Schedule of Investments  (unaudited) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities
Golub Capital Partners CLO Ltd., Series 2023-66, Class D, (3-mo. CME Term SOFR + 5.50%), 10.48%, 04/25/36(a)(b)	USD		1,000	$	1,000,463
Pikes Peak CLO Ltd., Series 2023-14, Class D, (3-mo. CME Term SOFR + 5.45%), 10.64%, 04/20/36(a)(b)			1,000		1,003,057
Symphony CLO Ltd., Series 2023-38, Class D, (3-mo. CME Term SOFR + 5.20%), 10.02%, 04/24/36(a)(b)			1,000		1,013,141
Unique Pub Finance Co. PLC(c)
Series A4, 5.66%, 06/30/27	GBP		30		36,509
Series N, 6.46%, 03/30/32			100		117,083
Whitebox CLO IV Ltd., Series 2023-4A, Class D, (3-mo. CME Term SOFR + 5.15%), 9.93%, 04/20/36(a)(b)	USD		1,000		1,001,554
Total Asset-Backed Securities — 0.8% (Cost: $4,185,585)					4,171,807
		Shares
Common Stocks
Construction & Engineering — 0.0%
McDermott International Ltd.(d)			141,483		35,371
Electrical Equipment — 0.0%
SunPower Corp.(d)			1,707		10,532
Energy Equipment & Services — 0.0%
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $0)(e)(f)			7,288		—
Entertainment — 0.0%
Learfield Communications LLC, (Acquired 09/06/23, Cost: $73,447)(e)(f)			2,435		90,095
Financial Services — 0.0%
NMG Parent LLC			1,477		168,378
Industrial Conglomerates — 0.0%
Ameriforge Group, Inc.			1,664		16
Oil, Gas & Consumable Fuels — 0.0%
Kcad Holdings I Ltd.(e)			1,075,282,733		10,753
Semiconductors & Semiconductor Equipment — 0.0%
Maxeon Solar Technologies Ltd.(d)			213		2,469
Total Common Stocks — 0.0% (Cost: $13,684,575)					317,614
		Par (000)
Corporate Bonds
Aerospace & Defense — 0.7%
Bombardier, Inc.(b)
7.50%, 03/15/25	USD		5		4,979
7.13%, 06/15/26			380		368,167
7.88%, 04/15/27			130		126,847
6.00%, 02/15/28			206		186,882
7.50%, 02/01/29			119		112,927

Security		Par (000)		Value
Aerospace & Defense (continued)
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(b)	USD		200	$	185,898
Rolls-Royce PLC, 5.75%, 10/15/27(b)			200		192,972
Spirit AeroSystems, Inc.(b)
7.50%, 04/15/25			10		9,809
9.38%, 11/30/29			155		157,733
TransDigm, Inc.
6.25%, 03/15/26(b)			1,099		1,079,856
7.50%, 03/15/27			33		33,060
6.75%, 08/15/28(b)			567		558,205
6.88%, 12/15/30			49		48,047
Triumph Group, Inc., 9.00%, 03/15/28(b)			221		218,526
					3,283,908
Air Freight & Logistics — 0.0%
XPO Escrow Sub LLC, 7.50%, 11/15/27(b)			27		27,298
Automobile Components — 0.4%
Clarios Global LP, 6.75%, 05/15/25(b)			618		613,348
Clarios Global LP/Clarios U.S. Finance Co.(b)
6.25%, 05/15/26			271		265,158
8.50%, 05/15/27			624		622,210
6.75%, 05/15/28			200		195,250
Dana Financing Luxembourg SARL, 8.50%, 07/15/31(c)	EUR		100		106,938
Dealer Tire LLC/DT Issuer LLC, Series B, 8.00%, 02/01/28(b)	USD		12		11,250
Forvia SE, 3.75%, 06/15/28(c)	EUR		100		94,842
Goodyear Tire & Rubber Co.
9.50%, 05/31/25	USD		22		22,330
5.00%, 07/15/29			26		22,394
5.63%, 04/30/33			30		24,552
Tenneco, Inc., 8.00%, 11/17/28(b)			46		37,433
Titan International, Inc., 7.00%, 04/30/28			18		16,823
ZF Finance GmbH, 5.75%, 08/03/26(c)	EUR		100		105,428
					2,137,956
Automobiles — 0.4%
Arko Corp., 5.13%, 11/15/29(b)	USD		58		46,779
Asbury Automotive Group, Inc.
4.50%, 03/01/28			39		34,913
5.00%, 02/15/32(b)			73		60,483
Ford Motor Co.
3.25%, 02/12/32			115		88,626
6.10%, 08/19/32			252		237,362
Ford Motor Credit Co. LLC
3.81%, 01/09/24			200		197,822
4.95%, 05/28/27			255		239,357
6.80%, 05/12/28			208		207,759
7.35%, 03/06/30			200		202,536
Ken Garff Automotive LLC, 4.88%, 09/15/28(b)			39		33,306
LCM Investments Holdings II LLC(b)
4.88%, 05/01/29			90		76,519
8.25%, 08/01/31			64		62,171
Lithia Motors, Inc., 3.88%, 06/01/29(b)			42		35,398
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b)			59		48,555
NM Holdings Co. LLC, 12.00%, 06/01/09(d)(e)(g)			5,150		1
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30(a)(c)	EUR		100		99,113
Wabash National Corp., 4.50%, 10/15/28(b)	USD		70		58,965
					1,729,665

1

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks — 0.1%
Banco BPM SpA, (3-mo. EURIBOR + 2.80%), 6.00%, 06/14/28	EUR		150	$	158,005
Banco Espirito Santo SA(d)(g)
2.63%, 05/08/17(c)			100		27,489
4.75%, 01/15/18(a)			200		54,977
4.00%, 01/21/19			100		27,488
Freedom Mortgage Corp., 12.00%, 10/01/28(b)	USD		25		25,421
					293,380
Beverages — 0.4%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(b)(h)			200		150,888
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(b)
6.00%, 06/15/27			200		192,193
4.00%, 09/01/29			285		223,033
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 2.13%, 08/15/26(c)	EUR		100		93,704
Ball Corp.
6.00%, 06/15/29	USD		49		47,570
3.13%, 09/15/31			35		27,408
Mauser Packaging Solutions Holding Co.(b)
7.88%, 08/15/26			724		698,469
9.25%, 04/15/27			22		19,230
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/27(b)			10		9,749
Trivium Packaging Finance BV(b)
5.50%, 08/15/26			200		186,487
8.50%, 08/15/27			247		225,729
					1,874,460
Broadline Retail — 0.0%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(b)			38		35,648
Building Materials — 0.3%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28(b)			67		64,632
Emerald Debt Merger Sub LLC
6.38%, 12/15/30(c)	EUR		100		105,338
6.63%, 12/15/30(b)	USD		647		622,850
Jeld-Wen, Inc., 4.63%, 12/15/25(b)			54		51,849
Masonite International Corp.(b)
5.38%, 02/01/28			45		41,855
3.50%, 02/15/30			31		25,188
New Enterprise Stone & Lime Co., Inc.(b)
5.25%, 07/15/28			26		23,329
9.75%, 07/15/28			38		37,525
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28(b)			119		109,892
Standard Industries, Inc.
2.25%, 11/21/26(c)	EUR		100		93,226
5.00%, 02/15/27(b)	USD		45		41,713
4.75%, 01/15/28(b)			12		10,824
4.38%, 07/15/30(b)			176		145,763
3.38%, 01/15/31(b)			26		20,098
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(b)			124		112,591
					1,506,673
Building Products — 0.3%
Advanced Drainage Systems, Inc.(b) 5.00%, 09/30/27			29		27,091

Security		Par (000)		Value
Building Products (continued)
Advanced Drainage Systems, Inc.(b) (continued) 6.38%, 06/15/30	USD		95	$	91,243
Beacon Roofing Supply, Inc.(b)
4.13%, 05/15/29			39		33,345
6.50%, 08/01/30			64		62,023
Foundation Building Materials, Inc., 6.00%, 03/01/29(b)			24		19,974
GYP Holdings III Corp., 4.63%, 05/01/29(b)			109		93,896
HT Troplast GmbH, 9.38%, 07/15/28	EUR		100		106,402
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(b)	USD		27		25,249
SRS Distribution, Inc.(b)
4.63%, 07/01/28			207		178,828
6.13%, 07/01/29			119		101,347
6.00%, 12/01/29			188		157,920
White Cap Buyer LLC, 6.88%, 10/15/28(b)			549		485,212
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26(b)(h)			72		69,467
					1,451,997
Capital Markets — 0.3%
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27(b)			150		150,919
Ares Capital Corp., 7.00%, 01/15/27			40		39,999
Blackstone Private Credit Fund
7.05%, 09/29/25			25		25,038
3.25%, 03/15/27			24		20,847
Blue Owl Capital Corp., 3.40%, 07/15/26			21		18,828
Blue Owl Credit Income Corp.
5.50%, 03/21/25			55		53,202
3.13%, 09/23/26			12		10,548
7.75%, 09/16/27			58		57,534
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(b)			65		56,829
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32			98		76,057
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24			101		97,280
6.25%, 05/15/26			23		21,368
5.25%, 05/15/27			150		131,847
4.38%, 02/01/29			91		72,769
NFP Corp.(b)
4.88%, 08/15/28			149		131,173
6.88%, 08/15/28			386		330,678
7.50%, 10/01/30			34		32,651
Northern Trust Corp., 6.13%, 11/02/32			27		26,660
					1,354,227
Chemicals — 0.6%
Ashland LLC, 3.38%, 09/01/31(b)			48		37,327
Avient Corp., 7.13%, 08/01/30(b)			39		38,313
Axalta Coating Systems LLC, 3.38%, 02/15/29(b)			150		124,889
Celanese U.S. Holdings LLC
6.35%, 11/15/28			40		39,497
6.55%, 11/15/30			37		36,209
6.70%, 11/15/33			54		52,564
Chemours Co.(b)
5.75%, 11/15/28			50		43,395
4.63%, 11/15/29			24		19,307
Element Solutions, Inc., 3.88%, 09/01/28(b)			498		429,767
HB Fuller Co., 4.25%, 10/15/28			35		30,884
Herens Holdco SARL, 4.75%, 05/15/28(b)			200		155,293

S C H E D U L E  O F  I N V E S T M  E N T S 2

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chemicals (continued)
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(b)	USD		184	$	173,779
Ingevity Corp., 3.88%, 11/01/28(b)			23		18,964
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(b)(h)			82		59,860
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(b)			42		34,919
Minerals Technologies, Inc., 5.00%, 07/01/28(b)			55		50,446
Olympus Water U.S. Holding Corp.
9.63%, 11/15/28(c)	EUR		100		105,455
9.75%, 11/15/28(b)	USD		200		199,568
Scotts Miracle-Gro Co., 4.38%, 02/01/32			65		48,795
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b)			154		123,420
WESCO Distribution, Inc.(b)
7.13%, 06/15/25			49		49,116
7.25%, 06/15/28			153		153,742
WR Grace Holdings LLC(b)
4.88%, 06/15/27			55		50,459
5.63%, 08/15/29			974		787,722
7.38%, 03/01/31			53		51,383
					2,915,073
Commercial Services & Supplies — 0.4%
ADT Security Corp.(b)
4.13%, 08/01/29			9		7,610
4.88%, 07/15/32			15		12,525
AMN Healthcare, Inc., 4.00%, 04/15/29(b)			28		23,760
APX Group, Inc.(b)
6.75%, 02/15/27			64		61,455
5.75%, 07/15/29			86		72,465
Fortress Transportation and Infrastructure Investors LLC(b)
6.50%, 10/01/25			146		143,495
9.75%, 08/01/27			51		52,751
5.50%, 05/01/28			215		194,916
Garda World Security Corp., 9.50%, 11/01/27(b)			16		15,298
Herc Holdings, Inc., 5.50%, 07/15/27(b)			130		122,935
Hertz Corp., 5.00%, 12/01/29(b)			76		59,502
LABL, Inc., 9.50%, 11/01/28(b)			117		119,925
Metis Merger Sub LLC, 6.50%, 05/15/29(b)			39		32,944
NESCO Holdings II, Inc., 5.50%, 04/15/29(b)			74		64,935
Prime Security Services Borrower LLC/Prime Finance, Inc.(b)
5.75%, 04/15/26			40		38,807
6.25%, 01/15/28			365		338,051
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b)			202		162,105
United Rentals North America, Inc., 6.00%, 12/15/29(b)			394		383,619
Williams Scotsman International, Inc.(b)
6.13%, 06/15/25			49		48,510
4.63%, 08/15/28			37		33,115
Williams Scotsman, Inc., 7.38%, 10/01/31			98		97,465
					2,086,188
Communications Equipment — 0.1%
CommScope Technologies LLC, 6.00%, 06/15/25(b)			124		118,042
CommScope, Inc., 4.75%, 09/01/29(b)			139		102,241

Security		Par (000)		Value
Communications Equipment (continued)
Viasat, Inc.
5.63%, 09/15/25(b)	USD		172	$	158,885
5.63%, 04/15/27(b)			125		108,296
7.50%, 05/30/31			14		9,247
Viavi Solutions, Inc., 3.75%, 10/01/29(b)			58		47,148
					543,859
Construction & Engineering — 0.1%
Brand Industrial Services, Inc., 10.38%, 08/01/30			624		624,961
Construction Materials(b) — 0.0%
American Builders & Contractors Supply Co., Inc., Series A, 3.88%, 11/15/29			10		8,333
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			82		77,878
H&E Equipment Services, Inc., 3.88%, 12/15/28			20		17,078
Resideo Funding, Inc., 4.00%, 09/01/29			18		14,788
Ritchie Bros Holdings, Inc., 6.75%, 03/15/28			20		19,954
					138,031
Consumer Discretionary(b) — 0.6%
APi Group DE, Inc.
4.13%, 07/15/29			67		56,303
4.75%, 10/15/29			32		27,999
Carnival Corp.
7.63%, 03/01/26			49		47,666
5.75%, 03/01/27			326		295,103
9.88%, 08/01/27			99		103,349
4.00%, 08/01/28			91		78,904
6.00%, 05/01/29			169		144,154
7.00%, 08/15/29			42		41,413
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28			558		598,326
CoreLogic, Inc., 4.50%, 05/01/28			243		184,384
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26			52		50,960
Life Time, Inc.
5.75%, 01/15/26			101		97,867
8.00%, 04/15/26			81		79,582
Lindblad Expeditions LLC, 6.75%, 02/15/27			100		93,625
NCL Corp. Ltd.
5.88%, 03/15/26			110		101,557
8.38%, 02/01/28			37		37,532
7.75%, 02/15/29			14		12,994
NCL Finance Ltd., 6.13%, 03/15/28			46		40,595
Neptune Bidco U.S., Inc., 9.29%, 04/15/29			88		79,667
Royal Caribbean Cruises Ltd.
11.50%, 06/01/25			35		36,947
4.25%, 07/01/26			24		22,005
5.50%, 08/31/26			40		37,756
5.38%, 07/15/27			43		39,797
11.63%, 08/15/27			56		60,754
5.50%, 04/01/28			58		53,186
8.25%, 01/15/29			62		63,980
9.25%, 01/15/29			113		119,377
7.25%, 01/15/30			77		76,314
Viking Cruises Ltd.
5.88%, 09/15/27			58		52,937
7.00%, 02/15/29			13		11,960

3

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Consumer Discretionary (continued)
Viking Cruises Ltd. (continued) 9.13%, 07/15/31	USD		166	$	166,076
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29			45		40,725
					2,953,794
Consumer Finance — 0.4%
Block, Inc.
2.75%, 06/01/26			175		157,395
3.50%, 06/01/31			260		204,246
Capital One Financial Corp., (1-day SOFR + 2.86%), 6.38%, 06/08/34(a)			25		23,593
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31(b)(i)			259		259,363
Navient Corp.
5.88%, 10/25/24			77		75,785
5.50%, 03/15/29			66		55,441
9.38%, 07/25/30			38		37,477
OneMain Finance Corp.
6.88%, 03/15/25			20		19,841
7.13%, 03/15/26			7		6,856
6.63%, 01/15/28			53		48,901
9.00%, 01/15/29			20		19,935
5.38%, 11/15/29			139		116,412
4.00%, 09/15/30			101		75,786
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(b)			167		157,458
SLM Corp., 3.13%, 11/02/26			56		48,574
Verscend Escrow Corp., 9.75%, 08/15/26(b)			741		741,129
					2,048,192
Consumer Staples Distribution & Retail — 0.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(b)
3.25%, 03/15/26			12		11,115
4.63%, 01/15/27			21		19,829
5.88%, 02/15/28			107		102,985
6.50%, 02/15/28			38		37,558
3.50%, 03/15/29			85		72,470
4.88%, 02/15/30			141		127,045
Bellis Acquisition Co. PLC, 4.50%, 02/16/26(c)	GBP		100		108,121
Darling Ingredients, Inc., 6.00%, 06/15/30(b)	USD		94		88,993
Lamb Weston Holdings, Inc.(b)
4.88%, 05/15/28			7		6,457
4.13%, 01/31/30			113		96,632
4.38%, 01/31/32			90		75,396
Performance Food Group, Inc., 4.25%, 08/01/29(b)			146		126,120
Post Holdings, Inc.(b)
5.50%, 12/15/29			11		9,971
4.63%, 04/15/30			36		30,826
4.50%, 09/15/31			24		19,975
U.S. Foods, Inc.
6.88%, 09/15/28			50		49,895
4.75%, 02/15/29(b)			73		65,245
4.63%, 06/01/30(b)			13		11,295
7.25%, 01/15/32(b)			60		59,939
United Natural Foods, Inc., 6.75%, 10/15/28(b)			26		19,820
					1,139,687
Containers & Packaging(b) — 0.1%
Clydesdale Acquisition Holdings, Inc.
6.63%, 04/15/29			144		133,889
8.75%, 04/15/30			178		152,663
LABL, Inc., 5.88%, 11/01/28			68		61,045

Security		Par (000)		Value
Containers & Packaging (continued)
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/31	USD		59	$	57,673
Sealed Air Corp.
4.00%, 12/01/27			61		54,430
5.00%, 04/15/29			15		13,487
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28			47		45,521
Trident TPI Holdings, Inc., 12.75%, 12/31/28			27		28,215
					546,923
Diversified Consumer Services — 0.4%
Allied Universal Holdco LLC/Allied Universal Finance Corp.(b)
6.63%, 07/15/26			305		289,000
9.75%, 07/15/27			118		105,541
6.00%, 06/01/29			323		240,792
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(b)			400		332,711
Brink’s Co., 5.50%, 07/15/25(b)			15		14,703
Clarivate Science Holdings Corp.(b)
3.88%, 07/01/28			342		296,070
4.88%, 07/01/29			153		130,409
Garda World Security Corp.(b)
4.63%, 02/15/27			44		40,263
7.75%, 02/15/28			150		147,060
Macquarie Airfinance Holdings Ltd.
8.38%, 05/01/28(b)			28		28,385
8.13%, 03/30/29			46		46,062
Service Corp. International, 3.38%, 08/15/30			144		116,064
Sotheby’s, 7.38%, 10/15/27(b)			200		184,084
					1,971,144
Diversified REITs — 0.2%
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(b)			35		27,099
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26(b)			59		52,441
Iron Mountain, Inc.(b)
7.00%, 02/15/29			150		146,705
5.63%, 07/15/32			44		37,985
MPT Operating Partnership LP/MPT Finance Corp.
2.50%, 03/24/26	GBP		100		92,420
4.63%, 08/01/29	USD		158		111,906
3.50%, 03/15/31			167		104,286
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			23		20,930
7.25%, 07/15/28			86		84,494
4.50%, 02/15/29(b)			140		119,974
RLJ Lodging Trust LP, 4.00%, 09/15/29(b)			74		60,602
Service Properties Trust, 7.50%, 09/15/25			41		40,280
					899,122
Diversified Telecommunication Services — 0.4%
Altice Financing SA(b)
5.13%, 07/15/29			200		142,181
5.75%, 08/15/29			236		193,410
Level 3 Financing, Inc.(b)
3.40%, 03/01/27			213		199,449
4.63%, 09/15/27			262		188,422
3.63%, 01/15/29			24		13,440
10.50%, 05/15/30			265		266,746
Lumen Technologies, Inc., 4.00%, 02/15/27(b)			118		77,697

S C H E D U L E  O F  I N V E S T M  E N T S 4

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
SoftBank Group Corp., 3.13%, 09/19/25(c)	EUR		100	$	99,126
Telecom Italia Capital SA
6.38%, 11/15/33	USD		54		46,822
6.00%, 09/30/34			140		116,729
7.20%, 07/18/36			10		8,898
7.72%, 06/04/38			21		19,215
Zayo Group Holdings, Inc.(b)
4.00%, 03/01/27			890		660,278
6.13%, 03/01/28			293		188,317
					2,220,730
Electric Utilities — 0.1%
Edison International, Series A, (5-year CMT + 4.70%), 5.38%(a)(j)			100		88,222
NextEra Energy Operating Partners LP, 3.88%, 10/15/26(b)			32		28,973
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(b)			32		27,792
Talen Energy Supply LLC, 8.63%, 06/01/30(b)			34		34,853
Texas Competitive Electric Holdings, Series M, 5.03%, 10/10/19(a)(d)(e)(g)			2,375		—
TransAlta Corp., 7.75%, 11/15/29			35		35,438
Vistra Operations Co. LLC(b)
5.50%, 09/01/26			5		4,768
5.63%, 02/15/27			41		38,879
5.00%, 07/31/27			5		4,597
					263,522
Electrical Equipment — 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26(b)			263		256,290
GrafTech Finance, Inc., 4.63%, 12/15/28(b)			12		9,280
NM Holdings Co. LLC, Series B, 9.50%, 07/01/05(d)(e)(g)			5,125		—
Regal Rexnord Corp.(b)
6.05%, 04/15/28			184		178,971
6.30%, 02/15/30			70		67,618
6.40%, 04/15/33			70		67,425
					579,584
Electronic Equipment, Instruments & Components(b) — 0.3%
BWX Technologies, Inc.
4.13%, 06/30/28			86		76,033
4.13%, 04/15/29			57		49,875
Coherent Corp., 5.00%, 12/15/29			103		89,305
Imola Merger Corp., 4.75%, 05/15/29			186		163,010
Vertiv Group Corp., 4.13%, 11/15/28			980		861,431
					1,239,654
Energy Equipment & Services — 0.2%
Archrock Partners LP/Archrock Partners Finance Corp.(b)
6.88%, 04/01/27			225		217,652
6.25%, 04/01/28			37		34,448
Enerflex Ltd., 9.00%, 10/15/27(b)			83		81,962
Oceaneering International, Inc., 6.00%, 02/01/28(b)(i)			18		16,957
Patterson-UTI Energy, Inc., 7.15%, 10/01/33			25		25,090
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			111		108,729
6.88%, 09/01/27			183		177,410

Security		Par (000)		Value
Energy Equipment & Services (continued)
Vallourec SA, 8.50%, 06/30/26(c)	EUR		9	$	9,515
Weatherford International Ltd.(b)
6.50%, 09/15/28	USD		57		57,006
8.63%, 04/30/30			61		61,467
					790,236
Environmental, Maintenance & Security Service — 0.2%
Clean Harbors, Inc., 6.38%, 02/01/31(b)			30		29,171
Covanta Holding Corp.
4.88%, 12/01/29(b)			43		35,277
5.00%, 09/01/30			21		16,758
GFL Environmental, Inc.(b)
4.25%, 06/01/25			4		3,844
3.75%, 08/01/25			45		42,655
5.13%, 12/15/26			113		107,642
4.00%, 08/01/28			8		6,990
3.50%, 09/01/28			53		45,628
4.75%, 06/15/29			199		176,893
4.38%, 08/15/29			44		38,219
Stericycle, Inc., 3.88%, 01/15/29(b)			33		28,458
Tervita Corp., 11.00%, 12/01/25(b)			25		26,137
Waste Pro USA, Inc., 5.50%, 02/15/26(b)			200		186,755
					744,427
Financial Services — 0.3%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28(b)			200		164,500
Aircastle Ltd., 6.50%, 07/18/28(b)			35		34,324
Castlelake Aviation Finance DAC, 5.00%, 04/15/27(b)			9		8,220
Central Garden & Pet Co., 4.13%, 04/30/31(b)			55		44,841
Citigroup, Inc.(a)
(1-day SOFR + 2.66%), 6.17%, 05/25/34			105		100,340
Series Y, (5-year CMT + 3.00%), 4.15%(j)			10		8,004
Enact Holdings, Inc., 6.50%, 08/15/25(b)			129		127,053
Freedom Mortgage Corp., 12.25%, 10/01/30			26		26,576
GGAM Finance Ltd.(b)
7.75%, 05/15/26			11		10,890
8.00%, 06/15/28			11		10,978
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(b)(h)			26		24,375
Home Point Capital, Inc., 5.00%, 02/01/26(b)			340		317,593
Intrum AB, 4.88%, 08/15/25(c)	EUR		100		95,888
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28(b)	USD		200		168,401
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(b)
5.25%, 10/01/25			12		11,554
4.75%, 06/15/29			22		17,772
MGIC Investment Corp., 5.25%, 08/15/28			47		43,767
Nationstar Mortgage Holdings, Inc.(b)
6.00%, 01/15/27			54		51,026
5.75%, 11/15/31			70		57,906
Permian Resources Operating LLC, 7.00%, 01/15/32			47		46,352
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(b)
2.88%, 10/15/26			187		164,689
3.88%, 03/01/31			36		28,705

5

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Financial Services (continued)
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(b) (continued) 4.00%, 10/15/33	USD		27	$	20,390
Spectrum Brands, Inc.(b)
5.00%, 10/01/29			8		7,249
5.50%, 07/15/30			50		45,335
					1,636,728
Food Products — 0.2%
Aramark International Finance SARL, 3.13%, 04/01/25(c)	EUR		100		103,674
Aramark Services, Inc.(b) 5.00%, 04/01/25	USD		15		14,744
6.38%, 05/01/25			69		70,100
5.00%, 02/01/28			124		114,679
B&G Foods, Inc., 8.00%, 09/15/28			29		29,040
Chobani LLC/Chobani Finance Corp., Inc.(b)
7.50%, 04/15/25			326		322,929
4.63%, 11/15/28			264		232,843
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29(b)			60		49,219
					937,228
Gas Utilities — 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(b)			29		24,207
Ground Transportation — 0.0%
Forward Air Corp., 9.50%, 10/15/31(i)			93		92,935
Health Care Equipment & Supplies(b) — 0.1%
Avantor Funding, Inc.
4.63%, 07/15/28			114		103,931
3.88%, 11/01/29			61		52,135
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28			309		309,918
Embecta Corp., 6.75%, 02/15/30			12		9,810
Garden Spinco Corp., 8.63%, 07/20/30			64		66,807
					542,601
Health Care Providers & Services — 0.6%
Acadia Healthcare Co., Inc., 5.00%, 04/15/29(b)			64		57,542
AdaptHealth LLC(b)
6.13%, 08/01/28			24		20,716
5.13%, 03/01/30			9		6,969
AHP Health Partners, Inc., 5.75%, 07/15/29(b)			105		88,200
CHS/Community Health Systems, Inc.(b)
5.63%, 03/15/27			48		41,170
6.00%, 01/15/29			169		136,481
5.25%, 05/15/30			192		145,954
4.75%, 02/15/31			114		80,680
Encompass Health Corp.
4.50%, 02/01/28			5		4,556
4.75%, 02/01/30			114		100,855
4.63%, 04/01/31			77		65,271
HealthEquity, Inc., 4.50%, 10/01/29(b)			171		147,295
Legacy LifePoint Health LLC, 4.38%, 02/15/27(b)			47		40,420
LifePoint Health, Inc.
9.88%, 08/15/30			91		88,100
11.00%, 10/15/30(i)			101		101,000
Medline Borrower LP(b)
3.88%, 04/01/29			116		98,069
5.25%, 10/01/29			712		615,379

Security		Par (000)		Value
Health Care Providers & Services (continued)
ModivCare, Inc., 5.88%, 11/15/25(b)	USD		110	$	104,562
Molina Healthcare, Inc.(b)
4.38%, 06/15/28			24		21,505
3.88%, 11/15/30			39		32,277
3.88%, 05/15/32			53		42,505
Prime Healthcare Services, Inc., 7.25%, 11/01/25(b)			12		11,096
RegionalCare Hospital Partners Holdings,
Inc./LifePoint Health, Inc., 9.75%, 12/01/26(b)			22		21,298
Surgery Center Holdings, Inc.(b)
6.75%, 07/01/25			73		72,452
10.00%, 04/15/27			111		112,249
Teleflex, Inc.
4.63%, 11/15/27			6		5,505
4.25%, 06/01/28(b)			31		27,731
Tenet Healthcare Corp.
4.88%, 01/01/26			244		233,759
6.25%, 02/01/27			89		86,116
5.13%, 11/01/27			8		7,445
6.13%, 10/01/28			55		51,631
6.13%, 06/15/30			59		55,315
6.75%, 05/15/31(b)			376		362,641
					3,086,744
Health Care Technology(b) — 0.1%
AthenaHealth Group, Inc., 6.50%, 02/15/30			528		441,676
Catalent Pharma Solutions, Inc.
5.00%, 07/15/27			105		96,328
3.13%, 02/15/29			27		22,145
3.50%, 04/01/30			64		52,692
Charles River Laboratories International, Inc.
4.25%, 05/01/28			46		41,252
4.00%, 03/15/31			11		9,309
Fortrea Holdings, Inc., 7.50%, 07/01/30			50		48,651
					712,053
Hotels, Restaurants & Leisure — 0.9%
Boyd Gaming Corp.
4.75%, 12/01/27			46		42,347
4.75%, 06/15/31(b)			39		33,188
Boyne USA, Inc., 4.75%, 05/15/29(b)			109		95,337
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(b)
3.88%, 01/15/28			41		36,779
4.38%, 01/15/28			77		69,404
4.00%, 10/15/30			23		19,112
Caesars Entertainment, Inc.(b)
6.25%, 07/01/25			370		364,936
8.13%, 07/01/27			304		305,449
4.63%, 10/15/29			433		366,777
7.00%, 02/15/30			355		345,437
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b)			45		44,810
CCM Merger, Inc., Series 2020, 6.38%, 05/01/26(b)			26		24,868
CDI Escrow Issuer, Inc., 5.75%, 04/01/30(b)			183		165,326
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
Series 2020, 5.50%, 05/01/25(b)			89		87,147
Series 2020, 6.50%, 10/01/28			19		17,963
Churchill Downs, Inc.(b)
5.50%, 04/01/27			155		147,745
4.75%, 01/15/28			73		65,849

S C H E D U L E  O F  I N V  E S T M E N T S 6

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Churchill Downs, Inc.(b) (continued) 6.75%, 05/01/31	USD		98	$	92,610
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(b)
4.63%, 01/15/29			113		95,767
6.75%, 01/15/30			570		464,607
Hilton Domestic Operating Co., Inc.(b)
5.75%, 05/01/28			103		99,572
3.75%, 05/01/29			46		39,781
4.00%, 05/01/31			94		79,024
3.63%, 02/15/32			23		18,543
Light & Wonder International, Inc., 7.50%, 09/01/31			49		48,429
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28(b)			62		61,865
Lottomatica SpA, (3-mo. EURIBOR + 4.13%), 7.93%, 06/01/28(a)(c)	EUR		100		106,544
Melco Resorts Finance Ltd., 5.38%, 12/04/29(b)	USD		200		164,342
MGM Resorts International, 5.75%, 06/15/25			73		71,303
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b)			40		34,055
Ontario Gaming GTA LP, 8.00%, 08/01/30			41		41,000
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(b)
5.63%, 09/01/29			34		26,180
5.88%, 09/01/31			37		27,287
Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.88%, 11/01/26(b)			57		53,366
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/30(b)			29		25,012
Six Flags Entertainment Corp., 7.25%, 05/15/31(b)			175		164,304
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(b)			96		95,757
Station Casinos LLC(b)
4.50%, 02/15/28			69		60,191
4.63%, 12/01/31			35		27,996
Vail Resorts, Inc., 6.25%, 05/15/25(b)			89		88,520
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(b)			44		39,520
Wynn Macau Ltd., 5.63%, 08/26/28(b)			200		172,500
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(b)
5.13%, 10/01/29			202		176,574
7.13%, 02/15/31			93		88,278
					4,695,401
Household Durables — 0.2%
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)
Series B, 4.63%, 08/01/29			32		27,004
Series B, 4.63%, 04/01/30			46		37,655
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(b)
5.00%, 06/15/29			67		55,146
4.88%, 02/15/30			56		45,544
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(b)			104		100,214
Dream Finders Homes, Inc., 8.25%, 08/15/28			30		30,203
KB Home, 7.25%, 07/15/30			21		20,628
Mattamy Group Corp., 4.63%, 03/01/30(b)			72		61,278
NCR Corp., 5.00%, 10/01/28(b)			57		51,021
SWF Escrow Issuer Corp., 6.50%, 10/01/29(b)			785		502,164
Taylor Morrison Communities, Inc.(b) 5.88%, 06/15/27			2		1,901

Security		Par (000)		Value
Household Durables (continued)
Taylor Morrison Communities, Inc.(b) (continued) 5.13%, 08/01/30	USD		20	$	17,475
Tempur Sealy International, Inc.(b)
4.00%, 04/15/29			67		55,918
3.88%, 10/15/31			44		33,944
Tri Pointe Homes, Inc., 5.70%, 06/15/28			18		16,517
					1,056,612
Household Products — 0.0%
Central Garden & Pet Co.
5.13%, 02/01/28			15		13,989
4.13%, 10/15/30			59		49,189
					63,178
Independent Power and Renewable Electricity Producers(b) — 0.1%
Alexander Funding Trust II, 7.47%, 07/31/28			100		100,131
Calpine Corp.
5.25%, 06/01/26			28		27,185
4.63%, 02/01/29			99		82,898
5.00%, 02/01/31			14		11,320
Clearway Energy Operating LLC
4.75%, 03/15/28			47		42,035
3.75%, 02/15/31			6		4,733
3.75%, 01/15/32			97		75,406
NRG Energy, Inc., 7.00%, 03/15/33			50		48,309
TerraForm Power Operating LLC, 4.75%, 01/15/30			74		63,225
					455,242
Insurance — 0.5%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29(b)			43		36,135
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(b)
4.25%, 10/15/27			285		255,172
6.75%, 10/15/27			792		736,569
6.75%, 04/15/28			159		153,444
5.88%, 11/01/29			447		387,110
AmWINS Group, Inc., 4.88%, 06/30/29(b)			89		77,984
GTCR AP Finance, Inc., 8.00%, 05/15/27(b)			4		3,932
HUB International Ltd.(b)
7.00%, 05/01/26			311		310,317
7.25%, 06/15/30			405		404,259
Jones Deslauriers Insurance Management, Inc.(b)
8.50%, 03/15/30			126		126,925
10.50%, 12/15/30			83		84,447
NFP Corp., 8.50%, 10/01/31			48		48,073
Ryan Specialty LLC, 4.38%, 02/01/30(b)			49		42,670
					2,667,037
Interactive Media & Services — 0.1%
Arches Buyer, Inc., 4.25%, 06/01/28(b)			36		30,693
iliad SA(c)
5.38%, 06/14/27	EUR		100		102,744
5.63%, 02/15/30			100		100,703
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/27(b)	USD		97		86,330
					320,470
Internet Software & Services(b) — 0.3%
ANGI Group LLC, 3.88%, 08/15/28			80		62,598
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29			71		59,736

7

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Internet Software & Services (continued)
Match Group Holdings II LLC
4.63%, 06/01/28	USD		81	$	72,618
3.63%, 10/01/31			53		41,823
Uber Technologies, Inc.
7.50%, 05/15/25			108		108,675
8.00%, 11/01/26			308		311,620
7.50%, 09/15/27			282		284,342
6.25%, 01/15/28			260		254,245
4.50%, 08/15/29			547		488,940
					1,684,597
IT Services — 0.6%
Ahead DB Holdings LLC, 6.63%, 05/01/28(b)			50		42,234
Booz Allen Hamilton, Inc., 4.00%, 07/01/29(b)			93		82,026
CA Magnum Holdings, 5.38%, 10/31/26(b)			201		177,350
Camelot Finance SA, 4.50%, 11/01/26(b)			136		125,554
Central Parent LLC/CDK Global II LLC/CDK Financing Co, Inc., 8.00%, 06/15/29			302		300,882
Dun & Bradstreet Corp., 5.00%, 12/15/29(b)			143		123,286
Fair Isaac Corp., 4.00%, 06/15/28(b)			63		56,327
Fiserv, Inc., 2.25%, 06/01/27			1,385		1,227,430
Gartner, Inc., 4.50%, 07/01/28(b)			85		77,547
KBR, Inc., 4.75%, 09/30/28(b)			72		63,360
McAfee Corp., 7.38%, 02/15/30(b)			195		163,253
Presidio Holdings, Inc., 4.88%, 02/01/27(b)			12		11,093
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25(b)			123		120,082
Twilio, Inc.
3.63%, 03/15/29			52		43,531
3.88%, 03/15/31			129		104,888
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(b)			204		170,023
					2,888,866
Leisure Products — 0.0%
Acushnet Co., 7.38%, 10/15/28(i)			22		22,165
Mattel, Inc.
6.20%, 10/01/40			60		53,440
5.45%, 11/01/41			44		36,293
					111,898
Life Sciences Tools & Services — 0.1%
Star Parent, Inc., 9.00%, 10/01/30			226		228,374
Machinery — 0.5%
ATS Corp., 4.13%, 12/15/28(b)			35		30,931
Chart Industries, Inc.(b)
7.50%, 01/01/30			206		207,129
9.50%, 01/01/31			30		31,884
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28			93		88,117
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(b)(h)			126		124,742
Madison IAQ LLC, 5.88%, 06/30/29(b)			1,139		917,171
Mueller Water Products, Inc., 4.00%, 06/15/29(b)			24		20,902
OT Merger Corp., 7.88%, 10/15/29(b)			37		22,641
Terex Corp., 5.00%, 05/15/29(b)			102		91,343
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26(b)			182		178,360
TK Elevator Holdco GmbH 6.63%, 07/15/28(c)	EUR		90		82,902

Security		Par (000)		Value
Machinery (continued)
TK Elevator Holdco GmbH (continued) 7.63%, 07/15/28(b)	USD		200	$	182,046
TK Elevator Midco GmbH, 4.38%, 07/15/27(c)	EUR		200		191,299
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)	USD		312		285,957
					2,455,424
Media — 1.5%
Adelphia Communications Corp., 10.50%, 12/31/49(d)(e)(g)			400		—
Cable One, Inc.
0.00%, 03/15/26(k)(l)			28		22,904
1.13%, 03/15/28(k)			66		49,104
4.00%, 11/15/30(b)			38		28,948
CCO Holdings LLC/CCO Holdings Capital Corp.(b) 5.00%, 02/01/28			28		25,428
6.38%, 09/01/29			385		358,999
4.50%, 08/15/30			22		18,058
7.38%, 03/01/31			862		832,545
4.25%, 01/15/34			112		82,463
Clear Channel International BV, 6.63%, 08/01/25(b)			200		197,719
Clear Channel Outdoor Holdings, Inc. 5.13%, 08/15/27(b)			267		237,094
7.75%, 04/15/28(b)			168		134,133
9.00%, 09/15/28			223		220,846
7.50%, 06/01/29(b)			63		48,172
CMG Media Corp., 8.88%, 12/15/27(b)			79		61,835
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(b)			338		315,252
CSC Holdings LLC(b)
5.50%, 04/15/27			200		171,415
11.25%, 05/15/28			200		199,217
4.50%, 11/15/31			216		152,880
Directv Financing LLC/Directv Financing Co- Obligor, Inc., 5.88%, 08/15/27(b)			104		91,955
DISH DBS Corp.
7.75%, 07/01/26			85		63,750
5.25%, 12/01/26(b)			188		159,772
DISH Network Corp., 11.75%, 11/15/27(b)			258		259,926
Frontier Communications Holdings LLC(b)
5.00%, 05/01/28			21		17,930
8.75%, 05/15/30			478		453,849
GCI LLC, 4.75%, 10/15/28(b)			35		30,187
Gray Television, Inc.(b)
5.88%, 07/15/26			41		36,838
7.00%, 05/15/27			39		33,540
Hughes Satellite Systems Corp., 5.25%, 08/01/26			24		21,580
Iliad Holding SASU(b)
6.50%, 10/15/26			220		206,693
7.00%, 10/15/28			200		182,055
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b)			180		165,330
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(b)(h)			84		24,714
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(b)			54		35,603
Live Nation Entertainment, Inc.(b)
4.88%, 11/01/24			9		8,843
5.63%, 03/15/26			4		3,841
6.50%, 05/15/27			380		374,677

S C H E D U L E  O F  I N V E S T M  E N T S 8

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Live Nation Entertainment, Inc.(b) (continued)
4.75%, 10/15/27	USD		80	$	73,250
3.75%, 01/15/28			35		30,887
Nexstar Media, Inc., 5.63%, 07/15/27(b)			13		11,569
Odeon Finco PLC, 12.75%, 11/01/27(b)			519		516,130
Outfront Media Capital LLC/Outfront Media Capital Corp.(b)
5.00%, 08/15/27			108		95,157
4.25%, 01/15/29			71		56,340
4.63%, 03/15/30			17		13,364
Radiate Holdco LLC/Radiate Finance, Inc.(b)
4.50%, 09/15/26			728		553,036
6.50%, 09/15/28			288		151,200
Sinclair Television Group, Inc., 4.13%, 12/01/30(b)			93		57,667
Sirius XM Radio, Inc., 5.00%, 08/01/27(b)			74		67,592
Stagwell Global LLC, 5.63%, 08/15/29(b)			32		25,840
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25(c)(h)	EUR		118		120,524
TEGNA, Inc., 4.75%, 03/15/26(b)	USD		11		10,423
Univision Communications, Inc.(b)
6.63%, 06/01/27			78		72,643
8.00%, 08/15/28			87		84,346
7.38%, 06/30/30			35		31,986
Virgin Media Secured Finance PLC, 5.00%, 04/15/27(c)	GBP		100		113,033
					7,413,082
Metals & Mining — 0.4%
Arsenal AIC Parent LLC, 8.00%, 10/01/30(b)	USD		35		34,826
ATI, Inc.
5.88%, 12/01/27			48		45,480
4.88%, 10/01/29			32		28,151
7.25%, 08/15/30			131		130,018
5.13%, 10/01/31			88		76,151
Big River Steel LLC/BRS Finance Corp., Series L, 6.63%, 01/31/29(b)			327		323,089
Carpenter Technology Corp.
6.38%, 07/15/28			24		23,147
7.63%, 03/15/30			72		72,090
Constellium SE
4.25%, 02/15/26(c)	EUR		100		103,098
3.75%, 04/15/29(b)	USD		250		209,479
ERO Copper Corp., 6.50%, 02/15/30(b)			64		55,241
Kaiser Aluminum Corp.(b)
4.63%, 03/01/28			42		36,674
4.50%, 06/01/31			168		133,078
Mineral Resources Ltd., 9.25%, 10/01/28			10		10,100
New Gold, Inc., 7.50%, 07/15/27(b)			125		116,685
Novelis Corp.(b)
3.25%, 11/15/26			212		189,336
4.75%, 01/30/30			275		237,999
3.88%, 08/15/31			68		54,304
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(c)	EUR		100		91,164
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(b)	USD		39		33,546
					2,003,656
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Starwood Property Trust, Inc., 5.50%, 11/01/23(b)			9		8,982

Security		Par (000)		Value
Multi-Utilities — 0.0%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28(b)	USD		76	$	77,045
Offshore Drilling & Other Services(b) — 0.1%
Entegris Escrow Corp., 4.75%, 04/15/29			542		487,262
Entegris, Inc., 4.38%, 04/15/28			74		65,866
					553,128
Oil, Gas & Consumable Fuels — 2.0%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(b)			123		122,030
Antero Midstream Partners LP/Antero Midstream Finance Corp.(b)
5.75%, 03/01/27			34		32,451
5.75%, 01/15/28			15		14,148
5.38%, 06/15/29			66		60,429
Antero Resources Corp., 7.63%, 02/01/29(b)			23		23,309
Apache Corp., 5.35%, 07/01/49			36		27,580
Arcosa, Inc., 4.38%, 04/15/29(b)			117		102,106
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b)
Series B, 9.00%, 11/01/27			144		181,440
Series B, 8.25%, 12/31/28			220		217,711
Series B, 5.88%, 06/30/29			113		101,611
Baytex Energy Corp., 8.50%, 04/30/30(b)			35		35,414
Buckeye Partners LP
5.85%, 11/15/43			16		11,680
5.60%, 10/15/44			1		712
Callon Petroleum Co.
6.38%, 07/01/26			49		48,089
8.00%, 08/01/28(b)			143		143,204
7.50%, 06/15/30(b)			296		286,995
Cellnex Finance Co. SA, 2.00%, 02/15/33(c)	EUR		100		81,431
Chesapeake Energy Corp., 6.75%, 04/15/29(b)	USD		132		129,176
CITGO Petroleum Corp.(b)
7.00%, 06/15/25			163		160,576
8.38%, 01/15/29			130		129,831
Civitas Resources, Inc.(b)
8.38%, 07/01/28			204		207,570
8.75%, 07/01/31			162		165,478
CNX Midstream Partners LP, 4.75%, 04/15/30(b)			32		26,636
CNX Resources Corp., 7.38%, 01/15/31(b)			32		31,371
Comstock Resources, Inc., 6.75%, 03/01/29(b)			328		301,725
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b)			250		221,587
Crescent Energy Finance LLC(b)
7.25%, 05/01/26			180		176,400
9.25%, 02/15/28			122		124,556
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(b)
6.00%, 02/01/29			71		68,536
8.00%, 04/01/29			28		28,721
7.38%, 02/01/31			27		27,498
CrownRock LP/CrownRock Finance, Inc.(b)
5.63%, 10/15/25			171		168,255
5.00%, 05/01/29			20		18,739
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30			57		57,008

9

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
DT Midstream, Inc.(b)
4.13%, 06/15/29	USD		110	$	95,155
4.38%, 06/15/31			79		66,432
Dycom Industries, Inc., 4.50%, 04/15/29(b)			37		32,005
Earthstone Energy Holdings LLC(b)
8.00%, 04/15/27			88		90,070
9.88%, 07/15/31			79		85,910
Enbridge, Inc., (5-year CMT + 4.43%), 8.50%, 01/15/84			50		49,589
Energy Transfer LP, Series H, (5-year CMT + 5.69%), 6.50%(a)(j)			144		132,314
EnLink Midstream LLC
5.63%, 01/15/28(b)			93		87,930
5.38%, 06/01/29			36		33,300
6.50%, 09/01/30(b)			71		68,872
EnLink Midstream Partners LP
4.85%, 07/15/26			21		19,771
5.60%, 04/01/44			74		61,420
EQM Midstream Partners LP
6.00%, 07/01/25(b)			11		10,829
4.13%, 12/01/26			17		15,736
6.50%, 07/01/27(b)			132		128,895
7.50%, 06/01/30(b)			67		67,285
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27(b)			26		25,870
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25			30		29,484
7.75%, 02/01/28			15		14,220
8.88%, 04/15/30			32		31,244
Gulfport Energy Corp., 8.00%, 05/17/26(b)			11		11,514
Harvest Midstream I LP, 7.50%, 09/01/28(b)			20		19,333
Hess Midstream Operations LP, 4.25%, 02/15/30(b)			77		64,929
Hilcorp Energy I LP/Hilcorp Finance Co.(b)
6.25%, 11/01/28			21		19,692
5.75%, 02/01/29			72		65,016
6.00%, 04/15/30			5		4,508
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28(b)			67		67,586
ITT Holdings LLC, 6.50%, 08/01/29(b)			109		92,391
Kinetik Holdings LP, 5.88%, 06/15/30(b)			74		69,375
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(b)			10		9,651
MasTec, Inc., 4.50%, 08/15/28(b)			13		11,691
Matador Resources Co.
5.88%, 09/15/26			54		52,117
6.88%, 04/15/28(b)			74		72,656
Murphy Oil Corp.
5.75%, 08/15/25			8		7,990
5.88%, 12/01/27			20		19,408
Murphy Oil USA, Inc., 4.75%, 09/15/29			64		57,704
Nabors Industries Ltd.(b)
7.25%, 01/15/26			66		63,773
7.50%, 01/15/28			63		58,243
Nabors Industries, Inc.
5.75%, 02/01/25			243		237,836
7.38%, 05/15/27(b)			12		11,609
New Fortress Energy, Inc.(b)
6.75%, 09/15/25			203		193,785
6.50%, 09/30/26			66		60,768
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(b)			110		108,794

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Noble Finance II LLC, 8.00%, 04/15/30(b)	USD		78	$	79,020
Northern Oil and Gas, Inc.(b)
8.13%, 03/01/28			228		227,726
8.75%, 06/15/31			79		79,593
NuStar Logistics LP
6.00%, 06/01/26			123		119,337
6.38%, 10/01/30			2		1,895
Occidental Petroleum Corp., 6.20%, 03/15/40			37		35,269
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30(b)			34		33,863
PDC Energy, Inc., 5.75%, 05/15/26			6		5,979
Permian Resources Operating LLC(b)
5.38%, 01/15/26			32		30,636
7.75%, 02/15/26			82		82,531
6.88%, 04/01/27			37		36,472
5.88%, 07/01/29			140		131,696
Precision Drilling Corp., 6.88%, 01/15/29(b)			4		3,789
Rockcliff Energy II LLC, 5.50%, 10/15/29(b)			108		97,196
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b)			14		12,470
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28(i)			87		87,218
SM Energy Co.
5.63%, 06/01/25			44		43,063
6.75%, 09/15/26			41		40,246
6.63%, 01/15/27			7		6,860
6.50%, 07/15/28			45		43,200
Southwestern Energy Co.
5.38%, 02/01/29			62		57,101
4.75%, 02/01/32			2		1,717
Sunoco LP/Sunoco Finance Corp., 7.00%, 09/15/28			50		49,337
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b)
7.50%, 10/01/25			3		2,992
6.00%, 03/01/27			14		13,158
5.50%, 01/15/28			11		10,010
6.00%, 12/31/30			10		8,827
6.00%, 09/01/31			41		35,739
Transocean Aquila Ltd., 8.00%, 09/30/28(b)(i)			33		33,000
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b)			32		32,560
Transocean, Inc.(b) 7.50%, 01/15/26			250		244,330
11.50%, 01/30/27			93		97,534
8.00%, 02/01/27			37		35,613
8.75%, 02/15/30			233		237,987
Valaris Ltd., 8.38%, 04/30/30(b)			191		191,143
Venture Global Calcasieu Pass LLC(b)
3.88%, 08/15/29			292		245,712
4.13%, 08/15/31			114		93,551
3.88%, 11/01/33			226		175,472
Venture Global LNG, Inc.(b)
8.13%, 06/01/28			332		328,727
8.38%, 06/01/31			506		497,429
Vermilion Energy, Inc., 6.88%, 05/01/30(b)			51		48,256
Vital Energy, Inc.
10.13%, 01/15/28			58		59,117
9.75%, 10/15/30			58		59,292
Western Midstream Operating LP
5.45%, 04/01/44			105		84,641
5.30%, 03/01/48			39		30,441

S C H E D U L E  O F  I N V  E S T M E N T S 10

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Western Midstream Operating LP (continued)
5.50%, 08/15/48	USD		17	$	13,517
5.25%, 02/01/50			54		42,068
					9,988,033
Passenger Airlines — 0.4%
Air Canada, 3.88%, 08/15/26(b)			116		105,277
Allegiant Travel Co.(b)
8.50%, 02/05/24			1,065		1,065,000
7.25%, 08/15/27			23		21,649
American Airlines, Inc.(b)
11.75%, 07/15/25			11		11,825
7.25%, 02/15/28			8		7,649
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b)
5.50%, 04/20/26			174		170,107
5.75%, 04/20/29			108		100,731
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(b)			26		23,395
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(b)			171		168,848
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(b)			46		46,327
United Airlines Pass-Through Trust, Series 2020-1, Class B, 4.88%, 07/15/27			13		12,517
United Airlines, Inc.(b)
4.38%, 04/15/26			57		52,713
4.63%, 04/15/29			203		174,485
VistaJet Malta Finance PLC/Vista Management Holding, Inc.(b)
7.88%, 05/01/27			33		28,421
6.38%, 02/01/30			52		40,162
					2,029,106
Personal Care Products(b) — 0.0%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC
Series 2020, 4.75%, 01/15/29			5		4,509
Series 2020, 6.63%, 07/15/30			66		64,438
					68,947
Pharmaceuticals — 0.2%
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28(c)	EUR		100		96,222
Gruenenthal GmbH, 4.13%, 05/15/28(c)			100		97,537
Option Care Health, Inc., 4.38%, 10/31/29(b)	USD		79		68,236
Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/28(b)			200		173,782
PRA Health Sciences, Inc., 2.88%, 07/15/26(b)			200		180,454
Prestige Brands, Inc., 3.75%, 04/01/31(b)			56		45,080
Teva Pharmaceutical Finance Netherlands II BV, 3.75%, 05/09/27	EUR		100		95,727
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26	USD		203		180,504
					937,542

Security		Par (000)		Value
Real Estate Management & Development — 0.2%
Anywhere Real Estate Group LLC / Anywhere Co- Issuer Corp., 7.00%, 04/15/30(b)	USD		700	$	631,473
Anywhere Real Estate Group LLC/Anywhere Co.- Issuer Corp., Series AI, 7.00%, 04/15/30			80		72,200
Cushman & Wakefield U.S. Borrower LLC
6.75%, 05/15/28(b)			101		93,183
8.88%, 09/01/31			38		36,765
Greystar Real Estate Partners LLC, 7.75%, 09/01/30			5		4,939
Howard Hughes Corp.(b)
5.38%, 08/01/28			46		40,529
4.38%, 02/01/31			53		40,666
Realogy Group LLC/Realogy Co.-Issuer Corp., 5.75%, 01/15/29(b)			42		30,364
Starwood Property Trust, Inc., 4.38%, 01/15/27(b)			13		11,339
					961,458
Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b)			51		42,501
Semiconductors & Semiconductor Equipment — 0.1%
NCR Atleos Escrow Corp., 9.50%, 04/01/29			58		56,098
Sensata Technologies BV, 4.00%, 04/15/29(b)			36		30,999
Sensata Technologies, Inc.(b)
4.38%, 02/15/30			169		145,932
3.75%, 02/15/31			30		24,280
Synaptics, Inc., 4.00%, 06/15/29(b)			84		69,300
					326,609
Software — 0.6%
Alteryx, Inc., 8.75%, 03/15/28(b)			61		60,728
Boxer Parent Co., Inc.(b)
7.13%, 10/02/25			148		147,260
9.13%, 03/01/26			149		148,583
Capstone Borrower, Inc., 8.00%, 06/15/30(b)			78		76,147
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(b)			159		154,152
Cloud Software Group, Inc.(b)
6.50%, 03/31/29			858		758,756
9.00%, 09/30/29			928		806,433
Consensus Cloud Solutions, Inc.(b)
6.00%, 10/15/26			23		21,170
6.50%, 10/15/28			20		17,045
Crowdstrike Holdings, Inc., 3.00%, 02/15/29			16		13,476
Elastic NV, 4.13%, 07/15/29(b)			120		102,199
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(b)			49		40,275
MicroStrategy, Inc., 6.13%, 06/15/28(b)			144		127,892
Open Text Corp., 6.90%, 12/01/27(b)			234		234,533
Playtika Holding Corp., 4.25%, 03/15/29(b)			21		17,535
PTC, Inc., 4.00%, 02/15/28(b)			32		28,680
Sabre GLBL, Inc., 8.63%, 06/01/27			91		77,150
SS&C Technologies, Inc., 5.50%, 09/30/27(b)			259		244,403
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(b)			188		157,077
					3,233,494

11

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Specialized REITs — 0.0%
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28(b)	USD		185	$	181,199
Specialty Retail(b) — 0.1%
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29			253		235,768
Staples, Inc., 7.50%, 04/15/26			43		35,361
					271,129
Technology Hardware, Storage & Peripherals(b) — 0.0%
Seagate HDD Cayman
8.25%, 12/15/29			92		94,484
8.50%, 07/15/31			115		117,965
					212,449
Textiles, Apparel & Luxury Goods(b) — 0.0%
Crocs, Inc.
4.25%, 03/15/29			57		47,160
4.13%, 08/15/31			13		10,058
Hanesbrands, Inc.
4.88%, 05/15/26			43		39,421
9.00%, 02/15/31			30		28,594
Kontoor Brands, Inc., 4.13%, 11/15/29			32		26,442
Levi Strauss & Co., 3.50%, 03/01/31			82		64,847
					216,522
Transportation Infrastructure — 0.0%
Azzurra Aeroporti SpA, 2.63%, 05/30/27(c)	EUR		100		94,910
Utilities(b) — 0.0%
Vistra Operations Co. LLC
7.75%, 10/15/31	USD		82		80,774
6.95%, 10/15/33			55		53,946
					134,720
Wireless Telecommunication Services — 0.3%
Altice France SA, 2.13%, 02/15/25(c)	EUR		100		99,382
Altice France SA/France, 8.13%, 02/01/27(b)	USD		334		296,190
SBA Communications Corp.
3.13%, 02/01/29			283		236,042
3.88%, 02/15/27			7		6,414
T-Mobile U.S., Inc.
3.38%, 04/15/29			67		58,929
3.50%, 04/15/31			26		21,985
VICI Properties LP/VICI Note Co., Inc.(b)
4.63%, 06/15/25			147		141,956
4.63%, 12/01/29			133		117,978
4.13%, 08/15/30			124		105,447
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31(b)			200		161,575
Vodafone Group PLC, (5-year EUR Swap + 3.49%), 6.50%, 08/30/84(a)(c)	EUR		100		106,506
					1,352,404
Total Corporate Bonds — 17.8% (Cost: $104,209,108)					89,166,850

Security		Par (000)		Value
Fixed Rate Loan Interests
Media — 0.2%
AVSC Holding Corp., 2020 Term Loan B3, (5.00% Cash and 10.00% PIK), 15.00%, 10/15/26(h)	USD		812	$	833,137
Total Fixed Rate Loan Interests — 0.2% (Cost: $790,535)					833,137
Floating Rate Loan Interests(a)
Aerospace & Defense — 4.0%
Atlas CC Acquisition Corp.
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.93%, 05/25/28			2,531		2,353,902
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.93%, 05/25/28			515		478,788
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.65%, 10/31/28			987		987,064
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.36%, 08/03/29			323		320,600
Dynasty Acquisition Co., Inc., 2023 Term Loan B1, (1-mo. CME Term SOFR + 4.00%), 9.32%, 08/24/28			3,345		3,335,135
NORDAM Group, Inc., Term Loan B, (1-mo. CME Term SOFR + 5.60%), 10.92%, 04/09/26			756		683,560
Peraton Corp.
2nd Lien Term Loan B1, (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 13.23%, 02/01/29			1,467		1,433,047
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.17%, 02/01/28			4,994		4,978,708
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3-mo. CME Term SOFR + 2.00%), 7.65%, 11/05/28			1,175		1,173,719
Standard Aero Ltd., 2023 Term Loan B2, (1-mo. CME Term SOFR + 4.00%), 9.32%, 08/24/28			1,434		1,429,344
TransDigm, Inc., 2023 Term Loan I, (3-mo. CME Term SOFR + 3.25%), 8.64%, 08/24/28			2,783		2,782,894
					19,956,761
Automobile Components — 0.7%
Adient U.S. LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.68%, 04/10/28			587		586,652
Clarios Global LP, 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.07%, 05/06/30			2,046		2,039,616
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.00%), 10.48%, 11/17/28			1,011		856,064
					3,482,332
Automobiles — 0.5%
Dealer Tire Financial LLC, Series B, Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.82%, 12/14/27			2,640		2,641,505

S C H E D U L E  O F  I N V  E S T M E N T S 12

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Beverages — 0.9%
Naked Juice LLC
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.49%, 01/24/30	USD		1,631	$	1,316,552
Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.74%, 01/24/29			3,498		3,314,930
					4,631,482
Broadline Retail — 1.6%
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.83%, 11/24/28			1,449		1,444,423
Midas Intermediate Holdco II LLC, 2022 PIK Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.85%, 1.50% PIK), 15.17%, 06/30/27(h)			2,505		2,358,229
PUG LLC
2021 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.68%, 02/12/27(e)			321		303,636
USD Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.93%, 02/12/27			3,125		2,942,573
Sally Holdings, LLC, 2023 CovLite Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.57%, 02/28/30			573		573,120
Woof Holdings, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.40%, 12/21/27			336		265,277
					7,887,258
Building Products — 1.6%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.07%, 05/13/29			227		226,843
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.68%, 04/12/28			310		302,104
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.17%, 11/23/27			1,265		1,190,013
CPG International LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.92%, 04/28/29			702		700,820
IPS Corp.
2021 2nd Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.42%, 10/01/29(e)			919		781,150
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.17%, 10/02/28			522		504,729
Jeld-Wen, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.68%, 07/28/28			714		713,414
LSF10 XL Bidco SCA, 2021 EUR Term Loan B4, (3-mo. EURIBOR + 4.18%), 8.15%, 04/12/28	EUR		853		773,921
Wilsonart LLC, 2021 Term Loan E, (3-mo. CME Term SOFR at 1.00% Floor + 3.25%), 8.74%, 12/31/26	USD		3,000		2,988,496
					8,181,490
Capital Markets — 3.0%
Ascensus Holdings, Inc.
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.03%, 08/02/29			2,373		2,243,602

Security		Par (000)		Value
Capital Markets (continued)
Ascensus Holdings, Inc. (continued)
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.93%, 08/02/28	USD		2,393	$	2,364,604
Axalta Coating Systems U.S. Holdings, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.90%, 12/20/29			1,159		1,160,229
Azalea Topco, Inc., Term Loan, (1-mo. CME Term SOFR + 3.50%), 9.18%, 07/24/26			838		804,777
Castlelake Aviation Ltd., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.42%, 10/22/26			1,350		1,347,289
Castlelake Aviation One DAC, 2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.42%, 10/22/27			648		646,482
Focus Financial Partners LLC
2021 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.82%, 06/30/28			1,283		1,278,401
2023 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.82%, 06/30/28			714		712,472
ION Trading Finance Ltd., 2021 USD Term Loan, (3-mo. CME Term SOFR + 4.75%), 10.15%, 04/03/28			591		581,306
Learning Care Group U.S. No. 2, Inc., 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.13%, 08/11/28			199		198,668
Osaic Holdings, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.50%), 9.82%, 08/17/28			1,253		1,250,945
Press Ganey Holdings, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.43%, 07/24/26			2,299		2,212,400
					14,801,175
Chemicals — 4.7%
Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.00%), 12.42%, 09/30/29			815		730,444
Aruba Investments Holdings LLC
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 7.75%), 13.17%, 11/24/28			1,275		1,185,750
2020 USD Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.42%, 11/24/27			673		658,522
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.32%, 08/27/26			1,362		1,330,028
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 8.82%, 08/18/28(e)			1,042		1,028,975
CPC Acquisition Corp., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.40%, 12/29/27			569		468,759
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.77%, 10/04/29			861		828,164
Element Solutions, Inc., 2019 Term Loan B1, (1-mo. CME Term SOFR + 2.00%), 7.32%, 01/31/26			1,732		1,728,059
HB Fuller Co., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.57%, 02/15/30			264		263,957

13

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chemicals (continued)
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR + 3.93%), 9.42%, 07/03/28	USD		937	$	827,736
Illuminate Buyer LLC, 2021 Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.93%, 06/30/27			209		208,592
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.92%, 02/18/30			613		608,095
LSF11 A5 Holdco LLC
2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.67%, 10/15/28			260		256,442
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.81%, 10/15/28			1,640		1,598,938
Messer Industries GmbH, 2018 USD Term Loan, (3-mo. CME Term SOFR + 2.50%), 8.15%, 03/02/26			2,389		2,385,341
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.82%, 03/29/28			1,842		1,788,021
Nouryon USA LLC, 2023 USD Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.43%, 04/03/28			827		815,617
Olympus Water U.S. Holding Corp., 2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.39%, 11/09/28			612		609,577
OQ Chemicals Corp., 2017 USD Term Loan B2, (1-mo. CME Term SOFR + 3.60%), 8.93%, 10/14/24			1,503		1,489,018
PQ Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.97%, 06/09/28			1,511		1,504,611
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.63%, 03/16/27			922		915,792
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.69%, 08/02/28			1,422		1,415,065
Starfruit Finco BV, 2018 USD Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.43%, 10/01/25			194		193,461
W.R. Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.40%, 09/22/28			834		825,896
					23,664,860
Commercial Services & Supplies — 3.8%
Allied Universal Holdco LLC
2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.17%, 05/12/28			2,287		2,205,248
2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.07%, 05/12/28			302		297,092
Amentum Government Services Holdings LLC, 2022 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.33%, 02/15/29			680		669,760
Aramark Services, Inc., 2023 Term Loan B6, (1-mo. CME Term SOFR + 2.50%), 7.93%, 06/22/30			594		592,018

Security		Par (000)		Value
Commercial Services & Supplies (continued)
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.17%, 09/07/27	USD		1,722	$	1,718,634
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.43%, 10/08/28			607		608,934
Covanta Holding Corp.
2021 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.82%, 11/30/28			75		74,348
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.82%, 11/30/28			984		977,665
GFL Environmental, Inc., 2023 First Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.82%, 05/31/27			646		644,983
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.42%, 10/29/28			1,394		1,388,423
NEP/NCP Holdco, Inc., 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.25%), 8.68%, 10/20/25			1,260		1,215,493
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.88%, 12/15/28			683		545,372
Prime Security Services Borrower LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.19%, 09/23/26			1,468		1,465,282
Tempo Acquisition LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.32%, 08/31/28			4,178		4,177,407
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.42%, 11/02/27			1,449		1,374,713
Viad Corp., Initial Term Loan, (1-mo. CEM Term SOFR + 5.00%), 10.43%, 07/30/28			1,076		1,052,756
					19,008,128
Communications Equipment — 0.4%
Ciena Corp., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.82%, 01/18/30			188		188,211
Viasat, Inc.
2023 Term Loan, 05/30/30(m)			762		705,330
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.82%, 03/02/29			1,034		957,395
					1,850,936
Construction & Engineering — 1.1%
Brand Industrial Services, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.50%), 10.87%, 08/01/30			3,020		2,937,886
Legence Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.17%, 12/16/27			200		199,486
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.43%, 01/21/28			925		922,752
USIC Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.93%, 05/12/28			1,534		1,506,953
					5,567,077

S C H E D U L E  O F  I N V E S T M  E N T S 14

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Construction Materials — 0.9%
American Builders & Contractors Supply Co., Inc., Series A, 2019 Term Loan, (1-mo. CME Term SOFR + 2.00%), 7.42%, 01/15/27	USD		1,048	$	1,045,732
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.31%, 03/08/29			730		591,034
Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.99%, 04/29/29			951		943,408
Quikrete Holdings, Inc., 2023 Term Loan B, 03/19/29(m)			560		559,681
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.94%, 09/22/28			1,398		1,396,997
					4,536,852
Consumer Staples Distribution & Retail — 0.3%
U.S. Foods, Inc.
2019 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.43%, 09/13/26			565		564,107
2021 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.93%, 11/22/28			779		779,514
					1,343,621
Containers & Packaging — 1.5%
Charter Next Generation, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.18%, 12/01/27			3,388		3,354,197
Mauser Packaging Solutions Holding Co., Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.33%, 08/14/26			1,141		1,139,714
Pregis TopCo Corp.
1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.07%, 07/31/26			536		534,574
2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.18%, 07/31/26			612		609,398
Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1-mo. CME Term SOFR + 3.25%), 8.68%, 02/05/26			968		967,097
Trident TPI Holdings, Inc., 2021 Term Loan B3, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.65%, 09/15/28			1,133		1,126,811
					7,731,791
Distributors — 0.2%
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.38%, 10/28/27			865		817,056
Diversified Consumer Services — 2.5%
2U, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 6.50%), 11.95%, 12/28/26			837		773,924
Ascend Learning LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 11.17%, 12/10/29			589		500,420
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.92%, 12/11/28			837		797,129

Security		Par (000)		Value
Diversified Consumer Services (continued)
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.68%, 11/24/28	USD		806	$	801,872
KUEHG Corp., 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.39%, 06/12/30			1,271		1,271,597
Sotheby’s
Series L, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 10.07%, 01/15/27			1,645		1,602,297
Series L, 2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 10.07%, 01/15/27			360		349,950
Spring Education Group, Inc., Term Loan, 09/29/30(m)			499		492,758
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.43%, 07/30/25			909		907,820
Veritas U.S., Inc., 2021 USD Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 5.00%), 10.43%, 09/01/25			2,099		1,813,202
Wand NewCo 3, Inc., 2020 Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.17%, 02/05/26			2,261		2,254,745
WCG Purchaser Corp., 2019 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 9.43%, 01/08/27			1,041		1,027,553
					12,593,267
Diversified REITs — 0.2%
RHP Hotel Properties, LP, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.07%, 05/18/30			748		749,362
Diversified Telecommunication Services — 5.6%
Altice Financing SA
2017 USD Term Loan B, (3-mo. LIBOR US + 2.75%), 8.32%, 07/15/25			641		633,757
USD 2017 1st Lien Term Loan, (3-mo. LIBOR US + 2.75%), 8.32%, 01/31/26			1,709		1,691,994
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR + 5.50%), 10.81%, 08/15/28			1,722		1,554,311
Cablevision Lightpath LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.70%, 11/30/27			197		194,566
Connect Finco SARL, 2021 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.82%, 12/11/26			7,150		6,958,818
Consolidated Communications, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.93%, 10/02/27			712		629,740
Iridium Satellite LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.90%, 09/20/30			2,280		2,277,961
Level 3 Financing, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.18%, 03/01/27			1,749		1,648,969
Lumen Technologies, Inc., 2020 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.68%, 03/15/27			1,611		1,144,088
ORBCOMM, Inc., Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 4.25%), 9.80%, 09/01/28			757		675,600

15

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.68%, 09/25/26	USD		2,382	$	1,942,460
Virgin Media Bristol LLC
2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.25%), 8.70%, 01/31/29			1,212		1,180,864
USD Term Loan N, (1-mo. CME Term SOFR + 2.50%), 7.95%, 01/31/28			2,578		2,501,222
Virgin Media SFA Finance Ltd., GBP Term Loan L, (1-mo. SONIA + 3.25%), 8.47%, 01/15/27	GBP		1,400		1,680,382
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.43%, 03/09/27	USD		4,386		3,571,321
					28,286,053
Electrical Equipment — 0.3%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.40%, 06/23/28			1,327		1,316,411
Electronic Equipment, Instruments & Components — 0.3%
Coherent Corp., 2022 Term Loan B, (1-mo. CEM Term SOFR + 2.75%), 8.18%, 07/02/29			1,389		1,382,528
Energy Equipment & Services — 0.0%
Lealand Finance Co. BV
2020 Make Whole Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.43%, 06/28/24(e)			46		32,216
2020 Take Back Term Loan, (1-mo. CME Term SOFR + 4.00%, 3.00% PIK), 12.43%, 06/30/25(h)			350		186,701
					218,917
Entertainment — 4.2%
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.45%, 04/22/26			1,303		1,047,242
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.74%, 05/24/29			88		87,518
Cirque Du Soleil Holding USA Newco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.64%, 03/08/30			811		805,354
City Football Group Ltd., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.44%, 07/21/28			1,462		1,452,437
Creative Artists Agency LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.82%, 11/27/28			1,882		1,872,856
Delta 2 Lux SARL, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.32%, 01/15/30			1,555		1,553,896
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (6-mo. LIBOR US at 1.00% Floor + 3.00%), 8.73%, 03/08/24			3,001		2,897,769
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 7.17%, 10/19/26			2,233		2,226,640
Playtika Holding Corp., 2021 Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.18%, 03/13/28			1,497		1,494,674
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3-mo. CME Term SOFR + 2.50%), 8.13%, 01/23/25			1,686		1,684,160

Security		Par (000)		Value
Entertainment (continued)
UFC Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.37%, 04/29/26	USD		762	$	761,220
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.18%, 05/18/25			2,522		2,515,838
WMG Acquisition Corp., 2021 Term Loan G, (1-mo. CME Term SOFR + 2.13%), 7.56%, 01/20/28			2,416		2,413,700
					20,813,304
Financial Services — 4.3%
ABG Intermediate Holdings 2 LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.42%, 12/20/29			72		72,762
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.92%, 12/21/28			1,141		1,138,178
Belron Finance U.S. LLC
2018 Term Loan B, (3-mo. CME Term SOFR + 2.25%), 7.88%, 11/13/25			1,952		1,952,277
2019 USD Term Loan B3, (3-mo. CME Term SOFR + 2.25%), 7.88%, 10/30/26			1,119		1,117,059
2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.43%), 8.06%, 04/13/28			1,698		1,691,406
Belron Luxembourg SARL, 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.16%, 04/18/29			425		424,803
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.14%, 04/09/27			5,593		5,446,956
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 6.75%), 12.40%, 04/07/28			1,594		1,498,360
FinCo I LLC, 2023 Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.37%, 06/27/29			426		425,757
GIP Pilot Acquisition Partners LP, Term Loan, 09/18/30(e)(m)			271		269,984
LBM Acquisition LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.18%, 12/17/27			433		422,463
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.57%, 03/24/25			1,497		1,493,441
Sotera Health Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.18%, 12/11/26			2,247		2,223,968
Travelport Finance SARL, 2023 Consented Term Loan, (3-mo. CME Term SOFR + 8.50%), 13.89%, 05/29/26			1,288		738,225
UPC Financing Partnership, 2021 USD Term Loan AX, (1-mo. CME Term SOFR + 2.93%), 8.37%, 01/31/29			672		660,975
WEX, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.68%, 03/31/28			852		852,738
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.07%, 10/19/27			1,081		1,077,706
					21,507,058

S C H E D U L E  O F  I N V E S T M  E N T S 16

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Food Products — 2.9%
8th Avenue Food & Provisions, Inc.
2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.18%, 10/01/25	USD		1,410	$	1,353,136
2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.18%, 10/01/25			1,325		1,271,085
Chobani LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.93%, 10/25/27			2,893		2,889,726
Froneri International Ltd., 2020 USD Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.67%, 01/29/27			3,230		3,203,243
H-Food Holdings LLC, 2018 Term Loan B, (3-mo. LIBOR US + 3.69%), 9.27%, 05/23/25			451		392,240
Hostess Brands, LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.89%, 06/28/30			916		916,610
Nomad Foods U.S. LLC, Term Loan B4, (6-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 11/12/29			911		910,560
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 9.13%, 06/08/28			1,785		1,782,887
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.90%, 03/31/28			1,172		1,140,923
UTZ Quality Foods LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.43%, 01/20/28			598		597,446
					14,457,856
Ground Transportation — 0.7%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.18%, 04/06/28			506		501,255
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.18%, 08/06/27			564		560,090
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3-mo. CME Term SOFR + 5.50%), 10.91%, 08/04/25			1,309		1,170,763
Uber Technologies, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.16%, 03/03/30			1,448		1,446,740
					3,678,848
Health Care Equipment & Supplies — 1.9%
Bausch & Lomb Corp., 2023 Incremental Term Loan, 09/14/28(e)(m)			852		840,285
Bausch and Lomb, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.76%, 05/10/27			1,821		1,767,583
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.66%, 11/03/28			2,134		2,098,971
Femur Buyer, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 4.50%), 10.15%, 03/05/26			622		577,970

Security		Par (000)		Value
Health Care Equipment & Supplies (continued)
Insulet Corp., Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.68%, 05/04/28	USD		670	$	668,195
Medline Borrower LP, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.68%, 10/23/28			3,724		3,711,774
					9,664,778
Health Care Providers & Services — 2.3%
CHG Healthcare Services, Inc.
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.68%, 09/29/28			892		887,038
2023 Incremental Term Loan, 09/29/28(m)			194		193,515
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.80%, 11/08/27			1,600		1,592,935
Electron BidCo, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.43%, 11/01/28			1,904		1,894,909
Envision Healthcare Corp., 2022 Second Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 4.25%), 9.64%, 03/31/27			1,390		312,791
EyeCare Partners LLC
2020 Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.18%, 02/18/27			1,920		1,340,231
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.75%), 12.18%, 11/15/29			508		264,487
2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.18%, 11/15/28			464		318,617
Ingenovis Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.18%, 03/06/28			1,387		1,321,492
MED ParentCo LP, 1st Lien Term Loan, (1-mo. CME Term SOFR + 4.25%), 9.68%, 08/31/26			569		541,680
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.52%, 11/01/29			536		478,380
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.18%, 10/27/28			603		604,589
PetVet Care Centers LLC, 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.92%, 02/14/25			46		45,440
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.77%, 11/01/28			548		529,689
Surgery Center Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.19%, 08/31/26			719		719,602
Vizient, Inc., 2022 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.67%, 05/16/29			290		290,235
					11,335,630

17

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Technology — 2.5%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.57%, 02/15/29	USD		2,598	$	2,545,557
Polaris Newco LLC, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.43%, 06/02/28			4,082		3,902,387
Verscend Holding Corp.
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.43%, 04/02/29			2,740		2,736,575
2021 Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.43%, 08/27/25			3,206		3,202,110
					12,386,629
Hotels, Restaurants & Leisure — 5.2%
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.18%, 02/02/26			1,191		1,139,850
Alterra Mountain Co., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.07%, 05/31/30			140		139,650
Bally’s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.84%, 10/02/28			783		765,879
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 2023 Term Loan B5, (1-mo. CME Term SOFR + 2.25%), 7.57%, 09/23/30			2,694		2,682,368
Caesars Entertainment, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.67%, 02/06/30			1,125		1,124,647
Carnival Corp., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.33%, 08/08/27			881		877,490
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR + 2.00%), 7.42%, 03/17/28			1,305		1,302,945
ECL Entertainment, LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.14%, 08/31/30			719		716,901
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.32%, 01/27/29			3,237		3,200,999
Flutter Financing BV, 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.90%, 07/22/28			1,006		1,006,343
Four Seasons Hotels Ltd., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.89%, 11/30/29			2,367		2,368,942
IRB Holding Corp., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.42%, 12/15/27			2,121		2,111,565
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.67%, 03/09/28			816		481,263
PENN Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.17%, 05/03/29			1,272		1,268,898

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Playa Resorts Holding BV, 2022 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.58%, 01/05/29	USD		408	$	407,779
Scientific Games International, Inc., 2022 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.43%, 04/14/29			951		950,292
SeaWorld Parks & Entertainment, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.43%, 08/25/28			585		583,446
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3-mo. CME Term SOFR + 2.25%), 7.90%, 07/21/26			1,037		1,035,597
Station Casinos LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 0.25% Floor + 2.25%), 7.67%, 02/08/27			1,943		1,937,153
Whatabrands LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.43%, 08/03/28			1,971		1,961,257
Wyndham Hotels & Resorts, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.67%, 05/24/30			172		172,158
					26,235,422
Household Durables — 1.4%
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.90%, 05/17/28			1,415		1,163,630
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.89%, 02/26/29			2,074		2,015,990
Serta Simmons Bedding, LLC, 2023 New Term Loan, (3-mo. CME Term SOFR + 7.50%), 12.90%, 06/29/28			412		410,103
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.43%, 10/06/28			1,566		1,328,712
Weber-Stephen Products LLC, Term Loan B, (1- mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.68%, 10/30/27			2,240		2,012,248
					6,930,683
Household Products — 0.1%
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.00%), 11.57%, 12/22/26			353		352,499
Independent Power and Renewable Electricity Producers — 1.0%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.57%, 07/31/30			1,109		1,102,260
Calpine Corp.
2019 Term Loan B10, (1-mo. CME Term SOFR + 2.00%), 7.43%, 08/12/26			1,032		1,030,968
Term Loan B9, (1-mo. CME Term SOFR + 2.00%), 7.43%, 04/05/26			1,869		1,866,704
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.50%), 8.18%, 12/15/27			1,046		1,042,433
					5,042,365

S C H E D U L E  O F  I N V E S T M  E N T S 18

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Industrial Conglomerates — 0.1%
Stitch Aquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 6.75%), 12.40%, 07/28/28	USD		949	$	722,551
Insurance — 4.6%
Alliant Holdings Intermediate LLC
2021 Term Loan B4, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.93%, 11/05/27			3,258		3,249,178
2023 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 11/05/27			3,517		3,509,272
AmWINS Group, Inc.
2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 7.68%, 02/19/28			2,322		2,305,419
2023 Incremental Term Loan B, (1-mo. CEM Term SOFR + 2.75%), 8.18%, 02/19/28			446		444,799
AssuredPartners, Inc.
2020 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.93%, 02/12/27			1,271		1,267,706
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.93%, 02/12/27			758		757,018
2023 Term Loan B4, 02/12/27(m)			403		402,750
Baldwin Risk Partners, LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.94%, 10/14/27			395		390,805
HUB International Ltd.
2022 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.37%, 11/10/29			395		395,284
2023 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.58%, 06/20/30			4,422		4,429,699
Jones Deslauriers Insurance Management, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.62%, 03/15/30			1,025		1,026,927
Ryan Specialty Group LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.42%, 09/01/27			1,162		1,160,732
USI, Inc.
2022 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.14%, 11/22/29			2,909		2,904,976
2023 Acquisition Term Loan, 09/27/30(m)			470		468,627
2023 Refi Term Loan, 09/27/30(m)			537		535,212
					23,248,404
Interactive Media & Services — 1.3%
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.54%, 02/16/28			380		374,272
Adevinta ASA, USD Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.32%, 06/26/28			869		868,385
Camelot Finance SA, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.43%, 10/30/26			1,769		1,766,684
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.43%, 10/30/26			1,921		1,915,847
GoodRx, Inc., 1st Lien Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.17%, 10/10/25			616		614,684

Security		Par (000)			Value
Interactive Media & Services (continued)
Grab Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 9.93%, 01/29/26	USD		886		$	889,246
Research Now Group, Inc., 2017 1st Lien Term Loan, 12/20/24(m)			—	(n)		1
						6,429,119
IT Services — 3.3%
Asurion LLC
2020 Term Loan B8, (3-mo. CME Term SOFR + 3.25%), 8.68%, 12/23/26			386			377,330
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.25%), 10.68%, 01/31/28			985			884,914
2021 Second Lien Term Loan B4, (1-mo. CME Term SOFR + 5.25%), 10.68%, 01/20/29			953			842,890
2023 Term Loan B11, (1-mo. CME Term SOFR + 4.25%), 9.67%, 08/19/28			1,376			1,334,232
Epicor Software Corp., 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.75%), 13.17%, 07/31/28			1,886			1,888,056
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.49%, 10/01/27			2,800			2,727,571
Go Daddy Operating Co. LLC
2021 Term Loan B4, (1-mo. CME Term SOFR + 2.00%), 7.43%, 08/10/27			1,674			1,671,264
2022 Term Loan B5, (1-mo. CME Term SOFR + 2.50%), 7.82%, 11/09/29			1,265			1,265,846
GTCR W Merger Sub LLC, USD Term Loan B, 09/20/30(m)			1,457			1,455,936
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.07%, 02/24/28			3,318			3,309,301
Venga Finance SARL, 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.43%, 06/28/29			564			558,408
						16,315,748
Leisure Products — 0.3%
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.42%, 12/01/28			422			411,678
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.26%, 05/25/27			295			294,967
Topgolf Callaway Brands Corp., Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.92%, 03/15/30			1,037			1,030,092
						1,736,737
Life Sciences Tools & Services — 2.2%
Avantor Funding, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.67%, 11/08/27			1,076			1,074,861
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.44%, 02/22/28			1,838			1,792,692
Curia Global, Inc., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.22%, 08/30/26			119			98,342

19

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Life Sciences Tools & Services (continued)
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 9.93%, 02/04/27	USD		953	$	934,590
Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.07%, 07/01/30			380		378,463
ICON Luxembourg SARL, LUX Term Loan, (3-mo. CEM Term SOFR + 2.25%), 7.90%, 07/03/28			1,851		1,849,901
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.32%, 10/19/27			1,287		1,251,878
Parexel International Corp., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.68%, 11/15/28			2,662		2,640,450
PRA Health Sciences, Inc., US Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.90%, 07/03/28			461		460,906
Star Parent, Inc., 2023 Term Loan B, 09/19/30(m)			626		611,308
					11,093,391
Machinery — 4.8%
Albion Financing 3 SARL, USD Term Loan, (3-mo. CME Term SOFR + 5.25%), 10.86%, 08/17/26			1,720		1,718,386
Barnes Group, Inc., Term Loan B, (3-mo. CME Term SOFR + 3.00%), 8.42%, 09/03/30			400		400,200
Clark Equipment Co., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.99%, 04/20/29			202		201,694
Columbus McKinnon Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.42%, 05/14/28			320		320,085
Filtration Group Corp.
2021 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.93%, 10/21/28			1,018		1,013,343
2023 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.68%, 10/21/28			2,083		2,083,966
Gardner Denver, Inc., 2020 USD Term Loan B2, 03/01/27(m)			269		269,326
Gates Global LLC, 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.82%, 03/31/27			2,119		2,111,722
Generac Power Systems, Inc., 2019 Term Loan B, 12/13/26(m)			290		289,153
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1-mo. CME Term SOFR + 1.75%), 7.17%, 03/01/27			553		553,545
Madison IAQ LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.69%, 06/21/28			3,237		3,179,303
Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.89%, 11/22/29			1,943		1,946,014
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.92%, 04/05/29			1,728		1,722,981
Titan Acquisition Ltd., 2018 Term Loan B, (3-mo. LIBOR US + 3.00%), 8.65%, 03/28/25			4,173		4,133,847

Security		Par (000)			Value
Machinery (continued)
Vertical U.S. Newco, Inc., Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.38%, 07/30/27	USD		1,984		$	1,977,957
Vertiv Group Corp., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.19%, 03/02/27			2,126			2,121,655
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.43%, 10/04/28			110			109,994
						24,153,171
Media — 3.0%
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			414			400,567
AVSC Holding Corp., 2020 Term Loan B1, (1-mo. CME Term SOFR at 1.00% Floor + 3.25%), 8.57%, 03/03/25			860			826,461
Cable One, Inc., 2021 Term Loan B4, (1-mo. CME Term SOFR + 2.00%), 7.43%, 05/03/28			140			138,706
Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (3-mo. CME Term SOFR + 1.75%), 7.12%, 04/30/25			2,547			2,547,664
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.13%, 08/21/26			2,005			1,943,942
CMG Media Corp., 2021 Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.99%, 12/17/26			—	(n)		186
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.93%, 09/01/28			1,373			1,336,257
CSC Holdings LLC
2017 Term Loan B1, (1-mo. LIBOR US + 2.25%), 7.70%, 07/17/25			487			470,702
2019 Term Loan B5, (1-mo. CME Term SOFR + 2.50%), 7.95%, 04/15/27			1,822			1,645,575
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.43%, 08/02/27			1,901			1,855,932
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.75%), 9.17%, 04/21/29			1,561			1,081,937
Voyage Digital Ltd., USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.63%, 05/11/29(e)			830			828,394
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR + 2.50%), 7.95%, 04/30/28			1,876			1,830,657
						14,906,980
Oil, Gas & Consumable Fuels — 1.7%
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.09%, 12/21/28			3,243			3,209,510
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.92%, 09/19/29			228			226,846

S C H E D U L E  O F  I N V E S T M  E N T S 20

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Medallion Midland Acquisition LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.40%, 10/18/28	USD		1,660	$	1,659,663
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 7.19%, 01/31/28			559		560,350
Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.69%, 10/05/28			2,667		2,662,566
					8,318,935
Passenger Airlines — 2.2%
AAdvantage Loyalty IP Ltd., Series AA, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.34%, 04/20/28			1,362		1,401,555
Air Canada, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 9.13%, 08/11/28			1,780		1,779,496
American Airlines, Inc.
Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term SOFR + 1.75%), 7.32%, 01/29/27			146		143,190
Series AA, 2023 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.54%, 02/15/28			2,168		2,150,365
Kestrel Bidco, Inc., Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.42%, 12/11/26			739		722,942
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 5.25%), 10.80%, 06/21/27			2,189		2,271,629
United Airlines, Inc., Series AA, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.18%, 04/21/28			2,577		2,576,980
					11,046,157
Personal Care Products — 1.1%
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.24%, 10/01/26			5,264		5,252,447
Pharmaceuticals — 1.8%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.93%, 05/04/25			1,056		1,035,228
Amynta Agency Borrower, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 5.00%), 10.42%, 02/28/28			772		770,884
Bausch Health Cos., Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.67%, 02/01/27			942		763,619
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.18%, 08/01/27			1,269		1,243,579
Jazz Financing Lux SARL, USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.93%, 05/05/28			1,899		1,896,824

Security		Par (000)		Value
Pharmaceuticals (continued)
Organon & Co., USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.44%, 06/02/28	USD		1,238	$	1,234,483
Perrigo Investments LLC, Term Loan B, 04/20/29(m)			835		831,084
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.49%, 11/18/27(e)			1,083		1,067,967
Prestige Brands, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.43%, 07/03/28			111		111,049
					8,954,717
Professional Services — 3.7%
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.18%, 02/04/28			1,764		1,761,897
ASGN, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.57%, 08/30/30			359		359,898
CoreLogic, Inc.
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.50%), 11.93%, 06/04/29			1,248		1,046,236
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.93%, 06/02/28			3,053		2,814,896
Dun & Bradstreet Corp.
2022 Incremental Term Loan B2, (1-mo. CME Term SOFR + 3.00%), 8.32%, 01/18/29			615		613,778
2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.17%, 02/06/26			2,005		2,000,547
Element Materials Technology Group U.S. Holdings, Inc.
2022 USD Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.74%, 07/06/29			525		517,901
2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.74%, 07/06/29			1,138		1,122,120
Fleetcor Technologies Operating Co. LLC, Series C, 2021 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 7.17%, 04/28/28			1,926		1,917,541
Galaxy U.S. Opco, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.07%, 04/29/29			1,591		1,513,577
Trans Union LLC
2019 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 7.17%, 11/16/26			1,622		1,618,920
2021 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.68%, 12/01/28			1,893		1,890,059
VS Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.67%, 02/28/27			1,447		1,440,009
					18,617,379
Real Estate Management & Development — 0.4%
Cushman & Wakefield U.S. Borrower LLC 2020 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.18%, 08/21/25			79		78,948

21

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

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 + 3.25%), 8.67%, 01/31/30	USD		1,363	$	1,338,111
2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.32%, 01/31/30			791		783,090
					2,200,149
Semiconductors & Semiconductor Equipment — 0.3%
MKS Instruments, Inc.
2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.17%, 08/17/29			985		983,464
2023 Term Loan B, 10/03/30(m)			218		217,448
Synaptics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.91%, 12/02/28			544		540,386
					1,741,298
Software — 11.4%
Applied Systems, Inc.
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 6.75%), 12.14%, 09/17/27			630		630,920
2022 Extended 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.89%, 09/18/26			678		679,765
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.87%, 08/15/29			865		855,890
Boxer Parent Co., Inc., 2021 USD Term Loan, (1- mo. CME Term SOFR + 3.75%), 9.18%, 10/02/25			1,048		1,046,854
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.68%, 09/21/28			1,466		1,460,701
Central Parent, Inc., 2022 USD Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.64%, 07/06/29			1,215		1,214,164
Cloud Software Group, Inc., 2022 USD Term Loan B, (3-mo. CEM Term SOFR + 4.50%), 9.99%, 03/30/29			3,869		3,714,630
Cloudera, Inc.
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.42%, 10/08/29			676		638,820
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.17%, 10/08/28(e)			737		722,302
Cornerstone OnDemand, Inc., 2021 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.18%, 10/16/28			880		834,593
Delta TopCo, Inc., 2020 2nd Lien Term Loan, (6- mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.57%, 12/01/28(e)			330		315,150
E2open LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.93%, 02/04/28			248		247,417

Security		Par (000)		Value
Software (continued)
Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.43%, 12/01/27	USD		2,769	$	2,769,525
Helios Software Holdings, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.74%, 07/18/30			1,175		1,168,244
Informatica LLC, 2021 USD Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.18%, 10/27/28			2,653		2,641,439
Instructure Holdings, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.68%, 10/30/28			634		632,361
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.63%, 07/27/28			2,078		1,540,347
2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 8.25%), 13.88%, 07/27/29			1,907		877,175
McAfee Corp., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.18%, 03/01/29			3,012		2,937,512
MH Sub I LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.25%), 11.57%, 02/23/29			1,724		1,523,291
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.57%, 05/03/28			5,812		5,614,486
NortonLifeLock, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.42%, 09/12/29			1,465		1,459,471
Planview Parent, Inc., 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.74%, 12/18/28			824		745,720
Proofpoint, Inc.
1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.68%, 08/31/28			2,450		2,427,401
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.25%), 11.68%, 08/31/29			1,281		1,282,204
RealPage, Inc.
1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.43%, 04/24/28			5,388		5,320,198
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.50%), 11.93%, 04/23/29			2,629		2,632,371
Severin Acquisition LLC, 2018 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 8.37%, 08/01/25			1,346		1,343,916
Sophia LP
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 8.00%), 13.42%, 10/09/28(e)			2,509		2,502,727
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.92%, 10/07/27			1,949		1,942,462
SS&C Technologies, Inc.
2018 Term Loan B3, (1-mo. CME Term SOFR + 1.75%), 7.18%, 04/16/25			324		323,559
2018 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 7.18%, 04/16/25			306		305,326
2018 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 7.18%, 04/16/25			1,581		1,579,612

S C H E D U L E  O F  I N V  E S T M E N T S 22

Schedule of Investments  (unaudited) (continued) September 30, 2023 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Software (continued)
UKG, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.62%, 05/03/27		USD    1,216		$	1,213,176
Ultimate Software Group, Inc., Term Loan B, (3-mo. CME Term SOFR + 3.75%), 9.22%, 05/04/26		1,469			1,466,487
Voyage Australia Pty. Ltd., USD Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.09%, 07/20/28		211			208,924
ZoomInfo LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.17%, 02/28/30		191			190,322
					57,009,462
Specialty Retail — 1.8%
EG America LLC, 2018 USD Term Loan, (1-mo. SOFR + 4.00%), 9.41%, 02/07/25		1,125			1,104,826
EG Group Ltd., 2021 Term Loan, (2-mo. CME Term SOFR + 4.25%), 9.73%, 03/31/26		460			458,830
Mavis Tire Express Services Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.43%, 05/04/28		2,624			2,614,427
PetSmart, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.17%, 02/11/28		3,230			3,216,911
Pilot Travel Centers LLC, 2021 Term Loan B, (1- mo. CME Term SOFR + 2.00%), 7.42%, 08/04/28		965			963,399
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.67%, 10/20/28		745			716,121
RVR Dealership Holdings LLC, Term Loan B, (3- mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.25%, 02/08/28(e)		204			181,465
					9,255,979
Technology Hardware, Storage & Peripherals — 0.1%
Electronics for Imaging, Inc., Term Loan, (1-mo. CME Term SOFR + 5.00%), 10.42%, 07/23/26		681			449,425
Vericast Corp., 2022 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 7.75%), 13.40%, 06/16/26		—	(n)		1
					449,426
Textiles, Apparel & Luxury Goods — 0.2%
Crocs, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.53%, 02/20/29		767			768,637
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.07%, 03/08/30(e)		469			458,100
					1,226,737
Trading Companies & Distributors — 2.2%
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.68%, 05/19/28		1,205			1,204,091
Core & Main LP, 2021 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.84%, 07/27/28		3,532			3,521,732
SRS Distribution, Inc.
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.93%, 06/02/28		2,391			2,364,248

Security	Par (000)		Value
Trading Companies & Distributors (continued)
SRS Distribution, Inc. (continued)
2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.92%, 06/02/28		USD    857	$	848,236
TMK Hawk Parent Corp.(e)
2020 Super Priority First Out Term Loan A, (3-mo. CME Term SOFR + 9.50%), 15.17%, 05/30/24		1,020		1,009,290
2020 Super Priority Second Out Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.17%, 08/28/24		3,197		2,045,791
				10,993,388
Transportation Infrastructure — 0.5%
Apple Bidco LLC, 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.32%, 09/22/28		670		668,508
KKR Apple Bidco LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.18%, 09/22/28		1,032		1,023,595
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.25%), 11.57%, 12/15/26(e)		737		729,922
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.64%, 03/17/30		221		213,804
				2,635,829
Wireless Telecommunication Services — 0.9%
Digicel International, 2017 Term Loan B1, 05/27/24(m)		21		19,176
Digicel International Finance Ltd., 2017 Term Loan B, (3-mo. LIBOR US + 3.25%), 8.90%, 05/28/24 .		494		443,633
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.18%, 04/30/28		821		818,497
SBA Senior Finance II LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.17%, 04/11/25		3,275		3,271,372
				4,552,678
Total Floating Rate Loan Interests — 108.5% (Cost: $555,698,070)				543,914,616
	Shares
Investment Companies
Equity Funds — 0.1%
Janus Henderson AAA CLO ETF		10,000		503,300
Fixed Income Funds — 1.0%
Invesco Senior Loan ETF		166,200		3,488,538
iShares iBoxx $ High Yield Corporate Bond ETF(o)		20,000		1,474,400
				4,962,938
Total Investment Companies — 1.1% (Cost: $5,497,994)				5,466,238

23

Schedule of Investments  (unaudited) (continued) September 30, 2023 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 — 0.3%(a)
Automobiles — 0.0%
General Motors Financial Co., Inc., Series C, 5.70%(j)	USD		50		42,730
Banks(j) — 0.1%
AIB Group PLC, 5.25%(c)	EUR		200		201,406
PNC Financial Services Group, Inc.
Series V, 6.20%	USD		67		61,573
Series W, 6.25%			72		61,719
Wells Fargo & Co., 7.63%			111		111,907
					436,605
Diversified Telecommunication Services — 0.0%
Telefonica Europe BV, 6.14%(c)(j)	EUR		100		101,509
Electric Utilities — 0.1%
Edison International, Series B, 5.00%(j)	USD		55		47,007
EDP - Energias de Portugal SA, 5.94%, 04/23/83(c)	EUR		100		104,668
Electricite de France SA, 3.38%(c)(j)			200		162,790
					314,465
Financial Services(j) — 0.1%
Barclays PLC, 4.38%	USD		200		138,809
Citigroup, Inc., 7.63%			57		55,609
					194,418
Independent Power and Renewable Electricity Producers(b)(j) — 0.0%
NRG Energy, Inc., 10.25%			112		109,693
Vistra Corp., 7.00%			77		70,263
					179,956
					1,269,683
		Shares
Preferred Stocks — 0.0%
Financial Services — 0.0%
Alliant Holdings, Inc.(e)			83		78,559
					78,559
Total Preferred Securities — 0.3% (Cost: $1,539,150)					1,348,242

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)		2,753	$	—
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		24,549
Total Warrants — 0.0% (Cost: $ — )				24,549
Total Investments — 128.7% (Cost: $685,605,017)				645,243,053
Liabilities in Excess of Other Assets — (28.7)%				(143,856,008	)
Net Assets — 100.0%			$	501,387,045

^(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 $90,095, representing less than 0.05% of its net assets as of period end, and an original cost of $73,447.

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

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

⁽ⁱ⁾  When-issued security.

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

^(k)  Convertible security.

^(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.

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

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

S C H E D U L E  O F  I N V  E S T M E N T S 24

Schedule of Investments  (unaudited) (continued) September 30, 2023      BlackRock Debt Strategies Fund, Inc. (DSU)

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class(a)	$	482,274	$	—	$	(482,274	)(b)	$	—		$	—		$	—		—	$	41,223	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		—		4,175,600		(2,611,534	)		(45,666	)		(44,000	)		1,474,400		20,000		60,623		—
								$	(45,666	)	$	(44,000	)	$	1,474,400			$	101,846	$	—

^(a)  As of period end, the entity is no longer held. (b) 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	3,598,676	EUR	3,361,000	BNP Paribas SA	12/20/23	$	32,231
USD	283,848	EUR	264,859	Toronto-Dominion Bank	12/20/23		2,799
USD	497,236	EUR	464,141	UBS AG	12/20/23		4,724
USD	340,532	GBP	275,000	Barclays Bank PLC	12/20/23		4,822
USD	1,596,165	GBP	1,289,000	Barclays Bank PLC	12/20/23		22,601
USD	111,701	GBP	90,000	Morgan Stanley & Co. International PLC	12/20/23		1,832
							69,009
GBP	103,000	USD	125,879	Barclays Bank PLC	12/20/23		(140	)
						$	68,869

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.V2		5.00	%		Quarterly		12/20/27	B		4,049	$	102,642	$	(54,190	)	$	156,832

^(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.

25

Schedule of Investments  (unaudited) (continued) September 30, 2023      BlackRock Debt Strategies Fund, Inc. (DSU)

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)
Jaguar Land Rover Automotive PLC		5.00	%		Quarterly		Bank of America N.A.		06/20/26		BB-		EUR	4	$	133		$	(96	)	$	229
Jaguar Land Rover Automotive PLC		5.00			Quarterly		Credit Suisse International		12/20/26		BB-		EUR	1		28			46			(18	)
Jaguar Land Rover Automotive PLC		5.00			Quarterly		Credit Suisse International		12/20/26		BB-		EUR	10		188			286			(98	)
CMA CGM SA		5.00			Quarterly		Credit Suisse International		06/20/27		N/R		EUR	8		1,030			279			751
Adler Real Estate AG		5.00			Quarterly		Bank of America N.A.		12/20/27		CCC+		EUR	15		(2,705	)		(2,981	)		276
United Group B.V.		5.00			Quarterly		Morgan Stanley & Co.     International PLC		12/20/27		B		EUR	4		(103	)		(577	)		474
Ladbrokes Coral Group Ltd.		1.00			Quarterly		Morgan Stanley & Co.     International PLC		06/20/28		N/R		EUR	14		(654	)		(950	)		296
															$	(2,083	)	$	(3,993	)	$	1,910

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

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

Fair Value Hierarchy as of Period End

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

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

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

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

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	4,171,807	$	—	$	4,171,807
Common Stocks
Construction & Engineering		—		35,371		—		35,371
Electrical Equipment		10,532		—		—		10,532
Energy Equipment & Services		—		—		—		—
Entertainment		—		—		90,095		90,095
Financial Services		—		168,378		—		168,378
Industrial Conglomerates		—16				—		16
Oil, Gas & Consumable Fuels		—		—		10,753		10,753
Semiconductors & Semiconductor Equipment		2,469		—		—		2,469
Corporate Bonds		—		89,166,849		1		89,166,850
Fixed Rate Loan Interests		—		833,137		—		833,137
Floating Rate Loan Interests		—		530,797,262		13,117,354		543,914,616
Investment Companies		5,466,238		—		—		5,466,238
Other Interests		—		—		—		—

S C H E D U L E  O F  I N V E S T M  E N T S 26

Schedule of Investments  (unaudited) (continued) September 30, 2023      BlackRock Debt Strategies Fund, Inc. (DSU)

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Preferred Securities
Capital Trusts	$	—	$	1,269,683		$	—	$	1,269,683
Preferred Stocks		—		—			78,559		78,559
Warrants		24,549		—			—		24,549
Liabilities
Unfunded Floating Rate Loan Interests(a)		—		(3,061	)		—		(3,061	)
	$	5,503,788	$	626,439,442		$	13,296,762	$	645,239,992
Derivative Financial Instruments(b)
Assets
Credit Contracts	$	—	$	158,858		$	—	$	158,858
Foreign Currency Exchange Contracts		—		69,009			—		69,009
Liabilities
Credit Contracts		—		(116	)		—		(116	)
Foreign Currency Exchange Contracts		—		(140	)		—		(140	)
	$	—	$	227,611		$	—	$	227,611

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

^(b)  Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, bank borrowings payable of $144,000,000 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			Preferred Stocks		Warrants			Other Interests			Total
Assets
Opening balance, as of December 31, 2022	$	12,356		$	1	$	11,366,161		$	75,612		—	(a)	$	—	(a)	$	11,454,130
Transfers into Level 3(b)		—			—		8,076,676			—		—			—			8,076,676
Transfers out of Level 3(c)		—			—		(5,570,176	)		— —		—			(5,570,176	)
Accrued discounts/premiums		—			—		307,894			—		—			—			307,894
Net realized gain (loss)		(254,730	)		—		(69,068	)		—		—			—			(323,798	)
Net change in unrealized appreciation (depreciation)(d)		270,759			—		551,816			2,947		—			—			825,522
Purchases		73,447			—		2,616,017			—		—			—			2,689,464
Sales		(984	)		—		(4,161,966	)		—		—			—			(4,162,950	)
Closing balance, as of September 30, 2023	$	100,848		$	1	$	13,117,354		$	78,559		—	(a)	$	—	(a)	$	13,296,762
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2023(d)	$	16,648		$	—	$	508,636		$	2,947		—		$	—		$	528,231

^(a)  Rounds to less than $1.

^(b)  As of December 31, 2022, the Fund used observable inputs in determining the value of certain investments. As of September 30, 2023, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

^(c)  As of December 31, 2022, the Fund used significant unobservable inputs in determining the value of certain investments. As of September 30, 2023, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

^(d)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.

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

27

Schedule of Investments  (unaudited) (continued) September 30, 2023      BlackRock Debt Strategies Fund, Inc. (DSU)

Currency Abbreviation

EUR	Euro
GBP	British Pound
USD	United States Dollar

Portfolio Abbreviation

CDI	CREST Depository Interest
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
DAC	Designated Activity Company
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
LIBOR	London Interbank Offered Rate
PIK	Payment-in-Kind
REIT	Real Estate Investment Trust
SCA	Societe en Commandite par Actions
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate

S C H E D U L E  O F  I N V E S T M  E N T S 28