Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

Schedule of Investments (unaudited)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities
Ballyrock CLO Ltd., Series 2023-25A, Class C, (3-mo. CME Term SOFR + 4.70%), 10.02%, 01/25/36^(a)(b)	USD		1,000	$	1,011,804
Golub Capital Partners CLO Ltd., Series 2023- 66B, Class D, (3-mo. CME Term SOFR + 5.50%), 10.82%, 04/25/36^(a)(b)			1,000		1,013,943
Pikes Peak CLO Ltd., Series 2023-14, Class D, (3-mo. CME Term SOFR + 5.45%), 10.77%, 04/20/36^(a)(b)			1,000		1,013,776
Symphony CLO Ltd.^(a)(b)
Series 2023-38, Class D, (3-mo. CME Term SOFR + 5.20%), 10.52%, 04/24/36			1,000		1,019,326
Series 2023-40A, Class D, (3-mo. CME Term SOFR + 5.00%), 10.34%, 01/14/34			1,000		1,013,505
Unique Pub Finance Co. PLC^(c)
Series 02, Class N, 6.46%, 03/30/32	GBP		100		131,617
Series 02-1, Class A4, 5.66%, 06/30/27			29		36,290
Whitebox CLO IV Ltd., Series 2023-4A, Class D, (3-mo. CME Term SOFR + 5.15%), 10.47%, 04/20/36^(a)(b)	USD		1,000		1,022,331


Total Asset-Backed Securities — 1.2% (Cost: $6,182,802)					6,262,592


		Shares

Common Stocks

Construction & Engineering — 0.0%
McDermott International Ltd.^(d)			141,483		28,297


Electrical Equipment — 0.0%
SunPower Corp.^(d)			1,707		5,121


Energy Equipment & Services — 0.0%
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $0)^(d)(e)(f)			7,288		—


Entertainment — 0.1%
Learfield Communications LLC, (Acquired 09/06/23, Cost: $73,447)^(d)(e)(f)			5,846		274,762


Financial Services^(d)— 0.2%
NMG Parent LLC			1,477		136,622
Travelport Finance Luxembourg SARL^(e)			228		730,086


					866,708
Health Care Providers & Services — 0.0%
Envision Healthcare Corp., (Acquired 11/03/23, Cost: $875,815)^(d)(f)			28,198		239,683


Industrial Conglomerates — 0.0%
Ameriforge Group, Inc.^(d)			1,664		17


Oil, Gas & Consumable Fuels — 0.0%
Kcad Holdings I Ltd.^(d)(e)			1,075,282,733		10,753


Semiconductors & Semiconductor Equipment — 0.0%
Maxeon Solar Technologies Ltd.^(d)			213		709


Trading Companies & Distributors — 0.0%
TMK Hawk Parent Corp.^(d)(e)			24,798		204,582

Total Common Stocks — 0.3% (Cost: $15,752,890)					1,630,632


Security		Par (000)		Value

Corporate Bonds

Aerospace & Defense^(b)— 0.7%
AAR Escrow Issuer LLC, 6.75%, 03/15/29	USD		71		71,546
Bombardier, Inc.
7.88%, 04/15/27			6		6,004
6.00%, 02/15/28			206		202,637
7.50%, 02/01/29			18		18,535
8.75%, 11/15/30			118		125,998
7.25%, 07/01/31^(g)			73		73,149
Castlelake Aviation Finance DAC, 5.00%, 04/15/27			9		8,668
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26			200		198,984
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24^(h)			27		25,026
Spirit AeroSystems, Inc.
9.38%, 11/30/29			111		121,077
9.75%, 11/15/30			128		143,176
TransDigm, Inc.
6.75%, 08/15/28			540		547,127
6.38%, 03/01/29			659		661,052
7.13%, 12/01/31			201		207,142
6.63%, 03/01/32			663		669,823
Triumph Group, Inc., 9.00%, 03/15/28			239		251,962


					3,331,906
Air Freight & Logistics — 0.0%
Rand Parent LLC, 8.50%, 02/15/30^(b)			7		6,932


Automobile Components — 0.3%
Clarios Global LP, 6.75%, 05/15/25^(b)			486		486,433
Clarios Global LP/Clarios U.S. Finance Co.^(b)
8.50%, 05/15/27			624		624,944
6.75%, 05/15/28			205		207,794
Forvia SE, 3.75%, 06/15/28^(c)	EUR		100		104,648
Goodyear Tire & Rubber Co.
5.00%, 07/15/29	USD		26		24,274
5.63%, 04/30/33			30		27,399
NM Holdings Co. LLC^(e)
12.00%, 06/01/09			5,150		1
Series B, 9.50%, 07/01/05^(d)(i)			5,125		1
Phinia, Inc., 6.75%, 04/15/29^(b)(g)			38		38,366
Tenneco, Inc., 8.00%, 11/17/28^(b)			77		70,258
Titan International, Inc., 7.00%, 04/30/28			7		6,907
ZF Finance GmbH, 5.75%, 08/03/26^(c)	EUR		100		110,942


					1,701,967
Automobiles — 0.2%
Asbury Automotive Group, Inc.
4.50%, 03/01/28	USD		39		37,131
5.00%, 02/15/32^(b)			73		66,141
Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29^(c)	GBP		100		128,397
Carvana Co.^(b)(h)
(12.00% PIK), 12.00%, 12/01/28	USD		34		33,243
(13.00% PIK), 13.00%, 06/01/30			34		33,158
(14.00% PIK), 14.00%, 06/01/31			55		55,081
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28^(b)			12		11,945
Ford Motor Co., 6.10%, 08/19/32			139		140,851


S C H E D U L E O F I N V E S T M E N T S		1

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Automobiles (continued)
Ken Garff Automotive LLC, 4.88%, 09/15/28^(b)	USD		39	$	36,071
LCM Investments Holdings II LLC^(b)
4.88%, 05/01/29			103		94,671
8.25%, 08/01/31			93		97,292
MajorDrive Holdings IV LLC, 6.38%, 06/01/29^(b)			78		73,154
Wabash National Corp., 4.50%, 10/15/28^(b)			70		64,193


					871,328
Banks — 0.1%
Banca Monte dei Paschi di Siena SpA, (3-mo. EURIBOR + 2.05%), 4.75%, 03/15/29^(a)(c)	EUR		100		108,694
Banco BPM SpA, (3-mo. EURIBOR + 2.80%), 6.00%, 06/14/28^(a)(c)			150		170,515
Banco Espirito Santo SA^(d)(i)
2.63%, 05/08/17^(c)			100		30,208
4.75%, 01/15/18			200		60,416
4.00%, 01/21/19			100		30,208
Barclays Bank PLC, 1.00%, 02/16/29^(j)	USD		93		99,730
Freedom Mortgage Corp.^(b)
12.00%, 10/01/28			25		27,250
12.25%, 10/01/30			26		28,594
National Bank of Greece SA, (5-year EURIBOR ICE Swap + 3.15%), 5.88%, 06/28/35^(a)(c)	EUR		100		108,721
State Street Corp., Series I, (5-year CMT + 2.61%), 6.70%^(a)(k)	USD		69		70,016


					734,352
Broadline Retail — 0.0%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26^(b)			38		37,212


Building Products^(b)— 0.3%
Advanced Drainage Systems, Inc.
5.00%, 09/30/27			11		10,671
6.38%, 06/15/30			42		42,217
Builders FirstSource, Inc., 6.38%, 03/01/34			51		51,211
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28			67		68,826
Foundation Building Materials, Inc., 6.00%, 03/01/29			24		22,070
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26			27		26,819
SRS Distribution, Inc.
4.63%, 07/01/28			207		208,513
6.13%, 07/01/29			150		152,963
6.00%, 12/01/29			217		221,667
White Cap Buyer LLC, 6.88%, 10/15/28			742		727,789
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26^(h)			109		108,894


					1,641,640
Capital Markets — 0.2%
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27^(b)			47		48,655
Apollo Debt Solutions BDC, 6.90%, 04/13/29^(b)			55		55,522
Ares Capital Corp., 5.88%, 03/01/29			35		34,895
Aretec Group, Inc., 10.00%, 08/15/30^(b)			25		27,307
Blackstone Private Credit Fund
3.25%, 03/15/27			24		22,150
6.25%, 01/25/31^(b)			41		41,172
Blue Owl Capital Corp., 3.40%, 07/15/26			5		4,711
Blue Owl Capital Corp. II, 8.45%, 11/15/26^(b)			38		39,139
Blue Owl Credit Income Corp.
5.50%, 03/21/25			24		23,834
3.13%, 09/23/26			2		1,835


Security		Par (000)		Value

Capital Markets (continued)
Blue Owl Credit Income Corp. (continued)
7.75%, 09/16/27	USD		58	$	59,418
6.65%, 03/15/31^(b)			75		73,188
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29^(b)			65		61,759
HPS Corporate Lending Fund, 6.75%, 01/30/29^(b)			50		49,908
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 05/15/26			16		15,445
5.25%, 05/15/27			185		167,192
9.75%, 01/15/29^(b)			77		80,373
4.38%, 02/01/29			55		46,893
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27^(j)			100		110,500
Oaktree Strategic Credit Fund, 8.40%, 11/14/28^(b)			43		45,611


					1,009,507
Chemicals — 0.6%
Chemours Co.
5.38%, 05/15/27			50		47,933
5.75%, 11/15/28^(b)			103		94,976
4.63%, 11/15/29^(b)			39		33,621
Element Solutions, Inc., 3.88%, 09/01/28^(b)			498		456,840
Herens Holdco SARL, 4.75%, 05/15/28^(b)			200		174,542
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(b)			184		181,516
INEOS Quattro Finance 2 PLC, Series APR, 8.50%, 03/15/29^(c)(g)	EUR		100		112,470
Ingevity Corp., 3.88%, 11/01/28^(b)	USD		23		20,773
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26^(b)(h)			86		73,400
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29^(b)			42		37,819
Minerals Technologies, Inc., 5.00%, 07/01/28^(b)			55		52,588
Olympus Water U.S. Holding Corp.
9.63%, 11/15/28^(c)	EUR		100		115,550
9.75%, 11/15/28^(b)	USD		200		213,043
Scotts Miracle-Gro Co.
4.50%, 10/15/29			5		4,525
4.38%, 02/01/32			97		83,627
SK Invictus Intermediate II SARL, 5.00%, 10/30/29^(b)			185		164,903
WR Grace Holdings LLC^(b)
4.88%, 06/15/27			55		52,271
5.63%, 08/15/29			1,040		930,685
7.38%, 03/01/31			53		53,666


					2,904,748
Commercial Services & Supplies — 0.8%
ADT Security Corp.^(b)
4.13%, 08/01/29			9		8,246
4.88%, 07/15/32			68		61,550
Allied Universal Holdco LLC, 7.88%, 02/15/31^(b)			257		260,289
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(b)
6.63%, 07/15/26			126		125,917
9.75%, 07/15/27			118		118,355
6.00%, 06/01/29			323		277,917
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
4.63%, 06/01/28^(b)			400		364,427
4.88%, 06/01/28^(c)	GBP		100		113,625
AMN Healthcare, Inc., 4.00%, 04/15/29^(b)	USD		28		25,146


2

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Commercial Services & Supplies (continued)
APi Group DE, Inc.^(b)
4.13%, 07/15/29	USD		67	$	60,366
4.75%, 10/15/29			32		29,492
APX Group, Inc.^(b)
6.75%, 02/15/27			64		64,261
5.75%, 07/15/29			86		82,689
Aramark Services, Inc., 5.00%, 02/01/28^(b)			112		108,099
Champions Financing, Inc., 8.75%, 02/15/29^(b)			289		302,770
Fortress Transportation and Infrastructure Investors LLC^(b)
6.50%, 10/01/25			163		162,756
9.75%, 08/01/27			51		52,807
5.50%, 05/01/28			238		230,603
7.88%, 12/01/30			162		170,118
Garda World Security Corp.^(b)
4.63%, 02/15/27			61		58,450
9.50%, 11/01/27			30		30,072
7.75%, 02/15/28			175		179,461
6.00%, 06/01/29			27		24,166
Herc Holdings, Inc., 5.50%, 07/15/27^(b)			112		110,005
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/29^(b)			39		37,093
Neptune Bidco U.S., Inc., 9.29%, 04/15/29^(b)			110		104,013
NESCO Holdings II, Inc., 5.50%, 04/15/29^(b)			74		70,012
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28^(b)			365		357,546
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29^(b)			202		169,784
United Rentals North America, Inc., 6.13%, 03/15/34^(b)			45		45,056
Williams Scotsman, Inc., 7.38%, 10/01/31^(b)			63		65,479


					3,870,570
Communications Equipment^(b)— 0.1%
CommScope Technologies LLC, 6.00%, 06/15/25			96		83,491
CommScope, Inc., 4.75%, 09/01/29			72		51,840
Viasat, Inc.
5.63%, 09/15/25			88		85,783
5.63%, 04/15/27			125		118,369
7.50%, 05/30/31			14		10,144
Viavi Solutions, Inc., 3.75%, 10/01/29			31		26,598


					376,225
Construction & Engineering^(b)— 0.2%
Arcosa, Inc., 4.38%, 04/15/29			117		107,819
Brand Industrial Services, Inc., 10.38%, 08/01/30			624		675,582
Dycom Industries, Inc., 4.50%, 04/15/29			37		34,587
Pike Corp., 8.63%, 01/31/31			23		24,441


					842,429
Construction Materials — 0.4%
American Builders & Contractors Supply Co., Inc., Series A, 3.88%, 11/15/29^(b)			10		8,989
BCPE Empire Holdings, Inc., 7.63%, 05/01/27^(b)			104		101,555
EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.63%, 12/15/30^(b)			727		733,974
H&E Equipment Services, Inc., 3.88%, 12/15/28^(b)			20		18,310
HT Troplast GmbH, 9.38%, 07/15/28^(c)	EUR		100		112,858
New Enterprise Stone & Lime Co., Inc.^(b)
5.25%, 07/15/28	USD		26		24,908
9.75%, 07/15/28			38		38,877
Resideo Funding, Inc., 4.00%, 09/01/29^(b)			18		16,094


Security		Par (000)		Value

Construction Materials (continued)
Smyrna Ready Mix Concrete LLC^(b)
6.00%, 11/01/28	USD		119	$	116,305
8.88%, 11/15/31			178		190,263
Standard Industries, Inc.
2.25%, 11/21/26^(c)	EUR		100		101,041
5.00%, 02/15/27^(b)	USD		27		26,191
4.75%, 01/15/28^(b)			12		11,453
4.38%, 07/15/30^(b)			176		158,144
3.38%, 01/15/31^(b)			34		28,508
Summit Materials LLC/Summit Materials Finance Corp.^(b)
5.25%, 01/15/29			112		109,137
7.25%, 01/15/31			102		106,017


					1,902,624
Consumer Finance — 0.5%
Block, Inc., 2.75%, 06/01/26			175		164,585
Bread Financial Holdings, Inc., 9.75%, 03/15/29^(b)			36		37,464
Ford Motor Credit Co. LLC, 7.35%, 03/06/30			200		213,232
Global Payments, Inc., 1.50%, 03/01/31^(b)(j)			142		150,094
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31^(b)			400		418,725
Navient Corp.
5.50%, 03/15/29			66		61,452
9.38%, 07/25/30			70		74,885
OneMain Finance Corp.
7.13%, 03/15/26			5		5,091
6.63%, 01/15/28			53		53,170
9.00%, 01/15/29			122		129,456
5.38%, 11/15/29			139		130,690
7.88%, 03/15/30			103		106,252
4.00%, 09/15/30			101		86,440
Sabre GLBL, Inc.^(b)
8.63%, 06/01/27			85		74,589
11.25%, 12/15/27			6		5,631
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(b)			87		84,116
SLM Corp., 3.13%, 11/02/26			56		52,010
Verscend Escrow Corp., 9.75%, 08/15/26^(b)			741		743,081
Worldline SA/France, 0.00%, 07/30/26^(c)(j)(l)	EUR		11		10,928


					2,601,891
Consumer Staples Distribution & Retail — 0.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(b)
5.88%, 02/15/28	USD		89		88,114
6.50%, 02/15/28			20		20,212
Bellis Acquisition Co. PLC, 4.50%, 02/16/26^(c)	GBP		100		121,482
Market Bidco Finco PLC, 5.50%, 11/04/27^(c)			100		114,919
Performance Food Group, Inc., 4.25%, 08/01/29^(b)	USD		74		67,815
Post Holdings, Inc.^(b)
5.50%, 12/15/29			11		10,630
4.63%, 04/15/30			36		33,048
4.50%, 09/15/31			28		25,186
6.25%, 02/15/32			70		70,510
U.S. Foods, Inc.^(b)
4.63%, 06/01/30			13		12,060
7.25%, 01/15/32			60		62,444
United Natural Foods, Inc., 6.75%, 10/15/28^(b)			26		21,595
Walgreens Boots Alliance, Inc.
4.80%, 11/18/44			24		20,188
4.10%, 04/15/50			38		27,864


					696,067


S C H E D U L E O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Containers & Packaging — 0.4%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC^(b)
6.00%, 06/15/27	USD		200	$	194,154
4.00%, 09/01/29			285		229,725
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
2.13%, 08/15/26^(c)	EUR		100		92,781
4.13%, 08/15/26^(b)	USD		200		180,943
Clydesdale Acquisition Holdings, Inc.^(b)
6.63%, 04/15/29			76		75,939
8.75%, 04/15/30			209		205,351
LABL, Inc.^(b)
6.75%, 07/15/26			17		16,795
5.88%, 11/01/28			68		62,533
9.50%, 11/01/28			117		118,352
Mauser Packaging Solutions Holding Co.^(b)
7.88%, 08/15/26			689		701,919
9.25%, 04/15/27			15		14,880
Owens-Brockway Glass Container, Inc.^(b)
6.63%, 05/13/27			10		10,006
7.25%, 05/15/31			42		42,777
Sealed Air Corp., 5.00%, 04/15/29^(b)			15		14,398
Trident TPI Holdings, Inc., 12.75%, 12/31/28^(b)			27		28,807


					1,989,360
Diversified Consumer Services — 0.1%
Service Corp. International, 4.00%, 05/15/31			45		39,868
Sotheby’s, 7.38%, 10/15/27^(b)			200		186,216
Wand NewCo 3, Inc., 7.63%, 01/30/32^(b)			157		162,374


					388,458
Diversified REITs — 0.2%
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27^(b)			35		29,949
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32			68		57,244
HAT Holdings I LLC/HAT Holdings II LLC^(b)
3.38%, 06/15/26			59		55,572
8.00%, 06/15/27			54		56,306
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32^(b)			77		70,322
MPT Operating Partnership LP/MPT Finance Corp.
2.50%, 03/24/26	GBP		100		107,681
4.63%, 08/01/29	USD		147		112,818
3.50%, 03/15/31			146		100,246
SBA Communications Corp.
3.13%, 02/01/29			294		259,457
3.88%, 02/15/27			27		25,679
VICI Properties LP/VICI Note Co., Inc.^(b)
4.63%, 06/15/25			147		144,746
4.63%, 12/01/29			77		72,821
4.13%, 08/15/30			78		70,926


					1,163,767
Diversified Telecommunication Services — 0.8%
Frontier Communications Holdings LLC^(b)
5.88%, 10/15/27			12		11,618
5.00%, 05/01/28			21		19,492
8.75%, 05/15/30			550		562,772
8.63%, 03/15/31			98		100,090
Iliad Holding SASU^(b)
6.50%, 10/15/26			220		217,939


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
Iliad Holding SASU^(b)(continued)
7.00%, 10/15/28	USD		200	$	197,943
Level 3 Financing, Inc.^(b)
10.50%, 04/15/29			213		217,260
4.88%, 06/15/29			262		174,885
11.00%, 11/15/29			643		668,416
10.50%, 05/15/30			317		324,133
3.88%, 10/15/30			24		14,160
Lumen Technologies, Inc.^(b)
4.13%, 04/15/29			50		31,595
4.13%, 04/15/30			50		31,093
SoftBank Group Corp., 2.88%, 01/06/27^(c)	EUR		100		102,086
Telecom Italia Capital SA
6.38%, 11/15/33	USD		34		32,166
6.00%, 09/30/34			151		138,113
7.20%, 07/18/36			28		27,331
7.72%, 06/04/38			101		101,172
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28^(b)			363		376,332
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28^(b)			30		27,767
Zayo Group Holdings, Inc.^(b)
4.00%, 03/01/27			871		716,958
6.13%, 03/01/28			228		159,547


					4,252,868
Electric Utilities — 0.2%
Edison International, Series A, (5-year CMT + 4.70%), 5.38%^(a)(k)			144		139,347
FirstEnergy Corp., 4.00%, 05/01/26^(b)(j)			110		109,340
NextEra Energy Operating Partners LP^(b)
3.88%, 10/15/26			17		15,854
7.25%, 01/15/29			43		43,996
Pacific Gas and Electric Co., 6.95%, 03/15/34			37		40,506
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28^(b)			32		29,829
PG&E Corp., 4.25%, 12/01/27^(b)(j)			111		111,500
Talen Energy Supply LLC, 8.63%, 06/01/30^(b)			34		36,358
Texas Competitive Electric Holdings, Series M, 5.03%, 10/10/19^(a)(d)(e)(i)			2,375		—
TransAlta Corp., 7.75%, 11/15/29			17		17,671
Vistra Operations Co. LLC^(b)
5.63%, 02/15/27			41		40,371
5.00%, 07/31/27			5		4,842
7.75%, 10/15/31			126		131,957
6.95%, 10/15/33			55		58,705


					780,276
Electrical Equipment^(b)— 0.0%
WESCO Distribution, Inc.
6.38%, 03/15/29			58		58,596
6.63%, 03/15/32			58		58,939


					117,535
Electronic Equipment, Instruments & Components^(b)— 0.1%
Coherent Corp., 5.00%, 12/15/29			109		102,661
Sensata Technologies BV, 4.00%, 04/15/29			36		32,871
Sensata Technologies, Inc.
4.38%, 02/15/30			146		132,882
3.75%, 02/15/31			65		56,225


					324,639


4

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Energy Equipment & Services — 0.3%
Archrock Partners LP/Archrock Partners Finance Corp.^(b)
6.88%, 04/01/27	USD		225	$	225,683
6.25%, 04/01/28			37		36,609
Borr IHC Ltd./Borr Finance LLC, 10.00%, 11/15/28^(b)			200		208,000
Enerflex Ltd., 9.00%, 10/15/27^(b)			83		85,280
Kodiak Gas Services LLC, 7.25%, 02/15/29^(b)			133		135,472
Oceaneering International, Inc., 6.00%, 02/01/28			18		17,734
Patterson-UTI Energy, Inc., 7.15%, 10/01/33			25		26,876
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			89		88,898
6.88%, 09/01/27			181		181,431
7.13%, 03/15/29^(b)			106		107,320
Vallourec SACA, 8.50%, 06/30/26^(c)	EUR		9		9,795
Weatherford International Ltd.^(b)
6.50%, 09/15/28	USD		29		29,910
8.63%, 04/30/30			120		125,276


					1,278,284
Entertainment^(b)— 0.1%
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29			54		41,312
Live Nation Entertainment, Inc.
4.75%, 10/15/27			80		76,386
3.75%, 01/15/28			35		32,380
Odeon Finco PLC, 12.75%, 11/01/27			519		526,542


					676,620
Environmental, Maintenance & Security Service — 0.2%
Clean Harbors, Inc., 6.38%, 02/01/31^(b)			7		7,051
Covanta Holding Corp.
4.88%, 12/01/29^(b)			43		38,539
5.00%, 09/01/30			21		18,507
GFL Environmental, Inc.^(b)
4.00%, 08/01/28			8		7,374
4.75%, 06/15/29			164		154,232
4.38%, 08/15/29			44		40,536
6.75%, 01/15/31			155		158,846
Waste Pro USA, Inc., 5.50%, 02/15/26^(b)			328		323,040


					748,125
Financial Services — 0.3%
Blue Owl Technology Finance Corp. II, 6.75%, 04/04/29^(b)(g)			26		25,677
Enact Holdings, Inc., 6.50%, 08/15/25^(b)			105		104,979
Freedom Mortgage Holdings LLC, 9.25%, 02/01/29^(b)			16		16,375
GGAM Finance Ltd.^(b)
7.75%, 05/15/26			11		11,227
8.00%, 02/15/27			96		99,122
8.00%, 06/15/28			29		30,286
6.88%, 04/15/29			65		65,244
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28^(b)			200		183,918
Macquarie Airfinance Holdings Ltd.^(b)
8.38%, 05/01/28			28		29,679
6.40%, 03/26/29			15		15,237
8.13%, 03/30/29			69		72,976
6.50%, 03/26/31			40		40,713
MGIC Investment Corp., 5.25%, 08/15/28			29		28,170
Nationstar Mortgage Holdings, Inc.^(b)
5.00%, 02/01/26			322		315,111


Security		Par (000)		Value

Financial Services (continued)
Nationstar Mortgage Holdings, Inc.^(b)(continued)
6.00%, 01/15/27	USD		54	$	53,234
5.13%, 12/15/30			16		14,517
5.75%, 11/15/31			79		72,866
7.13%, 02/01/32			193		191,678
PennyMac Financial Services, Inc., 7.88%, 12/15/29^(b)			72		73,983
Rocket Mortgage LLC/Rocket Mortgage Co- Issuer, Inc.^(b)
2.88%, 10/15/26			203		187,556
3.88%, 03/01/31			68		59,242
4.00%, 10/15/33			27		22,871


					1,714,661
Food Products — 0.2%
Aramark International Finance SARL, 3.13%, 04/01/25^(c)	EUR		100		106,521
Chobani LLC/Chobani Finance Corp., Inc.^(b)
4.63%, 11/15/28	USD		264		246,190
7.63%, 07/01/29			298		302,097
Darling Ingredients, Inc., 6.00%, 06/15/30^(b)			76		75,316
Fiesta Purchaser, Inc., 7.88%, 03/01/31^(b)			38		39,243
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29^(b)			60		53,023


					822,390
Gas Utilities^(b)— 0.0%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28			76		78,699
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31			29		26,439


					105,138
Ground Transportation^(b)— 0.2%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.00%, 02/15/31			60		59,903
GN Bondco LLC, 9.50%, 10/15/31			82		81,853
RXO, Inc., 7.50%, 11/15/27			21		21,551
Uber Technologies, Inc.
7.50%, 09/15/27			28		28,672
6.25%, 01/15/28			201		201,822
4.50%, 08/15/29			491		465,870


					859,671
Health Care Equipment & Supplies^(b)— 0.3%
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28			486		502,845
Medline Borrower LP
3.88%, 04/01/29			157		142,902
5.25%, 10/01/29			765		723,054
Neogen Food Safety Corp., 8.63%, 07/20/30			64		68,944


					1,437,745
Health Care Providers & Services — 0.5%
Acadia Healthcare Co., Inc., 5.00%, 04/15/29^(b)			64		60,813
AHP Health Partners, Inc., 5.75%, 07/15/29^(b)			110		100,100
Catalent Pharma Solutions, Inc.^(b)
5.00%, 07/15/27			206		202,852
3.13%, 02/15/29			25		23,890
3.50%, 04/01/30			86		81,907
CHS/Community Health Systems, Inc.^(b)
5.63%, 03/15/27			76		69,950
6.00%, 01/15/29			180		157,248
5.25%, 05/15/30			215		175,314
4.75%, 02/15/31			127		98,012
Encompass Health Corp., 4.63%, 04/01/31			84		76,373


S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Providers & Services (continued)
Fortrea Holdings, Inc., 7.50%, 07/01/30^(b)	USD		50	$	51,614
HealthEquity, Inc., 4.50%, 10/01/29^(b)			182		167,920
Legacy LifePoint Health LLC, 4.38%, 02/15/27^(b)			47		44,787
LifePoint Health, Inc.^(b)
9.88%, 08/15/30			53		55,440
11.00%, 10/15/30			147		157,112
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29^(b)			107		107,479
ModivCare, Inc., 5.88%, 11/15/25^(b)			32		31,163
Prime Healthcare Services, Inc., 7.25%, 11/01/25^(b)			12		11,936
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26^(b)			22		22,030
Star Parent, Inc., 9.00%, 10/01/30^(b)			251		265,635
Surgery Center Holdings, Inc.^(b)
6.75%, 07/01/25			73		73,007
10.00%, 04/15/27			111		111,204
7.25%, 04/15/32^(g)			155		156,204
Tenet Healthcare Corp.
6.13%, 06/15/30			41		40,906
6.75%, 05/15/31^(b)			376		382,855


					2,725,751
Health Care Technology — 0.1%
AthenaHealth Group, Inc., 6.50%, 02/15/30^(b)			688		629,258


Hotel & Resort REITs — 0.2%
RHP Hotel Properties LP/RHP Finance Corp.^(b)
7.25%, 07/15/28			68		70,027
4.50%, 02/15/29			153		142,864
6.50%, 04/01/32			194		194,655
RLJ Lodging Trust LP, 4.00%, 09/15/29^(b)			74		65,233
Service Properties Trust
7.50%, 09/15/25			23		23,310
8.63%, 11/15/31^(b)			291		310,333


					806,422
Hotels, Restaurants & Leisure — 1.2%
Boyd Gaming Corp., 4.75%, 06/15/31^(b)			44		40,434
Boyne USA, Inc., 4.75%, 05/15/29^(b)			165		152,950
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 4.00%, 10/15/30^(b)			75		66,825
Caesars Entertainment, Inc.^(b)
4.63%, 10/15/29			419		382,074
7.00%, 02/15/30			386		396,223
6.50%, 02/15/32			175		176,541
Carnival Corp.^(b)
6.00%, 05/01/29			275		271,345
7.00%, 08/15/29			24		25,032
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28^(b)			616		671,969
CCM Merger, Inc., Series 2020, 6.38%, 05/01/26^(b)			26		25,976
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, Series 2020, 6.50%, 10/01/28			19		19,065
Churchill Downs, Inc.^(b)
5.50%, 04/01/27			137		134,471
4.75%, 01/15/28			47		44,742
5.75%, 04/01/30			231		222,985
6.75%, 05/01/31			98		98,547


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.^(b)
4.63%, 01/15/29	USD		135	$	123,792
6.75%, 01/15/30			586		526,177
Hilton Domestic Operating Co., Inc.
4.88%, 01/15/30			14		13,423
6.13%, 04/01/32^(b)			50		50,213
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow Esc, 6.63%, 01/15/32^(b)			60		60,242
Light & Wonder International, Inc., 7.50%, 09/01/31^(b)			81		84,232
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28^(b)			62		65,563
Lindblad Expeditions LLC, 6.75%, 02/15/27^(b)			100		100,773
Lottomatica SpA/Roma, (3-mo. EURIBOR + 4.00%), 7.94%, 12/15/30^(a)(c)	EUR		100		109,234
Melco Resorts Finance Ltd., 5.38%, 12/04/29^(b)	USD		200		182,038
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29^(b)			40		37,038
NCL Corp. Ltd.^(b)
5.88%, 03/15/26			110		108,587
8.38%, 02/01/28			19		20,070
8.13%, 01/15/29			31		32,804
7.75%, 02/15/29			51		52,952
NCL Finance Ltd., 6.13%, 03/15/28^(b)			46		45,426
Ontario Gaming GTA LP, 8.00%, 08/01/30^(b)			41		42,229
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.^(b)
5.63%, 09/01/29			34		25,957
5.88%, 09/01/31			37		27,049
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29^(b)			36		38,907
Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.88%, 11/01/26^(b)			39		37,515
Royal Caribbean Cruises Ltd.^(b)
4.25%, 07/01/26			24		23,161
5.38%, 07/15/27			25		24,647
5.50%, 04/01/28			40		39,536
8.25%, 01/15/29			62		65,577
7.25%, 01/15/30			48		49,871
6.25%, 03/15/32			87		87,693
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30^(b)			69		66,705
Six Flags Entertainment Corp., 7.25%, 05/15/31^(b)			257		260,369
Station Casinos LLC^(b)
4.50%, 02/15/28			69		65,000
4.63%, 12/01/31			31		27,863
6.63%, 03/15/32			53		53,539
Viking Cruises Ltd.^(b)
5.88%, 09/15/27			58		56,905
7.00%, 02/15/29			13		13,056
9.13%, 07/15/31			215		235,126
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29^(b)			27		26,276
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28^(b)			44		40,903
Wynn Macau Ltd., 5.63%, 08/26/28^(b)			200		189,375


6

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.^(b)
5.13%, 10/01/29	USD		202	$	191,365
7.13%, 02/15/31			140		144,885


					6,175,252
Household Durables^(b)— 0.2%
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.63%, 04/01/30			46		42,029
Series B, 4.63%, 08/01/29			32		29,517
Beazer Homes USA, Inc., 7.50%, 03/15/31			22		22,218
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC
5.00%, 06/15/29			67		60,778
4.88%, 02/15/30			56		50,228
Dream Finders Homes, Inc., 8.25%, 08/15/28			30		31,317
LGI Homes, Inc., 8.75%, 12/15/28			33		34,819
Mattamy Group Corp., 4.63%, 03/01/30			72		65,321
New Home Co., Inc.
8.25%, 10/15/27			4		4,446
9.25%, 10/01/29^(g)			56		56,280
STL Holding Co. LLC, 8.75%, 02/15/29			31		31,815
SWF Escrow Issuer Corp., 6.50%, 10/01/29			724		535,436
Taylor Morrison Communities, Inc., 5.13%, 08/01/30			20		19,099
Tempur Sealy International, Inc.
4.00%, 04/15/29			89		80,768
3.88%, 10/15/31			23		19,532


					1,083,603
Household Products — 0.0%
Central Garden & Pet Co.
4.13%, 10/15/30			43		38,575
4.13%, 04/30/31^(b)			55		48,478
Spectrum Brands, Inc., 3.88%, 03/15/31^(b)			44		42,384


					129,437
Independent Power and Renewable Electricity Producers^(b)— 0.1%
Alexander Funding Trust II, 7.47%, 07/31/28			100		105,730
Calpine Corp.
4.63%, 02/01/29			99		91,626
5.00%, 02/01/31			25		22,932
Clearway Energy Operating LLC
4.75%, 03/15/28			18		17,110
3.75%, 01/15/32			97		81,546
NextEra Energy Partners LP^(j)
0.00%, 11/15/25^(l)			51		45,263
2.50%, 06/15/26			51		45,898
NRG Energy, Inc., 7.00%, 03/15/33			50		53,353

					463,458
Insurance^(b)— 1.3%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27			285		268,316
6.75%, 10/15/27			782		770,445
6.75%, 04/15/28			109		109,769
5.88%, 11/01/29			431		400,394
7.00%, 01/15/31			269		271,695
AmWINS Group, Inc.
6.38%, 02/15/29			36		36,194
4.88%, 06/30/29			88		82,138
Ardonagh Finco Ltd., 7.75%, 02/15/31			200		199,097


Security		Par (000)		Value

Insurance (continued)
Ardonagh Group Finance Ltd., 8.88%, 02/15/32	USD		200	$	197,465
AssuredPartners, Inc., 7.50%, 02/15/32			99		97,283
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC
7.25%, 02/15/31			441		442,666
8.13%, 02/15/32			245		247,079
HUB International Ltd.
7.25%, 06/15/30			847		870,459
7.38%, 01/31/32			1,039		1,045,997
Jones Deslauriers Insurance Management, Inc.
8.50%, 03/15/30			136		141,764
10.50%, 12/15/30			83		87,584
NFP Corp.
4.88%, 08/15/28			81		81,183
6.88%, 08/15/28			386		390,927
8.50%, 10/01/31			6		6,603
Panther Escrow Issuer LLC, 7.13%, 06/01/31^(g)			704		715,764
USI, Inc./New York, 7.50%, 01/15/32			119		119,219


					6,582,041
Interactive Media & Services — 0.1%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28^(b)			200		181,728
iliad SA^(c)
5.38%, 06/14/27	EUR		100		109,902
5.63%, 02/15/30			100		110,733


					402,363
Internet Software & Services^(b)— 0.0%
ANGI Group LLC, 3.88%, 08/15/28	USD		80		69,441
Lyft, Inc., 0.63%, 03/01/29^(j)			41		47,893
Match Group Holdings II LLC, 3.63%, 10/01/31			53		45,037


					162,371
IT Services — 0.5%
CA Magnum Holdings, 5.38%, 10/31/26^(b)			201		192,960
Camelot Finance SA, 4.50%, 11/01/26^(b)			136		130,853
Central Parent LLC/CDK Global II LLC/CDK
Financing Co., Inc., 8.00%, 06/15/29^(b)			302		313,064
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29^(b)			170		173,537
Fiserv, Inc., 2.25%, 06/01/27			1,385		1,272,291
KBR, Inc., 4.75%, 09/30/28^(b)			75		68,967
Newfold Digital Holdings Group, Inc., 11.75%, 10/15/28^(b)			31		33,555
Twilio, Inc.
3.63%, 03/15/29			52		46,770
3.88%, 03/15/31			129		112,616
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29^(b)			231		207,940


					2,552,553
Leisure Products — 0.0%
Acushnet Co., 7.38%, 10/15/28^(b)			4		4,145
Amer Sports Co., 6.75%, 02/16/31^(b)			77		76,408
Mattel, Inc., 6.20%, 10/01/40			34		33,957


					114,510
Machinery — 0.8%
ATS Corp., 4.13%, 12/15/28^(b)			35		32,081
Chart Industries, Inc.^(b)
7.50%, 01/01/30			224		232,612
9.50%, 01/01/31			42		45,737
Esab Corp., 6.25%, 04/15/29^(b)(g)			66		66,309


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Machinery (continued)
Gates Global LLC/Gates Corp., 6.25%, 01/15/26^(b)	USD		263	$	262,363
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28^(b)			35		25,981
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(b)(h)			126		126,212
Husky Injection Molding Systems Ltd./Titan Co- Borrower LLC, 9.00%, 02/15/29^(b)			512		529,469
Madison IAQ LLC, 5.88%, 06/30/29^(b)			1,162		1,063,090
OT Merger Corp., 7.88%, 10/15/29^(b)			37		26,420
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29^(b)			39		35,709
Terex Corp., 5.00%, 05/15/29^(b)			67		63,254
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26^(b)			189		188,775
TK Elevator Holdco GmbH
6.63%, 07/15/28^(c)	EUR		90		93,941
7.63%, 07/15/28^(b)	USD		200		196,086
TK Elevator Midco GmbH, 4.38%, 07/15/27^(c)	EUR		200		207,413
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27^(b).	USD		312		301,420
Vertiv Group Corp., 4.13%, 11/15/28^(b)			781		726,675


					4,223,547
Media — 1.2%
Adelphia Communications Corp., 10.50%, 12/31/49^(d)(e)(i)			400		—
Altice Financing SA^(b)
9.63%, 07/15/27			200		191,298
5.75%, 08/15/29			236		189,093
Cable One, Inc.
0.00%, 03/15/26^(j)(l)			28		24,388
1.13%, 03/15/28^(j)			66		49,540
4.00%, 11/15/30^(b)			57		44,484
CCO Holdings LLC/CCO Holdings Capital Corp.^(b)
5.00%, 02/01/28			28		26,065
6.38%, 09/01/29			385		365,243
4.50%, 08/15/30			22		18,437
7.38%, 03/01/31			662		649,212
4.25%, 01/15/34			152		114,738
Clear Channel Outdoor Holdings, Inc.^(b)
5.13%, 08/15/27			113		106,518
7.75%, 04/15/28			168		147,134
9.00%, 09/15/28			348		362,482
7.50%, 06/01/29			47		38,871
7.88%, 04/01/30			210		208,773
CMG Media Corp., 8.88%, 12/15/27^(b)			79		52,354
CSC Holdings LLC^(b)
5.50%, 04/15/27			200		178,943
11.25%, 05/15/28			200		198,189
11.75%, 01/31/29			400		400,624
4.50%, 11/15/31			216		152,921
Directv Financing LLC/Directv Financing Co- Obligor, Inc., 5.88%, 08/15/27^(b)			193		182,585
DISH DBS Corp., 5.25%, 12/01/26^(b)			188		148,033
DISH Network Corp., 11.75%, 11/15/27^(b)			315		321,593
GCI LLC, 4.75%, 10/15/28^(b)			35		32,092
Gray Television, Inc.^(b)
5.88%, 07/15/26			61		59,407
7.00%, 05/15/27			112		104,163
Hughes Satellite Systems Corp., 5.25%, 08/01/26			29		24,136
Lamar Media Corp., 4.00%, 02/15/30			15		13,633


Security		Par (000)		Value

Media (continued)
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27^(b)	USD		180	$	168,933
Nexstar Media, Inc., 5.63%, 07/15/27^(b)			20		19,186
Outfront Media Capital LLC/Outfront Media Capital Corp.^(b)
5.00%, 08/15/27			108		103,946
4.25%, 01/15/29			76		68,854
4.63%, 03/15/30			22		19,730
7.38%, 02/15/31			75		78,557
Pinewood Finco PLC, 6.00%, 03/27/30^(c)(g)	GBP		100		126,215
Radiate Holdco LLC/Radiate Finance, Inc.^(b)
4.50%, 09/15/26	USD		728		578,871
6.50%, 09/15/28			114		54,371
Sirius XM Radio, Inc.^(b)
3.13%, 09/01/26			11		10,304
5.00%, 08/01/27			92		88,512
4.00%, 07/15/28			53		48,488
Stagwell Global LLC, 5.63%, 08/15/29^(b)			32		29,059
Univision Communications, Inc.^(b)
6.63%, 06/01/27			107		104,650
8.00%, 08/15/28			283		288,309
7.38%, 06/30/30			35		34,609
Videotron Ltd., 3.63%, 06/15/29^(b)			22		19,885


					6,247,428
Metals & Mining — 0.5%
Arsenal AIC Parent LLC^(b)
8.00%, 10/01/30			46		48,295
11.50%, 10/01/31			219		243,914
ATI, Inc.
5.88%, 12/01/27			30		29,539
4.88%, 10/01/29			32		30,112
7.25%, 08/15/30			113		116,799
5.13%, 10/01/31			88		81,525
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(b)			308		309,732
Carpenter Technology Corp.
6.38%, 07/15/28			11		10,981
7.63%, 03/15/30			65		67,057
Constellium SE
4.25%, 02/15/26^(c)	EUR		100		107,457
3.75%, 04/15/29^(b)	USD		250		224,924
ERO Copper Corp., 6.50%, 02/15/30^(b)			78		74,003
First Quantum Minerals Ltd., 9.38%, 03/01/29^(b)			200		207,476
Kaiser Aluminum Corp.^(b)
4.63%, 03/01/28			55		51,609
4.50%, 06/01/31			199		176,061
Mineral Resources Ltd., 9.25%, 10/01/28^(b)			10		10,532
New Gold, Inc., 7.50%, 07/15/27^(b)			147		147,332
Novelis Corp.^(b)
3.25%, 11/15/26			217		202,196
4.75%, 01/30/30			300		276,787
3.88%, 08/15/31			96		82,465
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29^(c)	EUR		100		101,423


					2,600,219
Mortgage Real Estate Investment Trusts (REITs)^(b)— 0.0%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/29	USD		22		19,999
Starwood Property Trust, Inc.
4.38%, 01/15/27			13		12,228
7.25%, 04/01/29			43		43,342


					75,569


8

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Office REITs — 0.0%
Highwoods Realty LP, 7.65%, 02/01/34	USD		15	$	16,359


Oil, Gas & Consumable Fuels — 2.0%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26^(b)			136		137,569
Antero Midstream Partners LP/Antero Midstream Finance Corp.^(b)
5.75%, 03/01/27			16		15,800
5.38%, 06/15/29			66		63,470
6.63%, 02/01/32			75		75,327
Apache Corp., 5.35%, 07/01/49			11		9,298
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(b)
9.00%, 11/01/27			109		137,182
8.25%, 12/31/28			201		206,484
Series B, 5.88%, 06/30/29			113		107,738
Baytex Energy Corp., 8.50%, 04/30/30^(b)			75		78,314
Buckeye Partners LP
5.85%, 11/15/43			16		13,632
5.60%, 10/15/44			1		799
Callon Petroleum Co., 7.50%, 06/15/30^(b)			185		195,638
Chesapeake Energy Corp., 6.75%, 04/15/29^(b)			74		74,793
CITGO Petroleum Corp.^(b)
7.00%, 06/15/25			163		162,797
8.38%, 01/15/29			130		136,583
Civitas Resources, Inc.^(b)
8.38%, 07/01/28			161		169,487
8.63%, 11/01/30			72		77,312
8.75%, 07/01/31			174		186,190
CNX Midstream Partners LP, 4.75%, 04/15/30^(b)			32		28,521
CNX Resources Corp., 7.38%, 01/15/31^(b)			32		32,590
Comstock Resources, Inc.^(b)
6.75%, 03/01/29			328		312,795
5.88%, 01/15/30			33		29,885
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31^(b)			250		236,279
Crescent Energy Finance LLC^(b)
9.25%, 02/15/28			158		166,830
7.63%, 04/01/32			149		150,148
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30^(b)			57		60,158
DT Midstream, Inc., 4.38%, 06/15/31^(b)			79		71,544
Enbridge, Inc., (5-year CMT + 4.43%), 8.50%, 01/15/84^(a)			50		54,327
Energy Transfer LP^(a)
(5-year CMT + 4.02%), 8.00%, 05/15/54			152		159,428
Series B, (3-mo. LIBOR US + 4.16%), 6.63%^(k).			29		27,083
Series H, (5-year CMT + 5.69%), 6.50%^(k)			144		141,140
EnLink Midstream LLC
5.63%, 01/15/28^(b)			75		74,286
5.38%, 06/01/29			18		17,672
6.50%, 09/01/30^(b)			47		48,355
EnLink Midstream Partners LP, 5.60%, 04/01/44			74		65,886
EQM Midstream Partners LP
4.13%, 12/01/26			17		16,347
6.38%, 04/01/29^(b)			89		89,654
7.50%, 06/01/30^(b)			49		52,378
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27^(b)			35		36,467
Genesis Energy LP/Genesis Energy Finance Corp.
7.75%, 02/01/28			29		29,149


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Genesis Energy LP/Genesis Energy Finance Corp. (continued)
8.25%, 01/15/29	USD		82	$	84,181
8.88%, 04/15/30			28		29,309
Harvest Midstream I LP, 7.50%, 09/01/28^(b)			20		20,279
Hilcorp Energy I LP/Hilcorp Finance Co.^(b)
6.25%, 11/01/28			3		2,997
5.75%, 02/01/29			72		70,131
6.00%, 04/15/30			5		4,896
8.38%, 11/01/33			159		172,387
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28^(b)			67		70,699
ITT Holdings LLC, 6.50%, 08/01/29^(b)			109		99,473
Kinetik Holdings LP^(b)
6.63%, 12/15/28			6		6,107
5.88%, 06/15/30			32		31,300
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26^(b)			10		9,837
Matador Resources Co.^(b)
6.88%, 04/15/28			76		77,754
6.50%, 04/15/32			75		75,091
Nabors Industries Ltd.^(b)
7.25%, 01/15/26			31		30,808
7.50%, 01/15/28			63		59,089
Nabors Industries, Inc.^(b)
7.38%, 05/15/27			6		5,989
9.13%, 01/31/30			48		49,904
New Fortress Energy, Inc.^(b)
6.75%, 09/15/25			89		88,393
8.75%, 03/15/29			202		201,230
NGL Energy Operating LLC/NGL Energy Finance Corp.^(b)
8.13%, 02/15/29			132		135,192
8.38%, 02/15/32			266		272,678
Noble Finance II LLC, 8.00%, 04/15/30^(b)			78		81,249
Northern Oil & Gas, Inc.
8.13%, 03/01/28^(b)			238		241,567
3.63%, 04/15/29^(j)			40		48,700
8.75%, 06/15/31^(b)			74		78,141
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30^(b)			46		47,714
Permian Resources Operating LLC^(b)
7.75%, 02/15/26			37		37,479
8.00%, 04/15/27			70		72,096
5.88%, 07/01/29			159		156,351
9.88%, 07/15/31			79		88,030
7.00%, 01/15/32			85		88,180
Prairie Acquiror LP, 9.00%, 08/01/29^(b)			50		51,472
Precision Drilling Corp., 6.88%, 01/15/29^(b)			4		3,993
Rockcliff Energy II LLC, 5.50%, 10/15/29^(b)			131		122,593
Rockies Express Pipeline LLC, 4.95%, 07/15/29^(b)			14		13,084
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28^(b)			100		103,430
SM Energy Co., 6.50%, 07/15/28			16		16,069
Southwestern Energy Co., 4.75%, 02/01/32			2		1,841
Sunoco LP/Sunoco Finance Corp., 7.00%, 09/15/28^(b)			6		6,130
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(b)
6.00%, 03/01/27			14		13,782
5.50%, 01/15/28			21		20,233


S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(b)(continued)
7.38%, 02/15/29	USD		122	$	122,729
6.00%, 12/31/30			2		1,900
6.00%, 09/01/31			41		38,263
Talos Production, Inc.^(b)
9.00%, 02/01/29			48		50,974
9.38%, 02/01/31			40		42,642
Transocean Aquila Ltd., 8.00%, 09/30/28^(b)			33		33,871
Transocean Titan Financing Ltd., 8.38%, 02/01/28^(b)			32		33,303
Transocean, Inc.^(b)
7.50%, 01/15/26			273		271,291
11.50%, 01/30/27			93		96,926
8.00%, 02/01/27			60		59,554
8.75%, 02/15/30			221		229,910
Valaris Ltd., 8.38%, 04/30/30^(b)			208		214,559
Venture Global Calcasieu Pass LLC^(b)
3.88%, 08/15/29			285		256,542
4.13%, 08/15/31			5		4,446
Venture Global LNG, Inc.^(b)
8.13%, 06/01/28			202		206,078
9.50%, 02/01/29			540		582,046
8.38%, 06/01/31			358		369,194
9.88%, 02/01/32			328		353,500
Vermilion Energy, Inc., 6.88%, 05/01/30^(b)			51		49,796
Vital Energy, Inc.
9.75%, 10/15/30			85		92,952
7.88%, 04/15/32^(b)			125		126,983
Western Midstream Operating LP, 5.25%, 02/01/50			19		16,996


					9,893,648
Passenger Airlines^(b)— 0.1%
Air Canada, 3.88%, 08/15/26			73		69,673
American Airlines, Inc., 8.50%, 05/15/29			132		139,452
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29			88		86,802
United Airlines, Inc., 4.63%, 04/15/29			175		162,750
VistaJet Malta Finance PLC/Vista Management Holding, Inc.
7.88%, 05/01/27			33		27,899
6.38%, 02/01/30			52		38,330


					524,906
Personal Care Products^(b)— 0.0%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC
4.75%, 01/15/29			5		4,731
6.63%, 07/15/30			48		48,744


					53,475
Pharmaceuticals — 0.1%
1375209 BC Ltd., 9.00%, 01/30/28^(b)			60		58,800
Option Care Health, Inc., 4.38%, 10/31/29^(b)			79		72,432
Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/28^(b)			200		186,378


Security		Par (000)		Value

Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands II BV, 3.75%, 05/09/27	EUR		100	$	104,303
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26	USD		203		189,231


					611,144
Professional Services^(b)— 0.1%
CoreLogic, Inc., 4.50%, 05/01/28			243		217,889
Dun & Bradstreet Corp., 5.00%, 12/15/29			153		141,228


					359,117
Real Estate Management & Development — 0.1%
Anywhere Real Estate Group LLC/Anywhere Co.- Issuer Corp.
7.00%, 04/15/30^(b)			45		40,330
Series AI, 7.00%, 04/15/30			80		71,235
Cushman & Wakefield U.S. Borrower LLC^(b)
6.75%, 05/15/28			101		99,736
8.88%, 09/01/31			38		40,157
Howard Hughes Corp.^(b)
5.38%, 08/01/28			46		44,122
4.38%, 02/01/31			53		46,023
Realogy Group LLC/Realogy Co.-Issuer Corp., 5.75%, 01/15/29^(b)			42		29,742


					371,345
Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27^(b)			51		46,550


Semiconductors & Semiconductor Equipment — 0.1%
ams-OSRAM AG, 10.50%, 03/30/29^(c)	EUR		100		106,698
Entegris, Inc., 4.38%, 04/15/28^(b)	USD		74		69,550
NCR Atleos Corp., 9.50%, 04/01/29^(b)			63		67,385
Synaptics, Inc., 4.00%, 06/15/29^(b)			84		75,600


					319,233
Software^(b)— 0.9%
Boxer Parent Co., Inc., 9.13%, 03/01/26			177		176,934
Capstone Borrower, Inc., 8.00%, 06/15/30			78		80,936
Clarivate Science Holdings Corp.
3.88%, 07/01/28			381		352,498
4.88%, 07/01/29			186		172,074
Cloud Software Group, Inc.
6.50%, 03/31/29			1,138		1,079,918
9.00%, 09/30/29			974		934,180
Elastic NV, 4.13%, 07/15/29			120		107,989
McAfee Corp., 7.38%, 02/15/30			173		158,649
MicroStrategy, Inc., 6.13%, 06/15/28			144		138,921
Playtika Holding Corp., 4.25%, 03/15/29			21		18,180
SS&C Technologies, Inc., 5.50%, 09/30/27			266		260,084
UKG, Inc., 6.88%, 02/01/31			749		763,027
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25			113		103,606


					4,346,996
Specialized REITs^(b)— 0.0%
Iron Mountain, Inc.
7.00%, 02/15/29			163		166,106
5.63%, 07/15/32			44		41,562


					207,668


10

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Specialty Retail^(b)— 0.1%
Arko Corp., 5.13%, 11/15/29	USD		44	$	36,418
eG Global Finance PLC, 12.00%, 11/30/28			415		441,119
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29			253		246,306


					723,843
Technology Hardware, Storage & Peripherals^(b)— 0.1%
Seagate HDD Cayman
8.25%, 12/15/29			110		118,191
8.50%, 07/15/31			120		129,680


					247,871
Textiles, Apparel & Luxury Goods^(b)— 0.0%
Crocs, Inc.
4.25%, 03/15/29			57		52,111
4.13%, 08/15/31			13		11,263
Hanesbrands, Inc., 4.88%, 05/15/26			42		40,892
Kontoor Brands, Inc., 4.13%, 11/15/29			32		28,722


					132,988
Trading Companies & Distributors^(b)— 0.0%
Beacon Roofing Supply, Inc.
4.13%, 05/15/29			31		28,117
6.50%, 08/01/30			58		58,855
GYP Holdings III Corp., 4.63%, 05/01/29			74		68,796


					155,768
Transportation Infrastructure — 0.0%
Azzurra Aeroporti SpA, 2.63%, 05/30/27^(c)	EUR		100		101,951


Wireless Telecommunication Services — 0.2%
Altice France SA/France
8.13%, 02/01/27^(b)	USD		334		261,074
11.50%, 02/01/27^(c)	EUR		100		92,188
5.13%, 07/15/29^(b)	USD		200		135,207
Cellnex Finance Co. SA, 2.00%, 02/15/33^(c)	EUR		100		93,560
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26^(b)	USD		200		196,055
T-Mobile U.S., Inc.
3.38%, 04/15/29			67		61,963
3.50%, 04/15/31			26		23,480
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31^(b)			200		172,377


					1,035,904


Total Corporate Bonds — 18.4% (Cost: $102,774,829)					93,311,483


Floating Rate Loan Interests^(a)

Aerospace & Defense — 4.4%
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.26%), 9.57%, 10/31/28			982		985,269
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.01%, 08/03/29			321		314,920
Cubic Corp.
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.85%, 05/25/28			3,057		2,852,730
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.85%, 05/25/28			622		580,245
Dynasty Acquisition Co., Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR + 3.50%), 8.83%, 08/24/28			3,752		3,757,332


Security		Par (000)		Value

Aerospace & Defense (continued)
NORDAM Group, Inc., Term Loan B, (1-mo. CME Term SOFR + 5.70%), 10.93%, 04/09/26	USD		753	$	707,256
Ovation Parent, Inc., 2024 Term Loan, 03/27/31^(m)			268		268,169
Peraton Corp.
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 13.18%, 02/01/29			1,467		1,469,480
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 9.18%, 02/01/28			4,968		4,958,833
Setanta Aircraft Leasing DAC, Term Loan B, (3- mo. CME Term SOFR + 2.26%), 7.56%, 11/05/28			1,175		1,176,716
Standard Aero Ltd., 2024 Term Loan B2, (1-mo. CME Term SOFR + 3.50%), 8.83%, 08/24/28			1,447		1,448,729
TransDigm, Inc.
2023 Term Loan J, (1-mo. CME Term SOFR at 1.00% Floor + 3.25%), 8.56%, 02/28/31			679		682,449
2024 Term Loan I, (3-mo. CME Term SOFR + 2.75%), 0.00%, 08/24/28			2,776		2,785,036
2024 Term Loan K, 02/22/30^(m)			99		99,146


					22,086,310
Air Freight & Logistics — 0.0%
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.56%, 03/17/30			220		219,918


Automobile Components — 0.6%
Clarios Global LP, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.33%, 05/06/30			2,112		2,115,179
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.10%), 10.42%, 11/17/28			1,011		949,663


					3,064,842
Automobiles — 0.6%
Dealer Tire Financial LLC, 2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.08%, 12/14/27^(e)			2,627		2,643,023
RVR Dealership Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 9.18%, 02/08/28			203		190,103


					2,833,126
Banks — 0.5%
Ascensus Holdings, Inc., Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.94%, 08/02/28			2,380		2,368,616


Beverages — 1.1%
Naked Juice LLC
2nd Lien Term Loan, (3-mo. CME Term SOFR + 6.10%), 11.40%, 01/24/30			1,631		1,313,486
Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.66%, 01/24/29			3,480		3,248,723
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 8.81%, 03/31/28			1,162		1,148,350


					5,710,559
Broadline Retail — 1.0%
Sally Holdings LLC, 2023 CovLite Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.58%, 02/28/30			570		569,527


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Broadline Retail (continued)
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (3-mo. CME Term SOFR + 4.75%), 10.08%, 03/15/30	USD		3,962	$	3,960,188
Woof Holdings, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 4.01%), 9.32%, 12/21/27			335		264,251


					4,793,966
Building Products — 1.5%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.58%, 05/13/29			239		239,561
Beacon Roofing Supply, Inc., 2024 Term Loan B, 05/19/28^(m)			1,290		1,290,195
Foundation Building Materials, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR + 4.00%), 9.31%, 01/29/31			1,503		1,508,261
LBM Acquisition LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 9.18%, 12/17/27			431		430,307
SRS Distribution, Inc.
2021 Term Loan B, (1-mo. CME Term SOFR + 3.61%), 8.94%, 06/02/28			2,379		2,393,437
2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.68%, 06/02/28			853		856,938
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.08%, 10/19/27			1,075		1,077,966


					7,796,665
Capital Markets — 2.3%
Aretec Group, Inc., 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 4.60%), 9.93%, 08/09/30			515		517,981
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B6, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 12/20/29			1,078		1,078,636
Azalea Topco, Inc.
2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.86%), 9.19%, 07/24/26			2,281		2,262,485
Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.83%, 07/24/26			834		828,340
Castlelake Aviation One DAC
2023 Incremental Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.08%, 10/22/27			645		645,108
Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.83%, 10/22/26			1,886		1,886,281
Focus Financial Partners LLC
2021 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 06/30/28			1,277		1,270,752
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.08%, 06/30/28			910		906,522
ION Trading Finance Ltd., 2021 USD Term Loan, (3-mo. CME Term SOFR + 4.85%), 10.15%, 04/01/28			587		586,133
Osaic Holdings, Inc.
2023 Term Loan B, (1-mo. CME Term SOFR + 4.50%), 9.83%, 08/17/28			1,250		1,253,904
2024 Term Loan, 08/17/28^(m)			345		346,142


					11,582,284


Security		Par (000)			Value

Chemicals — 4.3%
Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1- mo. CME Term SOFR + 7.10%), 12.43%, 09/30/29^(e)	USD		815		$	731,463
Aruba Investments Holdings LLC
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 7.85%), 13.18%, 11/24/28^(e)			1,275			1,262,250
2020 USD Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.10%), 13.43%, 11/24/27			669			666,876
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.85%), 10.07%, 08/27/26			869			852,091
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 08/18/28			1,037			1,031,606
CPC Acquisition Corp., Term Loan, (3-mo. CME Term SOFR + 4.01%), 9.32%, 12/29/27			399			335,719
Derby Buyer LLC, USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.58%, 11/01/30			1,863			1,872,892
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.71%, 10/04/29			—	⁽ⁿ⁾		365
Ecovyst Catalyst Technologies LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.60%), 7.91%, 06/09/28			1,504			1,500,899
Element Solutions, Inc., 2023 Term Loan B, (1- mo. CME Term SOFR + 2.00%), 7.33%, 12/18/30			1,728			1,728,059
HB Fuller Co., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 02/15/30			263			263,210
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR + 4.03%), 9.33%, 07/03/28			932			875,384
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. CME Term SOFR + 3.60%), 8.93%, 02/18/30			610			609,515
LSF11 A5 Holdco LLC
2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.35%), 9.68%, 10/15/28			259			259,172
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 8.94%, 10/15/28			1,352			1,351,230
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.83%, 03/29/28			1,917			1,882,326
Nouryon USA LLC, 2023 USD Term Loan B, (3- mo. CME Term SOFR + 4.10%), 9.42%, 04/03/28			823			824,017
Olympus Water US Holding Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.57%, 11/09/28			797			798,896
OQ Chemicals Corp., 2017 USD Term Loan B2, (3-mo. CME Term SOFR + 3.70%), 8.93%, 10/14/24			1,404			1,372,595


12

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Chemicals (continued)
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.11%), 9.44%, 03/16/27	USD		917	$	917,744
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.69%, 08/02/28			1,415		1,414,683
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.01%), 9.32%, 09/22/28			1,253		1,252,478


					21,803,470
Commercial Services & Supplies — 3.9%
Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.82%, 10/24/30^(e)			580		579,977
Allied Universal Holdco LLC
2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.18%, 05/12/28			2,275		2,271,207
2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.08%, 05/12/28			301		301,079
Amentum Government Services Holdings LLC, 2022 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.33%, 02/15/29			677		677,789
Aramark Services, Inc., 2024 Term Loan B8, (3- mo. CME Term SOFR + 2.00%), 7.33%, 06/22/30			592		591,648
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 4.75%), 10.07%, 02/23/29^(e)			2,081		2,086,203
Creative Artists Agency LLC, 2024 Term Loan B, 11/27/28^(m)			2,460		2,460,204
Garda World Security Corp., 2022 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.58%, 02/01/29			383		383,241
Mavis Tire Express Services Topco Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.08%, 05/04/28			2,610		2,612,133
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.51%), 9.82%, 12/15/28			679		515,231
Prime Security Services Borrower LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.83%, 10/14/30			647		647,377
Tempo Acquisition LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.08%, 08/31/28			4,157		4,166,858
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.10%), 9.43%, 11/02/27			1,442		1,401,356
Vestis Corp., Term Loan, (3-mo. CME Term SOFR + 2.25%), 7.58%, 02/22/31^(e)			269		268,664
Viad Corp., Initial Term Loan, (1-mo. CME Term SOFR + 5.11%), 10.44%, 07/30/28			878		878,429


					19,841,396

Communications Equipment — 0.5%
Ciena Corp., 2020 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.33%, 10/24/30			1,252		1,253,470


Security		Par (000)		Value

Communications Equipment (continued)
Viasat, Inc.
2023 Term Loan, (1-mo. CME Term SOFR + 4.61%), 9.93%, 05/30/30	USD		504	$	487,707
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 03/02/29			1,028		994,331


					2,735,508
Construction & Engineering — 1.1%
Brand Industrial Services, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.50%), 10.81%, 08/01/30			3,005		3,015,086
Legence Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.60%), 8.93%, 12/16/27			199		199,416
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.44%, 01/21/28			925		927,376
USIC Holdings, Inc., 2021 Term Loan, (3-mo. CME Term SOFR + 3.76%), 9.06%, 05/12/28			1,526		1,521,803


					5,663,681
Construction Materials — 3.8%
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.51%), 9.81%, 05/17/28			1,408		1,280,398
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.33%, 01/31/31			1,045		1,045,099
Chariot Buyer LLC
2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.08%, 11/03/28			569		569,711
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.68%, 11/03/28			2,123		2,118,629
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.68%, 04/12/28			309		306,537
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.18%, 11/23/27			1,258		1,241,526
CP Iris Holdco I, Inc.
2021 2nd Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 7.10%), 12.43%, 10/01/29^(e)			919		850,075
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.18%, 10/02/28			211		210,777
CPG International LLC, 2022 Term Loan B, (1-mo. CME Term SOFR + 2.60%), 7.93%, 04/28/29			696		697,049
Emerald Debt Merger Sub LLC, Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.79%, 05/31/30			1,513		1,511,633
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1-mo. CME Term SOFR + 1.85%), 7.18%, 03/01/27			537		538,075
LSF10 XL Bidco SCA, 2021 EUR Term Loan B4, (3-mo. EURIBOR + 4.18%), 8.08%, 04/12/28	EUR		854		846,645
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.33%, 03/08/29	USD		726		692,219
Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME Term SOFR + 4.60%), 9.90%, 04/29/29			947		948,365
Quikrete Holdings, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.86%), 8.19%, 03/19/29			556		555,747


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Construction Materials (continued)
Smyrna Ready Mix Concrete LLC, 2023 Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.83%, 04/02/29^(e)	USD		478	$	480,036
Standard Industries, Inc., 2021 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 2.36%), 7.69%, 09/22/28			1,387		1,386,849
Summit Materials LLC, 2023 Incremental Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.83%, 01/12/29			655		657,784
Wilsonart LLC, 2021 Term Loan E, (3-mo. CME Term SOFR at 1.00% Floor + 3.35%), 8.65%, 12/31/26			2,984		2,986,033
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.11%), 7.44%, 10/04/28			98		98,177


					19,021,364
Consumer Finance — 1.0%
GTCR W Merger Sub LLC, USD Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.31%, 01/31/31			1,872		1,877,073
Trans Union LLC
2019 Term Loan B5, (1-mo. CME Term SOFR + 1.85%), 7.18%, 11/16/26			1,612		1,610,369
2024 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 12/01/28			1,609		1,607,454


					5,094,896
Consumer Staples Distribution & Retail — 0.3%
U.S. Foods, Inc.
2019 Term Loan B, (1-mo. CME Term SOFR + 2.11%), 7.44%, 09/13/26			561		561,799
2021 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.33%, 11/22/28			779		781,827


					1,343,626
Containers & Packaging — 1.8%
Charter Next Generation, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 12/01/27			3,371		3,375,692
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 10.43%, 10/29/28			1,387		1,356,654
Mauser Packaging Solutions Holding Co., Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.33%, 08/14/26			1,135		1,138,576
Pactiv Evergreen Group Holdings Inc, 2020 Term Loan B2, (1-mo. CME Term SOFR + 3.36%), 8.69%, 02/05/26			941		943,063
Pregis TopCo LLC
1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.08%, 07/31/26			587		587,705
2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.86%), 9.19%, 07/31/26			609		608,949
Trident TPI Holdings, Inc., 2021 Term Loan B3, (3-mo. CME Term SOFR at 0.50% Floor + 4.26%), 9.81%, 09/15/28			1,127		1,126,137


					9,136,776


Security		Par (000)		Value

Distributors — 0.2%
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 9.32%, 10/28/27	USD		860	$	809,854


Diversified Consumer Services — 1.7%
Ascend Learning LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 5.85%), 11.18%, 12/10/29			171		167,974
2021 Term Loan, (1-mo. CME Term SOFR + 3.60%), 8.93%, 12/11/28			544		540,173
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.36%), 7.69%, 11/24/28			801		800,300
KUEHG Corp., 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.30%, 06/12/30			1,265		1,266,706
Learning Care Group U.S. No. 2, Inc., 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.07%, 08/11/28			198		198,047
Sotheby’s, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.76%), 10.08%, 01/15/27			2,500		2,448,179
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.81%, 10/04/30			1,404		1,409,019
Wand NewCo 3, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.08%, 01/30/31			1,709		1,712,999


					8,543,397
Diversified Telecommunication Services — 2.0%
Connect Finco SARL
2021 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.83%, 12/11/26			1,222		1,218,550
2024 Extended Term Loan B, 09/13/29^(m)			1,126		1,106,564
Consolidated Communications, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.61%), 8.94%, 10/02/27			392		371,028
Level 3 Financing, Inc.^(e)
2024 Extended Term Loan B1, (1-week CME Term SOFR at 2.00% Floor + 6.56%), 11.81%, 04/15/29			871		864,821
2024 Extended Term Loan B2, (1-week CME Term SOFR at 2.00% Floor + 6.56%), 11.81%, 04/15/30			878		871,166
Lumen Technologies, Inc.
2024 Extended Term Loan B1, (1-week CME Term SOFR at 2.00% Floor + 2.46%), 7.79%, 04/15/29			675		500,198
2024 Extended Term Loan B2, (3-mo. CME Term SOFR at 2.00% Floor + 2.46%), 7.79%, 04/15/30^(e)			690		510,552
2024 Term Loan A, 06/01/28^(m)			118		99,456
ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.77%, 09/01/28			753		728,517
Zayo Group Holdings, Inc., USD Term Loan, (1- mo. CME Term SOFR + 3.00%), 8.44%, 03/09/27			4,386		3,838,323


					10,109,175


14

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Electronic Equipment, Instruments & Components — 0.8%
Coherent Corp., 2022 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.19%, 07/02/29	USD		1,321	$	1,321,326
MX Holdings U.S., Inc., 2023 USD Term Loan B1D, (1-mo. CME Term SOFR at 0.75% Floor + 2.86%), 8.19%, 07/31/28			156		156,281
Roper Industrial Products Investment Co., 2023 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.30%, 11/22/29			2,460		2,472,720


					3,950,327
Energy Equipment & Services — 0.0%
Lealand Finance Co. BV
2020 Make Whole Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.44%, 06/28/24^(e)			46		23,011
2020 Take Back Term Loan, (1-mo. CME Term SOFR + 1.11%), 6.44%, 06/30/25			355		137,549


					160,560
Entertainment — 3.0%
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.44%, 04/22/26			1,296		1,083,365
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 2.35%), 7.66%, 05/24/29			87		87,610
Cirque Du Soleil Holding USA Newco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.55%, 03/08/30			807		805,842
Delta 2 Lux SARL, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.56%, 01/15/30			1,655		1,655,414
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 2.35%), 7.68%, 03/24/25			1,486		1,482,757
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR + 1.85%), 7.18%, 10/19/26			2,221		2,216,531
Motion Finco SARL, 2024 USD Term Loan B, 11/12/29^(m)			1,134		1,131,440
NEP Group, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.36%, 1.61% PIK), 10.19%, 08/19/26^(h)			1,743		1,654,721
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3-mo. CME Term SOFR + 2.76%), 8.07%, 01/23/25			1,677		1,676,552
UFC Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.01%), 8.34%, 04/29/26			758		759,061
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 2.86%), 8.19%, 05/18/25			2,506		2,502,034


					15,055,327
Environmental, Maintenance & Security Service — 0.7%
Clean Harbors, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 1.86%), 7.19%, 10/08/28			919		919,959
Covanta Holding Corp.
2021 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 11/30/28			75		74,624


Security		Par (000)		Value

Environmental, Maintenance & Security Service (continued)
Covanta Holding Corp. (continued)
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.07%, 11/30/28	USD		780	$	778,311
2024 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.07%, 11/30/28			43		42,531
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 11/30/28			979		976,296
GFL Environmental, Inc., 2023 First Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.82%, 05/31/27			642		644,572


					3,436,293
Financial Services — 3.4%
Belron Finance U.S. LLC
2018 Term Loan B, (3-mo. CME Term SOFR + 2.51%), 7.82%, 11/13/25			1,941		1,943,252
2019 USD Term Loan B3, (3-mo. CME Term SOFR + 2.51%), 7.83%, 10/30/26			1,114		1,113,572
2023 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.35%), 7.66%, 04/18/29			424		423,870
2023 USD Term Loan, (3-mo. CME Term SOFR + 2.26%), 7.58%, 04/13/28			3,113		3,113,369
Cogeco Financing 2 LP, 2023 Term Loan B, (1- mo. CME Term SOFR + 2.61%), 7.94%, 09/29/28			1,366		1,330,047
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.06%, 04/09/27			5,564		5,533,529
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR + 7.01%), 12.32%, 04/07/28			1,594		1,588,022
FinCo I LLC, 2023 Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.31%, 06/27/29			424		424,416
GIP Pilot Acquisition Partners LP, Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.33%, 10/04/30			271		271,610
Hyperion Refinance SARL, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 02/15/31			629		629,057
Sunrise Financing Partnership, 2021 USD Term Loan AX, (1-mo. CME Term SOFR + 3.11%), 8.44%, 01/31/29			672		668,534


					17,039,278
Food Products — 2.2%
8th Avenue Food & Provisions, Inc.
2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.86%), 9.19%, 10/01/25			1,259		1,234,516
2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.86%), 10.19%, 10/01/25			1,318		1,293,712
Chobani LLC
2020 Term Loan B, (1-mo. CME Term SOFR + 3.61%), 8.94%, 10/25/27			2,878		2,882,341
2023 Incremental Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.08%, 10/25/27			735		738,833
Froneri U.S., Inc., 2020 USD Term Loan, (1-mo. CME Term SOFR + 2.35%), 7.68%, 01/29/27			3,213		3,213,996


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Food Products (continued)
H-Food Holdings LLC, 2018 Term Loan B, (3-mo. CME Term SOFR + 3.95%), 9.29%, 05/23/25	USD		449	$	324,718
Nomad Foods U.S. LLC, Term Loan B4, (6-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.27%, 11/13/29			902		902,799
UTZ Quality Foods LLC, 2021 Term Loan B, (1- mo. CME Term SOFR + 3.11%), 8.44%, 01/20/28			488		488,368


					11,079,283
Ground Transportation — 0.6%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.85%), 10.17%, 04/06/28			503		503,729
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.86%), 7.19%, 08/06/27			562		558,466
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3-mo. CME Term SOFR + 5.76%), 11.10%, 08/04/25			1,281		899,078
Uber Technologies, Inc., 2023 Term Loan B, (3- mo. CME Term SOFR + 2.75%), 8.08%, 03/03/30			1,150		1,154,681


					3,115,954
Health Care Equipment & Supplies — 2.2%
Avantor Funding, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR + 2.35%), 7.68%, 11/08/27			953		953,001
Bausch & Lomb Corp., 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.33%, 09/29/28			848		846,155
Bausch and Lomb Corp., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.68%, 05/10/27			2,025		1,998,760
Insulet Corp., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.33%, 05/04/28			666		666,715
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.31%, 10/19/27			1,277		1,253,524
Medline Borrower LP, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.44%, 10/23/28			3,375		3,382,215
Sotera Health Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR + 2.86%), 8.19%, 12/11/26			2,247		2,234,821


					11,335,191
Health Care Providers & Services — 4.3%
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1-mo. CME Term SOFR + 2.11%), 7.44%, 02/22/28			1,828		1,825,771
CHG Healthcare Services, Inc.
2021 Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.69%, 09/29/28			887		887,250
2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 09/29/28			194		193,879
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.82%, 11/08/27			1,933		1,934,980
Electron BidCo, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.44%, 11/01/28			1,895		1,897,720


Security		Par (000)		Value

Health Care Providers & Services (continued)
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.61%), 9.94%, 02/04/27	USD		729	$	730,670
EyeCare Partners LLC
2020 Term Loan, (3-mo. CME Term SOFR + 4.01%), 9.32%, 02/18/27			1,910		1,002,870
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 7.01%), 12.32%, 11/15/29			508		175,140
2021 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.01%), 9.32%, 11/15/28			462		239,595
Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.08%, 07/01/30			378		379,088
ICON Luxembourg SARL
2024 LUX Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.30%, 07/03/28			1,570		1,572,568
2024 US Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 0.00%, 07/03/28			392		392,107
Ingenovis Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.19%, 03/06/28			1,380		1,233,044
IQVIA, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR + 2.00%), 7.31%, 01/02/31			1,093		1,097,556
MED ParentCo LP, 1st Lien Term Loan, (1-mo. CME Term SOFR + 4.36%), 9.69%, 08/31/26			341		340,464
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.10%), 12.43%, 11/01/29			536		428,130
Phoenix Newco, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.36%), 8.69%, 11/15/28			2,648		2,653,183
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.10%), 8.40%, 11/18/27			1,077		1,062,938
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.68%, 11/01/28			546		485,606
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.31%, 09/27/30			796		790,627
Surgery Center Holdings, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.83%, 12/19/30			1,032		1,036,477
Vizient, Inc., 2022 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.35%), 7.68%, 05/16/29			289		289,794
WCG Intermediate Corp., 2019 Term Loan, (1-mo. CME Term SOFR + 4.11%), 9.44%, 01/08/27			930		930,231


					21,579,688
Health Care Technology — 2.4%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.58%, 02/15/29			2,710		2,680,643
Cotiviti, Inc.^(m)
2024 Fixed Term Loan B, 02/21/31			965		966,206
2024 Term Loan, 02/21/31			1,753		1,748,618


16

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Technology (continued)
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR + 4.10%), 9.41%, 10/01/27	USD		2,786	$	2,659,057
Verscend Holding Corp., 2021 Term Loan B, (1- mo. CME Term SOFR + 4.11%), 9.44%, 08/27/25			3,189		3,189,143
Waystar Technologies, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.33%, 10/22/29			813		814,186


					12,057,853
Hotel & Resort REITs — 0.1%
RHP Hotel Properties LP, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.08%, 05/18/30			444		443,569


Hotels, Restaurants & Leisure — 6.6%
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.19%, 02/02/26			1,632		1,569,694
Alterra Mountain Co.^(e)
2023 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.18%, 05/31/30			139		139,471
2024 Add-on Term Loan B, 05/31/30^(m)			199		199,746
Bally’s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.83%, 10/02/28			1,060		994,072
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 2023 Term Loan B5, (1-mo. CME Term SOFR + 2.25%), 7.58%, 09/20/30			2,074		2,071,869
Caesars Entertainment, Inc.
2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.04%, 02/06/31			2,568		2,568,000
Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.66%, 02/06/30			1,120		1,121,560
Carnival Corp., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.32%, 08/08/27			1,046		1,046,609
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR + 2.10%), 7.43%, 03/17/28			1,299		1,297,886
City Football Group Ltd., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.11%), 8.44%, 07/21/28			1,454		1,451,414
ECL Entertainment, LLC, 2023 Term Loan B, (1- mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.08%, 08/31/30			715		717,373
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.08%, 01/27/29			3,522		3,528,840
Flutter Financing BV, Term Loan B, (3-mo. CME Term SOFR + 2.25%), 7.56%, 11/25/30			3,220		3,218,191
Four Seasons Hotels Ltd., 2024 Term Loan B, (3-mo. CME Term SOFR + 2.10%), 7.43%, 11/30/29			2,833		2,833,988
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 2.00%), 7.43%, 11/08/30			696		697,030
IRB Holding Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.85%), 8.08%, 12/15/27			2,116		2,115,516


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Light & Wonder International, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.08%, 04/14/29	USD		949	$	949,993
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.68%, 03/09/28			812		514,342
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR + 2.85%), 8.18%, 05/03/29			1,265		1,265,687
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.58%, 01/05/29			406		406,792
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 08/25/28			467		465,953
Station Casinos LLC, 2024 Term Loan B, 03/14/31^(m)			1,782		1,778,561
Whatabrands LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.36%), 8.69%, 08/03/28			2,485		2,485,399
Wyndham Hotels & Resorts, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.35%), 7.68%, 05/24/30			171		171,766


					33,609,752
Household Durables — 1.5%
AI Aqua Merger Sub, Inc., 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.58%, 07/31/28			1,172		1,176,388
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.82%, 02/26/29			2,062		2,034,225
Serta Simmons Bedding, LLC, 2023 New Term Loan, (3-mo. CME Term SOFR + 7.61%), 12.92%, 06/29/28			443		395,684
Stitch Aquisition Corp., Term Loan B, (3-mo. CME Term SOFR + 7.00%), 12.31%, 07/28/28			946		236,555
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.11%), 9.44%, 10/06/28			1,558		1,427,154
Weber-Stephen Products LLC, Term Loan B, (1- mo. CME Term SOFR + 3.36%), 8.69%, 10/30/27			2,764		2,548,283


					7,818,289
Household Products — 0.1%
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.15%), 11.49%, 12/22/26			351		351,361


Independent Power and Renewable Electricity Producers — 0.8%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.58%, 07/31/30			1,103		1,101,792
Calpine Corp., Term Loan B9, (1-mo. CME Term SOFR + 2.00%), 7.33%, 01/31/31			526		522,765
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.76%), 8.10%, 12/15/27			1,047		1,046,546
NRG Energy, Inc., 2024 Term Loan, 03/27/31^(m)			1,120		1,117,905


					3,789,008


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Industrial Conglomerates — 0.1%
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.32%, 10/17/30	USD		529	$	528,839


Insurance — 6.2%
Alliant Holdings Intermediate LLC, 2023 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 11/06/30			6,082		6,116,030
AmWINS Group, Inc.
2021 Term Loan B, (1-mo. CME Term SOFR + 2.36%), 7.69%, 02/19/28			2,309		2,309,185
2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.19%, 02/19/28			443		443,818
Amynta Agency Borrower, Inc., 2023 1st Lien Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.55%, 02/28/28			1,266		1,269,666
AssuredPartners, Inc.
2020 Term Loan B, (1-mo. CME Term SOFR + 3.61%), 8.94%, 02/12/27			1,265		1,265,471
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 8.94%, 02/12/27			754		754,654
2023 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.08%, 02/12/27			400		400,001
2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 02/14/31			424		424,399
Baldwin Risk Partners, LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.61%), 8.94%, 10/14/27			392		391,162
HUB International Ltd., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.57%, 06/20/30			4,664		4,665,098
Jones Deslauriers Insurance Management, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 3.50%), 8.80%, 03/15/30			1,025		1,024,037
Ryan Specialty LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.08%, 09/01/27			1,156		1,156,563
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.08%, 02/24/28			3,301		3,306,371
Truist Insurance Holdings LLC^(m)
1st Lien Term Loan, 03/24/31			2,307		2,303,147
2nd Lien Term Loan, 03/08/32			904		908,520
USI, Inc./New York
2023 Acquisition Term Loan, (3-mo. CME Term SOFR + 3.25%), 8.55%, 09/27/30			1,002		1,002,276
2023 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 8.30%, 11/22/29			3,658		3,657,274


					31,397,672
Interactive Media & Services — 0.1%
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR + 4.15%), 9.45%, 02/16/28			380		379,332


Internet Software & Services — 0.2%
Gen Digital, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR + 2.10%), 7.43%, 09/12/29			1,166		1,164,717



Security		Par (000)		Value

IT Services — 2.6%
Asurion LLC
2020 Term Loan B8, (1-mo. CME Term SOFR + 3.36%), 8.69%, 12/23/26	USD		384	$	375,663
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.36%), 10.69%, 01/31/28			985		884,382
2021 Second Lien Term Loan B4, (1-mo. CME Term SOFR + 5.36%), 10.69%, 01/20/29			953		848,913
2023 Term Loan B11, (1-mo. CME Term SOFR + 4.35%), 9.68%, 08/19/28			1,369		1,318,631
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.08%, 01/31/31			2,914		2,911,890
Central Parent, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.31%, 07/06/29			2,425		2,431,003
Go Daddy Operating Co. LLC
2021 Term Loan B4, (1-mo. CME Term SOFR + 2.11%), 7.44%, 08/10/27			1,665		1,665,275
2024 Term Loan B6, (1-mo. CME Term SOFR + 2.00%), 7.33%, 11/09/29			1,259		1,257,716
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 10.57%, 07/27/28			1,153		677,948
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.51%), 13.82%, 07/27/29			1,497		434,102
Venga Finance SARL, 2021 USD Term Loan B, (3-mo. CME Term SOFR + 5.01%), 10.35%, 06/28/29			561		559,796


					13,365,319
Leisure Products — 0.1%
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.10%), 9.43%, 12/01/28			420		411,815
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR + 7.10%), 12.48%, 05/25/27			294		294,687


					706,502
Machinery — 5.7%
Albion Financing 3 SARL, USD Term Loan, (3-mo. CME Term SOFR + 5.51%), 10.83%, 08/17/26 .			1,711		1,714,978
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.01%), 10.32%, 06/23/28			1,992		1,992,324
Barnes Group Inc, 2024 Term Loan, (1-mo. CME Term SOFR + 2.50%), 7.83%, 09/03/30			942		942,591
Columbus McKinnon Corp./New York, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.81%, 05/14/28^(e)			299		298,786
Doosan Bobcat North America, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 2.60%), 7.90%, 04/20/29			229		228,638
Filtration Group Corp.
2021 Incremental Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.94%, 10/21/28			1,013		1,014,544
2023 USD Term Loan, (1-mo. CME Term SOFR + 4.36%), 9.69%, 10/21/28			2,073		2,077,805
Gardner Denver, Inc., 2020 USD Term Loan B2, (1-mo. CME Term SOFR + 1.85%), 7.18%, 03/01/27			267		267,482


18

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value

Machinery (continued)
Gates Global LLC, 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.75% Floor + 2.60%), 7.93%, 03/31/27	USD		1,950		$	1,951,876
Generac Power Systems, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.85%), 7.18%, 12/13/26			290			289,275
Madison IAQ LLC, Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.69%, 06/21/28			3,220			3,213,501
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR + 4.60%), 9.93%, 04/05/29			1,728			1,734,233
Titan Acquisition Ltd./Canada
2018 Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.44%, 03/28/25			4,150			4,145,178
2024 Term Loan B, 02/01/29^(m)			2,658			2,663,517
TK Elevator U.S. Newco, Inc., USD Term Loan B, 04/30/30^(m)			3,232			3,241,283
Vertiv Group Corp., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.61%), 7.94%, 03/02/27			2,110			2,113,230
Wec US Holdings Ltd., 2024 Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.08%, 01/27/31			1,022			1,020,518


						28,909,759
Media — 4.2%
A L Parent LLC, 2023 Take Back Term Loan, (1- mo. CME Term SOFR at 2.00% Floor + 5.50%), 10.83%, 06/30/28			412			409,506
ABG Intermediate Holdings 2 LLC, 2021 Term Loan B1, (1-mo. CME Term SOFR + 3.60%), 8.93%, 12/21/28			1,135			1,138,145
Altice Financing SA, USD 2017 1st Lien Term Loan, (3-mo. LIBOR US + 2.75%), 8.33%, 01/31/26^(e)			1,700			1,640,517
AVSC Holding Corp.^(h)
2020 Term Loan B1, (1-mo. CME Term SOFR + 3.60%, 0.60% PIK), 8.93%, 03/03/25			860			861,014
2020 Term Loan B3, (5.00% Cash and 10.00% PIK), 15.00%, 10/15/26			897			935,113
Charter Communications Operating, LLC,
2023 Term Loan B4, (3-mo. CME Term SOFR + 2.00%), 7.33%, 12/07/30			1,250			1,236,856
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 4.11%), 9.44%, 08/23/28			643			642,509
CMG Media Corp., 2021 Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.91%, 12/17/26			—	⁽ⁿ⁾		177
CSC Holdings LLC, 2019 Term Loan B5, (1-mo. LIBOR US + 2.50%), 7.94%, 04/15/27			1,362			1,223,820
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.11%), 10.44%, 08/02/27			871			871,603
Morgan Stanley & Co. International PLC, 2024 CCIBV Fixed Term Loan^(e)(k)(m)			665			661,675
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 8.69%, 09/25/26			2,370			1,976,980
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.85%), 9.18%, 04/21/29			503			399,181
Virgin Media Bristol LLC
2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.25%), 8.69%, 01/31/29			1,212			1,198,801


Security		Par (000)		Value

Media (continued)
Virgin Media Bristol LLC (continued)
USD Term Loan N, (1-mo. CME Term SOFR + 2.61%), 7.94%, 01/31/28	USD		2,578	$	2,537,318
Voyage Digital NZ, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.99%), 9.32%, 05/11/29^(e)			828		829,293
WMG Acquisition Corp., 2024 Term Loan I, (1-mo. CME Term SOFR + 2.00%), 7.33%, 01/24/31			2,657		2,650,401
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR + 2.61%), 7.94%, 04/30/28			1,876		1,847,522


					21,060,431
Oil, Gas & Consumable Fuels — 2.0%
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.08%, 12/21/28			3,227		3,200,321
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.60%), 9.93%, 09/19/29			227		227,286
Medallion Midland Acquisition LP, 2023 Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.83%, 10/18/28			1,869		1,870,530
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.86%), 7.19%, 01/31/28			558		559,265
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.32%, 10/27/28			1,593		1,596,990
Oryx Midstream Services Permian Basin LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.44%, 10/05/28			2,653		2,661,234


					10,115,626
Paper & Forest Products — 0.3%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 1.85%), 7.18%, 09/07/27			1,713		1,712,995


Passenger Airlines — 1.6%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.01%), 10.33%, 04/20/28			1,219		1,264,211
Air Canada, 2024 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.83%, 03/14/31			746		746,470
American Airlines, Inc.
2023 1st Lien Term Loan, (6-mo. CME Term SOFR + 3.50%), 8.77%, 06/04/29			1,563		1,566,907
Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term SOFR + 1.85%), 7.07%, 01/29/27			144		143,977
Series AA, 2023 Term Loan B, (3-mo. CME Term SOFR + 3.18%), 8.60%, 02/15/28			1,143		1,142,186
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 5.40%), 10.73%, 06/21/27			1,897		1,951,498
United Airlines, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.08%, 02/15/31			1,269		1,268,797
WestJet Airlines Ltd., Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.10%), 8.43%, 12/11/26			69		68,765


					8,152,811


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Pharmaceuticals — 1.5%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 5.50%), 10.83%, 05/04/28	USD		1,050	$	1,046,803
Bausch Health Americas, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 5.35%), 10.68%, 02/01/27			916		713,602
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.85%), 7.18%, 08/01/27			1,262		1,256,903
Jazz Financing Lux SARL, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.44%, 05/05/28			1,888		1,897,327
Option Care Health, Inc., 2021 Term Loan B, (1- mo. CME Term SOFR + 2.86%), 8.19%, 10/27/28			600		601,513
Organon & Co., USD Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.43%, 06/02/28			1,238		1,241,813
Perrigo Investments LLC, Term Loan B, (1-mo. CME Term SOFR + 2.35%), 7.68%, 04/20/29			831		825,939
Prestige Brands, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR + 2.11%), 7.44%, 07/03/28			55		54,681


					7,638,581
Professional Services — 3.6%
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR + 2.61%), 7.94%, 02/04/28			1,756		1,756,915
CoreLogic, Inc.
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.61%), 11.94%, 06/04/29			978		917,853
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 8.94%, 06/02/28			3,037		2,962,690
Dayforce, Inc., Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.83%, 02/26/31			1,339		1,336,496
Dun & Bradstreet Corp., 2024 Term Loan B, (1- mo. CME Term SOFR + 2.75%), 8.08%, 01/18/29			5,551		5,548,087
Element Materials Technology Group U.S. Holdings, Inc.
2022 USD Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.35%), 9.66%, 07/06/29			522		522,043
2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.35%), 9.66%, 07/06/29			1,132		1,131,092
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1-mo. CME Term SOFR + 1.85%), 7.18%, 04/28/28			1,916		1,913,989
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.06%, 04/29/29^(e)			828		747,387
VS Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.35%), 8.58%, 02/28/27			1,440		1,438,854


					18,275,406
Real Estate Management & Development — 0.3%
Cushman & Wakefield U.S. Borrower LLC 2020 Term Loan B, (1-mo. CME Term SOFR + 2.86%), 8.19%, 08/21/25			59		58,454


Security		Par (000)		Value

Real Estate Management & Development (continued)
Cushman & Wakefield U.S. Borrower LLC (continued)
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.68%, 01/31/30	USD		1,063	$	1,058,758
2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.33%, 01/31/30^(e)			579		580,272


					1,697,484
Semiconductors & Semiconductor Equipment — 0.4%
MKS Instruments, Inc., 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.82%, 08/17/29			1,504		1,503,015
Synaptics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.51%), 7.84%, 12/02/28			541		539,772


					2,042,787
Software — 10.9%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.81%, 02/24/31			2,916		2,931,803
Barracuda Networks, Inc., 2022 Term Loan, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.81%, 08/15/29			552		548,212
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR + 2.36%), 7.69%, 09/21/28			1,708		1,704,940
Cloud Software Group, Inc.
2022 USD Term Loan B, (3-mo. CME Term SOFR + 4.60%), 9.91%, 03/30/29			4,599		4,574,946
2024 Term Loan, 03/21/31^(m)			1,051		1,043,780
Cloudera, Inc.
2021 Second Lien Term Loan, (1-mo. CME Term SOFR + 6.10%), 11.43%, 10/08/29			676		669,240
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.18%, 10/08/28			733		729,635
Delta TopCo, Inc., 2020 2nd Lien Term Loan, (3- mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.62%, 12/01/28			330		330,413
E2open LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 3.61%), 8.94%, 02/04/28			247		246,614
Ellucian Holdings, Inc.
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 8.10%), 13.43%, 10/09/28			1,565		1,565,034
2024 Term Loan B, (1-mo. CME Term SOFR + 3.60%), 8.93%, 10/09/29			2,507		2,515,961
Genesys Cloud Services Holdings II LLC
Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.19%, 12/01/27			1,131		1,134,540
2020 USD Term Loan B4, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.19%, 12/01/27			2,755		2,761,714
Helios Software Holdings, Inc., 2024 Term Loan, (3-mo. CME Term SOFR + 3.75%), 9.07%, 07/18/30			1,169		1,156,716
Informatica LLC, 2021 USD Term Loan B, (1-mo. CME Term SOFR + 2.86%), 8.19%, 10/27/28			2,640		2,638,246
McAfee Corp., 2022 USD Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.18%, 03/01/29			2,712		2,703,696


20

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
MH Sub I LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.25%), 11.58%, 02/23/29	USD		1,724	$	1,654,680
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.58%, 05/03/28			2,429		2,411,521
Playtika Holding Corp., 2021 Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.19%, 03/13/28			1,490		1,489,964
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR + 4.26%), 9.57%, 06/02/28			4,145		4,103,319
Proofpoint, Inc., 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.36%), 8.69%, 08/31/28			2,887		2,886,628
RealPage, Inc.
1st Lien Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.44%, 04/24/28			5,360		5,211,153
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 11.94%, 04/23/29			2,459		2,432,453
Severin Acquisition LLC, 2018 Term Loan B, (3- mo. CME Term SOFR + 3.25%), 8.31%, 08/01/27			1,158		1,159,628
SS&C Technologies, Inc.
2018 Term Loan B3, (1-mo. CME Term SOFR + 1.86%), 7.19%, 04/16/25			322		321,979
2018 Term Loan B4, (1-mo. CME Term SOFR + 1.86%), 7.19%, 04/16/25			304		303,798
2018 Term Loan B5, (1-mo. CME Term SOFR + 1.86%), 7.19%, 04/16/25			1,572		1,571,624
UKG, Inc.
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR + 5.35%), 10.68%, 05/03/27			797		802,473
2024 Term Loan B, (3-mo. CME Term SOFR + 3.50%), 8.81%, 02/10/31			2,612		2,624,788
Veritas U.S., Inc., 2021 USD Term Loan B, (1-mo. CME Term SOFR + 5.11%), 10.44%, 09/01/25 ..			722		666,209
Voyage Australia Pty. Ltd., USD Term Loan B, (3-mo. CME Term SOFR + 3.76%), 9.08%, 07/20/28			210		210,220


					55,105,927
Specialty Retail — 0.8%
EG America LLC, 2021 Term Loan, (3-mo. SOFR OIS CMPD + 4.68%), 9.99%, 03/31/26			248		247,697
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.18%, 02/11/28			3,214		3,202,330
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.68%, 10/20/28			742		726,715


					4,176,742
Textiles, Apparel & Luxury Goods — 0.3%
Crocs, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.56%, 02/20/29			570		571,252
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 8.69%, 11/24/28			590		587,323
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.08%, 03/08/30			466		465,707


					1,624,282


Security		Par (000)		Value

Trading Companies & Distributors — 1.1%
Core & Main LP
2021 Term Loan B, (3-mo. CME Term SOFR + 2.60%), 7.97%, 07/27/28	USD		3,514	$	3,506,997
2024 Incremental Term Loan B, (3-mo. CME Term SOFR + 2.25%), 7.56%, 02/09/31			706		703,352
TMK Hawk Parent Corp.^(e)
2024 PIK Term Loan, (3-mo. CME Term SOFR + 11.00%), 11.00%, 12/15/31			55		45,704
2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 5.25%), 10.58%, 06/30/29			1,737		1,484,773


					5,740,826
Transportation Infrastructure — 0.5%
Apple Bidco LLC
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.86%), 8.19%, 09/22/28			1,151		1,149,167
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 09/22/28			666		667,664
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR + 6.35%), 11.68%, 12/15/26			731		726,591


					2,543,422
Wireless Telecommunication Services — 1.0%
Altice France SA/France, 2023 USD Term Loan B14, (3-mo. CME Term SOFR + 5.50%), 10.81%, 08/15/28			2,068		1,635,119
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.86%), 9.19%, 04/30/28			816		814,577
Iridium Satellite LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.83%, 09/20/30			1,447		1,445,010
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.01%), 7.34%, 01/25/31			1,369		1,371,619


					5,266,325


Total Floating Rate Loan Interests — 104.8% (Cost: $537,373,581)					530,986,947


		Shares

Investment Companies

Equity Funds — 0.1%
Janus Henderson AAA CLO ETF			10,000		507,400


Fixed Income Funds — 1.1%
Invesco Senior Loan ETF			216,200		4,572,630
iShares iBoxx $ High Yield Corporate Bond ETF^(o)			10,000		777,300


					5,349,930


Total Investment Companies — 1.2% (Cost: $5,797,289)					5,857,330


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Benefical Interest (000)		Value


Other Interests

Capital Markets — 0.0%
Millennium Lender Claim Trust^(e)(p)	USD		1,156	$	—


Industrial Conglomerates — 0.0%
Millennium Corp. Claim^(e)(p)			1,084		—


Total Other Interests — 0.0% (Cost: $—)					—


		Par (000)


Preferred Securities

Capital Trusts — 0.5%^(a)

Automobiles^(k)— 0.0%
General Motors Financial Co., Inc., Series C, 5.70%	USD		50		47,943
Volkswagen International Finance NV, 3.88%^(c)	EUR		100		99,809


					147,752
Banks^(k)— 0.3%
AIB Group PLC, 5.25%^(c)			200		214,147
Barclays PLC
4.38%	USD		200		163,958
9.63%			200		212,080
Citigroup, Inc.
Series AA, 7.63%			81		85,039
Series Y, 4.15%			10		9,211
JPMorgan Chase & Co., Series NN, 6.88%			61		63,121
PNC Financial Services Group, Inc.
Series V, 6.20%			67		66,826
Series W, 6.25%			72		69,780
UBS Group AG^(b)
7.75%			200		205,694
Series NC10, 9.25%			200		225,707
Wells Fargo & Co., 7.63%			111		118,627


					1,434,190

Diversified Telecommunication Services^(c)— 0.0%
British Telecommunications PLC, 5.13%, 10/03/54^(g)	EUR		100		107,707
Telefonica Europe BV, 6.14%^(k)			100		111,806


					219,513
Electric Utilities^(k)— 0.1%
Edison International, Series B, 5.00%	USD		75		71,055
Electricite de France SA, 3.38%^(c)	EUR		200		188,238


					259,293
Independent Power and Renewable Electricity Producers^(b)(k)—0.1%
NRG Energy, Inc., 10.25%	USD		118		126,580
Vistra Corp., 7.00%			147		145,551


					272,131
Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 6.50%, 08/30/84^(c)	EUR		100		116,020


					2,448,899


Total Preferred Securities — 0.5% (Cost: $2,453,543)					2,448,899


Security	Shares		Value


Warrants

Consumer Discretionary — 0.0%
Service King (Carnelian Point), (Exercisable 01/14/23, 1 Share for 1 Warrant, Expires 06/30/27, Strike Price USD 10.00)^(d)		2,435	$	—


Energy Equipment & Services — 0.0%
Turbo Cayman Ltd.^(d)(e)		1		—


Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp., (Issued/Exercisable 11/03/20, 1 Share for 1 Warrant, Expires 10/27/24, Strike Price USD 36.00)^(d)		1,152		22,533


Total Warrants — 0.0% (Cost: $ — )				22,533


Total Long-Term Investments — 126.4% (Cost: $670,334,934)				640,520,416


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.19%^(o)(q)		664,650		664,650


Total Short-Term Securities — 0.2% (Cost: $664,650)				664,650


Options Purchased — 0.0% (Cost: $533)				141


Total Investments Before Options Written — 126.6% (Cost: $671,000,117)				641,185,207


Options Written — (0.0)%
(Premiums Received: $(108))				(16	)


Total Investments, Net of Options Written — 126.6% (Cost: $671,000,009)				641,185,191

Liabilities in Excess of Other Assets — (26.6)%				(134,549,920	)


Net Assets — 100.0%			$	506,635,271

^(a)	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.

^(b)	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.

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

^(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 $514,445, representing 0.1% of its net assets as of period end, and an original cost of $949,262.

^(g)	When-issued security.

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

^(j)	Convertible security.

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

^(l)	Zero-coupon bond.

^(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⁾	Rounds to less than 1,000.

^(o)	Affiliate of the Fund.


22

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

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

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

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 12/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	1,315,320	$	—	$	(650,670	)^(a)	$	—	$	—		$	664,650		664,650	$	15,044	$	—
iShares iBoxx $High Yield Corporate Bond ETF		1,160,850		—		(385,757	)		6,157		(3,950	)		777,300		10,000		10,140		—


								$	6,157	$	(3,950	)	$	1,441,950			$	25,184	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)

USD	106,462		EUR	98,000	Barclays Bank PLC		06/20/24	$	400
USD	108,232		EUR	100,000	Barclays Bank PLC		06/20/24		6
USD	3,359,742		EUR	3,072,000	BNP Paribas SA		06/20/24		35,052
USD	170,554		EUR	156,098	Toronto-Dominion Bank		06/20/24		1,616
USD	255,833		EUR	234,148	Toronto-Dominion Bank		06/20/24		2,425
USD	417,467		EUR	381,754	UBS AG		06/20/24		4,312
USD	122,590		GBP	97,000	BNP Paribas SA		06/20/24		111
USD	127,253		GBP	100,000	BNP Paribas SA		06/20/24		986
USD	165,604		GBP	130,000	HSBC Bank PLC		06/20/24		1,457
USD	453,449		GBP	356,000	Morgan Stanley & Co. International PLC		06/20/24		3,938

									50,303

EUR	100,000		USD	107,890	Barclays Bank PLC		04/03/24		(5	)


								$	50,298

Exchange-Traded Options Purchased

Description

Number of
Contracts

Expiration

Date

Exercise Price

Notional

Amount (000)

Value

Put
10-Year U.S. Treasury Note Future

04/26/24

USD109.00

USD 111

141

Exchange-Traded Options Written

Description

Number of

Contracts

Expiration

Date

Exercise Price

Notional

Amount (000)

Value

Put
10-Year U.S. Treasury Note Future

04/26/24

USD 106.50

USD 111

(16

)


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

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.V3

5.00

Quarterly

12/20/27

B-

USD 4,008

302,600

(47,708

)

350,308

^(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)


CMA CGM SA	5.00	%	Quarterly	Morgan Stanley & Co. International PLC	06/20/27	N/R		EUR 8		$	942		$	1,324		$	(382	)
Adler Real Estate AG	5.00		Quarterly	Bank of America N.A.	12/20/27	N/R		EUR 15			(772	)		(2,608	)		1,836
Faurecia SE	5.00		Quarterly	Barclays Bank PLC	06/20/29	BB		EUR 5			700			689			11
Ziggo Bond Co. BV	5.00		Quarterly	Bank of America N.A.	06/20/29	B-		EUR 3			192			245			(53	)


										$	1,062		$	(350	)	$	1,412

^(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 Total Return Swaps

Paid by the Fund

Received by the Fund

Effective

Date

Termination

Date

Notional

Amount (000)

Value

Upfront
Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

1-Day SOFR, 5.34%

Quarterly

Markit iBoxx USD Liquid Leveraged Loan Index

At
Termination

BNP Paribas
SA

N/A

09/20/24

USD 10,000

(25,141

)

(1,475

)

(23,666

)

Fair Value Hierarchy as of Period End

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

•

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

•

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

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.


24

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

Fair Value Hierarchy as of Period End (continued)

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	$	—	$	6,262,592	$	—	$	6,262,592
Common Stocks
Construction & Engineering		—		28,297		—		28,297
Electrical Equipment		5,121		—		—		5,121
Energy Equipment & Services		—		—		—		—
Entertainment		—		—		274,762		274,762
Financial Services		—		136,622		730,086		866,708
Health Care Providers & Services		—		239,683		—		239,683
Industrial Conglomerates		—		17		—		17
Oil, Gas & Consumable Fuels		—		—		10,753		10,753
Semiconductors & Semiconductor Equipment		709		—		—		709
Trading Companies & Distributors		—		—		204,582		204,582
Corporate Bonds
Aerospace & Defense		—		3,331,906		—		3,331,906
Air Freight & Logistics		—		6,932		—		6,932
Automobile Components		—		1,701,965		2		1,701,967
Automobiles		—		871,328		—		871,328
Banks		—		734,352		—		734,352
Broadline Retail		—		37,212		—		37,212
Building Products		—		1,641,640		—		1,641,640
Capital Markets		—		1,009,507		—		1,009,507
Chemicals		—		2,904,748		—		2,904,748
Commercial Services & Supplies		—		3,870,570		—		3,870,570
Communications Equipment		—		376,225		—		376,225
Construction & Engineering		—		842,429		—		842,429
Construction Materials		—		1,902,624		—		1,902,624
Consumer Finance		10,928		2,590,963		—		2,601,891
Consumer Staples Distribution & Retail		—		696,067		—		696,067
Containers & Packaging		—		1,989,360		—		1,989,360
Diversified Consumer Services		—		388,458		—		388,458
Diversified REITs		—		1,163,767		—		1,163,767
Diversified Telecommunication Services		—		4,252,868		—		4,252,868
Electric Utilities		—		780,276		—		780,276
Electrical Equipment		—		117,535		—		117,535
Electronic Equipment, Instruments & Components		—		324,639		—		324,639
Energy Equipment & Services		—		1,278,284		—		1,278,284
Entertainment		—		676,620		—		676,620
Environmental, Maintenance & Security Service		—		748,125		—		748,125
Financial Services		—		1,714,661		—		1,714,661
Food Products		—		822,390		—		822,390
Gas Utilities		—		105,138		—		105,138
Ground Transportation		—		859,671		—		859,671
Health Care Equipment & Supplies		—		1,437,745		—		1,437,745
Health Care Providers & Services		—		2,725,751		—		2,725,751
Health Care Technology		—		629,258		—		629,258
Hotel & Resort REITs		—		806,422		—		806,422
Hotels, Restaurants & Leisure		—		6,175,252		—		6,175,252
Household Durables		—		1,083,603		—		1,083,603
Household Products		—		129,437		—		129,437
Independent Power and Renewable Electricity Producers		—		463,458		—		463,458
Insurance		—		6,582,041		—		6,582,041
Interactive Media & Services		—		402,363		—		402,363
Internet Software & Services		—		162,371		—		162,371
IT Services		—		2,552,553		—		2,552,553
Leisure Products		—		114,510		—		114,510
Machinery		—		4,223,547		—		4,223,547
Media		—		6,247,428		—		6,247,428
Metals & Mining		—		2,600,219		—		2,600,219


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3		Total
Corporate Bonds (continued)
Mortgage Real Estate Investment Trusts (REITs)	$	—		$	75,569		$	—	$	75,569
Office REITs		—			16,359			—		16,359
Oil, Gas & Consumable Fuels		—			9,893,648			—		9,893,648
Passenger Airlines		—			524,906			—		524,906
Personal Care Products		—			53,475			—		53,475
Pharmaceuticals		—			611,144			—		611,144
Professional Services		—			359,117			—		359,117
Real Estate Management & Development		—			371,345			—		371,345
Retail REITs		—			46,550			—		46,550
Semiconductors & Semiconductor Equipment		—			319,233			—		319,233
Software		—			4,346,996			—		4,346,996
Specialized REITs		—			207,668			—		207,668
Specialty Retail		—			723,843			—		723,843
Technology Hardware, Storage & Peripherals		—			247,871			—		247,871
Textiles, Apparel & Luxury Goods		—			132,988			—		132,988
Trading Companies & Distributors		—			155,768			—		155,768
Transportation Infrastructure		—			101,951			—		101,951
Wireless Telecommunication Services		—			1,035,904			—		1,035,904
Floating Rate Loan Interests		—			513,188,082			17,798,865		530,986,947
Investment Companies		5,857,330			—			—		5,857,330
Other Interests		—			—			—		—
Preferred Securities
Capital Trusts		—			2,448,899			—		2,448,899
Warrants		22,533			—			—		22,533
Short-Term Securities
Money Market Funds		664,650			—			—		664,650
Options Purchased
Interest Rate Contracts		141			—			—		141
Unfunded Floating Rate Loan Interests^(a)		—			503			652		1,155


	$	6,561,412		$	615,605,248		$	19,019,702	$	641,186,362

Derivative Financial Instruments^(b)
Assets
Credit Contracts	$	—		$	352,155		$	—	$	352,155
Foreign Currency Exchange Contracts		—			50,303			—		50,303
Liabilities
Credit Contracts		—			(435	)		—		(435	)
Foreign Currency Exchange Contracts		—			(5	)		—		(5	)
Interest Rate Contracts		(16	)		(23,666	)		—		(23,682	)


	$	(16	)	$	378,352		$	—	$	378,336

^(a)

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

^(b)

Derivative financial instruments are swaps, forward foreign currency exchange contracts and options written. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

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 $131,000,000 are categorized as Level 2 within the fair value hierarchy.

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



	Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Other Interests			Preferred Stocks		Unfunded Floating Rate Loan Interests		Warrants			Total
Assets
Opening balance, as of December 31, 2023	$	470,693			—	^(a)	$	17,370,922		$	—	^(a)	$	82,144	$	870	$	—	^(a)	$	17,924,629
Transfers into Level 3^(b)		—			—			4,741,816			—			—		—		—			4,741,816
Transfers out of Level 3^(c)		(211,485	)		—			(6,468,539	)		—			—		—		—			(6,680,024	)
Accrued discounts/premiums		—			—			41,914			—			—		—		—			41,914
Net realized gain (loss)		—			—			(1,057,539	)		—			1,245		—		—			(1,056,294	)


26

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Debt Strategies Fund, Inc. (DSU)



	Common Stocks			Corporate Bonds		Floating Rate Loan Interests			Other Interests			Preferred Stocks			Unfunded Floating Rate Loan Interests			Warrants			Total
Net change in unrealized appreciation (depreciation)^(d)	$	(231,526	)		—	$	1,196,325		$	—		$	(389	)	$	(218	)	$	—		$	964,192
Purchases		1,192,501			2		10,279,145			—			—			—			—			11,471,648
Sales		—			—		(8,305,179	)		—			(83,000	)		—			—			(8,388,179	)

Closing balance, as of March 31, 2024	$	1,220,183			2	$	17,798,865		$	—	^(a)	$	—		$	652		$	—	^(a)	$	19,019,702

Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2024^(d)	$	(231,526	)		—	$	177,640		$	—		$	—		$	(218	)	$	—		$	(54,104	)

^(a)

Rounds to less than $1.

^(b)

As of December 31, 2023, the Fund used observable inputs in determining the value of certain investments. As of March 31, 2024, 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, 2023, the Fund used significant unobservable inputs in determining the value of certain investments. As of March 31, 2024, 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, 2024 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

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