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

Schedule of Investments (unaudited) September 30, 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(a) Series A4, 5.66%, 06/30/27	GBP		37	$	40,925
Series N, 6.46%, 03/30/32			100		125,474
Total Asset-Backed Securities — 0.0% (Cost: $196,685)					166,399
		Shares
Common Stocks
Construction & Engineering — 0.0%
McDermott International Ltd.(b)			141,483		63,667
Diversified Financial Services — 0.0%
Kcad Holdings I Ltd.(c)			1,075,282,733		10,753
Electrical Equipment — 0.0%
SunPower Corp.(b)			1,707		39,329
Metals & Mining — 0.0%
Ameriforge Group, Inc,			1,664		832
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $255,714)(c)(d)			14,576		889
					1,721
Oil, Gas & Consumable Fuels — 0.0%
Chesapeake Energy Corp.			1,585		149,323
Semiconductors & Semiconductor Equipment — 0.0%
Maxeon Solar Technologies Ltd.(b)			213		5,063
Specialty Retail — 0.1%
NMG Parent LLC			1,477		249,860
Total Common Stocks — 0.1% (Cost: $13,881,851)					519,716
		Par (000)
Corporate Bonds
Aerospace & Defense — 0.7%
Bombardier, Inc.(e)
7.50%, 03/15/25	USD		12		11,669
7.13%, 06/15/26			421		386,129
7.88%, 04/15/27			83		76,360
6.00%, 02/15/28			145		121,318
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(e)			200		155,042
Rolls-Royce PLC, 5.75%, 10/15/27(e)			200		173,750
Spirit AeroSystems, Inc.(e)
5.50%, 01/15/25			55		51,975
7.50%, 04/15/25			10		9,422
TransDigm, Inc.
8.00%, 12/15/25(e)			656		665,322
6.25%, 03/15/26(e)			1,103		1,069,910
6.38%, 06/15/26			15		14,171
7.50%, 03/15/27			33		31,416
4.63%, 01/15/29			151		121,559

Security		Par (000)		Value
Aerospace & Defense (continued)
TransDigm, Inc. (continued)
4.88%, 05/01/29	USD		96	$	77,597
Triumph Group, Inc., 8.88%, 06/01/24(e)			231		228,203
					3,193,843
Airlines — 0.7%
Air Canada, 3.88%, 08/15/26(e)			116		99,615
Air France-KLM, 3.88%, 07/01/26(a)	EUR		100		79,599
Allegiant Travel Co.(e)
8.50%, 02/05/24	USD		1,065		1,052,774
7.25%, 08/15/27			37		34,873
American Airlines, Inc., 11.75%, 07/15/25(e)			405		422,958
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(e)
5.50%, 04/20/26			152		142,481
5.75%, 04/20/29			317		276,707
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(e)			98		91,163
Deutsche Lufthansa AG, 3.75%, 02/11/28(a)	EUR		100		77,101
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(e)	USD		101		89,081
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(e)			287		280,347
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(e)			13		13,428
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 04/15/29			183		176,865
Series 2020-1, Class B, 4.88%, 07/15/27			16		14,869
United Airlines, Inc.(e)
4.38%, 04/15/26			259		231,157
4.63%, 04/15/29			302		249,887
					3,332,905
Auto Components — 0.4%
Clarios Global LP, 6.75%, 05/15/25(e)			721		706,025
Clarios Global LP/Clarios U.S. Finance Co.(e)
6.25%, 05/15/26			271		258,805
8.50%, 05/15/27			930		887,676
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(e)			22		19,360
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/29(e)			36		25,958
Goodyear Tire & Rubber Co.
9.50%, 05/31/25			65		67,437
5.00%, 07/15/29			42		34,287
5.63%, 04/30/33			30		24,037
NM Holdings Co. LLC, 0.00%, 07/01/49(b)(c)(f)			5,150		1
Titan International, Inc., 7.00%, 04/30/28			18		16,332
					2,039,918
Automobiles — 0.4%
Allison Transmission, Inc., 5.88%, 06/01/29(e)			107		96,835
Asbury Automotive Group, Inc.
4.50%, 03/01/28			35		29,575
4.75%, 03/01/30			73		57,012
5.00%, 02/15/32(e)			51		39,273
Carvana Co.(e)
5.50%, 04/15/27			88		47,960
4.88%, 09/01/29			72		35,100
Constellation Automotive Financing PLC, 4.88%, 07/15/27(a)	GBP		100		75,646

1

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Automobiles (continued)
Ford Motor Co.
4.35%, 12/08/26	USD		9	$	8,259
3.25%, 02/12/32			199		143,346
6.10%, 08/19/32			57		50,251
4.75%, 01/15/43			176		116,616
5.29%, 12/08/46			78		54,990
Ford Motor Credit Co. LLC
3.81%, 01/09/24			200		193,500
4.69%, 06/09/25			200		185,599
5.13%, 06/16/25			200		188,722
5.11%, 05/03/29			200		173,540
4.00%, 11/13/30			200		156,000
Group 1 Automotive, Inc., 4.00%, 08/15/28(e)			15		12,078
Ken Garff Automotive LLC, 4.88%, 09/15/28(e)			39		31,874
LCM Investments Holdings II LLC, 4.88%, 05/01/29(e)			90		69,693
Lithia Motors, Inc., 3.88%, 06/01/29(e)			42		33,705
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(e)			59		40,678
Penske Automotive Group, Inc.
3.50%, 09/01/25			59		54,009
3.75%, 06/15/29			22		17,486
Sonic Automotive, Inc., 4.63%, 11/15/29(e)			20		15,700
Wabash National Corp., 4.50%, 10/15/28(e)			70		54,264
					1,981,711
Banks — 0.0%
Banco Espirito Santo SA(b)(f)
2.63%, 01/21/19(a)	EUR		100		11,761
0.00%, 01/15/22(g)			200		23,521
0.00%, 01/21/22			100		11,760
Wells Fargo & Co., Series BB, (5 year CMT + 3.45%), 3.90%(g)(h)	USD		115		97,247
					144,289
Beverages — 0.4%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(e)(i)			441		301,953
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29(e)			485		355,191
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/27(e)			208		130,152
Ball Corp.
2.88%, 08/15/30			12		9,209
3.13%, 09/15/31			157		118,339
Silgan Holdings, Inc., 4.13%, 02/01/28			8		7,096
Trivium Packaging Finance BV, 8.50%, 08/15/27(e)			814		718,609
					1,640,549
Biotechnology — 0.0%
Cidron Aida Finco SARL, 5.00%, 04/01/28(a)	EUR		100		80,246
Building Materials — 0.2%
Masonite International Corp.(e)
Class C, 5.38%, 02/01/28	USD		45		39,804
Class C, 3.50%, 02/15/30			69		52,751
New Enterprise Stone & Lime Co., Inc.(e)
5.25%, 07/15/28			26		21,490
9.75%, 07/15/28			38		32,053
SRM Escrow Issuer LLC, 6.00%, 11/01/28(e)			267		217,002
Standard Industries, Inc.
2.25%, 11/21/26(a)	EUR		100		76,448
5.00%, 02/15/27(e)	USD		34		30,087

Security		Par (000)		Value
Building Materials (continued)
Standard Industries, Inc. (continued)
4.75%, 01/15/28(e)	USD		12	$	10,138
4.38%, 07/15/30(e)			174		133,110
3.38%, 01/15/31(e)			99		69,627
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(e)			168		147,840
					830,350
Building Products(e) — 0.3%
Advanced Drainage Systems, Inc.
5.00%, 09/30/27			5		4,598
6.38%, 06/15/30			193		186,988
Beacon Roofing Supply, Inc., 4.13%, 05/15/29			39		31,587
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28			67		55,222
Foundation Building Materials, Inc., 6.00%, 03/01/29			32		23,354
GYP Holdings III Corp., 4.63%, 05/01/29			76		57,809
LBM Acquisition LLC, 6.25%, 01/15/29			39		26,423
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26			27		22,341
SRS Distribution, Inc.
4.63%, 07/01/28			259		222,478
6.13%, 07/01/29			162		130,103
6.00%, 12/01/29			222		177,049
White Cap Buyer LLC, 6.88%, 10/15/28			519		423,483
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26(i)			67		56,763
					1,418,198
Capital Markets — 0.3%
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27(e)			150		141,000
Aretec Escrow Issuer, Inc., 7.50%, 04/01/29(e)			36		30,129
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%(g)(h)			265		194,665
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(e)			65		51,007
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24			101		94,492
6.25%, 05/15/26			9		8,411
5.25%, 05/15/27			196		171,600
4.38%, 02/01/29			182		146,488
NFP Corp.(e)
4.88%, 08/15/28			200		170,663
6.88%, 08/15/28			699		545,220
					1,553,675
Chemicals — 0.6%
Ashland LLC, 3.38%, 09/01/31(e)			89		68,790
Avient Corp., 7.13%, 08/01/30(e)			53		48,915
Axalta Coating Systems LLC, 3.38%, 02/15/29(e)			300		235,185
Celanese U.S. Holdings LLC, 6.17%, 07/15/27			85		80,444
Chemours Co., 5.75%, 11/15/28(e)			38		31,081
Diamond BC BV, 4.63%, 10/01/29(e)			226		157,255
Element Solutions, Inc., 3.88%, 09/01/28(e)			556		447,691
EverArc Escrow SARL, 5.00%, 10/30/29(e)			176		142,075
GCP Applied Technologies, Inc., 5.50%, 04/15/26(e)			134		135,843
HB Fuller Co., 4.25%, 10/15/28			35		29,449
Herens Holdco SARL, 4.75%, 05/15/28(e)			200		160,000
Herens Midco SARL, 5.25%, 05/15/29(a)	EUR		100		61,344
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(e)	USD		188		156,040

SCHEDULE   OF  INVESTMENTS 2

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chemicals (continued)
Ingevity Corp., 3.88%, 11/01/28(e)	USD		23	$	19,016
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(e)(i)			82		64,780
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(e)			36		27,000
Lune Holdings SARL, 5.63%, 11/15/28(a)	EUR		100		73,533
Minerals Technologies, Inc., 5.00%, 07/01/28(e)	USD		55		47,868
Scotts Miracle-Gro Co.
4.00%, 04/01/31			57		40,128
4.38%, 02/01/32			8		5,690
WESCO Distribution, Inc.(e)
7.13%, 06/15/25			49		49,027
7.25%, 06/15/28			153		149,856
WR Grace Holdings LLC, 5.63%, 08/15/29(e)			935		701,250
					2,932,260
Commercial Services & Supplies — 0.2%
ADT Security Corp.(e)
4.13%, 08/01/29			9		7,470
4.88%, 07/15/32			14		11,291
AMN Healthcare, Inc., 4.00%, 04/15/29(e)			28		23,593
APX Group, Inc.(e)
6.75%, 02/15/27			64		59,787
5.75%, 07/15/29			86		67,989
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29(e)			13		10,675
Fortress Transportation & Infrastructure Investors LLC(e)
6.50%, 10/01/25			18		16,909
9.75%, 08/01/27			17		16,623
5.50%, 05/01/28			95		75,987
Garden Spinco Corp., 8.63%, 07/20/30(e)			64		66,120
Herc Holdings, Inc., 5.50%, 07/15/27(e)			121		108,900
Hertz Corp.(e)
4.63%, 12/01/26			40		32,494
5.00%, 12/01/29			33		24,544
Metis Merger Sub LLC, 6.50%, 05/15/29(e)			68		53,040
NESCO Holdings II, Inc., 5.50%, 04/15/29(e)			74		61,678
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28(e)			209		178,355
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(e)			202		166,876
Team Health Holdings, Inc., 6.38%, 02/01/25(e)			103		76,294
United Rentals North America, Inc., 5.25%, 01/15/30			2		1,810
Williams Scotsman International, Inc., 4.63%, 08/15/28(e)			74		64,746
					1,125,181
Communications Equipment(e) — 0.2%
Avaya, Inc., 6.13%, 09/15/28			223		110,942
Ciena Corp., 4.00%, 01/31/30			34		28,390
CommScope Technologies LLC, 6.00%, 06/15/25			196		174,136
CommScope, Inc.
6.00%, 03/01/26			8		7,366
8.25%, 03/01/27			11		9,089
7.13%, 07/01/28			58		44,771
4.75%, 09/01/29			152		123,980
Viasat, Inc.
5.63%, 09/15/25			77		59,776
5.63%, 04/15/27			21		17,471

Security		Par (000)		Value
Communications Equipment (continued)
Viasat, Inc. (continued)
6.50%, 07/15/28	USD		48	$	31,920
Viavi Solutions, Inc., 3.75%, 10/01/29			110		88,009
					695,850
Construction Materials(e) — 0.1%
American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/28			103		90,102
3.88%, 11/15/29			18		14,100
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			35		30,349
H&E Equipment Services, Inc., 3.88%, 12/15/28			20		15,700
IAA, Inc., 5.50%, 06/15/27			159		145,088
Picasso Finance Sub, Inc., 6.13%, 06/15/25			82		80,370
Thor Industries, Inc., 4.00%, 10/15/29			35		26,304
Winnebago Industries, Inc., 6.25%, 07/15/28			25		23,125
					425,138
Consumer Discretionary(e) — 0.4%
APi Group DE, Inc.
4.13%, 07/15/29			67		53,098
4.75%, 10/15/29			32		26,517
Carnival Corp.
10.50%, 02/01/26			314		310,675
5.75%, 03/01/27			295		206,662
9.88%, 08/01/27			140		137,200
4.00%, 08/01/28			202		162,961
6.00%, 05/01/29			125		82,071
CoreLogic, Inc., 4.50%, 05/01/28			138		93,840
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26			52		44,529
Life Time, Inc.
5.75%, 01/15/26			80		72,800
8.00%, 04/15/26			69		58,995
NCL Corp. Ltd., 5.88%, 03/15/26			91		69,227
NCL Finance Ltd., 6.13%, 03/15/28			46		33,924
Nielsen Finance LLC/Nielsen Finance Co.
5.63%, 10/01/28			60		59,552
5.88%, 10/01/30			66		65,727
Royal Caribbean Cruises Ltd.
10.88%, 06/01/23			42		42,945
9.13%, 06/15/23			54		54,945
11.50%, 06/01/25			57		60,562
5.50%, 08/31/26			28		21,420
11.63%, 08/15/27			56		50,961
5.50%, 04/01/28			113		79,172
8.25%, 01/15/29(j)			62		60,349
9.25%, 01/15/29(j)			85		83,755
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29			59		45,873
					1,977,760
Consumer Finance — 0.5%
American Express Co., (5 year CMT + 2.85%),
3.55%(g)(h)			235		181,109
HealthEquity, Inc., 4.50%, 10/01/29(e)			339		286,367
MPH Acquisition Holdings LLC, 5.50%, 09/01/28(e)			66		54,479
Navient Corp.
7.25%, 09/25/23			3		2,988
6.13%, 03/25/24			93		90,559
5.88%, 10/25/24			77		72,962
5.50%, 03/15/29			87		66,133

3

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Consumer Finance (continued)
OneMain Finance Corp.
6.88%, 03/15/25	USD		151	$	141,917
3.50%, 01/15/27			156		121,520
6.63%, 01/15/28			8		6,864
5.38%, 11/15/29			11		8,525
4.00%, 09/15/30			76		53,330
Sabre Global, Inc.(e)
9.25%, 04/15/25			78		74,678
7.38%, 09/01/25			81		72,546
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(e)			210		191,494
SLM Corp., 3.13%, 11/02/26			56		46,355
Verscend Escrow Corp., 9.75%, 08/15/26(e)			851		821,215
					2,293,041
Containers & Packaging(e) — 0.2%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
6.00%, 06/15/27			200		188,341
3.25%, 09/01/28			200		163,192
Clydesdale Acquisition Holdings, Inc.
6.63%, 04/15/29			230		209,286
8.75%, 04/15/30			178		147,211
LABL, Inc., 5.88%, 11/01/28			84		68,032
Sealed Air Corp., 4.00%, 12/01/27			61		52,786
					828,848
Diversified Consumer Services — 0.5%
Allied Universal Holdco LLC/Allied Universal Finance Corp.(e)
6.63%, 07/15/26			529		471,471
9.75%, 07/15/27			101		83,020
6.00%, 06/01/29			600		387,224
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(e)			400		305,064
Brink’s Co., 5.50%, 07/15/25(e)			15		14,198
Clarivate Science Holdings Corp.(e)
3.88%, 07/01/28			365		301,052
4.88%, 07/01/29			167		130,761
Garda World Security Corp., 4.63%, 02/15/27(e)			11		9,433
Rekeep SpA, 7.25%, 02/01/26(a)	EUR		100		85,754
Service Corp. International, 4.00%, 05/15/31	USD		192		154,405
Sotheby’s, 7.38%, 10/15/27(e)			400		367,396
					2,309,778
Diversified Financial Services — 0.2%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28(e)			200		167,000
Central Garden & Pet Co.
4.13%, 10/15/30			63		50,146
4.13%, 04/30/31(e)			55		43,244
Citigroup, Inc.(g)(h)
Series W, (5 year CMT + 3.60%), 4.00%			50		42,125
Series Y, (5 year CMT + 3.00%), 4.15%			10		7,950
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25(a)	GBP		100		87,091
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(e)(i)	USD		26		19,257
Intrum AB, 4.88%, 08/15/25(a)	EUR		100		86,356
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28(e)	USD		200		147,500

Security		Par (000)		Value
Diversified Financial Services (continued)
JPMorgan Chase & Co., (1 day SOFR + 2.58%), 5.72%, 09/14/33(g)	USD		62	$	58,630
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/29(e)			22		16,470
OWL Rock Core Income Corp.
5.50%, 03/21/25			55		51,744
7.75%, 09/16/27(e)			65		64,013
Spectrum Brands, Inc.(e)
5.00%, 10/01/29			8		6,364
5.50%, 07/15/30			50		39,097
UBS Group AG, (5 year CMT + 3.31%), 4.38%(e)(g)(h)			345		226,665
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 02/01/30(e)			52		42,510
					1,156,162
Diversified Telecommunication Services — 1.0%
Consolidated Communications, Inc., 6.50%, 10/01/28(e)			157		117,357
Frontier Communications Holdings LLC, 8.75%, 05/15/30(e)			187		187,120
Level 3 Financing, Inc.(e)
3.40%, 03/01/27			28		23,450
4.63%, 09/15/27			64		52,965
4.25%, 07/01/28			153		119,342
3.63%, 01/15/29			66		48,866
3.75%, 07/15/29			116		84,970
Lumen Technologies, Inc.
5.13%, 12/15/26(e)			495		425,903
4.00%, 02/15/27(e)			173		145,282
4.50%, 01/15/29(e)			236		165,790
5.38%, 06/15/29(e)			498		370,096
Series U, 7.65%, 03/15/42			22		14,889
SoftBank Group Corp., 5.00%, 04/15/28(a)	EUR		100		77,179
Sprint Capital Corp.
6.88%, 11/15/28	USD		324		332,910
8.75%, 03/15/32			546		632,677
Switch Ltd.(e)
3.75%, 09/15/28			99		98,381
4.13%, 06/15/29			202		200,068
Telecom Italia Capital SA
6.38%, 11/15/33			58		45,091
6.00%, 09/30/34			134		99,859
7.20%, 07/18/36			14		10,972
7.72%, 06/04/38			23		18,350
Telecom Italia SpA, 2.88%, 01/28/26(a)	EUR		100		87,488
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28(e)	USD		29		22,909
Zayo Group Holdings, Inc.(e)
4.00%, 03/01/27			829		665,231
6.13%, 03/01/28			746		523,376
					4,570,521
Electric Utilities — 0.1%
Edison International, Series A, (5 year CMT + 4.70%), 5.38%(g)(h)			100		82,250
FirstEnergy Corp.
2.65%, 03/01/30			26		20,995
Series B, 2.25%, 09/01/30			6		4,616
Series C, 3.40%, 03/01/50			224		146,720

SCHEDULE   OF  INVESTMENTS 4

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Electric Utilities (continued)
FirstEnergy Transmission LLC(e)
5.45%, 07/15/44	USD		139	$	125,705
4.55%, 04/01/49			51		39,835
Pike Corp., 5.50%, 09/01/28(e)			130		105,300
Texas Competitive Electric Holdings, 1.00%, 11/10/21(b)(c)(f)			2,375		—
					525,421
Electrical Equipment — 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26(e) .			322		296,240
GrafTech Finance, Inc., 4.63%, 12/15/28(e)			66		49,335
NM Holdings Co. LLC, Series B, 9.50%, 07/01/05(b)(c)(f)			5,125		1
					345,576
Electronic Equipment, Instruments & Components — 0.3%
BWX Technologies, Inc.(e)
4.13%, 06/30/28			86		75,111
4.13%, 04/15/29			107		92,558
CDW LLC/CDW Finance Corp.
3.28%, 12/01/28			17		14,187
3.25%, 02/15/29			24		19,490
Energizer Holdings, Inc.(e)
4.75%, 06/15/28			17		13,469
4.38%, 03/31/29			6		4,451
Imola Merger Corp., 4.75%, 05/15/29(e)			186		156,919
Vertiv Group Corp., 4.13%, 11/15/28(e)			1,027		826,735
Xerox Corp., 4.80%, 03/01/35			2		1,303
					1,204,223
Energy Equipment & Services — 0.2%
Archrock Partners LP/Archrock Partners Finance Corp.(e)
6.88%, 04/01/27			106		94,932
6.25%, 04/01/28			174		152,945
Nabors Industries, Inc., 5.75%, 02/01/25			94		85,098
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			45		41,400
6.88%, 09/01/27			229		208,121
Vallourec SA, 8.50%, 06/30/26(a)	EUR		8		7,310
Weatherford International Ltd.(e)
11.00%, 12/01/24	USD		5		5,088
6.50%, 09/15/28			52		46,800
8.63%, 04/30/30			68		59,217
					700,911
Entertainment(e) — 0.1%
AMC Entertainment Holdings, Inc., 7.50%, 02/15/29			24		18,540
Lindblad Expeditions LLC, 6.75%, 02/15/27			283		249,040
NCL Corp. Ltd., 7.75%, 02/15/29			35		26,414
					293,994
Environmental, Maintenance & Security Service — 0.2%
Covanta Holding Corp.
4.88%, 12/01/29(e)			32		25,864
5.00%, 09/01/30			32		25,080
GFL Environmental, Inc.(e)
3.75%, 08/01/25			45		41,175
5.13%, 12/15/26			113		105,231
4.00%, 08/01/28			150		125,022

Security		Par (000)		Value
Environmental, Maintenance & Security Service (continued)
GFL Environmental, Inc.(e) (continued)
3.50%, 09/01/28	USD		65	$	54,815
4.75%, 06/15/29			111		93,517
4.38%, 08/15/29			145		120,898
Stericycle, Inc., 3.88%, 01/15/29(e)			49		40,578
Tervita Corp., 11.00%, 12/01/25(e)			25		26,938
Waste Pro USA, Inc., 5.50%, 02/15/26(e)			187		164,285
					823,403
Equity Real Estate Investment Trusts (REITs) — 0.2%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(e)			57		46,736
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28(e)			15		12,338
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(e)			46		35,881
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26(e)			59		47,347
Iron Mountain, Inc.(e)
5.25%, 07/15/30			43		35,581
5.63%, 07/15/32			66		52,800
MPT Operating Partnership LP/MPT Finance Corp.
4.63%, 08/01/29			306		246,198
3.50%, 03/15/31			371		258,309
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			322		280,140
4.50%, 02/15/29(e)			77		63,889
RLJ Lodging Trust LP(e)
3.75%, 07/01/26			40		34,162
4.00%, 09/15/29			31		24,285
VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29(e)			16		13,422
					1,151,088
Food & Staples Retailing — 0.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(e)
3.25%, 03/15/26			146		128,237
4.63%, 01/15/27			11		9,832
4.88%, 02/15/30			92		77,833
Darling Ingredients, Inc., 6.00%, 06/15/30(e)			135		128,478
Kraft Heinz Foods Co.
6.50%, 02/09/40			35		35,171
4.88%, 10/01/49			61		50,275
5.50%, 06/01/50			253		227,593
Lamb Weston Holdings, Inc.(e)
4.88%, 05/15/28			25		22,678
4.13%, 01/31/30			94		79,547
4.38%, 01/31/32			142		117,328
Ocado Group PLC, 3.88%, 10/08/26(a)	GBP		100		81,443
Performance Food Group, Inc., 4.25%, 08/01/29(e)	USD		168		139,877
Post Holdings, Inc.(e)
5.50%, 12/15/29			11		9,510
4.63%, 04/15/30			36		29,565
4.50%, 09/15/31			21		16,905
U.S. Foods, Inc.(e)
6.25%, 04/15/25			51		50,097
4.75%, 02/15/29			121		103,576

5

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Food & Staples Retailing (continued)
U.S. Foods, Inc.(e) (continued)
4.63%, 06/01/30	USD		13	$	10,758
United Natural Foods, Inc., 6.75%, 10/15/28(e)			15		13,719
					1,332,422
Food Products(e) — 0.2%
Aramark Services, Inc.
6.38%, 05/01/25			110		107,800
5.00%, 02/01/28			222		197,738
Chobani LLC/Chobani Finance Corp., Inc.
7.50%, 04/15/25			370		338,483
4.63%, 11/15/28			272		231,347
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/31			89		71,248
Pilgrim’s Pride Corp., 3.50%, 03/01/32			57		42,971
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29			110		89,925
					1,079,512
Gas Utilities — 0.0%
DCP Midstream Operating LP, 5.63%, 07/15/27			15		14,488
Rockies Express Pipeline LLC, 4.95%, 07/15/29(e)			14		12,009
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(e)			29		23,803
					50,300
Health Care Equipment & Supplies(e) — 0.1%
Avantor Funding, Inc.
4.63%, 07/15/28			359		319,490
3.88%, 11/01/29			379		307,824
Embecta Corp., 6.75%, 02/15/30			49		45,237
Hologic, Inc., 3.25%, 02/15/29			15		12,267
					684,818
Health Care Providers & Services — 0.8%
Acadia Healthcare Co., Inc.(e)
5.50%, 07/01/28			37		33,764
5.00%, 04/15/29			17		15,055
AdaptHealth LLC(e)
6.13%, 08/01/28			24		21,497
5.13%, 03/01/30			9		7,421
AHP Health Partners, Inc., 5.75%, 07/15/29(e)			105		81,375
Cano Health LLC, 6.25%, 10/01/28(e)			40		37,784
Centene Corp.
2.45%, 07/15/28			200		162,844
3.00%, 10/15/30			480		380,131
2.50%, 03/01/31			409		308,297
2.63%, 08/01/31			107		80,643
CHS/Community Health Systems, Inc.(e)
8.00%, 03/15/26			35		30,303
5.63%, 03/15/27			102		78,509
6.00%, 01/15/29			127		93,343
5.25%, 05/15/30			35		24,369
Encompass Health Corp.
4.50%, 02/01/28			5		4,282
4.75%, 02/01/30			180		148,082
4.63%, 04/01/31			66		52,157
Legacy LifePoint Health LLC(e)
6.75%, 04/15/25			116		109,761
4.38%, 02/15/27			44		36,359
LifePoint Health, Inc., 5.38%, 01/15/29(e)			71		49,502

Security		Par (000)		Value
Health Care Providers & Services (continued)
Medline Borrower LP(e)
3.88%, 04/01/29	USD		93	$	74,557
5.25%, 10/01/29			791		597,205
ModivCare, Inc., 5.88%, 11/15/25(e)			20		18,458
Molina Healthcare, Inc.(e)
4.38%, 06/15/28			12		10,830
3.88%, 11/15/30			174		146,033
3.88%, 05/15/32			77		63,073
Owens & Minor, Inc., 6.63%, 04/01/30(e)			2		1,760
Prime Healthcare Services, Inc., 7.25%, 11/01/25(e)			137		122,279
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26(e)			15		13,422
Surgery Center Holdings, Inc.(e)
6.75%, 07/01/25			145		134,002
10.00%, 04/15/27			256		248,957
Teleflex, Inc.
4.63%, 11/15/27			6		5,405
4.25%, 06/01/28(e)			31		26,963
Tenet Healthcare Corp.(e)
4.88%, 01/01/26			214		198,864
6.25%, 02/01/27			55		51,323
5.13%, 11/01/27			343		307,770
4.63%, 06/15/28			26		22,723
6.13%, 10/01/28			55		48,185
4.25%, 06/01/29			14		11,596
6.13%, 06/15/30			112		102,592
					3,961,475
Health Care Technology(e) — 0.2%
AthenaHealth Group, Inc., 6.50%, 02/15/30			469		370,777
Catalent Pharma Solutions, Inc.
5.00%, 07/15/27			41		36,571
3.13%, 02/15/29			52		40,105
3.50%, 04/01/30			118		92,833
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25			304		302,159
Charles River Laboratories International, Inc.
4.25%, 05/01/28			46		40,060
3.75%, 03/15/29			11		9,150
4.00%, 03/15/31			21		16,935
Syneos Health, Inc., 3.63%, 01/15/29			309		246,051
					1,154,641
Hotels, Restaurants & Leisure — 1.0%
1011778 BC ULC/New Red Finance, Inc.(e)
3.88%, 01/15/28			25		21,755
4.38%, 01/15/28			234		202,761
4.00%, 10/15/30			46		36,229
Boyd Gaming Corp.
4.75%, 12/01/27			58		51,331
4.75%, 06/15/31(e)			160		129,552
Boyne USA, Inc., 4.75%, 05/15/29(e)			109		91,313
Caesars Entertainment, Inc.(e)
6.25%, 07/01/25			533		513,679
8.13%, 07/01/27			524		500,465
4.63%, 10/15/29			534		408,020
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(e)			151		145,700
Carnival Corp., 7.63%, 03/01/26(e)			29		22,040
CCM Merger, Inc., 6.38%, 05/01/26(e)			53		48,365
CDI Escrow Issuer, Inc., 5.75%, 04/01/30(e)			323		282,081

SCHEDULE   OF  INVESTMENTS 6

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.50%, 05/01/25(e)	USD		318	$	305,894
6.50%, 10/01/28			19		17,575
Churchill Downs, Inc.(e)
5.50%, 04/01/27			77		71,251
4.75%, 01/15/28			152		131,492
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(e)
4.63%, 01/15/29			195		161,362
6.75%, 01/15/30			120		91,136
Hilton Domestic Operating Co., Inc.
5.75%, 05/01/28(e)			124		115,940
3.75%, 05/01/29(e)			46		37,986
4.88%, 01/15/30			193		167,910
4.00%, 05/01/31(e)			76		61,433
3.63%, 02/15/32(e)			40		30,636
MGM Resorts International, 5.75%, 06/15/25			73		69,764
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(e)			71		58,488
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(e)			76		81,795
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(e)
5.63%, 09/01/29			34		23,536
5.88%, 09/01/31			37		24,975
Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.88%, 11/01/26(e)			57		49,021
Royal Caribbean Cruises Ltd., 5.38%, 07/15/27(e)			67		49,281
Scientific Games International, Inc., 8.63%, 07/01/25(e)			65		66,546
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(e)			96		95,960
Station Casinos LLC(e)
4.50%, 02/15/28			69		56,633
4.63%, 12/01/31			89		67,220
Vail Resorts, Inc., 6.25%, 05/15/25(e)			89		87,791
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(e)			44		38,677
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(e)			198		160,024
Yum! Brands, Inc.
4.75%, 01/15/30(e)			17		14,856
5.38%, 04/01/32			12		10,640
5.35%, 11/01/43			14		11,117
					4,612,230
Household Durables — 0.2%
Ashton Woods USA LLC/Ashton Woods Finance Co.(e)
4.63%, 08/01/29			32		23,234
4.63%, 04/01/30			46		32,943
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(e)
5.00%, 06/15/29			67		49,598
4.88%, 02/15/30			256		189,508
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(e)			104		94,268
K Hovnanian Enterprises, Inc., 10.00%, 11/15/25(e)			20		21,000
KB Home, 7.25%, 07/15/30			21		19,057
Mattamy Group Corp., 4.63%, 03/01/30(e)			72		54,986

Security		Par (000)		Value
Household Durables (continued)
NCR Corp.(e)
5.75%, 09/01/27	USD		20	$	18,120
5.00%, 10/01/28			57		44,846
5.13%, 04/15/29			30		22,501
6.13%, 09/01/29			78		67,159
SWF Escrow Issuer Corp., 6.50%, 10/01/29(e)			105		62,212
Taylor Morrison Communities, Inc., 5.13%, 08/01/30(e)			20		16,144
Tempur Sealy International, Inc.(e)
4.00%, 04/15/29			73		57,526
3.88%, 10/15/31			72		52,740
Tri Pointe Homes, Inc., 5.70%, 06/15/28			18		15,312
					841,154
Household Products — 0.0%
Energizer Holdings, Inc., 6.50%, 12/31/27(e)			38		33,732
Independent Power and Renewable Electricity Producers — 0.1%
Calpine Corp.(e)
5.25%, 06/01/26			28		26,394
5.13%, 03/15/28			380		326,369
4.63%, 02/01/29			22		17,927
5.00%, 02/01/31			14		11,124
Clearway Energy Operating LLC(e)
4.75%, 03/15/28			47		41,849
3.75%, 01/15/32			82		63,569
NRG Energy, Inc.
5.75%, 01/15/28			22		20,303
5.25%, 06/15/29(e)			13		11,375
3.63%, 02/15/31(e)			107		83,460
3.88%, 02/15/32(e)			20		15,601
TerraForm Power Operating LLC, 4.75%, 01/15/30(e)			74		62,810
					680,781
Industrial Conglomerates — 0.0%
Resideo Funding, Inc., 4.00%, 09/01/29(e)			18		14,508
Insurance(e) — 0.5%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29			71		54,670
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27			388		331,421
6.75%, 10/15/27			1,083		933,317
5.88%, 11/01/29			376		305,395
AmWINS Group, Inc., 4.88%, 06/30/29			89		73,876
GTCR AP Finance, Inc., 8.00%, 05/15/27			4		3,680
HUB International Ltd.
7.00%, 05/01/26			434		411,612
5.63%, 12/01/29			16		13,360
NFP Corp., 7.50%, 10/01/30			34		32,263
Ryan Specialty Group LLC, 4.38%, 02/01/30			43		36,470
					2,196,064
Interactive Media & Services — 0.1%
Arches Buyer, Inc., 4.25%, 06/01/28(e)			36		28,080
Iliad SA, 2.38%, 06/17/26(a)	EUR		100		86,303
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.(e) 4.75%, 04/30/27	USD		152		132,240
6.00%, 02/15/28			71		55,036
10.75%, 06/01/28			30		27,941

7

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Interactive Media & Services (continued)
Twitter, Inc.(e)
3.88%, 12/15/27	USD		103	$	96,586
5.00%, 03/01/30			55		52,707
					478,893
Internet Software & Services(e) — 0.4%
ANGI Group LLC, 3.88%, 08/15/28			106		74,764
Endurance International Group Holdings, Inc., 6.00%, 02/15/29			34		22,571
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29			71		58,069
Match Group Holdings II LLC
4.63%, 06/01/28			81		70,774
4.13%, 08/01/30			65		53,381
3.63%, 10/01/31			66		49,830
NortonLifeLock, Inc., 7.13%, 09/30/30			74		71,574
Uber Technologies, Inc.
7.50%, 05/15/25			242		241,395
8.00%, 11/01/26			92		91,855
7.50%, 09/15/27			282		276,360
6.25%, 01/15/28			341		317,130
4.50%, 08/15/29			660		554,812
					1,882,515
IT Services — 0.7%
Ahead DB Holdings LLC, 6.63%, 05/01/28(e)			50		42,619
Block, Inc., 3.50%, 06/01/31			525		407,040
Booz Allen Hamilton, Inc.(e)
3.88%, 09/01/28			75		64,520
4.00%, 07/01/29			138		118,067
CA Magnum Holdings, 5.38%, 10/31/26(e)			201		167,835
Camelot Finance SA, 4.50%, 11/01/26(e)			56		50,669
Condor Merger Sub, Inc., 7.38%, 02/15/30(e)			279		228,101
Dun & Bradstreet Corp., 5.00%, 12/15/29(e)			262		216,150
Fair Isaac Corp., 4.00%, 06/15/28(e)			63		53,681
Fiserv, Inc., 2.25%, 06/01/27			1,385		1,195,761
Gartner, Inc.(e)
4.50%, 07/01/28			78		69,748
3.63%, 06/15/29			42		34,965
3.75%, 10/01/30			25		20,466
Global Payments, Inc., 4.95%, 08/15/27			35		33,346
KBR, Inc., 4.75%, 09/30/28(e)			66		56,699
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25(e)			163		158,834
Twilio, Inc., 3.88%, 03/15/31			161		126,381
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(e)			337		274,972
					3,319,854
Leisure Products — 0.0%
Mattel, Inc.
3.75%, 04/01/29(e)			32		26,905
6.20%, 10/01/40			60		56,478
5.45%, 11/01/41			119		99,697
					183,080
Machinery — 0.5%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28(e)			35		29,020
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(e)(i)			445		417,188
Madison IAQ LLC, 5.88%, 06/30/29(e)			1,139		793,382
Mueller Water Products, Inc., 4.00%, 06/15/29(e)			34		28,934

Security		Par (000)		Value
Machinery (continued)
OT Merger Corp., 7.88%, 10/15/29(e)	USD		37	$	25,068
Schenck Process Holding GmbH/Darmstadt, 5.38%, 06/15/23(a)	EUR		100		95,432
Terex Corp., 5.00%, 05/15/29(e)	USD		102		87,540
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26(e)			171		135,164
TK Elevator Holdco GmbH, 7.63%, 07/15/28(e)			200		167,500
TK Elevator Midco GmbH, 4.38%, 07/15/27(a)	EUR		100		82,079
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(e)	USD		400		340,084
					2,201,391
Media — 2.3%
Adelphia Communications Corp., 10.50%, 12/31/49(b)(c)(f)			400		—
Altice Financing SA(e)
5.00%, 01/15/28			204		157,137
5.75%, 08/15/29			451		345,114
Altice France Holding SA, 10.50%, 05/15/27(e)			542		424,524
AMC Networks, Inc., 4.25%, 02/15/29			39		28,835
Cable One, Inc.
1.13%, 03/15/28(k)			66		47,520
4.00%, 11/15/30(e)			111		86,404
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 05/01/27(e)			38		34,295
5.00%, 02/01/28(e)			33		28,455
5.38%, 06/01/29(e)			117		102,412
6.38%, 09/01/29(e)			417		382,848
4.75%, 03/01/30(e)			61		49,486
4.50%, 08/15/30(e)			109		86,202
4.25%, 02/01/31(e)			257		197,129
4.75%, 02/01/32(e)			207		161,207
4.50%, 05/01/32			291		221,937
4.50%, 06/01/33(e)			128		94,563
4.25%, 01/15/34(e)			289		206,860
Clear Channel International BV, 6.63%, 08/01/25(e)			200		185,842
Clear Channel Outdoor Holdings, Inc.(e)
5.13%, 08/15/27			562		474,742
7.75%, 04/15/28			337		254,435
7.50%, 06/01/29			252		182,700
CMG Media Corp., 8.88%, 12/15/27(e)			100		76,396
Connect Finco SARL/Connect U.S. Finco LLC,
6.75%, 10/01/26(e)			538		470,509
CSC Holdings LLC
5.25%, 06/01/24			344		318,200
4.13%, 12/01/30(e)			223		166,626
3.38%, 02/15/31(e)			205		144,525
Directv Financing LLC/Directv Financing Co.- Obligor, Inc., 5.88%, 08/15/27(e)			155		133,627
DISH DBS Corp.
5.25%, 12/01/26(e)			438		358,830
5.75%, 12/01/28(e)			248		187,424
5.13%, 06/01/29			107		62,863
Frontier Communications Holdings LLC(e)
5.88%, 10/15/27			93		83,349
5.00%, 05/01/28			205		175,931
6.75%, 05/01/29			146		120,450
6.00%, 01/15/30			86		67,564
GCI LLC, 4.75%, 10/15/28(e)			64		53,136
Iliad Holding SASU(e)
6.50%, 10/15/26			200		174,880
7.00%, 10/15/28			200		171,344

SCHEDULE   OF  INVESTMENTS 8

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Kaixo Bondco Telecom SA, 5.13%, 09/30/29(a)	EUR		100	$	76,596
Lamar Media Corp.
3.75%, 02/15/28	USD		13		11,356
4.00%, 02/15/30			57		47,759
LCPR Senior Secured Financing DAC(e)
6.75%, 10/15/27			180		149,400
5.13%, 07/15/29			200		150,613
Liberty Broadband Corp., 2.75%, 09/30/50(e)(k)			481		461,146
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(e)(i)			72		27,930
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(e)			244		181,780
Live Nation Entertainment, Inc.(e)
4.88%, 11/01/24			9		8,706
6.50%, 05/15/27			523		503,257
4.75%, 10/15/27			64		55,564
3.75%, 01/15/28			64		54,240
Outfront Media Capital LLC/Outfront Media Capital Corp.(e)
5.00%, 08/15/27			242		211,399
4.25%, 01/15/29			43		33,777
4.63%, 03/15/30			4		3,117
Radiate Holdco LLC/Radiate Finance, Inc.(e)
4.50%, 09/15/26			815		668,487
6.50%, 09/15/28			414		288,765
Scripps Escrow II, Inc., 3.88%, 01/15/29(e)			5		3,986
Sinclair Television Group, Inc., 4.13%, 12/01/30(e)			229		172,322
Sirius XM Radio, Inc.(e)
3.13%, 09/01/26			212		186,184
5.00%, 08/01/27			71		65,143
4.00%, 07/15/28			99		84,207
4.13%, 07/01/30			28		22,760
3.88%, 09/01/31			135		104,684
Stagwell Global LLC, 5.63%, 08/15/29(e)			32		26,322
Univision Communications, Inc.(e)
5.13%, 02/15/25			107		101,583
6.63%, 06/01/27			39		36,805
7.38%, 06/30/30			68		64,892
UPC Broadband Finco BV, 4.88%, 07/15/31(e)			200		155,206
Videotron Ltd., 3.63%, 06/15/29(e)			85		68,849
Virgin Media Secured Finance PLC, 4.50%, 08/15/30(e)			200		156,090
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28(e)			242		195,717
WMG Acquisition Corp., 3.88%, 07/15/30(e)			7		5,735
Ziggo Bond Co. BV, 5.13%, 02/28/30(e)			200		143,000
					11,045,678
Metals & Mining — 0.5%
Arconic Corp.(e)
6.00%, 05/15/25			13		12,513
6.13%, 02/15/28			203		179,316
ATI, Inc.
4.88%, 10/01/29			32		26,569
5.13%, 10/01/31			88		71,890
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(e)			360		331,337
Carpenter Technology Corp.
6.38%, 07/15/28			14		12,984
7.63%, 03/15/30			64		61,619

Security		Par (000)		Value
Metals & Mining (continued)
Commercial Metals Co.
4.13%, 01/15/30	USD		23	$	18,883
4.38%, 03/15/32			24		18,960
Constellium SE, 3.75%, 04/15/29(e)			500		365,041
ERO Copper Corp., 6.50%, 02/15/30(e)			50		37,531
FMG Resources August Pty. Ltd., 6.13%, 04/15/32(e)			130		111,703
Kaiser Aluminum Corp.(e)
4.63%, 03/01/28			169		137,890
4.50%, 06/01/31			192		140,494
Mineral Resources Ltd., 8.50%, 05/01/30(e)			41		39,622
New Gold, Inc., 7.50%, 07/15/27(e)			170		134,300
Novelis Corp.(e)
3.25%, 11/15/26			203		169,450
4.75%, 01/30/30			381		312,420
3.88%, 08/15/31			168		125,315
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(a)	EUR		100		76,958
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(e)	USD		39		32,896
U.S. Steel Corp., 6.88%, 03/01/29			26		23,630
					2,441,321
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Starwood Property Trust, Inc., 5.50%, 11/01/23(e)			9		8,842
Multiline Retail — 0.0%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(e)			123		113,019
Offshore Drilling & Other Services(e) — 0.0%
Entegris, Inc.
4.38%, 04/15/28			29		24,587
3.63%, 05/01/29			33		26,115
					50,702
Oil, Gas & Consumable Fuels — 2.5%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(e)			217		209,696
Antero Midstream Partners LP/Antero Midstream Finance Corp.(e)
5.75%, 03/01/27			89		82,313
5.75%, 01/15/28			15		13,650
5.38%, 06/15/29			66		58,271
Antero Resources Corp., 7.63%, 02/01/29(e)			23		22,957
Apache Corp.
4.25%, 01/15/30			68		59,466
5.10%, 09/01/40			76		61,352
5.35%, 07/01/49			41		32,185
Arcosa, Inc., 4.38%, 04/15/29(e)			117		99,450
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(e)
9.00%, 11/01/27			298		363,502
5.88%, 06/30/29			154		137,060
Buckeye Partners LP
5.85%, 11/15/43			16		11,852
5.60%, 10/15/44			1		702
Callon Petroleum Co.
6.38%, 07/01/26			38		34,241
8.00%, 08/01/28(e)			250		230,625
7.50%, 06/15/30(e)			279		244,266
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31(a)	EUR		100		63,844

9

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(e)	USD		224	$	212,956
Cheniere Energy Partners LP
4.50%, 10/01/29			262		230,662
4.00%, 03/01/31			239		200,397
3.25%, 01/31/32			188		144,357
Chesapeake Energy Corp.(e)
5.88%, 02/01/29			5		4,637
6.75%, 04/15/29			145		139,000
CITGO Petroleum Corp.(e)
7.00%, 06/15/25			90		85,998
6.38%, 06/15/26			74		69,080
Civitas Resources, Inc., 5.00%, 10/15/26(e)			28		25,437
CNX Midstream Partners LP, 4.75%, 04/15/30(e)			32		25,117
CNX Resources Corp.(e)
6.00%, 01/15/29			33		30,113
7.38%, 01/15/31			67		65,531
Colgate Energy Partners III LLC(e)
7.75%, 02/15/26			113		110,913
5.88%, 07/01/29			129		115,149
Comstock Resources, Inc.(e)
6.75%, 03/01/29			237		218,587
5.88%, 01/15/30			220		191,610
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(e)			250		211,631
Crescent Energy Finance LLC, 7.25%, 05/01/26(e)			222		199,449
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(e)
5.63%, 05/01/27			16		14,480
6.00%, 02/01/29			13		11,635
8.00%, 04/01/29			27		25,988
CrownRock LP/CrownRock Finance, Inc.(e)
5.63%, 10/15/25			413		395,394
5.00%, 05/01/29			16		14,117
DCP Midstream Operating LP
5.13%, 05/15/29			17		15,929
6.45%, 11/03/36(e)			179		163,536
6.75%, 09/15/37(e)			6		5,818
DT Midstream, Inc.(e)
4.13%, 06/15/29			124		104,780
4.38%, 06/15/31			152		125,357
Dycom Industries, Inc., 4.50%, 04/15/29(e)			33		27,808
Earthstone Energy Holdings LLC, 8.00%, 04/15/27(e)			99		93,308
eG Global Finance PLC, 6.25%, 10/30/25(a)	EUR		142		120,329
Energy Transfer LP, Series H, (5 year CMT + 5.69%), 6.50%(g)(h)	USD		222		193,385
EnLink Midstream LLC
5.63%, 01/15/28(e)			103		96,305
5.38%, 06/01/29			118		107,970
6.50%, 09/01/30(e)			75		73,238
EnLink Midstream Partners LP
4.85%, 07/15/26			39		35,817
5.60%, 04/01/44			82		62,377
5.45%, 06/01/47			18		13,148
EQM Midstream Partners LP
6.00%, 07/01/25(e)			33		30,513
4.13%, 12/01/26			17		14,402
6.50%, 07/01/27(e)			117		108,118
4.50%, 01/15/29(e)			8		6,445
7.50%, 06/01/30(e)			27		25,514

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
EQM Midstream Partners LP (continued)
4.75%, 01/15/31(e)	USD		199	$	157,956
Gulfport Energy Corp., 8.00%, 05/17/26(e)			11		11,443
Harvest Midstream I LP, 7.50%, 09/01/28(e)			20		18,693
Hess Midstream Operations LP, 4.25%, 02/15/30(e)			77		62,178
Hilcorp Energy I LP/Hilcorp Finance Co.(e)
6.25%, 11/01/28			31		28,603
5.75%, 02/01/29			13		11,365
6.00%, 04/15/30			5		4,358
6.00%, 02/01/31			5		4,332
ITT Holdings LLC, 6.50%, 08/01/29(e)			109		84,559
Kinetik Holdings LP, 5.88%, 06/15/30(e)			177		162,072
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(e)			10		9,584
MasTec, Inc., 4.50%, 08/15/28(e)			56		48,880
Matador Resources Co., 5.88%, 09/15/26			23		22,187
Murphy Oil Corp.
5.75%, 08/15/25			14		13,500
5.88%, 12/01/27			20		18,695
Murphy Oil USA, Inc., 4.75%, 09/15/29			109		96,465
Nabors Industries Ltd.(e)
7.25%, 01/15/26			66		57,428
7.50%, 01/15/28			78		63,671
Nabors Industries, Inc., 7.38%, 05/15/27(e)			104		95,987
New Fortress Energy, Inc.(e)
6.75%, 09/15/25			383		362,778
6.50%, 09/30/26			321		296,572
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(e)			80		71,169
NGPL PipeCo LLC, 7.77%, 12/15/37(e)			186		187,987
Northern Oil & Gas, Inc., 8.13%, 03/01/28(e)			298		279,375
NuStar Logistics LP
5.75%, 10/01/25			41		37,998
6.00%, 06/01/26			124		113,508
6.38%, 10/01/30			2		1,711
Occidental Petroleum Corp.
6.95%, 07/01/24			19		19,523
8.00%, 07/15/25			11		11,660
5.88%, 09/01/25			38		38,115
8.88%, 07/15/30			23		25,606
6.63%, 09/01/30			764		775,460
7.50%, 05/01/31			29		30,305
6.45%, 09/15/36			111		111,000
6.20%, 03/15/40			296		286,380
6.60%, 03/15/46			18		18,540
PDC Energy, Inc., 6.13%, 09/15/24			68		66,924
Permian Resources Operating LLC(e)
5.38%, 01/15/26			80		73,000
6.88%, 04/01/27			36		34,828
Range Resources Corp., 4.88%, 05/15/25			39		36,761
Rockcliff Energy II LLC, 5.50%, 10/15/29(e)			149		130,461
SM Energy Co.
5.63%, 06/01/25			22		21,120
6.75%, 09/15/26			46		44,275
6.63%, 01/15/27			7		6,719
6.50%, 07/15/28			23		21,857
Southwestern Energy Co.
5.38%, 02/01/29			92		83,426
4.75%, 02/01/32			52		43,581
Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28			151		137,024

SCHEDULE   OF  INVESTMENTS 10

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(e)
6.00%, 03/01/27	USD		14	$	12,702
6.00%, 12/31/30			10		8,501
6.00%, 09/01/31			41		34,645
Tap Rock Resources LLC, 7.00%, 10/01/26(e)			245		223,973
Transocean, Inc., 11.50%, 01/30/27(e)			167		154,465
Venture Global Calcasieu Pass LLC(e)
3.88%, 08/15/29			347		297,684
4.13%, 08/15/31			224		185,801
3.88%, 11/01/33			581		451,727
Vermilion Energy, Inc., 6.88%, 05/01/30(e)			51		46,920
Western Midstream Operating LP
4.75%, 08/15/28			95		86,450
5.45%, 04/01/44			217		178,014
5.30%, 03/01/48			39		32,078
5.50%, 08/15/48			17		13,749
5.50%, 02/01/50			156		125,970
					12,084,065
Personal Products — 0.0%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29(e)			5		4,230
Pharmaceuticals — 0.2%
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28(a)	EUR		100		80,338
Elanco Animal Health, Inc., 6.40%, 08/28/28	USD		57		50,319
Gruenenthal GmbH, 4.13%, 05/15/28(a)	EUR		100		81,164
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24(a)			100		88,694
Option Care Health, Inc., 4.38%, 10/31/29(e)	USD		79		66,755
Organon & Co./Organon Foreign Debt Co-Issuer BV(e)
4.13%, 04/30/28			200		171,000
5.13%, 04/30/31			200		163,832
PRA Health Sciences, Inc., 2.88%, 07/15/26(e)			200		175,969
Prestige Brands, Inc., 3.75%, 04/01/31(e)			70		54,383
Teva Pharmaceutical Finance Netherlands II BV, 3.75%, 05/09/27	EUR		100		82,404
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26	USD		35		28,521
					1,043,379
Real Estate — 0.0%
VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28(e)			30		26,616
Real Estate Management & Development — 0.1%
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28(e)			101		93,683
DIC Asset AG, 2.25%, 09/22/26(a)	EUR		100		69,811
Howard Hughes Corp.(e)
5.38%, 08/01/28	USD		2		1,660
4.13%, 02/01/29			51		39,397
4.38%, 02/01/31			63		45,253
Realogy Group LLC/Realogy Co.-Issuer Corp.(e) 5.75%, 01/15/29			321		231,521

Security		Par (000)		Value
Real Estate Management & Development (continued)
Realogy Group LLC/Realogy Co.-Issuer Corp.(e) (continued)
5.25%, 04/15/30	USD		43	$	29,201
Starwood Property Trust, Inc., 4.38%, 01/15/27(e)			25		21,312
WeWork Cos. LLC/WW Co.-Obligor, Inc., 5.00%, 07/10/25(e)			70		40,612
					572,450
Road & Rail — 0.0%
Autostrade per l’Italia SpA, 2.00%, 01/15/30(a)	EUR		100		73,146
Seaspan Corp., 5.50%, 08/01/29(e)	USD		101		79,790
					152,936
Semiconductors & Semiconductor Equipment(e) — 0.2%
Entegris Escrow Corp., 4.75%, 04/15/29			514		452,744
Sensata Technologies BV, 4.00%, 04/15/29			36		29,790
Sensata Technologies, Inc.
4.38%, 02/15/30			231		193,003
3.75%, 02/15/31			49		38,597
Synaptics, Inc., 4.00%, 06/15/29			121		97,411
					811,545
Software — 0.5%
Black Knight InfoServ LLC, 3.63%, 09/01/28(e)			122		104,005
Boxer Parent Co., Inc.(e)
7.13%, 10/02/25			148		145,051
9.13%, 03/01/26			215		206,615
Elastic NV, 4.13%, 07/15/29(e)			120		94,781
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(e)			73		56,509
Maxar Technologies, Inc., 7.75%, 06/15/27(e)			27		25,376
MicroStrategy, Inc., 6.13%, 06/15/28(e)			144		118,649
MSCI, Inc.(e)
3.63%, 09/01/30			64		52,659
3.88%, 02/15/31			11		9,262
3.63%, 11/01/31			41		32,895
3.25%, 08/15/33			58		44,789
Open Text Corp.(e)
3.88%, 02/15/28			2		1,654
3.88%, 12/01/29			198		152,506
Open Text Holdings, Inc., 4.13%, 02/15/30(e)			9		7,187
Picard Midco, Inc., 6.50%, 03/31/29			643		543,142
Playtika Holding Corp., 4.25%, 03/15/29(e)			174		139,155
PTC, Inc., 4.00%, 02/15/28(e)			80		69,967
SS&C Technologies, Inc., 5.50%, 09/30/27(e)			398		363,053
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(e)			203		155,466
					2,322,721
Specialty Retail(e) — 0.1%
Arko Corp., 5.13%, 11/15/29			58		45,240
Carvana Co., 10.25%, 05/01/30			53		35,377
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29			253		226,167
Staples, Inc., 7.50%, 04/15/26			82		68,848
					375,632
Technology Hardware, Storage & Peripherals — 0.0%
Coherent Corp., 5.00%, 12/15/29(e)			189		156,341

11

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Textiles, Apparel & Luxury Goods(e) — 0.0%
Crocs, Inc.
4.25%, 03/15/29	USD		11	$	8,745
4.13%, 08/15/31			49		37,298
Kontoor Brands, Inc., 4.13%, 11/15/29			32		25,495
Levi Strauss & Co., 3.50%, 03/01/31			78		60,840
					132,378
Thrifts & Mortgage Finance — 0.1%
Enact Holdings, Inc., 6.50%, 08/15/25(e)			129		123,284
Home Point Capital, Inc., 5.00%, 02/01/26(e)			58		36,323
MGIC Investment Corp., 5.25%, 08/15/28			47		41,989
Nationstar Mortgage Holdings, Inc.(e)
6.00%, 01/15/27			54		46,102
5.13%, 12/15/30			34		24,657
5.75%, 11/15/31			32		23,468
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/26(e)			98		80,360
					376,183
Utilities(e) — 0.1%
Consensus Cloud Solutions, Inc.
6.00%, 10/15/26			23		20,267
6.50%, 10/15/28			20		16,977
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28			42		36,412
Vistra Operations Co. LLC
5.50%, 09/01/26			5		4,638
5.63%, 02/15/27			99		92,689
5.00%, 07/31/27			5		4,516
4.38%, 05/01/29			45		37,428
					212,927
Wireless Telecommunication Services — 0.4%
Altice France SA(e)
8.13%, 02/01/27			334		298,512
5.50%, 01/15/28			229		181,343
5.50%, 10/15/29			200		150,477
SBA Communications Corp.
3.13%, 02/01/29			49		39,409
3.88%, 02/15/27			410		363,633
T-Mobile USA, Inc.
3.38%, 04/15/29			67		57,887
3.50%, 04/15/31			26		21,848
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29(e)			97		65,010
VICI Properties LP/VICI Note Co., Inc.(e)
3.50%, 02/15/25			34		31,428
4.63%, 06/15/25			161		151,505
4.50%, 09/01/26			3		2,740
4.25%, 12/01/26			6		5,416
4.63%, 12/01/29			64		55,523
4.13%, 08/15/30			88		73,499
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31(e)			200		154,299
					1,652,529
Total Corporate Bonds — 20.6% (Cost: $123,973,121)					97,865,703

Security		Par (000)		Value
Floating Rate Loan Interests(g)
Aerospace & Defense — 3.7%
Atlas CC Acquisition Corp.
Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 7.32%, 05/25/28	USD		2,462	$	2,152,827
Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 7.32%, 05/25/28			501		437,864
Bleriot U.S. Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 4.00%, 10/31/26			810		781,374
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, (6 mo. LIBOR + 3.75%, 0.50% Floor), 7.06%, 08/03/29			326		311,330
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (1 mo. LIBOR + 3.50%), 6.62%, 04/06/26			1,507		1,386,252
2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 6.62%, 04/06/26			2,802		2,578,675
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 8.63%, 04/09/26(c)			764		588,496
Peraton Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 10.57%, 02/01/29			1,474		1,390,302
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 6.87%, 02/01/28			5,061		4,787,805
Spirit Aerosystems, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 6.87%, 01/15/25	.		877		866,743
TransDigm, Inc., 2020 Term Loan F, (3 mo. LIBOR + 2.25%), 5.92%, 12/09/25			2,375		2,272,108
					17,553,776
Air Freight & Logistics — 0.3%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.04%, 04/06/28			511		465,503
Kestrel Bidco, Inc., Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.99%, 12/11/26			365		320,383
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%, 0.50% Floor), 7.37%, 12/15/28			837		712,428
					1,498,314
Airlines — 2.5%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.46%, 04/20/28			1,434		1,386,429
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 6.42%, 08/11/28			1,798		1,706,399
American Airlines, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 4.87%, 01/29/27			147		135,096
2017 Incremental Term Loan, (1 mo. LIBOR + 2.00%), 4.82%, 12/15/23			1,785		1,759,409
2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.83%, 06/27/25			860		832,797
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 8.78%, 06/21/27			2,862		2,869,154
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.53%, 04/21/28			3,270		3,115,323
					11,804,607

SCHEDULE   OF  INVESTMENTS 12

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Auto Components — 2.2%
Adient U.S. LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 6.37%, 04/10/28	USD		719	$	677,117
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 6.37%, 04/30/26			3,217		3,035,719
Truck Hero, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 6.62%, 01/31/28			22		18,830
USI, Inc.
2017 Repriced Term Loan, (3 mo. LIBOR + 2.75%), 6.42%, 05/16/24			4,313		4,191,441
2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 6.92%, 12/02/26			246		236,412
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 6.12%, 02/05/26			2,284		2,111,893
					10,271,412
Banks — 0.7%
Directv Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 8.12%, 08/02/27			2,110		1,960,502
LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 0.50% Floor), 8.12%, 10/29/28	.		1,408		1,266,423
					3,226,925
Beverages — 0.6%
Naked Juice LLC
2nd Lien Term Loan, (3 mo. SOFR + 6.00%, 0.50% Floor), 9.65%, 01/24/30			1,030		931,930
Term Loan, (3 mo. SOFR + 3.25%, 0.50% Floor), 6.90%, 01/24/29			2,199		2,011,153
					2,943,083
Building Materials — 0.0%
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 6.07%, 04/12/28			314		256,784
Building Products — 1.7%
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.62%, 11/23/27			1,277		1,107,329
CPG International LLC, 2022 Term Loan B, (6 mo. SOFR CME + 2.50%, 0.50% Floor), 4.09%, 04/28/29(c)			707		680,487
Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 5.37%, 07/28/28			721		668,051
LSF10 XL Bidco SCA, 2021 EUR Term Loan B4, (3 mo. EURIBOR + 3.67%), 4.87%, 04/12/28	EUR		853		668,461
New AMI I LLC, 2022 Term Loan B, (1 mo. SOFR + 6.00%, 0.50% Floor), 9.03%, 03/08/29(c)	USD		737		648,613
Standard Industries, Inc., 2021 Term Loan B, (6 mo. LIBOR + 2.50%, 0.50% Floor), 6.68%, 09/22/28	.		1,421		1,375,692
Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.25%, 1.00% Floor), 6.93%, 12/31/26			3,031		2,752,671
					7,901,304
Capital Markets — 2.5%
AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%, 0.50% Floor), 8.81%, 08/02/29			2,373		2,123,477
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (1 mo. SOFR CME + 3.75%, 1.00% Floor), 6.78%, 04/09/27			5,650		5,320,804

Security		Par (000)			Value
Capital Markets (continued)
Deerfield Dakota Holding LLC (continued)
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 9.87%, 04/07/28(c)	USD		1,594		$	1,538,210
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 6.69%, 11/12/27			1,335			1,271,610
FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.50%), 5.62%, 06/27/25			—	(l)		182
Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.50%, 0.50% Floor), 5.62%, 06/30/28			1,296			1,252,590
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 6.32%, 04/12/24(c)			521			507,400
						12,014,273
Chemicals — 4.0%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (6 mo. SOFR CME + 4.75%, 0.75% Floor), 8.83%, 08/27/26			2,907			2,840,666
Axalta Coating Systems U.S. Holdings, Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 5.42%, 06/01/24			600			590,505
CPC Acquisition Corp., Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 7.42%, 12/29/27			645			500,546
Discovery Purchaser Corp., 10/04/29(m)			1,143			1,042,987
Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 5.12%, 01/31/26			1,750			1,734,752
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 6.62%, 06/30/27			1,230			1,111,352
Lonza Group AG, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 7.67%, 07/03/28			946			839,812
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 6.17%, 03/02/26			2,732			2,607,195
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 6.37%, 05/15/24			1,326			1,284,818
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (1 mo. LIBOR + 3.25%), 5.94%, 10/14/24			1,520			1,371,585
PQ Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.50%, 0.50% Floor), 5.31%, 06/09/28			1,527			1,451,868
Pregis TopCo Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 4.00%, 0.50% Floor), 6.81%, 07/31/26(c)			618			585,856
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.81%, 03/16/27			934			865,225
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 5.80%, 08/02/28			1,437			1,360,336
Starfruit Finco BV, 2018 USD Term Loan B, (1 mo. LIBOR + 2.75%), 5.87%, 10/01/25			329			307,751
W.R. Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.50% Floor), 7.44%, 09/22/28			471			440,205
						18,935,459
Commercial Services & Supplies — 3.9%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 6.87%, 05/12/28			2,310			2,025,795

13

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Services & Supplies (continued)
Amentum Government Services Holdings LLC, 2022 Term Loan, (3 mo. SOFR CME + 4.00%), 7.39%, 02/15/29(c)	USD		687	$	654,632
Asurion LLC
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 6.12%, 11/03/24			909		848,617
2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 8.37%, 01/31/28			986		739,038
2021 2nd Lien Term Loan B4, (1 mo. LIBOR + 5.25%), 8.37%, 01/20/29			1,402		1,065,520
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.00%), 5.12%, 10/08/28			613		607,360
Covanta Holding Corp.
2021 Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 5.62%, 11/30/28			994		962,205
2021 Term Loan C, (1 mo. LIBOR + 2.50%, 0.50% Floor), 5.62%, 11/30/28			75		72,437
Creative Artists Agency LLC, 2020 Incremental Term Loan B1, (1 mo. LIBOR + 4.25%, 1.00% Floor), 7.37%, 11/27/26			1,698		1,670,027
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 7.37%, 12/12/25			2,660		2,583,319
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 7.42%, 05/09/25			433		399,717
Packers Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 6.01%, 03/09/28			1,471		1,347,086
Prime Security Services Borrower LLC, 2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.75% Floor), 5.30%, 09/23/26			1,483		1,430,461
Vericast Corp., 2021 Term Loan, (3 mo. LIBOR + 7.75%, 1.00% Floor), 11.42%, 06/16/26			377		260,785
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 7.12%, 08/27/25			3,238		3,133,088
Viad Corp., Initial Term Loan, (1 mo. LIBOR + 5.00%, 0.50% Floor), 8.12%, 07/30/28			689		649,992
					18,450,079
Communications Equipment — 0.4%
ViaSat, Inc., Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 7.65%, 03/02/29			2,192		1,937,535
Construction & Engineering — 1.7%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 6.95%, 06/21/24			3,197		2,774,287
New Arclin U.S. Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 0.50% Floor), 10.12%, 09/30/29(c)			815		766,100
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 6.12%, 01/21/28			925		895,968
SRS Distribution, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 6.31%, 06/02/28			2,416		2,224,309
USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 6.62%, 05/12/28			1,549		1,448,080
					8,108,744
Construction Materials — 1.5%
Core & Main LP, 2021 Term Loan B, (3 mo. LIBOR + 2.50%), 5.58%, 07/27/28			3,569		3,403,336
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 6.12%, 03/29/25			2,105		2,017,542

Security		Par (000)		Value
Construction Materials (continued)
Oscar AcquisitionCo, LLC, Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 8.15%, 04/29/29	USD		961	$	878,517
Tamko Building Products LLC, Term Loan B, (3 mo. LIBOR + 3.00%), 6.08%, 06/01/26			764		719,949
					7,019,344
Containers & Packaging — 1.3%
BWAY Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 5.81%, 04/03/24			2,213		2,056,558
Charter Next Generation, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.56%, 12/01/27			1,977		1,871,983
Pregis TopCo Corp., 1st Lien Term Loan, (3 mo. LIBOR + 4.00%), 6.81%, 07/31/26			542		514,594
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 6.65%, 08/18/27			1,031		903,151
Trident TPI Holdings, Inc.
2021 Delayed Draw Term Loan, (3 mo. LIBOR + 4.00%, 0.50% Floor), 6.30%, 09/15/28			79		74,732
2021 Incremental Term Loan, (3 mo. LIBOR + 4.00%, 0.50% Floor), 7.67%, 09/15/28			886		838,170
					6,259,188
Distributors — 0.8%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 5.12%, 01/15/27			1,059		1,023,728
TMK Hawk Parent Corp.(c)
2020 Super Priority First Out Term Loan A, (3 mo. LIBOR + 9.50%, 1.00% Floor), 12.57%, 05/30/24			1,006		925,845
2020 Super Priority Second Out Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.57%, 08/28/24			3,221		1,691,130
					3,640,703
Diversified Consumer Services — 2.5%
2U, Inc., Term Loan, (1 mo. LIBOR + 5.75%, 0.75% Floor), 8.87%, 12/30/24			1,261		1,199,247
Ascend Learning LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 8.87%, 12/10/29			681		589,494
2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.62%, 12/11/28			1,692		1,558,528
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.50% Floor), 5.37%, 11/24/28			814		785,365
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.87%, 07/11/25			2,589		2,505,968
Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (3 mo. LIBOR + 2.25%), 5.16%, 05/15/24			1,098		1,039,045
OLA Netherlands BV, Term Loan, (1 mo. SOFR CME + 6.25%, 0.75% Floor), 9.20%, 12/15/26			757		718,235
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.56%, 10/28/27			679		641,943
Serta Simmons Bedding LLC 2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 10.79%, 08/10/23			414		400,435

SCHEDULE   OF  INVESTMENTS 14

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Consumer Services (continued)
Serta Simmons Bedding LLC (continued)
2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 10.79%, 08/10/23	USD		847	$	441,677
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%, 0.50% Floor), 7.01%, 01/15/27			1,662		1,604,102
Voyage Australia Pty. Ltd., USD Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 6.21%, 07/20/28			652		626,725
				12,110,764
Diversified Financial Services — 6.3%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 7.62%, 07/31/26			916		869,692
Alchemy Copyrights LLC, Term Loan B, (1 mo. LIBOR + 3.00%, 0.50% Floor), 5.56%, 03/10/28(c)			748		727,210
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 5.87%, 02/04/28			1,528		1,464,408
AqGen Island Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.19%, 08/02/28(c)			3,107		2,819,751
Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 6.04%, 10/22/26			2,042		1,970,510
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 5.62%, 09/01/28			1,387		1,337,409
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 10.33%, 12/01/28			595		520,625
2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.83%, 12/01/27			1,505		1,359,200
EG America LLC, 2018 USD Term Loan, (3 mo. LIBOR + 4.00%), 7.67%, 02/07/25			1,140		1,061,057
Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 7.67%, 10/01/27			2,829		2,689,674
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (3 mo. SOFR CME + 4.00%, 0.50% Floor), 7.70%, 02/16/28			380		363,437
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.62%, 07/03/24			1,318		1,268,785
KKR Apple Bidco LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 8.87%, 09/21/29			218		207,826
2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.50% Floor), 5.87%, 09/23/28			530		504,932
LBM Acquisition LLC, Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 7.12%, 12/17/27			438		381,268
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 6.37%, 09/25/26			1,901		1,754,351
RVR Dealership Holdings LLC, Term Loan B, (1 mo. SOFR + 3.75%, 0.75% Floor), 6.87%, 02/08/28			641		563,609
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR + 2.00%), 5.67%, 11/05/28			1,175		1,145,625

Security		Par (000)		Value
Diversified Financial Services (continued)
SMG U.S. Midco 2, Inc., 2020 Term Loan, (1 mo. LIBOR + 2.50%), 5.62%, 01/23/25	USD		1,704	$	1,621,444
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 7.92%, 07/30/25			918		871,824
Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 8.67%, 09/01/25			3,335		2,633,258
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 6.12%, 02/28/27			1,296		1,251,965
White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 6.78%, 10/19/27			1,092		1,019,307
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 5.32%, 04/30/28			1,876		1,787,828
					30,194,995
Diversified Telecommunication Services — 1.5%
Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 6.07%, 11/30/27			501		478,842
Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 6.63%, 10/02/27			713		613,707
Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 7.44%, 05/01/28			1,757		1,625,819
Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. LIBOR + 2.50%, 0.75% Floor), 5.62%, 11/04/26			1,693		1,643,054
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 4.87%, 03/01/27			1,299		1,231,915
Virgin Media SFA Finance Ltd., GBP Term Loan L, (1 mo. SONIA + 3.25%), 4.97%, 01/15/27	GBP		1,400		1,388,423
					6,981,760
Electric Utilities — 0.7%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 5.57%, 12/15/27	USD		1,110		1,084,490
Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.17%, 03/31/28			2,805		2,510,830
					3,595,320
Electrical Equipment — 0.7%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (6 mo. LIBOR + 4.75%, 0.75% Floor), 7.00%, 06/23/28(c)			1,341		1,239,926
AZZ, Inc., Term Loan B, (1 mo. SOFR CME + 4.25%, 0.50% Floor), 7.08%, 05/13/29			285		232,312
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 5.62%, 03/31/27			2,141		2,052,751
					3,524,989
Electronic Equipment, Instruments & Components — 0.3%
Coherent Corp., 2022 Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 5.31%, 07/02/29			1,519		1,468,372
Environmental, Maintenance & Security Service — 0.6%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 4.87%, 09/07/27			1,740		1,692,290
TruGreen LP, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 7.12%, 11/02/27			1,070		1,008,715
					2,701,005

15

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Equity Real Estate Investment Trusts (REITs) — 0.1%
RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 5.12%, 05/11/24	USD		270	$	264,885
Food & Staples Retailing — 0.3%
U.S. Foods, Inc.
2019 Term Loan B, (1 mo. LIBOR + 2.00%), 5.12%, 09/13/26			734		710,756
2021 Term Loan B, (1 mo. LIBOR + 2.75%), 5.87%, 11/22/28			856		834,235
					1,544,991
Food Products — 2.3%
8th Avenue Food & Provisions, Inc.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.87%, 10/01/25			1,181		1,029,955
2021 Incremental Term Loan, (1 mo. LIBOR + 4.75%, 0.75% Floor), 7.87%, 10/01/25			1,338		1,175,331
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.62%, 10/25/27			2,445		2,220,222
Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 5.37%, 01/29/27			3,263		3,073,343
Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 6.37%, 02/05/26			1,673		1,597,603
Sovos Brands Intermediate, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 6.62%, 06/08/28			1,345		1,277,591
UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. SOFR CME + 3.00%), 6.15%, 01/20/28			605		585,552
					10,959,597
Gas Utilities — 0.6%
Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 6.21%, 12/21/28			2,900		2,678,507
Health Care Equipment & Supplies — 1.4%
Electron BidCo, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 6.12%, 11/01/28			1,924		1,819,671
Insulet Corp., Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 6.37%, 05/04/28			676		657,835
Medline Borrower LP, USD Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 6.37%, 10/23/28			3,762		3,452,683
Venga Finance SARL, 2021 USD Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.82%, 12/04/28(c)			570		524,166
					6,454,355
Health Care Providers & Services — 2.6%
CCRR Parent, Inc., Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 6.87%, 03/06/28			1,402		1,347,309
CHG Healthcare Services, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.37%, 09/29/28			901		863,549
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 7.46%, 01/08/27			1,407		1,323,819
Envision Healthcare Corp.
2022 1st Out Term Loan, (3 mo. SOFR CME + 7.88%, 1.00% Floor), 10.53%, 03/31/27			210		201,384
2022 2nd Out Term Loan, (3 mo. SOFR CME + 4.25%, 1.00% Floor), 6.83%, 03/31/27			1,403		610,531

Security		Par (000)		Value
Health Care Providers & Services (continued)
EyeCare Partners LLC
2020 Term Loan, (3 mo. LIBOR + 3.75%), 7.42%, 02/18/27	USD		1,940	$	1,755,560
2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.50% Floor), 10.42%, 11/15/29			508		461,964
2021 Incremental Term Loan, (3 mo. LIBOR + 3.75%, 0.50% Floor), 7.42%, 11/15/28(c)			469		437,295
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 8.17%, 03/05/26			930		822,257
Orbcomm, Inc., Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 7.34%, 09/01/28			765		698,908
PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%, 0.75% Floor), 6.62%, 02/14/25			46		42,531
Sotera Health Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.50% Floor), 5.87%, 12/11/26			2,247		1,966,125
Vizient, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 2.25%, 0.50% Floor), 5.37%, 04/28/29			293		291,617
WP CityMD Bidco LLC, 2021 1st Lien Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.92%, 12/22/28			1,604		1,530,606
					12,353,455
Health Care Services — 0.3%
Azalea Topco, Inc., Term Loan, (1 mo. LIBOR + 3.50%), 6.62%, 07/24/26			849		770,471
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%, 0.50% Floor), 9.88%, 11/01/29(c)			536		509,200
					1,279,671
Health Care Technology — 2.9%
Athenahealth, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 3.50%, 0.50% Floor), 6.58%, 02/15/29			2,517		2,250,586
Change Healthcare Holdings LLC, 2017 Term Loan B, (PRIME + 1.50%), 7.75%, 03/01/24			2,997		2,984,914
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.87%, 10/10/25			623		594,252
IQVIA, Inc., 2017 USD Term Loan B1, (1 mo. LIBOR + 1.75%), 4.87%, 03/07/24			266		265,205
Polaris Newco LLC, USD Term Loan B, (1 mo. LIBOR + 4.00%, 0.50% Floor), 7.67%, 06/02/28 .			3,263		3,004,232
Press Ganey Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 6.87%, 07/24/26			2,316		2,104,837
Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 0.50% Floor), 10.12%, 04/02/29(c)			2,740		2,657,800
					13,861,826
Hotels, Restaurants & Leisure — 6.0%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 4.87%, 11/19/26			2,715		2,590,485
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 6.87%, 02/02/26			240		210,724
Aristocrat Technologies, Inc., 2022 Term Loan B, (3 mo. SOFR CME + 2.25%, 0.50% Floor), 5.90%, 05/24/29			87		86,363

SCHEDULE   OF  INVESTMENTS 16

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 5.87%, 12/23/24	USD		1,532	$	1,493,870
2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 6.62%, 07/21/25			607		596,932
Carnival Corp., USD Term Loan B, (6 mo. LIBOR + 3.00%, 0.75% Floor), 5.88%, 06/30/25			1,241		1,123,576
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 5.12%, 03/17/28			686		662,710
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 10.62%, 05/01/28			810		797,604
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 6.67%, 03/08/24			3,346		2,524,942
Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFR + 4.00%, 0.50% Floor), 7.03%, 01/27/29			3,270		3,028,417
Flutter Financing BV, 2022 USD Term Loan B, 0.00%, 07/29/28(m)			1,016		990,437
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 5.12%, 11/30/23			873		867,751
IRB Holding Corp., 2020 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.87%, 02/05/25			1,374		1,325,900
Penn National Gaming, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 2.75%, 0.50% Floor), 5.88%, 05/03/29			1,285		1,232,782
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 5.87%, 03/13/28			1,509		1,442,434
Scientific Games International, Inc., 2022 USD Term Loan, (1 mo. SOFR CME + 3.00%, 0.50% Floor), 5.91%, 04/14/29			709		687,591
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 5.89%, 07/21/26			1,048		1,006,462
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%, 0.25% Floor), 5.37%, 02/08/27			1,963		1,874,503
Travelport Finance Luxembourg SARL
2020 Super Priority Term Loan, (3 mo. LIBOR + 1.50%, 1.00% Floor, 8.75% PIK), 5.17%, 02/28/25(i)			1,668		1,680,113
2021 Consented Term Loan, (3 mo. LIBOR + 6.75%), 10.42%, 05/29/26			2,176		1,509,443
Twin River Worldwide Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 5.93%, 10/02/28			791		712,109
Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 6.37%, 08/03/28			1,991		1,838,149
Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 4.87%, 05/30/25			173		167,781
					28,451,078
Household Durables — 1.1%
ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.25%, 0.50% Floor), 7.32%, 05/17/28			1,430		1,049,448
Hunter Douglas Inc., USD Term Loan B1, (3 mo. SOFR CME + 3.50%), 6.34%, 02/26/29			1,953		1,594,620

Security		Par (000)		Value
Household Durables (continued)
Snap One Holdings Corp., Term Loan B, (6 mo. LIBOR + 4.50%, 0.50% Floor), 7.38%, 12/08/28	USD		941	$	854,008
Springs Windows Fashions LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 7.60%, 10/06/28			725		564,326
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 6.37%, 10/30/27			1,200		969,242
					5,031,644
Household Products — 0.1%
Spectrum Brands, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.00%, 0.50% Floor), 5.12%, 03/03/28			473		447,978
Independent Power and Renewable Electricity Producers — 0.7%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 5.12%, 01/15/25			656		637,328
Calpine Corp.
2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 5.12%, 08/12/26			1,043		998,324
Term Loan B9, (1 mo. LIBOR + 2.00%), 5.12%, 04/05/26			1,889		1,812,224
					3,447,876
Industrial Conglomerates — 1.8%
AVSC Holding Corp.
2020 Term Loan B1, (3 mo. LIBOR + 3.25%, 1.00% Floor), 6.39%, 03/03/25			1,208		1,054,580
2020 Term Loan B3, (3 mo. LIBOR + 5.00%, 10.00% PIK), 8.67%, 10/15/26(i)			859		869,055
Diamond BC BV, 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 5.56%, 09/29/28			1,523		1,400,650
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 9.76%, 11/28/23			736		734,262
Stitch Aquisition Corp., Term Loan B, (3 mo. LIBOR + 6.75%, 0.75% Floor), 10.42%, 07/28/28			959		825,756
Vertical U.S. Newco, Inc., Term Loan B, (6 mo. LIBOR + 3.50%, 0.50% Floor), 6.87%, 07/30/27			1,678		1,609,373
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 5.30%, 03/02/27			2,148		2,039,838
					8,533,514
Insurance — 4.1%
Alliant Holdings Intermediate LLC
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 6.37%, 05/09/25			2,396		2,292,750
2021 Term Loan B4, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.49%, 11/06/27			3,291		3,114,004
Term Loan B, (1 mo. LIBOR + 3.25%), 6.37%, 05/09/25			1,169		1,118,666
AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 5.37%, 02/19/28			2,962		2,827,964
AssuredPartners, Inc.
2020 Term Loan B, (1 mo. LIBOR + 3.50%), 6.62%, 02/12/27			1,284		1,213,839
2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.62%, 02/12/27			766		723,605

17

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Insurance (continued)
Hub International Ltd.
2018 Term Loan B, (3 mo. LIBOR + 3.00%), 5.77%, 04/25/25	USD		2,345	$	2,251,636
2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 5.98%, 04/25/25			2,979		2,858,050
NFP Corp., 2020 Term Loan, (1 mo. LIBOR + 3.25%), 6.37%, 02/15/27			163		153,117
Ryan Specialty Group LLC, Term Loan, (1 mo. SOFR CME + 3.00%, 0.75% Floor), 6.13%, 09/01/27(c)			1,174		1,132,866
Sedgwick Claims Management Services, Inc.
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 6.87%, 09/03/26			1,350		1,286,588
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 7.37%, 09/03/26			722		694,808
					19,667,893
Interactive Media & Services — 2.2%
Adevinta ASA, USD Term Loan B, (3 mo. LIBOR + 3.00%, 0.75% Floor), 6.67%, 06/26/28			1,533		1,490,587
Arches Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 6.37%, 12/06/27			636		570,703
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 6.12%, 10/30/26			2,955		2,851,922
Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 5.12%, 08/10/27			1,691		1,632,285
Grab Holdings, Inc., Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 7.62%, 01/29/26			4,488		4,192,971
					10,738,468
Internet & Direct Marketing Retail — 0.4%
CNT Holdings I Corp., 2020 Term Loan, (1 mo. SOFR CME + 3.50%, 0.75% Floor), 6.25%, 11/08/27			1,616		1,536,557
PUG LLC, 2021 Incremental Term Loan B, (1 mo. LIBOR + 4.25%, 0.50% Floor), 7.37%, 02/12/27(c)			324		283,263
					1,819,820
Internet Software & Services — 0.3%
Uber Technologies, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 6.57%, 02/25/27			1,538		1,496,611
IT Services — 6.1%
Aruba Investments, Inc.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 0.75% Floor), 10.83%, 11/24/28			1,275		1,153,875
2020 USD Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 7.08%, 11/24/27			680		624,460
Boxer Parent Co., Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 6.87%, 10/02/25			2,022		1,911,820
Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 6.12%, 10/30/26			2,108		2,036,408
CCC Intelligent Solutions, Inc., Term Loan, (1 mo. LIBOR + 2.25%, 0.50% Floor), 4.37%, 09/21/28			1,481		1,428,982
CoreLogic, Inc.
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.50% Floor), 9.63%, 06/04/29(c)			1,248		836,160
Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.63%, 06/02/28			2,960		2,212,304

Security		Par (000)		Value
IT Services (continued)
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 1.75%), 4.87%, 04/28/28	USD		1,945	$	1,871,496
Greeneden U.S. Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 7.12%, 12/01/27			5,024		4,771,466
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 6.62%, 02/12/27(c)			2,231		1,929,710
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 11.67%, 10/09/28			3,730		3,702,025
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 6.87%, 05/05/26			853		804,191
Trans Union LLC
2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 4.87%, 11/16/26			1,641		1,580,147
2021 Term Loan B6, (1 mo. LIBOR + 2.25%, 0.50% Floor), 5.37%, 12/01/28			2,281		2,205,726
Virtusa Corp., 1st Lien Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 6.87%, 02/11/28			925		864,407
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 5.37%, 03/31/28			861		833,720
ZoomInfo LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 6.12%, 02/02/26			192		189,024
					28,955,921
Leisure Products — 0.4%
Fender Musical Instruments Corp., 2021 Term Loan B, (1 mo. SOFR + 4.00%, 0.50% Floor), 6.75%, 12/01/28			855		724,567
MND Holdings III Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.62%, 06/19/24			768		741,895
Peloton Interactive, Inc., Term Loan, (6 mo. SOFR CME + 6.50%, 0.50% Floor), 8.35%, 05/25/27			298		290,423
					1,756,885
Life Sciences Tools & Services — 2.4%
Avantor Funding, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.25%, 0.50% Floor), 5.37%, 11/08/27			2,033		1,974,838
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 7.62%, 02/04/27			2,855		2,649,996
ICON Luxembourg SARL, LUX Term Loan, (3 mo. LIBOR + 2.25%, 0.50% Floor), 5.94%, 07/03/28			2,327		2,271,432
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3 mo. SOFR + 3.00%, 0.50% Floor), 5.55%, 10/19/27			1,297		1,254,121
Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 6.37%, 11/15/28			2,989		2,847,391
PRA Health Sciences, Inc., US Term Loan, (3 mo. LIBOR + 2.25%, 0.50% Floor), 5.94%, 07/03/28			580		565,930
					11,563,708
Machinery — 2.9%
Albion Acquisitions Ltd., USD Term Loan, (3 mo. LIBOR + 5.25%, 0.50% Floor), 8.01%, 08/17/26			1,611		1,523,374
ASP Blade Holdings, Inc., Initial Term Loan, (3 mo. LIBOR + 4.00%, 0.50% Floor), 7.67%, 10/13/28			240		210,212
Clark Equipment Co., 2022 Term Loan B, (3 mo. SOFR CME + 2.50%, 0.50% Floor), 6.15%, 04/20/29			264		257,413

SCHEDULE   OF  INVESTMENTS 18

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Machinery (continued)
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 6.44%, 05/14/28	USD		350		$	341,668
Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.62%, 10/21/28			1,029			974,176
Fluidra SA, 2022 USD Term Loan B, (1 mo. SOFR CME + 2.10%), 5.13%, 01/29/29			270			260,898
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. SOFR CME + 1.75%), 4.88%, 03/01/27			2,483			2,404,701
Madison IAQ LLC, Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.82%, 06/21/28			3,270			3,014,687
SPX Flow, Inc., 2022 Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 7.53%, 04/05/29			1,197			1,103,791
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 5.88%, 03/28/25			4,217			3,766,811
Zurn LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.50% Floor), 5.37%, 10/04/28			111			109,394
						13,967,125
Media — 11.4%
Altice Financing SA
2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 5.26%, 07/15/25			648			607,765
USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 5.26%, 01/31/26			1,727			1,612,790
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 6.91%, 08/14/26(c)			2,781			2,516,522
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (3 mo. LIBOR + 3.00%), 5.76%, 04/22/26			1,316			1,026,487
Cable One, Inc., 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 5.12%, 05/03/28			432			423,179
Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 4.87%, 04/30/25			2,574			2,522,208
City Football Group Ltd., Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 6.48%, 07/21/28			1,397			1,325,466
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 6.31%, 08/21/26			3,372			3,002,416
CMG Media Corp., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 6.62%, 12/17/26			—	(l)		193
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.62%, 12/11/26			7,224			6,704,850
CSC Holdings LLC
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 5.07%, 07/17/25			577			548,864
2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 5.32%, 04/15/27			1,841			1,717,476
E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 5.87%, 01/07/28 .			728			702,995
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 6.37%, 12/01/23			752			613,962
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 5.37%, 03/24/25			1,520			1,462,863
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 4.81%, 10/17/26			2,256			2,120,803

Security		Par (000)		Value
Media (continued)
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 6.62%, 09/13/24	USD		4,164	$	3,960,692
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.87%, 09/13/24			2,524		2,394,154
2021 2nd Lien Term Loan, (1 mo. SOFR CME + 6.25%), 9.28%, 02/23/29			984		919,477
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 5.62%, 09/18/26			1,004		988,671
Sinclair Television Group, Inc., 2022 Term Loan B4, (1 mo. SOFR CME + 3.75%), 6.88%, 04/21/29			1,577		1,487,676
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 6.11%, 09/28/23(c)			4,338		4,164,601
UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 2.92%), 5.74%, 01/31/29			672		639,978
Virgin Media Bristol LLC
2020 USD Term Loan Q, (1 mo. LIBOR + 3.25%), 6.07%, 01/31/29			1,212		1,171,095
USD Term Loan N, (1 mo. LIBOR + 2.50%), 5.32%, 01/31/28			2,578		2,456,490
Voyage Digital Ltd., USD Term Loan B, (3 mo. SOFR + 4.50%, 0.50% Floor), 7.26%, 05/11/29(c)			883		859,556
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.87%, 05/18/25			2,816		2,681,252
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.12%), 5.24%, 01/20/28			1,854		1,793,788
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 6.12%, 03/09/27			4,386		3,651,667
					54,077,936
Oil, Gas & Consumable Fuels — 1.4%
Ascent Resources Utica Holdings LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 11.46%, 11/01/25			555		582,266
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 6.87%, 12/13/25			1,061		926,241
Lealand Finance Co. BV
2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 6.12%, 06/28/24			46		27,614
2020 Take Back Term Loan, (1 mo. LIBOR + 1.00%), 3.52%, 06/30/25			340		169,582
M6 ETX Holdings II Midco LLC, Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 7.99%, 09/19/29			230		225,400
Medallion Midland Acquisition LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 6.87%, 10/18/28			1,677		1,617,874
Murphy USA, Inc., Term Loan B, (1 mo. LIBOR + 1.75%, 0.50% Floor), 4.32%, 01/31/28			567		564,558
Oryx Midstream Services Permian Basin LLC, Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.21%, 10/05/28			2,720		2,634,375
					6,747,910

19

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Personal Products — 1.1%
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3 mo. SOFR + 6.00%, 1.00% Floor), 8.94%, 12/22/26	USD		356	$	337,601
Prestige Brands, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.00%, 0.50% Floor), 5.12%, 07/03/28			184		182,754
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 7.42%, 10/01/26			5,318		4,935,539
					5,455,894
Pharmaceuticals — 2.4%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 6.90%, 05/04/25			1,068		884,299
Bausch Health Cos., Inc., 2022 Term Loan B, (1 mo. SOFR CME + 5.25%, 0.50% Floor), 8.10%, 02/01/27			1,129		864,005
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%, 0.50% Floor), 5.06%, 02/22/28			1,856		1,836,982
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 4.31%, 08/01/27			1,300		1,233,932
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 5.12%, 11/15/27			1,762		1,669,618
Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.62%, 05/05/28			1,920		1,853,016
Option Care Health, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 5.87%, 10/27/28			609		594,495
Organon & Co., USD Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 6.19%, 06/02/28			1,360		1,325,949
Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 6.67%, 11/18/27(c)			1,233		1,137,524
					11,399,820
Professional Services — 1.2%
Dun & Bradstreet Corp.
2022 Incremental Term Loan B2, (1 mo. SOFR CME + 3.25%), 6.28%, 01/18/29			622		598,710
Term Loan, (1 mo. LIBOR + 3.25%), 6.33%, 02/06/26			2,026		1,955,727
Element Materials Technology Group U.S. Holdings, Inc.
2022 USD Delayed Draw Term Loan, (3 mo. LIBOR + 4.25%, 0.50% Floor), 7.90%, 07/06/29			529		495,360
2022 USD Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 7.90%, 07/06/29			1,146		1,073,281
Galaxy U.S. Opco, Inc., Term Loan, (1 mo. SOFR CME + 4.75%, 0.50% Floor), 7.78%, 04/29/29(c) .			1,749		1,639,688
					5,762,766

Security		Par (000)			Value
Real Estate Management & Development — 0.8%
Chamberlain Group, Inc., Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.62%, 11/03/28	USD		2,156		$	1,953,612
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 5.87%, 08/21/25			2,042			1,948,569
						3,902,181
Road & Rail — 0.4%
Avis Budget Car Rental LLC, 2020 Term Loan B, (1 mo. LIBOR + 1.75%), 4.87%, 08/06/27			570			536,972
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 5.50%), 8.60%, 08/04/25(c)			1,337			1,211,144
						1,748,116
Semiconductors & Semiconductor Equipment — 0.1%
ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 5.12%, 09/19/26			—	(l)		21
Synaptics, Inc., Term Loan B, (3 mo. LIBOR + 2.25%, 0.50% Floor), 4.36%, 12/02/28			550			542,582
						542,603
Software — 13.0%
Applied Systems, Inc.
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 6.67%, 09/19/24			431			419,531
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.50%, 0.75% Floor), 9.17%, 09/19/25			630			618,345
Barracuda Networks, Inc., 2022 Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 7.53%, 08/15/29			661			620,157
Central Parent, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 6.61%, 07/06/29			634			609,578
Cloudera, Inc.(c)
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%, 0.50% Floor), 9.12%, 10/08/29			846			710,640
2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 6.87%, 10/08/28			2,587			2,263,625
ConnectWise LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.17%, 09/29/28			891			831,105
Cornerstone OnDemand, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 6.87%, 10/16/28(c)			1,053			879,013
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 6.37%, 05/28/24			498			442,805
E2open LLC, 2020 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 6.64%, 02/04/28			250			238,569
Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 10.87%, 07/31/28			1,886			1,833,192
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 3.75%), 7.45%, 03/11/28			1,887			1,779,363
Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 5.88%, 10/27/28			4,467			4,324,302
Instructure Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 6.12%, 10/30/28(c)			641			621,557

SCHEDULE   OF  INVESTMENTS 20

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Software (continued)
IPS Corp.(c)
2021 2nd Lien Term Loan B, (1 mo. LIBOR + 7.00%, 0.50% Floor), 10.12%, 10/01/29	USD		919	$	827,100
2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 6.62%, 10/02/28			515		477,533
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (1 mo. LIBOR + 4.75%, 0.75% Floor), 7.87%, 07/27/28			2,100		1,889,628
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 8.25%, 0.75% Floor), 11.37%, 07/27/29			1,907		1,746,398
McAfee LLC, 2022 USD Term Loan B, (1 mo. SOFR CME + 3.75%), 6.36%, 03/01/29			3,042		2,766,918
Netsmart Technologies, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 7.12%, 10/01/27			1,376		1,307,488
Planview Parent, Inc.
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 10.92%, 12/18/28(c)			824		782,800
Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 7.67%, 12/17/27			1,889		1,784,839
Proofpoint, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.32%, 08/31/28			2,475		2,319,414
2nd Lien Term Loan, (3 mo. LIBOR + 6.25%, 0.50% Floor), 9.32%, 08/31/29			1,281		1,228,159
RealPage, Inc.
1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 6.12%, 04/24/28			5,442		5,090,278
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 9.62%, 04/23/29			2,629		2,532,150
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 6.37%, 05/30/25			579		549,582
Severin Acquisition LLC, 2018 Term Loan B, (3 mo. SOFR CME + 3.00%), 6.03%, 08/01/25			2,412		2,337,450
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.17%, 10/07/27			3,668		3,521,688
SS&C Technologies, Inc.
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 4.87%, 04/16/25			400		385,956
2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 4.87%, 04/16/25			324		313,107
2018 Term Loan B5, (1 mo. LIBOR + 1.75%), 4.87%, 04/16/25			1,695		1,642,010
Tempo Acquisition LLC, 2022 Term Loan B, (1 mo. SOFR CME + 3.00%), 6.03%, 08/31/28			4,220		4,102,665
Tibco Software, Inc., 2022 USD Term Loan, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 8.02%, 03/20/29			3,298		2,955,239
Ultimate Software Group, Inc.
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.25%, 0.50% Floor), 7.54%, 05/03/27			1,216		1,143,244
2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 5.54%, 05/04/26			3,760		3,568,948
Term Loan B, (1 mo. LIBOR + 3.75%), 6.87%, 05/04/26			2,487		2,365,666
					61,830,042

Security		Par (000)		Value
Specialty Retail — 4.4%
Belron Finance U.S. LLC
2018 Term Loan B, (3 mo. LIBOR + 2.25%), 5.19%, 11/13/25(c)	USD		1,972	$	1,917,928
2019 USD Term Loan B3, (3 mo. LIBOR + 2.25%), 5.06%, 10/30/26(c)			1,131		1,097,087
2021 USD Term Loan B, (3 mo. LIBOR + 2.50%, 0.50% Floor), 5.38%, 04/13/28			1,715		1,657,899
EG Group Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.25%, 0.50% Floor), 7.92%, 03/31/26			501		466,744
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.06%, 11/24/28(c)			598		575,079
Mavis Tire Express Services Corp., 2021 Term Loan B, (1 mo. SOFR CME + 4.00%, 0.75% Floor), 7.25%, 05/04/28			2,650		2,479,841
MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 7.37%, 08/31/26			1,843		1,544,603
Midas Intermediate Holdco II LLC, (1 mo. SOFR CME + 8.35%, 0.75% Floor), 11.20%, 06/30/27			2,744		2,476,445
PetSmart, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 6.87%, 02/11/28			4,658		4,398,084
Research Now Group, Inc., 2017 1st Lien Term Loan, (6 mo. LIBOR + 5.50%, 1.00% Floor), 8.84%, 12/20/24			858		770,676
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.25%, 0.50% Floor), 6.38%, 10/20/28			753		683,581
Reverb Buyer, Inc.
2021 1st Lien Term Loan, 11/01/28(m)			1,805		1,763,312
2021 Delayed Draw Term Loan, 3.50%, 11/01/28			290		275,923
Woof Holdings, Inc.(c)
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 7.32%, 12/21/27			484		455,826
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 10.82%, 12/21/28			495		472,725
					21,035,753
Technology Hardware, Storage & Peripherals — 0.1%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 8.12%, 07/23/26			887		709,636
Textiles, Apparel & Luxury Goods — 0.3%
Crocs, Inc., Term Loan B, (3 mo. SOFR + 3.50%, 0.50% Floor), 7.20%, 02/17/29			1,642		1,541,627
Trading Companies & Distributors — 0.7%
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 5.37%, 05/19/28			1,218		1,172,142
Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.06%, 01/31/28			915		819,640
ION Trading Finance Ltd., 2021 USD Term Loan, (3 mo. LIBOR + 4.75%), 8.42%, 04/03/28			596		552,313
SRS Distribution, Inc., 2022 Incremental Term Loan, (3 mo. SOFR CME + 3.50%), 6.18%, 06/02/28			866		794,163
					3,338,258

21

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security				Par (000)		Value
Wireless Telecommunication Services — 1.0%
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.56%, 04/30/28		USD	��		966	$	935,319
MetroNet Systems Holdings LLC, 2021 1st Lien Term Loan, (1 mo. SOFR + 3.86%), 6.61%, 06/02/28					622		583,404
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.87%, 04/11/25					3,310		3,214,164
							4,732,887
Total Floating Rate Loan Interests — 117.7% (Cost: $597,765,640)							560,499,972
				Shares
Investment Companies
Fixed Income Funds — 0.1%
Invesco Senior Loan ETF					16,200		327,078
Total Investment Companies — 0.1% (Cost: $349,754)							327,078
	Benefical Interest (000)
Other Interests(n)
IT Services(b)(c) — 0.0%
Millennium Corp. Claim		USD			1,084		—
Millennium Lender Claim Trust					1,156		—
Total Other Interests — 0.0% (Cost:$—)							—
				Par (000)
Preferred Securities
Capital Trusts — 0.4%(g)(h)
Automobiles — 0.0%
General Motors Financial Co., Inc., Series C, 5.70%		USD			50		42,856
Volkswagen International Finance NV, 4.38%(a)		EUR			100		76,441
							119,297
Banks — 0.0%
PNC Financial Services Group, Inc., Series V, 6.20%		USD			92		86,940
Diversified Financial Services — 0.3%
Barclays PLC, 4.38%					200		123,260
HSBC Holdings PLC, 6.00%					600		497,100
JPMorgan Chase & Co.
Series FF, 5.00%					765		689,839
Series HH, 4.60%					166		144,602
							1,454,801
Electric Utilities — 0.0%
Edison International, Series B, 5.00%					55		43,450

Security		Par (000)		Value
Independent Power and Renewable Electricity Producers — 0.0%
Vistra Corp., 7.00%(e)	USD		77	$	67,222
Utilities — 0.1%
Electricite de France SA, 3.38%(a)	EUR		200		132,919
					1,904,629
		Shares
Preferred Stocks — 0.1%
Capital Markets — 0.1%
Goldman Sachs Group, Inc., Series J, 5.50%(g)(h)			13,550		335,091
Insurance — 0.0%
Alliant Holdings, Inc.(c)			83		73,634
					408,725
Total Preferred Securities — 0.5% (Cost: $2,767,908)					2,313,354
Warrants
Metals & Mining — 0.0%
Ameriforge Group, Inc			5,283		—
Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp., (Issued/Exercisable 11/03/20, 1 Share for 1 Warrant, Expires 10/27/24, Strike Price USD 36.00)(b)			1,152		11,981
Transportation Infrastructure — 0.0%
Turbo Cayman Ltd.(c)			1		—
Total Warrants — 0.0% (Cost: $ — )					11,981
Total Long-Term Investments — 139.0% (Cost: $738,934,959)					661,704,203
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.79%(o)(p)			3,128,149		3,128,149
Total Short-Term Securities — 0.6% (Cost: $3,128,149)					3,128,149
Total Investments — 139.6% (Cost: $742,063,108)					664,832,352
Liabilities in Excess of Other Assets — (39.6)%					(188,745,212	)
Net Assets — 100.0%				$	476,087,140

^(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 $889, representing less than 0.05% of its net assets as of period end, and an original cost of $255,714.

^(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.

SCHEDULE   OF  INVESTMENTS 22

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU)

^(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)  Rounds to less than 1,000.

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

⁽ⁿ⁾  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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 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 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	435,992	$	2,692,157	(a)	$	—	$	—	$	—	$	3,128,149		3,128,149	$	25,443	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	781,746	EUR	778,000	Bank of Montreal		12/21/22	$	14,610
USD	2,230,619	EUR	2,220,000	Morgan Stanley & Co. International PLC		12/21/22		41,618
USD	280,516	GBP	244,000	Bank of America N.A.		12/21/22		7,757
USD	1,612,834	GBP	1,403,000	HSBC Bank PLC		12/21/22		44,474
							$	108,459

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Termination Date	Credit Rating	(a)		Notional Amount (000)	(b)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.HY.37.V2	5.00	%	Quarterly	12/20/26	B-		USD	4,950		$	(16,880	)	$	313,803	$	(330,683	)
CDX.NA.HY.38.V2	5.00		Quarterly	06/20/27	B		USD	3,906			(81,353	)		29,169		(110,522	)
										$	(98,233	)	$	342,972	$	(441,205	)

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

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

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Counterparty	Termination Date	Credit Rating	(a)		Notional Amount (000)	(b)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CenturyLink, Inc.	1.00	%	Quarterly	Barclays Bank PLC	12/20/23	NR		USD	170		$	(2,561	)	$	(3,352	)	$	791
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Bank of America N.A.	12/20/26	B+		EUR	10			(1,969	)		(371	)		(1,598	)

23

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU)

OTC Credit Default Swaps — Sell Protection (continued)

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)
Jaguar Land Rover Automotive PLC		5.00	%		Quarterly	Barclays Bank PLC	12/20/26	B+		EUR	5	$	(999	)	$	189		$	(1,188	)
Jaguar Land Rover Automotive PLC		5.00			Quarterly	Credit Suisse International	12/20/26	B+		EUR	5		(971	)		194			(1,165	)
Jaguar Land Rover Automotive PLC		5.00			Quarterly	Credit Suisse International	12/20/26	B+		EUR	10		(1,969	)		366			(2,335	)
Jaguar Land Rover Automotive PLC		5.00			Quarterly	Morgan Stanley & Co. International PLC	12/20/26	B+		EUR	10		(1,969	)		434			(2,403	)
CMA CGM SA		5.00			Quarterly	Barclays Bank PLC	06/20/27	BB+		EUR	6		(194	)		170			(364	)
CMA CGM SA		5.00			Quarterly	Credit Suisse International	06/20/27	BB+		EUR	20		(679	)		871			(1,550	)
CMA CGM SA		5.00			Quarterly	Credit Suisse International	06/20/27	BB+		EUR	6		(200	)		189			(389	)
Adler Real Estate AG		5.00			Quarterly	Bank of America N.A.	12/20/27	CCC		EUR	40		(11,271	)		(9,902	)		(1,369	)
												$	(22,782	)	$	(11,212	)	$	(11,570	)

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

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

Fair Value Hierarchy as of Period End

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

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

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

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	166,399	$	—	$	166,399
Common Stocks
Construction & Engineering		63,667		—		—		63,667
Diversified Financial Services		—		—		10,753		10,753
Electrical Equipment		39,329		—		—		39,329
Metals & Mining		—		832		889		1,721
Oil, Gas & Consumable Fuels		149,323		—		—		149,323
Semiconductors & Semiconductor Equipment		5,063		—		—		5,063
Specialty Retail		—		249,860		—		249,860
Corporate Bonds
Aerospace & Defense		—		3,193,843		—		3,193,843
Airlines		—		3,332,905		—		3,332,905
Auto Components		—		2,039,917		1		2,039,918
Automobiles		—		1,981,711		—		1,981,711
Banks		—		144,289		—		144,289

SCHEDULE   OF  INVESTMENTS 24

Schedule of Investments (unaudited) (continued) September 30, 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)
Beverages	$	—	$	1,640,549	$	—	$	1,640,549
Biotechnology		—		80,246		—		80,246
Building Materials		—		830,350		—		830,350
Building Products		—		1,418,198		—		1,418,198
Capital Markets		—		1,553,675		—		1,553,675
Chemicals		—		2,932,260		—		2,932,260
Commercial Services & Supplies		—		1,125,181		—		1,125,181
Communications Equipment		—		695,850		—		695,850
Construction Materials		—		425,138		—		425,138
Consumer Discretionary		—		1,977,760		—		1,977,760
Consumer Finance		—		2,293,041		—		2,293,041
Containers & Packaging		—		828,848		—		828,848
Diversified Consumer Services		—		2,309,778		—		2,309,778
Diversified Financial Services		—		1,156,162		—		1,156,162
Diversified Telecommunication Services		—		4,570,521		—		4,570,521
Electric Utilities		—		525,421		—		525,421
Electrical Equipment		—		345,575		1		345,576
Electronic Equipment, Instruments & Components		—		1,204,223		—		1,204,223
Energy Equipment & Services		—		700,911		—		700,911
Entertainment		—		293,994		—		293,994
Environmental, Maintenance & Security Service		—		823,403		—		823,403
Equity Real Estate Investment Trusts (REITs)		—		1,151,088		—		1,151,088
Food & Staples Retailing		—		1,332,422		—		1,332,422
Food Products		—		1,079,512		—		1,079,512
Gas Utilities		—		50,300		—		50,300
Health Care Equipment & Supplies		—		684,818		—		684,818
Health Care Providers & Services		—		3,961,475		—		3,961,475
Health Care Technology		—		1,154,641		—		1,154,641
Hotels, Restaurants & Leisure		—		4,612,230		—		4,612,230
Household Durables		—		841,154		—		841,154
Household Products		—		33,732		—		33,732
Independent Power and Renewable Electricity Producers		—		680,781		—		680,781
Industrial Conglomerates		—		14,508		—		14,508
Insurance		—		2,196,064		—		2,196,064
Interactive Media & Services		—		478,893		—		478,893
Internet Software & Services		—		1,882,515		—		1,882,515
IT Services		—		3,319,854		—		3,319,854
Leisure Products		—		183,080		—		183,080
Machinery		—		2,201,391		—		2,201,391
Media		—		11,045,678		—		11,045,678
Metals & Mining		—		2,441,321		—		2,441,321
Mortgage Real Estate Investment Trusts (REITs)		—		8,842		—		8,842
Multiline Retail		—		113,019		—		113,019
Offshore Drilling & Other Services		—		50,702		—		50,702
Oil, Gas & Consumable Fuels		63,844		12,020,221		—		12,084,065
Personal Products		—		4,230		—		4,230
Pharmaceuticals		—		1,043,379		—		1,043,379
Real Estate		—		26,616		—		26,616
Real Estate Management & Development		—		572,450		—		572,450
Road & Rail		—		152,936		—		152,936
Semiconductors & Semiconductor Equipment		—		811,545		—		811,545
Software		—		2,322,721		—		2,322,721
Specialty Retail		—		375,632		—		375,632
Technology Hardware, Storage & Peripherals		—		156,341		—		156,341
Textiles, Apparel & Luxury Goods		—		132,378		—		132,378
Thrifts & Mortgage Finance		—		376,183		—		376,183
Utilities		—		212,927		—		212,927
Wireless Telecommunication Services		—		1,652,529		—		1,652,529
Floating Rate Loan Interests		—		516,205,908		44,294,064		560,499,972
Investment Companies		327,078		—		—		327,078
Other Interests		—		—		—		—
Preferred Securities
Capital Trusts		—		1,904,629		—		1,904,629

25

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU)

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3			Total
Preferred Securities
Preferred Stocks	$	335,091	$	—		$	73,634		$	408,725
Warrants		11,981		—			—			11,981
Short-Term Securities
Money Market Funds		3,128,149		—			—			3,128,149
Liabilities
Unfunded Floating Rate Loan Interests(a)		—		(47,917	)		(11,521	)		(59,438	)
	$	4,123,525	$	616,281,568		$	44,367,821		$	664,772,914
Derivative Financial Instruments(b)
Assets
Credit Contracts	$	—	$	791		$	—		$	791
Foreign Currency Exchange Contracts		—		108,459			—			108,459
Liabilities
Credit Contracts		—		(453,566	)		—			(453,566	)
	$	—	$	(344,316	)	$	—		$	(344,316	)

^(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 $197,000,000 are categorized as Level 2 within the fair value hierarchy.

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

	Common Stocks			Corporate Bonds		Floating Rate Loan Interests			Other Interests			Preferred Stocks			Unfunded Floating Rate Loan Interests			Total
Assets/Liabilities
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)		—			—		31,975,156			—			—			(1,943	)		31,973,213
Transfers out of Level 3(c)		—			—		(7,874,394	)		—			—			—			(7,874,394	)
Accrued discounts/premiums		—			—		293,221			—			—			—			293,221
Net realized gain (loss)		—			—		95,844			—			—			—			95,844
Net change in unrealized appreciation (depreciation)(d)		(58	)		1		(4,667,574	)		—			(12,602	)		(9,319	)		(4,689,552	)
Purchases		—			—		5,158,949			—			—			—			5,158,949
Sales		—			—		(7,246,541	)		—			—			—			(7,246,541	)
Closing balance, as of September 30, 2022	$	11,642		$	2	$	44,294,064		$	—	(a)	$	73,634		$	(11,521	)	$	44,367,821
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022(d)	$	(58	)	$	1	$	(4,542,951	)	$	—		$	(12,602	)	$	(9,319	)	$	(4,564,929	)

^(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 September 30, 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 disclosure hierarchy.

^(c)  As of December 31, 2021, the Fund used significant unobservable inputs in determining the value of certain investments. As of September 30, 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 disclosure hierarchy.

^(d) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 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.

SCHEDULE   OF  INVESTMENTS 26

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Debt Strategies Fund, Inc. (DSU)

Currency Abbreviation
EUR	Euro
GBP	British Pound
USD	United States Dollar
Portfolio Abbreviation
CDI	CREST Depository Interest
CME	Chicago Mercantile Exchange
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
SCA	Societe en Commandite par Actions
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate

27