BLACKROCK DEBT STRATEGIES FUND, INC.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company
Act file number: 811-08603
Name of Fund: BlackRock Debt Strategies Fund, Inc. (DSU)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Debt Strategies Fund,
Inc., 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area
code: (800) 882-0052, Option 4
Date of fiscal year end: 02/28/2017
Date of reporting period: 02/28/2017
Item 1 – Report to Stockholders
FEBRUARY 28, 2017
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| ANNUAL
REPORT |
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BlackRock Debt Strategies Fund, Inc.
(DSU)
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| Not FDIC Insured • May Lose Value • No Bank Guarantee |
Dear Shareholder,
Risk assets, such as stocks and high yield bonds, enjoyed strong performance in the 12 months ended February 28, 2017. It was a different story for higher-quality assets such as U.S. Treasuries, which
generated muted returns after struggling in the latter part of 2016 as reflationary expectations in the United States helped drive a pick-up in global growth and investors braced for higher interest rates.
Markets showed great resilience during the period. Big surprises such as the United Kingdom’s vote to leave the European Union and the outcome of the
U.S. presidential election brought spikes in equity market volatility, but they were ultimately short-lived. Instead, investors used the sell-offs to seize upon buying opportunities, allowing markets to quickly rebound. We believe this reinforces
the case for taking the long view rather than reacting to short-term market noise.
The global reflationary theme — rising nominal growth,
wages and inflation — was the dominant driver of asset returns during the period, outweighing significant political upheavals and uncertainty. This trend accelerated after the U.S. election and continued into the beginning of 2017, stoked by
expectations for an extra boost to U.S. growth via fiscal policy.
Although economic momentum is gaining traction, the capacity for rapid global
growth is restrained by structural factors including an aging population, low productivity growth and excess savings. A tempered economic growth trend and high valuations across most assets have set the stage for muted investment returns going
forward.
Equity markets still have room to move, although the disparity between winners and losers is widening, making selectivity increasingly
important. Fixed income investors are also facing challenges as bond markets recalibrate to accommodate rising rates and higher inflation expectations. And in a world where political risk and policy uncertainty abound, there is no lack of potential
catalysts for higher volatility.
In this environment, investors need to think globally, extend their scope across a broad array of asset classes
and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Rob Kapito
President,
BlackRock Advisors, LLC
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| Total Returns as of February 28, 2017 |
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6-month |
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12-month |
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| U.S. large cap equities
(S&P
500® Index) |
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10.01 |
% |
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24.98 |
% |
| U.S. small cap equities
(Russell
2000® Index) |
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12.61 |
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36.11 |
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| International equities
(MSCI Europe, Australasia,
Far East Index) |
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4.90 |
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15.75 |
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| Emerging market equities
(MSCI Emerging Markets Index) |
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5.51 |
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29.46 |
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| 3-month Treasury bills
(BofA Merrill Lynch 3-Month
U.S. Treasury Bill Index) |
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0.22 |
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0.39 |
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| U.S. Treasury securities
(BofA Merrill Lynch
10-Year U.S. Treasury
Index) |
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(6.17 |
) |
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(4.09 |
) |
| U.S. investment grade bonds
(Bloomberg Barclays U.S.
Aggregate Bond Index) |
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(2.19 |
) |
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1.42 |
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| Tax-exempt municipal
bonds (S&P Municipal
Bond Index) |
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(2.51 |
) |
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0.76 |
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| U.S. high yield bonds
(Bloomberg Barclays U.S. Corporate High Yield 2% Issuer
Capped Index) |
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5.43 |
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21.83 |
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| Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest
directly in an index. |
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| 2 |
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THIS PAGE NOT PART OF YOUR FUND REPORT |
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BLACKROCK DEBT STRATEGIES FUND, INC. |
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FEBRUARY 28, 2017 |
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3 |
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| Fund Summary as of
February 28, 2017 |
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BlackRock Debt Strategies Fund, Inc.’s (DSU) (the “Fund”) primary investment objective is to seek to provide current income by investing
primarily in a diversified portfolio of U.S. companies’ debt instruments, including corporate loans, which are rated in the lower rating categories of the established rating services (BBB or lower by S&P’s or Baa or lower by
Moody’s) or unrated debt instruments, which are in the judgment of the investment adviser of equivalent quality. Corporate loans include senior and subordinated corporate loans, both secured and unsecured. The Fund may invest directly in debt
instruments or synthetically through the use of derivatives. The Fund’s secondary objective is to provide capital appreciation.
No assurance can be given that the Fund’s investment objectives will be achieved.
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| Fund Information |
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| Symbol on New York Stock Exchange (“NYSE”) |
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DSU |
| Initial Offering Date |
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March 27, 1998 |
| Current Distribution Rate on Closing Market Price as of February 28, 2017 ($11.68)1 |
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6.47% |
| Current Monthly Distribution per Common Share2 |
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$0.063 |
| Current Annualized Distribution per Common Share2 |
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$0.756 |
| Economic Leverage as of February 28, 20173 |
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29% |
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1 |
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Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The
current distribution rate consists of income, net realized gains and/or a return of capital. Past performance does not guarantee future results. |
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2 |
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The monthly distribution per Common Share, declared on March 1, 2017, was increased to $0.0685 per share. The current distribution rate on closing market
price, current monthly distribution per Common Share and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the
distribution may be deemed a return of capital or net realized gain. |
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3 |
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Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable
to borrowings) minus the sum of liabilities (other than borrowings representing financial leverage). For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 6.
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| Performance and Portfolio Management Commentary |
Returns for the 12 months ended February 28, 2017 were as follows:
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Returns Based On |
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Market Price |
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NAV |
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DSU1,2 |
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25.53 |
% |
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19.57 |
% |
| Lipper High Yield Funds (Leveraged)3 |
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32.93 |
% |
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27.73 |
% |
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1 |
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All returns reflect reinvestment of dividends and/or distributions. |
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2 |
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The Fund’s discount to NAV narrowed during the period, which accounts for
the difference between performance based on price and performance based on NAV. |
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Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
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The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
| • |
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The Fund generally invests about 50% of its assets in high yield bonds and about 50% in floating rate loan interests (bank loans). On a sector basis, the
largest contributors over the annual period included the independent energy, metals & mining, and wireless sectors, while the smallest contributors were in health care, retail real estate investment trusts and tobacco. From a credit rating
perspective, B-rated, BB-rated and CCC-rated names were the largest contributors, as the lower credit quality portions of both
the high yield and bank loan markets drove a rally across both asset classes. By contrast, the Fund’s allocation to AAA-rated and AA-rated positions represented the
smallest positive contributors. Lastly, non-benchmark tactical positions were substantial positive contributors to performance, in particular high yield exchange-traded funds and long equity positions.
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| • |
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For the period, on a sector basis the electric sector was the only detractor, driven mainly by security selection. In terms of credit ratings, CC-rated and C-rated names were slight detractors. From an asset allocation perspective, there were no absolute detractors over the annual period from core high yield bond or
bank loan holdings, or non-benchmark tactical allocations. |
Describe recent portfolio
activity.
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The Fund’s positioning was more conservative in early 2016 as markets continued to be plagued by significant volatility deriving from stress within
commodity-related assets, muted global growth prospects and uncertainty regarding central bank policies. However, the Fund gradually increased its risk level over the period as volatility subsided and risk markets started to stabilize. During the
period, the Fund utilized leverage of between 20% and 30% as a percentage of its total managed assets. |
Describe portfolio
positioning at period end.
| • |
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The Fund’s largest issuer overweights included Altice (wireless), First Data Corp. (technology), and iHeartCommunications, Inc. (media &
entertainment). From a credit rating perspective, the Fund held overweights in BB-rated, B-rated and high conviction CCC-rated
names. By contrast, issues rated CC and below were slightly underweight. Issuer selection remained centered on favorable cash flows, identification of a specific catalyst for price improvement, and/or idiosyncratic characteristics. The Fund also
remained focused on industries and companies with stable business profiles and consistent cash flow, while avoiding areas of the markets with longer-term concerns and/or deteriorating fundamental trends.
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The views expressed reflect the opinions of BlackRock as of the date of this report and are
subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
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| 4 |
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BLACKROCK DEBT STRATEGIES FUND, INC. |
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FEBRUARY 28, 2017 |
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| Market Price and Net Asset Value Per Share Summary1 |
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2/28/17 |
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2/29/16 |
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Change |
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High |
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Low |
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| Market Price |
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$11.68 |
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$9.96 |
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17.27% |
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$11.68 |
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$9.93 |
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| Net Asset Value |
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$12.70 |
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$11.38 |
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11.60% |
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$12.70 |
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$11.38 |
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1 |
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Market price and net asset value per share reflect a one-for-three reverse stock split effective after the close of trading on November 15, 2016 for the
shareholders of record on November 15, 2016. See Note 11 of the Notes to Consolidated Financial Statements for details. |
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| Market Price and Net Asset Value History For the Past Five
Years |
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| Overview of the Fund’s Total
Investments |
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| Portfolio Composition |
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2/28/17 |
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2/29/16 |
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| Corporate Bonds |
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49 |
% |
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45 |
% |
| Floating Rate Loan Interests |
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47 |
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49 |
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| Asset-Backed Securities |
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2 |
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3 |
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| Investment Companies |
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1 |
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2 |
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| Preferred Securities |
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1 |
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— |
1 |
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Other2 |
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— |
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— |
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| Short-Term Securities |
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— |
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1 |
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1 |
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Representing less than 1% of the Fund’s total investments. |
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2 |
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Includes a less than 1% holding in each of the following investment types: Common Stocks, Non-Agency Mortgage-Backed Securities, Options Purchased, Other
Interests, Rights and Warrants.
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| Credit Quality Allocation3,4 |
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2/28/17 |
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2/29/16 |
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| BBB/Baa |
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8 |
% |
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9 |
% |
| BB/Ba |
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42 |
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43 |
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| B |
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39 |
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37 |
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| CCC/Caa |
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6 |
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5 |
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| N/R |
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5 |
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6 |
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3 |
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For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s or
Moody’s Investors Service. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are
credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
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4 |
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Excludes Short-Term Securities.
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BLACKROCK DEBT STRATEGIES FUND, INC. |
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FEBRUARY 28, 2017 |
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5 |
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| The Benefits and Risks of Leveraging |
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The Fund may utilize leverage to seek to enhance the distribution rate on, and net asset value
(“NAV”) of, its common shares (“Common Shares”). However, these objectives cannot be achieved in all interest rate environments.
In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by the Fund on its
longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Fund’s
shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage is paid to shareholders in the form of dividends, and the value of these portfolio holdings is reflected in the
per share NAV.
To illustrate these concepts, assume the Fund’s capitalization is $100 million and it utilizes leverage for an
additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly
positive slope. In this case, the Fund’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by the Fund with the proceeds from
leverage earn income based on longer-term interest rates. In this case, the Fund’s financing cost of leverage is significantly lower than the income earned on the Fund’s longer-term investments acquired from such leverage proceeds, and
therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.
However, in order
to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed the Fund’s return on assets purchased with leverage
proceeds, income to shareholders is lower than if the Fund had not used leverage. Furthermore, the value of the Fund’s portfolio investments generally varies inversely with
the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the value of the Fund’s obligations under its leverage
arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Fund’s NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to
predict accurately, and there is no assurance that the Fund’s intended leveraging strategy will be successful.
The use of leverage also
generally causes greater changes in the Fund’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of the Fund’s
shares than if the Fund were not leveraged. In addition, the Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as
required by the terms of leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit the Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. The Fund incurs
expenses in connection with the use of leverage, all of which are borne by shareholders and may reduce income to the shareholders. Moreover, to the extent the calculation of the Fund’s investment advisory fees includes assets purchased with the
proceeds of leverage, the investment advisory fees payable to the Fund’s investment adviser will be higher than if the Fund did not use leverage.
The Fund may utilize leverage through a credit facility as described in the Notes to Consolidated Financial Statements.
Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund is permitted to issue debt up to
33 1/3% of its total managed assets. The Fund may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, the Fund may also be subject to certain asset
coverage, leverage or portfolio composition requirements imposed by its credit facility, which may be more stringent than those imposed by the 1940 Act.
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| Derivative Financial Instruments |
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The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure
to a security, commodity, index, market, and/or other asset without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate,
commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset,
possible default of the counterparty to the
transaction or illiquidity of the instrument. The Fund’s successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market
movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower
distributions paid to shareholders. The Fund’s investments in these instruments, if any, are discussed in detail in the Notes to Consolidated Financial Statements.
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| 6 |
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BLACKROCK DEBT STRATEGIES FUND, INC. |
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FEBRUARY 28, 2017 |
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| Consolidated Schedule of Investments February 28, 2017 |
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(Percentages shown are based on Net
Assets) |
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| Common Stocks |
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Shares |
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Value |
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| Chemicals — 0.0% |
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| GEO Specialty Chemicals, Inc. (a) |
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557,488 |
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$ |
111,498 |
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| GEO Specialty Chemicals, Inc. (a)(b) |
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481,806 |
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96,361 |
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| LyondellBasell Industries NV, Class A |
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26 |
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2,372 |
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210,231 |
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| Diversified Financial Services — 0.3% |
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| Kcad Holdings I Ltd. (a) |
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1,075,282,733 |
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2,311,858 |
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| Diversified Telecommunication Services — 0.0% |
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| Broadview Networks Holdings, Inc. (a) |
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5,037 |
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6,296 |
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| Electric Utilities — 0.1% |
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| Vistra Energy Corp. |
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39,599 |
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639,920 |
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| Health Care Management Services — 0.0% |
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| New Millennium HoldCo, Inc. (a) |
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10,718 |
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11,393 |
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| Media — 0.0% |
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| Adelphia Communications Corp., Class A (a) |
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400,000 |
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— |
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| Adelphia Recovery Trust (a) |
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396,568 |
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79 |
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79 |
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| Semiconductors & Semiconductor Equipment — 0.0% |
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| SunPower Corp. (a) |
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1,707 |
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14,954 |
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| Specialty Retail — 0.0% |
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| Things Remembered, Inc. (a) |
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1,199,043 |
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12 |
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| Total Common Stocks — 0.4% |
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3,194,743 |
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| Asset-Backed Securities |
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Par
(000) |
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| Asset-Backed Securities — 3.3% |
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| ACAS CLO Ltd., Series 2015-1A, Class D, 4.67%, 4/18/27 (b)(c) |
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|
USD |
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|
280 |
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|
272,412 |
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| ALM XIV Ltd., Series 2014-14A, Class C,
4.49%, 7/28/26 (b)(c) |
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463 |
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460,553 |
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| Apidos CDO, Series 2015-21A, Class C,
4.57%, 7/18/27 (b)(c) |
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250 |
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250,060 |
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| Ares CLO Ltd., Class D (b)(c): |
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| Series 2015-38A, 5.17%, 1/20/27 |
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1,000 |
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1,003,767 |
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| Series 2016-41A, 5.09%, 1/15/29 |
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450 |
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451,830 |
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| Arrowpoint CLO Ltd., Series 2013-1A, Class CR, 5.51%, 11/15/28 (b)(c) |
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800 |
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800,000 |
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| Atlas Senior Loan Fund VI Ltd.,
Series 2014-6A, Class DR, 4.63%, 10/15/26 (b)(c) |
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|
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1,000 |
|
|
|
1,000,544 |
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| Atrium CDO Corp., Series 9A, Class D,
4.55%, 2/28/24 (b)(c) |
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|
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1,300 |
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1,303,245 |
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| BlueMountain CLO Ltd., Series 2015-2A, Class E, 6.37%, 7/18/27 (b)(c) |
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|
|
|
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|
250 |
|
|
|
239,743 |
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| Burnham Park CLO Ltd., Series 2016-1A, Class D, 4.71%, 10/20/29 (b)(c) |
|
|
|
|
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|
1,000 |
|
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|
1,003,910 |
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| Carlyle Global Market Strategies CLO Ltd. (b)(c): |
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| Series 2012-4A, Class DR,
5.13%, 1/20/29 |
|
|
|
|
|
|
1,000 |
|
|
|
1,000,000 |
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| Series 2013-1A, Class C, 5.04%, 2/14/25 |
|
|
|
|
|
|
250 |
|
|
|
250,696 |
|
| Series 2014-1A, Class CR, 3.77%, 4/17/25 |
|
|
|
|
|
|
1,500 |
|
|
|
1,509,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset-Backed Securities |
|
|
|
|
Par
(000) |
|
|
Value |
|
| Asset-Backed Securities (continued) |
|
| Carlyle Global Market Strategies CLO Ltd. (b)(c): (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2015-2A, Class C, 4.79%, 4/27/27 |
|
|
USD |
|
|
|
250 |
|
|
$ |
250,611 |
|
| Series 2015-2A, Class D, 6.34%, 4/27/27 |
|
|
|
|
|
|
1,000 |
|
|
|
976,382 |
|
| CFIP CLO Ltd., Series 2013-1A, Class D,
4.78%, 4/20/24 (b)(c) |
|
|
|
|
|
|
1,500 |
|
|
|
1,504,322 |
|
| CIFC Funding 2012-III Ltd., Series 2012-3A, Class B1R, 5.04%, 1/29/25 (b)(c) |
|
|
|
|
|
|
1,000 |
|
|
|
1,002,669 |
|
| Flatiron CLO Ltd., Series 2014-1A, Class D,
4.62%, 1/15/23 (b)(c) |
|
|
|
|
|
|
1,000 |
|
|
|
1,002,321 |
|
| Highbridge Loan Management Ltd.,
Series 6A-2015 (b)(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| Class D, 4.68%, 5/05/27 |
|
|
|
|
|
|
300 |
|
|
|
296,078 |
|
| Class E1, 6.48%, 5/05/27 |
|
|
|
|
|
|
1,250 |
|
|
|
1,209,031 |
|
| Madison Park Funding IX Ltd., Series 2012-9AR, Class DR, 4.89%, 8/15/22 (b)(c) |
|
|
|
|
|
|
655 |
|
|
|
655,604 |
|
| Madison Park Funding X Ltd., Series 2012-10A, Class DR, 5.23%, 1/20/29 (b)(c) |
|
|
|
|
|
|
1,500 |
|
|
|
1,505,835 |
|
| Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class CR, 5.29%, 11/14/27
(b)(c) |
|
|
|
|
|
|
1,000 |
|
|
|
1,007,836 |
|
| OCP CLO Ltd., Series 2012-2A, Class DR,
5.52%, 11/22/25 (b)(c) |
|
|
|
|
|
|
1,000 |
|
|
|
1,001,701 |
|
| OZLM IX Ltd., Series 2014-9A (b)(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| Class C, 4.63%, 1/20/27 |
|
|
|
|
|
|
750 |
|
|
|
750,128 |
|
| Class CR, 4.58%, 1/20/27 (d) |
|
|
|
|
|
|
750 |
|
|
|
750,000 |
|
| OZLM XII Ltd., Series 2015-12A, Class C, 4.74%, 4/30/27 (b)(c) |
|
|
|
|
|
|
340 |
|
|
|
340,141 |
|
| Sound Point CLO IV Ltd., Series 2013-3A, Class D, 4.54%, 1/21/26 (b)(c) |
|
|
|
|
|
|
500 |
|
|
|
500,438 |
|
| Stewart Park CLO Ltd., Series 2015-1A, Class E, 6.47%, 4/15/26 (b)(c) |
|
|
|
|
|
|
500 |
|
|
|
484,015 |
|
| TICP CLO I Ltd., Series 2015-1A, Class D, 4.58%, 7/20/27 (b)(c) |
|
|
|
|
|
|
250 |
|
|
|
240,833 |
|
| Venture XI CLO Ltd., Series 2012-11AR, Class DR, 4.26%, 11/14/22 (b)(c) |
|
|
|
|
|
|
250 |
|
|
|
250,315 |
|
| Venture XXI CLO Ltd., Series 2015-21A, Class D, 4.62%, 7/15/27 (b)(c) |
|
|
|
|
|
|
500 |
|
|
|
483,431 |
|
| Voya CLO Ltd., Series 2012-2AR, Class ER, 7.02%, 10/15/22 (b)(c) |
|
|
|
|
|
|
1,250 |
|
|
|
1,250,472 |
|
| Webster Park CLO Ltd., Series 2015-1A (b)(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| Class B1, 4.13%, 1/20/27 |
|
|
|
|
|
|
500 |
|
|
|
503,285 |
|
| Class C, 5.08%, 1/20/27 |
|
|
|
|
|
|
500 |
|
|
|
501,858 |
|
| Total Asset-Backed Securities — 3.3% |
|
|
|
|
|
|
|
|
|
|
26,013,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds |
|
|
|
|
|
|
|
|
|
| Advertising Agencies — 0.0% |
|
| Kinross Gold Corp., 6.88%, 9/01/41 |
|
|
|
|
|
|
180 |
|
|
|
182,250 |
|
| Aerospace & Defense — 1.6% |
|
| Accudyne Industries Borrower/Accudyne Industries LLC, 7.75%, 12/15/20 (b) |
|
|
|
|
|
|
167 |
|
|
|
146,543 |
|
| Bombardier, Inc. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.75%, 12/01/21 |
|
|
|
|
|
|
187 |
|
|
|
207,103 |
|
| 6.00%, 10/15/22 |
|
|
|
|
|
|
1,134 |
|
|
|
1,135,417 |
|
| 6.13%, 1/15/23 |
|
|
|
|
|
|
648 |
|
|
|
648,000 |
|
| 7.50%, 3/15/25 |
|
|
|
|
|
|
1,554 |
|
|
|
1,616,160 |
|
|
|
|
|
|
|
|
|
|
|
|
| CDO |
|
Collateralized Debt Obligation |
|
GBP |
|
British Pound |
|
|
|
|
| CLO |
|
Collateralized Loan Obligation |
|
LOC |
|
Letter of Credit |
|
|
|
|
| DIP |
|
Debtor-In-Possession |
|
PIK |
|
Payment-In-Kind |
|
|
|
|
| EBITDA |
|
Earnings Before Interest, Taxes, Depreciation and Amortization |
|
USD |
|
U.S. Dollar |
|
|
|
|
| EUR |
|
Euro |
|
|
|
|
|
|
|
|
See Notes to Consolidated Financial
Statements.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK DEBT STRATEGIES FUND, INC. |
|
FEBRUARY 28, 2017 |
|
7 |
|
|
|
| Consolidated Schedule of Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds |
|
|
|
|
Par
(000) |
|
|
Value |
|
| Aerospace & Defense (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| Huntington Ingalls Industries, Inc.,
5.00%, 12/15/21 (b) |
|
|
USD |
|
|
|
307 |
|
|
$ |
320,815 |
|
| KLX, Inc., 5.88%, 12/01/22 (b) |
|
|
|
|
|
|
1,462 |
|
|
|
1,539,047 |
|
| Koppers, Inc., 6.00%, 2/15/25 (b) |
|
|
|
|
|
|
606 |
|
|
|
630,240 |
|
| Meccanica Holdings USA, Inc., 6.25%, 7/15/19 (b) |
|
|
|
|
|
|
100 |
|
|
|
107,600 |
|
| TransDigm, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 7/15/22 |
|
|
|
|
|
|
2,915 |
|
|
|
2,993,647 |
|
| 6.50%, 7/15/24 |
|
|
|
|
|
|
2,189 |
|
|
|
2,249,197 |
|
| 6.50%, 5/15/25 |
|
|
|
|
|
|
555 |
|
|
|
568,181 |
|
| Series WI, 6.38%, 6/15/26 |
|
|
|
|
|
|
223 |
|
|
|
225,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
12,387,180 |
|
| Air Freight & Logistics — 0.4% |
|
| XPO Logistics, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.75%, 6/15/21 |
|
|
EUR |
|
|
|
100 |
|
|
|
111,872 |
|
| 6.50%, 6/15/22 (b) |
|
|
USD |
|
|
|
1,520 |
|
|
|
1,596,000 |
|
| 6.13%, 9/01/23 (b) |
|
|
|
|
|
|
1,004 |
|
|
|
1,054,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
2,762,072 |
|
| Airlines — 0.8% |
|
| Air Canada Pass-Through Trust, Series 2013-1, Class C, 6.63%, 5/15/18 (b) |
|
|
|
|
|
|
712 |
|
|
|
744,040 |
|
| American Airlines Group, Inc., 4.63%, 3/01/20 (b) |
|
|
|
|
|
|
542 |
|
|
|
550,807 |
|
| Continental Airlines Pass-Through Trust, Series 2012-3, Class C, 6.13%,
4/29/18 |
|
|
|
|
|
|
2,390 |
|
|
|
2,491,575 |
|
| US Airways Pass-Through Trust, Series 2013-1, Class B, 5.38%, 5/15/23 |
|
|
|
|
|
|
2,034 |
|
|
|
2,099,659 |
|
| Virgin Australia Trust, Series 2013-1, Class C, 7.13%, 10/23/18 (b) |
|
|
|
|
|
|
539 |
|
|
|
550,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
6,436,371 |
|
| Auto Components — 0.9% |
|
| Allison Transmission, Inc., 5.00%, 10/01/24 (b) |
|
|
|
|
|
|
685 |
|
|
|
696,987 |
|
| CNH Industrial Finance Europe SA, 2.88%, 5/17/23 |
|
|
EUR |
|
|
|
175 |
|
|
|
192,735 |
|
| Fiat Chrysler Finance Europe, 4.75%, 3/22/21 |
|
|
|
|
|
|
100 |
|
|
|
117,064 |
|
| Goodyear Tire & Rubber Co., 5.00%, 5/31/26 |
|
|
USD |
|
|
|
133 |
|
|
|
135,660 |
|
| Icahn Enterprises LP/Icahn Enterprises Finance Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.88%, 3/15/19 |
|
|
|
|
|
|
4,609 |
|
|
|
4,683,896 |
|
| 6.25%, 2/01/22 (b) |
|
|
|
|
|
|
319 |
|
|
|
329,367 |
|
| 6.75%, 2/01/24 (b) |
|
|
|
|
|
|
303 |
|
|
|
314,363 |
|
| IHO Verwaltungs GmbH (e): |
|
|
|
|
|
|
|
|
|
|
|
|
| (2.75% Cash or 3.50% PIK), 2.75%, 9/15/21 |
|
|
EUR |
|
|
|
100 |
|
|
|
109,423 |
|
| (3.25% Cash or 4.00% PIK), 3.25%, 9/15/23 |
|
|
|
|
|
|
100 |
|
|
|
109,913 |
|
| (3.75 Cash or 4.50% PIK), 3.75%, 9/15/26 |
|
|
|
|
|
|
100 |
|
|
|
107,926 |
|
| Jaguar Land Rover Automotive PLC,
5.63%, 2/01/23 (b) |
|
|
USD |
|
|
|
425 |
|
|
|
445,189 |
|
| Venture Holdings Co. LLC (a)(f): |
|
|
|
|
|
|
|
|
|
|
|
|
| 12.00%, 6/01/2009 |
|
|
|
|
|
|
5,150 |
|
|
|
— |
|
| Series B, 9.50%, 7/01/2005 |
|
|
|
|
|
|
5,125 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
7,242,523 |
|
| Banks — 1.0% |
|
| Allied Irish Banks PLC, 4.13%, 11/26/25 (c) |
|
|
EUR |
|
|
|
100 |
|
|
|
110,229 |
|
| Banca Popolare di Vicenza, 0.50%, 2/03/20 |
|
|
|
|
|
|
100 |
|
|
|
104,979 |
|
| Banco Espirito Santo SA (a)(f): |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.63%, 5/08/17 |
|
|
|
|
|
|
100 |
|
|
|
31,517 |
|
| 4.75%, 1/15/18 |
|
|
|
|
|
|
200 |
|
|
|
63,034 |
|
| 4.00%, 1/21/19 |
|
|
|
|
|
|
100 |
|
|
|
31,517 |
|
| Banco Popolare, 2.75%, 7/27/20 |
|
|
|
|
|
|
100 |
|
|
|
108,111 |
|
| Bank of Ireland, 4.25%, 6/11/24 (c) |
|
|
|
|
|
|
100 |
|
|
|
110,442 |
|
| Bankia SA, 4.00%, 5/22/24 (c) |
|
|
|
|
|
|
300 |
|
|
|
324,549 |
|
| CaixaBank SA, 3.50%, 2/15/27 (c) |
|
|
|
|
|
|
100 |
|
|
|
109,014 |
|
| CIT Group, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 3/15/18 |
|
|
USD |
|
|
|
1,434 |
|
|
|
1,481,867 |
|
| 6.63%, 4/01/18 (b) |
|
|
|
|
|
|
295 |
|
|
|
309,013 |
|
| 5.00%, 5/15/18 (b) |
|
|
|
|
|
|
950 |
|
|
|
961,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds |
|
|
|
|
Par
(000) |
|
|
Value |
|
| Banks (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| CIT Group, Inc.: (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.50%, 2/15/19 (b) |
|
|
USD |
|
|
|
3,099 |
|
|
$ |
3,265,571 |
|
| 5.00%, 8/01/23 |
|
|
|
|
|
|
470 |
|
|
|
497,025 |
|
| Commerzbank AG, 7.75%, 3/16/21 |
|
|
EUR |
|
|
|
100 |
|
|
|
127,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
7,636,060 |
|
| Building Materials — 0.0% |
|
| Dry Mix Solutions Investissements SAS,
3.93%, 6/15/21 (c) |
|
|
|
|
|
|
100 |
|
|
|
105,940 |
|
| Titan Global Finance PLC, 3.50%, 6/17/21 |
|
|
|
|
|
|
100 |
|
|
|
110,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
215,945 |
|
| Building Products — 0.8% |
|
| American Builders & Contractors Supply Co., Inc. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.63%, 4/15/21 |
|
|
USD |
|
|
|
210 |
|
|
|
215,513 |
|
| 5.75%, 12/15/23 |
|
|
|
|
|
|
415 |
|
|
|
435,750 |
|
| Building Materials Corp. of America (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.38%, 11/15/24 |
|
|
|
|
|
|
190 |
|
|
|
195,301 |
|
| 6.00%, 10/15/25 |
|
|
|
|
|
|
664 |
|
|
|
705,500 |
|
| CPG Merger Sub LLC, 8.00%, 10/01/21 (b) |
|
|
|
|
|
|
740 |
|
|
|
775,150 |
|
| Masonite International Corp., 5.63%, 3/15/23 (b) |
|
|
|
|
|
|
579 |
|
|
|
597,817 |
|
| Ply Gem Industries, Inc., 6.50%, 2/01/22 |
|
|
|
|
|
|
1,275 |
|
|
|
1,326,255 |
|
| Standard Industries, Inc. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 2/15/21 |
|
|
|
|
|
|
84 |
|
|
|
87,570 |
|
| 5.50%, 2/15/23 |
|
|
|
|
|
|
453 |
|
|
|
471,120 |
|
| USG Corp., 8.25%, 1/15/18 |
|
|
|
|
|
|
980 |
|
|
|
1,029,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
5,838,976 |
|
| Capital Markets — 0.2% |
|
| Blackstone CQP Holdco LP, 9.30%, 3/19/19 |
|
|
|
|
|
|
1,521 |
|
|
|
1,538,391 |
|
| E*Trade Financial Corp., Series A, 0.00%, 8/31/19 (g)(h) |
|
|
|
|
|
|
100 |
|
|
|
334,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
1,872,513 |
|
| Chemicals — 3.0% |
|
| Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 2/01/25 (b) |
|
|
|
|
|
|
1,100 |
|
|
|
1,100,000 |
|
| Axalta Coating Systems Dutch Holding B BV, 3.75%, 1/15/25 |
|
|
EUR |
|
|
|
100 |
|
|
|
110,456 |
|
| Axalta Coating Systems LLC, 4.88%, 8/15/24 (b) |
|
|
USD |
|
|
|
325 |
|
|
|
331,500 |
|
| Blue Cube Spinco, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 9.75%, 10/15/23 |
|
|
|
|
|
|
215 |
|
|
|
256,388 |
|
| 10.00%, 10/15/25 |
|
|
|
|
|
|
100 |
|
|
|
121,500 |
|
| CF Industries, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.15%, 3/15/34 |
|
|
|
|
|
|
185 |
|
|
|
175,866 |
|
| 4.95%, 6/01/43 |
|
|
|
|
|
|
755 |
|
|
|
649,300 |
|
| Chemours Co.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 5/15/23 |
|
|
|
|
|
|
270 |
|
|
|
286,538 |
|
| 7.00%, 5/15/25 |
|
|
|
|
|
|
321 |
|
|
|
348,686 |
|
| GEO Specialty Chemicals, Inc., 7.50%, 10/30/18 |
|
|
|
|
|
|
6,638 |
|
|
|
9,304,604 |
|
| Hexion, Inc., 10.38%, 2/01/22 (b) |
|
|
|
|
|
|
336 |
|
|
|
346,080 |
|
| Huntsman International LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 4/15/21 |
|
|
EUR |
|
|
|
100 |
|
|
|
118,148 |
|
| 5.13%, 11/15/22 |
|
|
USD |
|
|
|
1,101 |
|
|
|
1,156,050 |
|
| Ineos Finance PLC, 4.00%, 5/01/23 |
|
|
EUR |
|
|
|
100 |
|
|
|
110,310 |
|
| Inovyn Finance PLC, 6.25%, 5/15/21 |
|
|
|
|
|
|
100 |
|
|
|
112,633 |
|
| Momentive Performance Materials, Inc., 3.88%, 10/24/21 |
|
|
USD |
|
|
|
2,675 |
|
|
|
2,621,500 |
|
| Platform Specialty Products Corp. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 10.38%, 5/01/21 |
|
|
|
|
|
|
506 |
|
|
|
568,618 |
|
| 6.50%, 2/01/22 |
|
|
|
|
|
|
3,375 |
|
|
|
3,526,875 |
|
| PQ Corp., 6.75%, 11/15/22 (b) |
|
|
|
|
|
|
967 |
|
|
|
1,046,777 |
|
| PSPC Escrow Corp., 6.00%, 2/01/23 |
|
|
EUR |
|
|
|
100 |
|
|
|
111,263 |
|
| Tronox Finance LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.38%, 8/15/20 |
|
|
USD |
|
|
|
564 |
|
|
|
573,870 |
|
| 7.50%, 3/15/22 (b) |
|
|
|
|
|
|
172 |
|
|
|
179,740 |
|
| WR Grace & Co-Conn, 5.13%, 10/01/21 (b) |
|
|
|
|
|
|
488 |
|
|
|
513,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
23,670,322 |
|
See Notes to Consolidated
Financial Statements.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 8 |
|
BLACKROCK DEBT STRATEGIES FUND, INC. |
|
FEBRUARY 28, 2017 |
|
|
|
|
|
| Consolidated Schedule of Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds |
|
|
|
|
Par
(000) |
|
|
Value |
|
| Commercial Services & Supplies — 0.8% |
|
| ADT Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.50%, 7/15/22 |
|
|
USD |
|
|
|
765 |
|
|
$ |
725,794 |
|
| 4.13%, 6/15/23 |
|
|
|
|
|
|
435 |
|
|
|
418,688 |
|
| 4.88%, 7/15/32 (b) |
|
|
|
|
|
|
353 |
|
|
|
284,165 |
|
| Advanced Disposal Services, Inc.,
5.63%, 11/15/24 (b) |
|
|
|
|
|
|
608 |
|
|
|
621,680 |
|
| Brand Energy & Infrastructure Services, Inc., 8.50%, 12/01/21 (b) |
|
|
|
|
|
|
200 |
|
|
|
209,500 |
|
| CEB, Inc., 5.63%, 6/15/23 (b) |
|
|
|
|
|
|
760 |
|
|
|
817,000 |
|
| Harland Clarke Holdings Corp., 8.38%, 8/15/22 (b) |
|
|
|
|
|
|
740 |
|
|
|
764,512 |
|
| Mobile Mini, Inc., 5.88%, 7/01/24 |
|
|
|
|
|
|
104 |
|
|
|
108,680 |
|
| Park Aerospace Holdings Ltd., 5.25%, 8/15/22 (b) |
|
|
|
|
|
|
645 |
|
|
|
672,412 |
|
| Ritchie Bros Auctioneers, Inc., 5.38%, 1/15/25 (b) |
|
|
|
|
|
|
302 |
|
|
|
310,683 |
|
| Silk Bidco AS, 7.50%, 2/01/22 |
|
|
EUR |
|
|
|
150 |
|
|
|
170,828 |
|
| United Rentals North America, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.63%, 4/15/22 |
|
|
USD |
|
|
|
858 |
|
|
|
895,812 |
|
| 5.75%, 11/15/24 |
|
|
|
|
|
|
165 |
|
|
|
175,230 |
|
| Verisure Holding AB, 6.00%, 11/01/22 |
|
|
EUR |
|
|
|
125 |
|
|
|
144,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
6,319,261 |
|
| Communications Equipment — 1.1% |
|
| Alcatel-Lucent USA, Inc., 6.45%, 3/15/29 |
|
|
USD |
|
|
|
1,767 |
|
|
|
1,952,535 |
|
| CommScope Technologies Finance LLC, 6.00%, 6/15/25 (b) |
|
|
|
|
|
|
505 |
|
|
|
540,350 |
|
| CommScope, Inc. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.00%, 6/15/21 |
|
|
|
|
|
|
574 |
|
|
|
591,220 |
|
| 5.50%, 6/15/24 |
|
|
|
|
|
|
272 |
|
|
|
284,920 |
|
| Zayo Group LLC/Zayo Capital, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 4/01/23 |
|
|
|
|
|
|
3,045 |
|
|
|
3,220,087 |
|
| 6.38%, 5/15/25 |
|
|
|
|
|
|
1,223 |
|
|
|
1,317,783 |
|
| 5.75%, 1/15/27 (b) |
|
|
|
|
|
|
570 |
|
|
|
602,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
8,509,556 |
|
| Construction & Engineering — 0.3% |
|
| BlueLine Rental Finance Corp., 7.00%, 2/01/19 (b) |
|
|
|
|
|
|
1,076 |
|
|
|
1,097,520 |
|
| Engility Corp., 8.88%, 9/01/24 (b) |
|
|
|
|
|
|
468 |
|
|
|
503,100 |
|
| Swissport Investments SA, 6.75%, 12/15/21 |
|
|
EUR |
|
|
|
100 |
|
|
|
116,163 |
|
| Weekley Homes LLC/Weekley Finance Corp., 6.00%, 2/01/23 |
|
|
USD |
|
|
|
350 |
|
|
|
337,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
2,054,533 |
|
| Construction Materials — 0.7% |
|
| Allegion US Holding Co., Inc., 5.75%, 10/01/21 |
|
|
|
|
|
|
117 |
|
|
|
122,265 |
|
| HD Supply, Inc. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 12/15/21 |
|
|
|
|
|
|
2,410 |
|
|
|
2,542,550 |
|
| 5.75%, 4/15/24 |
|
|
|
|
|
|
1,625 |
|
|
|
1,718,438 |
|
| LKQ Italia Bondco SpA, 3.88%, 4/01/24 |
|
|
EUR |
|
|
|
100 |
|
|
|
113,225 |
|
| PulteGroup, Inc., 5.50%, 3/01/26 |
|
|
USD |
|
|
|
446 |
|
|
|
462,725 |
|
| Rexel SA, 3.50%, 6/15/23 |
|
|
EUR |
|
|
|
130 |
|
|
|
144,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
5,103,249 |
|
| Consumer Discretionary — 0.1% |
|
| Nielsen Co. Luxembourg SARL, 5.00%, 2/01/25 (b) |
|
|
USD |
|
|
|
471 |
|
|
|
474,533 |
|
| Consumer Finance — 1.2% |
|
| Ally Financial, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 12/01/17 |
|
|
|
|
|
|
30 |
|
|
|
31,027 |
|
| 5.13%, 9/30/24 |
|
|
|
|
|
|
1,207 |
|
|
|
1,277,911 |
|
| 4.63%, 3/30/25 |
|
|
|
|
|
|
216 |
|
|
|
220,860 |
|
| 8.00%, 11/01/31 |
|
|
|
|
|
|
4,856 |
|
|
|
5,972,880 |
|
| Navient Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 7/26/21 |
|
|
|
|
|
|
297 |
|
|
|
309,623 |
|
| 5.50%, 1/25/23 |
|
|
|
|
|
|
345 |
|
|
|
330,337 |
|
| 7.25%, 9/25/23 |
|
|
|
|
|
|
10 |
|
|
|
10,250 |
|
| 6.13%, 3/25/24 |
|
|
|
|
|
|
237 |
|
|
|
226,928 |
|
| 5.88%, 10/25/24 |
|
|
|
|
|
|
258 |
|
|
|
241,875 |
|
| 5.63%, 8/01/33 |
|
|
|
|
|
|
260 |
|
|
|
210,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds |
|
|
|
|
Par
(000) |
|
|
Value |
|
| Consumer Finance (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| OneMain Financial Holdings LLC,
6.75%, 12/15/19 (b) |
|
|
USD |
|
|
|
439 |
|
|
$ |
459,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
9,291,871 |
|
| Containers & Packaging — 2.8% |
|
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 1/31/19 (b) |
|
|
|
|
|
|
603 |
|
|
|
612,533 |
|
| 3.96%, 12/15/19 (b)(c) |
|
|
|
|
|
|
387 |
|
|
|
394,492 |
|
| 6.75%, 1/31/21 (b) |
|
|
|
|
|
|
415 |
|
|
|
430,272 |
|
| 6.00%, 6/30/21 (b) |
|
|
|
|
|
|
1,490 |
|
|
|
1,545,875 |
|
| 4.25%, 1/15/22 |
|
|
EUR |
|
|
|
170 |
|
|
|
185,915 |
|
| 4.25%, 9/15/22 (b)(d) |
|
|
USD |
|
|
|
635 |
|
|
|
644,525 |
|
| 4.63%, 5/15/23 (b) |
|
|
|
|
|
|
559 |
|
|
|
568,783 |
|
| 2.75%, 3/15/24 (d) |
|
|
EUR |
|
|
|
125 |
|
|
|
132,577 |
|
| 6.75%, 5/15/24 |
|
|
|
|
|
|
125 |
|
|
|
146,495 |
|
| 7.25%, 5/15/24 (b) |
|
|
|
|
|
|
2,685 |
|
|
|
2,926,650 |
|
| 6.00%, 2/15/25 (b)(d) |
|
|
USD |
|
|
|
1,646 |
|
|
|
1,691,265 |
|
| Ball Corp., 5.00%, 3/15/22 |
|
|
|
|
|
|
823 |
|
|
|
871,351 |
|
| Crown European Holdings SA, 4.00%, 7/15/22 |
|
|
EUR |
|
|
|
220 |
|
|
|
258,705 |
|
| Flex Acquisition Co., Inc., 6.88%, 1/15/25 (b) |
|
|
USD |
|
|
|
394 |
|
|
|
402,865 |
|
| Graphic Packaging International, Inc., 4.13%, 8/15/24 |
|
|
|
|
|
|
1,130 |
|
|
|
1,121,525 |
|
| JH-Holding Finance SA, (8.25% PIK),
8.25%, 12/01/22 (e) |
|
|
EUR |
|
|
|
100 |
|
|
|
114,773 |
|
| Reynolds Group Issuer, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.75%, 10/15/20 |
|
|
USD |
|
|
|
3,099 |
|
|
|
3,191,970 |
|
| 6.88%, 2/15/21 |
|
|
|
|
|
|
172 |
|
|
|
177,145 |
|
| 4.52%, 7/15/21 (b)(c) |
|
|
|
|
|
|
1,671 |
|
|
|
1,714,864 |
|
| 5.13%, 7/15/23 (b) |
|
|
|
|
|
|
372 |
|
|
|
385,485 |
|
| 7.00%, 7/15/24 (b) |
|
|
|
|
|
|
1,754 |
|
|
|
1,886,646 |
|
| Sappi Papier Holding GmbH, 4.00%, 4/01/23 |
|
|
EUR |
|
|
|
100 |
|
|
|
112,296 |
|
| Sealed Air Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.88%, 12/01/22 (b) |
|
|
USD |
|
|
|
120 |
|
|
|
124,050 |
|
| 4.50%, 9/15/23 |
|
|
EUR |
|
|
|
100 |
|
|
|
118,595 |
|
| 6.88%, 7/15/33 (b) |
|
|
USD |
|
|
|
28 |
|
|
|
30,380 |
|
| Signode Industrial Group Lux SA/Signode Industrial Group US, Inc., 6.38%, 5/01/22 (b) |
|
|
|
|
|
|
1,771 |
|
|
|
1,819,703 |
|
| Smurfit Kappa Acquisitions, 4.88%, 9/15/18 (b) |
|
|
|
|
|
|
200 |
|
|
|
206,320 |
|
| Verallia Packaging SASU, 5.13%, 8/01/22 |
|
|
EUR |
|
|
|
100 |
|
|
|
112,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
21,928,457 |
|
| Diversified Consumer Services — 0.9% |
|
| APX Group, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.38%, 12/01/19 |
|
|
USD |
|
|
|
165 |
|
|
|
169,744 |
|
| 8.75%, 12/01/20 |
|
|
|
|
|
|
390 |
|
|
|
403,650 |
|
| 7.88%, 12/01/22 |
|
|
|
|
|
|
695 |
|
|
|
752,337 |
|
| 7.88%, 12/01/22 (b) |
|
|
|
|
|
|
545 |
|
|
|
589,962 |
|
| Laureate Education, Inc., 9.25%, 9/01/19 (b) |
|
|
|
|
|
|
427 |
|
|
|
446,749 |
|
| Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 5/15/23 (b) |
|
|
|
|
|
|
4,035 |
|
|
|
4,413,281 |
|
| Service Corp. International, 4.50%, 11/15/20 |
|
|
|
|
|
|
307 |
|
|
|
313,140 |
|
| Sotheby’s, 5.25%, 10/01/22 (b) |
|
|
|
|
|
|
73 |
|
|
|
74,460 |
|
| Tereos Finance Groupe I SA, 4.13%, 6/16/23 |
|
|
EUR |
|
|
|
100 |
|
|
|
109,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
7,272,362 |
|
| Diversified Financial Services — 0.4% |
|
| Aircastle Ltd.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 3/15/21 |
|
|
USD |
|
|
|
33 |
|
|
|
35,228 |
|
| 5.50%, 2/15/22 |
|
|
|
|
|
|
427 |
|
|
|
460,626 |
|
| Deutsche Bank AG, 4.25%, 10/14/21 (b) |
|
|
|
|
|
|
150 |
|
|
|
151,696 |
|
| FBM Finance, Inc., 8.25%, 8/15/21 (b) |
|
|
|
|
|
|
350 |
|
|
|
374,570 |
|
| Garfunkelux Holdco 3 SA, 8.50%, 11/01/22 |
|
|
GBP |
|
|
|
100 |
|
|
|
129,669 |
|
| Jefferies Finance LLC/JFIN Co-Issuer Corp. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.38%, 4/01/20 |
|
|
USD |
|
|
|
625 |
|
|
|
635,937 |
|
| 6.88%, 4/15/22 |
|
|
|
|
|
|
516 |
|
|
|
501,810 |
|
See Notes to Consolidated
Financial Statements.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK DEBT STRATEGIES FUND, INC. |
|
FEBRUARY 28, 2017 |
|
9 |
|
|
|
| Consolidated Schedule of Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds |
|
|
|
|
Par
(000) |
|
|
Value |
|
| Diversified Financial Services (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| ProGroup AG, 5.13%, 5/01/22 |
|
|
EUR |
|
|
|
130 |
|
|
$ |
146,360 |
|
| UniCredit SpA: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.95%, 10/31/22 |
|
|
|
|
|
|
100 |
|
|
|
123,066 |
|
| 5.75%, 10/28/25 (c) |
|
|
|
|
|
|
100 |
|
|
|
113,301 |
|
| 4.38%, 1/03/27 (c) |
|
|
|
|
|
|
100 |
|
|
|
108,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
2,780,997 |
|
| Diversified Telecommunication Services — 2.2% |
|
| CenturyLink, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.45%, 6/15/21 |
|
|
USD |
|
|
|
1,753 |
|
|
|
1,868,049 |
|
| Series Y, 7.50%, 4/01/24 |
|
|
|
|
|
|
165 |
|
|
|
177,375 |
|
| Cincinnati Bell, Inc., 7.00%, 7/15/24 (b) |
|
|
|
|
|
|
1,915 |
|
|
|
2,025,112 |
|
| Frontier Communications Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.13%, 3/15/19 |
|
|
|
|
|
|
50 |
|
|
|
53,125 |
|
| 8.50%, 4/15/20 |
|
|
|
|
|
|
260 |
|
|
|
275,600 |
|
| 6.25%, 9/15/21 |
|
|
|
|
|
|
345 |
|
|
|
329,475 |
|
| 7.13%, 1/15/23 |
|
|
|
|
|
|
235 |
|
|
|
212,675 |
|
| 7.63%, 4/15/24 |
|
|
|
|
|
|
1,641 |
|
|
|
1,472,798 |
|
| 6.88%, 1/15/25 |
|
|
|
|
|
|
1,750 |
|
|
|
1,474,375 |
|
| 11.00%, 9/15/25 |
|
|
|
|
|
|
265 |
|
|
|
266,325 |
|
| Level 3 Financing, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.76%, 1/15/18 (c) |
|
|
|
|
|
|
646 |
|
|
|
647,615 |
|
| 5.38%, 8/15/22 |
|
|
|
|
|
|
925 |
|
|
|
958,994 |
|
| 5.13%, 5/01/23 |
|
|
|
|
|
|
1,120 |
|
|
|
1,142,400 |
|
| 5.38%, 1/15/24 |
|
|
|
|
|
|
712 |
|
|
|
730,690 |
|
| 5.38%, 5/01/25 |
|
|
|
|
|
|
869 |
|
|
|
897,243 |
|
| 5.25%, 3/15/26 (b) |
|
|
|
|
|
|
411 |
|
|
|
414,596 |
|
| OTE PLC, 3.50%, 7/09/20 |
|
|
EUR |
|
|
|
100 |
|
|
|
106,470 |
|
| SoftBank Group Corp., 4.75%, 7/30/25 |
|
|
|
|
|
|
129 |
|
|
|
153,431 |
|
| Telecom Italia Capital SA: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.38%, 11/15/33 |
|
|
USD |
|
|
|
301 |
|
|
|
304,010 |
|
| 6.00%, 9/30/34 |
|
|
|
|
|
|
429 |
|
|
|
423,638 |
|
| 7.20%, 7/18/36 |
|
|
|
|
|
|
280 |
|
|
|
296,520 |
|
| Telecom Italia Finance SA, 7.75%, 1/24/33 |
|
|
EUR |
|
|
|
100 |
|
|
|
138,360 |
|
| Telecom Italia SpA: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.38%, 6/24/19 |
|
|
GBP |
|
|
|
200 |
|
|
|
271,401 |
|
| 3.25%, 1/16/23 |
|
|
EUR |
|
|
|
150 |
|
|
|
167,983 |
|
| 5.88%, 5/19/23 |
|
|
GBP |
|
|
|
100 |
|
|
|
139,372 |
|
| 5.30%, 5/30/24 (b) |
|
|
USD |
|
|
|
905 |
|
|
|
920,838 |
|
| Telenet Finance V Luxembourg SCA, 6.75%, 8/15/24 |
|
|
EUR |
|
|
|
322 |
|
|
|
378,292 |
|
| Windstream Corp., 7.75%, 10/01/21 |
|
|
USD |
|
|
|
451 |
|
|
|
464,530 |
|
| Windstream Services LLC, 7.50%, 6/01/22 |
|
|
|
|
|
|
339 |
|
|
|
335,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
17,046,902 |
|
| Electric Utilities — 0.0% |
|
| AES Corp., 4.88%, 5/15/23 |
|
|
|
|
|
|
256 |
|
|
|
254,208 |
|
| Electrical Equipment — 0.0% |
|
| Areva SA, 4.88%, 9/23/24 |
|
|
EUR |
|
|
|
100 |
|
|
|
107,116 |
|
| Belden, Inc., 5.50%, 4/15/23 |
|
|
|
|
|
|
109 |
|
|
|
122,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
229,808 |
|
| Electronic Equipment, Instruments & Components — 0.5% |
|
| CDW LLC/CDW Finance Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 8/15/22 |
|
|
USD |
|
|
|
500 |
|
|
|
529,375 |
|
| 5.00%, 9/01/23 |
|
|
|
|
|
|
1,036 |
|
|
|
1,067,080 |
|
| 5.50%, 12/01/24 |
|
|
|
|
|
|
2,050 |
|
|
|
2,152,500 |
|
| SESI LLC, 7.13%, 12/15/21 |
|
|
|
|
|
|
180 |
|
|
|
184,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
3,933,905 |
|
| Energy Equipment & Services — 1.1% |
|
| Ensco PLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.50%, 10/01/24 |
|
|
|
|
|
|
260 |
|
|
|
223,600 |
|
| 5.20%, 3/15/25 |
|
|
|
|
|
|
55 |
|
|
|
48,675 |
|
| Gates Global LLC/Gates Global Co.,
6.00%, 7/15/22 (b) |
|
|
|
|
|
|
568 |
|
|
|
572,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds |
|
|
|
|
Par
(000) |
|
|
Value |
|
| Energy Equipment & Services (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| Genesis Energy LP/Genesis Energy Finance Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.75%, 2/15/21 |
|
|
USD |
|
|
|
103 |
|
|
$ |
104,545 |
|
| 6.75%, 8/01/22 |
|
|
|
|
|
|
557 |
|
|
|
580,672 |
|
| GrafTech International Ltd., 6.38%, 11/15/20 |
|
|
|
|
|
|
150 |
|
|
|
127,500 |
|
| Noble Holding International Ltd., 4.63%, 3/01/21 |
|
|
|
|
|
|
22 |
|
|
|
20,845 |
|
| Pioneer Energy Services Corp., 6.13%, 3/15/22 |
|
|
|
|
|
|
740 |
|
|
|
690,975 |
|
| Precision Drilling Corp., 6.50%, 12/15/21 |
|
|
|
|
|
|
5 |
|
|
|
5,138 |
|
| Transocean, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.25%, 10/15/17 |
|
|
|
|
|
|
354 |
|
|
|
356,089 |
|
| 6.00%, 3/15/18 |
|
|
|
|
|
|
1,399 |
|
|
|
1,433,975 |
|
| 7.38%, 4/15/18 |
|
|
|
|
|
|
90 |
|
|
|
92,475 |
|
| 5.55%, 10/15/22 |
|
|
|
|
|
|
322 |
|
|
|
301,070 |
|
| 9.00%, 7/15/23 (b) |
|
|
|
|
|
|
1,702 |
|
|
|
1,833,905 |
|
| 6.80%, 3/15/38 |
|
|
|
|
|
|
375 |
|
|
|
307,500 |
|
| Trinidad Drilling Ltd., 6.63%, 2/15/25 (b) |
|
|
|
|
|
|
724 |
|
|
|
745,720 |
|
| Weatherford International Ltd.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.75%, 6/15/21 |
|
|
|
|
|
|
215 |
|
|
|
231,931 |
|
| 8.25%, 6/15/23 |
|
|
|
|
|
|
335 |
|
|
|
363,475 |
|
| 9.88%, 2/15/24 (b) |
|
|
|
|
|
|
356 |
|
|
|
411,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
8,451,530 |
|
| Environmental, Maintenance, & Security Service — 0.2% |
|
| Befesa Zinc SAU Via Zinc Capital SA, 8.88%, 5/15/18 |
|
|
EUR |
|
|
|
100 |
|
|
|
108,212 |
|
| Tervita Escrow Corp., 7.63%, 12/01/21 (b) |
|
|
USD |
|
|
|
1,094 |
|
|
|
1,143,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
1,251,442 |
|
| Food & Staples Retailing — 0.9% |
|
| Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 6/15/24 |
|
|
|
|
|
|
308 |
|
|
|
326,480 |
|
| 5.75%, 3/15/25 |
|
|
|
|
|
|
363 |
|
|
|
363,681 |
|
| B&M European Value Retail SA, 4.13%, 2/01/22 |
|
|
GBP |
|
|
|
100 |
|
|
|
129,224 |
|
| Casino Guichard Perrachon SA: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.56%, 1/25/23 |
|
|
EUR |
|
|
|
100 |
|
|
|
118,464 |
|
| 3.25%, 3/07/24 |
|
|
|
|
|
|
200 |
|
|
|
232,452 |
|
| Dollar Tree, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 3/01/20 |
|
|
USD |
|
|
|
69 |
|
|
|
70,967 |
|
| 5.75%, 3/01/23 |
|
|
|
|
|
|
2,882 |
|
|
|
3,058,522 |
|
| Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.88%, 1/15/24 |
|
|
|
|
|
|
127 |
|
|
|
134,302 |
|
| Rite Aid Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 9.25%, 3/15/20 |
|
|
|
|
|
|
435 |
|
|
|
449,137 |
|
| 6.75%, 6/15/21 |
|
|
|
|
|
|
32 |
|
|
|
33,360 |
|
| 6.13%, 4/01/23 (b) |
|
|
|
|
|
|
1,440 |
|
|
|
1,525,896 |
|
| 7.70%, 2/15/27 |
|
|
|
|
|
|
56 |
|
|
|
66,920 |
|
| Tesco PLC, 5.00%, 3/24/23 |
|
|
GBP |
|
|
|
100 |
|
|
|
137,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
6,646,987 |
|
| Food Products — 0.8% |
|
| Acosta, Inc., 7.75%, 10/01/22 (b) |
|
|
USD |
|
|
|
420 |
|
|
|
369,600 |
|
| Aramark Services, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.75%, 3/15/20 |
|
|
|
|
|
|
165 |
|
|
|
167,636 |
|
| 5.13%, 1/15/24 |
|
|
|
|
|
|
78 |
|
|
|
81,713 |
|
| FAGE International SA/FAGE USA Dairy Industry, Inc., 5.63%, 8/15/26 (b) |
|
|
|
|
|
|
770 |
|
|
|
787,325 |
|
| JBS USA LLC/JBS USA Finance, Inc. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.25%, 6/01/21 |
|
|
|
|
|
|
355 |
|
|
|
365,650 |
|
| 5.75%, 6/15/25 |
|
|
|
|
|
|
704 |
|
|
|
726,880 |
|
| Post Holdings, Inc. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.75%, 3/15/24 |
|
|
|
|
|
|
718 |
|
|
|
796,980 |
|
| 8.00%, 7/15/25 |
|
|
|
|
|
|
307 |
|
|
|
346,142 |
|
| 5.00%, 8/15/26 |
|
|
|
|
|
|
2,342 |
|
|
|
2,264,410 |
|
| TreeHouse Foods, Inc., 6.00%, 2/15/24 (b) |
|
|
|
|
|
|
274 |
|
|
|
288,385 |
|
| WhiteWave Foods Co., 5.38%, 10/01/22 |
|
|
|
|
|
|
239 |
|
|
|
260,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
6,455,231 |
|
See Notes to Consolidated
Financial Statements.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 10 |
|
BLACKROCK DEBT STRATEGIES FUND, INC. |
|
FEBRUARY 28, 2017 |
|
|
|
|
|
| Consolidated Schedule of Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds |
|
|
|
|
Par
(000) |
|
|
Value |
|
| Health Care Equipment & Supplies — 0.7% |
|
| Crimson Merger Sub, Inc., 6.63%, 5/15/22 (b) |
|
|
USD |
|
|
|
595 |
|
|
$ |
531,038 |
|
| DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 6/15/21 (b) |
|
|
|
|
|
|
1,872 |
|
|
|
1,656,720 |
|
| Fresenius Medical Care US Finance, Inc., 5.75%, 2/15/21 (b) |
|
|
|
|
|
|
820 |
|
|
|
892,775 |
|
| IASIS Healthcare LLC/IASIS Capital Corp., 8.38%, 5/15/19 |
|
|
|
|
|
|
600 |
|
|
|
586,500 |
|
| IDH Finance PLC, 6.25%, 8/15/22 |
|
|
GBP |
|
|
|
100 |
|
|
|
118,811 |
|
| Mallinckrodt International Finance SA/Mallinckrodt CB LLC (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.88%, 4/15/20 |
|
|
USD |
|
|
|
350 |
|
|
|
350,875 |
|
| 5.75%, 8/01/22 |
|
|
|
|
|
|
990 |
|
|
|
970,200 |
|
| 5.63%, 10/15/23 |
|
|
|
|
|
|
509 |
|
|
|
488,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
5,595,559 |
|
| Health Care Providers & Services — 4.8% |
|
| Acadia Healthcare Co., Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 7/01/22 |
|
|
|
|
|
|
872 |
|
|
|
878,540 |
|
| 5.63%, 2/15/23 |
|
|
|
|
|
|
440 |
|
|
|
452,100 |
|
| 6.50%, 3/01/24 |
|
|
|
|
|
|
122 |
|
|
|
129,625 |
|
| Alere, Inc., 6.38%, 7/01/23 (b) |
|
|
|
|
|
|
406 |
|
|
|
412,090 |
|
| Amsurg Corp., 5.63%, 7/15/22 |
|
|
|
|
|
|
2,812 |
|
|
|
2,927,995 |
|
| Centene Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.63%, 2/15/21 |
|
|
|
|
|
|
716 |
|
|
|
753,590 |
|
| 4.75%, 5/15/22 |
|
|
|
|
|
|
67 |
|
|
|
69,429 |
|
| 6.13%, 2/15/24 |
|
|
|
|
|
|
311 |
|
|
|
337,435 |
|
| 4.75%, 1/15/25 |
|
|
|
|
|
|
610 |
|
|
|
627,537 |
|
| CHS/Community Health Systems, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 8/15/18 |
|
|
|
|
|
|
156 |
|
|
|
156,975 |
|
| 8.00%, 11/15/19 |
|
|
|
|
|
|
400 |
|
|
|
391,000 |
|
| 5.13%, 8/01/21 |
|
|
|
|
|
|
790 |
|
|
|
776,175 |
|
| 6.88%, 2/01/22 |
|
|
|
|
|
|
499 |
|
|
|
437,873 |
|
| DaVita HealthCare Partners, Inc., 5.13%, 7/15/24 |
|
|
|
|
|
|
810 |
|
|
|
826,706 |
|
| HCA Holdings, Inc., 6.25%, 2/15/21 |
|
|
|
|
|
|
510 |
|
|
|
555,263 |
|
| HCA, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.75%, 3/15/19 |
|
|
|
|
|
|
1,048 |
|
|
|
1,074,200 |
|
| 6.50%, 2/15/20 |
|
|
|
|
|
|
1,744 |
|
|
|
1,914,546 |
|
| 7.50%, 2/15/22 |
|
|
|
|
|
|
430 |
|
|
|
496,113 |
|
| 5.88%, 3/15/22 |
|
|
|
|
|
|
1,148 |
|
|
|
1,267,105 |
|
| 4.75%, 5/01/23 |
|
|
|
|
|
|
658 |
|
|
|
690,077 |
|
| 5.00%, 3/15/24 |
|
|
|
|
|
|
1,015 |
|
|
|
1,069,556 |
|
| 5.38%, 2/01/25 |
|
|
|
|
|
|
1,528 |
|
|
|
1,598,670 |
|
| 5.25%, 4/15/25 |
|
|
|
|
|
|
66 |
|
|
|
70,373 |
|
| 5.88%, 2/15/26 |
|
|
|
|
|
|
1,572 |
|
|
|
1,685,970 |
|
| 5.25%, 6/15/26 |
|
|
|
|
|
|
580 |
|
|
|
612,625 |
|
| 4.50%, 2/15/27 |
|
|
|
|
|
|
1,227 |
|
|
|
1,223,932 |
|
| HealthSouth Corp., 5.75%, 11/01/24 |
|
|
|
|
|
|
1,134 |
|
|
|
1,156,680 |
|
| Hologic, Inc., 5.25%, 7/15/22 (b) |
|
|
|
|
|
|
475 |
|
|
|
495,188 |
|
| MEDNAX, Inc., 5.25%, 12/01/23 (b) |
|
|
|
|
|
|
574 |
|
|
|
593,372 |
|
| MPH Acquisition Holdings LLC, 7.13%, 6/01/24 (b) |
|
|
|
|
|
|
1,696 |
|
|
|
1,827,440 |
|
| New Amethyst Corp., 6.25%, 12/01/24 (b) |
|
|
|
|
|
|
302 |
|
|
|
320,120 |
|
| RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/01/23 (b) |
|
|
|
|
|
|
609 |
|
|
|
654,675 |
|
| Sterigenics-Nordion Holdings LLC,
6.50%, 5/15/23 (b) |
|
|
|
|
|
|
128 |
|
|
|
130,880 |
|
| Surgery Center Holdings, Inc., 8.88%, 4/15/21 (b) |
|
|
|
|
|
|
146 |
|
|
|
156,220 |
|
| Tenet Healthcare Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 11/01/18 |
|
|
|
|
|
|
607 |
|
|
|
642,661 |
|
| 4.75%, 6/01/20 |
|
|
|
|
|
|
1,190 |
|
|
|
1,213,800 |
|
| 4.46%, 6/15/20 (c) |
|
|
|
|
|
|
989 |
|
|
|
1,001,362 |
|
| 6.00%, 10/01/20 |
|
|
|
|
|
|
2,918 |
|
|
|
3,093,080 |
|
| 4.50%, 4/01/21 |
|
|
|
|
|
|
24 |
|
|
|
24,300 |
|
| 7.50%, 1/01/22 (b) |
|
|
|
|
|
|
380 |
|
|
|
411,350 |
|
| 8.13%, 4/01/22 |
|
|
|
|
|
|
2,540 |
|
|
|
2,660,650 |
|
| 6.75%, 6/15/23 |
|
|
|
|
|
|
1,355 |
|
|
|
1,343,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
37,160,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds |
|
|
|
|
Par
(000) |
|
|
Value |
|
| Health Care Technology — 0.0% |
|
| Quintiles IMS, Inc., 3.25%, 3/15/25 (b) |
|
|
EUR |
|
|
|
100 |
|
|
$ |
106,099 |
|
| Hotels, Restaurants & Leisure — 2.6% |
|
| Boyd Gaming Corp., 6.88%, 5/15/23 |
|
|
USD |
|
|
|
758 |
|
|
|
818,640 |
|
| Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Property, 8.00%, 10/01/20 |
|
|
|
|
|
|
1,428 |
|
|
|
1,494,045 |
|
| ESH Hospitality, Inc., 5.25%, 5/01/25 (b) |
|
|
|
|
|
|
183 |
|
|
|
184,601 |
|
| International Game Technology PLC,
6.25%, 2/15/22 (b) |
|
|
|
|
|
|
200 |
|
|
|
216,000 |
|
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.00%, 6/01/24 |
|
|
|
|
|
|
66 |
|
|
|
67,756 |
|
| 5.25%, 6/01/26 |
|
|
|
|
|
|
234 |
|
|
|
241,898 |
|
| MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 5.63%, 5/01/24 (b) |
|
|
|
|
|
|
2,115 |
|
|
|
2,236,612 |
|
| MGM Resorts International: |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.63%, 2/01/19 |
|
|
|
|
|
|
234 |
|
|
|
258,570 |
|
| 5.25%, 3/31/20 |
|
|
|
|
|
|
1,261 |
|
|
|
1,327,203 |
|
| 6.75%, 10/01/20 |
|
|
|
|
|
|
515 |
|
|
|
567,633 |
|
| 6.63%, 12/15/21 |
|
|
|
|
|
|
1,352 |
|
|
|
1,509,170 |
|
| 4.63%, 9/01/26 |
|
|
|
|
|
|
987 |
|
|
|
967,250 |
|
| New Red Finance, Inc., 6.00%, 4/01/22 (b) |
|
|
|
|
|
|
2,115 |
|
|
|
2,205,522 |
|
| PortAventura Entertainment Barcelona BV, 7.25%, 12/01/20 |
|
|
EUR |
|
|
|
100 |
|
|
|
109,850 |
|
| Sabre GLBL, Inc., 5.25%, 11/15/23 (b) |
|
|
USD |
|
|
|
221 |
|
|
|
224,315 |
|
| Scientific Games International, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.00%, 1/01/22 (b) |
|
|
|
|
|
|
2,281 |
|
|
|
2,426,331 |
|
| 10.00%, 12/01/22 |
|
|
|
|
|
|
2,120 |
|
|
|
2,249,850 |
|
| Six Flags Entertainment Corp., 5.25%, 1/15/21 (b) |
|
|
|
|
|
|
842 |
|
|
|
865,576 |
|
| Station Casinos LLC, 7.50%, 3/01/21 |
|
|
|
|
|
|
1,938 |
|
|
|
2,020,365 |
|
| Thomas Cook Group PLC, 6.25%, 6/15/22 |
|
|
EUR |
|
|
|
100 |
|
|
|
112,879 |
|
| Unique Pub Finance Co. PLC, Series A4, 5.66%, 6/30/27 |
|
|
GBP |
|
|
|
279 |
|
|
|
374,689 |
|
| Vue International Bidco PLC, 7.88%, 7/15/20 |
|
|
|
|
|
|
147 |
|
|
|
189,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
20,668,310 |
|
| Household Durables — 0.7% |
|
| Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 7/01/22 (b) |
|
|
USD |
|
|
|
285 |
|
|
|
293,550 |
|
| CalAtlantic Group, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.38%, 1/15/21 |
|
|
|
|
|
|
1,090 |
|
|
|
1,273,937 |
|
| 5.25%, 6/01/26 |
|
|
|
|
|
|
285 |
|
|
|
285,356 |
|
| Lennar Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.75%, 11/15/22 |
|
|
|
|
|
|
475 |
|
|
|
488,538 |
|
| 4.88%, 12/15/23 |
|
|
|
|
|
|
265 |
|
|
|
273,613 |
|
| Meritage Homes Corp., 4.50%, 3/01/18 |
|
|
|
|
|
|
589 |
|
|
|
599,307 |
|
| Ryland Group, Inc., 6.63%, 5/01/20 |
|
|
|
|
|
|
130 |
|
|
|
143,325 |
|
| Standard Pacific Corp., 5.88%, 11/15/24 |
|
|
|
|
|
|
360 |
|
|
|
386,100 |
|
| Tempur Sealy International, Inc., 5.50%, 6/15/26 |
|
|
|
|
|
|
561 |
|
|
|
551,182 |
|
| TRI Pointe Group, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.38%, 6/15/19 |
|
|
|
|
|
|
435 |
|
|
|
443,700 |
|
| 4.88%, 7/01/21 |
|
|
|
|
|
|
525 |
|
|
|
542,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
5,280,671 |
|
| Household Products — 0.3% |
|
| Spectrum Brands, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 11/15/22 |
|
|
|
|
|
|
1,810 |
|
|
|
1,914,075 |
|
| 6.13%, 12/15/24 |
|
|
|
|
|
|
87 |
|
|
|
92,577 |
|
| 5.75%, 7/15/25 |
|
|
|
|
|
|
284 |
|
|
|
301,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
2,308,402 |
|
| Independent Power and Renewable Electricity Producers — 0.9% |
|
| AES Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.38%, 7/01/21 |
|
|
|
|
|
|
559 |
|
|
|
630,272 |
|
| 5.50%, 3/15/24 |
|
|
|
|
|
|
725 |
|
|
|
739,500 |
|
| 6.00%, 5/15/26 |
|
|
|
|
|
|
201 |
|
|
|
207,030 |
|
| Calpine Corp., 5.38%, 1/15/23 |
|
|
|
|
|
|
128 |
|
|
|
129,280 |
|
See Notes to Consolidated
Financial Statements.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK DEBT STRATEGIES FUND, INC. |
|
FEBRUARY 28, 2017 |
|
11 |
|
|
|
| Consolidated Schedule of Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds |
|
|
|
|
Par
(000) |
|
|
Value |
|
| Independent Power and Renewable Electricity Producers (continued) |
|
| Dynegy, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.75%, 11/01/19 |
|
|
USD |
|
|
|
665 |
|
|
$ |
684,950 |
|
| 7.38%, 11/01/22 |
|
|
|
|
|
|
231 |
|
|
|
226,958 |
|
| NRG Energy, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.88%, 5/15/21 |
|
|
|
|
|
|
124 |
|
|
|
128,650 |
|
| 6.25%, 5/01/24 |
|
|
|
|
|
|
50 |
|
|
|
50,000 |
|
| 7.25%, 5/15/26 |
|
|
|
|
|
|
208 |
|
|
|
213,980 |
|
| 6.63%, 1/15/27 (b) |
|
|
|
|
|
|
1,358 |
|
|
|
1,334,235 |
|
| NRG Yield Operating LLC, 5.38%, 8/15/24 |
|
|
|
|
|
|
195 |
|
|
|
199,875 |
|
| QEP Resources, Inc., 5.38%, 10/01/22 |
|
|
|
|
|
|
1,965 |
|
|
|
1,974,825 |
|
| TerraForm Power Operating LLC, 6.38%, 2/01/23 (b)(i) |
|
|
|
|
|
|
205 |
|
|
|
212,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
6,731,730 |
|
| Industrial Conglomerates — 0.3% |
|
| Vertiv Group Corp, 9.25%, 10/15/24 (b) |
|
|
|
|
|
|
1,887 |
|
|
|
2,026,166 |
|
| Insurance — 0.4% |
|
| Assicurazioni Generali SpA (c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.75%, 12/12/42 |
|
|
EUR |
|
|
|
100 |
|
|
|
126,084 |
|
| 5.50%, 10/27/47 |
|
|
|
|
|
|
100 |
|
|
|
111,767 |
|
| Groupama SA, 6.00%, 1/23/27 |
|
|
|
|
|
|
100 |
|
|
|
108,293 |
|
| HUB International Ltd. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 9.25%, 2/15/21 |
|
|
USD |
|
|
|
367 |
|
|
|
380,762 |
|
| 7.88%, 10/01/21 |
|
|
|
|
|
|
994 |
|
|
|
1,051,155 |
|
| Wayne Merger Sub LLC, 8.25%, 8/01/23 (b) |
|
|
|
|
|
|
1,560 |
|
|
|
1,645,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
3,423,861 |
|
| Internet Software & Services — 0.4% |
|
| Equinix, Inc., 5.88%, 1/15/26 |
|
|
|
|
|
|
997 |
|
|
|
1,064,916 |
|
| IAC/InterActiveCorp, 4.88%, 11/30/18 |
|
|
|
|
|
|
558 |
|
|
|
566,370 |
|
| Netflix, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.50%, 2/15/22 |
|
|
|
|
|
|
72 |
|
|
|
76,860 |
|
| 5.88%, 2/15/25 |
|
|
|
|
|
|
132 |
|
|
|
142,725 |
|
| 4.38%, 11/15/26 (b) |
|
|
|
|
|
|
888 |
|
|
|
880,230 |
|
| Symantec Corp., 5.00%, 4/15/25 (b) |
|
|
|
|
|
|
422 |
|
|
|
433,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
3,164,260 |
|
| IT Services — 1.4% |
|
| Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (b) |
|
|
|
|
|
|
795 |
|
|
|
832,763 |
|
| First Data Corp. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.00%, 12/01/23 |
|
|
|
|
|
|
3,857 |
|
|
|
4,146,275 |
|
| 5.75%, 1/15/24 |
|
|
|
|
|
|
5,066 |
|
|
|
5,249,642 |
|
| WEX, Inc., 4.75%, 2/01/23 (b) |
|
|
|
|
|
|
601 |
|
|
|
597,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
10,826,675 |
|
| Machinery — 0.3% |
|
| Gardner Denver, Inc., 6.88%, 8/15/21 (b) |
|
|
|
|
|
|
380 |
|
|
|
391,400 |
|
| SPX FLOW, Inc. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.63%, 8/15/24 |
|
|
|
|
|
|
359 |
|
|
|
368,872 |
|
| 5.88%, 8/15/26 |
|
|
|
|
|
|
359 |
|
|
|
364,385 |
|
| Terex Corp., 5.63%, 2/01/25 (b) |
|
|
|
|
|
|
912 |
|
|
|
935,940 |
|
| Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 6.38%, 5/01/22 |
|
|
EUR |
|
|
|
100 |
|
|
|
113,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
2,174,451 |
|
| Media — 9.7% |
|
| Adria Bidco BV, 7.88%, 11/15/20 |
|
|
|
|
|
|
200 |
|
|
|
221,150 |
|
| Altice Financing SA: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 2/15/23 |
|
|
|
|
|
|
100 |
|
|
|
113,186 |
|
| 7.50%, 5/15/26 (b) |
|
|
USD |
|
|
|
1,795 |
|
|
|
1,927,381 |
|
| Altice Luxembourg SA: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.75%, 5/15/22 (b) |
|
|
|
|
|
|
1,110 |
|
|
|
1,180,762 |
|
| 6.25%, 2/15/25 |
|
|
EUR |
|
|
|
100 |
|
|
|
112,561 |
|
| 7.63%, 2/15/25 (b) |
|
|
USD |
|
|
|
203 |
|
|
|
216,195 |
|
| Altice US Finance I Corp. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.38%, 7/15/23 |
|
|
|
|
|
|
2,707 |
|
|
|
2,822,047 |
|
| 5.50%, 5/15/26 |
|
|
|
|
|
|
637 |
|
|
|
658,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds |
|
|
|
|
Par
(000) |
|
|
Value |
|
| Media (continued) |
|
| AMC Networks, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.75%, 12/15/22 |
|
|
USD |
|
|
|
156 |
|
|
$ |
157,560 |
|
| 5.00%, 4/01/24 |
|
|
|
|
|
|
1,160 |
|
|
|
1,170,881 |
|
| Cablevision Systems Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.75%, 4/15/18 |
|
|
|
|
|
|
362 |
|
|
|
380,100 |
|
| 8.00%, 4/15/20 |
|
|
|
|
|
|
502 |
|
|
|
554,710 |
|
| CBS Radio, Inc., 7.25%, 11/01/24 (b) |
|
|
|
|
|
|
602 |
|
|
|
642,635 |
|
| CCO Holdings LLC/CCO Holdings Capital Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 2/15/23 |
|
|
|
|
|
|
1,110 |
|
|
|
1,155,787 |
|
| 5.75%, 2/15/26 (b) |
|
|
|
|
|
|
1,148 |
|
|
|
1,228,360 |
|
| 5.50%, 5/01/26 (b) |
|
|
|
|
|
|
774 |
|
|
|
821,408 |
|
| 5.13%, 5/01/27 (b) |
|
|
|
|
|
|
703 |
|
|
|
730,241 |
|
| 5.88%, 5/01/27 (b) |
|
|
|
|
|
|
1,252 |
|
|
|
1,344,773 |
|
| Cellnex Telecom SA, 2.38%, 1/16/24 |
|
|
EUR |
|
|
|
100 |
|
|
|
106,999 |
|
| Cequel Communications Holdings I LLC/Cequel Capital Corp. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.38%, 9/15/20 |
|
|
USD |
|
|
|
420 |
|
|
|
432,863 |
|
| 5.13%, 12/15/21 |
|
|
|
|
|
|
1,670 |
|
|
|
1,688,434 |
|
| 7.75%, 7/15/25 |
|
|
|
|
|
|
2,044 |
|
|
|
2,263,730 |
|
| Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 7/23/25 |
|
|
|
|
|
|
1,300 |
|
|
|
1,369,424 |
|
| Clear Channel International BV, 8.75%, 12/15/20 (b) |
|
|
|
|
|
|
700 |
|
|
|
742,000 |
|
| Clear Channel Worldwide Holdings, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.50%, 11/15/22 |
|
|
|
|
|
|
7,365 |
|
|
|
7,591,729 |
|
| Series B, 7.63%, 3/15/20 |
|
|
|
|
|
|
2,524 |
|
|
|
2,542,930 |
|
| Columbus Cable Barbados Ltd., 7.38%, 3/30/21 (b) |
|
|
|
|
|
|
850 |
|
|
|
904,511 |
|
| CSC Holdings LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 10.13%, 1/15/23 (b) |
|
|
|
|
|
|
712 |
|
|
|
824,140 |
|
| 5.25%, 6/01/24 |
|
|
|
|
|
|
996 |
|
|
|
1,002,225 |
|
| 6.63%, 10/15/25 (b) |
|
|
|
|
|
|
1,298 |
|
|
|
1,432,667 |
|
| 10.88%, 10/15/25 (b) |
|
|
|
|
|
|
2,590 |
|
|
|
3,120,950 |
|
| DISH DBS Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.88%, 7/15/22 |
|
|
|
|
|
|
1,537 |
|
|
|
1,648,432 |
|
| 5.88%, 11/15/24 |
|
|
|
|
|
|
457 |
|
|
|
486,705 |
|
| 7.75%, 7/01/26 |
|
|
|
|
|
|
2,068 |
|
|
|
2,419,560 |
|
| eircom Finance DAC, 4.50%, 5/31/22 |
|
|
EUR |
|
|
|
100 |
|
|
|
110,919 |
|
| Hughes Satellite Systems Corp. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 8/01/26 |
|
|
USD |
|
|
|
1,433 |
|
|
|
1,456,286 |
|
| 6.63%, 8/01/26 |
|
|
|
|
|
|
381 |
|
|
|
396,476 |
|
| iHeartCommunications, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 9.00%, 12/15/19 |
|
|
|
|
|
|
1,010 |
|
|
|
882,488 |
|
| 9.00%, 3/01/21 |
|
|
|
|
|
|
160 |
|
|
|
129,600 |
|
| 9.00%, 9/15/22 |
|
|
|
|
|
|
930 |
|
|
|
748,650 |
|
| 10.63%, 3/15/23 |
|
|
|
|
|
|
850 |
|
|
|
705,500 |
|
| Intelsat Jackson Holdings SA: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.25%, 4/01/19 |
|
|
|
|
|
|
1,695 |
|
|
|
1,622,962 |
|
| 5.50%, 8/01/23 |
|
|
|
|
|
|
1,467 |
|
|
|
1,206,607 |
|
| LG Finance Co. Corp., 5.88%, 11/01/24 (b) |
|
|
|
|
|
|
231 |
|
|
|
237,641 |
|
| MDC Partners, Inc., 6.50%, 5/01/24 (b) |
|
|
|
|
|
|
520 |
|
|
|
502,450 |
|
| Midcontinent Communications / Midcontinent Finance Corp. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 8/01/21 |
|
|
|
|
|
|
265 |
|
|
|
275,335 |
|
| 6.88%, 8/15/23 |
|
|
|
|
|
|
309 |
|
|
|
332,948 |
|
| NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (b) |
|
|
|
|
|
|
538 |
|
|
|
542,708 |
|
| Nexstar Broadcasting, Inc., 5.63%, 8/01/24 (b) |
|
|
|
|
|
|
531 |
|
|
|
542,948 |
|
| Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 4/15/22 (b) |
|
|
|
|
|
|
205 |
|
|
|
211,150 |
|
| Numericable Group SA, 5.38%, 5/15/22 |
|
|
EUR |
|
|
|
100 |
|
|
|
110,495 |
|
| Outfront Media Capital LLC/Outfront Media Capital Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 2/15/22 |
|
|
USD |
|
|
|
130 |
|
|
|
135,038 |
|
| 5.63%, 2/15/24 |
|
|
|
|
|
|
242 |
|
|
|
254,100 |
|
| SFR Group SA (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 5/15/22 |
|
|
|
|
|
|
1,192 |
|
|
|
1,236,330 |
|
| 7.38%, 5/01/26 |
|
|
|
|
|
|
4,095 |
|
|
|
4,243,444 |
|
See Notes to Consolidated
Financial Statements.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 12 |
|
BLACKROCK DEBT STRATEGIES FUND, INC. |
|
FEBRUARY 28, 2017 |
|
|
|
|
|
| Consolidated Schedule of Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds |
|
|
|
|
Par
(000) |
|
|
Value |
|
| Media (continued) |
|
| Sirius XM Radio, Inc. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.25%, 5/15/20 |
|
|
USD |
|
|
|
141 |
|
|
$ |
142,763 |
|
| 5.75%, 8/01/21 |
|
|
|
|
|
|
464 |
|
|
|
483,393 |
|
| 4.63%, 5/15/23 |
|
|
|
|
|
|
60 |
|
|
|
61,350 |
|
| Sterling Entertainment Corp., 9.75%, 12/15/19 |
|
|
|
|
|
|
1,300 |
|
|
|
1,287,000 |
|
| TEGNA, Inc., 5.13%, 10/15/19 |
|
|
|
|
|
|
215 |
|
|
|
220,644 |
|
| Telesat Canada/Telesat LLC, 8.88%, 11/15/24 (b) |
|
|
|
|
|
|
457 |
|
|
|
499,273 |
|
| Tribune Media Co., 5.88%, 7/15/22 |
|
|
|
|
|
|
1,583 |
|
|
|
1,616,639 |
|
| Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.00%, 1/15/25 |
|
|
EUR |
|
|
|
198 |
|
|
|
221,193 |
|
| 5.00%, 1/15/25 (b) |
|
|
USD |
|
|
|
400 |
|
|
|
411,000 |
|
| Univision Communications, Inc. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 5/15/23 |
|
|
|
|
|
|
3,152 |
|
|
|
3,152,000 |
|
| 5.13%, 2/15/25 |
|
|
|
|
|
|
934 |
|
|
|
921,157 |
|
| Virgin Media Finance PLC, 5.75%, 1/15/25 (b) |
|
|
|
|
|
|
600 |
|
|
|
615,750 |
|
| Virgin Media Receivables Financing Notes I DAC, 5.50%, 9/15/24 |
|
|
GBP |
|
|
|
100 |
|
|
|
127,777 |
|
| Virgin Media Secured Finance PLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 1/15/26 (b) |
|
|
USD |
|
|
|
975 |
|
|
|
985,969 |
|
| 5.50%, 8/15/26 (b) |
|
|
|
|
|
|
320 |
|
|
|
327,965 |
|
| 4.88%, 1/15/27 |
|
|
GBP |
|
|
|
100 |
|
|
|
124,892 |
|
| 6.25%, 3/28/29 |
|
|
|
|
|
|
233 |
|
|
|
313,809 |
|
| WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (b) |
|
|
USD |
|
|
|
1,300 |
|
|
|
1,352,000 |
|
| Wind Acquisition Finance SA: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.00%, 7/15/20 |
|
|
EUR |
|
|
|
168 |
|
|
|
181,361 |
|
| 7.00%, 4/23/21 |
|
|
|
|
|
|
100 |
|
|
|
110,336 |
|
| 7.38%, 4/23/21 (b) |
|
|
USD |
|
|
|
1,205 |
|
|
|
1,254,706 |
|
| Ziggo Bond Finance BV, 5.88%, 1/15/25 (b) |
|
|
|
|
|
|
1,095 |
|
|
|
1,112,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
75,423,381 |
|
| Metals & Mining — 5.3% |
|
| Alcoa Nederland Holding BV, 7.00%, 9/30/26 (b) |
|
|
|
|
|
|
270 |
|
|
|
296,325 |
|
| Alcoa, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.15%, 8/15/20 |
|
|
|
|
|
|
1,395 |
|
|
|
1,527,525 |
|
| 5.13%, 10/01/24 |
|
|
|
|
|
|
1,371 |
|
|
|
1,419,670 |
|
| 5.90%, 2/01/27 |
|
|
|
|
|
|
280 |
|
|
|
299,950 |
|
| Anglo American Capital PLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 1.50%, 4/01/20 |
|
|
EUR |
|
|
|
100 |
|
|
|
108,326 |
|
| 3.50%, 3/28/22 |
|
|
|
|
|
|
100 |
|
|
|
117,047 |
|
| 4.88%, 5/14/25 (b) |
|
|
USD |
|
|
|
1,025 |
|
|
|
1,063,437 |
|
| ArcelorMittal: |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.00%, 10/15/39 |
|
|
|
|
|
|
178 |
|
|
|
207,370 |
|
| 7.75%, 3/01/41 |
|
|
|
|
|
|
938 |
|
|
|
1,064,630 |
|
| Cliffs Natural Resources, Inc. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.25%, 3/31/20 |
|
|
|
|
|
|
355 |
|
|
|
387,838 |
|
| 5.75%, 3/01/25 |
|
|
|
|
|
|
576 |
|
|
|
565,056 |
|
| Constellium NV (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.00%, 1/15/23 |
|
|
|
|
|
|
2,290 |
|
|
|
2,404,500 |
|
| 5.75%, 5/15/24 |
|
|
|
|
|
|
675 |
|
|
|
639,563 |
|
| 6.63%, 3/01/25 |
|
|
|
|
|
|
1,424 |
|
|
|
1,415,990 |
|
| First Quantum Minerals Ltd. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.00%, 2/15/21 |
|
|
|
|
|
|
1,254 |
|
|
|
1,298,674 |
|
| 7.25%, 5/15/22 |
|
|
|
|
|
|
235 |
|
|
|
242,931 |
|
| FMG Resources August 2006 Property Ltd., 9.75%, 3/01/22 (b) |
|
|
|
|
|
|
553 |
|
|
|
639,755 |
|
| Freeport-McMoRan, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.38%, 3/15/18 |
|
|
|
|
|
|
3,710 |
|
|
|
3,691,450 |
|
| 3.10%, 3/15/20 |
|
|
|
|
|
|
1,135 |
|
|
|
1,112,300 |
|
| 4.00%, 11/14/21 |
|
|
|
|
|
|
804 |
|
|
|
771,840 |
|
| 3.55%, 3/01/22 |
|
|
|
|
|
|
1,144 |
|
|
|
1,062,490 |
|
| 3.88%, 3/15/23 |
|
|
|
|
|
|
3,888 |
|
|
|
3,576,960 |
|
| 5.40%, 11/14/34 |
|
|
|
|
|
|
1,271 |
|
|
|
1,115,302 |
|
| 5.45%, 3/15/43 |
|
|
|
|
|
|
1,728 |
|
|
|
1,477,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds |
|
|
|
|
Par
(000) |
|
|
Value |
|
| Metals & Mining (continued) |
|
| Grinding Media, Inc. / MC Grinding Media Canada, Inc., 7.38%, 12/15/23 (b) |
|
|
USD |
|
|
|
491 |
|
|
$ |
525,370 |
|
| Joseph T Ryerson & Son, Inc., 11.00%, 5/15/22 (b) |
|
|
|
|
|
|
482 |
|
|
|
537,430 |
|
| Kinross Gold Corp., 5.95%, 3/15/24 |
|
|
|
|
|
|
110 |
|
|
|
116,325 |
|
| Novelis Corp. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 8/15/24 |
|
|
|
|
|
|
1,758 |
|
|
|
1,863,480 |
|
| 5.88%, 9/30/26 |
|
|
|
|
|
|
1,904 |
|
|
|
1,958,740 |
|
| Peabody Securities Finance Corp. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 3/31/22 |
|
|
|
|
|
|
325 |
|
|
|
331,500 |
|
| 6.38%, 3/31/25 |
|
|
|
|
|
|
342 |
|
|
|
348,840 |
|
| Steel Dynamics, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 10/01/21 |
|
|
|
|
|
|
790 |
|
|
|
814,688 |
|
| 6.38%, 8/15/22 |
|
|
|
|
|
|
595 |
|
|
|
621,775 |
|
| 5.25%, 4/15/23 |
|
|
|
|
|
|
1,015 |
|
|
|
1,056,970 |
|
| 5.50%, 10/01/24 |
|
|
|
|
|
|
138 |
|
|
|
146,804 |
|
| 5.00%, 12/15/26 (b) |
|
|
|
|
|
|
35 |
|
|
|
36,177 |
|
| Teck Resources Ltd.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.00%, 3/01/19 |
|
|
|
|
|
|
250 |
|
|
|
256,050 |
|
| 3.75%, 2/01/23 |
|
|
|
|
|
|
1,403 |
|
|
|
1,367,644 |
|
| 8.50%, 6/01/24 (b) |
|
|
|
|
|
|
722 |
|
|
|
842,935 |
|
| 6.13%, 10/01/35 |
|
|
|
|
|
|
181 |
|
|
|
187,335 |
|
| 6.00%, 8/15/40 |
|
|
|
|
|
|
811 |
|
|
|
813,028 |
|
| 6.25%, 7/15/41 |
|
|
|
|
|
|
429 |
|
|
|
445,088 |
|
| 5.20%, 3/01/42 |
|
|
|
|
|
|
1,118 |
|
|
|
1,058,947 |
|
| 5.40%, 2/01/43 |
|
|
|
|
|
|
977 |
|
|
|
930,592 |
|
| ThyssenKrupp AG, 1.38%, 3/03/22 |
|
|
EUR |
|
|
|
75 |
|
|
|
79,128 |
|
| United States Steel Corp., 8.38%, 7/01/21 (b) |
|
|
USD |
|
|
|
624 |
|
|
|
702,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
41,547,215 |
|
| Multi-Utilities — 0.2% |
|
| NGL Energy Partners LP/NGL Energy Finance Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.88%, 10/15/21 |
|
|
|
|
|
|
390 |
|
|
|
401,456 |
|
| 7.50%, 11/01/23 (b) |
|
|
|
|
|
|
780 |
|
|
|
820,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
1,222,406 |
|
| Multiline Retail — 0.1% |
|
| Neiman Marcus Group Ltd. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.00%, 10/15/21 |
|
|
|
|
|
|
1,035 |
|
|
|
649,463 |
|
| (8.75% Cash or 9.50% PIK), 8.75%, 10/15/21 (e) |
|
|
|
|
|
|
150 |
|
|
|
86,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
735,713 |
|
| Offshore Drilling & Other Services — 0.0% |
|
| Sensata Technologies BV, 5.63%, 11/01/24 (b) |
|
|
|
|
|
|
220 |
|
|
|
232,100 |
|
| Oil, Gas & Consumable Fuels — 8.8% |
|
| California Resources Corp., 8.00%, 12/15/22 (b) |
|
|
|
|
|
|
2,112 |
|
|
|
1,805,760 |
|
| Carrizo Oil & Gas, Inc., 6.25%, 4/15/23 |
|
|
|
|
|
|
235 |
|
|
|
237,938 |
|
| Cheniere Corpus Christi Holdings LLC (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.00%, 6/30/24 |
|
|
|
|
|
|
912 |
|
|
|
1,021,440 |
|
| 5.88%, 3/31/25 |
|
|
|
|
|
|
1,901 |
|
|
|
2,010,307 |
|
| Chesapeake Energy Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.27%, 4/15/19 (c) |
|
|
|
|
|
|
1,678 |
|
|
|
1,665,415 |
|
| 6.88%, 11/15/20 |
|
|
|
|
|
|
100 |
|
|
|
99,000 |
|
| 8.00%, 12/15/22 (b) |
|
|
|
|
|
|
205 |
|
|
|
216,788 |
|
| 8.00%, 1/15/25 (b) |
|
|
|
|
|
|
932 |
|
|
|
925,010 |
|
| CONSOL Energy, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.88%, 4/15/22 |
|
|
|
|
|
|
6,117 |
|
|
|
5,964,075 |
|
| 8.00%, 4/01/23 |
|
|
|
|
|
|
40 |
|
|
|
41,700 |
|
| Continental Resources, Inc., 3.80%, 6/01/24 |
|
|
|
|
|
|
808 |
|
|
|
748,410 |
|
| Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 12/15/20 |
|
|
|
|
|
|
65 |
|
|
|
66,869 |
|
| 6.25%, 4/01/23 |
|
|
|
|
|
|
90 |
|
|
|
93,375 |
|
| CrownRock LP/CrownRock Finance, Inc. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.13%, 4/15/21 |
|
|
|
|
|
|
635 |
|
|
|
660,400 |
|
| 7.75%, 2/15/23 |
|
|
|
|
|
|
105 |
|
|
|
113,138 |
|
See Notes to Consolidated
Financial Statements.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK DEBT STRATEGIES FUND, INC. |
|
FEBRUARY 28, 2017 |
|
13 |
|
|
|
| Consolidated Schedule of Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds |
|
|
|
|
Par
(000) |
|
|
Value |
|
| Oil, Gas & Consumable Fuels (continued) |
|
| DCP Midstream LLC (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.75%, 9/30/21 |
|
|
USD |
|
|
|
745 |
|
|
$ |
769,212 |
|
| 6.45%, 11/03/36 |
|
|
|
|
|
|
250 |
|
|
|
256,875 |
|
| 6.75%, 9/15/37 |
|
|
|
|
|
|
426 |
|
|
|
451,560 |
|
| Denbury Resources, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 9.00%, 5/15/21 (b) |
|
|
|
|
|
|
1,288 |
|
|
|
1,387,820 |
|
| 5.50%, 5/01/22 |
|
|
|
|
|
|
633 |
|
|
|
522,225 |
|
| 4.63%, 7/15/23 |
|
|
|
|
|
|
108 |
|
|
|
84,240 |
|
| Eclipse Resources Corp., 8.88%, 7/15/23 |
|
|
|
|
|
|
140 |
|
|
|
144,550 |
|
| Energy Transfer Equity LP: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.50%, 10/15/20 |
|
|
|
|
|
|
200 |
|
|
|
224,750 |
|
| 5.88%, 1/15/24 |
|
|
|
|
|
|
1,078 |
|
|
|
1,158,850 |
|
| 5.50%, 6/01/27 |
|
|
|
|
|
|
494 |
|
|
|
523,022 |
|
| EP Energy LLC/Everest Acquisition Finance, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 9.38%, 5/01/20 |
|
|
|
|
|
|
493 |
|
|
|
481,907 |
|
| 8.00%, 11/29/24 (b) |
|
|
|
|
|
|
625 |
|
|
|
662,500 |
|
| Extraction Oil & Gas Holdings LLC/Extraction Finance Corp., 7.88%, 7/15/21 (b) |
|
|
|
|
|
|
648 |
|
|
|
690,120 |
|
| Genesis Energy LP/Genesis Energy Finance Corp., 5.63%, 6/15/24 |
|
|
|
|
|
|
85 |
|
|
|
84,788 |
|
| Gulfport Energy Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 5/01/23 |
|
|
|
|
|
|
163 |
|
|
|
165,853 |
|
| 6.00%, 10/15/24 (b) |
|
|
|
|
|
|
342 |
|
|
|
340,290 |
|
| Halcon Resources Corp., 6.75%, 2/15/25 (b) |
|
|
|
|
|
|
2,092 |
|
|
|
2,071,080 |
|
| Hilcorp Energy I LP/Hilcorp Finance Co. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.00%, 12/01/24 |
|
|
|
|
|
|
281 |
|
|
|
269,058 |
|
| 5.75%, 10/01/25 |
|
|
|
|
|
|
73 |
|
|
|
72,453 |
|
| MEG Energy Corp. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.50%, 3/15/21 |
|
|
|
|
|
|
2,599 |
|
|
|
2,657,477 |
|
| 6.38%, 1/30/23 |
|
|
|
|
|
|
54 |
|
|
|
47,925 |
|
| 7.00%, 3/31/24 |
|
|
|
|
|
|
694 |
|
|
|
624,600 |
|
| 6.50%, 1/15/25 |
|
|
|
|
|
|
2,295 |
|
|
|
2,243,362 |
|
| Murphy Oil Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.88%, 8/15/24 |
|
|
|
|
|
|
673 |
|
|
|
720,446 |
|
| 6.13%, 12/01/42 |
|
|
|
|
|
|
83 |
|
|
|
78,020 |
|
| Newfield Exploration Co., 5.63%, 7/01/24 |
|
|
|
|
|
|
223 |
|
|
|
238,610 |
|
| NGPL PipeCo LLC (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.12%, 12/15/17 |
|
|
|
|
|
|
1,400 |
|
|
|
1,450,750 |
|
| 7.77%, 12/15/37 |
|
|
|
|
|
|
1,532 |
|
|
|
1,734,990 |
|
| Noble Holding International, Ltd., 7.75%, 1/15/24 |
|
|
|
|
|
|
1,684 |
|
|
|
1,637,690 |
|
| Oasis Petroleum, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.50%, 11/01/21 |
|
|
|
|
|
|
1,004 |
|
|
|
1,021,570 |
|
| 6.88%, 3/15/22 |
|
|
|
|
|
|
797 |
|
|
|
810,700 |
|
| ONEOK, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.50%, 9/01/23 |
|
|
|
|
|
|
190 |
|
|
|
225,625 |
|
| 6.00%, 6/15/35 |
|
|
|
|
|
|
165 |
|
|
|
173,663 |
|
| Paramount Resources Ltd., 6.88%, 6/30/23 (b) |
|
|
|
|
|
|
2,515 |
|
|
|
2,660,241 |
|
| Parker Drilling Co.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.50%, 8/01/20 |
|
|
|
|
|
|
314 |
|
|
|
306,150 |
|
| 6.75%, 7/15/22 |
|
|
|
|
|
|
435 |
|
|
|
402,375 |
|
| Parsley Energy LLC/Parsley Finance Corp., 5.38%, 1/15/25 (b) |
|
|
|
|
|
|
315 |
|
|
|
319,725 |
|
| Petroleos Mexicanos, 5.38%, 3/13/22 (b) |
|
|
|
|
|
|
102 |
|
|
|
106,687 |
|
| Precision Drilling Corp., 7.75%, 12/15/23 (b) |
|
|
|
|
|
|
150 |
|
|
|
162,375 |
|
| QEP Resources, Inc., 5.25%, 5/01/23 |
|
|
|
|
|
|
95 |
|
|
|
93,575 |
|
| Range Resources Corp. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.88%, 7/01/22 |
|
|
|
|
|
|
1,343 |
|
|
|
1,373,217 |
|
| 5.00%, 8/15/22 |
|
|
|
|
|
|
10 |
|
|
|
9,750 |
|
| 5.00%, 3/15/23 |
|
|
|
|
|
|
555 |
|
|
|
537,656 |
|
| Resolute Energy Corp., 8.50%, 5/01/20 |
|
|
|
|
|
|
639 |
|
|
|
651,780 |
|
| Rockies Express Pipeline LLC (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.85%, 7/15/18 |
|
|
|
|
|
|
99 |
|
|
|
104,198 |
|
| 6.00%, 1/15/19 |
|
|
|
|
|
|
26 |
|
|
|
27,300 |
|
| 5.63%, 4/15/20 |
|
|
|
|
|
|
660 |
|
|
|
696,300 |
|
| 6.88%, 4/15/40 |
|
|
|
|
|
|
564 |
|
|
|
600,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds |
|
|
|
|
Par
(000) |
|
|
Value |
|
| Oil, Gas & Consumable Fuels (continued) |
|
| Rowan Cos., Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.88%, 6/01/22 |
|
|
USD |
|
|
|
95 |
|
|
$ |
90,725 |
|
| 7.38%, 6/15/25 |
|
|
|
|
|
|
1,015 |
|
|
|
1,053,062 |
|
| RSP Permian, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 10/01/22 |
|
|
|
|
|
|
356 |
|
|
|
376,470 |
|
| 5.25%, 1/15/25 (b) |
|
|
|
|
|
|
408 |
|
|
|
418,200 |
|
| Sanchez Energy Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.75%, 6/15/21 |
|
|
|
|
|
|
672 |
|
|
|
688,800 |
|
| 6.13%, 1/15/23 |
|
|
|
|
|
|
2,656 |
|
|
|
2,549,760 |
|
| Seven Generations Energy Ltd., 8.25%, 5/15/20 (b) |
|
|
|
|
|
|
381 |
|
|
|
401,002 |
|
| SM Energy Co.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.50%, 11/15/21 |
|
|
|
|
|
|
375 |
|
|
|
383,438 |
|
| 6.13%, 11/15/22 |
|
|
|
|
|
|
187 |
|
|
|
188,403 |
|
| 5.00%, 1/15/24 |
|
|
|
|
|
|
931 |
|
|
|
872,812 |
|
| 5.63%, 6/01/25 |
|
|
|
|
|
|
390 |
|
|
|
369,038 |
|
| Southwestern Energy Co.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.80%, 1/23/20 |
|
|
|
|
|
|
2,322 |
|
|
|
2,298,780 |
|
| 6.70%, 1/23/25 |
|
|
|
|
|
|
80 |
|
|
|
76,800 |
|
| Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.75%, 4/15/25 |
|
|
|
|
|
|
230 |
|
|
|
233,450 |
|
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 2/01/25 |
|
|
|
|
|
|
248 |
|
|
|
257,920 |
|
| 5.38%, 2/01/27 |
|
|
|
|
|
|
92 |
|
|
|
95,910 |
|
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.38%, 8/01/22 |
|
|
|
|
|
|
120 |
|
|
|
123,900 |
|
| Tesoro Corp. (b): |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.75%, 12/15/23 |
|
|
|
|
|
|
1,202 |
|
|
|
1,244,070 |
|
| 5.13%, 12/15/26 |
|
|
|
|
|
|
1,521 |
|
|
|
1,608,457 |
|
| Tesoro Logistics LP/Tesoro Logistics Finance Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.13%, 10/15/21 |
|
|
|
|
|
|
81 |
|
|
|
84,544 |
|
| 6.25%, 10/15/22 |
|
|
|
|
|
|
833 |
|
|
|
891,310 |
|
| Weatherford International LLC, 6.80%, 6/15/37 |
|
|
|
|
|
|
157 |
|
|
|
147,973 |
|
| Weatherford International Ltd.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.50%, 4/15/22 |
|
|
|
|
|
|
184 |
|
|
|
175,950 |
|
| 6.50%, 8/01/36 |
|
|
|
|
|
|
625 |
|
|
|
576,562 |
|
| 7.00%, 3/15/38 |
|
|
|
|
|
|
350 |
|
|
|
329,875 |
|
| 5.95%, 4/15/42 |
|
|
|
|
|
|
68 |
|
|
|
56,950 |
|
| Whiting Petroleum Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.00%, 3/15/19 |
|
|
|
|
|
|
1,343 |