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: 02/28/2019
Date of reporting period: 02/28/2019
Item 1 – Report to Stockholders
FEBRUARY 28, 2019
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| ANNUAL
REPORT |
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BlackRock Debt Strategies Fund, Inc. (DSU)
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper
copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will
be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call
Computershare at (800) 699-1236 to request that you continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions
included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your
election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC or its affiliates, or all funds held with your financial intermediary, as applicable.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you
need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all
financial intermediaries may offer this service.
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| Not FDIC Insured • May Lose Value • No Bank Guarantee |
The Markets in Review
Dear Shareholder,
In the 12 months ended February 28, 2019, concerns about a
variety of political risks and a modest slowdown in global growth led to modest positive returns for the U.S. equity and bond markets. Though the market’s appetite for risk remained healthy for most of the reporting period, risk taking declined
sharply in late 2018.
Volatility rose in emerging market stocks, as the rising U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad.
U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe also led to
negative performance for European equities.
Volatility in the U.S. equity market spiked in October, as a wide range of risks were brought to bear on markets,
ranging from rising interest rates and slowing global growth to heightened trade tensions and political turmoil in several countries, including the United States. These risks manifested in a broad based
sell-off in December, leading to the worst December performance on record since 1931.
By comparison, fixed income
securities delivered modest positive returns with relatively low volatility. In fixed income markets, short-term U.S. Treasury interest rates rose the fastest, while longer-term rates declined slightly. This led to positive returns for U.S.
Treasuries and a substantial flattening of the yield curve. Investment-grade and high-yield corporate bonds also posted positive returns, as the credit fundamentals in corporate markets remained relatively solid.
The U.S. Federal Reserve (the “Fed”) increased short-term interest rates four times during the reporting period. At its most recent meeting in late January,
the Fed left interest rates unchanged and signaled a slower pace of rate hikes in response to the global economic slowdown. Relatively low inflation and modest economic growth give the Fed room to maintain support for the economy until the economic
data builds the case for changing interest rates.
Although fears of recession drove equity volatility higher at the end of 2018, we continue to believe the
probability of recession in 2019 remains relatively low. Economic growth and global earnings are likely to slow somewhat in 2019 because the tax cut stimulus will be less pronounced, and the Fed’s rate hikes in 2018 will gain traction in 2019.
We expect profit margins to continue to contract, which tends to happen late in the business cycle.
In addition, trade frictions look more baked into asset prices
than a year ago, but markets may be overlooking European political risks. As Brexit moves forward, the U.K. and the European Union may face significant obstacles. Most recently, Britain’s Parliament voted to extend the deadline for the
separation, as policy makers continue to seek the least disruptive ways to disentangle Europe’s second-largest economy from the European Union. Consequently, we are cautious on European equities, as European unity remains tenuous with a history
of flare-ups. We continue to prefer to take risk in U.S. and emerging market equities. Within U.S. equities, we believe that companies with high-quality earnings and strong balance sheets offer the most
attractive risk/reward trade-off.
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, 2019 |
| |
|
6-month |
|
12-month |
| U.S. large cap equities
(S&P
500® Index) |
|
(3.04)% |
|
4.68% |
| U.S. small cap equities
(Russell
2000® Index) |
|
(8.86) |
|
5.58 |
| International equities
(MSCI Europe, Australasia,
Far East Index) |
|
(3.58) |
|
(6.04) |
| Emerging market equities
(MSCI Emerging Markets Index) |
|
0.33 |
|
(9.89) |
| 3-month Treasury bills
(ICE BofAML 3-Month
U.S. Treasury Bill Index) |
|
1.10 |
|
2.04 |
| U.S. Treasury securities
(ICE BofAML
10-Year
U.S. Treasury Index) |
|
2.57 |
|
4.02 |
| U.S. investment grade bonds
(Bloomberg Barclays
U.S. Aggregate Bond Index) |
|
1.99 |
|
3.17 |
| Tax-exempt municipal bonds
(S&P Municipal
Bond Index) |
|
2.21 |
|
4.03 |
| U.S. high yield bonds
(Bloomberg Barclays U.S. Corporate High Yield
2% Issuer
Capped Index) |
|
2.00 |
|
4.31 |
| 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 IS NOT PART OF YOUR FUND REPORT |
Table of Contents
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| Fund Summary as of February 28, 2019 |
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BlackRock Debt Strategies Fund, Inc. |
Fund Overview
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 Global Ratings (“S&P”) or Baa or lower by Moody’s Investors Service, Inc. (“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 investment objective is to provide capital appreciation.
No assurance can be given that the Fund’s investment objectives will be
achieved.
Fund Information
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| Symbol on New York Stock Exchange (“NYSE”) |
|
DSU |
| Initial Offering Date |
|
March 27, 1998 |
| Current Distribution Rate on Closing Market Price as of February 28, 2019 ($10.78)(a) |
|
7.63% |
| Current Monthly Distribution per Common
Share(b) |
|
$0.0685 |
| Current Annualized Distribution per Common
Share(b) |
|
$0.8220 |
| Economic Leverage as of February 28, 2019(c) |
|
30% |
| |
(a) |
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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| |
(b) |
The distribution rate is not constant and is subject to change. |
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(c) |
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 7. |
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Market Price and Net Asset Value Per Share Summary
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02/28/19 |
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02/28/18 |
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|
Change |
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|
High |
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|
Low |
|
| Market Price |
|
$ |
10.78 |
|
|
$ |
11.47 |
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|
|
(6.02 |
)% |
|
$ |
11.72 |
|
|
$ |
9.48 |
|
| Net Asset Value |
|
|
12.16 |
|
|
|
12.62 |
|
|
|
(3.65 |
) |
|
|
12.69 |
|
|
|
11.38 |
|
Market Price and Net Asset Value History For the Past Five Years
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| 4 |
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2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
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| Fund Summary as of February 28, 2019 (continued) |
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BlackRock Debt Strategies Fund, Inc. |
Performance and Portfolio Management Commentary
Returns for the period ended
February 28, 2019 were as follows:
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Average Annual Total Returns |
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| |
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1 Year |
|
|
3 Years |
|
|
5 Years |
|
| Fund at NAV(a)(b) |
|
|
|
|
|
|
3.86 |
% |
|
|
9.80 |
% |
|
|
5.61 |
% |
| Fund at Market
Price(a)(b) |
|
|
|
|
|
|
1.30 |
|
|
|
10.24 |
|
|
|
4.85 |
|
| Reference Benchmark(c) |
|
|
|
|
|
|
3.88 |
|
|
|
8.25 |
|
|
|
4.15 |
|
| Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index(d) |
|
|
|
|
|
|
4.31 |
|
|
|
9.80 |
|
|
|
4.54 |
|
| S&P/LSTA Leveraged Loan Index(e) |
|
|
|
|
|
|
3.44 |
|
|
|
6.69 |
|
|
|
3.73 |
|
| |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results
reflect the Fund’s use of leverage. |
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| |
(b) |
The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on
market price and performance based on NAV. |
|
| |
(c) |
The Reference Benchmark is comprised of the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index (50%) and
the S&P/LSTA Leveraged Loan Index (50%). The Reference Benchmark’s index content and weightings may have varied over past periods. |
|
| |
(d) |
An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding;
maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. |
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(e) |
An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon
market weightings, spreads and interest payments. |
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Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted
accounting principles.
Past performance is not indicative of future results.
DSU
is presenting the Reference Benchmark to accompany fund performance. The Reference Benchmark is presented for informational purposes only, as the Fund is actively managed and does not seek to track or replicate the performance of the Reference
Benchmark or any other index. The portfolio investments of the Fund may differ substantially from the securities that comprise the indices within the Reference Benchmark, which may cause the Fund’s performance to differ materially from that of
the Reference Benchmark. The Fund employs leverage as part of its investment strategy, which may change over time at the discretion of BlackRock Advisors, LLC (the “Manager”) as market and other conditions warrant. In contrast, the
Reference Benchmark is not adjusted for leverage. Therefore, leverage generally may result in the Fund outperforming the Reference Benchmark in rising markets and underperforming in declining markets. The Board considers additional factors to
evaluate the Fund’s performance, such as the performance of the Fund relative to a peer group of funds, a leverage-adjusted benchmark and/or other information provided by the Manager.
More information about the historical performance can be found in the “Closed End Funds” section of http://www.blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
From a credit rating perspective, the
Fund’s B-rated and BB-rated positions provided the largest performance contributions over the annual period, while exposure to CCC-rated securities was also additive. Holdings in the technology, health care, and cable & satellite sectors
provided the strongest contributions to performance, although most sectors across high yield bonds and floating rate loan interests (“bank loans”) posted positive returns. Additionally, positions within high yield exchange traded funds and
collateralized loan obligations (“CLOs”) contributed to Fund performance.
Holdings in the oil field services, chemicals and automotive sectors represented
the most notable detractors from Fund performance. By credit rating, “not rated” and “other” positions were the sole detractors. In terms of asset allocation, the Fund’s common equity and loan index positions weighed on
returns.
Describe recent portfolio activity.
Meaningful additions to
the portfolio’s bank loan allocation were made throughout the annual period, as these senior secured assets offer attractive risk-adjusted income, with next-to-no duration (and corresponding interest rate sensitivity). Additional tactical
allocations included CLOs, preferred securities and common equity. On a sector basis, the Fund added to positions within technology and pharmaceuticals. By contrast, the Fund reduced its exposure to the cable & satellite, wirelines and midstream
segments. From a credit rating perspective, the Fund trimmed exposure to BB-rated positions, while increasing its holdings within B-rated names. Lastly, the Fund maintained its allocation to CCC-rated positions, but decreased this exposure during
the period.
Describe portfolio positioning at period end.
At period
end, the Fund’s largest holdings were within the technology, health care and cable & satellite sectors. By contrast, the Fund avoided consumer cyclical, retail and automotive issuers, as fundamental headwinds for those segments remain. From
a credit rating perspective, the Fund’s core positioning remained within BB-rated and B-rated issuers, with a higher allocation to B-rated names. The Fund also held a CCC-rated allocation, while minimizing exposure to the highest-yielding
portion of the segment containing a larger concentration of stressed assets. The Fund’s largest issuer overweight positions included Geo Specialty Chemicals, Inc. (chemicals), Refinitiv US Holdings, Inc. (technology) and Infor US, Inc.
(technology). In addition to bank loans, the Fund had meaningful exposure to high yield bonds and CLOs, as well as preferred securities and common equity.
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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|
| Fund Summary as of February 28, 2019 (continued) |
|
BlackRock Debt Strategies Fund, Inc. |
Overview of the Fund’s Total Investments
PORTFOLIO COMPOSITION
|
|
|
|
|
|
|
|
|
| |
|
02/28/19 |
|
|
02/28/18 |
|
| Floating Rate Loan Interests |
|
|
70 |
% |
|
|
56 |
% |
| Corporate Bonds |
|
|
26 |
|
|
|
36 |
|
| Asset-Backed Securities |
|
|
2 |
|
|
|
7 |
|
| Investment Companies |
|
|
1 |
|
|
|
— |
(a) |
| Preferred Securities |
|
|
1 |
|
|
|
1 |
|
| Other |
|
|
— |
(b) |
|
|
— |
(c) |
| |
(a) |
Representing less than 1% of the Fund’s total investments. |
|
| |
(b) |
Includes a less than 1% holding in each of the following investment types: Common Stocks, Options Purchased, Other
Interests and Warrants. |
|
| |
(c) |
Includes a less than 1% holding in each of the following investment types: Common Stocks, Options Purchased, Other
Interests, Rights and Warrants. |
|
CREDIT QUALITY ALLOCATION (d)
|
|
|
|
|
|
|
|
|
| |
|
02/28/19 |
|
|
02/28/18 |
|
| A |
|
|
— |
% |
|
|
3 |
% |
| BBB/Baa |
|
|
9 |
|
|
|
11 |
|
| BB/Ba |
|
|
33 |
|
|
|
37 |
|
| B |
|
|
50 |
|
|
|
38 |
|
| CCC/Caa |
|
|
5 |
|
|
|
5 |
|
| N/R |
|
|
3 |
|
|
|
6 |
|
| |
(d) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P
or Moody’s if ratings differ. 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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| 6 |
|
2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
The Benefits and Risks of Leveraging
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, there is no guarantee that these objectives can 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 (after paying the leverage costs) is paid to shareholders in the form of dividends, and
the value of these portfolio holdings (less the leverage liability) 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 amount 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 Financial Statements.
Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund is permitted to issue debt
up to 331⁄3% 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.
Derivative Financial Instruments
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 assets 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 Financial Statements.
|
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| THE BENEFITS AND RISKS OF LEVERAGING / DERIVATIVE FINANCIAL
INSTRUMENTS |
|
|
7 |
|
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|
|
| Schedule of Investments
February 28, 2019 |
|
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
Shares |
|
|
Value |
|
|
| Common Stocks — 0.5% |
|
|
| Chemicals — 0.2% |
|
| GEO Specialty Chemicals, Inc.(a)(b) |
|
|
|
|
|
|
4,684,174 |
|
|
$ |
889,993 |
|
| LyondellBasell Industries NV, Class A |
|
|
|
|
|
|
26 |
|
|
|
2,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
892,216 |
|
|
| Diversified Financial Services — 0.3% |
|
| Kcad Holdings I Ltd.(a)(b) |
|
|
|
|
|
|
1,075,282,733 |
|
|
|
2,064,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care Management Services — 0.0% |
|
| New Millennium HoldCo, Inc.(b) |
|
|
|
|
|
|
10,718 |
|
|
|
461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interactive Media & Services — 0.0% |
|
| New Holdings LLC(a) |
|
|
|
|
|
|
252 |
|
|
|
84,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Media — 0.0% |
|
| Adelphia Communications Corp.,
Class A(a)(b) |
|
|
|
|
|
|
400,000 |
|
|
|
4 |
|
| Adelphia Recovery Trust(b) |
|
|
|
|
|
|
396,568 |
|
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44 |
|
|
| Metals & Mining — 0.0% |
|
| Ameriforge Group, Inc. |
|
|
|
|
|
|
1,664 |
|
|
|
91,520 |
|
| Proppants Holdings LLC(a) |
|
|
|
|
|
|
7,288 |
|
|
|
36,440 |
|
| Project Investor Holding LLC(a) |
|
|
|
|
|
|
7,288 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
127,960 |
|
|
| Semiconductors & Semiconductor Equipment — 0.0% |
|
| SunPower Corp.(b) |
|
|
|
|
|
|
1,707 |
|
|
|
11,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Software — 0.0% |
|
| Avaya Holdings Corp.(b) |
|
|
|
|
|
|
37 |
|
|
|
573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Common Stocks — 0.5%
(Cost — $21,355,808) |
|
|
|
3,181,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Par
(000) |
|
|
|
|
|
| Asset-Backed Securities — 2.4% |
|
| Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class CR,
(3 mo. LIBOR US + 2.40%), 5.19%, 07/15/30(c)(d) |
|
|
USD |
|
|
|
700 |
|
|
|
696,568 |
|
| Anchorage Capital CLO Ltd., Series 2013-1A, Class BR,
4.95%, 10/13/30(c)(e) |
|
|
|
|
|
|
1,000 |
|
|
|
982,246 |
|
| Ares XXVII CLO Ltd., Series 2013-2A, Class DR, (3 mo.
LIBOR US + 3.75%), 6.51%, 07/28/29(c)(d) |
|
|
|
|
|
|
1,000 |
|
|
|
1,001,574 |
|
| Carlyle Global Market Strategies CLO Ltd.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| Series 2012-4A, Class DR, (3 mo. LIBOR US +
4.10%), 6.86%, 01/20/29(d) |
|
|
|
|
|
|
1,000 |
|
|
|
999,761 |
|
| Series 2015-2A, Class CR, 5.01%, 04/27/27(e) |
|
|
|
|
|
|
250 |
|
|
|
239,538 |
|
| Catskill Park CLO Ltd., Series 2017-1A, Class C,
(3 mo. LIBOR US + 3.70%), 6.46%, 04/20/29(c)(d) |
|
|
|
|
|
|
1,000 |
|
|
|
997,712 |
|
| Dryden Senior Loan Fund, Series 2014-36A, Class DR,
(3 mo. LIBOR US + 4.24%), 7.03%, 01/15/28(c)(d) |
|
|
|
|
|
|
1,000 |
|
|
|
1,000,652 |
|
| Elevation CLO Ltd., Series 2013-1A, Class CR, (3 mo.
LIBOR + 4.68%), 7.36%, 11/15/28(c)(d) |
|
|
|
|
|
|
800 |
|
|
|
801,997 |
|
| LCM XV LP, Series 15A, Class DR, (3 mo. LIBOR US + 3.70%), 6.46%, 07/20/30(c)(d) |
|
|
|
|
|
|
1,250 |
|
|
|
1,228,199 |
|
| Madison Park Funding X Ltd., Series 2012-10A, Class DR,
(3 mo. LIBOR US + 4.20%), 6.96%, 01/20/29(c)(d) |
|
|
|
|
|
|
1,500 |
|
|
|
1,499,995 |
|
| Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class DR,
(3 mo. LIBOR US + 3.65%), 6.41%, 04/22/29(c)(d) |
|
|
|
|
|
|
1,000 |
|
|
|
992,187 |
|
| OZLM Funding IV Ltd.,
4.96%, 10/22/30(c)(e) |
|
|
|
|
|
|
1,000 |
|
|
|
991,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Asset-Backed Securities (continued) |
|
| OZLM Funding Ltd., Series 2012-1A(c)(d): |
|
|
|
|
|
|
|
|
|
|
|
|
| Class BR2, (3 mo. LIBOR US + 2.30%), 5.06%, 07/22/29 |
|
|
USD |
|
|
|
1,000 |
|
|
$
|
1,001,961 |
|
| Class CR2, (3 mo. LIBOR US + 3.60%), 6.36%, 07/22/29 |
|
|
|
|
|
|
1,000 |
|
|
|
1,000,709 |
|
| Palmer Square CLO Ltd., Series 2015-2A, Class CR,
(3 mo. LIBOR US + 3.70%), 6.48%, 07/20/30(c)(d) |
|
|
|
|
|
|
1,200 |
|
|
|
1,193,521 |
|
| Recette CLO Ltd., Series 2015-1A, Class DR,
5.51%, 10/20/27(c)(e) |
|
|
|
|
|
|
1,000 |
|
|
|
976,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Asset-Backed Securities — 2.4%
(Cost — $15,683,761) |
|
|
|
15,604,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds — 38.8% |
|
|
| Aerospace & Defense — 1.9% |
|
| Arconic, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.40%, 04/15/21 |
|
|
|
|
|
|
20 |
|
|
|
20,572 |
|
| 5.13%, 10/01/24 |
|
|
|
|
|
|
753 |
|
|
|
745,470 |
|
| BBA US Holdings, Inc., 5.38%, 05/01/26(c) |
|
|
|
|
|
|
42 |
|
|
|
42,788 |
|
| Bombardier, Inc.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.75%, 12/01/21 |
|
|
|
|
|
|
178 |
|
|
|
195,800 |
|
| 6.00%, 10/15/22 |
|
|
|
|
|
|
537 |
|
|
|
539,685 |
|
| 6.13%, 01/15/23 |
|
|
|
|
|
|
1,595 |
|
|
|
1,606,962 |
|
| 7.50%, 12/01/24 |
|
|
|
|
|
|
1,039 |
|
|
|
1,057,182 |
|
| 7.50%, 03/15/25 |
|
|
|
|
|
|
577 |
|
|
|
582,049 |
|
| 7.88%, 04/15/27 |
|
|
|
|
|
|
1,111 |
|
|
|
1,112,389 |
|
| Koppers, Inc., 6.00%, 02/15/25(c) |
|
|
|
|
|
|
114 |
|
|
|
99,750 |
|
| TransDigm UK Holdings PLC,
6.88%, 05/15/26(c) |
|
|
|
|
|
|
293 |
|
|
|
285,675 |
|
| TransDigm, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 07/15/22 |
|
|
|
|
|
|
95 |
|
|
|
96,757 |
|
| 6.50%, 07/15/24 |
|
|
|
|
|
|
184 |
|
|
|
185,840 |
|
| 6.25%, 03/15/26(c) |
|
|
|
|
|
|
5,388 |
|
|
|
5,509,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,080,149 |
|
|
| Air Freight & Logistics — 0.0% |
|
| XPO Logistics, Inc., 6.75%, 08/15/24(c) |
|
|
|
|
|
|
19 |
|
|
|
19,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Airlines — 0.1% |
|
| US Airways Pass-Through Trust, Series 2013-1, Class B,
5.38%, 11/15/21 |
|
|
|
|
|
|
420 |
|
|
|
430,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Auto Components — 0.2% |
|
| Fiat Chrysler Finance Europe, 4.75%, 07/15/22 |
|
|
EUR |
|
|
|
100 |
|
|
|
125,127 |
|
| GKN Holdings PLC, 3.38%, 05/12/32 |
|
|
GBP |
|
|
|
100 |
|
|
|
128,051 |
|
| Goodyear Tire & Rubber Co., 5.00%, 05/31/26 |
|
|
USD |
|
|
|
133 |
|
|
|
126,017 |
|
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.38%, 12/15/25 |
|
|
|
|
|
|
379 |
|
|
|
389,897 |
|
| IHO Verwaltungs GmbH, (3.25% Cash or 4.00% PIK), 3.25%, 09/15/23(f) |
|
|
EUR |
|
|
|
100 |
|
|
|
115,323 |
|
| Tesla, Inc., 5.30%, 08/15/25(c) |
|
|
|
|
|
|
371 |
|
|
|
330,190 |
|
| Venture Holdings Co. LLC(a)(b)(g): |
|
|
|
|
|
|
|
|
|
|
|
|
| 12.00%, 06/01/09 |
|
|
USD |
|
|
|
5,150 |
|
|
|
— |
|
| Series B, 9.50%, 07/01/05 |
|
|
|
|
|
|
5,125 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,214,605 |
|
|
| Banks — 0.1% |
|
| Allied Irish Banks PLC (5 year EUR Swap + 3.95%), 4.13%, 11/26/25(h) |
|
|
EUR |
|
|
|
100 |
|
|
|
117,414 |
|
| Banco BPM SpA, 2.75%, 07/27/20 |
|
|
|
|
|
|
100 |
|
|
|
116,553 |
|
| Banco Espirito Santo SA(b)(g): |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.63%, 05/08/17 |
|
|
|
|
|
|
100 |
|
|
|
33,555 |
|
| 4.75%, 01/15/19 |
|
|
|
|
|
|
200 |
|
|
|
65,403 |
|
| 4.00%, 01/21/19 |
|
|
|
|
|
|
100 |
|
|
|
31,849 |
|
|
|
|
| 8 |
|
2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
| Schedule of Investments (continued)
February 28, 2019 |
|
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Banks (continued) |
|
| Bank of Ireland (5 year EUR Swap + 3.55%), 4.25%, 06/11/24(h) |
|
|
EUR |
|
|
|
100 |
|
|
$
|
114,494 |
|
| ING Groep NV, 6.75%(e)(i) |
|
|
USD |
|
|
|
200 |
|
|
|
200,000 |
|
| Unione di Banche Italiane
SpA,
5.88%, 03/04/29(e)(j) |
|
|
EUR |
|
|
|
100 |
|
|
|
114,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
793,297 |
|
|
| Building Products — 0.3% |
|
| Beacon Roofing Supply, Inc.,
4.88%, 11/01/25(c) |
|
|
USD |
|
|
|
35 |
|
|
|
32,583 |
|
| CPG Merger Sub LLC, 8.00%, 10/01/21(c) |
|
|
|
|
|
|
446 |
|
|
|
439,310 |
|
| Masonite International Corp.,
5.75%, 09/15/26(c) |
|
|
|
|
|
|
105 |
|
|
|
105,000 |
|
| Standard Industries, Inc.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.50%, 02/15/23 |
|
|
|
|
|
|
4 |
|
|
|
4,090 |
|
| 5.38%, 11/15/24 |
|
|
|
|
|
|
550 |
|
|
|
558,250 |
|
| 6.00%, 10/15/25 |
|
|
|
|
|
|
483 |
|
|
|
504,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,643,364 |
|
|
| Capital Markets — 0.1% |
|
| Blackstone CQP Holdco LP,
6.00%, 08/18/21(c) |
|
|
|
|
|
|
576 |
|
|
|
570,240 |
|
| Lions Gate Capital Holdings LLC(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.38%, 02/01/24 |
|
|
|
|
|
|
26 |
|
|
|
26,650 |
|
| 5.88%, 11/01/24 |
|
|
|
|
|
|
86 |
|
|
|
87,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
683,965 |
|
|
| Chemicals — 2.2% |
|
| Alpha 3 BV/Alpha US Bidco,
Inc.,
6.25%, 02/01/25(c) |
|
|
|
|
|
|
1,030 |
|
|
|
986,225 |
|
| Axalta Coating Systems LLC,
4.88%, 08/15/24(c) |
|
|
|
|
|
|
660 |
|
|
|
655,050 |
|
| Blue Cube Spinco LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 9.75%, 10/15/23 |
|
|
|
|
|
|
313 |
|
|
|
350,638 |
|
| 10.00%, 10/15/25 |
|
|
|
|
|
|
355 |
|
|
|
406,475 |
|
| Chemours Co.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 05/15/23 |
|
|
|
|
|
|
135 |
|
|
|
140,069 |
|
| 7.00%, 05/15/25 |
|
|
|
|
|
|
121 |
|
|
|
126,143 |
|
| 5.38%, 05/15/27 |
|
|
|
|
|
|
667 |
|
|
|
646,990 |
|
| Element Solutions, Inc.,
5.88%, 12/01/25(c) |
|
|
|
|
|
|
1,002 |
|
|
|
1,013,904 |
|
| GCP Applied Technologies,
Inc.,
5.50%, 04/15/26(c) |
|
|
|
|
|
|
202 |
|
|
|
203,515 |
|
| GEO Specialty Chemicals,
Inc.,
15.24%, 10/18/25(a) |
|
|
|
|
|
|
7,686 |
|
|
|
8,149,827 |
|
| Huntsman International LLC, 4.50%, 05/01/29 |
|
|
|
|
|
|
190 |
|
|
|
187,339 |
|
| INEOS Finance PLC, 4.00%, 05/01/23 |
|
|
EUR |
|
|
|
100 |
|
|
|
115,304 |
|
| Momentive Performance Materials, Inc., 3.88%, 10/24/21 |
|
|
USD |
|
|
|
362 |
|
|
|
390,055 |
|
| PQ Corp.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.75%, 11/15/22 |
|
|
|
|
|
|
174 |
|
|
|
180,908 |
|
| 5.75%, 12/15/25 |
|
|
|
|
|
|
507 |
|
|
|
490,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,043,284 |
|
|
| Commercial Services & Supplies — 0.3% |
|
| ADT Security Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.50%, 07/15/22 |
|
|
|
|
|
|
182 |
|
|
|
179,043 |
|
| 4.13%, 06/15/23 |
|
|
|
|
|
|
43 |
|
|
|
42,194 |
|
| 4.88%, 07/15/32(c) |
|
|
|
|
|
|
605 |
|
|
|
509,712 |
|
| Avolon Holdings Funding Ltd.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 10/01/23 |
|
|
|
|
|
|
226 |
|
|
|
228,260 |
|
| 5.25%, 05/15/24(j) |
|
|
|
|
|
|
307 |
|
|
|
314,675 |
|
| Core & Main LP, 6.13%, 08/15/25(c) |
|
|
|
|
|
|
391 |
|
|
|
376,337 |
|
| Intertrust Group BV, 3.38%, 11/15/25 |
|
|
EUR |
|
|
|
100 |
|
|
|
116,186 |
|
| Paprec Holding SA, 4.00%, 03/31/25 |
|
|
|
|
|
|
100 |
|
|
|
96,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,863,019 |
|
|
| Communications Equipment — 0.8% |
|
| CommScope Finance LLC(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.50%, 03/01/24 |
|
|
USD |
|
|
|
854 |
|
|
|
869,329 |
|
| 6.00%, 03/01/26 |
|
|
|
|
|
|
778 |
|
|
|
795,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Communications Equipment (continued) |
|
| CommScope Technologies LLC(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 06/15/25 |
|
|
USD |
|
|
|
72 |
|
|
$
|
67,860 |
|
| 5.00%, 03/15/27 |
|
|
|
|
|
|
19 |
|
|
|
17,011 |
|
| Zayo Group LLC/Zayo Capital, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 04/01/23 |
|
|
|
|
|
|
1,921 |
|
|
|
1,945,013 |
|
| 6.38%, 05/15/25 |
|
|
|
|
|
|
92 |
|
|
|
91,310 |
|
| 5.75%, 01/15/27(c) |
|
|
|
|
|
|
1,187 |
|
|
|
1,151,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,937,418 |
|
|
| Construction & Engineering — 0.1% |
|
| Brand Industrial Services, Inc.,
8.50%, 07/15/25(c) |
|
|
|
|
|
|
224 |
|
|
|
202,160 |
|
| frontdoor, Inc., 6.75%, 08/15/26(c) |
|
|
|
|
|
|
298 |
|
|
|
302,842 |
|
| SPIE SA, 3.13%, 03/22/24 |
|
|
EUR |
|
|
|
100 |
|
|
|
116,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
621,216 |
|
|
| Construction Materials — 0.4% |
|
| HD Supply, Inc., 5.38%, 10/15/26(c) |
|
|
USD |
|
|
|
1,780 |
|
|
|
1,806,700 |
|
| Rexel SA, 3.50%, 06/15/23 |
|
|
EUR |
|
|
|
130 |
|
|
|
151,702 |
|
| Williams Scotsman International, Inc.,
6.88%, 08/15/23(c) |
|
|
USD |
|
|
|
401 |
|
|
|
393,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,352,385 |
|
|
| Consumer Discretionary — 0.4% |
|
| Pinnacle Bidco PLC, 6.38%, 02/15/25 |
|
|
GBP |
|
|
|
100 |
|
|
|
133,991 |
|
| ServiceMaster Co. LLC, 5.13%, 11/15/24(c) |
|
|
USD |
|
|
|
134 |
|
|
|
134,670 |
|
| Staples, Inc., 8.50%, 09/15/25(c) |
|
|
|
|
|
|
568 |
|
|
|
556,640 |
|
| Star Merger Sub, Inc., 6.88%, 08/15/26(c) |
|
|
|
|
|
|
331 |
|
|
|
332,145 |
|
| Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 |
|
|
EUR |
|
|
|
100 |
|
|
|
116,440 |
|
| Viking Cruises Ltd.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 05/15/25 |
|
|
USD |
|
|
|
70 |
|
|
|
70,525 |
|
| 5.88%, 09/15/27 |
|
|
|
|
|
|
1,343 |
|
|
|
1,294,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,638,727 |
|
|
| Consumer Finance — 1.2% |
|
| Ally Financial, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 09/30/24 |
|
|
|
|
|
|
215 |
|
|
|
225,750 |
|
| 8.00%, 11/01/31 |
|
|
|
|
|
|
984 |
|
|
|
1,215,240 |
|
| Mulhacen Pte Ltd., (6.5% Cash or 7.25% PIK),
6.50 %, 08/01/23(f) |
|
|
EUR |
|
|
|
100 |
|
|
|
113,608 |
|
| Navient Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 07/26/21 |
|
|
USD |
|
|
|
177 |
|
|
|
182,974 |
|
| 5.50%, 01/25/23 |
|
|
|
|
|
|
363 |
|
|
|
358,463 |
|
| 7.25%, 09/25/23 |
|
|
|
|
|
|
10 |
|
|
|
10,313 |
|
| 5.88%, 10/25/24 |
|
|
|
|
|
|
134 |
|
|
|
128,473 |
|
| 6.75%, 06/15/26 |
|
|
|
|
|
|
321 |
|
|
|
308,160 |
|
| 5.63%, 08/01/33 |
|
|
|
|
|
|
260 |
|
|
|
200,850 |
|
| Nexi Capital SpA, 3.63%, 05/01/23(e) |
|
|
EUR |
|
|
|
100 |
|
|
|
114,462 |
|
| Refinitiv US Holdings, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.50%, 05/15/26 |
|
|
|
|
|
|
100 |
|
|
|
112,942 |
|
| 4.50%, 05/15/26(c) |
|
|
|
|
|
|
855 |
|
|
|
965,653 |
|
| 6.25%, 05/15/26(c) |
|
|
USD |
|
|
|
1,244 |
|
|
|
1,254,885 |
|
| 8.25%, 11/15/26(c) |
|
|
|
|
|
|
645 |
|
|
|
631,092 |
|
| Springleaf Finance Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.13%, 03/15/24 |
|
|
|
|
|
|
598 |
|
|
|
604,727 |
|
| 6.88%, 03/15/25 |
|
|
|
|
|
|
335 |
|
|
|
342,956 |
|
| 7.13%, 03/15/26 |
|
|
|
|
|
|
22 |
|
|
|
22,275 |
|
| Verscend Escrow Corp., 9.75%, 08/15/26(c) |
|
|
|
|
|
|
909 |
|
|
|
929,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,722,275 |
|
|
| Containers & Packaging — 0.4% |
|
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.63%, 05/15/23(c) |
|
|
|
|
|
|
433 |
|
|
|
436,248 |
|
| 6.75%, 05/15/24 |
|
|
EUR |
|
|
|
125 |
|
|
|
150,868 |
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
|
9 |
|
|
|
|
| Schedule of Investments (continued)
February 28, 2019 |
|
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Containers & Packaging (continued) |
|
| 7.25%, 05/15/24(c) |
|
|
USD |
|
|
|
200 |
|
|
$
|
207,690 |
|
| 4.75%, 07/15/27 |
|
|
GBP |
|
|
|
100 |
|
|
|
122,455 |
|
| BWAY Holding Co., 4.75%, 04/15/24 |
|
|
EUR |
|
|
|
100 |
|
|
|
114,835 |
|
| Crown Americas LLC/Crown Americas Capital Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.75%, 02/01/26 |
|
|
USD |
|
|
|
491 |
|
|
|
492,534 |
|
| 4.25%, 09/30/26 |
|
|
|
|
|
|
107 |
|
|
|
102,988 |
|
| Greif, Inc., 6.50%, 03/01/27(c) |
|
|
|
|
|
|
90 |
|
|
|
91,699 |
|
| Reynolds Group Issuer, Inc./Reynolds Group Issuer
LLC(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| (3 mo. LIBOR US + 3.50%),
6.29%, 07/15/21(d) |
|
|
|
|
|
|
384 |
|
|
|
386,400 |
|
| 7.00%, 07/15/24 |
|
|
|
|
|
|
467 |
|
|
|
477,508 |
|
| Silgan Holdings, Inc., 3.25%, 03/15/25 |
|
|
EUR |
|
|
|
100 |
|
|
|
117,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,700,382 |
|
|
| Diversified Consumer Services — 0.4% |
|
| APX Group, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.75%, 12/01/20 |
|
|
USD |
|
|
|
322 |
|
|
|
319,988 |
|
| 7.88%, 12/01/22 |
|
|
|
|
|
|
216 |
|
|
|
214,380 |
|
| Ascend Learning LLC, 6.88%, 08/01/25(c) |
|
|
|
|
|
|
304 |
|
|
|
297,851 |
|
| Laureate Education, Inc.,
8.25%, 05/01/25(c) |
|
|
|
|
|
|
119 |
|
|
|
128,520 |
|
| Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23(c) |
|
|
|
|
|
|
1,531 |
|
|
|
1,614,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,575,178 |
|
|
| Diversified Financial Services — 0.3% |
|
| Arrow Global Finance PLC (3 mo. Euribor + 2.88%), 2.88%, 04/01/25(d) |
|
|
EUR |
|
|
|
100 |
|
|
|
108,783 |
|
| Barclays PLC (5 year EUR Swap + 2.45%), 2.63%, 11/11/25(h) |
|
|
|
|
|
|
100 |
|
|
|
114,220 |
|
| Intrum AB, 2.75%, 07/15/22 |
|
|
|
|
|
|
100 |
|
|
|
111,437 |
|
| Jefferies Finance LLC/JFIN Co-Issuer Corp.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.38%, 04/01/20 |
|
|
USD |
|
|
|
405 |
|
|
|
405,810 |
|
| 6.88%, 04/15/22 |
|
|
|
|
|
|
516 |
|
|
|
514,710 |
|
| LHC3 PLC, (4.13% Cash or 4.88% PIK),
4.13%, 08/15/24(f) |
|
|
EUR |
|
|
|
100 |
|
|
|
114,882 |
|
| Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25(c) |
|
|
USD |
|
|
|
274 |
|
|
|
276,740 |
|
| Travelport Corporate Finance PLC,
6.00%, 03/15/26(c) |
|
|
|
|
|
|
208 |
|
|
|
220,480 |
|
| UniCredit SpA (5 year EUR Swap + 4.32%), 4.38%, 01/03/27(h) |
|
|
EUR |
|
|
|
100 |
|
|
|
116,689 |
|
| Vantiv LLC/Vanity Issuer
Corp.,
3.88%, 11/15/25(c) |
|
|
GBP |
|
|
|
100 |
|
|
|
128,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,112,705 |
|
|
| Diversified Telecommunication Services — 1.2% |
|
| CenturyLink, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| Series P, 7.60%, 09/15/39 |
|
|
USD |
|
|
|
117 |
|
|
|
102,083 |
|
| Series S, 6.45%, 06/15/21 |
|
|
|
|
|
|
1,380 |
|
|
|
1,433,406 |
|
| Series U, 7.65%, 03/15/42 |
|
|
|
|
|
|
310 |
|
|
|
270,475 |
|
| Series Y, 7.50%, 04/01/24 |
|
|
|
|
|
|
290 |
|
|
|
306,766 |
|
| Cincinnati Bell, Inc., 7.00%, 07/15/24(c) |
|
|
|
|
|
|
554 |
|
|
|
501,370 |
|
| Embarq Corp., 8.00%, 06/01/36 |
|
|
|
|
|
|
623 |
|
|
|
601,195 |
|
| Frontier Communications Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 10.50%, 09/15/22 |
|
|
|
|
|
|
298 |
|
|
|
213,070 |
|
| 11.00%, 09/15/25 |
|
|
|
|
|
|
2,020 |
|
|
|
1,290,275 |
|
| 8.50%, 04/01/26(c) |
|
|
|
|
|
|
238 |
|
|
|
221,340 |
|
| Level 3 Financing, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.38%, 08/15/22 |
|
|
|
|
|
|
85 |
|
|
|
85,531 |
|
| 5.13%, 05/01/23 |
|
|
|
|
|
|
1,120 |
|
|
|
1,127,101 |
|
| 5.38%, 05/01/25 |
|
|
|
|
|
|
232 |
|
|
|
231,420 |
|
| 5.25%, 03/15/26 |
|
|
|
|
|
|
62 |
|
|
|
60,760 |
|
| OTE PLC, 3.50%, 07/09/20 |
|
|
EUR |
|
|
|
100 |
|
|
|
117,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Diversified Telecommunication Services (continued) |
|
| SoftBank Group Corp., 4.00%, 04/20/23 |
|
|
EUR |
|
|
|
200 |
|
|
$
|
240,598 |
|
| Telecom Italia Capital SA: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.38%, 11/15/33 |
|
|
USD |
|
|
|
32 |
|
|
|
30,080 |
|
| 6.00%, 09/30/34 |
|
|
|
|
|
|
138 |
|
|
|
124,200 |
|
| Telecom Italia SpA: |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.25%, 01/16/23 |
|
|
EUR |
|
|
|
150 |
|
|
|
175,376 |
|
| 5.30%, 05/30/24(c) |
|
|
|
|
|
|
388 |
|
|
|
379,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,511,890 |
|
|
| Electric Utilities — 0.1% |
|
| AES Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.88%, 05/15/23 |
|
|
|
|
|
|
24 |
|
|
|
24,233 |
|
| 5.50%, 04/15/25 |
|
|
|
|
|
|
46 |
|
|
|
47,438 |
|
| 6.00%, 05/15/26 |
|
|
|
|
|
|
258 |
|
|
|
271,545 |
|
| NextEra Energy Operating Partners LP,
4.50%, 09/15/27(c) |
|
|
|
|
|
|
173 |
|
|
|
164,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
507,998 |
|
|
| Electronic Equipment, Instruments & Components — 0.3% |
|
| CDW LLC/CDW Finance Corp., 5.50%, 12/01/24 |
|
|
|
|
|
|
185 |
|
|
|
192,862 |
|
| Energizer Gamma Acquisition BV, 4.63%, 07/15/26 |
|
|
EUR |
|
|
|
100 |
|
|
|
115,661 |
|
| Energizer Holdings, Inc.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.38%, 07/15/26 |
|
|
USD |
|
|
|
99 |
|
|
|
99,990 |
|
| 7.75%, 01/15/27 |
|
|
|
|
|
|
279 |
|
|
|
297,135 |
|
| Vertiv Group Corp., 9.25%, 10/15/24(c) |
|
|
|
|
|
|
1,323 |
|
|
|
1,323,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,028,648 |
|
|
| Energy Equipment & Services — 0.2% |
|
| Gates Global LLC/Gates Global Co.,
6.00%, 07/15/22(c) |
|
|
|
|
|
|
964 |
|
|
|
967,769 |
|
| USA Compression Partners LP/USA Compression Finance Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.88%, 04/01/26 |
|
|
|
|
|
|
412 |
|
|
|
419,210 |
|
| 6.88%, 09/01/27(c)(j) |
|
|
|
|
|
|
233 |
|
|
|
237,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,624,639 |
|
|
| Environmental, Maintenance, & Security Service — 0.1% |
|
| Advanced Disposal Services, Inc.,
5.63%, 11/15/24(c) |
|
|
|
|
|
|
107 |
|
|
|
108,070 |
|
| Tervita Escrow Corp., 7.63%, 12/01/21(c) |
|
|
|
|
|
|
380 |
|
|
|
379,050 |
|
| Waste Pro USA, Inc., 5.50%, 02/15/26(c) |
|
|
|
|
|
|
32 |
|
|
|
31,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
518,160 |
|
|
| Equity Real Estate Investment Trusts (REITs) — 0.5% |
|
| Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(c) |
|
|
|
|
|
|
320 |
|
|
|
310,000 |
|
| GEO Group, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.88%, 01/15/22 |
|
|
|
|
|
|
90 |
|
|
|
89,325 |
|
| 6.00%, 04/15/26 |
|
|
|
|
|
|
48 |
|
|
|
44,520 |
|
| Iron Mountain, Inc., 3.00%, 01/15/25 |
|
|
EUR |
|
|
|
100 |
|
|
|
112,890 |
|
| MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer,
Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.50%, 09/01/26 |
|
|
USD |
|
|
|
855 |
|
|
|
819,372 |
|
| 4.50%, 01/15/28 |
|
|
|
|
|
|
697 |
|
|
|
651,695 |
|
| MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27 |
|
|
|
|
|
|
969 |
|
|
|
961,732 |
|
| VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23 |
|
|
|
|
|
|
99 |
|
|
|
108,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,097,885 |
|
|
| Food & Staples Retailing — 0.1% |
|
| Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC,
6.63%, 06/15/24 |
|
|
|
|
|
|
58 |
|
|
|
58,000 |
|
| B&M European Value Retail SA, 4.13%, 02/01/22 |
|
|
GBP |
|
|
|
100 |
|
|
|
132,917 |
|
|
|
|
| 10 |
|
2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
| Schedule of Investments (continued)
February 28, 2019 |
|
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Food & Staples Retailing (continued) |
|
| Casino Guichard Perrachon SA, 4.50%, 03/07/24 |
|
|
EUR |
|
|
|
200 |
|
|
$
|
230,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
421,334 |
|
|
| Food Products — 0.3% |
|
| Aramark International Finance Sarl, 3.13%, 04/01/25 |
|
|
|
|
|
|
100 |
|
|
|
118,325 |
|
| Chobani LLC/Chobani Finance Corp., Inc.,
7.50%, 04/15/25(c) |
|
|
USD |
|
|
|
213 |
|
|
|
191,700 |
|
| JBS USA LUX SA/JBS USA Finance, Inc.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.75%, 06/15/25 |
|
|
|
|
|
|
770 |
|
|
|
779,625 |
|
| 6.75%, 02/15/28 |
|
|
|
|
|
|
383 |
|
|
|
396,139 |
|
| Simmons Foods, Inc., 7.75%, 01/15/24(c) |
|
|
|
|
|
|
174 |
|
|
|
181,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,667,619 |
|
|
| Health Care Equipment & Supplies — 0.8% |
|
| Avantor, Inc.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 10/01/24 |
|
|
|
|
|
|
1,592 |
|
|
|
1,624,835 |
|
| 9.00%, 10/01/25 |
|
|
|
|
|
|
773 |
|
|
|
828,076 |
|
| Hologic, Inc.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.38%, 10/15/25 |
|
|
|
|
|
|
94 |
|
|
|
92,355 |
|
| 4.63%, 02/01/28 |
|
|
|
|
|
|
165 |
|
|
|
159,225 |
|
| Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 5.75%, 08/01/22(c) |
|
|
|
|
|
|
340 |
|
|
|
319,600 |
|
| Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/22(c) |
|
|
|
|
|
|
2,459 |
|
|
|
2,366,788 |
|
| Teleflex, Inc., 4.63%, 11/15/27 |
|
|
|
|
|
|
74 |
|
|
|
73,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,464,329 |
|
|
| Health Care Providers & Services — 2.3% |
|
| Acadia Healthcare Co., Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.63%, 02/15/23 |
|
|
|
|
|
|
90 |
|
|
|
89,325 |
|
| 6.50%, 03/01/24 |
|
|
|
|
|
|
690 |
|
|
|
686,550 |
|
| AHP Health Partners, Inc.,
9.75%, 07/15/26(c) |
|
|
|
|
|
|
200 |
|
|
|
210,000 |
|
| Centene Corp., 5.38%, 06/01/26(c) |
|
|
|
|
|
|
1,785 |
|
|
|
1,851,937 |
|
| CHS/Community Health Systems, Inc.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.63%, 01/15/24 |
|
|
|
|
|
|
676 |
|
|
|
696,280 |
|
| 8.00%, 03/15/26 |
|
|
|
|
|
|
302 |
|
|
|
298,023 |
|
| Encompass Health Corp., 5.75%, 11/01/24 |
|
|
|
|
|
|
119 |
|
|
|
120,226 |
|
| HCA, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.38%, 02/01/25 |
|
|
|
|
|
|
549 |
|
|
|
569,417 |
|
| 5.38%, 09/01/26 |
|
|
|
|
|
|
162 |
|
|
|
166,050 |
|
| 5.63%, 09/01/28 |
|
|
|
|
|
|
1,028 |
|
|
|
1,062,695 |
|
| 5.88%, 02/01/29 |
|
|
|
|
|
|
1,241 |
|
|
|
1,301,499 |
|
| Molina Healthcare, Inc., 5.38%, 11/15/22 |
|
|
|
|
|
|
176 |
|
|
|
181,445 |
|
| MPH Acquisition Holdings LLC,
7.13%, 06/01/24(c) |
|
|
|
|
|
|
319 |
|
|
|
320,394 |
|
| NVA Holdings, Inc., 6.88%, 04/01/26(c) |
|
|
|
|
|
|
65 |
|
|
|
62,725 |
|
| Polaris Intermediate Corp., (8.50% Cash),
8.50%, 12/01/22(c)(f) |
|
|
|
|
|
|
831 |
|
|
|
820,372 |
|
| RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23(c) |
|
|
|
|
|
|
885 |
|
|
|
945,844 |
|
| Sotera Health Holdings LLC,
6.50%, 05/15/23(c) |
|
|
|
|
|
|
106 |
|
|
|
106,795 |
|
| Surgery Center Holdings, Inc.,
8.88%, 04/15/21(c) |
|
|
|
|
|
|
322 |
|
|
|
327,635 |
|
| Team Health Holdings, Inc.,
6.38%, 02/01/25(c) |
|
|
|
|
|
|
573 |
|
|
|
456,967 |
|
| Tenet Healthcare Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 10/01/20 |
|
|
|
|
|
|
142 |
|
|
|
146,793 |
|
| 8.13%, 04/01/22 |
|
|
|
|
|
|
2,183 |
|
|
|
2,330,352 |
|
| 4.63%, 07/15/24 |
|
|
|
|
|
|
257 |
|
|
|
256,357 |
|
| 6.25%, 02/01/27(c) |
|
|
|
|
|
|
939 |
|
|
|
966,583 |
|
| Vizient, Inc., 10.38%, 03/01/24(c) |
|
|
|
|
|
|
398 |
|
|
|
430,835 |
|
| WellCare Health Plans, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 04/01/25 |
|
|
|
|
|
|
354 |
|
|
|
361,416 |
|
| 5.38%, 08/15/26(c) |
|
|
|
|
|
|
117 |
|
|
|
120,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,886,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Health Care Technology — 0.1% |
|
| Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(c) |
|
|
USD |
|
|
|
189 |
|
|
$
|
184,454 |
|
| IQVIA, Inc.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.25%, 03/15/25 |
|
|
EUR |
|
|
|
100 |
|
|
|
116,164 |
|
| 5.00%, 10/15/26 |
|
|
USD |
|
|
|
438 |
|
|
|
445,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
746,283 |
|
|
| Hotels, Restaurants & Leisure — 1.1% |
|
| 1011778 BC ULC/New Red Finance, Inc.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.25%, 05/15/24 |
|
|
|
|
|
|
65 |
|
|
|
63,294 |
|
| 5.00%, 10/15/25 |
|
|
|
|
|
|
1,001 |
|
|
|
969,093 |
|
| Boyd Gaming Corp., 6.00%, 08/15/26 |
|
|
|
|
|
|
80 |
|
|
|
82,050 |
|
| Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/25(c) |
|
|
|
|
|
|
218 |
|
|
|
206,827 |
|
| Churchill Downs, Inc., 4.75%, 01/15/28(c) |
|
|
|
|
|
|
201 |
|
|
|
191,995 |
|
| Eldorado Resorts, Inc., 6.00%, 09/15/26(c) |
|
|
|
|
|
|
124 |
|
|
|
126,170 |
|
| GLP Capital LP/GLP Financing II, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 06/01/25 |
|
|
|
|
|
|
90 |
|
|
|
93,194 |
|
| 5.38%, 04/15/26 |
|
|
|
|
|
|
240 |
|
|
|
247,286 |
|
| Golden Nugget, Inc., 6.75%, 10/15/24(c) |
|
|
|
|
|
|
991 |
|
|
|
995,955 |
|
| Hilton Domestic Operating Co., Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.25%, 09/01/24 |
|
|
|
|
|
|
42 |
|
|
|
41,423 |
|
| 5.13%, 05/01/26(c) |
|
|
|
|
|
|
206 |
|
|
|
207,030 |
|
| Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 |
|
|
|
|
|
|
97 |
|
|
|
96,515 |
|
| IRB Holding Corp., 6.75%, 02/15/26(c) |
|
|
|
|
|
|
138 |
|
|
|
130,410 |
|
| Ladbrokes Group Finance PLC, 5.13%, 09/08/23 |
|
|
GBP |
|
|
|
200 |
|
|
|
273,176 |
|
| Marriott Ownership Resorts, Inc.,
6.50%, 09/15/26(c) |
|
|
USD |
|
|
|
80 |
|
|
|
82,600 |
|
| MGM Resorts International, 7.75%, 03/15/22 |
|
|
|
|
|
|
308 |
|
|
|
338,030 |
|
| NH Hotel Group SA, 3.75%, 10/01/23 |
|
|
EUR |
|
|
|
116 |
|
|
|
136,140 |
|
| Sabre GLBL, Inc., 5.25%, 11/15/23(c) |
|
|
USD |
|
|
|
221 |
|
|
|
225,420 |
|
| Scientific Games International, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 10.00%, 12/01/22 |
|
|
|
|
|
|
1,445 |
|
|
|
1,519,056 |
|
| 5.00%, 10/15/25(c) |
|
|
|
|
|
|
41 |
|
|
|
39,719 |
|
| Six Flags Entertainment Corp.,
4.88%, 07/31/24(c) |
|
|
|
|
|
|
255 |
|
|
|
251,175 |
|
| Stonegate Pub Co. Financing PLC (3 mo. LIBOR + 4.38%), 5.28%, 03/15/22(d) |
|
|
GBP |
|
|
|
100 |
|
|
|
130,831 |
|
| Vue International Bidco PLC, 7.88%, 07/15/20 |
|
|
|
|
|
|
147 |
|
|
|
193,731 |
|
| Wyndham Destinations, Inc., 5.75%, 04/01/27 |
|
|
USD |
|
|
|
141 |
|
|
|
139,943 |
|
| Wynn Macau Ltd., 5.50%, 10/01/27(c) |
|
|
|
|
|
|
400 |
|
|
|
379,250 |
|
| Yum! Brands, Inc., 5.35%, 11/01/43 |
|
|
|
|
|
|
14 |
|
|
|
11,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,172,283 |
|
|
| Household Durables — 0.2% |
|
| Algeco Global Finance PLC,
8.00%, 02/15/23(c) |
|
|
|
|
|
|
300 |
|
|
|
299,250 |
|
| Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22(c) |
|
|
|
|
|
|
7 |
|
|
|
6,974 |
|
| Lennar Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 05/01/20 |
|
|
|
|
|
|
130 |
|
|
|
134,062 |
|
| 8.38%, 01/15/21 |
|
|
|
|
|
|
220 |
|
|
|
237,325 |
|
| 4.88%, 12/15/23 |
|
|
|
|
|
|
265 |
|
|
|
268,975 |
|
| 5.25%, 06/01/26 |
|
|
|
|
|
|
143 |
|
|
|
143,536 |
|
| Mattamy Group Corp., 6.50%, 10/01/25(c) |
|
|
|
|
|
|
90 |
|
|
|
86,484 |
|
| Tempur Sealy International, Inc., 5.50%, 06/15/26 |
|
|
|
|
|
|
7 |
|
|
|
6,983 |
|
| TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.38%, 06/15/19 |
|
|
|
|
|
|
325 |
|
|
|
324,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,508,183 |
|
|
| Household Products — 0.0% |
|
| Diamond (BC) BV, 5.63%, 08/15/25 |
|
|
EUR |
|
|
|
100 |
|
|
|
102,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
|
11 |
|
|
|
|
| Schedule of Investments (continued)
February 28, 2019 |
|
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Independent Power and Renewable Electricity Producers — 0.7% |
|
| Calpine Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.38%, 01/15/23 |
|
|
USD |
|
|
|
1,072 |
|
|
$
|
1,061,280 |
|
| 5.75%, 01/15/25 |
|
|
|
|
|
|
360 |
|
|
|
344,700 |
|
| 5.25%, 06/01/26(c) |
|
|
|
|
|
|
1,183 |
|
|
|
1,159,340 |
|
| Clearway Energy Operating LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.38%, 08/15/24 |
|
|
|
|
|
|
222 |
|
|
|
217,560 |
|
| 5.75%, 10/15/25(c) |
|
|
|
|
|
|
295 |
|
|
|
289,838 |
|
| 5.00%, 09/15/26 |
|
|
|
|
|
|
164 |
|
|
|
152,930 |
|
| NRG Energy, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 01/15/27 |
|
|
|
|
|
|
1,080 |
|
|
|
1,148,512 |
|
| 5.75%, 01/15/28 |
|
|
|
|
|
|
85 |
|
|
|
87,231 |
|
| TerraForm Power Operating LLC,
5.00%, 01/31/28(c) |
|
|
|
|
|
|
2 |
|
|
|
1,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,463,291 |
|
|
| Insurance — 0.4% |
|
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer,
8.25%, 08/01/23(c) |
|
|
|
|
|
|
1,628 |
|
|
|
1,681,927 |
|
| Assicurazioni Generali SpA(h): |
|
|
|
|
|
|
|
|
|
|
|
|
| (3 mo. Euribor + 7.11%), 7.75%, 12/12/42 |
|
|
EUR |
|
|
|
100 |
|
|
|
134,788 |
|
| (3 mo. Euribor + 5.35%), 5.50%, 10/27/47 |
|
|
|
|
|
|
100 |
|
|
|
123,584 |
|
| Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.00%, 01/23/27 |
|
|
|
|
|
|
100 |
|
|
|
135,192 |
|
| HUB International Ltd., 7.00%, 05/01/26(c) |
|
|
USD |
|
|
|
816 |
|
|
|
799,680 |
|
| USIS Merger Sub, Inc., 6.88%, 05/01/25(c) |
|
|
|
|
|
|
23 |
|
|
|
22,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,897,539 |
|
|
| Interactive Media & Services — 0.2% |
|
| Equinix, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.88%, 03/15/24 |
|
|
EUR |
|
|
|
100 |
|
|
|
116,988 |
|
| 5.88%, 01/15/26 |
|
|
USD |
|
|
|
284 |
|
|
|
297,490 |
|
| Netflix, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.88%, 11/15/28(c) |
|
|
|
|
|
|
141 |
|
|
|
146,858 |
|
| 4.63%, 05/15/29 |
|
|
EUR |
|
|
|
100 |
|
|
|
120,456 |
|
| Symantec Corp., 5.00%, 04/15/25(c) |
|
|
USD |
|
|
|
265 |
|
|
|
264,137 |
|
| Uber Technologies, Inc.,
7.50%, 11/01/23(c) |
|
|
|
|
|
|
280 |
|
|
|
286,300 |
|
| United Group BV, 4.38%, 07/01/22 |
|
|
EUR |
|
|
|
126 |
|
|
|
145,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,377,614 |
|
|
| IT Services — 0.5% |
|
| Banff Merger Sub, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.38%, 09/01/26 |
|
|
|
|
|
|
100 |
|
|
|
112,291 |
|
| 9.75%, 09/01/26(c) |
|
|
USD |
|
|
|
1,742 |
|
|
|
1,687,563 |
|
| Harland Clarke Holdings Corp.,
8.38%, 08/15/22(c) |
|
|
|
|
|
|
740 |
|
|
|
690,975 |
|
| InterXion Holding NV, 4.75%, 06/15/25 |
|
|
EUR |
|
|
|
100 |
|
|
|
120,336 |
|
| Rackspace Hosting, Inc., 8.63%, 11/15/24(c) |
|
|
USD |
|
|
|
183 |
|
|
|
160,125 |
|
| Xerox Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.80%, 03/01/35 |
|
|
|
|
|
|
300 |
|
|
|
240,750 |
|
| 6.75%, 12/15/39 |
|
|
|
|
|
|
4 |
|
|
|
3,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,015,850 |
|
|
| Leisure Products — 0.1% |
|
| Mattel, Inc., 6.75%, 12/31/25(c) |
|
|
|
|
|
|
522 |
|
|
|
513,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Machinery — 0.3% |
|
| Colfax Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.00%, 02/15/24(c) |
|
|
|
|
|
|
434 |
|
|
|
448,105 |
|
| 3.25%, 05/15/25 |
|
|
EUR |
|
|
|
100 |
|
|
|
114,101 |
|
| 6.38%, 02/15/26(c) |
|
|
USD |
|
|
|
226 |
|
|
|
235,605 |
|
| Platin 1426 GmbH, 5.38%, 06/15/23 |
|
|
EUR |
|
|
|
109 |
|
|
|
118,093 |
|
| RBS Global, Inc./Rexnord LLC,
4.88%, 12/15/25(c) |
|
|
USD |
|
|
|
205 |
|
|
|
200,900 |
|
| SPX FLOW, Inc., 5.88%, 08/15/26(c) |
|
|
|
|
|
|
209 |
|
|
|
209,523 |
|
| Terex Corp., 5.63%, 02/01/25(c) |
|
|
|
|
|
|
355 |
|
|
|
345,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Machinery (continued) |
|
| Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26(c) |
|
|
USD |
|
|
|
611 |
|
|
$
|
534,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,206,189 |
|
|
| Media — 6.1% |
|
| Altice Financing SA(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 02/15/23 |
|
|
|
|
|
|
1,051 |
|
|
|
1,074,647 |
|
| 7.50%, 05/15/26 |
|
|
|
|
|
|
200 |
|
|
|
193,500 |
|
| Altice France SA(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.38%, 05/01/26 |
|
|
|
|
|
|
939 |
|
|
|
921,394 |
|
| 8.13%, 02/01/27 |
|
|
|
|
|
|
2,139 |
|
|
|
2,149,695 |
|
| Altice Luxembourg SA, 7.75%, 05/15/22(c) |
|
|
|
|
|
|
1,390 |
|
|
|
1,381,312 |
|
| AMC Networks, Inc., 4.75%, 08/01/25 |
|
|
|
|
|
|
121 |
|
|
|
117,559 |
|
| Cablevision Systems Corp., 8.00%, 04/15/20 |
|
|
|
|
|
|
502 |
|
|
|
525,845 |
|
| CBS Radio, Inc., 7.25%, 11/01/24(c) |
|
|
|
|
|
|
31 |
|
|
|
30,690 |
|
| CCO Holdings LLC/CCO Holdings Capital Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 02/15/23 |
|
|
|
|
|
|
160 |
|
|
|
162,600 |
|
| 4.00%, 03/01/23(c) |
|
|
|
|
|
|
79 |
|
|
|
78,013 |
|
| 5.13%, 05/01/27(c) |
|
|
|
|
|
|
2,498 |
|
|
|
2,458,457 |
|
| 5.00%, 02/01/28(c) |
|
|
|
|
|
|
264 |
|
|
|
253,935 |
|
| Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25 |
|
|
|
|
|
|
303 |
|
|
|
314,052 |
|
| Clear Channel International BV,
8.75%, 12/15/20(c) |
|
|
|
|
|
|
762 |
|
|
|
780,097 |
|
| Clear Channel Worldwide Holdings, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.50%, 11/15/22 |
|
|
|
|
|
|
1,895 |
|
|
|
1,935,269 |
|
| 9.25%, 02/15/24(c) |
|
|
|
|
|
|
2,064 |
|
|
|
2,164,620 |
|
| Series B, 7.63%, 03/15/20 |
|
|
|
|
|
|
1,943 |
|
|
|
1,943,971 |
|
| Series B, 6.50%, 11/15/22 |
|
|
|
|
|
|
2,700 |
|
|
|
2,760,750 |
|
| CSC Holdings LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.38%, 07/15/23(c) |
|
|
|
|
|
|
887 |
|
|
|
911,570 |
|
| 5.25%, 06/01/24 |
|
|
|
|
|
|
799 |
|
|
|
798,728 |
|
| 7.75%, 07/15/25(c) |
|
|
|
|
|
|
1,345 |
|
|
|
1,435,787 |
|
| 10.88%, 10/15/25(c) |
|
|
|
|
|
|
1,802 |
|
|
|
2,090,320 |
|
| 5.50%, 05/15/26(c) |
|
|
|
|
|
|
1,417 |
|
|
|
1,432,941 |
|
| 5.38%, 02/01/28(c) |
|
|
|
|
|
|
400 |
|
|
|
393,000 |
|
| 6.50%, 02/01/29(c) |
|
|
|
|
|
|
590 |
|
|
|
617,293 |
|
| Series 144S, 5.13%, 12/15/21(c) |
|
|
|
|
|
|
1,483 |
|
|
|
1,487,656 |
|
| DISH DBS Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.75%, 06/01/21 |
|
|
|
|
|
|
10 |
|
|
|
10,225 |
|
| 5.88%, 07/15/22 |
|
|
|
|
|
|
2,125 |
|
|
|
2,029,375 |
|
| 7.75%, 07/01/26 |
|
|
|
|
|
|
364 |
|
|
|
314,860 |
|
| DKT Finance ApS, 7.00%, 06/17/23 |
|
|
EUR |
|
|
|
142 |
|
|
|
174,157 |
|
| eircom Finance DAC, 4.50%, 05/31/22 |
|
|
|
|
|
|
100 |
|
|
|
116,030 |
|
| Gray Television, Inc., 7.00%, 05/15/27(c) |
|
|
USD |
|
|
|
251 |
|
|
|
265,433 |
|
| Hughes Satellite Systems Corp., 5.25%, 08/01/26 |
|
|
|
|
|
|
105 |
|
|
|
102,638 |
|
| Intelsat Jackson Holdings SA: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.50%, 08/01/23 |
|
|
|
|
|
|
323 |
|
|
|
294,738 |
|
| 8.50%, 10/15/24(c) |
|
|
|
|
|
|
1,028 |
|
|
|
1,037,972 |
|
| 9.75%, 07/15/25(c) |
|
|
|
|
|
|
1,457 |
|
|
|
1,511,637 |
|
| Lamar Media Corp., 5.75%, 02/01/26(c) |
|
|
|
|
|
|
125 |
|
|
|
130,781 |
|
| MDC Partners, Inc., 6.50%, 05/01/24(c) |
|
|
|
|
|
|
572 |
|
|
|
495,495 |
|
| Meredith Corp., 6.88%, 02/01/26 |
|
|
|
|
|
|
196 |
|
|
|
202,429 |
|
| Midcontinent Communications/ Midcontinent Finance Corp., 6.88%, 08/15/23(c) |
|
|
|
|
|
|
128 |
|
|
|
133,595 |
|
| Nielsen Finance LLC/Nielsen Finance Co.,
5.00%, 04/15/22(c) |
|
|
|
|
|
|
531 |
|
|
|
529,673 |
|
| Radiate Holdco LLC/Radiate Finance, Inc.,
6.63%, 02/15/25(c) |
|
|
|
|
|
|
252 |
|
|
|
236,880 |
|
| TEGNA, Inc., 5.13%, 10/15/19 |
|
|
|
|
|
|
115 |
|
|
|
115,288 |
|
| Telenet Finance Luxembourg Notes Sarl,
5.50%, 03/01/28(c) |
|
|
|
|
|
|
600 |
|
|
|
577,500 |
|
|
|
|
| 12 |
|
2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
| Schedule of Investments (continued)
February 28, 2019 |
|
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Media (continued) |
|
| Telenet Finance VI Luxembourg SCA, 4.88%, 07/15/27 |
|
|
EUR |
|
|
|
90 |
|
|
$ |
109,898 |
|
| Telesat Canada/Telesat LLC,
8.88%, 11/15/24(c) |
|
|
USD |
|
|
|
399 |
|
|
|
428,925 |
|
| Tribune Media Co., 5.88%, 07/15/22 |
|
|
|
|
|
|
189 |
|
|
|
192,308 |
|
| Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 3.50%, 01/15/27 |
|
|
EUR |
|
|
|
100 |
|
|
|
119,574 |
|
| Univision Communications, Inc.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 05/15/23 |
|
|
USD |
|
|
|
22 |
|
|
|
19,965 |
|
| 5.13%, 02/15/25 |
|
|
|
|
|
|
166 |
|
|
|
145,250 |
|
| Videotron Ltd., 5.13%, 04/15/27(c) |
|
|
|
|
|
|
50 |
|
|
|
50,750 |
|
| Virgin Media Finance PLC,
5.75%, 01/15/25(c) |
|
|
|
|
|
|
722 |
|
|
|
718,390 |
|
| Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24 |
|
|
GBP |
|
|
|
200 |
|
|
|
265,297 |
|
| Virgin Media Secured Finance PLC, 4.88%, 01/15/27 |
|
|
|
|
|
|
100 |
|
|
|
129,989 |
|
| WMG Acquisition Corp., 4.13%, 11/01/24 |
|
|
EUR |
|
|
|
90 |
|
|
|
107,290 |
|
| Ziggo Bond Co. BV, 7.13%, 05/15/24 |
|
|
|
|
|
|
100 |
|
|
|
119,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,099,178 |
|
|
| Metals & Mining — 1.8% |
|
| Alcoa Nederland Holding BV(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.00%, 09/30/26 |
|
|
USD |
|
|
|
270 |
|
|
|
288,900 |
|
| 6.13%, 05/15/28 |
|
|
|
|
|
|
200 |
|
|
|
204,750 |
|
| Big River Steel LLC/BRS Finance Corp.,
7.25%, 09/01/25(c) |
|
|
|
|
|
|
317 |
|
|
|
328,491 |
|
| Constellium NV(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 03/01/25 |
|
|
|
|
|
|
300 |
|
|
|
302,250 |
|
| 5.88%, 02/15/26 |
|
|
|
|
|
|
926 |
|
|
|
900,535 |
|
| Freeport-McMoRan, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.00%, 11/14/21 |
|
|
|
|
|
|
314 |
|
|
|
314,000 |
|
| 3.55%, 03/01/22 |
|
|
|
|
|
|
1,290 |
|
|
|
1,275,487 |
|
| 3.88%, 03/15/23 |
|
|
|
|
|
|
1,896 |
|
|
|
1,868,470 |
|
| 4.55%, 11/14/24 |
|
|
|
|
|
|
607 |
|
|
|
600,930 |
|
| 5.40%, 11/14/34 |
|
|
|
|
|
|
1,084 |
|
|
|
989,150 |
|
| 5.45%, 03/15/43 |
|
|
|
|
|
|
1,518 |
|
|
|
1,332,045 |
|
| Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(c) |
|
|
|
|
|
|
456 |
|
|
|
456,570 |
|
| Joseph T Ryerson & Son, Inc.,
11.00%, 05/15/22(c) |
|
|
|
|
|
|
177 |
|
|
|
185,629 |
|
| Novelis Corp.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 08/15/24 |
|
|
|
|
|
|
1,457 |
|
|
|
1,467,927 |
|
| 5.88%, 09/30/26 |
|
|
|
|
|
|
251 |
|
|
|
244,725 |
|
| Steel Dynamics, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.50%, 10/01/24 |
|
|
|
|
|
|
138 |
|
|
|
141,795 |
|
| 4.13%, 09/15/25 |
|
|
|
|
|
|
97 |
|
|
|
94,317 |
|
| thyssenkrupp AG, 2.88%, 02/22/24 |
|
|
EUR |
|
|
|
135 |
|
|
|
153,556 |
|
| United States Steel Corp., 6.25%, 03/15/26 |
|
|
USD |
|
|
|
194 |
|
|
|
183,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,333,100 |
|
|
| Oil, Gas & Consumable Fuels — 5.7% |
|
| Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 03/01/27(c) |
|
|
|
|
|
|
121 |
|
|
|
121,908 |
|
| Antero Resources Corp., 5.00%, 03/01/25 |
|
|
|
|
|
|
224 |
|
|
|
215,040 |
|
| Ascent Resources Utica Holdings LLC/ARU Finance
Corp.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 10.00%, 04/01/22 |
|
|
|
|
|
|
324 |
|
|
|
349,110 |
|
| 7.00%, 11/01/26 |
|
|
|
|
|
|
133 |
|
|
|
128,345 |
|
| Berry Petroleum Co. LLC,
7.00%, 02/15/26(c) |
|
|
|
|
|
|
59 |
|
|
|
58,853 |
|
| California Resources Corp.,
8.00%, 12/15/22(c) |
|
|
|
|
|
|
923 |
|
|
|
737,246 |
|
| Carrizo Oil & Gas, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 04/15/23 |
|
|
|
|
|
|
308 |
|
|
|
303,765 |
|
| 8.25%, 07/15/25 |
|
|
|
|
|
|
397 |
|
|
|
414,865 |
|
| Cheniere Corpus Christi Holdings LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.00%, 06/30/24 |
|
|
|
|
|
|
642 |
|
|
|
711,015 |
|
| 5.88%, 03/31/25 |
|
|
|
|
|
|
469 |
|
|
|
499,490 |
|
| 5.13%, 06/30/27 |
|
|
|
|
|
|
367 |
|
|
|
374,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Oil, Gas & Consumable Fuels (continued) |
|
| Cheniere Energy Partners LP,
5.63%, 10/01/26(c) |
|
|
USD |
|
|
|
719 |
|
|
$
|
732,481 |
|
| Chesapeake Energy Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 08/15/20 |
|
|
|
|
|
|
614 |
|
|
|
629,350 |
|
| 4.88%, 04/15/22 |
|
|
|
|
|
|
267 |
|
|
|
256,320 |
|
| 7.00%, 10/01/24 |
|
|
|
|
|
|
462 |
|
|
|
456,225 |
|
| 8.00%, 01/15/25 |
|
|
|
|
|
|
188 |
|
|
|
191,055 |
|
| 8.00%, 06/15/27 |
|
|
|
|
|
|
980 |
|
|
|
970,200 |
|
| CNX Resources Corp., 5.88%, 04/15/22 |
|
|
|
|
|
|
3,639 |
|
|
|
3,675,390 |
|
| CONSOL Energy, Inc., 11.00%, 11/15/25(c) |
|
|
|
|
|
|
573 |
|
|
|
651,787 |
|
| Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25(c) |
|
|
|
|
|
|
447 |
|
|
|
415,710 |
|
| Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 04/01/23 |
|
|
|
|
|
|
55 |
|
|
|
56,459 |
|
| CrownRock LP/CrownRock Finance, Inc.,
5.63%, 10/15/25(c) |
|
|
|
|
|
|
1,045 |
|
|
|
1,012,344 |
|
| DCP Midstream Operating LP: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.75%, 09/30/21(c) |
|
|
|
|
|
|
98 |
|
|
|
99,715 |
|
| 5.38%, 07/15/25 |
|
|
|
|
|
|
65 |
|
|
|
67,600 |
|
| 6.45%, 11/03/36(c) |
|
|
|
|
|
|
250 |
|
|
|
251,875 |
|
| 6.75%, 09/15/37(c) |
|
|
|
|
|
|
226 |
|
|
|
230,520 |
|
| DEA Finance SA, 7.50%, 10/15/22 |
|
|
EUR |
|
|
|
100 |
|
|
|
118,827 |
|
| Denbury Resources, Inc.,
9.25%, 03/31/22(c) |
|
|
USD |
|
|
|
524 |
|
|
|
525,310 |
|
| Diamond Offshore Drilling, Inc., 4.88%, 11/01/43 |
|
|
|
|
|
|
617 |
|
|
|
385,625 |
|
| Diamondback Energy, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.75%, 11/01/24 |
|
|
|
|
|
|
104 |
|
|
|
105,170 |
|
| 4.75%, 11/01/24(c) |
|
|
|
|
|
|
128 |
|
|
|
129,440 |
|
| 5.38%, 05/31/25 |
|
|
|
|
|
|
270 |
|
|
|
279,450 |
|
| Endeavor Energy Resources LP/EER Finance,
Inc.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.50%, 01/30/26 |
|
|
|
|
|
|
368 |
|
|
|
385,480 |
|
| 5.75%, 01/30/28 |
|
|
|
|
|
|
307 |
|
|
|
326,955 |
|
| EnLink Midstream Partners LP: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.40%, 04/01/24 |
|
|
|
|
|
|
136 |
|
|
|
132,090 |
|
| 4.85%, 07/15/26 |
|
|
|
|
|
|
42 |
|
|
|
41,108 |
|
| 5.60%, 04/01/44 |
|
|
|
|
|
|
218 |
|
|
|
192,385 |
|
| 5.05%, 04/01/45 |
|
|
|
|
|
|
160 |
|
|
|
135,200 |
|
| 5.45%, 06/01/47 |
|
|
|
|
|
|
169 |
|
|
|
149,143 |
|
| Ensco PLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.50%, 10/01/24 |
|
|
|
|
|
|
64 |
|
|
|
49,517 |
|
| 5.20%, 03/15/25 |
|
|
|
|
|
|
236 |
|
|
|
181,130 |
|
| 7.75%, 02/01/26 |
|
|
|
|
|
|
168 |
|
|
|
141,120 |
|
| 5.75%, 10/01/44 |
|
|
|
|
|
|
342 |
|
|
|
219,735 |
|
| EP Energy LLC/Everest Acquisition Finance, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 9.38%, 05/01/20 |
|
|
|
|
|
|
20 |
|
|
|
15,600 |
|
| 7.75%, 05/15/26(c) |
|
|
|
|
|
|
439 |
|
|
|
389,064 |
|
| Extraction Oil & Gas, Inc.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.38%, 05/15/24 |
|
|
|
|
|
|
196 |
|
|
|
175,420 |
|
| 5.63%, 02/01/26 |
|
|
|
|
|
|
626 |
|
|
|
519,580 |
|
| Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25 |
|
|
|
|
|
|
62 |
|
|
|
59,365 |
|
| Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21(c) |
|
|
|
|
|
|
116 |
|
|
|
99,760 |
|
| Gulfport Energy Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.63%, 05/01/23 |
|
|
|
|
|
|
215 |
|
|
|
210,700 |
|
| 6.00%, 10/15/24 |
|
|
|
|
|
|
152 |
|
|
|
137,940 |
|
| Jagged Peak Energy LLC, 5.88%, 05/01/26(c) |
|
|
|
|
|
|
14 |
|
|
|
14,144 |
|
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(c) |
|
|
|
|
|
|
41 |
|
|
|
40,898 |
|
| Matador Resources Co., 5.88%, 09/15/26 |
|
|
|
|
|
|
479 |
|
|
|
476,605 |
|
| MEG Energy Corp., 6.50%, 01/15/25(c) |
|
|
|
|
|
|
938 |
|
|
|
921,585 |
|
| Nabors Industries, Inc., 5.75%, 02/01/25 |
|
|
|
|
|
|
380 |
|
|
|
336,300 |
|
| NGPL PipeCo LLC(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.88%, 08/15/27 |
|
|
|
|
|
|
189 |
|
|
|
190,122 |
|
| 7.77%, 12/15/37 |
|
|
|
|
|
|
341 |
|
|
|
407,069 |
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
|
13 |
|
|
|
|
| Schedule of Investments (continued)
February 28, 2019 |
|
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Oil, Gas & Consumable Fuels (continued) |
|
| Noble Holding International Ltd.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.75%, 01/15/24 |
|
|
USD |
|
|
|
142 |
|
|
$
|
126,380 |
|
| 7.88%, 02/01/26(c) |
|
|
|
|
|
|
1,021 |
|
|
|
954,635 |
|
| 5.25%, 03/15/42 |
|
|
|
|
|
|
118 |
|
|
|
73,160 |
|
| Oasis Petroleum, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.88%, 03/15/22 |
|
|
|
|
|
|
249 |
|
|
|
248,689 |
|
| 6.88%, 01/15/23 |
|
|
|
|
|
|
98 |
|
|
|
97,388 |
|
| 6.25%, 05/01/26(c) |
|
|
|
|
|
|
296 |
|
|
|
281,940 |
|
| Pacific Drilling SA, 8.38%, 10/01/23(c) |
|
|
|
|
|
|
848 |
|
|
|
852,240 |
|
| Parsley Energy LLC/Parsley Finance Corp.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.25%, 06/01/24 |
|
|
|
|
|
|
132 |
|
|
|
135,300 |
|
| 5.38%, 01/15/25 |
|
|
|
|
|
|
165 |
|
|
|
165,412 |
|
| 5.63%, 10/15/27 |
|
|
|
|
|
|
650 |
|
|
|
643,500 |
|
| PDC Energy, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.13%, 09/15/24 |
|
|
|
|
|
|
66 |
|
|
|
65,340 |
|
| 5.75%, 05/15/26 |
|
|
|
|
|
|
76 |
|
|
|
72,960 |
|
| Pioneer Energy Services Corp., 6.13%, 03/15/22 |
|
|
|
|
|
|
503 |
|
|
|
309,345 |
|
| QEP Resources, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.38%, 10/01/22 |
|
|
|
|
|
|
730 |
|
|
|
717,225 |
|
| 5.25%, 05/01/23 |
|
|
|
|
|
|
257 |
|
|
|
247,362 |
|
| 5.63%, 03/01/26 |
|
|
|
|
|
|
612 |
|
|
|
573,750 |
|
| Range Resources Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.88%, 07/01/22 |
|
|
|
|
|
|
75 |
|
|
|
75,750 |
|
| 5.00%, 08/15/22 |
|
|
|
|
|
|
6 |
|
|
|
5,918 |
|
| 5.00%, 03/15/23 |
|
|
|
|
|
|
66 |
|
|
|
63,773 |
|
| 4.88%, 05/15/25 |
|
|
|
|
|
|
12 |
|
|
|
10,991 |
|
| Resolute Energy Corp., 8.50%, 05/01/20 |
|
|
|
|
|
|
639 |
|
|
|
640,597 |
|
| Rowan Cos., Inc., 4.88%, 06/01/22 |
|
|
|
|
|
|
449 |
|
|
|
418,412 |
|
| Sanchez Energy Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.75%, 06/15/21 |
|
|
|
|
|
|
1,630 |
|
|
|
260,800 |
|
| 6.13%, 01/15/23 |
|
|
|
|
|
|
97 |
|
|
|
14,671 |
|
| 7.25%, 02/15/23(c) |
|
|
|
|
|
|
226 |
|
|
|
194,925 |
|
| SESI LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.13%, 12/15/21 |
|
|
|
|
|
|
180 |
|
|
|
166,500 |
|
| 7.75%, 09/15/24 |
|
|
|
|
|
|
252 |
|
|
|
214,200 |
|
| Seven Generations Energy Ltd.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.88%, 06/30/23 |
|
|
|
|
|
|
68 |
|
|
|
69,870 |
|
| 5.38%, 09/30/25 |
|
|
|
|
|
|
169 |
|
|
|
162,662 |
|
| SM Energy Co.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.13%, 11/15/22 |
|
|
|
|
|
|
40 |
|
|
|
39,800 |
|
| 5.00%, 01/15/24 |
|
|
|
|
|
|
719 |
|
|
|
676,759 |
|
| 5.63%, 06/01/25 |
|
|
|
|
|
|
229 |
|
|
|
214,115 |
|
| 6.75%, 09/15/26 |
|
|
|
|
|
|
30 |
|
|
|
28,725 |
|
| 6.63%, 01/15/27 |
|
|
|
|
|
|
124 |
|
|
|
118,110 |
|
| Southwestern Energy Co.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.20%, 01/23/25 |
|
|
|
|
|
|
195 |
|
|
|
192,991 |
|
| 7.50%, 04/01/26 |
|
|
|
|
|
|
4 |
|
|
|
4,150 |
|
| 7.75%, 10/01/27 |
|
|
|
|
|
|
342 |
|
|
|
354,093 |
|
| Sunoco LP/Sunoco Finance Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.50%, 02/15/26 |
|
|
|
|
|
|
96 |
|
|
|
95,357 |
|
| 5.88%, 03/15/28 |
|
|
|
|
|
|
151 |
|
|
|
148,735 |
|
| Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.50%, 09/15/24 |
|
|
|
|
|
|
62 |
|
|
|
63,336 |
|
| 5.50%, 01/15/28 |
|
|
|
|
|
|
551 |
|
|
|
549,622 |
|
| Targa Resources Partners LP/Targa Resources Partners Finance Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 02/01/25 |
|
|
|
|
|
|
154 |
|
|
|
154,770 |
|
| 5.88%, 04/15/26(c) |
|
|
|
|
|
|
590 |
|
|
|
613,600 |
|
| 6.50%, 07/15/27(c) |
|
|
|
|
|
|
345 |
|
|
|
364,837 |
|
| 5.00%, 01/15/28 |
|
|
|
|
|
|
288 |
|
|
|
279,720 |
|
| 6.88%, 01/15/29(c) |
|
|
|
|
|
|
713 |
|
|
|
758,899 |
|
| Transocean Pontus Ltd., 6.13%, 08/01/25(c) |
|
|
|
|
|
|
214 |
|
|
|
215,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Oil, Gas & Consumable Fuels (continued) |
|
| Transocean Poseidon Ltd.,
6.88%, 02/01/27(c) |
|
|
USD |
|
|
|
435 |
|
|
$
|
446,962 |
|
| Transocean, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.38%, 12/15/21 |
|
|
|
|
|
|
99 |
|
|
|
103,950 |
|
| 9.00%, 07/15/23(c) |
|
|
|
|
|
|
548 |
|
|
|
578,140 |
|
| 7.25%, 11/01/25(c) |
|
|
|
|
|
|
409 |
|
|
|
390,595 |
|
| 7.50%, 01/15/26(c) |
|
|
|
|
|
|
147 |
|
|
|
141,855 |
|
| Weatherford International Ltd.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.13%, 09/15/20 |
|
|
|
|
|
|
80 |
|
|
|
66,800 |
|
| 6.50%, 08/01/36 |
|
|
|
|
|
|
266 |
|
|
|
158,270 |
|
| 5.95%, 04/15/42 |
|
|
|
|
|
|
134 |
|
|
|
79,395 |
|
| Whiting Petroleum Corp., 6.63%, 01/15/26 |
|
|
|
|
|
|
346 |
|
|
|
339,080 |
|
| WPX Energy, Inc., 8.25%, 08/01/23 |
|
|
|
|
|
|
456 |
|
|
|
511,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,656,202 |
|
|
| Paper & Forest Products — 0.0% |
|
| International Paper Co., 7.30%, 11/15/39 |
|
|
|
|
|
|
5 |
|
|
|
6,080 |
|
| Sappi Papier Holding GmbH, 4.00%, 04/01/23 |
|
|
EUR |
|
|
|
100 |
|
|
|
115,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
121,969 |
|
|
| Personal Products — 0.0% |
|
| Coty, Inc., 6.50%, 04/15/26(c) |
|
|
USD |
|
|
|
66 |
|
|
|
63,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pharmaceuticals — 1.9% |
|
| Bausch Health Americas, Inc.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.50%, 01/31/27 |
|
|
|
|
|
|
990 |
|
|
|
1,028,362 |
|
| 9.25%, 04/01/26 |
|
|
|
|
|
|
231 |
|
|
|
248,903 |
|
| Bausch Health Cos., Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.63%, 12/01/21(c) |
|
|
|
|
|
|
18 |
|
|
|
18,027 |
|
| 6.50%, 03/15/22(c) |
|
|
|
|
|
|
742 |
|
|
|
768,897 |
|
| 5.50%, 03/01/23(c) |
|
|
|
|
|
|
1,575 |
|
|
|
1,567,125 |
|
| 4.50%, 05/15/23 |
|
|
EUR |
|
|
|
440 |
|
|
|
504,175 |
|
| 5.88%, 05/15/23(c) |
|
|
USD |
|
|
|
773 |
|
|
|
769,135 |
|
| 7.00%, 03/15/24(c) |
|
|
|
|
|
|
1,166 |
|
|
|
1,228,672 |
|
| 6.13%, 04/15/25(c) |
|
|
|
|
|
|
219 |
|
|
|
210,788 |
|
| 5.50%, 11/01/25(c) |
|
|
|
|
|
|
812 |
|
|
|
819,105 |
|
| 9.00%, 12/15/25(c) |
|
|
|
|
|
|
457 |
|
|
|
489,561 |
|
| 5.75%, 08/15/27(c)(j) |
|
|
|
|
|
|
196 |
|
|
|
197,715 |
|
| Charles River Laboratories International, Inc., 5.50%, 04/01/26(c) |
|
|
|
|
|
|
381 |
|
|
|
396,240 |
|
| Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 05/15/22(c)(f) |
|
|
|
|
|
|
242 |
|
|
|
242,605 |
|
| Elanco Animal Health, Inc.,
4.90%, 08/28/28(c) |
|
|
|
|
|
|
250 |
|
|
|
259,662 |
|
| Endo Dac/Endo Finance LLC/Endo Finco, Inc.,
6.00%, 07/15/23(c) |
|
|
|
|
|
|
200 |
|
|
|
165,750 |
|
| Endo Finance LLC, 5.75%, 01/15/22(c) |
|
|
|
|
|
|
334 |
|
|
|
312,290 |
|
| Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23(c) |
|
|
|
|
|
|
1,203 |
|
|
|
1,212,022 |
|
| MEDNAX, Inc.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.25%, 12/01/23 |
|
|
|
|
|
|
122 |
|
|
|
123,373 |
|
| 6.25%, 01/15/27 |
|
|
|
|
|
|
372 |
|
|
|
374,065 |
|
| Nidda BondCo GmbH, 7.25%, 09/30/25 |
|
|
EUR |
|
|
|
100 |
|
|
|
115,906 |
|
| Rossini Sarl, 6.75%, 10/30/25 |
|
|
|
|
|
|
168 |
|
|
|
198,905 |
|
| Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24(c) |
|
|
USD |
|
|
|
468 |
|
|
|
489,060 |
|
| Synlab Bondco PLC, 6.25%, 07/01/22 |
|
|
EUR |
|
|
|
100 |
|
|
|
117,874 |
|
| Synlab Unsecured Bondco PLC, 8.25%, 07/01/23 |
|
|
|
|
|
|
100 |
|
|
|
121,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,979,233 |
|
|
| Real Estate Management & Development — 0.1% |
|
| ADLER Real Estate AG: |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.75%, 04/08/20 |
|
|
|
|
|
|
24 |
|
|
|
27,433 |
|
| 2.13%, 02/06/24 |
|
|
|
|
|
|
100 |
|
|
|
112,666 |
|
| Greystar Real Estate Partners LLC,
5.75%, 12/01/25(c) |
|
|
USD |
|
|
|
218 |
|
|
|
219,042 |
|
|
|
|
| 14 |
|
2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
| Schedule of Investments (continued)
February 28, 2019 |
|
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Real Estate Management & Development (continued) |
|
| Residomo SRO, 3.38%, 10/15/24 |
|
|
EUR |
|
|
|
100 |
|
|
$
|
114,873 |
|
| Unique Pub Finance Co. PLC, Series A4, 5.66%, 06/30/27 |
|
|
GBP |
|
|
|
58 |
|
|
|
83,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
557,109 |
|
|
| Road & Rail — 0.3% |
|
| Avis Budget Finance PLC, 4.75%, 01/30/26 |
|
|
EUR |
|
|
|
100 |
|
|
|
114,607 |
|
| CMA CGM SA, 5.25%, 01/15/25 |
|
|
|
|
|
|
100 |
|
|
|
98,674 |
|
| EC Finance PLC, 2.38%, 11/15/22 |
|
|
|
|
|
|
100 |
|
|
|
114,479 |
|
| Herc Rentals, Inc.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.50%, 06/01/22 |
|
|
USD |
|
|
|
126 |
|
|
|
131,355 |
|
| 7.75%, 06/01/24 |
|
|
|
|
|
|
112 |
|
|
|
119,454 |
|
| Hertz Corp., 7.63%, 06/01/22(c) |
|
|
|
|
|
|
359 |
|
|
|
367,078 |
|
| Hertz Holdings Netherlands BV, 5.50%, 03/30/23 |
|
|
EUR |
|
|
|
100 |
|
|
|
116,190 |
|
| Loxam SAS, 3.50%, 05/03/23 |
|
|
|
|
|
|
100 |
|
|
|
116,281 |
|
| United Rentals North America, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.75%, 11/15/24 |
|
|
USD |
|
|
|
165 |
|
|
|
169,950 |
|
| 5.50%, 07/15/25 |
|
|
|
|
|
|
2 |
|
|
|
2,045 |
|
| 4.63%, 10/15/25 |
|
|
|
|
|
|
72 |
|
|
|
70,020 |
|
| 5.88%, 09/15/26 |
|
|
|
|
|
|
137 |
|
|
|
140,083 |
|
| 5.50%, 05/15/27 |
|
|
|
|
|
|
442 |
|
|
|
442,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,002,216 |
|
|
| Semiconductors & Semiconductor Equipment — 0.0% |
|
| Advanced Micro Devices, Inc., 7.50%, 08/15/22 |
|
|
|
|
|
|
200 |
|
|
|
222,000 |
|
| Sensata Technologies BV,
5.00%, 10/01/25(c) |
|
|
|
|
|
|
47 |
|
|
|
47,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
269,470 |
|
|
| Software — 1.5% |
|
| CDK Global, Inc., 4.88%, 06/01/27 |
|
|
|
|
|
|
469 |
|
|
|
460,891 |
|
| Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Holdings LLC,
10.00%, 11/30/24(c) |
|
|
|
|
|
|
943 |
|
|
|
1,030,227 |
|
| Infor Software Parent LLC/Infor Software Parent, Inc., (7.13% Cash or 7.88% PIK), 7.13%, 05/01/21(c)(f) |
|
|
|
|
|
|
1,686 |
|
|
|
1,692,744 |
|
| Infor US, Inc., 6.50%, 05/15/22 |
|
|
|
|
|
|
1,563 |
|
|
|
1,593,901 |
|
| Nuance Communications, Inc., 6.00%, 07/01/24 |
|
|
|
|
|
|
169 |
|
|
|
174,493 |
|
| PTC, Inc., 6.00%, 05/15/24 |
|
|
|
|
|
|
130 |
|
|
|
135,993 |
|
| RP Crown Parent LLC, 7.38%, 10/15/24(c) |
|
|
|
|
|
|
511 |
|
|
|
523,775 |
|
| Solera LLC/Solera Finance, Inc.,
10.50%, 03/01/24(c) |
|
|
|
|
|
|
2,112 |
|
|
|
2,288,880 |
|
| TIBCO Software, Inc., 11.38%, 12/01/21(c) |
|
|
|
|
|
|
1,466 |
|
|
|
1,557,625 |
|
| Veritas US, Inc./Veritas Bermuda Ltd.,
7.50%, 02/01/23(c) |
|
|
|
|
|
|
369 |
|
|
|
350,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,809,079 |
|
|
| Specialty Retail — 0.2% |
|
| Asbury Automotive Group, Inc., 6.00%, 12/15/24 |
|
|
|
|
|
|
396 |
|
|
|
401,940 |
|
| Group 1 Automotive, Inc.,
5.25%, 12/15/23(c) |
|
|
|
|
|
|
69 |
|
|
|
68,828 |
|
| L Brands, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.88%, 11/01/35 |
|
|
|
|
|
|
386 |
|
|
|
332,925 |
|
| 6.75%, 07/01/36 |
|
|
|
|
|
|
109 |
|
|
|
92,105 |
|
| Parts Europe SA, 4.38%, 05/01/22 |
|
|
EUR |
|
|
|
100 |
|
|
|
112,323 |
|
| Tendam Brands SAU, 5.00%, 09/15/24 |
|
|
|
|
|
|
100 |
|
|
|
113,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,121,297 |
|
|
| Technology Hardware, Storage & Peripherals — 0.4% |
|
| Dell International LLC/EMC Corp.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.13%, 06/15/24 |
|
|
USD |
|
|
|
1,277 |
|
|
|
1,355,108 |
|
| 6.02%, 06/15/26 |
|
|
|
|
|
|
245 |
|
|
|
259,931 |
|
| 8.35%, 07/15/46 |
|
|
|
|
|
|
385 |
|
|
|
450,508 |
|
| Western Digital Corp., 4.75%, 02/15/26 |
|
|
|
|
|
|
306 |
|
|
|
289,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,354,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Textiles, Apparel & Luxury Goods — 0.1% |
|
| PVH Corp., 3.13%, 12/15/27 |
|
|
EUR |
|
|
|
107 |
|
|
$
|
120,843 |
|
| SMCP Group SAS, 5.88%, 05/01/23 |
|
|
|
|
|
|
49 |
|
|
|
57,215 |
|
| William Carter Co., 5.63%, 03/15/27(c) |
|
|
USD |
|
|
|
162 |
|
|
|
161,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
339,058 |
|
|
| Thrifts & Mortgage Finance — 0.1% |
|
| Jerrold Finco PLC, 6.25%, 09/15/21 |
|
|
GBP |
|
|
|
100 |
|
|
|
133,232 |
|
| Nationstar Mortgage Holdings, Inc.(c): |
|
|
|
|
|
|
|
|
|
|
|
|
| 8.13%, 07/15/23 |
|
|
USD |
|
|
|
174 |
|
|
|
177,045 |
|
| 9.13%, 07/15/26 |
|
|
|
|
|
|
139 |
|
|
|
142,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
452,404 |
|
|
| Utilities — 0.1% |
|
| ContourGlobal Power Holdings SA, 3.38%, 08/01/23 |
|
|
EUR |
|
|
|
100 |
|
|
|
114,603 |
|
| Orano SA, 4.88%, 09/23/24 |
|
|
|
|
|
|
100 |
|
|
|
120,001 |
|
| Vistra Operations Co. LLC,
5.63%, 02/15/27(c) |
|
|
USD |
|
|
|
420 |
|
|
|
432,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
667,204 |
|
|
| Wireless Telecommunication Services — 1.8% |
|
| Digicel Group One Ltd., 8.25%, 12/30/22(c) |
|
|
|
|
|
|
114 |
|
|
|
76,380 |
|
| Digicel Group Two Ltd., 8.25%, 09/30/22(c) |
|
|
|
|
|
|
108 |
|
|
|
45,360 |
|
| Digicel Ltd., 6.00%, 04/15/21(c) |
|
|
|
|
|
|
1,874 |
|
|
|
1,535,509 |
|
| Matterhorn Telecom SA, 3.88%, 05/01/22 |
|
|
EUR |
|
|
|
100 |
|
|
|
113,456 |
|
| SBA Communications Corp., 4.88%, 09/01/24 |
|
|
USD |
|
|
|
948 |
|
|
|
946,815 |
|
| Sprint Communications, Inc.,
7.00%, 03/01/20(c) |
|
|
|
|
|
|
569 |
|
|
|
587,492 |
|
| Sprint Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.88%, 09/15/23 |
|
|
|
|
|
|
2,071 |
|
|
|
2,216,508 |
|
| 7.13%, 06/15/24 |
|
|
|
|
|
|
3,332 |
|
|
|
3,431,960 |
|
| 7.63%, 02/15/25 |
|
|
|
|
|
|
265 |
|
|
|
277,588 |
|
| 7.63%, 03/01/26 |
|
|
|
|
|
|
1,333 |
|
|
|
1,382,987 |
|
| T-Mobile USA, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.38%, 03/01/25 |
|
|
|
|
|
|
92 |
|
|
|
95,738 |
|
| 6.50%, 01/15/26 |
|
|
|
|
|
|
259 |
|
|
|
276,806 |
|
| 4.50%, 02/01/26 |
|
|
|
|
|
|
218 |
|
|
|
214,728 |
|
| 4.75%, 02/01/28 |
|
|
|
|
|
|
531 |
|
|
|
515,681 |
|
| Wind Tre SpA, 3.13%, 01/20/25 |
|
|
EUR |
|
|
|
100 |
|
|
|
104,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,821,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Corporate Bonds — 38.8%
(Cost — $261,636,378) |
|
|
|
248,812,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Floating Rate Loan Interests(d)
— 102.1% |
|
|
| Aerospace & Defense — 2.7% |
|
| Accudyne Industries LLC, 2017 Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor),
5.49%, 08/18/24 |
|
|
USD |
|
|
|
4,825 |
|
|
|
4,819,720 |
|
| Atlantic Aviation FBO, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.27%, 11/29/25(a) |
|
|
|
|
|
|
1,375 |
|
|
|
1,383,594 |
|
| DAE Aviation Holdings, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.24%, 07/07/22 |
|
|
|
|
|
|
484 |
|
|
|
484,355 |
|
| 2019 Term Loan B, 01/23/26(k) |
|
|
|
|
|
|
3,655 |
|
|
|
3,663,958 |
|
| Term Loan, 01/23/26(k) |
|
|
|
|
|
|
1,965 |
|
|
|
1,969,870 |
|
| TransDigm, Inc., 2018 Term Loan F, (1 mo. LIBOR + 2.50%), 4.99%, 06/09/23 |
|
|
|
|
|
|
4,549 |
|
|
|
4,491,335 |
|
| WP CPP Holdings LLC, 2018 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor),
6.51%, 04/30/25 |
|
|
|
|
|
|
374 |
|
|
|
372,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,185,335 |
|
|
| Air Freight & Logistics — 0.1% |
|
| Avolon TLB Borrower 1 (US) LLC, Term Loan B3,
01/15/25(k) |
|
|
|
|
|
|
782 |
|
|
|
867,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
|
15 |
|
|
|
|
| Schedule of Investments (continued)
February 28, 2019 |
|
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Airlines — 0.6% |
|
| Allegiant Travel Co., Term Loan B, (3 mo. LIBOR + 4.50%), 7.23%, 01/15/24(a) |
|
|
USD |
|
|
|
1,785 |
|
|
$
|
1,780,538 |
|
| American Airlines, Inc.(k): |
|
|
|
|
|
|
|
|
|
|
|
|
| 2017 1st Lien Term Loan, 10/12/21 |
|
|
|
|
|
|
1,472 |
|
|
|
1,465,467 |
|
| Repriced TL B due 2023, 04/28/23 |
|
|
|
|
|
|
614 |
|
|
|
605,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,851,070 |
|
|
| Auto Components — 0.5% |
|
| USI, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.80%, 05/16/24 |
|
|
|
|
|
|
1,515 |
|
|
|
1,500,160 |
|
| Wand NewCo 3, Inc., 2019 1st Lien Term Loan,
02/05/26(k) |
|
|
|
|
|
|
1,693 |
|
|
|
1,696,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,196,969 |
|
|
| Banks — 0.1% |
|
| Capri Finance LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 5.99%, 11/01/24 |
|
|
|
|
|
|
465 |
|
|
|
457,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beverages — 0.1% |
|
| Jacobs Douwe Egberts International BV, 2018 USD Term Loan B, (1 mo. LIBOR + 2.00%),
4.56%, 11/01/25 |
|
|
|
|
|
|
840 |
|
|
|
834,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Building Materials — 0.1% |
|
| Allied Universal HoldCo LLC, 2015 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor),
6.24%, 07/28/22 |
|
|
|
|
|
|
681 |
|
|
|
668,045 |
|
| USAGM HoldCo LLC, 2015 2nd Lien Term Loan, (1 mo. LIBOR + 8.50%, 1.00% Floor),
10.99%, 07/28/23 |
|
|
|
|
|
|
279 |
|
|
|
269,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
937,206 |
|
|
| Building Products — 0.7% |
|
| CPG International, Inc., 2017 Term Loan, (6 mo. LIBOR + 3.75%, 1.00% Floor), 6.63%, 05/05/24(a) |
|
|
|
|
|
|
1,436 |
|
|
|
1,425,422 |
|
| Jeld-Wen, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.00%),
4.80%, 12/14/24 |
|
|
|
|
|
|
936 |
|
|
|
919,571 |
|
| Wilsonart LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 6.06%, 12/19/23 |
|
|
|
|
|
|
1,849 |
|
|
|
1,835,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,180,282 |
|
|
| Capital Markets — 1.1% |
|
| Duff & Phelps Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor),
5.74%, 02/13/25 |
|
|
|
|
|
|
481 |
|
|
|
472,039 |
|
| EIG Management Co. LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.24%, 02/22/25 |
|
|
|
|
|
|
1,564 |
|
|
|
1,554,792 |
|
| Fortress Investment Group LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.49%, 12/27/22 |
|
|
|
|
|
|
1,374 |
|
|
|
1,363,044 |
|
| Greenhill & Co., Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor),
6.46%, 10/12/22 |
|
|
|
|
|
|
1,357 |
|
|
|
1,360,894 |
|
| RPI Finance Trust, Term Loan B6, (1 mo. LIBOR + 2.00%), 4.49%, 03/27/23 |
|
|
|
|
|
|
1,984 |
|
|
|
1,979,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,730,272 |
|
|
| Chemicals — 4.3% |
|
| Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.80%, 01/31/24 |
|
|
|
|
|
|
4,832 |
|
|
|
4,744,221 |
|
| Axalta Coating Systems US Holdings, Inc., Term Loan, (3 mo. LIBOR + 1.75%),
4.55%, 06/01/24 |
|
|
|
|
|
|
976 |
|
|
|
964,881 |
|
| Charter NEX US Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor),
5.24%, 05/16/24 |
|
|
|
|
|
|
1,335 |
|
|
|
1,303,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Chemicals (continued) |
|
| Chemours Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.25%, 04/03/25 |
|
|
USD |
|
|
|
1,607 |
|
|
$
|
1,589,613 |
|
| Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00%
Floor), 6.30%, 06/28/24 |
|
|
|
|
|
|
653 |
|
|
|
647,480 |
|
| Encapsys LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 11/07/24 |
|
|
|
|
|
|
992 |
|
|
|
978,436 |
|
| Evergreen Acqco 1 LP, Term Loan, (3 mo. LIBOR + 3.75%), 6.53%, 07/09/19 |
|
|
|
|
|
|
194 |
|
|
|
184,027 |
|
| Invictus US LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 1st Lien Term Loan, (2 mo. LIBOR + 3.00%), 5.58%, 03/28/25 |
|
|
|
|
|
|
1,916 |
|
|
|
1,909,221 |
|
| 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 9.24%, 03/25/26(a) |
|
|
|
|
|
|
390 |
|
|
|
386,100 |
|
| Messer Industries LLC, 2018 USD Term Loan,
10/01/25(k) |
|
|
|
|
|
|
4,974 |
|
|
|
4,936,695 |
|
| Oxea Holding Drei GmbH, 2017 Term Loan B2, (1 mo. LIBOR + 3.50%), 6.06%, 10/14/24 |
|
|
|
|
|
|
3,284 |
|
|
|
3,269,980 |
|
| Plaskolite LLC, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%, 1.00% Floor),
6.74%, 12/12/25 |
|
|
|
|
|
|
1,230 |
|
|
|
1,233,025 |
|
| PQ Corp., 2018 Term Loan B, (3 mo. LIBOR + 2.50%), 5.24%, 02/08/25 |
|
|
|
|
|
|
2,589 |
|
|
|
2,568,752 |
|
| Starfruit Finco BV, 2018 USD Term Loan B, (1 mo. LIBOR + 3.25%), 5.76%, 10/01/25 |
|
|
|
|
|
|
1,723 |
|
|
|
1,711,163 |
|
| Tata Chemicals North America, Inc., Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor),
5.56%, 08/07/20 |
|
|
|
|
|
|
526 |
|
|
|
522,414 |
|
| Vectra Co., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.74%, 03/08/25 |
|
|
|
|
|
|
900 |
|
|
|
860,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,809,532 |
|
|
| Commercial Services & Supplies — 6.6% |
|
| Advanced Disposal Services, Inc., Term Loan B3, (1 Week LIBOR + 2.25%), 4.67%, 11/10/23 |
|
|
|
|
|
|
1,867 |
|
|
|
1,864,085 |
|
| Asurion LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 8.99%, 08/04/25 |
|
|
|
|
|
|
2,994 |
|
|
|
3,038,281 |
|
| 2017 Term Loan B4, (1 mo. LIBOR + 3.00%), 5.49%, 08/04/22 |
|
|
|
|
|
|
1,663 |
|
|
|
1,662,039 |
|
| 2018 Term Loan B6, (1 mo. LIBOR + 3.00%), 5.49%, 11/03/23 |
|
|
|
|
|
|
1,650 |
|
|
|
1,648,924 |
|
| 2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 5.49%, 11/03/24 |
|
|
|
|
|
|
2,957 |
|
|
|
2,955,512 |
|
| BrightView Landscapes LLC, 2018 1st Lien Term Loan B, (1 mo. LIBOR + 2.50%),
5.00%, 08/15/25 |
|
|
|
|
|
|
2,225 |
|
|
|
2,218,058 |
|
| Camelot UK Holdco Ltd., 2017 Repriced Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor),
5.74%, 10/03/23 |
|
|
|
|
|
|
5,515 |
|
|
|
5,492,328 |
|
| Catalent Pharma Solutions, Inc., Term Loan B, (1 mo. LIBOR + 2.25%, 1.00% Floor),
4.74%, 05/20/24 |
|
|
|
|
|
|
1,510 |
|
|
|
1,503,797 |
|
| Creative Artists Agency LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.48%, 02/15/24 |
|
|
|
|
|
|
3,514 |
|
|
|
3,485,595 |
|
| EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor),
6.55%, 05/09/25 |
|
|
|
|
|
|
487 |
|
|
|
427,356 |
|
| GFL Environmental, Inc., 2018 USD Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor),
5.49%, 05/30/25 |
|
|
|
|
|
|
3,916 |
|
|
|
3,846,981 |
|
| Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75%, 1.00% Floor),
7.55%, 11/03/23 |
|
|
|
|
|
|
771 |
|
|
|
728,976 |
|
|
|
|
| 16 |
|
2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
| Schedule of Investments (continued)
February 28, 2019 |
|
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Commercial Services & Supplies (continued) |
|
| KAR Auction Services, Inc., Term Loan B5, (3 mo. LIBOR + 2.50%), 5.31%, 03/09/23(a) |
|
|
USD |
|
|
|
1,124 |
|
|
$
|
1,120,878 |
|
| Prime Security Services Borrower LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor),
5.24%, 05/02/22 |
|
|
|
|
|
|
2,150 |
|
|
|
2,142,633 |
|
| Verisure Holding AB, EUR Term Loan B1E, (3 mo. EURIBOR + 3.00%), 3.00%, 10/20/22 |
|
|
EUR |
|
|
|
1,000 |
|
|
|
1,123,550 |
|
| Verscend Holding Corp., 2018 Term Loan B, (1 mo. LIBOR + 4.50%), 6.99%, 08/27/25(a) |
|
|
USD |
|
|
|
5,933 |
|
|
|
5,940,810 |
|
| West Corp., 2017 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.63%, 10/10/24 |
|
|
|
|
|
|
2,164 |
|
|
|
2,043,557 |
|
| West Corporation, 2018 Term Loan B1, (1 mo. LIBOR + 3.50%, 1.00% Floor),
6.13%, 10/10/24 |
|
|
|
|
|
|
1,433 |
|
|
|
1,341,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,585,020 |
|
|
| Communications Equipment — 1.2% |
|
| Avantor, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor),
6.57%, 11/21/24 |
|
|
|
|
|
|
4,638 |
|
|
|
4,646,416 |
|
| Avaya, Inc., 2018 Term Loan B, (1 mo. LIBOR + 4.25%), 6.78%, 12/15/24 |
|
|
|
|
|
|
1,523 |
|
|
|
1,519,953 |
|
| Ciena Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.48%, 09/26/25 |
|
|
|
|
|
|
1,271 |
|
|
|
1,268,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,435,178 |
|
|
| Construction & Engineering — 1.1% |
|
| Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00%
Floor), 6.96%, 06/21/24 |
|
|
|
|
|
|
3,628 |
|
|
|
3,538,302 |
|
| Pike Corp., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 03/23/25 |
|
|
|
|
|
|
954 |
|
|
|
953,874 |
|
| Ply Gem Midco, Inc., 2018 Term Loan, (3 mo. LIBOR + 3.75%), 6.55%, 04/12/25 |
|
|
|
|
|
|
534 |
|
|
|
518,316 |
|
| SRS Distribution, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%),
5.74%, 05/23/25 |
|
|
|
|
|
|
1,022 |
|
|
|
1,000,331 |
|
| USIC Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor),
5.74%, 12/08/23 |
|
|
|
|
|
|
1,028 |
|
|
|
1,013,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,024,581 |
|
|
| Construction Materials — 1.4% |
|
| Core & Main LP, 2017 Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor),
5.72%, 08/01/24 |
|
|
|
|
|
|
2,344 |
|
|
|
2,322,552 |
|
| Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%),
5.49%, 03/29/25 |
|
|
|
|
|
|
4,580 |
|
|
|
4,560,921 |
|
| Foundation Building Materials LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.74%, 08/13/25(a) |
|
|
|
|
|
|
693 |
|
|
|
679,407 |
|
| GYP Holdings III Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 06/01/25 |
|
|
|
|
|
|
509 |
|
|
|
492,955 |
|
| Xella International GmbH, 2017 EUR Term Loan B, (1 mo. Euribor + 4.00%), 4.00%, 04/11/24 |
|
|
EUR |
|
|
|
1,000 |
|
|
|
1,119,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,175,040 |
|
|
| Containers & Packaging — 1.6% |
|
| Berry Global, Inc., Term Loan Q, (2 mo. LIBOR + 2.00%), 4.61%, 10/01/22 |
|
|
USD |
|
|
|
5,412 |
|
|
|
5,393,792 |
|
| BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 6.03%, 04/03/24 |
|
|
|
|
|
|
2,183 |
|
|
|
2,137,014 |
|
| Flex Acquisition Co., Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 1st Lien Term Loan, 12/29/23(k) |
|
|
|
|
|
|
893 |
|
|
|
876,959 |
|
| 2018 Incremental Term Loan, (1 mo. LIBOR + 3.25%), 5.76%, 06/29/25 |
|
|
|
|
|
|
1,614 |
|
|
|
1,587,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,994,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Distributors — 1.1% |
|
| American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%),
4.49%, 10/31/23 |
|
|
USD |
|
|
|
3,781 |
|
|
$
|
3,755,213 |
|
| TriMark USA LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 6.00%, 08/28/24 |
|
|
|
|
|
|
3,932 |
|
|
|
3,396,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,152,106 |
|
|
| Diversified Consumer Services — 2.9% |
|
| Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.49%, 07/12/24(a) |
|
|
|
|
|
|
815 |
|
|
|
806,541 |
|
| Bright Horizons Family Solutions, Inc., 2017 Term Loan B, (3 mo. LIBOR + 0.75%),
4.24%, 11/07/23 |
|
|
|
|
|
|
2,055 |
|
|
|
2,035,777 |
|
| CHG PPC Parent LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 03/31/25(a) |
|
|
|
|
|
|
657 |
|
|
|
650,133 |
|
| Equian LLC, Add on Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 05/20/24 |
|
|
|
|
|
|
1,967 |
|
|
|
1,938,254 |
|
| Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.75%),
6.55%, 07/12/25 |
|
|
|
|
|
|
1,497 |
|
|
|
1,489,761 |
|
| J.D. Power and Associates, 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor),
6.24%, 09/07/23 |
|
|
|
|
|
|
1,950 |
|
|
|
1,937,893 |
|
| Nomad Foods Europe Midco Ltd., 2017 Term Loan B4, (1 mo. LIBOR + 2.25%),
4.74%, 05/15/24 |
|
|
|
|
|
|
1,155 |
|
|
|
1,132,005 |
|
| Serta Simmons Bedding LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.01%, 11/08/23 |
|
|
|
|
|
|
1,122 |
|
|
|
931,964 |
|
| 2nd Lien Term Loan, (1 mo. LIBOR + 8.00%, 1.00% Floor), 10.49%, 11/08/24 |
|
|
|
|
|
|
115 |
|
|
|
76,911 |
|
| ServiceMaster Co., 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 4.99%, 11/08/23 |
|
|
|
|
|
|
918 |
|
|
|
913,405 |
|
| Spin Holdco, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor),
6.03%, 11/14/22 |
|
|
|
|
|
|
3,559 |
|
|
|
3,520,049 |
|
| Uber Technologies, 2018 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor),
6.52%, 04/04/25 |
|
|
|
|
|
|
1,589 |
|
|
|
1,588,825 |
|
| Weight Watchers International, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.75%),
7.56%, 11/29/24 |
|
|
|
|
|
|
1,842 |
|
|
|
1,783,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,805,387 |
|
|
| Diversified Financial Services — 1.8% |
|
| AlixPartners LLP, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor),
5.24%, 04/04/24 |
|
|
|
|
|
|
4,786 |
|
|
|
4,774,819 |
|
| CRCI Longhorn Holdings, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%),
6.02%, 08/08/25 |
|
|
|
|
|
|
625 |
|
|
|
612,924 |
|
| Edelman Financial Center LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%),
6.04%, 07/21/25 |
|
|
|
|
|
|
858 |
|
|
|
856,215 |
|
| EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 6.81%, 02/07/25 |
|
|
|
|
|
|
1,846 |
|
|
|
1,796,401 |
|
| Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor),
5.99%, 07/03/24 |
|
|
|
|
|
|
1,521 |
|
|
|
1,510,341 |
|
| LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.99%, 09/06/25 |
|
|
|
|
|
|
1,118 |
|
|
|
1,091,640 |
|
| SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (2 mo. LIBOR + 4.25%), 6.90%, 07/30/25 |
|
|
|
|
|
|
624 |
|
|
|
615,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,257,985 |
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
|
17 |
|
|
|
|
| Schedule of Investments (continued)
February 28, 2019 |
|
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Diversified Telecommunication Services — 3.0% |
|
| CenturyLink, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2017 Term Loan A, (1 mo. LIBOR + 2.75%), 5.24%, 11/01/22 |
|
|
USD |
|
|
|
1,519 |
|
|
$
|
1,512,756 |
|
| 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 01/31/25 |
|
|
|
|
|
|
1,910 |
|
|
|
1,879,424 |
|
| Frontier Communications Corp., Delayed Draw Term Loan A, (1 mo. LIBOR + 2.75%),
5.25%, 03/31/21 |
|
|
|
|
|
|
970 |
|
|
|
955,099 |
|
| Hargray Communications Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor),
5.49%, 05/16/24 |
|
|
|
|
|
|
1,067 |
|
|
|
1,054,213 |
|
| Level 3 Financing, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.73%, 02/22/24 |
|
|
|
|
|
|
2,685 |
|
|
|
2,672,307 |
|
| MTN Infrastructure TopCo, Inc, 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor),
5.49%, 11/15/24 |
|
|
|
|
|
|
764 |
|
|
|
758,595 |
|
| Sprint Communications, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 1st Lien Term Loan B, (1 mo. LIBOR + 2.50%), 5.00%, 02/02/24 |
|
|
|
|
|
|
1,957 |
|
|
|
1,929,792 |
|
| 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.50%, 02/02/24 |
|
|
|
|
|
|
1,843 |
|
|
|
1,819,962 |
|
| TDC A/S, Term Loan, (1 mo. EURIBOR + 2.75%), 2.75%, 06/04/25 |
|
|
EUR |
|
|
|
819 |
|
|
|
931,646 |
|
| Telenet Financing USD LLC, Term Loan AN, (1 mo. LIBOR + 2.25%), 4.74%, 08/15/26 |
|
|
USD |
|
|
|
3,348 |
|
|
|
3,299,407 |
|
| Telesat Canada, Term Loan B4, (3 mo. LIBOR + 2.50%), 5.31%, 11/17/23 |
|
|
|
|
|
|
665 |
|
|
|
661,801 |
|
| Virgin Media Investment Holdings Ltd., Term Loan L, (1 mo. LIBOR + 3.25%),
3.98%, 01/15/27 |
|
|
GBP |
|
|
|
1,400 |
|
|
|
1,833,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,308,216 |
|
|
| Electric Utilities — 0.3% |
|
| Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Term Loan, 11/10/19(a) |
|
|
USD |
|
|
|
2,375 |
|
|
|
— |
|
| Vistra Energy Corp., 1st Lien Term Loan B3, (1 mo. LIBOR + 2.00%), 4.48%, 12/31/25 |
|
|
|
|
|
|
1,667 |
|
|
|
1,658,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,658,567 |
|
|
| Electrical Equipment — 0.6% |
|
| Gates Global LLC, 2017 Repriced Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor),
5.24%, 04/01/24 |
|
|
|
|
|
|
3,883 |
|
|
|
3,868,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Energy Equipment & Services — 0.9% |
|
| Gavilan Resources LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%, 1.00% Floor),
8.49%, 03/01/24 |
|
|
|
|
|
|
1,171 |
|
|
|
928,549 |
|
| GrafTech Finance, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor),
5.99%, 02/12/25 |
|
|
|
|
|
|
1,554 |
|
|
|
1,548,034 |
|
| Pioneer Energy Services Corp., Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor),
10.23%, 11/08/22 |
|
|
|
|
|
|
770 |
|
|
|
766,150 |
|
| Seadrill Partners Finco LLC, Term Loan B, (3 mo. LIBOR + 6.00%, 1.00% Floor),
8.80%, 02/21/21 |
|
|
|
|
|
|
849 |
|
|
|
707,994 |
|
| Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 2.50%), 4.80%, 07/13/20 |
|
|
|
|
|
|
589 |
|
|
|
575,391 |
|
| Woodford Express LLC, 2018 Term Loan B, (1 mo. LIBOR + 5.00%, 1.00% Floor),
7.49%, 01/17/25 |
|
|
|
|
|
|
1,129 |
|
|
|
1,089,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,615,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Equity Real Estate Investment Trusts (REITs) — 1.7% |
|
| Capital Automotive LP, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor),
5.00%, 03/24/24 |
|
|
USD |
|
|
|
568 |
|
|
$
|
558,685 |
|
| Iron Mountain, Inc., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.24%, 01/02/26(a) |
|
|
|
|
|
|
1,296 |
|
|
|
1,270,695 |
|
| MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, (1 mo. LIBOR + 2.00%),
4.49%, 03/21/25 |
|
|
|
|
|
|
4,123 |
|
|
|
4,097,627 |
|
| VICI Properties 1 LLC, Replacement Term Loan B, (1 mo. LIBOR + 2.00%), 4.48%, 12/20/24 |
|
|
|
|
|
|
5,209 |
|
|
|
5,176,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,103,224 |
|
|
| Food & Staples Retailing — 1.6% |
|
| Albertsons LLC, Term Loan B7, (1 mo. LIBOR + 3.00%), 5.49%, 11/17/25 |
|
|
|
|
|
|
2,067 |
|
|
|
2,051,232 |
|
| Hearthside Food Solutions LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2018 Incremental Term Loan, (1 mo. LIBOR + 4.00%), 6.49%, 05/23/25 |
|
|
|
|
|
|
1,561 |
|
|
|
1,552,414 |
|
| 2018 Term Loan B, (1 mo. LIBOR + 3.69%), 6.18%, 05/23/25 |
|
|
|
|
|
|
698 |
|
|
|
687,760 |
|
| Hostess Brands LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%), 4.89%, 08/03/22 |
|
|
|
|
|
|
3,021 |
|
|
|
2,973,843 |
|
| US Foods, Inc., 2016 Term Loan B, (1 mo. LIBOR + 2.00%), 4.49%, 06/27/23 |
|
|
|
|
|
|
2,957 |
|
|
|
2,938,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,203,320 |
|
|
| Food Products — 2.0% |
|
| 8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%),
6.26%, 10/01/25 |
|
|
|
|
|
|
689 |
|
|
|
689,861 |
|
| Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.99%, 10/10/23 |
|
|
|
|
|
|
2,521 |
|
|
|
2,444,311 |
|
| JBS USA LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 5.26%, 10/30/22 |
|
|
|
|
|
|
1,936 |
|
|
|
1,929,486 |
|
| Post Holdings, Inc., 2017 Series A Incremental Term Loan, (1 mo. LIBOR + 2.00%),
4.49%, 05/24/24 |
|
|
|
|
|
|
1,875 |
|
|
|
1,867,500 |
|
| Reynolds Group Holdings, Inc., 2017 Term Loan, (1 mo. LIBOR + 2.75%), 5.24%, 02/05/23 |
|
|
|
|
|
|
6,101 |
|
|
|
6,070,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,002,152 |
|
|
| Gas Utilities — 0.2% |
|
| AL Midcoast Holdings LLC, 2018 Term Loan B, (3 mo. LIBOR + 5.50%), 8.30%, 07/31/25 |
|
|
|
|
|
|
1,521 |
|
|
|
1,506,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care Equipment & Supplies — 1.9% |
|
| Agiliti Health, Inc., Term Loan, (1 mo. LIBOR + 3.00%), 5.56%, 01/04/26(a) |
|
|
|
|
|
|
790 |
|
|
|
789,012 |
|
| CryoLife, Inc., Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 6.05%, 11/14/24(a) |
|
|
|
|
|
|
1,728 |
|
|
|
1,727,550 |
|
| Immucor, Inc., Extended Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor),
7.80%, 06/15/21 |
|
|
|
|
|
|
4,119 |
|
|
|
4,113,815 |
|
| Orchid Orthopedic Solutions LLC, 1st Lien Term Loan,
02/26/26(a)(k) |
|
|
|
|
|
|
732 |
|
|
|
728,340 |
|
| Ortho-Clinical Diagnostics SA, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.75%, 06/30/25 |
|
|
|
|
|
|
4,545 |
|
|
|
4,495,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,854,118 |
|
|
| Health Care Providers & Services — 4.9% |
|
| AHP Health Partners, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor),
6.99%, 06/30/25 |
|
|
|
|
|
|
855 |
|
|
|
855,415 |
|
| CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor),
5.65%, 06/07/23 |
|
|
|
|
|
|
3,321 |
|
|
|
3,304,137 |
|
|
|
|
| 18 |
|
2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
| Schedule of Investments (continued)
February 28, 2019 |
|
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Health Care Providers & Services (continued) |
|
| Concentra, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.27%, 06/01/22 |
|
|
USD |
|
|
|
2,156 |
|
|
$
|
2,142,473 |
|
| 2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 1.00% Floor), 9.02%, 06/01/23 |
|
|
|
|
|
|
1,650 |
|
|
|
1,650,000 |
|
| DaVita HealthCare Partners, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 06/24/21 |
|
|
|
|
|
|
856 |
|
|
|
852,481 |
|
| DentalCorp Perfect Smile ULC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.24%, 06/06/25 |
|
|
|
|
|
|
737 |
|
|
|
729,822 |
|
| Delayed Draw Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.58%, 06/06/25 |
|
|
|
|
|
|
136 |
|
|
|
134,442 |
|
| Diplomat Pharmacy, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 7.00%, 12/20/24(a) |
|
|
|
|
|
|
992 |
|
|
|
902,692 |
|
| Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.24%, 10/10/25 |
|
|
|
|
|
|
2,935 |
|
|
|
2,818,715 |
|
| Gentiva Health Services, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.25%, 07/02/25(a) |
|
|
|
|
|
|
1,870 |
|
|
|
1,872,622 |
|
| 2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 9.50%, 07/02/26 |
|
|
|
|
|
|
930 |
|
|
|
945,133 |
|
| HCA, Inc., 2018 Term Loan B10, (1 mo. LIBOR + 2.00%), 4.49%, 03/13/25 |
|
|
|
|
|
|
958 |
|
|
|
957,427 |
|
| LGC Science Holdings Ltd., USD Term Loan B3, (1 mo. LIBOR + 3.50%), 5.99%, 03/08/23 |
|
|
|
|
|
|
1,000 |
|
|
|
967,500 |
|
| Lifescan Global Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 6.00%),
8.80%, 09/27/24 |
|
|
|
|
|
|
404 |
|
|
|
387,505 |
|
| MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor),
5.55%, 06/07/23 |
|
|
|
|
|
|
4,003 |
|
|
|
3,959,235 |
|
| National Mentor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.00%), 5.80%, 01/31/21 |
|
|
|
|
|
|
657 |
|
|
|
655,644 |
|
| nThrive, Inc., 2016 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor),
6.99%, 10/20/22 |
|
|
|
|
|
|
2,090 |
|
|
|
2,046,465 |
|
| NVA Holdings, Inc., Term Loan B3, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 02/02/25 |
|
|
|
|
|
|
2,457 |
|
|
|
2,400,047 |
|
| ScribeAmerica Intermediate Holdco LLC, 2018 Term Loan, (1 mo. LIBOR + 4.50%), 7.01%, 04/03/25(a) |
|
|
|
|
|
|
1,283 |
|
|
|
1,276,355 |
|
| Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor),
5.24%, 02/06/24 |
|
|
|
|
|
|
1,111 |
|
|
|
1,002,000 |
|
| Vizient, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 02/13/23 |
|
|
|
|
|
|
450 |
|
|
|
448,211 |
|
| WP CityMD Bidco LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor),
6.30%, 06/07/24 |
|
|
|
|
|
|
909 |
|
|
|
890,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,198,894 |
|
|
| Health Care Services — 0.2% |
|
| Sound Inpatient Physicians: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.24%, 06/27/25 |
|
|
|
|
|
|
749 |
|
|
|
745,489 |
|
| 2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 9.24%, 06/26/26 |
|
|
|
|
|
|
418 |
|
|
|
414,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,160,354 |
|
|
| Health Care Technology — 1.9% |
|
| Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor),
5.24%, 03/01/24 |
|
|
|
|
|
|
3,006 |
|
|
|
2,982,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Health Care Technology (continued) |
|
| GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.49%, 10/10/25 |
|
|
USD |
|
|
|
1,089 |
|
|
$
|
1,081,170 |
|
| Press Ganey Holdings, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 10/23/23 |
|
|
|
|
|
|
1,803 |
|
|
|
1,790,185 |
|
| 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 1.00% Floor), 8.99%, 10/21/24 |
|
|
|
|
|
|
719 |
|
|
|
715,707 |
|
| Quintiles IMS, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 4.80%, 03/07/24 |
|
|
|
|
|
|
279 |
|
|
|
278,921 |
|
| VVC Holding Corp., 2019 Term Loan B, (3 mo. LIBOR + 4.50%), 7.20%, 02/11/26 |
|
|
|
|
|
|
5,342 |
|
|
|
5,308,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,156,884 |
|
|
| Hotels, Restaurants & Leisure — 7.1% |
|
| Aristocrat Technologies, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 1.75%),
4.53%, 10/19/24 |
|
|
|
|
|
|
1,232 |
|
|
|
1,222,112 |
|
| Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.25%), 4.66%, 09/15/23 |
|
|
|
|
|
|
1,045 |
|
|
|
1,039,136 |
|
| Bronco Midstream Funding LLC, Term Loan B, (1 mo. LIBOR + 3.50%), 5.99%, 08/14/23 |
|
|
|
|
|
|
406 |
|
|
|
404,510 |
|
| Burger King Newco Unlimited Liability Co., Term Loan B3, (1 mo. LIBOR + 2.25%, 1.00% Floor),
4.74%, 02/16/24 |
|
|
|
|
|
|
5,961 |
|
|
|
5,910,583 |
|
| Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%),
5.24%, 12/22/24 |
|
|
|
|
|
|
4,323 |
|
|
|
4,306,525 |
|
| CCM Merger, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 4.74%, 08/08/21 |
|
|
|
|
|
|
703 |
|
|
|
698,886 |
|
| CEC Entertainment, Inc., Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor),
5.74%, 02/14/21 |
|
|
|
|
|
|
1,874 |
|
|
|
1,826,206 |
|
| ESH Hospitality, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.49%, 08/30/23 |
|
|
|
|
|
|
2,635 |
|
|
|
2,615,603 |
|
| Four Seasons Hotels Ltd., 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 4.49%, 11/30/23 |
|
|
|
|
|
|
211 |
|
|
|
209,558 |
|
| GVC Holdings PLC, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 4.99%, 03/29/24 |
|
|
|
|
|
|
928 |
|
|
|
925,955 |
|
| Hilton Worldwide Finance LLC, Term Loan B2, (1 mo. LIBOR + 1.75%), 4.24%, 10/25/23 |
|
|
|
|
|
|
2,310 |
|
|
|
2,308,276 |
|
| IRB Holding Corp., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor),
5.74%, 02/05/25 |
|
|
|
|
|
|
3,879 |
|
|
|
3,846,287 |
|
| KFC Holding Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.23%, 04/03/25 |
|
|
|
|
|
|
890 |
|
|
|
884,334 |
|
| Lakeland Tours LLC, 2017 1st Lien Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor),
6.79%, 12/15/24 |
|
|
|
|
|
|
1,036 |
|
|
|
1,026,400 |
|
| Marriott Ownership Resorts, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.25%),
4.74%, 08/29/25 |
|
|
|
|
|
|
1,346 |
|
|
|
1,340,952 |
|
| Penn National Gaming, Inc., 2018 1st Lien Term Loan B, (3 mo. LIBOR + 2.25%),
4.84%, 10/15/25 |
|
|
|
|
|
|
649 |
|
|
|
645,755 |
|
| Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor),
5.24%, 04/29/24 |
|
|
|
|
|
|
1,613 |
|
|
|
1,575,485 |
|
| Sabre GLBL, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.49%, 02/22/24 |
|
|
|
|
|
|
1,208 |
|
|
|
1,203,948 |
|
| Scientific Games International, Inc., 2018 Term Loan B5, (2 mo. LIBOR + 2.75%),
5.31%, 08/14/24 |
|
|
|
|
|
|
1,958 |
|
|
|
1,939,477 |
|
| Stars Group Holdings BV, 2018 Incremental Term Loan, (3 mo. LIBOR + 3.50%),
6.30%, 07/10/25 |
|
|
|
|
|
|
7,102 |
|
|
|
7,099,344 |
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
|
19 |
|
|
|
|
| Schedule of Investments (continued)
February 28, 2019 |
|
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Hotels, Restaurants & Leisure (continued) |
|
| Station Casinos LLC, 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 5.00%, 06/08/23 |
|
|
USD |
|
|
|
3,336 |
|
|
$
|
3,318,388 |
|
| Tackle S.A.R.L, 2017 EUR Term Loan, 08/08/22(k) |
|
|
EUR |
|
|
|
1,000 |
|
|
|
1,131,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,479,300 |
|
|
| Household Products — 0.3% |
|
| Energizer Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.74%, 12/17/25 |
|
|
USD |
|
|
|
750 |
|
|
|
749,063 |
|
| SIWF Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 6.73%, 06/15/25 |
|
|
|
|
|
|
1,045 |
|
|
|
1,039,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,788,589 |
|
|
| Independent Power and Renewable Electricity Producers — 0.9% |
|
| Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.50%),
4.99%, 01/15/25 |
|
|
|
|
|
|
500 |
|
|
|
494,451 |
|
| Calpine Corp., Term Loan B6, (3 mo. LIBOR + 2.50%), 5.31%, 01/15/23 |
|
|
|
|
|
|
648 |
|
|
|
644,961 |
|
| Compass Power Generation LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor),
5.99%, 12/20/24 |
|
|
|
|
|
|
1,111 |
|
|
|
1,108,317 |
|
| Granite Acquisition, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.30%, 12/19/21 |
|
|
|
|
|
|
1,609 |
|
|
|
1,608,174 |
|
| Term Loan C, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.30%, 12/19/21 |
|
|
|
|
|
|
197 |
|
|
|
196,538 |
|
| NRG Energy, Inc., 2016 Term Loan B, (1 mo. LIBOR + 1.75%), 4.24%, 06/30/23 |
|
|
|
|
|
|
1,900 |
|
|
|
1,890,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,942,599 |
|
|
| Industrial Conglomerates — 0.8% |
|
| Cortes NP Acquisition Corp., 2017 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor),
6.63%, 11/30/23(a) |
|
|
|
|
|
|
3,539 |
|
|
|
3,423,665 |
|
| Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 1.00% Floor),
7.78%, 11/28/21 |
|
|
|
|
|
|
1,556 |
|
|
|
1,528,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,951,705 |
|
|
| Insurance — 2.9% |
|
| Achilles Acquisition LLC, 2018 Term Loan, (1 mo. LIBOR + 4.00%), 6.50%, 10/03/25 |
|
|
|
|
|
|
705 |
|
|
|
700,594 |
|
| Alliant Holdings I, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.23%, 05/09/25 |
|
|
|
|
|
|
2,267 |
|
|
|
2,238,813 |
|
| AmWINS Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor),
5.25%, 01/25/24 |
|
|
|
|
|
|
2,633 |
|
|
|
2,617,260 |
|
| AssuredPartners, Inc., 2017 1st Lien Add-On Term Loan, (1 mo.
LIBOR + 3.25%), 5.74%, 10/22/24 |
|
|
|
|
|
|
1,852 |
|
|
|
1,833,830 |
|
| Davis Vision, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor),
5.49%, 12/02/24 |
|
|
|
|
|
|
683 |
|
|
|
672,170 |
|
| Hub International Ltd., 2018 Term Loan B, (3 mo. LIBOR + 2.75%), 5.51%, 04/25/25 |
|
|
|
|
|
|
1,736 |
|
|
|
1,718,322 |
|
| Sedgwick Claims Management Services, Inc., Term Loan B, (1 mo. LIBOR + 3.25%),
5.74%, 12/31/25 |
|
|
|
|
|
|
7,984 |
|
|
|
7,941,286 |
|
| Stratose Intermediate Holdings II LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor),
5.74%, 06/22/23 |
|
|
|
|
|
|
1,115 |
|
|
|
1,105,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,828,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Interactive Media & Services — 1.2% |
|
| Go Daddy Operating Co. LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%),
4.74%, 02/15/24 |
|
|
USD |
|
|
|
3,095 |
|
|
$
|
3,087,052 |
|
| Inmar Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor),
5.99%, 05/01/24 |
|
|
|
|
|
|
795 |
|
|
|
771,462 |
|
| Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor),
5.74%, 11/03/23 |
|
|
|
|
|
|
1,599 |
|
|
|
1,521,742 |
|
| TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor),
6.24%, 05/06/24 |
|
|
|
|
|
|
1,369 |
|
|
|
1,303,258 |
|
| ZPG PLC, 2018 Term Loan B, (3 mo. LIBOR + 4.75%), 5.48%, 06/30/25 |
|
|
GBP |
|
|
|
1,000 |
|
|
|
1,310,951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,994,465 |
|
|
| Internet & Direct Marketing Retail — 0.2% |
|
| Harbor Freight Tools USA, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.99%, 08/18/23 |
|
|
USD |
|
|
|
1,471 |
|
|
|
1,450,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| IT Services — 4.1% |
|
| Access CIG LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.24%, 02/27/25 |
|
|
|
|
|
|
606 |
|
|
|
599,101 |
|
| Altran Technologies SA, 1st Lien Term Loan, (3 mo. LIBOR + 2.25%), 5.04%, 03/20/25 |
|
|
|
|
|
|
625 |
|
|
|
613,082 |
|
| Epicor Software Corp., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor),
5.75%, 06/01/22 |
|
|
|
|
|
|
1,420 |
|
|
|
1,406,993 |
|
| Evertec Group LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.74%, 11/27/24 |
|
|
|
|
|
|
1,080 |
|
|
|
1,076,631 |
|
| First Data Corp., 2024 Term Loan, (1 mo. LIBOR + 2.00%), 4.49%, 04/26/24 |
|
|
|
|
|
|
6,176 |
|
|
|
6,166,376 |
|
| Flexential Intermediate Corp., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%),
6.30%, 08/01/24 |
|
|
|
|
|
|
1,628 |
|
|
|
1,538,890 |
|
| Global Payments, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 4.24%, 04/21/23 |
|
|
|
|
|
|
973 |
|
|
|
965,640 |
|
| 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 4.24%, 10/17/25 |
|
|
|
|
|
|
325 |
|
|
|
322,156 |
|
| Greeneden US Holdings II LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.74%, 12/01/23 |
|
|
|
|
|
|
1,410 |
|
|
|
1,393,313 |
|
| Optiv Security, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 02/01/24(a) |
|
|
|
|
|
|
1,050 |
|
|
|
1,005,665 |
|
| Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor),
9.99%, 08/01/25 |
|
|
|
|
|
|
1,246 |
|
|
|
1,088,169 |
|
| TKC Holdings, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.25%, 02/01/23 |
|
|
|
|
|
|
1,307 |
|
|
|
1,290,642 |
|
| 2017 2nd Lien Term Loan, (1 mo. LIBOR + 8.00%, 1.00% Floor), 10.50%, 02/01/24 |
|
|
|
|
|
|
984 |
|
|
|
955,503 |
|
| Trans Union LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2018 Term Loan B4, (1 mo. LIBOR + 2.00%), 4.49%, 06/19/25 |
|
|
|
|
|
|
1,301 |
|
|
|
1,292,337 |
|
| Term Loan B3, (1 mo. LIBOR + 2.00%), 4.49%, 04/10/23 |
|
|
|
|
|
|
2,398 |
|
|
|
2,384,805 |
|
| WEX, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.25%), 4.74%, 06/30/23 |
|
|
|
|
|
|
2,262 |
|
|
|
2,249,416 |
|
| Worldpay LLC, 2018 1st Lien Term Loan B4, (1 Week LIBOR + 1.75%), 4.21%, 08/09/24 |
|
|
|
|
|
|
2,096 |
|
|
|
2,080,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,429,209 |
|
|
|
|
| 20 |
|
2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS |
|
|
|
| Schedule of Investments (continued)
February 28, 2019 |
|
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Leisure Products — 0.1% |
|
| MND Holdings III Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor),
6.30%, 06/19/24(a) |
|
|
USD |
|
|
|
798 |
|
|
$
|
787,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Life Sciences Tools & Services — 0.1% |
|
| Albany Molecular Research, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 08/30/24 |
|
|
|
|
|
|
294 |
|
|
|
291,904 |
|
| 2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 1.00% Floor), 9.49%, 08/30/25 |
|
|
|
|
|
|
75 |
|
|
|
73,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
365,498 |
|
|
| Machinery — 1.2% |
|
| Clark Equipment Co., 2018 Term Loan B, (3 mo. LIBOR + 2.00%), 4.80%, 05/18/24 |
|
|
|
|
|
|
809 |
|
|
|
798,434 |
|
| Gardner Denver, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 07/30/24 |
|
|
|
|
|
|
2,369 |
|
|
|
2,366,492 |
|
| Titan Acquisition Ltd., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.49%, 03/28/25 |
|
|
|
|
|
|
3,575 |
|
|
|
3,431,978 |
|
| Welbilt, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.99%, 10/23/25(a) |
|
|
|
|
|
|
1,166 |
|
|
|
1,159,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,756,726 |
|
|
| Media — 6.5% |
|
| Altice Financing SA: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.23%, 01/31/26(a) |
|
|
|
|
|
|
1,367 |
|
|
|
1,325,890 |
|
| 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 07/15/25 |
|
|
|
|
|
|
257 |
|
|
|
248,225 |
|
| Altice France SA, 2018 Term Loan B13, (1 mo. LIBOR + 4.00%), 6.49%, 08/14/26 |
|
|
|
|
|
|
2,348 |
|
|
|
2,280,714 |
|
| Charter Communications Operating LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%),
4.50%, 04/30/25 |
|
|
|
|
|
|
4,666 |
|
|
|
4,650,385 |
|
| CSC Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.99%, 01/25/26 |
|
|
|
|
|
|
1,593 |
|
|
|
1,583,007 |
|
| Gray Television, Inc., 2018 Term Loan C, (1 mo. LIBOR + 2.50%), 5.01%, 01/02/26 |
|
|
|
|
|
|
1,720 |
|
|
|
1,714,410 |
|
| Intelsat Jackson Holdings SA, 2017 Term Loan B4, (1 mo. LIBOR + 4.50%, 1.00% Floor),
6.98%, 01/02/24 |
|
|
|
|
|
|
1,964 |
|
|
|
1,990,446 |
|
| Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%,
12/01/23(a) |
|
|
|
|
|
|
1,538 |
|
|
|
1,534,275 |
|
| Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%),
4.74%, 03/24/25 |
|
|
|
|
|
|
1,921 |
|
|
|
1,910,545 |
|
| Meredith Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 01/31/25 |
|
|
|
|
|
|
925 |
|
|
|
924,328 |
|
| MH Sub I LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.24%, 09/13/24 |
|
|
|
|
|
|
797 |
|
|
|
791,622 |
|
| PSAV Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor),
5.86%, 03/01/25 |
|
|
|
|
|
|
1,172 |
|
|
|
1,149,382 |
|
| Radiate Holdco LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.49%, 02/01/24 |
|
|
|
|
|
|
929 |
|
|
|
922,808 |
|
| Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.49%, 09/28/23(a) |
|
|
|
|
|
|
3,843 |
|
|
|
3,814,399 |
|
| Tribune Media Co., Term Loan C, (1 mo. LIBOR + 3.00%), 5.49%, 01/27/24 |
|
|
|
|
|
|
3,113 |
|
|
|
3,109,386 |
|
| Unitymedia Finance LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
| Term Loan B, (1 mo. LIBOR + 2.25%), 4.74%, 09/30/25 |
|
|
|
|
|
|
2,300 |
|
|
|
2,287,534 |
|
| USD Term Loan D, (1 mo. LIBOR + 2.25%), 4.74%, 01/15/26 |
|
|
|
|
|
|
160 |
|
|
|
159,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Media (continued) |
|
| Unitymedia Hessen GmbH & Co. KG, 2018 Term Loan E, (1 mo. LIBOR + 2.00%),
4.49%, 06/01/23 |
|
|
USD |
|
|
|
933 |
|
|
$
|
926,014 |
|
| Univision Communications, Inc., Term Loan C5, (1 mo. LIBOR + 2.75%, 1.00% Floor),
5.24%, 03/15/24 |
|
|
|
|
|
|
816 |
|
|
|
757,081 |
|
| Virgin Media Bristol LLC, 2017 Term Loan, (1 mo. LIBOR + 2.50%), 4.99%, 01/15/26 |
|
|
|
|
|
|
3,206 |
|
|
|
3,181,987 |
|
| William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.25%,
05/18/25 |
|
|
|
|
|
|
3,932 |
|
|
|
3,809,311 |
|
| Ziggo Secured Finance Partnership, Term Loan E, (1 mo. LIBOR + 2.50%), 4.99%, 04/15/25 |
|
|
|
|
|
|
2,828 |
|
|
|
2,792,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,863,531 |
|
|
| Metals & Mining — 0.1% |
|
| Ball Metalpack LLC, 2018 1st Lien Term Loan B, (1 mo. LIBOR + 4.50%), 6.99%, 07/24/25 |
|
|
|
|
|
|
764 |
|
|
|
761,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Multiline Retail — 0.3% |
|
| Eyemart Express LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 08/04/24 |
|
|
|
|
|
|
923 |
|
|
|
911,771 |
|
| Hudson’s Bay Co., 2015 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor),
5.75%, 09/30/22 |
|
|
|
|
|
|
574 |
|
|
|
562,145 |
|
| Neiman Marcus Group, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor),
5.76%, 10/25/20 |
|
|
|
|
|
|
494 |
|
|
|
452,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,926,519 |
|
|
| Oil & Gas Equipment & Services — 0.3% |
|
| McDermott Technology Americas, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 1.00%
Floor), 7.49%, 05/10/25 |
|
|
|
|
|
|
1,968 |
|
|
|
1,890,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oil, Gas & Consumable Fuels — 1.2% |
|
| BCP Raptor II LLC, 1st Lien Term Loan, (2 mo. LIBOR + 4.75%), 7.37%, 11/03/25 |
|
|
|
|
|
|
1,002 |
|
|
|
968,182 |
|
| BCP Raptor LLC, Term Loan B, (3 mo. LIBOR + 4.25%, 1.00% Floor), 6.88%, 06/24/24 |
|
|
|
|
|
|
665 |
|
|
|
634,538 |
|
| California Resources Corp.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 2017 1st Lien Term Loan, (1 mo. LIBOR + 4.75%, 1.00% Floor), 7.24%, 12/31/22 |
|
|
|
|
|
|
1,922 |
|
|
|
1,889,960 |
|
| Second Out Term Loan, (1 mo. LIBOR + 10.37%, 1.00% Floor), 12.87%, 12/31/21 |
|
|
|
|
|
|
1,895 |
|
|
|
1,986,206 |
|
| CONSOL Energy, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
| 1st Lien Term Loan A, (1 mo. LIBOR + 4.25%), 6.75%, 11/26/21(a) |
|
|
|
|
|
|
295 |
|
|
|
295,000 |
|
| 1st Lien Term Loan B, (1 mo. LIBOR + 6.00%, 1.00% Floor), 8.50%, 11/28/22 |
|
|
|
|
|
|
558 |
|
|
|
562,933 |
|
| Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 6.24%, 12/13/25 |
|
|
|
|
|
|
958 |
|
|
|
954,408 |
|
| EG Group Ltd., 2018 Term Loan B, (3 mo. LIBOR + 4.00%), 6.81%, 02/07/25 |
|
|
|
|
|
|
735 |
|
|
|
714,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,005,942 |
|
|
| Personal Products — 0.3% |
|
| Clover Merger Sub, Inc., 2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%), 10.24%, 09/26/25 |
|
|
|
|
|
|
1,021 |
|
|
|
855,088 |
|
| Prestige Brands, Inc., Term Loan B4, (1 mo. LIBOR + 2.00%), 4.49%, 01/26/24 |
|
|
|
|
|
|
1,126 |
|
|
|
1,119,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,974,990 |
|
|
| Pharmaceuticals — 3.5% |
|
| Akorn, Inc., Term Loan B, (1 mo. LIBOR + 5.50%, 1.00% Floor), 8.00%, 04/16/21 |
|
|
|
|
|
|
550 |
|
|
|
438,467 |
|
|
|
|
|
|
| SCHEDULE OF INVESTMENTS |
|
|
21 |
|
|
|
|
| Schedule of Investments (continued)
February 28, 2019 |
|
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
|
|
|
Par
(000) |
|
|
Value |
|
|
| Pharmaceuticals (continued) |
|
| Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 6.00%, 05/04/25 |
|
|
USD |
|
|
|
3,278 |
|
|
$
|
3,273,667 |
|
| Endo Luxembourg Finance Co. I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%),
6.75%, 04/29/24 |
|
|
|
|
|
|
2,516 |
|
|
|
2,517,401 |
|
| Grifols Worldwide Operations USA, Inc., 2017 Acquisition Term Loan, (1 Week LIBOR + 2.25%),
4.67%, 01/31/25 |
|
|
|
|
|
|
3,151 |
|
|
|
3,137,861 |
|
| Jaguar Holding Co. II, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 4.99%, 08/18/22 |
|
|
|
|
|
|
5,460 |
|
|
|
5,427,789 |
|
| Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%),
5.51%, 06/02/25 |
|
|
|
|
|
|
7,925 |
|
|
|
7,928,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,724,173 |
|
|
| Professional Services — 1.8% |
|
| Cast and Crew Payroll LLC, 2019 1st Lien Term Loan,
02/09/26(k) |
|
|
|
|
|
|
2,490 |
|
|
|
2,498,715 |
|
| Dun & Bradstreet Corp., Term Loan,
02/01/26(k) |
|
|
|
|
|
|
5,327 |
|
|
|
5,328,332 |
|
| Guidehouse LLP, 2018 Term Loan, (1 mo. LIBOR + 3.00%), 5.49%, 05/01/25(a) |
|
|
|
|
|
|
304 |
|
|
|
300,006 |
|
| Information Resources, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.50%),
7.13%, 12/01/25 |
|
|
|
|
|
|
1,188 |
|
|
|
1,170,180 |
|
| ON Assignment, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.49%, 04/02/25 |
|
|
|
|
|
|
1,012 |
|
|
|
1,006,531 |
|
| SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 5.50%), 8.07%, 08/04/25(a) |
|
|
|
|
|
|
1,220 |
|
|
|
1,195,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,499,364 |
|
|
| Real Estate Management & Development — 1.8% |
|
| CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.74%, 04/18/24 |
&n |