BlackRock Debt Strategies Fund (DSU) NPORT-P BlackRock Debt Strategies Fund, Inc. (Mar 2023 report)

Schedule of Investments (unaudited)  March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities
Golub Capital Partners CLO 66B Ltd., Series 2023-66, Class D, (3 mo. Term SOFR + 5.50%), 10.48%, 04/25/36	USD		1,000	$	1,000,000
Pikes Peak CLO Ltd., Series 2023-14, Class D, (3 mo. Term SOFR + 5.45%), 0.00%, 04/20/36			1,000		1,000,000
Symphony CLO 38 Ltd., Series 2023-38, Class D, (3 mo. Term SOFR + 5.20%), 10.02%, 04/24/36			1,000		998,550
Unique Pub Finance Co. PLC(a)
Series A4, 5.66%, 06/30/27	GBP		33		40,683
Series N, 6.46%, 03/30/32			100		124,283
Whitebox CLO IV Ltd., Series 2023-4A, Class D, (3 mo. Term SOFR + 5.15%), 9.93%, 04/20/36(b)(c)	USD		1,000		999,709
Total Asset-Backed Securities — 0.8% (Cost: $4,190,876)					4,163,225
		Shares
Common Stocks
Construction & Engineering — 0.0%
McDermott International Ltd.(d)			141,483		48,104
Electrical Equipment — 0.0%
SunPower Corp.(d)			1,707		23,625
Energy Equipment & Services — 0.0%
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $255,714)(e)(f)			14,576		1,749
Industrial Conglomerates — 0.0%
Ameriforge Group, Inc.			1,664		832
Oil, Gas & Consumable Fuels — 0.0%
Kcad Holdings I Ltd.(e)			1,075,282,733		10,753
Semiconductors & Semiconductor Equipment — 0.0%
Maxeon Solar Technologies Ltd.(d)			213		5,653
Specialty Retail — 0.1%
NMG Parent LLC			1,477		187,089
Total Common Stocks — 0.1% (Cost: $13,865,911)					277,805
		Par (000)
Corporate Bonds
Aerospace & Defense — 0.8%
Boeing Co., 5.15%, 05/01/30	USD		383		385,395
Bombardier, Inc.(c)
7.50%, 03/15/25			5		4,999
7.13%, 06/15/26			380		381,368
7.88%, 04/15/27			130		131,603
6.00%, 02/15/28			206		200,594
7.50%, 02/01/29			119		121,566
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(c)			200		167,000
Rolls-Royce PLC, 5.75%, 10/15/27(c)			200		199,240
Spirit AeroSystems, Inc.(c)
7.50%, 04/15/25			10		10,000

Security		Par (000)		Value
Aerospace & Defense (continued)
Spirit AeroSystems, Inc.(c) (continued)
9.38%, 11/30/29	USD		161	$	175,691
TransDigm, Inc.
8.00%, 12/15/25(c)			508		517,525
6.25%, 03/15/26(c)			929		929,845
6.38%, 06/15/26			15		14,662
7.50%, 03/15/27			33		32,917
6.75%, 08/15/28(c)			572		577,720
Triumph Group, Inc., 9.00%, 03/15/28(c)			214		214,225
					4,064,350
Air Freight & Logistics — 0.0%
XPO Escrow Sub LLC, 7.50%, 11/15/27(c)			27		28,080
Automobile Components — 0.3%
Clarios Global LP, 6.75%, 05/15/25(c)			618		624,582
Clarios Global LP/Clarios U.S. Finance Co.(c)
6.25%, 05/15/26			271		270,323
8.50%, 05/15/27			622		624,332
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(c)			12		10,770
Goodyear Tire & Rubber Co.
9.50%, 05/31/25			22		22,607
5.00%, 07/15/29			26		23,228
5.63%, 04/30/33			30		25,950
NM Holdings Co. LLC(d)(e)(g)
12.00%, 07/01/49			5,150		—
Series B, 9.50%, 07/01/05			5,125		1
Titan International, Inc., 7.00%, 04/30/28			18		16,219
ZF Finance GmbH, 5.75%, 08/03/26(a)	EUR		100		108,717
					1,726,729
Automobiles — 0.3%
Asbury Automotive Group, Inc.
4.50%, 03/01/28	USD		35		31,850
5.00%, 02/15/32(c)			73		63,948
Constellation Automotive Financing PLC, 4.88%, 07/15/27(a)	GBP		100		89,744
Ford Motor Co.
4.35%, 12/08/26	USD		9		8,744
3.25%, 02/12/32			142		111,606
6.10%, 08/19/32			180		174,430
Ford Motor Credit Co. LLC
3.81%, 01/09/24			200		197,636
4.95%, 05/28/27			255		243,223
4.87%, 08/03/27	EUR		100		105,197
7.35%, 03/06/30	USD		200		205,500
Ken Garff Automotive LLC, 4.88%, 09/15/28(c)			39		33,155
LCM Investments Holdings II LLC, 4.88%, 05/01/29(c)			90		75,294
Lithia Motors, Inc., 3.88%, 06/01/29(c)			42		36,330
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(c)			59		43,685
Penske Automotive Group, Inc., 3.75%, 06/15/29			87		75,110
RCI Banque SA, (5 year EUR Swap + 2.85%), 2.63%, 02/18/30(a)(b)	EUR		100		98,792
Wabash National Corp., 4.50%, 10/15/28(c)	USD		70		60,688
					1,654,932
Banks — 0.0%
Banca Monte dei Paschi di Siena SpA, (1 mo. EURIBOR + 3.21%), 6.75%, 03/02/26(a)(b)	EUR		100		106,243
Banco Espirito Santo SA(d)(g)
2.63%, 05/08/17(a)			100		12,472

1

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks (continued)
Banco Espirito Santo SA(d)(g) (continued)
4.75%, 01/15/22(b)	EUR		200	$	24,943
4.00%, 01/21/22			100		12,472
					156,130
Beverages — 0.4%
ARD Finance SA, (6.50% Cash or 7.25% PIK),
6.50%, 06/30/27(c)(h)	USD		200		152,980
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(c)
6.00%, 06/15/27			200		198,205
4.00%, 09/01/29			485		379,512
Ball Corp., 3.13%, 09/15/31			122		100,955
Mauser Packaging Solutions Holding Co.(c)
7.88%, 08/15/26			718		718,000
9.25%, 04/15/27			10		9,240
Trivium Packaging Finance BV, 8.50%, 08/15/27(c)			247		224,770
					1,783,662
Broadline Retail — 0.0%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(c)			65		61,027
Building Materials — 0.2%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28(c)			67		62,038
Jeld-Wen, Inc., 4.63%, 12/15/25(c)			7		6,493
Masonite International Corp.(c)
Class C, 5.38%, 02/01/28			45		42,975
Class C, 3.50%, 02/15/30			69		57,188
New Enterprise Stone & Lime Co., Inc.(c)
5.25%, 07/15/28			26		22,981
9.75%, 07/15/28			38		36,290
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28(c)			126		118,282
Standard Industries, Inc.
2.25%, 11/21/26(a)	EUR		100		93,839
5.00%, 02/15/27(c)	USD		45		42,737
4.75%, 01/15/28(c)			12		11,210
4.38%, 07/15/30(c)			179		155,730
3.38%, 01/15/31(c)			31		24,914
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(c)			124		117,180
					791,857
Building Products(c) — 0.3%
Advanced Drainage Systems, Inc.
5.00%, 09/30/27			19		18,056
6.38%, 06/15/30			105		102,883
Beacon Roofing Supply, Inc., 4.13%, 05/15/29			39		34,412
Foundation Building Materials, Inc., 6.00%, 03/01/29			24		19,023
GYP Holdings III Corp., 4.63%, 05/01/29			109		93,195
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26			27		24,814
SRS Distribution, Inc.
4.63%, 07/01/28			207		183,836
6.13%, 07/01/29			116		97,870
6.00%, 12/01/29			168		138,713

Security		Par (000)		Value
Building Products (continued)
White Cap Buyer LLC, 6.88%, 10/15/28	USD		528	$	458,018
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26(h)			75		68,204
					1,239,024
Capital Markets — 0.3%
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27(c)			150		150,977
Aretec Escrow Issuer, Inc., 7.50%, 04/01/29(c)			16		13,080
Blackstone Private Credit Fund
7.05%, 09/29/25(c)			25		24,652
3.25%, 03/15/27			24		20,377
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(c)			65		57,227
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32			160		129,818
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24			101		98,516
6.25%, 05/15/26			9		8,857
5.25%, 05/15/27			110		103,214
4.38%, 02/01/29			80		68,800
NFP Corp.(c)
4.88%, 08/15/28			170		153,340
6.88%, 08/15/28			423		362,993
7.50%, 10/01/30			34		32,852
Northern Trust Corp., 6.13%, 11/02/32			52		55,438
Owl Rock Capital Corp., 3.40%, 07/15/26			21		18,542
Owl Rock Core Income Corp.
5.50%, 03/21/25			55		53,557
3.13%, 09/23/26			12		10,410
7.75%, 09/16/27(c)			58		57,138
					1,419,788
Chemicals — 0.5%
Ashland LLC, 3.38%, 09/01/31(c)			48		39,237
Avient Corp., 7.13%, 08/01/30(c)			39		40,219
Axalta Coating Systems LLC, 3.38%, 02/15/29(c)			150		128,517
Celanese U.S. Holdings LLC, 6.17%, 07/15/27			32		32,183
Chemours Co., 5.75%, 11/15/28(c)			38		33,924
Element Solutions, Inc., 3.88%, 09/01/28(c)			498		437,065
HB Fuller Co., 4.25%, 10/15/28			35		31,048
Herens Holdco SARL, 4.75%, 05/15/28(c)			200		161,000
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(c)			188		166,665
Ingevity Corp., 3.88%, 11/01/28(c)			23		19,706
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(c)(h)			82		59,040
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(c)			42		35,316
Minerals Technologies, Inc., 5.00%, 07/01/28(c)			55		50,151
Scotts Miracle-Gro Co., 4.38%, 02/01/32			65		52,242
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(c)			176		146,122
WESCO Distribution, Inc.(c)
7.13%, 06/15/25			49		49,806
7.25%, 06/15/28			153		157,100
WR Grace Holdings LLC(c)
4.88%, 06/15/27			55		53,015
5.63%, 08/15/29			714		605,115
7.38%, 03/01/31			37		37,140
					2,334,611

SCHEDULE   OF   INVESTMENTS 2

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Services & Supplies — 0.3%
ADT Security Corp.(c)
4.13%, 08/01/29	USD		9	$	8,026
4.88%, 07/15/32			4		3,529
AMN Healthcare, Inc., 4.00%, 04/15/29(c)			28		24,780
APX Group, Inc.(c)
6.75%, 02/15/27			64		63,680
5.75%, 07/15/29			86		76,970
Fortress Transportation & Infrastructure Investors LLC(c)
6.50%, 10/01/25			132		132,088
9.75%, 08/01/27			36		37,983
5.50%, 05/01/28			118		107,656
Herc Holdings, Inc., 5.50%, 07/15/27(c)			81		78,165
Hertz Corp., 5.00%, 12/01/29(c)			76		62,945
LABL, Inc., 9.50%, 11/01/28			61		61,534
Metis Merger Sub LLC, 6.50%, 05/15/29(c)			39		32,483
NESCO Holdings II, Inc., 5.50%, 04/15/29(c)			74		66,946
Prime Security Services Borrower LLC/Prime Finance, Inc.(c)
5.75%, 04/15/26			40		39,700
6.25%, 01/15/28			166		155,210
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(c)			202		167,523
Williams Scotsman International, Inc.(c)
6.13%, 06/15/25			49		48,693
4.63%, 08/15/28			74		67,316
					1,235,227
Communications Equipment(c) — 0.1%
CommScope Technologies LLC, 6.00%, 06/15/25			153		144,089
CommScope, Inc.
8.25%, 03/01/27			35		28,668
7.13%, 07/01/28			58		42,777
4.75%, 09/01/29			161		134,197
Viasat, Inc.
5.63%, 09/15/25			132		125,144
5.63%, 04/15/27			21		19,719
Viavi Solutions, Inc., 3.75%, 10/01/29			98		83,806
					578,400
Construction Materials(c) — 0.0%
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29			18		15,369
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			75		68,531
H&E Equipment Services, Inc., 3.88%, 12/15/28			20		17,527
Resideo Funding, Inc., 4.00%, 09/01/29			18		14,965
Ritchie Bros Holdings, Inc., 6.75%, 03/15/28			20		20,597
					136,989
Consumer Discretionary(c) — 0.5%
APi Group DE, Inc.
4.13%, 07/15/29			67		57,491
4.75%, 10/15/29			32		28,154
Carnival Corp.
10.50%, 02/01/26			171		178,168
7.63%, 03/01/26			29		26,463
5.75%, 03/01/27			321		263,326
9.88%, 08/01/27			99		101,979
4.00%, 08/01/28			91		78,336
6.00%, 05/01/29			144		114,480
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28			445		478,713
CoreLogic, Inc., 4.50%, 05/01/28			138		104,707

Security		Par (000)		Value
Consumer Discretionary (continued)
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26	USD		52	$	46,533
Life Time, Inc.
5.75%, 01/15/26			101		98,114
8.00%, 04/15/26			76		72,497
Lindblad Expeditions LLC, 6.75%, 02/15/27			100		96,810
NCL Corp. Ltd.
5.88%, 03/15/26			86		73,193
8.38%, 02/01/28			37		37,127
7.75%, 02/15/29			14		12,004
NCL Finance Ltd., 6.13%, 03/15/28			46		37,271
Neptune Bidco U.S., Inc., 9.29%, 04/15/29			88		81,585
Royal Caribbean Cruises Ltd.
11.50%, 06/01/25			98		104,495
4.25%, 07/01/26			24		21,540
5.50%, 08/31/26			40		37,422
5.38%, 07/15/27			43		38,300
11.63%, 08/15/27			56		60,147
5.50%, 04/01/28			58		51,207
8.25%, 01/15/29			62		64,860
9.25%, 01/15/29			113		120,062
7.25%, 01/15/30			67		67,419
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29			41		35,191
					2,587,594
Consumer Finance — 0.5%
Block, Inc.
2.75%, 06/01/26			102		93,000
3.50%, 06/01/31			208		170,820
Discover Financial Services, 6.70%, 11/29/32			30		30,928
Global Payments, Inc.
3.20%, 08/15/29			181		159,211
2.90%, 05/15/30			172		145,646
5.40%, 08/15/32			28		27,453
HealthEquity, Inc., 4.50%, 10/01/29(c)			164		145,709
Navient Corp.
7.25%, 09/25/23			3		2,990
5.88%, 10/25/24			77		74,796
5.50%, 03/15/29			66		55,770
OneMain Finance Corp.
6.88%, 03/15/25			20		19,380
7.13%, 03/15/26			7		6,729
6.63%, 01/15/28			8		7,334
5.38%, 11/15/29			139		116,936
4.00%, 09/15/30			76		57,000
Sabre Global, Inc.(c)
9.25%, 04/15/25			78		73,476
11.25%, 12/15/27			115		107,162
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(c)			167		156,980
SLM Corp., 3.13%, 11/02/26			56		47,600
Verscend Escrow Corp., 9.75%, 08/15/26(c)			741		741,000
					2,239,920
Consumer Staples Distribution & Retail — 0.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(c)
3.25%, 03/15/26			12		11,292
4.63%, 01/15/27			21		20,309
5.88%, 02/15/28			107		106,342
6.50%, 02/15/28			38		38,095

3

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Consumer Staples Distribution & Retail (continued)
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(c) (continued)
3.50%, 03/15/29	USD		35	$	30,453
4.88%, 02/15/30			122		113,873
Darling Ingredients, Inc., 6.00%, 06/15/30(c)			94		93,680
Lamb Weston Holdings, Inc.(c)
4.88%, 05/15/28			7		6,790
4.13%, 01/31/30			113		103,395
4.38%, 01/31/32			102		92,504
Ocado Group PLC, 3.88%, 10/08/26(a)	GBP		100		91,538
Performance Food Group, Inc., 4.25%, 08/01/29(c)	USD		146		131,104
Post Holdings, Inc.(c)
5.50%, 12/15/29			11		10,366
4.63%, 04/15/30			36		32,265
4.50%, 09/15/31			21		18,482
U.S. Foods, Inc.(c)
6.25%, 04/15/25			51		51,460
4.75%, 02/15/29			73		67,434
4.63%, 06/01/30			13		11,727
United Natural Foods, Inc., 6.75%, 10/15/28(c)			26		24,165
					1,055,274
Containers & Packaging(c) — 0.1%
Clydesdale Acquisition Holdings, Inc.
6.63%, 04/15/29			137		131,863
8.75%, 04/15/30			178		161,756
LABL, Inc., 5.88%, 11/01/28			84		74,639
Sealed Air Corp., 4.00%, 12/01/27			61		56,925
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28			44		44,491
					469,674
Diversified Consumer Services — 0.4%
Allied Universal Holdco LLC/Allied Universal Finance Corp.(c)
6.63%, 07/15/26			305		293,106
9.75%, 07/15/27			101		90,017
6.00%, 06/01/29			323		241,107
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(c)			400		337,121
Brink’s Co., 5.50%, 07/15/25(c)			15		14,861
Clarivate Science Holdings Corp.(c)
3.88%, 07/01/28			338		301,655
4.88%, 07/01/29			175		158,265
Garda World Security Corp.(c)
4.63%, 02/15/27			11		9,874
7.75%, 02/15/28			91		89,690
Rekeep SpA, 7.25%, 02/01/26(a)	EUR		100		95,436
Service Corp. International, 3.38%, 08/15/30	USD		144		122,760
Sotheby’s, 7.38%, 10/15/27(c)			200		189,186
					1,943,078
Diversified REITs — 0.1%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(c)			57		45,743
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(c)			46		36,396
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26(c)			59		51,183

Security		Par (000)		Value
Diversified REITs (continued)
Iron Mountain, Inc.(c)
5.00%, 07/15/28	USD		10	$	9,305
5.63%, 07/15/32			60		54,812
MPT Operating Partnership LP/MPT Finance Corp.
4.63%, 08/01/29			178		131,497
3.50%, 03/15/31			244		164,261
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			23		21,556
4.50%, 02/15/29(c)			140		126,459
RLJ Lodging Trust LP, 4.00%, 09/15/29(c)			74		61,799
VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29(c)			16		14,226
					717,237
Diversified Telecommunication Services — 0.5%
Level 3 Financing, Inc.
3.40%, 03/01/27(c)			144		113,896
4.63%, 09/15/27(c)			17		10,221
4.25%, 07/01/28(c)			24		13,541
3.63%, 01/15/29(c)			66		36,493
3.75%, 07/15/29(c)			53		28,257
3.88%, 11/15/29(c)			67		48,490
10.50%, 05/15/30			133		129,737
Lumen Technologies, Inc., 4.00%, 02/15/27(c)			234		154,440
SoftBank Group Corp., 3.13%, 09/19/25(a)	EUR		100		99,214
Sprint Capital Corp.
6.88%, 11/15/28	USD		313		336,328
8.75%, 03/15/32			389		473,608
Telecom Italia Capital SA
6.38%, 11/15/33			58		52,514
6.00%, 09/30/34			134		114,905
7.20%, 07/18/36			14		12,666
7.72%, 06/04/38			23		21,294
Telecom Italia SpA, 2.88%, 01/28/26(a)	EUR		100		101,117
Zayo Group Holdings, Inc.(c)
4.00%, 03/01/27	USD		741		563,160
6.13%, 03/01/28			555		337,551
					2,647,432
Electric Utilities — 0.1%
Edison International, Series A, (5 year CMT + 4.70%), 5.38%(b)(i)			100		88,433
FirstEnergy Corp., Series C, 3.40%, 03/01/50			68		46,633
FirstEnergy Transmission LLC(c)
5.45%, 07/15/44			115		110,176
4.55%, 04/01/49			21		17,674
Pike Corp., 5.50%, 09/01/28(c)			130		113,750
Texas Competitive Electric Holdings, 1.00%, 11/10/21(d)(e)(g)			2,375		—
					376,666
Electrical Equipment(c) — 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26			263		258,397
GrafTech Finance, Inc., 4.63%, 12/15/28			66		55,035
Regal Rexnord Corp.
6.05%, 02/15/26			30		30,132
6.05%, 04/15/28			184		184,082
6.30%, 02/15/30			70		70,483
6.40%, 04/15/33			70		70,043
					668,172

SCHEDULE   OF   INVESTMENTS 4

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Electronic Equipment, Instruments & Components — 0.2%
BWX Technologies, Inc.(c)
4.13%, 06/30/28	USD		86	$	77,435
4.13%, 04/15/29			57		50,547
CDW LLC/CDW Finance Corp.
3.28%, 12/01/28			7		6,166
3.25%, 02/15/29			32		28,144
Imola Merger Corp., 4.75%, 05/15/29(c)			186		166,394
Vertiv Group Corp., 4.13%, 11/15/28(c)			980		864,708
					1,193,394
Energy Equipment & Services — 0.2%
Archrock Partners LP/Archrock Partners Finance Corp.(c)
6.88%, 04/01/27			225		220,781
6.25%, 04/01/28			37		35,520
Enerflex Ltd., 9.00%, 10/15/27(c)			83		80,718
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			111		107,886
6.88%, 09/01/27			178		170,093
Vallourec SA, 8.50%, 06/30/26(a)	EUR		8		8,633
Weatherford International Ltd.(c)
11.00%, 12/01/24	USD		3		3,078
6.50%, 09/15/28			68		68,116
8.63%, 04/30/30			61		62,407
					757,232
Environmental, Maintenance & Security Service — 0.2%
Clean Harbors, Inc., 6.38%, 02/01/31(c)			30		30,608
Covanta Holding Corp.
4.88%, 12/01/29(c)			43		38,259
5.00%, 09/01/30			21		18,064
GFL Environmental, Inc.(c)
4.25%, 06/01/25			4		3,903
3.75%, 08/01/25			45		43,245
5.13%, 12/15/26			113		110,487
4.00%, 08/01/28			8		7,269
3.50%, 09/01/28			53		47,965
4.75%, 06/15/29			206		192,425
4.38%, 08/15/29			44		39,389
Stericycle, Inc., 3.88%, 01/15/29(c)			49		42,776
Tervita Corp., 11.00%, 12/01/25(c)			25		26,812
Waste Pro USA, Inc., 5.50%, 02/15/26(c)			183		168,298
					769,500
Financial Services — 0.3%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28(c)			200		157,000
Bank of America Corp., (1 day SOFR + 1.99%), 6.20%, 11/10/28(b)			113		118,128
Blackstone Holdings Finance Co. LLC, 5.90%, 11/03/27(c)			176		179,489
Citigroup, Inc., Series Y, (5 year CMT + 3.00%), 4.15%(b)(i)			10		8,175
Enact Holdings, Inc., 6.50%, 08/15/25(c)			129		125,775
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(c)(h)			26		23,019
Home Point Capital, Inc., 5.00%, 02/01/26(c)			58		43,518
Intrum AB, 4.88%, 08/15/25(a)	EUR		100		99,774

Security		Par (000)		Value
Financial Services (continued)
Jefferies Finance LLC/JFIN Co.-Issuer Corp.,
5.00%, 08/15/28(c)	USD		200	$	169,318
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(c)
5.25%, 10/01/25			12		10,558
4.75%, 06/15/29			22		15,902
MGIC Investment Corp., 5.25%, 08/15/28			47		44,673
Morgan Stanley, (5 year CMT + 2.43%), 5.95%, 01/19/38(b)			30		29,833
Nationstar Mortgage Holdings, Inc.(c)
6.00%, 01/15/27			54		49,005
5.75%, 11/15/31			70		54,296
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/26(c)			157		140,515
Spectrum Brands, Inc.(c)
5.00%, 10/01/29			8		6,943
5.50%, 07/15/30			50		43,995
VistaJet Malta Finance PLC/XO Management
Holding, Inc., 6.38%, 02/01/30(c)			52		46,344
					1,366,260
Food Products — 0.2%
Aramark International Finance SARL, 3.13%, 04/01/25(a)	EUR		100		104,894
Aramark Services, Inc.(c)
5.00%, 04/01/25	USD		15		14,761
6.38%, 05/01/25			69		69,508
5.00%, 02/01/28			124		117,362
Chobani LLC/Chobani Finance Corp., Inc.(c)
7.50%, 04/15/25			326		317,857
4.63%, 11/15/28			264		240,570
JBS USA LUX SA/JBS USA Food Co./JBS USA
Finance, Inc., 3.75%, 12/01/31(c)			26		21,471
Pilgrim’s Pride Corp., 3.50%, 03/01/32			8		6,510
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29(c)			60		48,758
					941,691
Gas Utilities — 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(c)			29		25,339
Ground Transportation — 0.1%
United Rentals North America, Inc., 6.00%, 12/15/29(c)			375		380,164
Health Care Equipment & Supplies(c) — 0.1%
Avantor Funding, Inc.
4.63%, 07/15/28			114		108,015
3.88%, 11/01/29			61		54,595
Embecta Corp., 6.75%, 02/15/30			24		21,840
Garden Spinco Corp., 8.63%, 07/20/30			64		68,379
					252,829
Health Care Providers & Services — 0.6%
Acadia Healthcare Co., Inc., 5.00%, 04/15/29(c)			64		60,160
AdaptHealth LLC(c)
6.13%, 08/01/28			24		22,036
5.13%, 03/01/30			9		7,635
AHP Health Partners, Inc., 5.75%, 07/15/29(c)			105		88,200
Cano Health LLC, 6.25%, 10/01/28(c)			25		13,688

5

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Providers & Services (continued)
Centene Corp.
2.45%, 07/15/28	USD		57	$	49,590
3.00%, 10/15/30			260		218,941
2.50%, 03/01/31			184		149,003
2.63%, 08/01/31			32		25,930
CHS/Community Health Systems, Inc.(c)
6.00%, 01/15/29			164		138,724
5.25%, 05/15/30			150		117,668
4.75%, 02/15/31			41		30,269
Encompass Health Corp.
4.50%, 02/01/28			5		4,660
4.75%, 02/01/30			152		138,198
4.63%, 04/01/31			66		57,654
Legacy LifePoint Health LLC(c)
6.75%, 04/15/25			156		148,038
4.38%, 02/15/27			47		38,440
Medline Borrower LP(c)
3.88%, 04/01/29			116		100,630
5.25%, 10/01/29			642		557,007
ModivCare, Inc., 5.88%, 11/15/25(c)			35		33,556
Molina Healthcare, Inc.(c)
4.38%, 06/15/28			24		22,327
3.88%, 11/15/30			39		34,028
3.88%, 05/15/32			53		44,541
Surgery Center Holdings, Inc.(c)
6.75%, 07/01/25			73		72,217
10.00%, 04/15/27			111		113,176
Teleflex, Inc.
4.63%, 11/15/27			6		5,861
4.25%, 06/01/28(c)			31		29,478
Tenet Healthcare Corp.
4.88%, 01/01/26			244		239,208
6.25%, 02/01/27			89		87,522
5.13%, 11/01/27			8		7,680
6.13%, 10/01/28			55		52,713
4.25%, 06/01/29			14		12,666
4.38%, 01/15/30			146		131,035
6.13%, 06/15/30(c)			112		110,488
					2,962,967
Health Care Technology(c) — 0.1%
AthenaHealth Group, Inc., 6.50%, 02/15/30			447		362,454
Catalent Pharma Solutions, Inc.
5.00%, 07/15/27			85		83,006
3.13%, 02/15/29			4		3,516
3.50%, 04/01/30			89		78,216
Charles River Laboratories International, Inc.
4.25%, 05/01/28			46		43,051
4.00%, 03/15/31			11		9,625
					579,868
Hotels, Restaurants & Leisure — 0.8%
Boyd Gaming Corp.
4.75%, 12/01/27			46		44,119
4.75%, 06/15/31(c)			39		35,420
Boyne USA, Inc., 4.75%, 05/15/29(c)			109		97,312
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(c)
3.88%, 01/15/28			41		38,130
4.38%, 01/15/28			77		71,083

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(c) (continued)
4.00%, 10/15/30	USD		35	$	30,013
Caesars Entertainment, Inc.(c)
6.25%, 07/01/25			377		377,018
8.13%, 07/01/27			304		310,080
4.63%, 10/15/29			486		425,007
7.00%, 02/15/30			395		401,912
Caesars Resort Collection LLC/CRC Finco, Inc.,
5.75%, 07/01/25(c)			45		45,010
CCM Merger, Inc., 6.38%, 05/01/26(c)			53		51,747
CDI Escrow Issuer, Inc., 5.75%, 04/01/30(c)			174		168,056
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.50%, 05/01/25(c)			89		88,944
6.50%, 10/01/28			19		18,434
Churchill Downs, Inc.(c)
5.50%, 04/01/27			155		151,758
4.75%, 01/15/28			73		68,359
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(c)
4.63%, 01/15/29			113		99,180
6.75%, 01/15/30			570		468,956
Hilton Domestic Operating Co., Inc.(c)
5.75%, 05/01/28			103		103,000
3.75%, 05/01/29			46		41,170
4.00%, 05/01/31			94		82,316
3.63%, 02/15/32			40		33,750
MGM Resorts International, 5.75%, 06/15/25			73		72,824
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(c)			71		61,723
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(c)
5.63%, 09/01/29			34		25,096
5.88%, 09/01/31			37		26,597
Raptor Acquisition Corp./Raptor Co.-Issuer LLC,
4.88%, 11/01/26(c)			57		53,010
Scientific Games International, Inc., 8.63%, 07/01/25(c)			65		66,544
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(c)			96		96,992
Station Casinos LLC(c)
4.50%, 02/15/28			69		62,272
4.63%, 12/01/31			35		29,558
Vail Resorts, Inc., 6.25%, 05/15/25(c)			89		89,208
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(c)			44		40,534
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(c)
5.13%, 10/01/29			193		175,313
7.13%, 02/15/31			83		84,193
Yum! Brands, Inc., 4.75%, 01/15/30(c)			17		16,242
					4,150,880
Household Durables — 0.1%
Ashton Woods USA LLC/Ashton Woods Finance Co.(c)
4.63%, 08/01/29			32		25,920
4.63%, 04/01/30			46		37,875

SCHEDULE   OF   INVESTMENTS 6

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Household Durables (continued)
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(c)
5.00%, 06/15/29	USD		67	$	51,255
4.88%, 02/15/30			56		42,232
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(c)			104		89,180
KB Home, 7.25%, 07/15/30			21		21,299
Mattamy Group Corp., 4.63%, 03/01/30(c)			72		62,624
NCR Corp.(c)
5.00%, 10/01/28			57		50,101
5.13%, 04/15/29			69		59,703
SWF Escrow Issuer Corp., 6.50%, 10/01/29(c)			105		64,575
Taylor Morrison Communities, Inc.(c)
5.88%, 06/15/27			2		1,962
5.13%, 08/01/30			20		18,462
Tempur Sealy International, Inc.(c)
4.00%, 04/15/29			67		58,945
3.88%, 10/15/31			44		36,740
Tri Pointe Homes, Inc., 5.70%, 06/15/28			18		17,320
					638,193
Household Products — 0.0%
Central Garden & Pet Co.
5.13%, 02/01/28			15		14,438
4.13%, 10/15/30			63		55,667
4.13%, 04/30/31(c)			55		47,490
					117,595
Independent Power and Renewable Electricity Producers — 0.1%
Calpine Corp.(c)
5.25%, 06/01/26			28		27,297
4.63%, 02/01/29			99		85,468
5.00%, 02/01/31			14		11,851
Clearway Energy Operating LLC(c)
4.75%, 03/15/28			47		44,885
3.75%, 01/15/32			82		68,149
NRG Energy, Inc.
5.75%, 01/15/28			22		21,575
5.25%, 06/15/29(c)			5		4,642
3.88%, 02/15/32(c)			18		14,400
7.00%, 03/15/33(c)			50		51,796
TerraForm Power Operating LLC, 4.75%, 01/15/30(c)			74		66,355
TransAlta Corp., 7.75%, 11/15/29			35		36,781
					433,199
Insurance — 0.5%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29(c)			71		58,669
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(c)
4.25%, 10/15/27			285		255,272
6.75%, 10/15/27			792		734,580
6.75%, 04/15/28			151		149,301
5.88%, 11/01/29			467		393,818
AmWINS Group, Inc., 4.88%, 06/30/29(c)			89		78,765
GTCR AP Finance, Inc., 8.00%, 05/15/27(c)			4		3,817
HUB International Ltd.(c)
7.00%, 05/01/26			345		339,069
5.63%, 12/01/29			16		13,940

Security		Par (000)		Value
Insurance (continued)
Jones Deslauriers Insurance Management, Inc.
8.50%, 03/15/30	USD		68	$	70,480
10.50%, 12/15/30(c)			87		87,627
Ryan Specialty Group LLC, 4.38%, 02/01/30(c)			49		42,844
					2,228,182
Interactive Media & Services — 0.1%
Arches Buyer, Inc., 4.25%, 06/01/28(c)			36		30,087
iliad SA(a)
5.38%, 06/14/27	EUR		100		107,577
5.63%, 02/15/30			100		105,197
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.(c)
4.75%, 04/30/27	USD		92		78,598
6.00%, 02/15/28			9		6,659
					328,118
Internet Software & Services(c) — 0.4%
ANGI Group LLC, 3.88%, 08/15/28			106		80,532
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29			71		61,389
Match Group Holdings II LLC
4.63%, 06/01/28			81		75,226
3.63%, 10/01/31			53		43,130
Uber Technologies, Inc.
7.50%, 05/15/25			108		109,385
8.00%, 11/01/26			308		315,771
7.50%, 09/15/27			282		290,773
6.25%, 01/15/28			341		340,147
4.50%, 08/15/29			547		498,454
					1,814,807
IT Services — 0.5%
Ahead DB Holdings LLC, 6.63%, 05/01/28(c)			50		41,407
Booz Allen Hamilton, Inc.(c)
3.88%, 09/01/28			75		68,441
4.00%, 07/01/29			93		83,924
CA Magnum Holdings, 5.38%, 10/31/26(c)			201		177,383
Camelot Finance SA, 4.50%, 11/01/26(c)			136		128,520
Dun & Bradstreet Corp., 5.00%, 12/15/29(c)			143		123,820
Fair Isaac Corp., 4.00%, 06/15/28(c)			63		58,433
Fiserv, Inc., 2.25%, 06/01/27			1,385		1,253,482
Gartner, Inc.(c)
4.50%, 07/01/28			85		80,682
3.63%, 06/15/29			7		6,246
KBR, Inc., 4.75%, 09/30/28(c)			66		58,978
McAfee Corp., 7.38%, 02/15/30(c)			211		176,922
Presidio Holdings, Inc., 4.88%, 02/01/27(c)			12		11,468
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25(c)			123		121,953
Twilio, Inc.
3.63%, 03/15/29			52		44,850
3.88%, 03/15/31			129		109,459
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(c)			186		161,025
					2,706,993
Leisure Products — 0.0%
Mattel, Inc.
3.75%, 04/01/29(c)			27		24,259

7

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Leisure Products (continued)
Mattel, Inc. (continued)
6.20%, 10/01/40	USD		60	$	54,038
5.45%, 11/01/41			119		100,198
					178,495
Machinery — 0.4%
ATS Corp., 4.13%, 12/15/28(c)			35		31,042
Chart Industries, Inc.(c)
7.50%, 01/01/30			206		212,843
9.50%, 01/01/31			30		31,650
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(c)(h)			126		106,470
Madison IAQ LLC, 5.88%, 06/30/29(c)			1,139		879,877
Mueller Water Products, Inc., 4.00%, 06/15/29(c)			24		21,439
OT Merger Corp., 7.88%, 10/15/29(c)			37		21,831
Terex Corp., 5.00%, 05/15/29(c)			102		94,912
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26(c)			171		143,213
TK Elevator Holdco GmbH, 7.63%, 07/15/28(c)			200		172,848
TK Elevator Midco GmbH, 4.38%, 07/15/27(a)	EUR		100		97,876
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(c)	USD		312		294,559
					2,108,560
Marine Transportation — 0.0%
Huntington Ingalls Industries, Inc., 4.20%, 05/01/30			57		53,348
Media — 1.7%
Adelphia Communications Corp., 10.50%, 12/31/49(d)(e)(g)			400		—
Altice Financing SA, 5.75%, 08/15/29(c)			436		346,620
Altice France Holding SA, 10.50%, 05/15/27(c)			342		261,630
AMC Networks, Inc., 4.25%, 02/15/29			39		23,978
Cable One, Inc.
0.00%, 03/15/26(j)(k)			28		22,092
1.13%, 03/15/28(j)			66		48,246
4.00%, 11/15/30(c)			62		50,466
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%, 02/01/28(c)			28		25,830
6.38%, 09/01/29(c)			385		367,675
4.50%, 08/15/30(c)			41		34,645
7.38%, 03/01/31(c)			568		559,125
4.50%, 05/01/32			14		11,449
4.25%, 01/15/34(c)			375		293,295
Clear Channel International BV, 6.63%, 08/01/25(c)			200		194,616
Clear Channel Outdoor Holdings, Inc.(c)
5.13%, 08/15/27			380		341,050
7.75%, 04/15/28			349		261,750
7.50%, 06/01/29			84		59,699
CMG Media Corp., 8.88%, 12/15/27(c)			90		68,040
Connect Finco SARL/Connect U.S. Finco LLC,
6.75%, 10/01/26(c)			338		317,720
CSC Holdings LLC
5.25%, 06/01/24			398		384,070
5.50%, 04/15/27(c)			200		168,420
4.50%, 11/15/31(c)			416		299,940
Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27(c)			111		100,533
DISH DBS Corp.
7.75%, 07/01/26			85		56,100
5.25%, 12/01/26(c)			479		382,192
5.75%, 12/01/28(c)			33		24,626

Security		Par (000)		Value
Media (continued)
DISH Network Corp., 11.75%, 11/15/27(c)	USD		201	$	194,970
Frontier Communications Holdings LLC, 8.75%, 05/15/30(c)			523		520,913
GCI LLC, 4.75%, 10/15/28(c)			35		30,196
Iliad Holding SASU(c)
6.50%, 10/15/26			220		209,664
7.00%, 10/15/28			200		189,758
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(c)			180		170,010
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(c)(h)			78		18,626
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(c)			54		35,505
Live Nation Entertainment, Inc.(c)
4.88%, 11/01/24			9		8,820
5.63%, 03/15/26			4		3,870
6.50%, 05/15/27			380		384,083
4.75%, 10/15/27			80		74,000
3.75%, 01/15/28			35		31,325
Odeon Finco PLC, 12.75%, 11/01/27(c)			519		477,261
Outfront Media Capital LLC/Outfront Media Capital Corp.(c)
5.00%, 08/15/27			108		97,290
4.25%, 01/15/29			63		52,290
4.63%, 03/15/30			25		20,849
Radiate Holdco LLC/Radiate Finance, Inc.(c)
4.50%, 09/15/26			764		597,830
6.50%, 09/15/28			349		143,090
Sinclair Television Group, Inc., 4.13%, 12/01/30(c)			178		143,512
Sirius XM Radio, Inc., 5.00%, 08/01/27(c)			74		69,280
Stagwell Global LLC, 5.63%, 08/15/29(c)			32		28,062
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25(a)(h)	EUR		113		94,401
TEGNA, Inc., 4.75%, 03/15/26(c)	USD		11		10,435
Univision Communications, Inc.(c)
6.63%, 06/01/27			91		86,286
7.38%, 06/30/30			43		40,654
UPC Broadband Finco BV, 4.88%, 07/15/31(c)			200		172,946
Warnermedia Holdings, Inc., 6.41%, 03/15/26			20		20,101
					8,629,834
Metals & Mining — 0.4%
Arconic Corp.(c)
6.00%, 05/15/25			13		13,000
6.13%, 02/15/28			111		109,192
ATI, Inc.
5.88%, 12/01/27			48		46,891
4.88%, 10/01/29			32		29,122
5.13%, 10/01/31			88		80,080
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(c)			285		282,823
Carpenter Technology Corp.
6.38%, 07/15/28			24		23,410
7.63%, 03/15/30			72		74,473
Commercial Metals Co.
4.13%, 01/15/30			12		10,592
4.38%, 03/15/32			14		12,043
Constellium SE
4.25%, 02/15/26(a)	EUR		100		105,223
3.75%, 04/15/29(c)	USD		250		216,552

SCHEDULE   OF   INVESTMENTS 8

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Metals & Mining (continued)
ERO Copper Corp., 6.50%, 02/15/30(c)	USD		64	$	55,720
Kaiser Aluminum Corp.(c)
4.63%, 03/01/28			42		37,381
4.50%, 06/01/31			144		118,254
New Gold, Inc., 7.50%, 07/15/27(c)			125		120,321
Nexans SA, 5.50%, 04/05/28	EUR		100		110,519
Novelis Corp.(c)
3.25%, 11/15/26	USD		110		100,525
4.75%, 01/30/30			366		336,279
3.88%, 08/15/31			68		57,272
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(a)	EUR		100		94,290
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(c)	USD		39		34,823
					2,068,785
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Starwood Property Trust, Inc., 5.50%, 11/01/23(c)			9		9,017
Offshore Drilling & Other Services(c) — 0.1%
Entegris Escrow Corp., 4.75%, 04/15/29			452		427,322
Entegris, Inc.
4.38%, 04/15/28			107		96,667
3.63%, 05/01/29			49		42,295
					566,284
Oil, Gas & Consumable Fuels — 2.3%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(c)			162		158,958
Antero Midstream Partners LP/Antero Midstream Finance Corp.(c)
5.75%, 03/01/27			34		33,219
5.75%, 01/15/28			15		14,400
5.38%, 06/15/29			66		62,115
Antero Resources Corp., 7.63%, 02/01/29(c)			23		23,518
Apache Corp.
4.25%, 01/15/30			61		55,663
5.10%, 09/01/40			48		40,680
5.35%, 07/01/49			41		31,686
Arcosa, Inc., 4.38%, 04/15/29(c)			117		104,055
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(c)
9.00%, 11/01/27			217		263,602
5.88%, 06/30/29			133		117,372
Buckeye Partners LP
5.85%, 11/15/43			16		12,081
5.60%, 10/15/44			1		708
Callon Petroleum Co.
8.25%, 07/15/25			6		5,958
6.38%, 07/01/26			49		46,550
8.00%, 08/01/28(c)			181		179,317
7.50%, 06/15/30(c)			297		279,180
Cellnex Finance Co. SA, 1.25%, 01/15/29(a)	EUR		100		88,705
Cheniere Energy Partners LP
4.50%, 10/01/29	USD		216		200,666
4.00%, 03/01/31			97		86,324
3.25%, 01/31/32			190		156,963
Chesapeake Energy Corp., 6.75%, 04/15/29(c)			147		145,936
CITGO Petroleum Corp., 7.00%, 06/15/25(c)			163		160,816
Civitas Resources, Inc., 5.00%, 10/15/26(c)			28		26,320
CNX Midstream Partners LP, 4.75%, 04/15/30(c)			32		27,520
CNX Resources Corp.(c)
6.00%, 01/15/29			19		17,765

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
CNX Resources Corp.(c) (continued)
7.38%, 01/15/31	USD		62	$	61,070
Comstock Resources, Inc., 6.75%, 03/01/29(c)			360		329,414
CQP Holdco LP/BIP-V Chinook Holdco LLC,
5.50%, 06/15/31(c)			250		224,712
Crescent Energy Finance LLC(c)
7.25%, 05/01/26			180		169,200
9.25%, 02/15/28			69		66,154
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(c)
6.00%, 02/01/29			55		52,359
8.00%, 04/01/29			28		28,560
7.38%, 02/01/31			27		27,000
CrownRock LP/CrownRock Finance, Inc.(c)
5.63%, 10/15/25			175		171,510
5.00%, 05/01/29			16		14,906
DCP Midstream Operating LP(c)
6.45%, 11/03/36			140		145,200
6.75%, 09/15/37			6		6,508
Diamondback Energy, Inc., 6.25%, 03/15/33			167		176,482
DT Midstream, Inc.(c)
4.13%, 06/15/29			110		96,437
4.38%, 06/15/31			79		68,824
Dycom Industries, Inc., 4.50%, 04/15/29(c)			37		33,393
Earthstone Energy Holdings LLC, 8.00%, 04/15/27(c)			88		85,389
Energy Transfer LP
3.75%, 05/15/30			231		213,169
Series H, (5 year CMT + 5.69%), 6.50%(b)(i)			144		126,720
EnLink Midstream LLC
5.63%, 01/15/28(c)			103		100,940
5.38%, 06/01/29			41		39,463
6.50%, 09/01/30(c)			76		76,852
EnLink Midstream Partners LP
4.85%, 07/15/26			39		37,538
5.60%, 04/01/44			82		66,926
5.45%, 06/01/47			18		14,346
EQM Midstream Partners LP
6.00%, 07/01/25(c)			11		10,874
4.13%, 12/01/26			17		15,438
6.50%, 07/01/27(c)			132		127,945
7.50%, 06/01/30(c)			67		64,906
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25			30		29,059
7.75%, 02/01/28			15		14,544
8.88%, 04/15/30			43		43,538
Gulfport Energy Corp., 8.00%, 05/17/26(c)			11		11,385
Harvest Midstream I LP, 7.50%, 09/01/28(c)			20		19,946
Hess Midstream Operations LP, 4.25%, 02/15/30(c)			77		68,769
Hilcorp Energy I LP/Hilcorp Finance Co.(c)
6.25%, 11/01/28			21		19,929
5.75%, 02/01/29			73		67,200
6.00%, 02/01/31			5		4,604
ITT Holdings LLC, 6.50%, 08/01/29(c)			109		92,031
Kinder Morgan, Inc., 4.80%, 02/01/33			125		120,603
Kinetik Holdings LP, 5.88%, 06/15/30(c)			172		165,550
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(c)			10		9,724
MasTec, Inc., 4.50%, 08/15/28(c)			56		51,761
Matador Resources Co., 5.88%, 09/15/26			54		53,277

9

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Murphy Oil Corp.
5.75%, 08/15/25	USD		8	$	7,901
5.88%, 12/01/27			20		19,479
Murphy Oil USA, Inc., 4.75%, 09/15/29			109		99,289
Nabors Industries Ltd.(c)
7.25%, 01/15/26			66		62,947
7.50%, 01/15/28			90		83,061
Nabors Industries, Inc.
5.75%, 02/01/25			306		296,437
7.38%, 05/15/27(c)			116		113,608
New Fortress Energy, Inc.(c)
6.75%, 09/15/25			300		288,750
6.50%, 09/30/26			321		295,320
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(c)			85		82,015
NGPL PipeCo LLC, 7.77%, 12/15/37(c)			84		92,565
Northern Oil & Gas, Inc., 8.13%, 03/01/28(c)			253		250,963
NuStar Logistics LP
6.00%, 06/01/26			123		120,566
6.38%, 10/01/30			2		1,919
Occidental Petroleum Corp.
6.95%, 07/01/24			9		9,113
5.88%, 09/01/25			23		23,179
8.88%, 07/15/30			86		100,030
6.63%, 09/01/30			726		764,601
6.13%, 01/01/31			7		7,263
7.50%, 05/01/31			27		29,778
6.45%, 09/15/36			135		141,943
6.20%, 03/15/40			152		152,821
4.63%, 06/15/45			7		5,607
6.60%, 03/15/46			60		63,083
4.40%, 04/15/46			27		21,398
4.20%, 03/15/48			8		6,200
PDC Energy, Inc.
6.13%, 09/15/24			68		67,660
5.75%, 05/15/26			6		5,841
Permian Resources Operating LLC(c)
5.38%, 01/15/26			32		30,331
7.75%, 02/15/26			84		84,210
6.88%, 04/01/27			54		52,829
5.88%, 07/01/29			140		132,565
Precision Drilling Corp., 6.88%, 01/15/29(c)			4		3,630
Range Resources Corp., 4.88%, 05/15/25			39		38,236
Rockcliff Energy II LLC, 5.50%, 10/15/29(c)			103		91,285
Rockies Express Pipeline LLC, 4.95%, 07/15/29(c)			14		12,472
SM Energy Co.
5.63%, 06/01/25			44		42,662
6.75%, 09/15/26			36		35,304
6.63%, 01/15/27			7		6,725
6.50%, 07/15/28			56		53,439
Southwestern Energy Co.
5.38%, 02/01/29			85		80,112
4.75%, 02/01/32			2		1,766
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(c)
7.50%, 10/01/25			3		2,999
6.00%, 03/01/27			14		13,252
5.50%, 01/15/28			11		10,058
6.00%, 12/31/30			10		8,937
6.00%, 09/01/31			41		36,255

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Tap Rock Resources LLC, 7.00%, 10/01/26(c)	USD		202	$	176,964
Transocean Titan Financing Ltd., 8.38%, 02/01/28(c)			57		58,657
Transocean, Inc.(c)
7.50%, 01/15/26			212		192,488
8.75%, 02/15/30			245		249,900
Venture Global Calcasieu Pass LLC(c)
3.88%, 08/15/29			302		272,404
4.13%, 08/15/31			209		183,623
3.88%, 11/01/33			393		330,120
Vermilion Energy, Inc., 6.88%, 05/01/30(c)			51		46,445
Western Midstream Operating LP
6.15%, 04/01/33			20		20,271
5.45%, 04/01/44			112		97,666
5.30%, 03/01/48			39		33,045
5.50%, 08/15/48			17		14,640
5.50%, 02/01/50			137		116,244
					11,507,103
Passenger Airlines — 0.6%
Air Canada, 3.88%, 08/15/26(c)			116		105,328
Allegiant Travel Co.(c)
8.50%, 02/05/24			1,065		1,065,000
7.25%, 08/15/27			37		36,833
American Airlines, Inc.(c)
11.75%, 07/15/25			392		428,864
7.25%, 02/15/28			8		7,780
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(c)
5.50%, 04/20/26			184		181,091
5.75%, 04/20/29			113		108,531
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(c)			73		70,296
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(c)			101		95,885
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(c)			230		229,185
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(c)			70		70,750
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 04/15/29			169		168,505
Series 2020-1, Class B, 4.88%, 07/15/27			15		13,989
United Airlines, Inc.(c)
4.38%, 04/15/26			60		57,403
4.63%, 04/15/29			383		346,424
					2,985,864
Personal Care Products — 0.0%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29(c)			5		4,669
Pharmaceuticals — 0.2%
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28(a)	EUR		100		100,638
Gruenenthal GmbH, 4.13%, 05/15/28(a)			100		98,147
Option Care Health, Inc., 4.38%, 10/31/29(c)	USD		79		69,764
Organon & Co./Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/28(c)			200		182,822
PRA Health Sciences, Inc., 2.88%, 07/15/26(c)			200		184,482

SCHEDULE   OF   INVESTMENTS 10

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Pharmaceuticals (continued)
Prestige Brands, Inc., 3.75%, 04/01/31(c)	USD		70	$	59,331
Teva Pharmaceutical Finance Netherlands II BV,
3.75%, 05/09/27	EUR		100		97,863
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26	USD		83		74,648
					867,695
Real Estate — 0.0%
VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28(c)			30		27,781
Real Estate Management & Development — 0.2%
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28(c)			101		90,423
Howard Hughes Corp.(c)
5.38%, 08/01/28			49		44,620
4.38%, 02/01/31			63		50,715
Realogy Group LLC/Realogy Co.-Issuer Corp.(c)
5.75%, 01/15/29			531		397,432
5.25%, 04/15/30			43		31,342
Starwood Property Trust, Inc., 4.38%, 01/15/27(c)			25		20,662
VICI Properties LP, 5.13%, 05/15/32			182		171,469
					806,663
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc.
4.30%, 11/15/32			73		67,258
3.42%, 04/15/33(c)			77		64,427
Marvell Technology, Inc., 2.95%, 04/15/31			75		62,629
Sensata Technologies B.V., 4.00%, 04/15/29(c)			36		32,525
Sensata Technologies, Inc.(c)
4.38%, 02/15/30			169		153,986
3.75%, 02/15/31			49		42,875
Synaptics, Inc., 4.00%, 06/15/29(c)			107		92,141
					515,841
Software — 0.5%
Alteryx, Inc., 8.75%, 03/15/28			57		57,369
Black Knight InfoServ LLC, 3.63%, 09/01/28(c)			122		110,867
Boxer Parent Co., Inc.(c)
7.13%, 10/02/25			148		147,295
9.13%, 03/01/26			144		139,640
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(c)			173		170,038
Cloud Software Group Holdings, Inc., 6.50%, 03/31/29(c)			715		632,492
Crowdstrike Holdings, Inc., 3.00%, 02/15/29			16		13,964
Elastic NV, 4.13%, 07/15/29(c)			120		102,450
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(c)			45		38,643
MicroStrategy, Inc., 6.13%, 06/15/28(c)			144		127,800
MSCI, Inc.(c)
3.63%, 09/01/30			7		6,085
3.88%, 02/15/31			11		9,791
3.25%, 08/15/33			34		27,844
Open Text Corp., 6.90%, 12/01/27(c)			214		220,762
Oracle Corp., 6.25%, 11/09/32			375		403,332
PTC, Inc., 4.00%, 02/15/28(c)			32		29,903

Security		Par (000)		Value
Software (continued)
SS&C Technologies, Inc., 5.50%, 09/30/27(c)	USD		245	$	237,723
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(c)			188		141,519
					2,617,517
Specialized REITs — 0.0%
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28(c)			120		116,400
Specialty Retail(c) — 0.1%
Arko Corp., 5.13%, 11/15/29			58		48,006
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29			253		248,347
Staples, Inc., 7.50%, 04/15/26			82		71,843
					368,196
Technology Hardware, Storage & Peripherals — 0.0%
Coherent Corp., 5.00%, 12/15/29(c)			126		114,370
Textiles, Apparel & Luxury Goods(c) — 0.1%
Crocs, Inc.
4.25%, 03/15/29			77		67,539
4.13%, 08/15/31			70		57,673
Hanesbrands, Inc., 9.00%, 02/15/31			71		72,686
Kontoor Brands, Inc., 4.13%, 11/15/29			32		27,462
Levi Strauss & Co., 3.50%, 03/01/31			78		66,495
					291,855
Transportation Infrastructure — 0.0%
Azzurra Aeroporti SpA, 2.63%, 05/30/27(a)	EUR		100		95,600
Utilities(c) — 0.0%
Consensus Cloud Solutions, Inc.
6.00%, 10/15/26	USD		23		19,982
6.50%, 10/15/28			20		16,586
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28			42		38,423
Vistra Operations Co. LLC
5.50%, 09/01/26			5		4,854
5.63%, 02/15/27			41		39,785
5.00%, 07/31/27			5		4,727
					124,357
Wireless Telecommunication Services — 0.3%
Altice France SA/France, 8.13%, 02/01/27(c)			334		309,184
SBA Communications Corp.
3.13%, 02/01/29			283		246,193
3.88%, 02/15/27			7		6,608
T-Mobile USA, Inc.
3.38%, 04/15/29			67		61,083
3.50%, 04/15/31			26		23,378
VICI Properties LP/VICI Note Co., Inc.(c)
5.63%, 05/01/24			18		17,843
3.50%, 02/15/25			34		32,222
4.63%, 06/15/25			161		155,657
4.25%, 12/01/26			34		31,723
4.63%, 12/01/29			133		121,072

11

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Wireless Telecommunication Services (continued)
VICI Properties LP/VICI Note Co., Inc.(c) (continued)
4.13%, 08/15/30	USD		124	$	109,527
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31(c)			200		171,444
					1,285,934
Total Corporate Bonds — 17.5% (Cost: $102,078,062)					86,907,232
Floating Rate Loan Interests(b)
Aerospace & Defense — 3.4%
Atlas CC Acquisition Corp.
Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 4.25%), 9.40%, 05/25/28			2,449		2,097,668
Term Loan C, (3 mo. SOFR CME at 0.75% Floor + 4.25%), 9.40%, 05/25/28			498		426,645
Bleriot U.S. Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR US + 4.00%), 9.16%, 10/31/26			806		805,351
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, (6 mo. LIBOR US at 0.50% Floor + 3.50%), 8.56%, 08/03/29			324		316,736
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (1 mo. SOFR CME + 3.50%), 8.41%, 04/06/26			1,169		1,139,489
2020 Term Loan B1, (1 mo. SOFR CME + 3.50%), 8.41%, 04/06/26			2,174		2,119,709
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR US + 5.60%), 10.41%, 04/09/26			760		590,389
Peraton Corp.
2nd Lien Term Loan B1, (3 mo. LIBOR US at 0.75% Floor + 7.75%), 12.65%, 02/01/29			1,474		1,429,913
Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.59%, 02/01/28			5,035		4,961,529
TransDigm, Inc., 2023 Term Loan I, (3 mo. SOFR CME + 3.25%), 8.15%, 08/24/28			2,797		2,786,836
					16,674,265
Air Freight & Logistics — 0.3%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.45%, 04/06/28			508		489,622
Kestrel Bidco, Inc., Term Loan B, (1 mo. SOFR CME at 1.00% Floor + 3.00%), 7.86%, 12/11/26			363		347,240
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 4.25%), 9.09%, 12/15/28			687		575,408
					1,412,270
Automobile Components — 1.2%
Adient U.S. LLC, 2021 Term Loan B, (1 mo. LIBOR US + 3.25%), 8.09%, 04/10/28			462		458,733

Security		Par (000)		Value
Automobile Components (continued)
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR US + 3.25%), 8.09%, 04/30/26	USD		3,217	$	3,192,531
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR US + 2.75%), 7.59%, 02/05/26			2,273		2,225,892
					5,877,156
Banks — 0.7%
DirecTV Financing LLC, Term Loan, (1 mo. LIBOR US at 0.75% Floor + 5.00%), 9.84%, 08/02/27			2,006		1,926,152
LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 5.00%), 9.84%, 10/29/28			1,401		1,355,722
					3,281,874
Beverages — 0.7%
Naked Juice LLC
2nd Lien Term Loan, (3 mo. SOFRTE at 0.50% Floor + 6.00%), 11.00%, 01/24/30			1,565		1,167,043
Term Loan, (3 mo. SOFRTE at 0.50% Floor + 3.25%), 8.25%, 01/24/29			2,596		2,276,460
					3,443,503
Building Materials — 0.1%
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 7.93%, 04/12/28			312		273,423
Building Products — 1.7%
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.50%), 8.41%, 11/23/27			1,271		1,123,372
CPG International LLC, 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.41%, 04/28/29			703		693,497
Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR US + 2.25%), 7.09%, 07/28/28			718		694,839
LSF10 XL Bidco SCA, 2021 EUR Term Loan B4, (3 mo. EURIBOR + 3.925%), 6.94%, 04/12/28	EUR		854		793,924
New AMI I LLC, 2022 Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 6.00%), 10.81%, 03/08/29	USD		733		629,169
Standard Industries, Inc., 2021 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.00%), 7.12%, 09/22/28			1,409		1,400,138
Wilsonart LLC, 2021 Term Loan E, (6 mo. LIBOR US at 1.00% Floor + 3.25%), 8.46%, 12/31/26			3,015		2,896,423
					8,231,362
Capital Markets — 3.0%
Ascensus Holdings, Inc.
2021 2nd Lien Term Loan, (3 mo. LIBOR US at 0.50% Floor + 6.50%), 11.31%, 08/02/29			2,373		2,119,515
Term Loan, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.38%, 08/02/28			2,473		2,395,827
Castlelake Aviation One DAC, 2023 Incremental Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 2.75%), 7.78%, 10/22/27			651		641,193

SCHEDULE   OF   INVESTMENTS 12

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Capital Markets (continued)
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (1 mo. SOFR CME at 1.00% Floor + 3.75%), 8.65%, 04/09/27	USD		5,622		$	5,434,125
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 6.75%), 11.91%, 04/07/28			1,594			1,459,833
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR US at 0.75% Floor + 3.00%), 8.19%, 11/12/27			1,328			1,300,711
FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR US + 2.30%), 7.14%, 06/27/25			—	(l)		184
Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.31%, 06/30/28			1,290			1,267,670
Greenhill & Co., Inc., Term Loan B, (3 mo. LIBOR US + 3.25%), 8.20%, 04/12/24			517			504,048
						15,123,106
Chemicals — 4.6%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 4.75%), 9.71%, 08/27/26			2,892			2,838,674
Axalta Coating Systems U.S. Holdings, Inc., 2022 USD Term Loan B4, (3 mo. SOFR CME at 0.50% Floor + 3.00%), 7.90%, 12/20/29			1,028			1,028,382
CPC Acquisition Corp., Term Loan, (3 mo. SOFR CME at 0.75% Floor + 3.75%), 8.91%, 12/29/27			569			431,627
Discovery Purchaser Corp., Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.375%), 8.96%, 10/04/29			1,140			1,077,914
Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR US + 2.00%), 6.81%, 01/31/26			1,741			1,737,686
HB Fuller Co., 2023 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.31%, 02/15/30			265			265,912
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR US + 3.50%), 8.34%, 06/30/27			1,223			1,201,367
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (3 mo. SOFR CME + 3.50%), 8.41%, 02/18/30			615			610,935
Lonza Group AG, USD Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 4.00%), 9.16%, 07/03/28			942			870,201
LSF11 A5 Holdco LLC, Term Loan, (1 mo. SOFRTE at 0.50% Floor + 3.50%), 8.42%, 10/15/28			1,648			1,595,322
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. SOFR CME + 2.50%), 7.66%, 03/02/26			2,481			2,472,080
Momentive Performance Materials, Inc., 2023 Term Loan, (3 mo. SOFR + 4.50%), 9.29%, 03/31/28(e)(m)			1,851			1,809,353
OQ Chemicals Corp., 2017 USD Term Loan B2, (1 mo. LIBOR US + 3.25%), 8.00%, 10/14/24			1,511			1,465,061
PQ Corp., 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.50%), 7.33%, 06/09/28			1,519			1,504,469
Pregis TopCo Corp., 2021 Incremental Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.75%), 8.59%, 07/31/26			615			597,127
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 4.00%), 8.83%, 03/16/27			928			903,417

Security		Par (000)		Value
Chemicals (continued)
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.25%), 7.92%, 08/02/28	USD		1,429	$	1,411,545
Starfruit Finco BV, 2018 USD Term Loan B, (3 mo. SOFR CME + 2.75%), 7.53%, 10/01/25			327		323,452
W.R. Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 3.75%), 8.94%, 09/22/28			838		829,747
					22,974,271
Commercial Services & Supplies — 3.4%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.75%), 8.66%, 05/12/28			2,298		2,178,831
Amentum Government Services Holdings LLC, 2022 Term Loan, (3 mo. SOFR CME + 4.00%), 8.91%, 02/15/29			684		667,024
Asurion LLC
2020 Term Loan B8, (1 mo. LIBOR US + 3.25%), 8.09%, 12/23/26			252		232,869
2021 2nd Lien Term Loan B3, (1 mo. LIBOR US + 5.25%), 10.09%, 01/31/28			985		816,883
2021 Second Lien Term Loan B4, (1 mo. LIBOR US + 5.25%), 10.09%, 01/20/29			1,402		1,152,444
2023 Term Loan B11, (1 mo. SOFR CME + 4.25%), 9.16%, 08/19/28			1,098		1,015,030
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR US + 2.00%), 6.84%, 10/08/28			610		612,258
Covanta Holding Corp.
2021 Term Loan C, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.31%, 11/30/28			75		74,451
2021 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.50%), 7.31%, 11/30/28			989		983,983
Creative Artists Agency LLC, 2023 Term Loan B, (1 mo. SOFR CME + 3.50%), 8.31%, 11/27/28			1,415		1,408,519
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR US at 1.00% Floor + 3.75%), 8.91%, 05/09/25			430		414,271
GFL Environmental, Inc., 2023 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.00%), 7.91%, 05/28/27			1,137		1,136,815
Packers Holdings LLC, 2021 Term Loan, (1 mo. SOFR CME at 0.75% Floor + 3.25%), 8.09%, 03/09/28			820		739,373
Prime Security Services Borrower LLC, 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 2.75%), 7.52%, 09/23/26			1,475		1,469,020
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR US + 4.00%), 8.84%, 08/27/25			3,222		3,214,559
Viad Corp., Initial Term Loan, (1 mo. SOFR CME at 0.50% Floor + 5.00%), 9.92%, 07/30/28			686		652,996
					16,769,326
Communications Equipment — 0.4%
Ciena Corp., 2023 Term Loan B, (1 mo. SOFR CME + 2.50%), 7.19%, 01/18/30			189		188,647
ViaSat, Inc., Term Loan, (1 mo. SOFR CME at 0.50% Floor + 4.50%), 9.42%, 03/02/29			1,783		1,727,239
					1,915,886

13

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Construction & Engineering — 1.5%
Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 7.00%), 11.84%, 09/30/29(e)	USD		815	$	688,675
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR US at 1.00% Floor + 4.25%), 9.13%, 06/21/24			2,155		2,004,688
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR US + 3.00%), 7.85%, 01/21/28			925		916,777
SRS Distribution, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.34%, 06/02/28			2,403		2,316,227
USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.34%, 05/12/28			1,542		1,488,943
					7,415,310
Construction Materials — 1.4%
Core & Main LP, 2021 Term Loan B, (3 mo. LIBOR US + 2.50%), 7.37%, 07/27/28(e)			3,550		3,523,723
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR US + 3.00%), 7.84%, 03/29/25			2,094		2,085,373
Oscar AcquisitionCo. LLC, Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.50%, 04/29/29			956		919,544
Tamko Building Products LLC, Term Loan B, (3 mo. LIBOR US + 3.00%), 7.87%, 06/01/26			320		309,488
					6,838,128
Consumer Staples Distribution & Retail — 0.4%
H-Food Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR US + 3.688%), 8.53%, 05/23/25			454		387,367
U.S. Foods, Inc.
2019 Term Loan B, (1 mo. LIBOR US + 2.00%), 6.84%, 09/13/26			629		625,180
2021 Term Loan B, (1 mo. LIBOR US + 2.75%), 7.59%, 11/22/28			781		779,374
					1,791,921
Containers & Packaging — 1.3%
Charter Next Generation, Inc., 2021 Term Loan, (1 mo. SOFR CME at 0.75% Floor + 3.75%), 8.67%, 12/01/27			2,977		2,935,407
Mauser Packaging Solutions Holding Co., Term Loan B, (3 mo. SOFR CME + 4.00%), 8.78%, 08/14/26			1,144		1,132,972
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. SOFR CME + 3.75%), 8.67%, 07/31/26			539		524,612
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.42%, 08/18/27			1,026		787,261
Trident TPI Holdings, Inc., 2021 Incremental Term Loan, (3 mo. LIBOR US at 0.50% Floor + 4.00%), 9.16%, 09/15/28			1,008		971,798
					6,352,050
Distributors — 1.4%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. SOFR CME + 2.00%), 6.91%, 01/15/27			1,053		1,046,154

Security		Par (000)		Value
Distributors (continued)
CNT Holdings I Corp., 2020 Term Loan, (3 mo. SOFR CME at 0.75% Floor + 3.50%), 8.13%, 11/08/27	USD		1,608	$	1,578,773
Dealer Tire Financial LLC, Term Loan B2, (1 mo. SOFR CME at 0.50% Floor + 4.50%), 9.31%, 12/14/27			2,653		2,631,594
Go Daddy Operating Co. LLC, 2022 Term Loan B5, (1 mo. SOFR CME + 3.25%), 8.06%, 11/09/29			1,272		1,269,434
PUG LLC, 2021 Incremental Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 4.25%), 9.09%, 02/12/27(e)			322		230,298
					6,756,253
Diversified Consumer Services — 1.6%
2U, Inc., 2023 Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 6.50%), 11.32%, 12/28/26			841		807,097
Ascend Learning LLC
2021 2nd Lien Term Loan, (1 mo. SOFR CME at 0.50% Floor + 5.75%), 10.66%, 12/10/29			681		584,523
2021 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.50%), 8.41%, 12/11/28			1,684		1,551,097
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.25%), 7.17%, 11/24/28			810		796,089
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR US + 3.75%), 8.59%, 07/11/25			832		824,805
OLA Netherlands BV, Term Loan, (1 mo. SOFR CME at 0.75% Floor + 6.25%), 11.11%, 12/15/26			744		702,856
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.75%), 8.58%, 10/28/27			869		812,770
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 4.50%), 9.33%, 01/15/27			1,654		1,641,483
Voyage Australia Pty. Ltd., USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 3.50%), 8.40%, 07/20/28			287		282,633
					8,003,353
Diversified REITs — 0.0%
RHP Hotel Properties LP, 2017 Term Loan B,
(1 mo. LIBOR US + 2.00%), 6.85%, 05/11/24			269		267,975
Diversified Telecommunication Services — 1.5%
Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 7.93%, 11/30/27			198		195,856
Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.38%, 10/02/27			713		559,907
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.63%, 05/01/28			1,749		1,655,916
Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. SOFR CME at 0.75% Floor + 2.50%), 7.41%, 11/04/26			1,579		1,576,445
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. SOFR CME + 1.75%), 6.67%, 03/01/27			1,299		1,092,327

SCHEDULE   OF   INVESTMENTS 14

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Lumen Technologies, Inc., 2020 Term Loan B, (3 mo. SOFR CME + 2.25%), 7.17%, 03/15/27	USD		1,241	$	815,358
Virgin Media SFA Finance Ltd., GBP Term Loan L, (1 mo. SONIA + 3.25%), 7.21%, 01/15/27	GBP		1,400		1,618,788
					7,514,597
Electric Utilities — 0.7%
Constellation Renewables LLC, 2020 Term Loan, (3 mo. LIBOR US at 1.00% Floor + 2.50%), 7.46%, 12/15/27	USD		1,109		1,102,801
Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.66%, 03/31/28			2,791		2,494,239
					3,597,040
Electrical Equipment — 0.7%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.91%, 06/23/28			1,334		1,269,513
AZZ, Inc., Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 4.25%), 9.16%, 05/13/29			226		226,276
Gates Global LLC, 2021 Term Loan B3, (1 mo. SOFR CME at 0.75% Floor + 2.50%), 7.41%, 03/31/27			2,130		2,114,273
					3,610,062
Electronic Equipment, Instruments & Components — 0.3%
Coherent Corp., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.75%), 7.67%, 07/02/29			1,452		1,435,398
Energy Equipment & Services — 0.5%
Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.06%, 10/05/28			2,681		2,630,954
Entertainment — 0.7%
Cirque Du Soleil Holding USA Newco, Inc., 2023 Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.25%), 9.13%, 03/08/30			815		804,812
City Football Group Ltd., Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 7.78%, 07/21/28			1,469		1,397,395
Delta 2 Lux SARL, Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.06%, 01/15/30			1,104		1,104,464
					3,306,671
Environmental, Maintenance & Security Service — 0.6%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR US + 1.75%), 6.59%, 09/07/27			1,730		1,719,809
TruGreen LP, 2020 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 4.00%), 8.84%, 11/02/27			1,457		1,343,000
					3,062,809
Financial Services — 5.0%
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.00%), 9.05%, 02/16/28			380		366,068
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR US + 4.50%), 9.34%, 07/31/26			912		895,076
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 2.75%), 7.61%, 02/04/28			1,520		1,512,818

Security		Par (000)		Value
Financial Services (continued)
Altice France SA/France, 2023 USD Term Loan B14, (2 mo. SOFR CME + 5.50%), 10.17%, 08/15/28(e)	USD		1,726	$	1,639,764
Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.62%, 10/22/26			1,357		1,342,396
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 2.50%), 7.34%, 09/01/28			1,380		1,360,207
Delta TopCo, Inc., 2020 2nd Lien Term Loan, (3 mo. SOFR CME at 0.75% Floor + 7.25%), 12.16%, 12/01/28			330		279,675
EG America LLC, 2018 USD Term Loan, (3 mo. LIBOR US + 4.00%), 8.84%, 02/07/25			1,223		1,166,389
Gainwell Acquisition Corp., Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 4.00%), 9.00%, 10/01/27			2,815		2,680,911
KKR Apple Bidco LLC, 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 2.75%), 7.59%, 09/23/28			827		816,971
LBM Acquisition LLC, Term Loan B, (6 mo. LIBOR US at 0.75% Floor + 3.75%), 8.59%, 12/17/27			436		409,282
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.25%), 8.09%, 09/25/26			2,219		1,807,533
RVR Dealership Holdings LLC, Term Loan B, (1 mo. SOFRTE at 0.75% Floor + 3.75%), 8.55%, 02/08/28			205		174,169
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR US + 2.00%), 7.16%, 11/05/28			1,175		1,173,825
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3 mo. LIBOR US + 2.50%), 7.33%, 01/23/25			1,695		1,673,840
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR US + 4.00%), 8.90%, 07/30/25			913		903,281
Veritas U.S., Inc., 2021 USD Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 5.00%), 9.84%, 09/01/25			2,986		2,258,512
VS Buyer LLC, Term Loan B, (2 mo. LIBOR US + 3.00%), 7.70%, 02/28/27			1,455		1,437,767
White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 8.56%, 10/19/27			1,086		1,072,228
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR US + 2.50%), 7.18%, 04/30/28			1,876		1,849,942
					24,820,654
Food Products — 2.5%
8th Avenue Food & Provisions, Inc.
2018 1st Lien Term Loan, (1 mo. LIBOR US + 3.75%), 8.59%, 10/01/25			1,175		1,030,655
2021 Incremental Term Loan, (1 mo. LIBOR US at 0.75% Floor + 4.75%), 9.59%, 10/01/25			1,332		1,175,506
Chobani LLC, 2020 Term Loan B, (1 mo. SOFR CME at 1.00% Floor + 3.50%), 8.42%, 10/25/27(e)			2,432		2,408,031
Froneri International Ltd., 2020 USD Term Loan, (3 mo. LIBOR US + 2.25%), 7.41%, 01/29/27			3,247		3,196,161

15

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Food Products (continued)
Nomad Foods U.S. LLC, 2022 Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 3.75%), 8.23%, 11/12/29	USD		911	$	909,767
Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1 mo. LIBOR US + 3.25%), 8.09%, 02/05/26			1,520		1,512,473
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 3.50%), 8.33%, 06/08/28(e)			1,660		1,643,234
UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.92%, 01/20/28			601		597,703
					12,473,530
Gas Utilities — 0.6%
Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.31%, 12/21/28			3,260		3,150,109
Ground Transportation — 0.6%
Avis Budget Car Rental LLC, 2020 Term Loan B, (1 mo. LIBOR US + 1.75%), 6.60%, 08/06/27			567		556,147
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR US + 5.50%), 10.37%, 08/04/25			1,318		1,205,171
Uber Technologies, Inc., 2023 Term Loan B, (3 mo. SOFR CME + 2.75%), 7.87%, 02/28/30			1,456		1,451,263
					3,212,581
Health Care Equipment & Supplies — 1.2%
Electron BidCo, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 7.84%, 11/01/28			1,914		1,883,339
Insulet Corp., Term Loan B, (1 mo. SOFR CME + 3.25%), 8.17%, 05/04/28			673		671,122
Medline Borrower LP, USD Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 10/23/28			3,743		3,645,313
					6,199,774
Health Care Providers & Services — 2.1%
CHG Healthcare Services, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 09/29/28			896		886,687
Envision Healthcare Corp.
2022 First Out Term Loan, (3 mo. SOFR CME at 1.00% Floor + 7.875%), 12.92%, 03/31/27			209		173,692
2022 Second Out Term Loan, (3 mo. SOFR CME at 1.00% Floor + 4.25%), 9.15%, 03/31/27			1,390		330,168
EyeCare Partners LLC
2020 Term Loan, (1 mo. LIBOR US + 3.75%), 8.59%, 02/18/27			1,930		1,565,421
2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 6.75%), 11.59%, 11/15/29			508		383,278
2021 Incremental Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.75%), 8.59%, 11/15/28			466		376,715
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR US + 4.50%), 9.66%, 03/05/26			626		558,462
Ingenovis Health, Inc., Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.60%, 03/06/28			1,395		1,343,957
Orbcomm, Inc., Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 4.25%), 9.15%, 09/01/28			761		617,338

Security		Par (000)		Value
Health Care Providers & Services (continued)
PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.34%, 02/14/25	USD		46	$	44,253
Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.58%, 12/11/26			2,247		2,159,929
Surgery Center Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.46%, 08/31/26			509		505,618
Vizient, Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.25%), 7.11%, 05/16/29			292		291,170
WCG Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR US at 1.00% Floor + 4.00%), 8.95%, 01/08/27			1,046		986,455
					10,223,143
Health Care Services — 0.3%
Azalea Topco, Inc., Term Loan, (1 mo. LIBOR US + 3.50%), 8.34%, 07/24/26			842		785,068
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. SOFR CME at 0.50% Floor + 7.00%), 11.99%, 11/01/29			536		485,080
					1,270,148
Health Care Technology — 2.3%
AthenaHealth Group, Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.50%), 8.26%, 02/15/29			2,612		2,441,990
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR US + 2.75%), 7.59%, 10/10/25			619		614,480
Polaris Newco LLC, USD Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 4.00%), 9.16%, 06/02/28			3,828		3,481,971
Press Ganey Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.59%, 07/24/26			2,304		2,148,910
Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 7.00%), 11.84%, 04/02/29(e)			2,740		2,740,000
					11,427,351
Hotels, Restaurants & Leisure — 6.2%
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR US + 3.75%), 8.59%, 02/02/26			1,108		1,055,246
Aristocrat Technologies, Inc., 2022 Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 2.25%), 7.25%, 05/24/29			87		87,555
Bally’s Corp., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 7.96%, 10/02/28			787		749,426
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., Term Loan B4, (1 mo. LIBOR US + 1.75%), 6.59%, 11/19/26			2,701		2,671,868
Caesars Entertainment, Inc., Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.16%, 02/06/30			1,131		1,123,773
Carnival Corp., USD Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.00%), 7.84%, 06/30/25			1,554		1,530,646
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR US + 2.00%), 6.85%, 03/17/28			682		676,964
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR US at 0.75% Floor + 7.50%), 12.42%, 05/01/28			806		798,101

SCHEDULE   OF   INVESTMENTS 16

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR US at 1.00% Floor + 3.00%), 8.16%, 03/08/24	USD		3,458	$	3,124,367
Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 4.00%), 8.81%, 01/27/29			3,254		3,198,018
Flutter Financing B.V., 2022 USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 3.25%), 8.41%, 07/22/28			1,011		1,009,606
Four Seasons Hotels Ltd., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.16%, 11/30/29			2,373		2,370,290
IRB Holding Corp., 2022 Term Loan B, (1 mo. SOFRTE at 0.75% Floor + 3.00%), 7.83%, 12/15/27			2,132		2,098,339
Penn National Gaming, Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.75%), 7.66%, 05/03/29			1,278		1,273,611
Playa Resorts Holding B.V., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 4.25%), 8.99%, 01/05/29			410		407,025
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR US + 2.75%), 7.59%, 03/13/28			1,501		1,489,234
Scientific Games International, Inc., 2022 USD Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.00%), 7.96%, 04/14/29			706		699,196
SeaWorld Parks & Entertainment, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 7.88%, 08/25/28			589		585,564
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR US + 2.25%), 7.41%, 07/21/26			1,042		1,040,339
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR US at 0.25% Floor + 2.25%), 7.10%, 02/08/27			1,953		1,934,422
Travelport Finance Luxembourg SARL
2020 Super Priority Term Loan, (3 mo. LIBOR US at 1.00% Floor + 1.50%, 7.25% PIK), 6.34%, 02/28/25(h)			110		111,207
2021 Consented Term Loan, (3 mo. LIBOR US + 6.75%), 10.16%, 05/29/26			1,228		692,930
Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 08/03/28			1,981		1,957,273
Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR US + 1.75%), 6.59%, 05/30/25			173		172,373
					30,857,373
Household Durables — 1.3%
ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 4.25%), 9.41%, 05/17/28			1,422		1,125,229
Hunter Douglas, Inc., USD Term Loan B1, (3 mo. SOFR CME + 3.50%), 8.37%, 02/26/29			2,083		1,864,314
Serta Simmons Bedding LLC
2020 Super Priority First Out Term Loan, (3 mo. LIBOR US + 7.50%), 12.37%, 08/10/23			412		403,144

Security		Par (000)		Value
Household Durables (continued)
Serta Simmons Bedding LLC (continued)
2020 Super Priority Second Out Term Loan, (3 mo. LIBOR US at 1.00% Floor + 7.50%), 12.37%, 08/10/23	USD		843	$	477,149
Snap One Holdings Corp., Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 4.50%), 9.66%, 12/08/28(e)			330		299,951
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 4.00%), 8.75%, 10/06/28			722		605,031
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.25%), 8.09%, 10/30/27			2,079		1,781,237
					6,556,055
Household Products — 0.1%
Spectrum Brands, Inc., 2021 Term Loan, (3 mo. LIBOR US at 0.50% Floor + 2.00%), 6.96%, 03/03/28			740		732,685
Independent Power and Renewable Electricity Producers — 0.7%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR US + 2.00%), 6.84%, 01/15/25			653		651,544
Calpine Corp.
2019 Term Loan B10, (1 mo. LIBOR US + 2.00%), 6.84%, 08/12/26			1,037		1,029,046
Term Loan B9, (1 mo. LIBOR US + 2.00%), 6.85%, 04/05/26			1,879		1,864,484
					3,545,074
Industrial Conglomerates — 1.6%
AVSC Holding Corp.
2020 Term Loan B1, (3 mo. LIBOR US at 1.00% Floor + 3.25%), 7.81%, 03/03/25(m)			864		830,144
2020 Term Loan B3, (3 mo. LIBOR US + 15.00%), 15.00%, 10/15/26			812		826,504
Diamond BC BV, 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.58%, 09/29/28			1,516		1,508,734
Stitch Aquisition Corp., Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 6.75%), 11.91%, 07/28/28			953		743,714
Vertical U.S. Newco, Inc., Term Loan B, (6 mo. LIBOR US at 0.50% Floor + 3.50%), 8.60%, 07/30/27			1,989		1,939,652
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR US + 2.75%), 7.42%, 03/02/27			2,132		2,089,558
					7,938,306
Insurance — 5.1%
Alliant Holdings Intermediate LLC
2021 Term Loan B4, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.28%, 11/06/27			3,274		3,232,096
2023 Term Loan B5, (1 mo. SOFR CME at 0.50% Floor + 3.50%), 8.35%, 11/05/27			3,535		3,488,493
AmWINS Group, Inc.
2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 2.25%), 7.11%, 02/19/28			2,333		2,302,401
2023 Incremental Term Loan B, (1 mo. SOFR CME at 0.75% Floor + 2.75%), 7.66%, 02/19/28			448		445,078

17

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Insurance (continued)
AssuredPartners, Inc.
2020 Term Loan B, (1 mo. LIBOR US + 3.50%), 8.34%, 02/12/27	USD		1,278	$	1,263,825
2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.34%, 02/12/27			762		751,604
Hub International Ltd.
2018 Term Loan B, (3 mo. LIBOR US + 3.00%), 7.82%, 04/25/25			2,333		2,323,062
2021 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.25%), 8.06%, 04/25/25			2,964		2,953,689
2022 Term Loan B, (3 mo. SOFR CME at 0.75% Floor + 4.00%), 8.73%, 11/10/29			397		395,369
NFP Corp., 2020 Term Loan, (1 mo. LIBOR US + 3.25%), 8.09%, 02/15/27			162		158,188
Ryan Specialty Group LLC, Term Loan, (1 mo. SOFR CME at 0.75% Floor + 3.00%), 7.91%, 09/01/27			1,168		1,163,585
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1 mo. SOFR CME + 3.75%), 8.56%, 02/17/28			3,334		3,288,115
USI, Inc.
2019 Incremental Term Loan B, (3 mo. LIBOR US + 3.25%), 8.41%, 12/02/26			245		244,175
2022 Incremental Term Loan, (3 mo. SOFR CME at 0.50% Floor + 3.75%), 8.65%, 11/22/29			3,479		3,462,352
					25,472,032
Interactive Media & Services — 1.2%
Adevinta ASA, USD Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 2.75%), 7.91%, 06/26/28			1,526		1,511,475
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 3.00%), 7.84%, 10/30/26			1,941		1,935,652
Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR US + 2.00%), 6.84%, 08/10/27			1,682		1,675,409
Grab Holdings, Inc., Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 4.50%), 9.35%, 01/29/26			904		897,941
					6,020,477
IT Services — 4.5%
Aruba Investments Holdings LLC
2020 2nd Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 7.75%), 12.59%, 11/24/28			1,275		1,141,125
2020 USD Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.59%, 11/24/27			676		658,216
Boxer Parent Co., Inc., 2021 USD Term Loan, (1 mo. LIBOR US + 3.75%), 8.59%, 10/02/25			1,762		1,736,948
Camelot Finance SA, Term Loan B, (1 mo. LIBOR US + 3.00%), 7.84%, 10/30/26			1,788		1,782,833
CCC Intelligent Solutions, Inc., Term Loan, (1 mo. LIBOR US at 0.50% Floor + 2.25%), 7.09%, 09/21/28			1,473		1,458,926
CoreLogic, Inc.
2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 6.50%), 11.38%, 06/04/29			1,248		918,066
Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.38%, 06/02/28			3,068		2,609,196

Security		Par (000)		Value
IT Services (continued)
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR US + 1.75%), 6.59%, 04/28/28	USD		1,936	$	1,921,668
Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR US at 0.75% Floor + 4.00%), 8.84%, 12/01/27			2,784		2,738,047
PUG LLC, USD Term Loan, (1 mo. LIBOR US + 3.50%), 8.34%, 02/12/27			3,087		2,224,705
Trans Union LLC
2019 Term Loan B5, (1 mo. LIBOR US + 1.75%), 6.59%, 11/16/26			1,631		1,617,264
2021 Term Loan B6, (1 mo. LIBOR US at 0.50% Floor + 2.25%), 7.09%, 12/01/28			2,034		2,008,508
Venga Finance SARL, 2021 USD Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.70%, 06/28/29			567		539,969
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR US + 2.25%), 7.09%, 03/31/28			857		849,565
					22,205,036
Leisure Products — 0.4%
Fender Musical Instruments Corp., 2021 Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 4.00%), 8.84%, 12/01/28(e)			851		772,201
Peloton Interactive, Inc., Term Loan, (3 mo. SOFR CME at 0.50% Floor + 6.50%), 11.76%, 05/25/27			297		295,027
Topgolf Callaway Brands Corp., Term Loan B, (3 mo. SOFR CME + 3.50%), 8.26%, 03/15/30			1,042		1,034,352
					2,101,580
Life Sciences Tools & Services — 2.2%
Avantor Funding, Inc., 2021 Term Loan B5, (1 mo. LIBOR US at 0.50% Floor + 2.25%), 7.09%, 11/08/27			1,558		1,554,563
Curia Global, Inc., 2021 Term Loan, (1 mo. SOFR CME at 0.75% Floor + 3.75%), 8.53%, 08/30/26			119		101,535
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR US at 1.00% Floor + 4.50%), 9.34%, 02/04/27			2,840		2,678,474
ICON Luxembourg SARL, LUX Term Loan, (3 mo. SOFR CME at 0.50% Floor + 2.25%), 7.41%, 07/03/28			2,089		2,082,377
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3 mo. SOFRTE at 0.50% Floor + 3.00%), 7.63%, 10/19/27			1,291		1,282,480
Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 11/15/28			2,667		2,641,013
PRA Health Sciences, Inc., US Term Loan, (3 mo. LIBOR US at 0.50% Floor + 2.25%), 7.41%, 07/03/28			521		518,882
					10,859,324
Machinery — 3.3%
Albion Acquisitions Ltd., USD Term Loan, (3 mo. LIBOR US at 0.50% Floor + 5.25%), 10.07%, 08/17/26			1,603		1,557,784

SCHEDULE   OF   INVESTMENTS 18

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Machinery (continued)
Clark Equipment Co., 2022 Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 2.50%), 7.50%, 04/20/29	USD		262		$	261,531
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.94%, 05/14/28			336			332,966
Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.34%, 10/21/28			1,023			1,006,785
Fluidra SA, 2022 USD Term Loan B, (1 mo. SOFR CME + 2.00%), 6.91%, 01/29/29			269			264,090
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. SOFR CME + 1.75%), 6.66%, 03/01/27			2,470			2,459,284
Madison IAQ LLC, Term Loan, (6 mo. LIBOR US at 0.50% Floor + 3.25%), 8.30%, 06/21/28			3,253			3,090,646
Roper Industrial Products Investment Co., USD Term Loan, (3 mo. SOFR CME + 4.50%), 9.40%, 11/22/29			1,533			1,519,310
SPX Flow, Inc., 2022 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 4.50%), 9.41%, 04/05/29			1,728			1,645,122
Titan Acquisition Ltd., 2018 Term Loan B, (3 mo. LIBOR US + 3.00%), 8.15%, 03/28/25			4,195			3,965,582
Zurn LLC, 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 2.00%), 6.84%, 10/04/28			111			110,383
						16,213,483
Media — 8.8%
Altice Financing SA
2017 USD Term Loan B, (3 mo. LIBOR US + 2.75%), 7.58%, 07/15/25			644			632,242
USD 2017 1st Lien Term Loan, (3 mo. LIBOR US + 2.75%), 7.58%, 01/31/26			1,718			1,683,789
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR US + 3.00%), 7.68%, 04/22/26			1,309			952,582
Cable One, Inc., 2021 Term Loan B4, (1 mo. LIBOR US + 2.00%), 6.84%, 05/03/28			429			417,545
Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (1 mo. SOFR CME + 1.75%), 6.56%, 04/30/25			2,561			2,557,441
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR US + 3.50%), 8.33%, 08/21/26			3,355			3,117,313
CMG Media Corp., 2021 Term Loan, (3 mo. LIBOR US + 3.50%), 8.66%, 12/17/26			—	(l)		181
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 3.50%), 8.35%, 12/11/26			7,187			7,133,093
CSC Holdings LLC
2017 Term Loan B1, (1 mo. LIBOR US + 2.25%), 6.93%, 07/17/25			575			546,644
2019 Term Loan B5, (1 mo. LIBOR US + 2.50%), 7.18%, 04/15/27			1,831			1,611,766
E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR US at 0.75% Floor + 2.75%), 7.67%, 01/07/28			469			447,419
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR US at 1.00% Floor + 3.25%), 8.10%, 12/01/23			748			521,799

Security		Par (000)		Value
Media (continued)
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR US + 2.25%), 7.09%, 03/24/25	USD		1,509	$	1,481,488
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. SOFR CME + 1.75%), 6.61%, 10/17/26(e)			2,245		2,216,487
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR US + 3.75%), 8.59%, 09/13/24			2,756		2,705,299
2021 2nd Lien Term Loan, (1 mo. SOFR CME + 6.25%), 11.06%, 02/23/29			1,724		1,574,829
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR US + 2.50%), 7.34%, 09/18/26			912		908,629
Sinclair Television Group, Inc., 2022 Term Loan B4, (1 mo. SOFR CME + 3.75%), 8.66%, 04/21/29(e)			1,569		1,423,997
UFC Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 2.75%), 7.57%, 04/29/26			767		761,836
UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR US + 2.925%), 7.61%, 01/31/29			672		656,916
Virgin Media Bristol LLC
2020 USD Term Loan Q, (1 mo. LIBOR US + 3.25%), 7.93%, 01/31/29			1,212		1,197,008
USD Term Loan N, (1 mo. LIBOR US + 2.50%), 7.18%, 01/31/28			2,578		2,531,826
Voyage Digital Ltd., USD Term Loan B, (3 mo. SOFRTE at 0.50% Floor + 4.25%), 9.05%, 05/11/29(e)			878		865,187
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR US + 2.75%), 7.60%, 05/18/25			2,575		2,550,562
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR US + 2.125%), 6.97%, 01/20/28			1,854		1,830,664
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR US + 3.00%), 7.84%, 03/09/27			4,386		3,550,928
					43,877,470
Oil, Gas & Consumable Fuels — 0.7%
Ascent Resources Utica Holdings LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR US at 1.00% Floor + 9.00%), 13.82%, 11/01/25			555		588,286
Lealand Finance Co. BV
2020 Make Whole Term Loan, (1 mo. LIBOR US + 3.00%), 7.84%, 06/28/24			46		31,066
2020 Take Back Term Loan, (1 mo. LIBOR US + 1.00%), 5.84%, 06/30/25			345		227,786
M6 ETX Holdings II Midco LLC, Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.36%, 09/19/29			230		226,461
Medallion Midland Acquisition LLC, 2021 Term Loan, (3 mo. SOFR CME at 0.75% Floor + 3.75%), 8.91%, 10/18/28			1,668		1,643,086
Murphy USA, Inc., Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 1.75%), 6.43%, 01/31/28			564		564,310
					3,280,995

19

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Passenger Airlines — 2.3%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.56%, 04/20/28	USD		1,434	$	1,453,857
Air Canada, 2021 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.50%), 8.37%, 08/11/28			1,789		1,781,619
American Airlines, Inc.
2017 1st Lien Term Loan, (6 mo. LIBOR US + 3.50%), 8.26%, 01/29/27			146		142,045
2023 Term Loan B, (6 mo. SOFR CME + 2.75%), 8.15%, 02/15/28			2,190		2,136,958
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR US at 1.00% Floor + 5.25%), 10.21%, 06/21/27			2,561		2,654,372
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.75%), 8.57%, 04/21/28			3,253		3,225,131
					11,393,982
Personal Care Products — 1.1%
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3 mo. SOFRTE at 1.00% Floor + 6.00%), 11.02%, 12/22/26			356		342,971
Prestige Brands, Inc., 2021 Term Loan B5, (1 mo. LIBOR US at 0.50% Floor + 2.00%), 6.84%, 07/03/28			145		144,605
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR US at 0.75% Floor + 3.75%), 8.91%, 10/01/26			5,291		5,234,937
					5,722,513
Pharmaceuticals — 2.1%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR US + 3.50%), 8.38%, 05/04/25			1,062		1,006,878
Amynta Agency Borrower, Inc., 2023 Term Loan B, (3 mo. SOFR CME + 5.00%), 9.99%, 02/28/28			774		740,911
Bausch Health Cos., Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 5.25%), 10.09%, 02/01/27			967		715,685
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR US at 0.50% Floor + 2.00%), 6.81%, 02/22/28			1,847		1,828,432
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR US + 1.75%), 6.41%, 08/01/27			1,276		1,246,567
Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.34%, 05/05/28			1,910		1,900,299
Option Care Health, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 2.75%), 7.59%, 10/27/28			606		603,308
Organon & Co., USD Term Loan, (3 mo. LIBOR US at 0.50% Floor + 3.00%), 8.00%, 06/02/28			1,238		1,236,130
Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 3.00%), 8.16%, 11/18/27(e)			1,278		1,228,877
					10,507,087
Professional Services — 1.2%
Dun & Bradstreet Corp.
2022 Incremental Term Loan B2, (1 mo. SOFR CME + 3.25%), 8.04%, 01/18/29			619		613,800

Security		Par (000)		Value
Professional Services (continued)
Dun & Bradstreet Corp. (continued)
Term Loan, (1 mo. LIBOR US + 3.25%), 8.10%, 02/06/26	USD		2,016	$	2,009,651
Element Materials Technology Group U.S. Holdings, Inc.
2022 USD Delayed Draw Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.25%), 9.25%, 07/06/29			528		520,510
2022 USD Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.25%), 9.25%, 07/06/29			1,143		1,127,773
Galaxy U.S. Opco, Inc., Term Loan, (1 mo. SOFR CME at 0.50% Floor + 4.75%), 9.56%, 04/29/29			1,740		1,535,775
					5,807,509
Real Estate Management & Development — 0.8%
Chariot Buyer LLC, Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 11/03/28			2,145		2,057,447
Cushman & Wakefield U.S. Borrower LLC
2020 Term Loan B, (1 mo. LIBOR US + 2.75%), 7.59%, 08/21/25			765		744,102
2023 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.16%, 01/31/30(e)			1,080		1,039,877
					3,841,426
Semiconductors & Semiconductor Equipment — 0.3%
MKS Instruments, Inc., 2022 USD Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.75%), 7.61%, 08/17/29			990		983,421
Synaptics, Inc., Term Loan B, (6 mo. LIBOR US at 0.50% Floor + 2.25%), 7.40%, 12/02/28			547		540,186
					1,523,607
Software — 10.6%
Applied Systems, Inc.
2021 2nd Lien Term Loan, (3 mo. SOFR CME at 0.75% Floor + 6.75%), 11.65%, 09/17/27			630		628,898
2022 Extended 1st Lien Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.40%, 09/18/26			431		429,551
Barracuda Networks, Inc., 2022 Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.18%, 08/15/29			659		633,593
Central Parent, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME at 0.50% Floor + 4.25%), 9.15%, 07/06/29			1,221		1,218,590
Cloudera, Inc.
2021 Second Lien Term Loan, (1 mo. SOFR CME at 0.50% Floor + 6.00%), 10.91%, 10/08/29			676		596,009
2021 Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.75%), 8.66%, 10/08/28(e)			741		705,597
Cornerstone OnDemand, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.75%), 8.59%, 10/16/28			1,047		963,626
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR US + 3.25%), 8.08%, 05/28/24			495		445,097
E2open LLC, 2020 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.20%, 02/04/28			249		246,473

SCHEDULE   OF   INVESTMENTS 20

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Software (continued)
Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR US at 1.00% Floor + 7.75%), 12.59%, 07/31/28	USD		1,886	$	1,860,464
Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR US + 2.75%), 7.63%, 10/27/28			2,666		2,642,048
Instructure Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.75%), 7.85%, 10/30/28(e)			638		632,778
IPS Corp.
2021 2nd Lien Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 7.00%), 11.84%, 10/01/29(e)			919		735,200
2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.41%, 10/02/28			522		488,121
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.58%, 07/27/28			2,089		1,715,223
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 8.25%), 13.08%, 07/27/29			1,907		1,411,107
McAfee Corp., 2022 USD Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.75%), 8.52%, 03/01/29			3,027		2,837,930
NortonLifeLock, Inc., 2022 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 2.00%), 6.91%, 09/12/29			1,269		1,254,830
Planview Parent, Inc., 2nd Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 7.25%), 12.41%, 12/18/28			824		726,496
Proofpoint, Inc.
1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 08/31/28			2,463		2,403,158
2nd Lien Term Loan, (3 mo. LIBOR US at 0.50% Floor + 6.25%), 11.09%, 08/31/29			1,281		1,205,203
RealPage, Inc.
1st Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.00%), 7.84%, 04/24/28			5,415		5,243,266
2nd Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 6.50%), 11.34%, 04/23/29			2,629		2,474,626
Renaissance Holding Corp., 2023 Refi Term Loan, (1 mo. LIBOR US + 3.25%), 8.09%, 04/05/30			576		559,586
Severin Acquisition LLC, 2018 Term Loan B, (3 mo. SOFR CME + 3.00%), 7.68%, 08/01/25			1,921		1,916,958
Sophia LP
2020 2nd Lien Term Loan, (3 mo. LIBOR US at 1.00% Floor + 8.00%), 13.16%, 10/09/28			3,730		3,697,362
2021 Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.66%, 10/07/27			1,958		1,932,788
SS&C Technologies, Inc.
2018 Term Loan B3, (1 mo. LIBOR US + 1.75%), 6.59%, 04/16/25			354		352,701
2018 Term Loan B4, (1 mo. LIBOR US + 1.75%), 6.59%, 04/16/25			314		312,559
2018 Term Loan B5, (1 mo. LIBOR US + 1.75%), 6.59%, 04/16/25			1,635		1,629,772
Tempo Acquisition LLC, 2022 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.81%, 08/31/28			4,199		4,189,773
TIBCO Software, Inc., 2022 USD Term Loan, (3 mo. SOFR CME at 0.50% Floor + 4.50%), 9.50%, 03/30/29			3,888		3,525,133

Security		Par (000)		Value
Software (continued)
UKG, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR US at 0.50% Floor + 5.25%), 10.03%, 05/03/27	USD		1,216	$	1,162,095
Ultimate Software Group, Inc., Term Loan B, (3 mo. LIBOR US + 3.75%), 8.58%, 05/04/26			1,617		1,588,397
ZoomInfo LLC, 2023 Term Loan B, (1 mo. SOFR CME + 2.75%), 7.66%, 02/28/30			192		191,041
					52,556,049
Specialty Retail — 3.8%
Belron Finance U.S. LLC
2018 Term Loan B, (3 mo. LIBOR US + 2.25%), 7.13%, 11/13/25			1,962		1,959,465
2019 USD Term Loan B3, (3 mo. LIBOR US + 2.25%), 7.06%, 10/30/26(e)			1,125		1,122,390
2021 USD Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 2.425%), 7.30%, 04/13/28			1,706		1,700,609
EG Group Ltd., 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 4.25%), 9.09%, 03/31/26			499		476,209
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 11/24/28			1,371		1,363,106
Mavis Tire Express Services Corp., 2021 Term Loan B, (1 mo. SOFR CME at 0.75% Floor + 4.00%), 8.92%, 05/04/28			2,637		2,580,571
MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR US + 4.25%), 9.09%, 08/31/26			1,185		1,035,687
Midas Intermediate Holdco II LLC, 2022 PIK Term Loan, (1 mo. SOFR CME at 0.75% Floor + 8.35%, 1.50% PIK), 13.11%, 06/30/27			2,492		2,025,132
PetSmart, Inc., 2021 Term Loan B, (1 mo. SOFR CME at 0.75% Floor + 3.75%), 8.66%, 02/11/28			3,247		3,219,623
Pilot Travel Centers LLC, 2021 Term Loan B, (1 mo. SOFR CME + 2.00%), 6.91%, 08/04/28			970		966,018
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME at 0.50% Floor + 3.25%), 8.16%, 10/20/28			749		703,112
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (3 mo. SOFR CME at 0.50% Floor + 3.25%), 8.24%, 11/01/28			551		534,861
Sally Holdings LLC, 2023 Term Loan B, (3 mo. SOFR CME + 2.50%), 7.31%, 02/28/30(e)			576		573,840
Woof Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR US at 0.75% Floor + 3.75%), 8.53%, 12/21/27(e)			481		459,527
					18,720,150
Technology Hardware, Storage & Peripherals — 0.1%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR US + 5.00%), 10.21%, 07/23/26			686		536,587
Textiles, Apparel & Luxury Goods — 0.3%
Crocs, Inc., Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 3.50%), 8.41%, 02/20/29			1,003		998,890
Hanesbrands, Inc., 2023 Term Loan B, (1 mo. SOFR CME at 0.50% Floor + 3.75%), 8.56%, 03/08/30(e)			471		468,645
					1,467,535
Trading Companies & Distributors — 1.1%
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR US + 2.25%), 7.09%, 05/19/28			1,212		1,203,065

21

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Trading Companies & Distributors (continued)
ION Trading Finance Ltd., 2021 USD Term Loan, (3 mo. LIBOR US + 4.75%), 9.91%, 04/03/28	USD		593	$	557,456
SRS Distribution, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.25%), 8.16%, 06/02/28			862		823,904
TMK Hawk Parent Corp.
2020 Super Priority First Out Term Loan A, (3 mo. LIBOR US at 1.00% Floor + 9.50%), 14.46%, 05/30/24(e)			1,011		981,269
2020 Super Priority Second Out Term Loan B, (3 mo. LIBOR US at 1.00% Floor + 3.50%), 8.46%, 08/28/24			3,205		1,794,669
					5,360,363
Transportation Infrastructure — 0.0%
KKR Apple Bidco LLC, 2021 2nd Lien Term Loan, (1 mo. LIBOR US at 0.50% Floor + 5.75%), 10.59%, 09/21/29			218		213,041
Wireless Telecommunication Services — 0.9%
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 3.75%), 8.70%, 04/30/28			961		952,689
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR US + 1.75%), 6.60%, 04/11/25			3,292		3,287,581
					4,240,270
Total Floating Rate Loan Interests — 107.4% (Cost: $554,082,158)					532,886,262
		Shares
Investment Companies
Financial Services — 0.4%
Invesco Senior Loan ETF			16,200		336,960
iShares iBoxx $ High Yield Corporate Bond ETF(n)			20,000		1,511,000
					1,847,960
Total Investment Companies — 0.4% (Cost: $1,868,154)					1,847,960
		Benefical Interest (000)
Other Interests
Capital Markets — 0.0%
Millennium Lender Claim Trust(e)(o)	USD		1,156		—

Security		Benefical Interest (000)		Value
Industrial Conglomerates — 0.0%
Millennium Corp. Claim(e)(o)	USD		1,084	$	—
Total Other Interests — 0.0% (Cost: $ — )					—
		Par (000)
Preferred Securities
Capital Trusts — 0.3%(b)
Automobiles — 0.0%
General Motors Financial Co., Inc., Series C, 5.70%(i)	USD		50		43,032
Banks(i) — 0.1%
AIB Group PLC, 5.25%(a)	EUR		200		194,668
PNC Financial Services Group, Inc.
Series V, 6.20%	USD		67		63,037
Series W, 6.25%			72		66,960
					324,665
Diversified Telecommunication Services — 0.1%
Telefonica Europe BV, 6.14%(a)(i)	EUR		200		209,405
Electric Utilities — 0.0%
Edison International, Series B, 5.00%(i)	USD		55		45,567
EDP - Energias de Portugal SA, 5.94%, 04/23/83(a)	EUR		100		106,281
					151,848
Financial Services — 0.0%
Barclays PLC, 4.38%(i)	USD		200		136,722
Independent Power and Renewable Electricity Producers(c)(i) — 0.1%
NRG Energy, Inc., 10.25%			112		107,028
Vistra Corp., 7.00%			77		67,760
					174,788
Utilities — 0.0%
Electricite de France SA, 3.38%(a)(i)	EUR		200		161,374
Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 3.25%, 06/04/81	USD		42		35,597
					1,237,431
		Shares
Preferred Stocks — 0.0%
Financial Services — 0.0%
Alliant Holdings, Inc.(e)			83		77,480
					77,480
Total Preferred Securities — 0.3% (Cost: $1,515,896)					1,314,911

SCHEDULE   OF   INVESTMENTS 22

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Shares		Value
Warrants
Consumer Discretionary — 0.0%
Service King (Carnelian Point), (Expires 06/30/27, Strike Price USD 10.00)(d)		3,030	$	—
Energy Equipment & Services — 0.0%
Turbo Cayman Ltd.(d)(e)		1		—
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)(d)		1,152		9,792
Total Warrants — 0.0% (Cost: $ —)				9,792
Total Investments — 126.5% (Cost: $ 677,601,057)				627,407,187
Liabilities in Excess of Other Assets — (26.5)%				(131,283,206	)
Net Assets — 100.0%			$	496,123,981

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

^(b)  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.

^(c)  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.

^(d)  Non-income producing security.

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

^(f)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,749, representing less than 0.05% of its net assets as of period end, and an original cost of $255,714.

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

^(h)  Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

⁽ⁱ⁾  Perpetual security with no stated maturity date.

^(j)  Convertible security.

^(k)  Zero-coupon bond.

^(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⁾  Affiliate of the Fund.

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

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 March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class(a)	$	482,274	$	—		$(482,274	)(b)	$	—		$	—		$	—		—	$	4,486	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		—		4,175,600		(2,611,534	)		(45,666	)		(7,400	)		1,511,000		20,000		—		—
								$	(45,666	)	$	(7,400	)	$	1,511,000			$	4,486	$	—

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

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

23

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU)

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	168,000	USD	181,316	Morgan Stanley & Co. International PLC		06/21/23	$	1,680
GBP	81,000	USD	99,024	Morgan Stanley & Co. International PLC		06/21/23		1,051
								2,731
USD	81,169	EUR	74,949	Bank of America N.A.		06/21/23		(470	)
USD	2,910,054	EUR	2,691,000	Bank of America N.A.		06/21/23		(21,152	)
USD	816,539	EUR	757,000	UBS AG		06/21/23		(8,033	)
USD	284,804	GBP	236,000	Bank of America N.A.		06/21/23		(6,771	)
USD	1,628,498	GBP	1,356,000	Bank of America N.A.		06/21/23		(46,822	)
								(83,248	)
							$	(80,517	)

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.39.V1

5.00

%

Quarterly

12/20/27

B+

USD     4,090

$

56,222

$

(60,629

)

$

116,851

^(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	)
Casino, Guichard-Perrachon S.A.	5.00	%	Quarterly	BNP Paribas SA	12/20/23	CCC+		EUR	6		$	(2,093	)	$	(453	)	$	(1,640	)
CenturyLink, Inc.	1.00		Quarterly	Barclays Bank PLC	12/20/23	N/R		USD	43			(1,039	)		(503	)		(536	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Credit Suisse International	12/20/26	B+		EUR	1			(100	)		53			(153	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Credit Suisse International	12/20/26	B+		EUR	10			(677	)		327			(1,004	)
CMA CGM SA	5.00		Quarterly	Credit Suisse International	06/20/27	N/R		EUR	8			863			314			549
Adler Real Estate AG	5.00		Quarterly	Bank of America N.A.	12/20/27	CCC-		EUR	15			(4,748	)		(3,349	)		(1,399	)
Loxam SAS	5.00		Quarterly	Bank of America N.A.	12/20/27	B		EUR	10			(1,036	)		(736	)		(300	)
United Group B.V.	5.00		Quarterly	Bank of America N.A.	12/20/27	B		EUR	5			(890	)		(668	)		(222	)
United Group B.V.	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/27	B		EUR	5			(1,078	)		(874	)		(204	)
											$	(10,798	)	$	(5,889	)	$	(4,909	)

^(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

SCHEDULE   OF   INVESTMENTS 24

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU)

Fair Value Hierarchy as of Period End (continued)

• 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	$	—	$	4,163,225		$	—	$	4,163,225
Common Stocks
Construction & Engineering		—		48,104			—		48,104
Electrical Equipment		23,625		—			—		23,625
Energy Equipment & Services		—		—			1,749		1,749
Industrial Conglomerates		—		832			—		832
Oil, Gas & Consumable Fuels		—		—			10,753		10,753
Semiconductors & Semiconductor Equipment		5,653		—			—		5,653
Specialty Retail		—		187,089			—		187,089
Corporate Bonds		—		86,907,231			1		86,907,232
Floating Rate Loan Interests		—		504,677,361			28,208,901		532,886,262
Investment Companies		1,847,960		—			—		1,847,960
Other Interests		—		—			—		—
Preferred Securities
Capital Trusts		—		1,237,431			—		1,237,431
Preferred Stocks		—		—			77,480		77,480
Warrants		9,792		—			—		9,792
Liabilities
Unfunded Floating Rate Loan Interests(a)		—		(33,392	)		—		(33,392	)
	$	1,887,030	$	597,187,881		$	28,298,884	$	627,373,795
Derivative Financial Instruments(b)
Assets
Credit Contracts	$	—	$	117,400		$	—	$	117,400
Foreign Currency Exchange Contracts		—		2,731			—		2,731
Liabilities
Credit Contracts		—		(5,458	)		—		(5,458	)
Foreign Currency Exchange Contracts		—		(83,248	)		—		(83,248	)
	$	—	$	31,425		$	—	$	31,425

^(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 $133,000,000 are categorized as Level 2 within the fair value hierarchy.

25

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Debt Strategies Fund, Inc. (DSU)

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

	Common Stocks		Corporate Bonds		Floating Rate Loan Interests			Other Interests			Preferred Stocks		Total
Assets
Opening balance, as of December 31, 2022	$	12,356	$	1	$	11,366,161		$	—	(a)	$	75,612	$	11,454,130
Transfers into Level 3(b)		—		—		13,616,610			—			—		13,616,610
Transfers out of Level 3(c)		—		—		(2,168,045	)		—			—		(2,168,045	)
Accrued discounts/premiums		—		—		11,236			—			—		11,236
Net realized gain (loss)		—		—		(30,318	)		—			—		(30,318	)
Net change in unrealized appreciation (depreciation)(d)		146		—		198,076			—			1,868		200,090
Purchases		—		—		5,900,617			—			—		5,900,617
Sales		—		—		(685,436	)		—			—		(685,436	)
Closing balance, as of March 31, 2023	$	12,502	$	1	$	28,208,901		$		(a)	$	77,480	$	28,298,884
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023(d)	$	146	$	—	$	198,076		$	—		$	1,868	$	200,090

^(a)  Rounds to less than $1.

^(b)  As of December 31, 2022, the Fund used observable inputs in determining the value of certain investments. As of March 31, 2023, 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, 2022, the Fund used significant unobservable inputs in determining the value of certain investments. As of March 31, 2023, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

^(d)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.

The Fund’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.

Currency Abbreviation
EUR	Euro
GBP	British Pound
USD	United States Dollar
Portfolio Abbreviation
CDI	CREST Depository Interest
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
DAC	Designated Activity Company
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
SOFR CME	Secured Overnight Financing Rate Chicago Mercantile Exchange
SOFRTE	Term Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate

SCHEDULE   OF   INVESTMENTS 26