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% |
| 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, | 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% | 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, | 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, |
| 200 | 171,444 | |||||||||
|
| |||||||||||
1,285,934 | ||||||||||||
|
| |||||||||||
Total Corporate Bonds — 17.5% | 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, | USD | 1,936 | $ | 1,921,668 | ||||||||
Genesys Cloud Services Holdings II LLC, | 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, | 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% |
| 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% |
| 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% | — | |||||||||||
|
| |||||||||||
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% | 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 | $ | — | |||||
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Energy Equipment & Services — 0.0% | ||||||||
Turbo Cayman Ltd.(d)(e) | 1 | — | ||||||
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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 | ||||||
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Total Warrants — 0.0% | 9,792 | |||||||
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| |||||||
Total Investments — 126.5% | 627,407,187 | |||||||
Liabilities in Excess of Other Assets — (26.5)% |
| (131,283,206 | ) | |||||
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Net Assets — 100.0% | $ | 496,123,981 | ||||||
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(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 | — | — | ||||||||||||||||||||||||
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$ | (45,666 | ) | $ | (7,400 | ) | $ | 1,511,000 | $ | 4,486 | $ | — | |||||||||||||||||||||||||
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(a) | As of period end, the entity is no longer held. |
(b) | Represents net amount purchased (sold). |
23 |
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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 | ||||||||||||||
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2,731 | ||||||||||||||||||||
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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 | ) | |||||||||||||
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(83,248 | ) | |||||||||||||||||||
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$ | (80,517 | ) | ||||||||||||||||||
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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 | |||||||||||||||||
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(a) | Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
(b) | The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement. |
OTC Credit Default Swaps — Sell Protection
| 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 | ) | |||||||||||||||||||||||||||
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$ | (10,798 | ) | $ | (5,889 | ) | $ | (4,909 | ) | ||||||||||||||||||||||||||||||||
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(a) | Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
(b) | The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement. |
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 | ) | ||||||||||
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$ | 1,887,030 | $ | 597,187,881 | $ | 28,298,884 | $ | 627,373,795 | |||||||||
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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 | ) | ||||||||||
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$ | — | $ | 31,425 | $ | — | $ | 31,425 | |||||||||
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(a) | Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
(b) | Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, bank borrowings payable of $133,000,000 are categorized as Level 2 within the fair value hierarchy.
25 |
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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 | 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 | ) | ||||||||||||||||
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Closing balance, as of March 31, 2023 | $ | 12,502 | $ | 1 | $ | 28,208,901 | $ | (a) | $ | 77,480 | $ | 28,298,884 | ||||||||||||
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Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023(d) | $ | 146 | $ | — | $ | 198,076 | $ | — | $ | 1,868 | $ | 200,090 | ||||||||||||
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(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 |