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% |
| 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% | 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 | ||||||||||||
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, | 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., | 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., | 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, | 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, | 200 | 183,750 | ||||||||||
Castlelake Aviation Finance DAC, | 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., | USD | 200 | 191,496 | |||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., | 44 | 41,497 | ||||||||||
OWL Rock Core Income Corp., | 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., | 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, | USD | 45 | 40,500 | |||||||||
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, | 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., | 2,375 | — | ||||||||||
|
| |||||||||||
791,019 | ||||||||||||
Electrical Equipment — 0.1% | ||||||||||||
Gates Global LLC/Gates Corp., | 291 | 291,272 | ||||||||||
GrafTech Finance, Inc., | 66 | 61,375 | ||||||||||
NM Holdings Co. LLC, Series B, | 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, | 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., | 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., | 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., | 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, | 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., | 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, | ||||||||||||
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) | 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., | 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., | 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., | 151 | 154,108 | ||||||
CCM Merger, Inc., 6.38%, 05/01/26(e) | 53 | 53,530 | ||||||
CDI Escrow Issuer, Inc., | 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, | 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, | 73 | 74,826 | ||||||
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., | 80 | 73,749 | ||||||
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., | 76 | 84,075 | ||||||
Penn National Gaming, Inc., | 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, | 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., | 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., | 44 | 42,350 | ||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | 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 | ||||||||
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., | 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., | 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), | 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., | 34 | 32,206 | ||||||
OT Merger Corp., 7.88%, 10/15/29(e) | 37 | 32,005 | ||||||
Schenck Process Holding GmbH/Darmstadt, | EUR | 100 | 109,242 | |||||
Terex Corp., 5.00%, 05/15/29(e) | USD | 102 | 97,764 | |||||
Titan Acquisition Ltd./Titan Co.-Borrower LLC, | 163 | 161,969 | ||||||
TK Elevator Holdco GmbH, | 200 | 198,250 | ||||||
TK Elevator US Newco Inc., | 200 | 197,806 | ||||||
|
| |||||||
2,188,532 | ||||||||
Media — 2.5% | ||||||||
Adelphia Communications Corp., | 400 | — | ||||||
Advantage Sales & Marketing, Inc., | 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), | 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, | 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., | 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), | 199 | 138,406 | ||||||
Lions Gate Capital Holdings LLC, | 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., | 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, | 200 | 187,774 | ||||||
Videotron Ltd., 3.63%, 06/15/29(e) | 85 | 78,811 | ||||||
Virgin Media Secured Finance PLC, | 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., | 334 | 350,439 | ||||||
Carpenter Technology Corp., | 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., | 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., | 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., | 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, | EUR | 100 | 95,313 | |||||
Centennial Resource Production LLC, | 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., | 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., | 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., | 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., | 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, | 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., | 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, | EUR | 100 | 104,181 | |||||
|
| |||||||
2,584,975 | ||||||||
Real Estate Management & Development — 0.1% | ||||||||
Cushman & Wakefield U.S. Borrower LLC, | 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., | 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, | GBP | 40 | 56,055 | |||||
WeWork Cos. LLC/WW Co-Obligor, Inc., | 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., | 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., | 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., | 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, | 200 | 188,500 | ||||||
|
| |||||||
2,892,113 | ||||||||
|
| |||||||
Total Corporate Bonds — 20.4% |
| 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), | 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), | 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), | 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%), | 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), | 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), | 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%), | 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), | 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%), | 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), | 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), | 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%), | 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%), | 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%), | 621 | 607,458 | ||||||
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (6 mo. LIBOR + 4.00%, 0.75% Floor), | 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%), | 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%), | 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%), | 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), | 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), | 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), | 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%), | 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), | 1,036 | 1,010,335 | ||||||
Trident TPI Holdings, Inc. | ||||||||
2021 Delayed Draw Term Loan, | 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% |
| 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% |
| 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% | — | |||||||||||
|
| |||||||||||
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, | 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, | 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% |
| 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% | 16,577 | |||||||||||
|
| |||||||||||
Total Long-Term Investments — 144.9% | 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% | 569,275 | |||||||||||
|
| |||||||||||
Total Investments — 145.0% | 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 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 (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
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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) | | ||||||||||||||||
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CDX.NA.HY.37.V1 | 5.00 | % | Quarterly | 12/20/26 | B+ | USD 5,000 | $ | 322,804 | $ | 354,059 | $ | (31,255 | ) | |||||||||||||||||||||||||
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(a) | Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
(b) | The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement. |
OTC Credit Default Swaps — Sell Protection
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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 | ) | |||||||||||||||||||||||||||||
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$ | (13,803 | ) | $ | (20,363 | ) | $ | 6,560 | |||||||||||||||||||||||||||||||||
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(a) | Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
(b) | The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement. |
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.
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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 | ) | ||||||||||
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$ | 3,084,985 | $ | 720,186,854 | $ | 40,599,080 | $ | 763,870,919 | |||||||||
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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 | ) | ||||||||||
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$ | — | $ | (83,966 | ) | $ | — | $ | (83,966 | ) | |||||||
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(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 | Other Interests | Preferred Stocks | Unfunded Rate Loan | 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 | ) | |||||||||||||||||||
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| |||||||||||||||
Closing balance, as of March 31, 2022 | $ | 11,810 | $ | 1 | $ | 40,506,345 | $ | — | (a) | $ | 80,924 | $ | — | $ | 40,599,080 | |||||||||||||
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| |||||||||||||||
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2022(d) | $ | 110 | $ | — | $ | (370,460 | ) | $ | — | $ | (5,312 | ) | $ | — | $ | (375,662 | ) | |||||||||||
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(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 |