65		53,255
MGIC Investment Corp., 5.25%, 08/15/28		47		46,432
Nationstar Mortgage Holdings, Inc.(e)
6.00%, 01/15/27		54		54,950
5.13%, 12/15/30		34		31,450
5.75%, 11/15/31		32		30,519
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/26(e)		42		38,562
				388,251
Utilities(e) — 0.0%
Consensus Cloud Solutions, Inc.
6.00%, 10/15/26		23		22,828
6.50%, 10/15/28		20		19,873
Vistra Operations Co. LLC
5.63%, 02/15/27		99		98,916
4.38%, 05/01/29		73		68,985
				210,602

Security	Par (000)		Value
Wireless Telecommunication Services — 0.5%
Altice France SA(e)
8.13%, 02/01/27	USD	334	$	344,397
5.50%, 01/15/28		229		212,214
5.13%, 07/15/29		351		314,584
5.50%, 10/15/29		200		179,456
SBA Communications Corp., 3.88%, 02/15/27		390		380,416
T-Mobile USA, Inc.
2.63%, 02/15/29		45		41,073
2.88%, 02/15/31		133		119,824
3.50%, 04/15/31		138		129,855
3.50%, 04/15/31(e)		116		109,154
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29(e)		149		138,920
VICI Properties LP/VICI Note Co., Inc.(e)
4.25%, 12/01/26		392		390,354
4.63%, 12/01/29		321		320,197
4.13%, 08/15/30		24		23,169
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31(e).		200		188,500
				2,892,113
Total Corporate Bonds — 20.4% (Cost: $120,951,521)				107,630,123
Floating Rate Loan Interests(g)
Aerospace & Defense — 4.3%
Atlas CC Acquisition Corp.
Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 05/25/28		4,709		4,684,404
Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 05/25/28		958		952,760
Bleriot U.S. Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 5.01%, 10/30/26		814		808,235
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, 4.25%, 11/16/28(l)		326		322,062
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (3 mo. LIBOR + 3.50%), 4.51%, 04/06/26.		1,782		1,747,417
2020 Term Loan B1, (3 mo. LIBOR + 3.50%), 4.51%, 04/06/26		3,314		3,250,195
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 6.00%, 04/09/26		768		664,528
Peraton Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 8.50%, 02/01/29		1,944		1,924,609
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/01/28		5,087		5,044,334
Spirit Aerosystems, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 4.25%, 01/15/25		882		879,666
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.71%, 12/09/25		2,387		2,345,771
				22,623,981
Air Freight & Logistics — 0.3%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/06/28		513		508,671

SCHEDULE  OF  INVESTMENTS 12

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Air Freight & Logistics (continued)
Kestrel Bidco, Inc., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26	USD	366	$	352,743
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%), 4.76%, 12/17/28		842		832,538
				1,693,952
Airlines — 2.3%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/20/28		1,434		1,450,316
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/11/28		1,802		1,783,619
American Airlines, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 2.20%, 01/29/27		571		532,924
2017 Incremental Term Loan, (6 mo. LIBOR + 2.00%), 2.84%, 12/14/23		2,232		2,201,429
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/20/27		3,013		3,122,399
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 04/21/28		3,287		3,242,987
				12,333,674
Auto Components — 2.4%
Adient U.S. LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 3.71%, 04/08/28		723		709,895
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.71%, 04/30/26		3,217		3,172,427
Truck Hero, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 01/31/28		2,213		2,140,739
USI, Inc.
2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 4.01%, 05/16/24		4,336		4,303,741
2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 4.26%, 12/02/26		247		245,045
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 3.46%, 02/05/26		2,296		2,222,930
				12,794,777
Banks — 0.6%
Directv Financing LLC, Term Loan, (3 mo. LIBOR + 5.00%, 0.75% Floor), 5.75%, 08/02/27		1,855		1,850,356
LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR + 5.00%), 5.50%, 10/29/28		1,415		1,394,476
				3,244,832
Beverages — 0.3%
Naked Juice LLC
Delayed Draw Term Loan, (SOFR + 3.25%), 3.75%, 01/24/29		89		87,850
Term Loan, (SOFR + 3.25%), 3.32%, 01/24/29		1,685		1,654,605
				1,742,455
Building Materials — 0.2%
CHI Overhead Doors, Inc, Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 3.96%, 07/31/25		161		158,468

Security	Par (000)			Value
Building Materials (continued)
Cornerstone Building Brands, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 3.75%, 04/12/28	USD	516		$	498,731
MI Windows & Doors LLC, 2022 Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 12/18/27		292			288,304
					945,503
Building Products — 2.0%
Associated Materials Inc., 6.50%, 03/08/29		739			711,664
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 4.25%, 11/23/27		1,283			1,245,208
CPG International, Inc., 2017 Term Loan, (1 Week LIBOR + 2.50%, 0.75% Floor), 3.25%, 05/05/24		1,529			1,514,005
Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 2.71%, 07/28/28		725			717,704
LSF10 XL Bidco SCA, 2021 EUR Term Loan, (Euribor + 4.00%), 4.00%, 04/12/28	EUR	1,000			1,086,393
Standard Industries, Inc., 2021 Term Loan B, (6 mo. LIBOR + 2.50%), 3.79%, 09/22/28	USD	1,432			1,427,454
Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.50%, 12/31/26		3,704			3,604,487
					10,306,915
Capital Markets — 2.4%
AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%), 7.00%, 08/02/29(c)		2,373			2,348,874
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 04/09/27		5,640			5,605,041
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 04/07/28(c)		1,594			1,590,015
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 4.06%, 11/12/27		1,342			1,322,990
FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.50%), 2.96%, 06/27/25		—	(m)		244
Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.50%), 3.00%, 07/01/28		1,303			1,284,586
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.71%, 04/12/24		520			515,857
					12,667,607
Chemicals — 4.6%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 08/27/26		2,922			2,908,206
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%), 3.00%, 03/18/28		3,068			3,024,101
Axalta Coating Systems U.S. Holdings, Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 2.76%, 06/01/24		1,245			1,232,972
CPC Acquisition Corp., Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.76%, 12/29/27(c)		649			628,997
Element Materials Technology Group U.S. Holdings, Inc., 2017 USD Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.51%, 06/28/24		1,333			1,314,183
Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 2.46%, 01/31/26		1,760			1,740,377
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.96%, 06/30/27		1,236			1,193,781

13

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
Lonza Group AG
USD 1st Lien Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 5.01%, 07/03/28	USD	38	$	36,910
USD Term Loan B, (6 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 07/03/28		913		889,142
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 3.51%, 03/02/26		2,816		2,781,185
Minerals Technologies, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/14/24(c)		378		376,511
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.70%, 05/15/24		1,333		1,314,788
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (1 mo. LIBOR + 3.25%), 3.56%, 10/14/24		1,528		1,493,984
PQ Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.50%), 3.00%, 06/09/28		1,534		1,512,663
Pregis TopCo Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 4.00%), 4.50%, 08/01/26(c)		621		607,458
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (6 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27		939		922,166
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/02/28(c)		1,245		1,226,207
Starfruit Finco BV, 2018 USD Term Loan B, (3 mo. LIBOR + 3.00%), 4.01%, 10/01/25		331		325,551
W.R. Grace & Co.-Conn., 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 4.81%, 09/22/28		474		469,074
				23,998,256
Commercial Services & Supplies — 4.2%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%), 4.25%, 05/12/28		2,322		2,283,020
Asurion LLC
2018 Term Loan B6, (1 mo. LIBOR + 3.12%), 3.58%, 11/03/23		1,208		1,199,466
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 3.46%, 11/03/24		914		901,088
2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 3.71%, 12/23/26		695		679,195
2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 5.71%, 01/31/28		985		964,691
2021 2nd Lien Term Loan B4, (1 mo. LIBOR + 5.25%), 5.71%, 01/20/29		1,402		1,368,702
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.00%), 2.46%, 10/08/28		616		609,520
Covanta Holding Corp.(l)
2021 Term Loan B, 11/30/28		999		993,303
2021 Term Loan C, 11/30/28		75		74,405
Creative Artists Agency LLC, 2020 Incremental Term Loan B1, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 11/26/26		1,706		1,702,031
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.71%, 12/12/25		2,673		2,656,753
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.76%, 05/09/25		447		437,095
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.75%, 09/19/26(c)		1,325		1,312,084

Security	Par (000)		Value
Commercial Services & Supplies (continued)
Packers Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 03/09/28	USD	1,479	$	1,458,145
Prime Security Services Borrower LLC, 2021 Term Loan, (6 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 09/23/26		1,491		1,478,107
Vericast Corp., 2021 Term Loan, (3 mo. LIBOR + 7.75%, 1.00% Floor), 8.76%, 06/16/26		390		322,365
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.46%, 08/27/25		3,255		3,238,734
Viad Corp., Initial Term Loan, (1 mo. LIBOR + 5.00%), 5.50%, 07/30/28		693		682,132
				22,360,836
Communications Equipment — 0.4%
ViaSat, Inc., Term Loan, (3 mo. LIBOR + 4.50%), 5.00%, 03/04/29		2,198		2,184,159
Construction & Engineering — 1.7%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.26%, 06/21/24		3,572		3,401,480
New Arclin U.S. Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 7.50%, 09/30/29(c)		815		786,475
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 3.46%, 01/21/28		925		915,973
SRS Distribution, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 4.00%, 06/02/28		2,555		2,521,293
USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 05/12/28		1,557		1,539,751
				9,164,972
Construction Materials — 1.3%
Core & Main LP, 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 2.95%, 07/27/28		4,017		3,976,528
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.46%, 03/29/25		2,122		2,083,202
Tamko Building Products LLC, Term Loan B, (2 mo. LIBOR + 3.00%), 3.30%, 05/29/26		768		750,868
				6,810,598
Containers & Packaging — 1.7%
BWAY Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 3.48%, 04/03/24		2,225		2,190,204
Charter NEX US, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27		3,125		3,105,422
Flex Acquisition Co., Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%), 4.00%, 03/02/28		917		914,267
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 4.46%, 08/01/26		544		532,212
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/18/27(c)		1,036		1,010,335
Trident TPI Holdings, Inc.
2021 Delayed Draw Term Loan, 4.00%, 09/15/28		79		78,295
2021 Incremental Term Loan, (1 mo. LIBOR + 4.00%), 4.50%, 09/17/28		891		878,157
				8,708,892

SCHEDULE  OF  INVESTMENTS 14

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Distributors — 0.9%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 2.46%, 01/15/27	USD	1,064	$	1,049,492
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		1,003		952,434
2020 Super Priority Second Out Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/28/24		3,238		2,750,860
				4,752,786
Diversified Consumer Services — 3.1%
2U, Inc., Term Loan, (3 mo. LIBOR + 5.75%, 0.75% Floor), 6.50%, 12/28/24		1,267		1,212,505
Amentum Government Services Holdings LLC, 2022 Term Loan, (SOFR + 4.00%), 4.50%, 02/15/29		689		681,249
Ascend Learning, LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 6.25%, 12/10/29		681		675,893
2021 Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 12/10/28		1,699		1,679,903
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 2.75%, 11/23/28		818		807,726
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 4.21%, 07/11/25		2,604		2,569,911
Midas Intermediate Holdco II LLC, 2020 Term Loan B, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.68%, 12/22/25		2,723		2,538,164
Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (3 mo. LIBOR + 2.25%), 2.76%, 05/15/24		1,109		1,094,413
Ola Singapore PTE, Ltd., Term Loan, (SOFR + 6.25%, 0.75% Floor), 7.00%, 12/15/26		765		739,261
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/28/27		515		509,451
Serta Simmons Bedding LLC
2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 8.50%, 08/10/23		416		415,740
2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 8.50%, 08/10/23		852		801,247
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%), 5.00%, 01/15/27		1,671		1,668,589
Voyage Australia Pty. Ltd., USD Term Loan B, (3 mo. LIBOR + 3.50%), 4.00%, 07/20/28		656		647,784
				16,041,836
Diversified Financial Services — 7.6%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 4.96%, 07/31/26		921		916,125
Alchemy Copyrights LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 3.50%, 03/10/28(c)		751		748,761
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 3.25%, 02/04/28		1,535		1,509,783
AqGen Island Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 4.56%, 08/02/28(c)		3,120		3,093,867

Security	Par (000)		Value
Diversified Financial Services (continued)
Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR + 2.75%), 3.25%, 10/22/26	USD	2,053	$	1,995,016
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.50%), 3.00%, 09/01/28		2,422		2,401,679
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/01/28		595		582,106
2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27		1,512		1,486,279
EG America LLC, 2018 USD Term Loan, (3 mo. LIBOR + 4.00%), 5.00%, 02/07/25		1,146		1,125,646
Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 5.01%, 10/01/27(c)		4,289		4,278,476
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (1 mo. LIBOR + 4.00%), 4.50%, 02/16/28		380		376,184
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 07/03/24		1,325		1,305,118
KKR Apple Bidco LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 6.25%, 09/21/29.		218		216,230
2021 Term Loan, (1 mo. LIBOR + 3.00%), 3.50%, 09/23/28		533		525,091
LBM Acquisition LLC, Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.21%, 12/18/27		2,146		2,090,227
LEB Holdings (USA), Inc, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.76%, 11/02/27		427		423,687
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 09/25/26		2,129		2,108,187
RVR Dealership Holdings LLC, Term Loan B, (SOFR + 3.75%, 0.75% Floor), 4.50%, 02/08/28		645		613,453
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR + 2.00%), 3.01%, 11/05/28		1,175		1,156,400
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3 mo. LIBOR + 2.50%), 2.96%, 01/23/25		1,712		1,644,046
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 5.26%, 07/30/25		1,586		1,535,097
Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.01%, 09/01/25 ..		6,231		5,813,296
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 3.46%, 02/28/27		1,302		1,288,235
White Cap Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.75%), 4.25%, 10/19/27		1,097		1,082,938
Ziggo Financing Partnership, USD Term Loan I, (3 mo. LIBOR + 2.50%), 2.90%, 04/30/28		1,876		1,845,815
				40,161,742
Diversified Telecommunication Services — 1.9%
Cablevision Lightpath LLC, Term Loan B, (3 mo. LIBOR + 3.25%), 3.75%, 11/30/27		504		496,574
Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/02/27		713		665,240
Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.81%, 05/01/28		1,766		1,736,841

15

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Diversified Telecommunication Services (continued)
Intelsat Jackson Holdings SA, 2017 Term Loan B3, (PRIME + 4.75%), 8.25%, 11/27/23	USD	—	(m)	$	1
Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 11/04/26		1,702			1,686,129
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 2.21%, 03/01/27		1,676			1,643,353
Meridian Adhesives Group, Inc., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 07/24/28		1,778			1,749,641
Virgin Media SFA Finance Ltd., GBP Term Loan L, (SONIA CMPD + 3.25%), 3.85%, 01/15/27	GBP	1,400			1,799,109
					9,776,888
Electric Utilities — 1.0%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 12/15/27	USD	1,176			1,163,440
Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 4.51%, 03/31/28		4,295			4,182,809
					5,346,249
Electrical Equipment — 0.9%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 06/23/28		1,347			1,327,587
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.01% Floor), 3.25%, 03/31/27		2,152			2,118,302
II-VI, Inc., 2021 Bridge Term Loan B, (3 mo. LIBOR + 3.00%), 3.71%, 12/01/28(c)(l)		1,519			1,507,608
					4,953,497
Entertainment — 0.3%
MSG National Properties LLC, Term Loan, (3 mo. LIBOR + 6.25%, 0.75% Floor), 7.00%, 11/12/25(c)		1,737			1,728,327
Environmental, Maintenance & Security Service — 0.5%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 2.21%, 09/07/27		1,748			1,726,765
TruGreen LP, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/02/27		1,076			1,068,086
					2,794,851
Food & Staples Retailing — 0.3%
U.S. Foods, Inc.
2019 Term Loan B, (3 mo. LIBOR + 2.00%), 2.51%, 09/13/26		738			721,387
2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.26%, 11/22/28		969			956,754
					1,678,141
Food Products — 2.4%
8th Avenue Food & Provisions, Inc.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 4.21%, 10/01/25.		1,187			1,026,771
2021 Incremental Term Loan, (1 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 10/01/25		1,348			1,196,600
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/23/27		2,433			2,387,528
Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 2.71%, 01/29/27		3,280			3,216,293

Security	Par (000)		Value
Food Products (continued)
Naked Juice LLC, 2nd Lien Term Loan, (3 mo. LIBOR + 6.00%), 6.65%, 01/24/30	USD	1,030	$	1,024,608
Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 3.71%, 02/05/26		1,682		1,635,819
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 06/08/28		1,345		1,328,506
UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 3.46%, 01/20/28		607		598,027
				12,414,152
Gas Utilities — 0.5%
Freeport LNG Investments, LLLP, Term Loan B, (3 mo. LIBOR + 3.50%), 4.00%, 12/21/28		2,465		2,447,034
Health Care Equipment & Supplies — 1.8%
Electron BidCo, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.26%, 11/01/28		1,933		1,909,864
Insulet Corp., Term Loan B, (1 mo. LIBOR + 3.25%), 3.75%, 05/04/28(c)		680		674,764
Medline Borrower, LP, USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.75%, 10/21/28		3,215		3,181,354
Ortho-Clinical Diagnostics SA
2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.23%, 06/30/25		2,034		2,024,813
EUR Term Loan B, (EURIBOR + 3.50%), 3.50%, 06/30/25	EUR	872		957,464
Venga Finance SARL, 2021 USD Term Loan B, 5.50%, 12/04/28(l)	USD	570		552,477
				9,300,736
Health Care Providers & Services — 2.6%
CCRR Parent, Inc., Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.76%, 03/05/28		1,409		1,399,932
CHG Healthcare Services, Inc., 2021 Term Loan, (6 mo. LIBOR + 3.50%), 4.51%, 09/29/28		906		896,115
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.01%, 01/08/27		1,414		1,406,757
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 4.20%, 10/10/25		1,705		1,128,190
EyeCare Partners LLC
2020 Term Loan, (3 mo. LIBOR + 3.75%), 4.76%, 02/18/27		1,950		1,921,700
2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%), 7.76%, 11/15/29		504		500,827
2021 Incremental Term Loan, (3 mo. LIBOR + 3.75%), 4.76%, 11/15/28		471		279,196
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 5.51%, 03/05/26(c)		935		838,768
Orbcomm, Inc., Term Loan B, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 09/01/28		769		760,766
PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 02/14/25		46		46,115
Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%), 3.25%, 12/13/26		2,247		2,215,160
WP CityMD Bidco LLC, 2021 1st Lien Term Loan B, (6 mo. LIBOR + 3.25%), 3.75%, 12/23/28		2,475		2,459,049
				13,852,575

SCHEDULE  OF  INVESTMENTS 16

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care Services — 0.6%
Azalea Topco, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 3.80%, 07/25/26	USD	851	$	838,818
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%), 7.50%, 11/01/29		536		514,560
Unified Physician Management LLC, 2020 Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 12/18/27		1,639		1,618,526
				2,971,904
Health Care Technology — 3.0%
Athenahealth, Inc., 2022 Term Loan B, (SOFR + 3.50%), 4.00%, 02/15/29		2,524		2,492,828
Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 03/01/24		2,997		2,976,344
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 3.21%, 10/10/25		1,933		1,915,056
IQVIA, Inc., 2017 USD Term Loan B1, (1 mo. LIBOR + 1.75%), 2.21%, 03/07/24		266		263,359
Polaris Newco LLC, USD Term Loan B, (1 mo. LIBOR + 4.00%), 4.50%, 06/04/28		3,288		3,252,906
Press Ganey Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 07/25/26		2,328		2,304,637
Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 7.50%, 04/02/29(c)		2,740		2,712,600
				15,917,730
Hotels, Restaurants & Leisure — 5.7%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 2.21%, 11/19/26		2,729		2,667,063
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 4.21%, 02/02/26		490		478,632
Aristocrat Technologies, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 1.75%), 2.00%, 10/19/24		1,085		1,073,420
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 3.21%, 12/23/24.		1,389		1,379,964
2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 3.96%, 07/20/25		1,066		1,061,340
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 2.46%, 03/17/28		689		678,133
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 8.25%, 03/31/28		814		817,154
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.01%, 03/08/24		4,168		3,909,746
Fertitta Entertainment LLC, 2022 Term Loan B, (SOFR + 4.00%), 4.50%, 01/27/29		3,209		3,189,070
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.46%, 11/30/23		874		889,353
Golden Nugget, Inc., 2020 Initial Term Loan, (1 mo. LIBOR + 12.00%, 1.00% Floor), 13.00%, 10/04/23(c)		201		213,292
IRB Holding Corp., 2020 Term Loan B, (6 mo. LIBOR + 2.75%, 1.00% Floor), 3.76%, 02/05/25 ..		1,385		1,369,325
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 3.21%, 03/11/28		1,740		1,712,330

Security	Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 3.21%, 08/14/24	USD	1,129	$	1,124,325
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 3.26%, 07/21/26		1,053		1,043,436
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%), 2.71%, 02/08/27		1,973		1,944,402
Travelport Finance Luxembourg SARL(i)
2020 Super Priority Term Loan, (7.25% PIK), 2.51%, 02/28/25		1,580		1,635,273
2021 Consented Term Loan, (1.75% PIK), 6.01%, 05/29/26		2,621		2,302,549
Twin River Worldwide Holdings, Inc., 2021 Term Loan B, (6 mo. LIBOR + 3.25%), 3.75%, 10/01/28		795		789,642
Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 3.75%, 08/03/28		2,001		1,974,732
				30,253,181
Household Durables — 1.3%
ACProducts Holdings, Inc., 2021 Term Loan B, (6 mo. LIBOR + 4.25%), 4.75%, 05/17/28		2,447		2,201,061
Snap One Holdings Corp., Term Loan B, (3 mo. LIBOR + 4.50%), 5.51%, 12/08/28		946		926,868
Solis IV BV, USD Term Loan B1, (3 mo. LIBOR + 3.50%), 4.00%, 02/26/29		1,958		1,916,393
Springs Windows Fashions LLC, 2021 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/06/28		729		705,913
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 10/30/27		861		832,506
				6,582,741
Household Products — 0.1%
Spectrum Brands, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.00%), 2.50%, 03/03/28		475		468,371
Independent Power and Renewable Electricity Producers — 0.7%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.46%, 01/15/25		660		647,604
Calpine Corp.
2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.46%, 08/12/26		1,048		1,031,692
Term Loan B9, (1 mo. LIBOR + 2.00%), 2.46%, 04/06/26		1,898		1,869,048
				3,548,344
Industrial Conglomerates — 2.5%
AVSC Holding Corp.(i)
2020 Term Loan B1, (0.25% PIK), 4.25%, 03/03/25		3,623		3,409,281
2020 Term Loan B3, (10.00% PIK), 5.00%, 10/15/26		1,442		1,662,718
Diamond BC BV, 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 3.25%, 09/29/28		1,698		1,661,244
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 11/28/23		1,426		1,426,451

17

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Industrial Conglomerates (continued)
Stitch Aquisition Corp., Term Loan B, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.76%, 07/28/28	USD		963	$	902,016
Vertical US Newco, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 4.00%, 07/30/27			1,686		1,672,751
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 2.99%, 03/02/27			2,595		2,526,473
					13,260,934
Insurance — 3.9%
Alliant Holdings Intermediate LLC
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.71%, 05/09/25			2,409		2,379,738
2021 Term Loan B4, (1 mo. LIBOR + 3.50%), 4.00%, 11/06/27			3,307		3,282,240
Term Loan B, (1 mo. LIBOR + 3.25%), 3.71%, 05/09/25			1,175		1,161,162
AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/19/28			2,977		2,924,899
AssuredPartners, Inc.
2020 Term Loan B, (1 mo. LIBOR + 3.50%), 3.96%, 02/13/27			1,291		1,273,660
2021 Term Loan B, (1 mo. LIBOR + 3.50%), 4.00%, 02/12/27			770		760,296
Hub International Ltd.
2018 Term Loan B, (2 mo. LIBOR + 3.00%), 3.27%, 04/25/25			2,357		2,327,957
2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 04/25/25			2,994		2,972,289
NFP Corp., 2020 Term Loan, (1 mo. LIBOR + 3.25%), 3.71%, 02/13/27			164		160,983
Ryan Specialty Group LLC, Term Loan, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 09/01/27			1,014		1,005,079
Sedgwick Claims Management Services, Inc.
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 4.21%, 09/03/26			1,357		1,345,953
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26			730		724,577
					20,318,833
Interactive Media & Services — 2.5%
Adevinta ASA, USD Term Loan B, (3 mo. LIBOR + 2.75%, 0.75% Floor), 3.76%, 06/26/28			2,202		2,165,217
Arches Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 3.75%, 12/06/27			2,107		2,069,309
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/31/26.			2,970		2,938,854
Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 2.45%, 08/10/27			1,700		1,683,255
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			4,510		4,397,460
					13,254,095
Internet & Direct Marketing Retail — 0.4%
CNT Holdings I Corp., 2020 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 11/08/27			1,824		1,812,544
PUG LLC, 2021 Incremental Term Loan B, (1 mo. LIBOR + 4.25%), 4.75%, 02/13/27(c)			326		322,925
					2,135,469

Security		Par (000)		Value
Internet Software & Services — 0.2%
Uber Technologies, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 3.96%, 02/25/27	USD		1,282	$	1,275,755
IT Services — 6.2%
Aruba Investments, Inc.
2020 2nd Lien Term Loan, (6 mo. LIBOR + 7.75%, 0.75% Floor), 8.50%, 11/24/28			1,275		1,259,063
2020 USD Term Loan, (6 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/24/27			683		672,871
Banff Merger Sub, Inc., 2021 USD Term Loan, (3 mo. LIBOR + 3.75%), 4.21%, 10/02/25			2,034		2,019,895
Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.00%), 3.46%, 10/31/26			2,119		2,093,585
CCC Intelligent Solutions, Inc., Term Loan B, (3 mo. LIBOR + 2.25%), 3.26%, 09/21/28			1,488		1,471,899
CoreLogic, Inc.
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 7.00%, 06/04/29			1,248		1,227,720
Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 06/04/28			3,698		3,648,910
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 1.75%), 2.21%, 04/30/28			1,955		1,919,424
Greeneden U.S. Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/01/27			5,050		5,037,379
Optiv Security, Inc., 1st Lien Term Loan, (6 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 02/01/24			383		373,507
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.96%, 02/13/27			2,242		2,194,699
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 9.01%, 10/09/28 ..			3,730		3,795,275
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/05/26			857		847,904
Trans Union LLC
2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 2.21%, 11/16/26			1,651		1,624,479
2021 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.75%, 12/01/28			2,295		2,274,415
Virtusa Corp., 1st Lien Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/11/28(c)			930		920,314
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 2.71%, 03/31/28			865		853,674
ZoomInfo LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 3.46%, 02/02/26			192		191,040
					32,426,053
Leisure Products — 0.3%
Fender Musical Instruments Corp., 2021 Term Loan B, (SOFR + 4.00%), 4.50%, 12/01/28			859		850,392
MND Holdings III Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.51%, 06/19/24			772		759,952
					1,610,344
Life Sciences Tools & Services — 2.6%
Avantor Funding, Inc.
2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 2.50%, 11/21/24			273		270,172
2021 Term Loan B5, (1 mo. LIBOR + 2.25%), 2.75%, 11/08/27			2,539		2,515,895

SCHEDULE  OF  INVESTMENTS 18

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Life Sciences Tools & Services (continued)
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/04/27	USD		4,001	$	3,981,503
ICON Luxembourg SARL
LUX Term Loan, (3 mo. LIBOR + 2.25%), 3.31%, 07/01/28			2,223		2,210,849
US Term Loan, (3 mo. LIBOR + 2.25%), 3.31%, 07/01/28			554		550,836
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3 mo. LIBOR + 3.00%), 3.50%, 10/19/27(c)			1,089		1,083,454
Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 11/15/28			3,004		2,979,743
					13,592,452
Machinery — 3.3%
Albion Financing 3 SARL, USD Term Loan, (3 mo. LIBOR + 5.25%), 5.75%, 08/17/26			1,619		1,601,899
ASP Blade Holdings, Inc., Initial Term Loan, (1 mo. LIBOR + 4.00%), 4.50%, 10/15/28			596		586,810
Clark Equipment Co., 2021 Incremental Term Loan, (3 mo. LIBOR + 2.25%), 3.26%, 05/18/24			1,197		1,192,230
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.81%, 05/14/28			365		358,263
Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 10/21/28			1,036		1,020,883
Fluidra SA, 2022 USD Term Loan B, (SOFR + 2.00%), 2.50%, 01/29/29			271		268,810
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 2.21%, 02/28/27			2,495		2,450,324
Madison IAQ LLC, Term Loan, (6 mo. LIBOR + 3.25%), 4.52%, 06/21/28			3,627		3,569,186
SPX Flow, Inc., 4.54%, 03/16/29(l)			1,204		1,171,889
Titan Acquisition Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 4.01%, 03/28/25			5,161		5,040,930
Zurn LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 2.75%, 10/04/28			112		110,975
					17,372,199
Media — 11.0%
A-L Parent LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23			2,273		2,156,891
Altice Financing SA
2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 2.99%, 07/15/25			651		633,222
USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 2.99%, 01/31/26			1,736		1,670,202
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 4.51%, 08/14/26			2,795		2,740,403
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.00%), 3.35%, 04/22/26			834		741,736
Cable One, Inc., 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 2.46%, 05/03/28			434		426,783
Charter Communications Operating LLC, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 2.21%, 04/30/25			2,588		2,574,729
City Football Group Ltd., Term Loan, (6 mo. LIBOR + 3.50%), 4.00%, 07/21/28			1,404		1,373,659

Security		Par (000)			Value
Media (continued)
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.80%, 08/21/26	USD		3,529		$	3,464,705
CMG Media Corp., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.96%, 12/17/26			—	(m)		204
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/12/26			7,261			7,192,108
CSC Holdings LLC
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 2.65%, 07/17/25			580			569,898
2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.90%, 04/15/27			1,951			1,914,021
E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 01/07/28			762			755,356
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 2.71%, 03/24/25			1,531			1,507,277
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 2.25%, 10/19/26			2,268			2,211,108
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.96%, 09/13/24			4,186			4,129,900
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 09/15/24			2,537			2,505,390
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 6.71%, 02/23/29			1,095			1,082,681
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.73%, 09/19/26			1,544			1,536,871
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 09/28/23(c)			4,338			4,294,745
Trader Interactive LLC, 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.50%, 07/28/28(c)			495			487,513
UPC Financing Partnership, 2021 USD Term Loan AX, (3 mo. LIBOR + 3.00%), 3.40%, 01/31/29			509			501,579
Virgin Media Bristol LLC
2020 USD Term Loan Q, (1 mo. LIBOR + 3.25%), 3.65%, 01/31/29			2,097			2,082,594
USD Term Loan N, (3 mo. LIBOR + 2.50%), 2.90%, 01/31/28			2,578			2,543,196
Voyage Digital Ltd., 5.00%, 03/03/29(c)(l)			885			867,300
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 3.21%, 05/18/25			3,113			3,055,480
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.12%), 2.58%, 01/20/28			591			584,984
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.46%, 03/09/27			4,305			4,185,632
						57,790,167
Oil, Gas & Consumable Fuels — 1.7%
Ascent Resources - Utica, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.00%, 11/01/25(c)			555			592,913
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 4.21%, 12/13/25			1,421			1,307,134
Lealand Finance Co. BV
2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 3.46%, 06/28/24(c)			46			27,614
2020 Take Back Term Loan, (1 mo. LIBOR + 1.00%), 1.46%, 06/30/25			335			166,182

19

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Lucid Energy Group II Borrower LLC, 2021 Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 11/24/28	USD		2,098	$	2,083,139
Medallion Midland Acquisition, LLC, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/18/28			1,685		1,664,999
Murphy USA, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 2.25%, 01/31/28(c)			570		569,695
Oryx Midstream Services Permian Basin LLC, Term Loan B, (3 mo. LIBOR + 3.25%), 3.75%, 09/30/28			2,734		2,709,216
					9,120,892
Personal Products — 1.1%
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (SOFR + 6.00%, 1.00% Floor), 7.00%, 12/22/26			358		354,672
Prestige Brands, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.00%), 2.50%, 07/01/28			200		198,848
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.76%, 10/01/26			5,345		5,305,032
					5,858,552
Pharmaceuticals — 2.9%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 4.00%, 05/04/25			1,073		1,055,199
Bausch Health Americas Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.46%, 06/02/25			2,468		2,471,556
Bausch Health Cos., Inc., 2022 Term Loan B, 5.75%, 01/27/27			2,108		2,084,285
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%), 2.50%, 02/22/28(c)			2,306		2,299,983
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 1.98%, 08/01/27			913		896,973
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.46%, 11/15/27			1,762		1,730,667
Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 05/05/28			2,140		2,129,743
Organon & Co., USD Term Loan, (3 mo. LIBOR + 3.00%), 3.56%, 06/02/28			1,409		1,399,843
Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 4.01%, 11/18/27			1,152		1,128,268
					15,196,517
Professional Services — 0.5%
Dun & Bradstreet Corp.
2022 Incremental Term Loan B2, (SOFR + 3.25%), 3.56%, 01/18/29(c)			625		618,750
Term Loan, (1 mo. LIBOR + 3.25%), 3.70%, 02/06/26			2,093		2,071,228
					2,689,978

Security		Par (000)			Value
Real Estate Management & Development — 0.7%
Chamberlain Group, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 4.51%, 11/03/28	USD		2,167		$	2,137,690
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 3.21%, 08/21/25			1,294			1,274,937
						3,412,627
Road & Rail — 0.2%
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 5.50%), 5.80%, 08/04/25			1,355			1,246,538
Semiconductors & Semiconductor Equipment — 0.1%
ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.46%, 09/19/26			—	(m)		31
Synaptics, Inc., Term Loan B, (3 mo. LIBOR + 2.25%), 2.75%, 12/02/28			552			549,293
						549,324
Software — 13.8%
Applied Systems, Inc.
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 5.50%, 09/19/24			437			433,323
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.50%, 0.75% Floor), 6.51%, 09/19/25			630			625,571
Barracuda Networks, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.73%, 02/12/25			2,671			2,656,208
2020 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 10/30/28			771			766,181
Cloudera, Inc.
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%), 6.50%, 10/08/29(c)			1,304			1,281,180
2021 Term Loan, (1 mo. LIBOR + 3.75%), 4.25%, 10/08/28			2,600			2,564,250
ConnectWise LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 4.00%, 09/30/28			896			888,589
Cornerstone OnDemand, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.75%), 4.25%, 10/15/28			1,058			1,046,098
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 3.50%, 05/27/24			502			476,833
E2open LLC, 2020 Term Loan B, (3 mo. LIBOR + 3.50%), 4.00%, 02/04/28			252			248,083
Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 8.75%, 07/31/28			1,886			1,921,363
Helios Software Holdings, Inc., 2021 USD Term Loan B, (6 mo. LIBOR + 3.75%), 5.25%, 03/11/28			1,887			1,866,621
Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 3.25%, 10/29/28			4,489			4,437,475
Instructure Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.27%, 10/29/28(c)			644			640,780
IPS Corp.
2021 2nd Lien Term Loan B, (1 mo. LIBOR + 7.00%), 7.50%, 10/01/29			919			899,085
2021 Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 10/01/28			517			504,191
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 0.75% Floor), 5.75%, 07/27/28			5,312			5,262,554

SCHEDULE  OF  INVESTMENTS 20

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Software (continued)
Magenta Buyer LLC (continued)
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 9.00%, 07/27/29	USD		2,587	$	2,557,896
McAfee LLC, 2022 USD Term Loan B, (3 mo. LIBOR + 4.00%), 4.50%, 03/01/29			3,050		3,023,313
Netsmart Technologies, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			1,383		1,375,396
Planview Parent, Inc.
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.26%, 12/18/28(c)			824		815,760
Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 5.01%, 12/17/27			1,898		1,872,228
Proofpoint, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 3.76%, 08/31/28			2,663		2,631,174
2nd Lien Term Loan, (3 mo. LIBOR + 6.25%), 6.76%, 08/31/29			1,281		1,273,391
RealPage, Inc.
1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.75%, 04/22/28			5,470		5,401,083
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 7.25%, 04/22/29			2,629		2,632,371
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.71%, 05/30/25			582		574,655
Severin Acquisition LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.45%, 08/01/25			3,485		3,440,686
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 4.26%, 10/07/27			3,687		3,646,248
SS&C Technologies Inc, 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 2.21%, 04/16/25			326		320,494
SS&C Technologies, Inc.
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 2.21%, 04/16/25			402		395,070
2018 Term Loan B5, (1 mo. LIBOR + 1.75%), 2.21%, 04/16/25			1,704		1,675,207
Tempo Acquisition LLC, 2022 Term Loan B, (SOFR + 3.00%), 3.50%, 08/31/28			4,241		4,208,154
Tibco Software Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.71%, 03/04/28			2,577		2,567,697
Ultimate Software Group, Inc.
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.25%), 5.75%, 05/03/27			1,630		1,615,170
2021 Term Loan, (3 mo. LIBOR + 3.25%), 3.75%, 05/04/26			3,779		3,744,664
Term Loan B, (3 mo. LIBOR + 3.75%), 4.76%, 05/03/26			2,500		2,487,698
					72,776,740
Specialty Retail — 3.5%
Belron Finance U.S. LLC
2018 Term Loan B, (3 mo. LIBOR + 2.25%), 2.69%, 11/13/25			1,982		1,964,229
2019 USD Term Loan B3, (3 mo. LIBOR + 2.25%), 2.56%, 10/30/26			1,137		1,123,338
2021 USD Term Loan B, (3 mo. LIBOR + 2.75%), 3.25%, 04/13/28			1,724		1,709,670
EG Group Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.25%), 5.25%, 03/31/26			503		494,483

Security		Par (000)		Value
Specialty Retail (continued)
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 3.75%, 11/24/28	USD		600	$	594,490
Mavis Tire Express Services Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 05/04/28			2,664		2,643,518
MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 4.71%, 08/31/26			1,852		1,829,397
Medical Solutions LLC
2021 Delayed Draw Term Loan, 3.50%, 11/01/28			337		14,440
2021 First Lien Term Loan, (3 mo. LIBOR + 3.50%), 4.51%, 11/01/28			1,768		1,750,253
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/11/28			4,682		4,662,151
Research Now Group, Inc., 2017 1st Lien Term Loan, (6 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/20/24			862		844,940
WOOF Holding, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.68%, 12/21/27			486		481,837
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.18%, 12/21/28			495		488,194
					18,600,940
Technology Hardware, Storage & Peripherals — 0.2%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 5.46%, 07/23/26			893		867,959
Textiles, Apparel & Luxury Goods — 0.3%
Crocs, Inc., Term Loan B, (SOFR + 3.50%), 3.50%, 02/17/29			1,663		1,619,646
Trading Companies & Distributors — 0.8%
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 2.71%, 05/19/28			1,224		1,204,306
Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%), 3.75%, 01/31/28			1,354		1,328,260
ION Trading Finance Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 5.76%, 04/01/28			599		593,973
SRS Distribution, Inc., 2022 Incremental Term Loan, (SOFR + 3.50%), 4.00%, 06/04/28			870		858,159
					3,984,698
Wireless Telecommunication Services — 0.9%
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 04/30/28			971		962,386
MetroNet Systems Holdings LLC, 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 06/02/28.			625		617,800
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 2.21%, 04/11/25			3,327		3,281,778
					4,861,964
Total Floating Rate Loan Interests — 123.5% (Cost: $655,899,541)					650,395,170

21

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Shares		Value
Investment Companies
Equity Funds — 0.1%
SPDR S&P Oil & Gas Exploration & Production ETF			4,875	$	655,931
Fixed Income Funds — 0.1%
Invesco Senior Loan ETF			16,200		352,674
Total Investment Companies — 0.2% (Cost: $791,441)					1,008,605
		Benefical Interest (000)
Other Interests(n)
IT Services(b)(c) — 0.0%
Millennium Corp.	USD		1,084		—
Millennium Lender Claim Trust			1,156		—
Total Other Interests — 0.0% (Cost: $ — )					—
		Par (000)
Preferred Securities
Capital Trusts — 0.4%
Automobiles — 0.0%
General Motors Financial Co., Inc., Series C, 5.70%(g)(h)	USD		50		52,385
Volkswagen International Finance NV, 4.38%, 12/31/49(j)	EUR		100		110,167
					162,552
Diversified Financial Services(g)(h) — 0.4%
Barclays PLC, 4.38%	USD		200		176,150
Credit Agricole S.A., 4.75%(e)			200		181,486
HSBC Holdings PLC, 6.00%			600		610,500
JPMorgan Chase & Co.
Series FF, 5.00%			765		762,456
Series HH, 4.60%			166		159,983
					1,890,575
Electric Utilities — 0.0%
Edison International, Series B, 5.00%(g)(h)			55		51,617
Independent Power and Renewable Electricity Producers — 0.0%
Vistra Corp., 7.00%(e)(g)(h)			77		74,979
Utilities — 0.0%
Electricite de France SA, 3.38%(a)(g)(h)	EUR		200		198,848
					2,378,571
		Shares
Preferred Stocks — 0.1%
Capital Markets — 0.1%
Goldman Sachs Group, Inc., Series J, 5.50%(g)(h)			13,550		345,119

Security	Shares		Value
Insurance — 0.0%
Alliant Holdings, Inc.(c)		83	$	80,924
				426,043
Total Preferred Securities — 0.5% (Cost: $2,875,908)				2,804,614
Warrants
Metals & Mining — 0.0%
Ameriforge Group, Inc. (Expires 06/08/24)(b)		5,283		—
Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp. (Expires 10/24/24)(b)		1,152		16,577
Transportation Infrastructure — 0.0%
Turbo Cayman Ltd. (Strike Price $0.01)(b)(c)		1		—
Total Warrants — 0.0% (Cost: $ — )				16,577
Total Long-Term Investments — 144.9% (Cost: $796,621,989)				763,314,873
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.21%(o)(p)		569,275		569,275
Total Short-Term Securities — 0.1% (Cost: $569,275)				569,275
Total Investments — 145.0% (Cost: $797,191,264)				763,884,148
Liabilities in Excess of Other Assets — (45.0)%				(237,147,685	)
Net Assets — 100.0%			$	526,736,463

^(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 $0, representing less than 0.05% of its net assets as of period end, and an original cost of $0.

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

^(g)  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.

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

⁽ⁱ⁾  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.

^(j)  When-issued security.

^(k)  Convertible security.

^(l)  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.

^(m)  Rounds to less than 1,000.

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

^(o)  Affiliate of the Fund.

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

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

SCHEDULE  OF  INVESTMENTS 22

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU)

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	435,992	$	133,283	(a)	$	—	$	—	$	—	$	569,275		569,275	$	193	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	108,175		EUR	98,000	Bank of America N.A.		06/15/22	$	(530	)
USD	1,886,039		EUR	1,714,000	BNP Paribas SA		06/15/22		(15,194	)
USD	3,346,234		EUR	3,041,000	BNP Paribas SA		06/15/22		(26,958	)
USD	106,861		EUR	97,000	Morgan Stanley & Co. International PLC		06/15/22		(735	)
USD	521,669		GBP	400,000	Morgan Stanley & Co. International PLC		06/15/22		(3,639	)
USD	1,819,796		GBP	1,395,000	Toronto-Dominion Bank		06/15/22		(12,215	)
								$	(59,271	)

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index

Financing Rate Received by the Fund

Payment Frequency

Termination Date

Credit Rating

(a)

Notional Amount (000)

(b)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

CDX.NA.HY.37.V1

5.00

%

Quarterly

12/20/26

B+

USD    5,000

$

322,804

$

354,059

$

(31,255

)

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

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

OTC Credit Default Swaps — 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		$	(2,658	)	$	(4,714	)	$	2,056
CenturyLink, Inc.	1.00		Quarterly	Barclays Bank PLC	06/20/25	N/R		USD    185			(10,966	)		(16,657	)		5,691
Adler Real Estate AG	5.00		Quarterly	Goldman Sachs International	12/20/26	BB-		EUR      10			78			(22	)		100
Adler Real Estate AG	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/26	BB-		EUR      30			234			134			100
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Bank of America N.A.	12/20/26	B+		EUR      10			(123	)		(411	)		288
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Barclays Bank PLC	12/20/26	B+		EUR        5			(62	)		209			(271	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Credit Suisse International	12/20/26	B+		EUR        5			(60	)		215			(275	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Credit Suisse International	12/20/26	B+		EUR      10			(123	)		404			(527	)
				Morgan Stanley & Co.
Jaguar Land Rover Automotive PLC	5.00		Quarterly	International PLC	12/20/26	B+		EUR      10			(123	)		479			(602	)
										$	(13,803	)	$	(20,363	)	$	6,560

^(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) March 31, 2022 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	$	—	$	154,355	$	—	$	154,355
Common Stocks
Construction & Engineering		93,379		—		—		93,379
Diversified Financial Services		—		—		10,753		10,753
Metals & Mining		—		1,664		1,057		2,721
Oil, Gas & Consumable Fuels		916,460		—		—		916,460
Semiconductors & Semiconductor Equipment		39,750		—		—		39,750
Software		507		—		—		507
Specialty Retail		—		241,859		—		241,859
Corporate Bonds
Aerospace & Defense		—		3,228,945		—		3,228,945
Airlines		—		3,475,251		—		3,475,251
Auto Components		—		2,216,655		1		2,216,656
Automobiles		—		2,469,282		—		2,469,282
Banks		—		278,383		—		278,383
Beverages		—		2,088,014		—		2,088,014
Biotechnology		—		103,591		—		103,591
Building Materials		—		1,052,731		—		1,052,731
Building Products		—		1,040,362		—		1,040,362
Capital Markets		—		1,719,686		—		1,719,686
Chemicals		—		2,686,319		—		2,686,319
Commercial Services & Supplies		—		1,316,246		—		1,316,246
Communications Equipment		—		917,508		—		917,508
Construction Materials		—		592,661		—		592,661
Consumer Discretionary		—		2,608,101		—		2,608,101
Consumer Finance		—		2,677,289		—		2,677,289
Containers & Packaging		—		152,052		—		152,052
Diversified Consumer Services		—		2,551,306		—		2,551,306
Diversified Financial Services		—		1,603,825		—		1,603,825
Diversified Telecommunication Services		—		4,233,751		—		4,233,751
Electric Utilities		—		791,019		—		791,019
Electrical Equipment		—		352,647		—		352,647
Electronic Equipment, Instruments & Components		—		1,007,440		—		1,007,440
Energy Equipment & Services		—		642,408		—		642,408

SCHEDULE  OF  INVESTMENTS 24

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU)

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Corporate Bonds (continued)
Environmental, Maintenance & Security Service	$	—	$	752,036		$	—	$	752,036
Equity Real Estate Investment Trusts (REITs)		—		2,227,268			—		2,227,268
Food & Staples Retailing		—		1,143,940			—		1,143,940
Food Products		—		930,217			—		930,217
Gas Utilities		—		27,188			—		27,188
Health Care Equipment & Supplies		—		809,071			—		809,071
Health Care Providers & Services		—		5,234,910			—		5,234,910
Health Care Technology		—		948,658			—		948,658
Healthcare		—		19,090			—		19,090
Hotels, Restaurants & Leisure		—		4,943,421			—		4,943,421
Household Durables		—		1,091,997			—		1,091,997
Household Products		—		37,620			—		37,620
Independent Power and Renewable Electricity Producers		—		956,444			—		956,444
Insurance		—		2,085,304			—		2,085,304
Interactive Media & Services		—		614,585			—		614,585
Internet Software & Services		—		1,304,870			—		1,304,870
IT Services		—		2,740,271			—		2,740,271
Leisure Products		—		280,314			—		280,314
Machinery		—		2,188,532			—		2,188,532
Media		—		12,971,744			—		12,971,744
Metals & Mining		—		2,063,624			—		2,063,624
Mortgage Real Estate Investment Trusts (REITs)		—		9,153			—		9,153
Multiline Retail		—		255,531			—		255,531
Oil, Gas & Consumable Fuels		95,313		13,360,231			—		13,455,544
Personal Products		—		44,790			—		44,790
Pharmaceuticals		—		2,584,975			—		2,584,975
Real Estate Management & Development		—		640,846			—		640,846
Road & Rail		—		198,777			—		198,777
Semiconductors & Semiconductor Equipment		—		437,095			—		437,095
Software		—		2,008,978			—		2,008,978
Specialty Retail		—		1,005,188			—		1,005,188
Technology Hardware, Storage & Peripherals		—		108,503			—		108,503
Textiles, Apparel & Luxury Goods		—		213,200			—		213,200
Thrifts & Mortgage Finance		—		388,251			—		388,251
Utilities		—		210,602			—		210,602
Wireless Telecommunication Services		—		2,892,113			—		2,892,113
Floating Rate Loan Interests		—		609,888,825			40,506,345		650,395,170
Investment Companies		1,008,605		—			—		1,008,605
Other Interests		—		—			—		—
Preferred Securities
Capital Trusts		—		2,378,571			—		2,378,571
Preferred Stocks		345,119		—			80,924		426,043
Warrants		16,577		—			—		16,577
Short-Term Securities
Money Market Funds		569,275		—			—		569,275
Liabilities
Unfunded Floating Rate Loan Interests(a)		—		(13,229	)		—		(13,229	)
	$	3,084,985	$	720,186,854		$	40,599,080	$	763,870,919
Derivative Financial Instruments(b)
Assets
Credit Contracts	$	—	$	8,235		$	—	$	8,235
Liabilities
Credit Contracts		—		(32,930	)		—		(32,930	)
Foreign Currency Exchange Contracts		—		(59,271	)		—		(59,271	)
	$	—	$	(83,966	)	$	—	$	(83,966	)

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

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, bank borrowings payable of $241,000,000 are categorized as Level 2 within the fair value hierarchy.

25

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Debt Strategies Fund, Inc. (DSU)

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			Unfunded Floating Rate Loan Interests			Total
Assets
Opening balance, as of December 31, 2021	$	11,700	$	1	$	26,559,403		$	—	(a)	$	86,236		$	(259	)	$	26,657,081
Transfers into Level 3(b)		—		—		22,772,762			—			—			—			22,772,762
Transfers out of Level 3(c)		—		—		(9,607,213	)		—			—			259			(9,606,954	)
Accrued discounts/premiums		—		—		9,751			—			—			—			9,751
Net realized gain (loss)		—		—		35,972			—			—			—			35,972
Net change in unrealized appreciation (depreciation)(d)		110		—		(406,967	)		—			(5,312	)		—			(412,169	)
Purchases		—		—		2,583,665			—			—			—			2,583,665
Sales		—		—		(1,441,028	)		—			—			—			(1,441,028	)
Closing balance, as of March 31, 2022	$	11,810	$	1	$	40,506,345		$	—	(a)	$	80,924		$	—		$	40,599,080
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2022(d)	$	110	$	—	$	(370,460	)	$	—		$	(5,312	)	$	—		$	(375,662	)

^(a)  Rounds to less than $1.

^(b)  As of December 31, 2021, the Fund used observable inputs in determining the value of certain investments. As of March 31, 2022, 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 fair value hierarchy.

^(c)  As of December 31, 2021, the Fund used significant unobservable inputs in determining the value of certain investments. As of March 31, 2022, 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 fair value hierarchy.

^(d)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2022 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
CDI	CREST Depository Interest
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
PIK	Payment-in-Kind
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s
SCA	Societe en Commandite par Actions
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate
SPDR	Standard & Poor’s Depository Receipt

SCHEDULE  OF  INVESTMENTS 26