Edgar Filing: BLACKROCK DEBT STRATEGIES FUND, INC.

BLACKROCK DEBT STRATEGIES FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

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 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 02/28/2018

Date of reporting period: 11/30/2017

Item 1 – Schedule of Investments

Schedule of Investments (unaudited)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Shares/Par (000)		Value
Common Stocks — 0.5%

Chemicals — 0.1%
GEO Specialty Chemicals, Inc.^(a)(b)(c)			481,806	$	207,176
GEO Specialty Chemicals, Inc.^(a)(b)			557,488		239,720
LyondellBasell Industries NV, Class A			26		2,722

					449,618
Diversified Financial Services — 0.3%
Kcad Holdings I Ltd.^(a)(b)			1,075,282,733		2,053,790

Health Care Management Services — 0.0%
New Millennium HoldCo, Inc.^(b)			10,718		3,012

Independent Power and Renewable Electricity Producers — 0.1%
Vistra Energy Corp.			39,599		748,421

Internet Software & Services — 0.0%
New Holdings LLC			252		88,200

Media — 0.0%
Adelphia Communications Corp., Class A,^(a)(b)			400,000		4
Adelphia Recovery Trust,^(b)			396,568		159

					163
Metals & Mining — 0.0%
Ameriforge Group, Inc.			1,664		66,560

Semiconductors & Semiconductor Equipment — 0.0%
SunPower Corp.^(b)			1,707		14,100

Specialty Retail — 0.0%
Things Remembered, Inc.^(a)(b)			1,199,043		12

Total Common Stocks — 0.5% (Cost — $20,794,617)					3,423,876


Asset-Backed Securities — 10.7%
ACAS CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 3.65%), 5.00%, 04/18/27^(c)(d)	USD		280		280,766
ALM VI Ltd., Series 2012-6A, Class B1RR, (3 mo. LIBOR US + 2.05%), 3.41%, 07/15/26^(c)(d)			3,000		3,023,699
ALM XII Ltd., Series 2015-12A, Class BR, (3 mo. LIBOR US + 2.05%), 3.41%, 04/16/27^(c)(d)			1,250		1,259,142
ALM XII, Ltd., Series 2015-12A, Class C2R, (3 mo. LIBOR US + 3.20%), 4.56%, 04/16/27^(c)(d)			1,500		1,521,054
ALM XIV Ltd., Series 2014-14A, Class C, (3 mo. LIBOR US + 3.45%), 4.83%, 07/28/26^(c)(d)			463		465,027


Security		Par (000)		Value
Asset-Backed Securities (continued)
ALM XVI Ltd/ALM XVI LLC, Series 2015-16A^(c)(d):
Class BR, (3 mo. LIBOR US + 2.05%), 3.41%, 07/15/27	USD		1,000	$	1,007,747
Class C1R, (3 mo. LIBOR US + 3.20%), 4.56%, 07/15/27			1,650		1,675,327
Class D, (3 mo. LIBOR US + 5.35%), 6.71%, 07/15/27			1,250		1,256,168
Anchorage Capital CLO 5 Ltd., Series 2014-5A, Class CR, (3 mo. LIBOR US + 2.20%), 3.56%, 10/15/26^(c)(d)			2,000		2,006,649
Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class CR, (3 mo. LIBOR US + 2.40%), 3.76%, 07/15/30^(c)(d)			700		714,837
Anchorage Capital CLO Ltd.^(d):
Series 2013-1A, Class BR, 3.51%, 10/13/30^(a)(e)			1,000		1,019,243
Series 2014-4A, Class CR, (3 mo. LIBOR US + 3.40%), 4.78%, 07/28/26^(c)			2,250		2,279,150
Apidos CDO, Series 2015-21A, Class C, (3 mo. LIBOR US + 3.55%), 4.90%, 07/18/27^(c)(d)			1,650		1,666,910
Ares CLO Ltd.^(c)(d):
Series 2015-38A, Class D, (3 mo. LIBOR US + 4.15%), 5.51%, 01/20/27			1,000		1,007,692
Series 2016-41A, Class D, (3 mo. LIBOR US + 4.20%), 5.56%, 01/15/29			450		464,563
ARES XLIV CLO, Ltd., Series 2017-44A^(a)(c)(d):
Class C, (3 mo. LIBOR US + 3.45%), 4.76%, 10/15/29			1,000		1,022,219
Class D, (3 mo. LIBOR US + 6.55%), 7.86%, 10/15/29			1,000		1,029,246
Ares XXVII CLO Ltd., Series 2013-2A, Class DR, (3 mo. LIBOR US + 3.75%), 5.13%, 07/28/29^(c)(d)			1,000		1,025,278
Ares XXVII CLO, Ltd., Series 2013-2A, Class CR, (3 mo. LIBOR US + 2.40%), 3.78%, 07/28/29^(c)(d)			1,400		1,425,193
Atlas Senior Loan Fund VI Ltd., Series 2014-6A, Class DR, (3 mo. LIBOR US + 3.60%), 4.96%, 10/15/26^(c)(d)			1,000		1,003,291
Benefit Street Partners CLO XII Ltd., Series 2017-12A^(d):
Class B, 3.35%, 10/15/30^(e)			1,000		1,015,825
Class C, 4.40%, 10/15/30			1,250		1,265,268
BlueMountain CLO Ltd., Series 2014-3A, Class CR, (3 mo. LIBOR US + 3.20%), 4.56%, 10/15/26^(c)(d)			1,000		1,002,510
Burnham Park CLO Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 3.85%), 5.21%, 10/20/29^(c)(d)			1,000		1,016,272


SCHEDULE OF INVESTMENTS			1

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Asset-Backed Securities (continued)
Carlyle Global Market Strategies CLO Ltd.^(c)(d):
Series 2012-4A, Class DR, (3 mo. LIBOR US + 4.10%), 5.46%, 01/20/29	USD		1,000	$	1,021,989
Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.75%), 4.10%, 04/17/25			1,500		1,503,156
Series 2015-1A, Class CR, (3 mo. LIBOR US + 2.00%), 3.36%, 04/20/27			1,250		1,253,750
Series 2015-1A, Class E1, (3 mo. LIBOR US + 5.30%), 6.66%, 04/20/27			1,000		1,006,101
Series 2015-2A, Class C, (3 mo. LIBOR US + 3.75%), 5.12%, 04/27/27			250		250,893
Series 2015-2A, Class D, (3 mo. LIBOR US + 5.30%), 6.67%, 04/27/27			1,000		1,008,283
Catskill Park CLO, Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 3.70%), 5.06%, 04/20/29^(c)(d)			1,000		1,020,478
CBAM 2017-3, Ltd., Series 2017-3A, Class E, 7.87%, 10/17/29^(d)(e)			1,000		1,014,369
Cedar Funding IV CLO, Ltd., Series 2014-4A, Class DR, (3 mo. LIBOR US + 3.65%), 5.01%, 07/23/30^(c)(d)			1,500		1,532,491
CIFC Funding III Ltd., Series 2014-3A, Class C1R, (3 mo. LIBOR US + 1.90%), 3.26%, 07/22/26^(c)(d)			1,375		1,380,853
CIFC Funding Ltd., Series 2014-3A, Class DR, (3 mo. LIBOR US + 3.15%), 4.51%, 07/22/26^(c)(d)			1,000		1,005,160
CIFC Funding V Ltd., Series 2015-5A, Class D, (3 mo. LIBOR US + 6.30%), 7.67%, 10/25/27^(c)(d)			1,000		1,020,808
Dryden 49 Senior Loan Fund, Series 2017-49A, Class D, (3 mo. LIBOR US + 3.65%), 5.00%, 07/18/30^(c)(d)			1,000		1,023,029
Dryden Senior Loan Fund, Series 2014-36A, Class DR, (3 mo. LIBOR US + 4.24%), 5.60%, 01/15/28^(c)(d)			1,000		1,028,176
Elevation CLO Ltd., Series 2013-1A, Class CR, (3 mo. LIBOR + 4.68%), 6.10%, 11/15/28^(c)(d)			800		816,696
Goldentree Loan Opportunities XI, Ltd., Series 2015-11A, Class E, (3 mo. LIBOR US + 5.55%), 6.90%, 04/18/27^(c)(d)			750		753,596


Security		Par (000)		Value
Asset-Backed Securities (continued)
Highbridge Loan Management Ltd.^(c)(d):
Series 5A-2015, Class C1R, (3 mo. LIBOR US + 2.10%), 3.48%, 01/29/26	USD		1,250	$	1,257,782
Series 5A-2015, Class C2R, (3 mo. LIBOR US + 2.10%), 3.48%, 01/29/26			500		501,808
Series 5A-2015, Class D1R, (3 mo. LIBOR US + 3.30%), 4.68%, 01/29/26			1,250		1,253,253
Series 6A-2015, Class D, (3 mo. LIBOR US + 3.65%), 5.04%, 05/05/27			300		300,733
Series 6A-2015, Class E1, (3 mo. LIBOR US + 5.45%), 6.84%, 05/05/27			1,250		1,250,732
LCM XV LP, Series 15A^(c)(d):
Class CR, (3 mo. LIBOR US + 2.40%), 3.76%, 07/20/30			2,250		2,295,965
Class DR, (3 mo. LIBOR US + 3.70%), 5.06%, 07/20/30			1,250		1,277,684
LCM XXV, Ltd., Series 25A, Class D, (3 mo. LIBOR US + 3.45%), 4.76%, 07/20/30^(c)(d)			1,000		1,016,602
Madison Park Funding X, Ltd., Series 2012-10A, Class DR, (3 mo. LIBOR US + 4.20%), 5.56%, 01/20/29^(c)(d)			1,500		1,534,257
Madison Park Funding XIV Ltd., Series 2014-14A, Class DR, (3 mo. LIBOR US + 3.25%), 4.61%, 07/20/26^(c)(d)			1,014		1,016,999
Madison Park Funding XVI Ltd., Series 2015-16A, Class D, (3 mo. LIBOR US + 5.50%), 6.86%, 04/20/26^(c)(d)			1,000		1,003,239
Neuberger Berman CLO XV, Series 2013-15A, Class CR, 3.41%, 10/15/29^(d)(e)			1,000		1,013,172
Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class DR, (3 mo. LIBOR US + 3.65%), 5.01%, 04/22/29^(c)(d)			1,000		1,021,959
Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class CR, (3 mo. LIBOR US + 4.25%), 5.66%, 11/14/27^(c)(d)			1,000		1,027,383
Neuberger Berman CLO XXII Ltd., Series 2016-22A, Class E, (3 mo. LIBOR US + 6.75%), 8.10%, 10/17/27^(c)(d)			1,000		1,033,293


2		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Asset-Backed Securities (continued)
Neuberger Berman CLO XXIII Ltd., Series 2016-23A, Class E, (3 mo. LIBOR US + 6.58%), 7.93%, 10/17/27^(c)(d)	USD		1,000	$	1,031,955
OCP CLO Ltd., Series 2012-2A, Class DR, (3 mo. LIBOR US + 4.47%), 5.92%, 11/22/25^(c)(d)			1,000		1,018,926
Octagon Investment Partners XXII, Ltd., (3 mo. LIBOR US + 2.10%), 3.46%, 11/25/25^(c)(d)			1,500		1,504,318
OZLM Funding IV Ltd., 3.56%, 10/22/30^(d)(e)			1,000		1,016,053
OZLM Funding, Ltd., Series 2012-1A^(c)(d):
Class BR2, (3 mo. LIBOR US + 2.30%), 3.66%, 07/23/29			1,000		1,019,755
Class CR2, (3 mo. LIBOR US + 3.60%), 4.96%, 07/23/29			1,000		1,020,631
OZLM IX Ltd., Series 2014-9A Class CR, (3 mo. LIBOR US + 3.55%), 4.91%, 01/20/27^(c)(d)			750		752,473
Palmer Square CLO Ltd., Series 2015-2A^(c)(d):
Class CR, (3 mo. LIBOR US + 3.70%), 5.06%, 07/20/30			1,200		1,222,171
Class DR, (3 mo. LIBOR US + 6.50%), 7.86%, 07/20/30			1,000		1,018,038
Recette CLO Ltd., Series 2015-1A, Class DR, 4.11%, 10/20/27^(d)(e)			1,000		1,002,364
Sound Point CLO III, Ltd., Series 2013-2A, Class DR, (3 mo. LIBOR US + 3.35%), 4.71%, 07/15/25^(c)(d)			1,000		1,001,925
Sound Point CLO IV Ltd., Series 2013-3A^(c)(d):
Class CR, (3 mo. LIBOR US + 2.25%), 3.61%, 01/21/26			1,000		1,003,586
Class DR, (3 mo. LIBOR US + 3.40%), 4.76%, 01/21/26			500		501,129
Symphony CLO Ltd., (3 mo. LIBOR US + 3.65%), 5.01%, 07/15/28^(c)(d)			1,700		1,715,586
THL Credit Wind River 2014-3 CLO, Ltd., Series 2014-3A, Class C1R, (3 mo. LIBOR US + 2.20%), 3.56%, 01/22/27^(c)(d)			1,000		1,003,556
Webster Park CLO Ltd., Series 2015-1A^(c)(d):
Class B1, (3 mo. LIBOR US + 3.10%), 4.46%, 01/20/27			500		502,142
Class C, (3 mo. LIBOR US + 4.05%), 5.41%, 01/20/27			500		501,972


Security		Par (000)		Value
Asset-Backed Securities (continued)
York CLO 1, Ltd., Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.35%), 3.71%, 01/22/27^(c)(d)	USD		1,500	$	1,496,569

Total Asset-Backed Securities — 10.7% (Cost — $79,921,001)					81,230,914


Corporate Bonds — 54.5%

Aerospace & Defense — 1.5%
Arconic, Inc.:
5.13%, 10/01/24			1,687		1,798,764
5.90%, 02/01/27			280		312,200
6.75%, 01/15/28			180		211,061
Bombardier, Inc.^(d):
8.75%, 12/01/21			244		269,927
6.00%, 10/15/22			1,356		1,327,185
6.13%, 01/15/23			536		527,531
7.50%, 12/01/24			306		308,570
7.50%, 03/15/25			740		743,700
EnPro Industries, Inc., 5.88%, 09/15/22			292		303,680
Huntington Ingalls Industries, Inc., 5.00%, 12/15/21^(d)			307		314,982
KLX, Inc., 5.88%, 12/01/22 (d)			1,662		1,736,790
Koppers, Inc., 6.00%, 02/15/25^(d)			606		650,874
Kratos Defense & Security Solutions, Inc., 7.00%, 05/15/19			200		205,600
TransDigm, Inc.:
6.00%, 07/15/22			922		950,813
6.50%, 07/15/24			1,309		1,338,453
6.38%, 06/15/26			103		104,545

					11,104,675
Air Freight & Logistics — 0.3%
XPO Logistics, Inc.:
5.75%, 06/15/21	EUR		100		122,493
6.50%, 06/15/22^(d)	USD		1,831		1,913,395
6.13%, 09/01/23^(d)			71		74,994

					2,110,882
Airlines — 0.6%
Air Canada Pass-Through Trust, Series 2013-1, Class C, 6.63%, 05/15/18^(d)			712		723,570
Continental Airlines Pass-Through Trust, Series 2012-3, Class C, 6.13%, 04/29/18			2,390		2,425,850
US Airways Pass-Through Trust, Series 2013-1, Class B, 5.38%, 05/15/23			1,044		1,103,509


SCHEDULE OF INVESTMENTS			3

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Airlines (continued)
Virgin Australia Trust, Series 2013-1, Class C, 7.13%, 10/23/18^(d)	USD		313	$	319,906

					4,572,835
Auto Components — 0.6%
Allison Transmission, Inc., 5.00%, 10/01/24^(d)			685		713,462
Gestamp Funding Luxembourg SA, 3.50%, 05/15/23	EUR		100		124,629
Goodyear Tire & Rubber Co., 5.00%, 05/31/26	USD		133		137,695
HP Pelzer Holding GmbH, 4.13%, 04/01/24	EUR		100		124,143
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.25%, 02/01/22	USD		1,027		1,068,080
6.75%, 02/01/24			151		158,550
IHO Verwaltungs GmbH^(f):
(2.75% Cash or 3.50% PIK), 2.75%, 09/15/21	EUR		100		122,338
(3.25% Cash or 4.00% PIK), 3.25%, 09/15/23			100		124,738
(3.75% Cash or 4.50% PIK), 3.75%, 09/15/26			100		127,952
(4.50% Cash or 5.25% PIK), 4.50%, 09/15/23^(d)	USD		900		921,375
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/23^(d)			425		438,812
Tesla, Inc., 5.30%, 08/15/25^(d)			518		494,534
Venture Holdings Co. LLC^(a)(b)(g):
12.00%, 07/01/49			5,150		1
Series B, 9.50%, 07/01/05			5,125		1

					4,556,310
Banks — 0.2%
Allied Irish Banks PLC, (5 year EUR Swap + 3.95%), 4.13%, 11/26/25^(h)	EUR		100		129,285
Banco Espirito Santo SA^(g):
2.63%, 05/08/17			100		35,707
4.75%, 01/15/18			200		66,654
4.00%, 01/21/19			100		33,327
Banco Popolare, 2.75%, 07/27/20			100		124,430
Bank of Ireland, (5 year EUR Swap + 3.55%), 4.25%, 06/11/24^(h)			100		125,543
Bankia SA^(h):
(5 year EUR Swap + 3.17%), 4.00%, 05/22/24			100		124,041
(5 year EUR Swap + 3.35%), 3.38%, 03/15/27			100		125,449


Security		Par (000)		Value
Banks (continued)
CaixaBank SA, (5 year EUR Swap + 3.35%), 3.50%, 02/15/27^(h)	USD		100	$	126,446
CIT Group, Inc.:
5.00%, 08/15/22			74		79,088
5.00%, 08/01/23			130		139,906
National Bank of Greece SA, 2.75%, 10/19/20	EUR		100		119,725

					1,229,601
Building Materials — 0.0%
Titan Global Finance PLC, 3.50%, 06/17/21			100		126,583

Building Products — 0.5%
American Builders & Contractors Supply Co., Inc.^(d):
5.63%, 04/15/21	USD		84		85,680
5.75%, 12/15/23			415		438,987
Beacon Escrow Corp., 4.88%, 11/01/25^(d)			868		885,360
Building Materials Corp. of America^(d):
5.38%, 11/15/24			85		89,462
6.00%, 10/15/25			664		715,593
CPG Merger Sub LLC, 8.00%, 10/01/21^(d)			666		689,310
Ply Gem Industries, Inc., 6.50%, 02/01/22			472		488,520
Standard Industries, Inc., 5.50%, 02/15/23^(d)			303		318,150
USG Corp., 4.88%, 06/01/27^(d)			214		223,630

					3,934,692
Capital Markets — 0.5%
Blackstone CQP Holdco LP^(d):
6.50%, 03/20/21			3,526		3,570,075
6.00%, 08/18/21			576		576,000

					4,146,075
Chemicals — 3.3%
Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25^(d)			1,100		1,127,500
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25	EUR		100		127,761
Axalta Coating Systems LLC, 4.88%, 08/15/24^(d)	USD		325		340,438
Blue Cube Spinco, Inc.:
9.75%, 10/15/23			564		671,865
10.00%, 10/15/25			376		456,840
CF Industries, Inc., 5.15%, 03/15/34			185		186,388


4		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Chemicals (continued)
Chemours Co.:
6.63%, 05/15/23	USD		270	$	285,525
7.00%, 05/15/25			321		351,094
5.38%, 05/15/27			312		325,260
GEO Specialty Chemicals, Inc., 1.00%, 10/18/25			7,051		11,595,486
Hexion, Inc., 10.38%, 02/01/22^(d)			311		286,213
Huntsman International LLC, 5.13%, 11/15/22			1,101		1,186,327
Ineos Finance PLC, 4.00%, 05/01/23	EUR		100		122,747
INEOS Group Holdings SA, 5.38%, 08/01/24			100		128,250
Momentive Performance Materials, Inc., 3.88%, 10/24/21	USD		2,675		2,775,312
NOVA Chemicals Corp.^(d):
4.88%, 06/01/24			350		354,375
5.25%, 06/01/27			13		13,130
Platform Specialty Products Corp.^(d):
6.50%, 02/01/22			2,629		2,717,729
5.88%, 12/01/25			468		471,510
PQ Corp., 6.75%, 11/15/22^(d)			759		817,822
PSPC Escrow Corp., 6.00%, 02/01/23	EUR		100		124,572
Tronox Finance PLC, 5.75%, 10/01/25^(d)	USD		172		178,880
WR Grace & Co-Conn, 5.13%, 10/01/21^(d)			410		434,087

					25,079,111
Commercial Services & Supplies — 0.7%
ADT Corp.:
6.25%, 10/15/21			574		631,400
3.50%, 07/15/22			283		281,939
4.13%, 06/15/23			330		333,505
4.88%, 07/15/32^(d)			1,054		999,761
Advanced Disposal Services, Inc., 5.63%, 11/15/24^(d)			608		627,760
CD&R Waterworks Merger Sub LLC, 6.13%, 08/15/25^(d)			205		209,161
Harland Clarke Holdings Corp., 8.38%, 08/15/22^(d)			740		771,450
KAR Auction Services, Inc., 5.13%, 06/01/25^(d)			552		571,320
La Financiere Atalian SAS, 4.00%, 05/15/24	EUR		100		124,976
Mobile Mini, Inc., 5.88%, 07/01/24	USD		104		109,200
Paprec Holding SA, 5.25%, 04/01/22	EUR		100		123,794
Park Aerospace Holdings Ltd.^(d):
3.63%, 03/15/21	USD		62		60,760
5.25%, 08/15/22			32		32,720
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25^(d)			302		315,590
United Rentals North America, Inc., 5.75%, 11/15/24			165		174,075


Security		Par (000)		Value
Commercial Services & Supplies (continued)
Verisure Holding AB, 6.00%, 11/01/22	EUR		113	$	143,254

					5,510,665
Communications Equipment — 0.5%
CommScope Technologies Finance LLC, 6.00%, 06/15/25^(d)	USD		105		112,350
CommScope Technologies LLC, 5.00%, 03/15/27^(d)			347		347,000
CommScope, Inc., 5.50%, 06/15/24^(d)			227		237,782
Zayo Group LLC/Zayo Capital, Inc.:
6.00%, 04/01/23			2,321		2,415,291
6.38%, 05/15/25			175		185,719
5.75%, 01/15/27^(d)			380		391,400

					3,689,542
Construction & Engineering — 0.5%
BlueLine Rental Finance Corp., 9.25%, 03/15/24^(d)			1,697		1,837,002
Brand Energy & Infrastructure Services, Inc., 8.50%, 07/15/25^(d)			832		882,170
Engility Corp., 8.88%, 09/01/24			468		503,100
SPIE SA, 3.13%, 03/22/24	EUR		100		124,669
Tutor Perini Corp., 6.88%, 05/01/25^(d)	USD		182		193,448
Weekley Homes LLC/Weekley Finance Corp., 6.63%, 08/15/25^(d)			52		50,708

					3,591,097
Construction Materials — 0.4%
American Tire Distributors, Inc., 10.25%, 03/01/22^(d)			384		392,640
H&E Equipment Services, Inc., 5.63%, 09/01/25^(d)			89		93,228
HD Supply, Inc., 5.75%, 04/15/24^(d)			2,029		2,160,885
PulteGroup, Inc., 5.50%, 03/01/26			235		254,975
Rexel SA, 3.50%, 06/15/23	EUR		130		162,651

					3,064,379
Consumer Discretionary — 0.1%
Arch Merger Sub, Inc., 8.50%, 09/15/25^(d)	USD		512		460,800
Live Nation Entertainment, Inc., 4.88%, 11/01/24^(d)			72		74,160
ServiceMaster Co. LLC, 5.13%, 11/15/24^(d)			156		158,340
Viking Cruises Ltd.^(d):
6.25%, 05/15/25			72		75,060
5.88%, 09/15/27			394		398,433

					1,166,793
Consumer Finance — 0.8%
Ally Financial, Inc.:
6.25%, 12/01/17			30		30,000
5.13%, 09/30/24			1,207		1,315,630
8.00%, 11/01/31			1,755		2,323,181


SCHEDULE OF INVESTMENTS			5

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Consumer Finance (continued)
CDK Global, Inc., 4.88%, 06/01/27^(d)	USD		333	$	342,990
IHS Markit Ltd., 4.00%, 03/01/26^(d)(i)			151		152,133
Navient Corp.:
6.63%, 07/26/21			297		314,078
6.50%, 06/15/22			206		216,300
5.50%, 01/25/23			345		345,431
7.25%, 09/25/23			10		10,775
6.13%, 03/25/24			237		239,963
5.88%, 10/25/24			258		259,367
5.63%, 08/01/33			260		223,600
OneMain Financial Holdings LLC^(d):
6.75%, 12/15/19			439		453,267
7.25%, 12/15/21			124		128,737

					6,355,452
Containers & Packaging — 1.9%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
6.00%, 06/30/21^(d)			1,270		1,304,925
4.63%, 05/15/23^(d)			223		228,854
6.75%, 05/15/24	EUR		125		164,961
7.25%, 05/15/24^(d)	USD		2,485		2,721,075
6.00%, 02/15/25^(d)			1,418		1,506,767
4.75%, 07/15/27	GBP		100		136,579
Ball Corp.:
5.00%, 03/15/22	USD		158		169,653
4.00%, 11/15/23			32		32,880
BWAY Holding Co., 5.50%, 04/15/24^(d)			1,144		1,192,620
Horizon Holdings I SASU, 7.25%, 08/01/23	EUR		100		126,752
International Paper Co., 7.30%, 11/15/39	USD		5		6,932
JH-Holding Finance SA, (8.25% PIK), 8.25%, 12/01/22^(f)	EUR		100		128,022
Mercer International, Inc., 6.50%, 02/01/24	USD		144		152,100
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:
6.88%, 02/15/21			172		175,960
(3 mo. LIBOR US + 3.50%), 4.86%, 07/15/21^(c)(d)			1,361		1,384,817
5.13%, 07/15/23^(d)			372		385,950
7.00%, 07/15/24^(d)			1,882		2,019,245
Sappi Papier Holding GmbH, 4.00%, 04/01/23	EUR		100		124,933
Sealed Air Corp., 4.88%, 12/01/22^(d)	USD		278		295,027
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc., 6.38%, 05/01/22^(d)			1,368		1,407,330


Security		Par (000)		Value
Containers & Packaging (continued)
Silgan Holdings, Inc., 3.25%, 03/15/25	EUR		100	$	123,581
Smurfit Kappa Acquisitions, 4.88%, 09/15/18^(d)	USD		200		202,460
Verallia Packaging SASU, 5.13%, 08/01/22	EUR		100		124,976

					14,116,399
Diversified Consumer Services — 0.8%
APX Group, Inc.:
6.38%, 12/01/19	USD		106		107,458
8.75%, 12/01/20			331		337,934
7.88%, 12/01/22			696		744,720
GW Honos Security Corp., 8.75%, 05/15/25^(d)			113		120,910
Laureate Education, Inc., 8.25%, 05/01/25^(d)			119		125,916
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23^(d)			3,379		3,729,571
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25			265		265,000
Service Corp. International, 4.50%, 11/15/20			307		310,838
Sotheby’s, 5.25%, 10/01/22^(d)			380		388,550

					6,130,897
Diversified Financial Services — 0.5%
Aircastle Ltd.:
5.13%, 03/15/21			33		34,939
5.50%, 02/15/22			337		362,696
Arrow Global Finance PLC, (3 mo. Euribor + 2.88%), 2.88%, 04/01/25^(c)	EUR		100		118,263
Banca IFIS SpA, 4.50%, 10/17/27^(e)			100		121,144
CNH Industrial Finance Europe SA, 1.38%, 05/23/22			100		122,905
FBM Finance, Inc., 8.25%, 08/15/21^(d)	USD		350		373,625
Intrum Justitia AB, (3 mo. Euribor + 2.63%), 2.63%, 07/15/22^(c)	EUR		100		120,667
Jefferies Finance LLC/JFIN Co-Issuer Corp.^(d⁾:
7.38%, 04/01/20	USD		625		642,188
6.88%, 04/15/22			516		524,385
ProGroup AG, 5.13%, 05/01/22	EUR		130		160,801
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25^(d)	USD		590		593,688
UniCredit SpA:
6.95%, 10/31/22	EUR		100		147,811
(5 year EUR Swap + 4.32%), 3.50%, 01/03/27^(h)			100		130,141


6		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Diversified Financial Services (continued)
WMG Acquisition Corp., 4.13%, 11/01/24	EUR		100	$	125,357

					3,578,610
Diversified Telecommunication Services — 1.7%
CenturyLink, Inc.:
Series P, 7.60%, 09/15/39	USD		117		97,110
Series S, 6.45%, 06/15/21			1,679		1,670,605
Series U, 7.65%, 03/15/42			401		336,840
Cincinnati Bell, Inc., 7.00%, 07/15/24^(d)			1,054		1,022,380
Frontier Communications Corp.:
7.13%, 01/15/23			407		284,900
7.63%, 04/15/24			579		406,748
6.88%, 01/15/25			1,750		1,198,750
Level 3 Financing, Inc.:
5.38%, 08/15/22			713		718,347
5.13%, 05/01/23			1,120		1,120,000
5.38%, 01/15/24			646		647,615
5.38%, 05/01/25			758		760,122
5.25%, 03/15/26			340		333,413
OTE PLC, 3.50%, 07/09/20	EUR		100		125,459
SoftBank Group Corp.:
(5 year USD ICE Swap + 4.85%), 6.88%^(h)(j)	USD		935		946,687
4.75%, 09/19/24			200		198,978
4.75%, 07/30/25	EUR		129		170,874
Telecom Italia Capital SA:
6.38%, 11/15/33	USD		579		668,745
6.00%, 09/30/34			498		555,893
7.20%, 07/18/36			397		492,776
7.72%, 06/04/38			59		76,134
Telecom Italia Finance SA, 7.75%, 01/24/33	EUR		100		185,329
Telecom Italia SpA:
3.25%, 01/16/23			150		197,736
5.30%, 05/30/24^(d)	USD		896		955,629

					13,171,070
Electric Utilities — 0.1%
AES Corp., 4.88%, 05/15/23			170		173,556
NextEra Energy Operating Partners LP, 4.25%, 09/15/24^(d)			169		170,690
Talen Energy Supply LLC, 6.50%, 06/01/25			45		38,138
Viridian Group FinanceCo PLC/Viridian Power and Energy, 4.00%, 09/15/25	EUR		100		119,061

					501,445
Electrical Equipment — 0.0%
Areva SA, 4.88%, 09/23/24			100		134,248


Security		Par (000)		Value
Electrical Equipment (continued)
Belden, Inc., 5.50%, 04/15/23	EUR		3	$	3,726

					137,974
Electronic Equipment, Instruments & Components — 0.4%
CDW LLC/CDW Finance Corp.:
5.00%, 09/01/23	USD		101		105,545
5.50%, 12/01/24			2,275		2,479,750
SESI LLC, 7.75%, 09/15/24^(d)			265		272,950

					2,858,245
Energy Equipment & Services — 0.6%
Ensco PLC, 5.20%, 03/15/25			55		45,100
Gates Global LLC/Gates Global Co.:
5.75%, 07/15/22	EUR		100		121,678
6.00%, 07/15/22^(d)	USD		818		836,650
Genesis Energy LP/Genesis Energy Finance Corp., 5.75%, 02/15/21			103		103,901
GrafTech International Ltd., 6.38%, 11/15/20			150		149,625
Noble Holding International Ltd., 4.63%, 03/01/21			22		20,185
Pioneer Energy Services Corp., 6.13%, 03/15/22			740		599,400
Precision Drilling Corp., 6.50%, 12/15/21			4		4,070
Transocean, Inc.:
5.80%, 10/15/22			186		184,605
9.00%, 07/15/23^(d)			914		987,120
6.80%, 03/15/38			267		212,933
Trinidad Drilling Ltd., 6.63%, 02/15/25^(d)			436		416,380
Weatherford International Ltd.:
7.75%, 06/15/21			215		219,300
8.25%, 06/15/23			240		239,400
9.88%, 02/15/24^(d)			356		373,355

					4,513,702
Environmental, Maintenance, & Security Service — 0.1%
Tervita Escrow Corp., 7.63%, 12/01/21^(d)			1,094		1,107,675

Food & Staples Retailing — 0.6%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:
6.63%, 06/15/24			204		192,780
5.75%, 03/15/25			54		48,044
B&M European Value Retail SA, 4.13%, 02/01/22	GBP		100		139,164
Casino Guichard Perrachon SA:
4.56%, 01/25/23	EUR		100		134,774
4.50%, 03/07/24			200		267,311
Dollar Tree, Inc.:
5.25%, 03/01/20	USD		69		70,380
5.75%, 03/01/23			2,882		3,015,292


SCHEDULE OF INVESTMENTS			7

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Food & Staples Retailing (continued)
Lamb Weston Holdings, Inc., 4.63%, 11/01/24^(d)	USD		30	$	31,013
Post Holdings, Inc., 5.63%, 01/15/28^(d)(i)			202		203,515
Rite Aid Corp., 6.13%, 04/01/23^(d)			218		201,650

					4,303,923
Food Products — 0.6%
Acosta, Inc., 7.75%, 10/01/22^(d)			272		197,200
B&G Foods, Inc., 5.25%, 04/01/25			200		204,480
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25^(d)			598		650,325
JBS USA LLC/JBS USA Finance, Inc., 5.75%, 06/15/25^(d)			957		934,271
Pilgrim’s Pride Corp.^(d):
5.75%, 03/15/25			299		313,800
5.88%, 09/30/27			138		144,038
Post Holdings, Inc.^(d):
5.50%, 03/01/25			50		51,938
5.00%, 08/15/26			1,548		1,534,455
5.75%, 03/01/27			131		133,659
TreeHouse Foods, Inc., 6.00%, 02/15/24^(d)			274		286,673

					4,450,839
Health Care Equipment & Supplies — 1.1%
Avantor, Inc.:
4.75%, 10/01/24	EUR		100		120,567
6.00%, 10/01/24^(d)	USD		3,050		3,051,906
Crimson Merger Sub, Inc., 6.63%, 05/15/22^(d)			2,159		2,137,410
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 06/15/21^(d)			1,302		1,232,831
Mallinckrodt International Finance SA/Mallinckrodt CB LLC^(d):
4.88%, 04/15/20			350		337,750
5.75%, 08/01/22			1,020		940,950
5.63%, 10/15/23			236		207,090
5.50%, 04/15/25			125		105,313

					8,133,817
Health Care Providers & Services — 2.5%
Acadia Healthcare Co., Inc.:
5.13%, 07/01/22			708		707,214
5.63%, 02/15/23			105		105,525
6.50%, 03/01/24			122		125,965
Amsurg Corp., 5.63%, 07/15/22			50		51,000
Centene Corp.:
5.63%, 02/15/21			716		739,270
4.75%, 05/15/22			67		69,547
6.13%, 02/15/24			311		332,770
4.75%, 01/15/25			855		877,059


Security		Par (000)		Value
Health Care Providers & Services (continued)
CHS/Community Health Systems, Inc.:
8.00%, 11/15/19	USD		400	$	358,500
7.13%, 07/15/20			4		3,120
5.13%, 08/01/21			463		434,063
DaVita, Inc., 5.13%, 07/15/24			517		526,047
Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 05/15/22^(d)(f)			342		347,130
Envision Healthcare Corp., 6.25%, 12/01/24^(d)			115		121,181
HCA, Inc.:
6.50%, 02/15/20			175		187,906
5.88%, 03/15/22			778		843,157
5.00%, 03/15/24			804		844,200
5.88%, 02/15/26			1,427		1,517,971
5.25%, 06/15/26			1,179		1,251,951
4.50%, 02/15/27			35		35,490
5.50%, 06/15/47			1,593		1,612,912
HealthSouth Corp., 5.75%, 11/01/24			179		183,251
MEDNAX, Inc., 5.25%, 12/01/23^(d)			208		213,200
MPH Acquisition Holdings LLC, 7.13%, 06/01/24^(d)			695		746,256
Polaris Intermediate Corp., (8.50% Cash)12/01/22^(d)(f)			734		763,654
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23^(d)			169		172,803
Sterigenics-Nordion Holdings LLC, 6.50%, 05/15/23^(d)			128		134,400
Surgery Center Holdings, Inc., 8.88%, 04/15/21^(d)			322		324,415
Tenet Healthcare Corp.:
6.00%, 10/01/20			1,395		1,464,750
7.50%, 01/01/22^(d)			254		267,970
8.13%, 04/01/22			2,540		2,514,600
4.63%, 07/15/24^(d)			243		239,355
THC Escrow Corp. III, 5.13%, 05/01/25^(d)			213		205,013
Vizient, Inc., 10.38%, 03/01/24^(d)			398		449,740

					18,771,385
Health Care Technology — 0.0%
Quintiles IMS, Inc., 3.25%, 03/15/25^(d)	EUR		100		122,832

Hotels, Restaurants & Leisure — 2.2%
Burger King France SAS:
(3 mo. Euribor + 5.25%), 5.25%, 05/01/23^(c)			100		122,003
6.00%, 05/01/24			100		130,332
Cirsa Funding Luxembourg SA, 5.88%, 05/15/23			100		124,976
Codere Finance 2 Luxembourg SA, 6.75%, 11/01/21			100		125,846


8		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
CRC Escrow Issuer LLC/CRC Finco, Inc., 5.25%, 10/15/25^(d)	USD		794	$	794,993
ESH Hospitality, Inc., 5.25%, 05/01/25^(d)			183		186,203
GLP Capital LP/GLP Financing II, Inc., 5.38%, 04/15/26			99		106,858
Golden Nugget, Inc., 6.75%, 10/15/24^(d)			60		61,275
Jacobs Entertainment, Inc., 7.88%, 02/01/24^(d)			165		177,375
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC^(d):
5.00%, 06/01/24			66		69,135
5.25%, 06/01/26			234		247,455
4.75%, 06/01/27			223		228,218
MGM Resorts International:
5.25%, 03/31/20			1,261		1,327,202
6.75%, 10/01/20			275		300,696
6.63%, 12/15/21			1,352		1,504,086
4.63%, 09/01/26			987		1,006,740
New Red Finance, Inc.^(d):
4.25%, 05/15/24			7		7,011
5.00%, 10/15/25			2,935		3,006,541
Sabre GLBL, Inc., 5.25%, 11/15/23^(d)			221		229,288
Scientific Games International, Inc.:
7.00%, 01/01/22^(d)			2,714		2,863,270
10.00%, 12/01/22			2,189		2,410,636
Six Flags Entertainment Corp.^(d):
4.88%, 07/31/24			925		941,187
5.50%, 04/15/27			15		15,525
Station Casinos LLC, 5.00%, 10/01/25^(d)			572		571,788
Unique Pub Finance Co. PLC, Series A4, 5.66%, 06/30/27	GBP		63		95,836
Vue International Bidco PLC, 7.88%, 07/15/20			147		202,819

					16,857,294
Household Durables — 0.6%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22^(d)	USD		285		297,554
CalAtlantic Group, Inc.:
8.38%, 01/15/21			852		985,125
5.25%, 06/01/26			193		202,650
K Hovnanian Enterprises, Inc.^(d):
10.00%, 07/15/22			147		160,230
10.50%, 07/15/24			131		145,083
Lennar Corp.:
4.75%, 11/15/22			118		124,638
4.88%, 12/15/23			265		278,250
4.75%, 11/29/27^(d)			605		618,612


Security		Par (000)		Value
Household Durables (continued)
Mattamy Group Corp., 6.50%, 10/01/25^(d)	USD		90	$	94,275
Ryland Group, Inc., 6.63%, 05/01/20			130		141,375
Tempur Sealy International, Inc., 5.50%, 06/15/26			227		232,391
Toll Brothers Finance Corp., 6.75%, 11/01/19			110		118,250
TRI Pointe Group, Inc., 4.88%, 07/01/21			525		549,938
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.38%, 06/15/19			435		443,700

					4,392,071
Household Products — 0.0%
Diamond BC BV, 5.63%, 08/15/25	EUR		102		123,517

Independent Power and Renewable Electricity Producers — 0.8%
AES Corp., 6.00%, 05/15/26	USD		201		218,085
Calpine Corp.:
5.50%, 02/01/24			128		123,680
5.25%, 06/01/26^(d)			948		958,665
Dynegy, Inc.:
7.38%, 11/01/22			231		246,881
8.00%, 01/15/25^(d)			348		382,800
8.13%, 01/30/26^(d)			217		241,413
NRG Energy, Inc.:
6.63%, 01/15/27			1,358		1,463,245
5.75% 01/15/28			578		578,000
NRG Yield Operating LLC, 5.38%, 08/15/24			341		353,787
QEP Resources, Inc., 5.38%, 10/01/22			515		527,231
TerraForm Power Operating LLC^(d):
4.25%, 01/31/23⁽ⁱ⁾			222		222,555
6.38%, 02/01/23^(k)			205		216,070
5.00%, 01/31/28⁽ⁱ⁾			222		222,833

					5,755,245
Industrial Conglomerates — 0.3%
Colfax Corp., 3.25%, 05/15/25	EUR		100		122,685
Vertiv Group Corp., 9.25%, 10/15/24^(d)	USD		1,747		1,897,679

					2,020,364
Insurance — 0.5%
Ardonagh Midco 3 PLC, 8.38%, 07/15/23	GBP		100		139,297
Assicurazioni Generali SpA^(h):
(3 mo. Euribor + 7.11%), 7.75%, 12/12/42	EUR		100		153,840
(3 mo. Euribor + 5.35%), 5.50%, 10/27/47			100		143,366
Groupama SA, 6.00%, 01/23/27			100		149,971
HUB International Ltd., 7.88%, 10/01/21^(d)	USD		1,138		1,183,520
Old Mutual PLC, 8.00%, 06/03/21	GBP		100		156,666


SCHEDULE OF INVESTMENTS			9

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Insurance (continued)
USIS Merger Sub, Inc., 6.88%, 05/01/25^(d)	USD		23	$	23,287
Wayne Merger Sub LLC, 8.25%, 08/01/23^(d)			1,936		2,027,960

					3,977,907
Internet Software & Services — 0.3%
Equinix, Inc., 5.88%, 01/15/26			997		1,081,745
Netflix, Inc.:
4.38%, 11/15/26^(d)			49		48,081
3.63%, 05/15/27	EUR		100		119,620
4.88%, 04/15/28^(d)	USD		450		444,938
Symantec Corp., 5.00%, 04/15/25^(d)			422		442,889
United Group BV, 4.38%, 07/01/22	EUR		126		156,345

					2,293,618
IT Services — 1.5%
Ceridian HCM Holding, Inc., 11.00%, 03/15/21^(d)	USD		795		836,737
First Data Corp.^(d):
7.00%, 12/01/23			3,353		3,554,180
5.75%, 01/15/24			5,296		5,494,600
Gartner, Inc., 5.13%, 04/01/25^(d)			320		334,400
WEX, Inc., 4.75%, 02/01/23^(d)			826		844,585

					11,064,502
Machinery — 0.2%
SPX FLOW, Inc.^(d):
5.63%, 08/15/24			359		377,848
5.88%, 08/15/26			359		380,540
Terex Corp., 5.63%, 02/01/25^(d)			940		992,287

					1,750,675
Media — 7.3%
Altice Financing SA, 7.50%, 05/15/26^(d)			594		620,730
Altice Luxembourg SA:
7.75%, 05/15/22^(d)			1,690		1,609,725
6.25%, 02/15/25	EUR		100		111,876
Altice US Finance I Corp.^(d):
5.38%, 07/15/23	USD		2,707		2,754,372
5.50%, 05/15/26			637		644,962
AMC Networks, Inc.:
5.00%, 04/01/24			259		262,238
4.75%, 08/01/25			528		524,040
Cablevision Systems Corp., 8.00%, 04/15/20			502		537,140
CBS Radio, Inc., 7.25%, 11/01/24^(d)(m)			159		167,348
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.13%, 02/15/23			380		389,500
4.00%, 03/01/23^(d)			448		447,720
5.13%, 05/01/27^(d)			4,312		4,271,575
5.00%, 02/01/28^(d)			983		963,340


Security		Par (000)		Value
Media (continued)
Cequel Communications Holdings I LLC/Cequel Capital Corp.^(d):
6.38%, 09/15/20	USD		294	$	298,042
5.13%, 12/15/21			1,670		1,671,536
7.75%, 07/15/25			2,044		2,176,860
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25			1,300		1,373,355
Clear Channel International BV, 8.75%, 12/15/20^(d)			762		786,765
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22			6,604		6,689,279
Series B, 7.63%, 03/15/20			1,993		1,973,070
CSC Holdings LLC:
10.13%, 01/15/23^(d)			1,250		1,410,937
5.25%, 06/01/24			996		970,789
6.63%, 10/15/25^(d)			400		431,000
10.88%, 10/15/25^(d)			3,849		4,549,037
DISH DBS Corp.:
5.88%, 07/15/22			1,537		1,581,189
5.00%, 03/15/23			281		274,326
5.88%, 11/15/24			152		153,140
7.75%, 07/01/26			2,068		2,230,855
eircom Finance DAC, 4.50%, 05/31/22	EUR		100		123,453
Hughes Satellite Systems Corp.:
5.25%, 08/01/26	USD		1,433		1,454,581
6.63%, 08/01/26			381		398,621
iHeartCommunications, Inc.:
9.00%, 12/15/19			492		365,310
9.00%, 03/01/21			160		114,800
10.63%, 03/15/23			740		527,250
Intelsat Jackson Holdings SA:
5.50%, 08/01/23			23		18,831
9.75%, 07/15/25^(d)			485		469,844
LG Finance Co. Corp., 5.88%, 11/01/24^(d)			231		243,994
LGE HoldCo VI BV, 7.13%, 05/15/24	EUR		100		131,868
MDC Partners, Inc., 6.50%, 05/01/24^(d)	USD		490		492,450
Midcontinent Communications/Midcontinent Finance Corp., 6.88%, 08/15/23^(d)			463		491,937
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 08/01/18^(d)			538		538,000
Numericable Group SA, 5.38%, 05/15/22	EUR		100		121,204
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.25%, 02/15/22	USD		130		133,656
SFR Group SA^(d):
6.00%, 05/15/22			1,192		1,201,691
7.38%, 05/01/26			2,109		2,124,564


10		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Media (continued)
Sirius XM Radio, Inc., 4.63%, 05/15/23^(d)	USD		60	$	61,650
Sterling Entertainment Corp., 9.75%, 12/15/19^(a)			1,300		1,287,000
TEGNA, Inc.:
5.13%, 10/15/19			115		116,581
5.50%, 09/15/24^(d)			172		179,095
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28^(d)			200		200,000
Telesat Canada/Telesat LLC, 8.88%, 11/15/24^(d)			399		445,882
Tribune Media Co., 5.88%, 07/15/22			448		456,960
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:
4.00%, 01/15/25	EUR		198		249,315
5.00%, 01/15/25^(d)	USD		400		413,500
Univision Communications, Inc., 5.13%, 05/15/23^(d)			381		381,000
Videotron Ltd., 5.13%, 04/15/27^(d)			632		662,020
Virgin Media Finance PLC, 5.75%, 01/15/25^(d)			967		988,757
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24	GBP		200		276,230
Virgin Media Secured Finance PLC:
4.88%, 01/15/27			100		138,824
6.25%, 03/28/29			233		340,334

					55,023,948
Metals & Mining — 4.0%
Alcoa Nederland Holding BV, 7.00%, 09/30/26^(d)	USD		270		305,100
ArcelorMittal, 3.13%, 01/14/22	EUR		100		130,196
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25^(d)	USD		317		336,813
Constellium NV^(d):
5.75%, 05/15/24			250		258,125
5.88%, 02/15/26			926		959,660
First Quantum Minerals Ltd.^(d):
7.00%, 02/15/21			730		757,375
7.25%, 05/15/22			235		243,813
FMG Resources August 2006 Property Ltd., 9.75%, 03/01/22^(d)			553		615,212
Freeport-McMoRan, Inc.:
2.38%, 03/15/18			2,868		2,864,415
3.10%, 03/15/20			430		430,537
4.00%, 11/14/21			804		808,422
3.55%, 03/01/22			1,039		1,024,714
3.88%, 03/15/23			3,983		3,937,594
5.40%, 11/14/34			1,271		1,236,047
5.45%, 03/15/43			1,354		1,282,509
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23^(d)			542		582,650


Security		Par (000)		Value
Metals & Mining (continued)
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22^(d)	USD		482	$	543,214
Kinross Gold Corp., 6.88%, 09/01/41			180		204,525
Novelis Corp.^(d):
6.25%, 08/15/24			2,118		2,229,195
5.88%, 09/30/26			2,470		2,559,537
Nyrstar Netherlands Holdings BV, 6.88%, 03/15/24	EUR		100		126,202
Ovako AB, 5.00%, 10/05/22			100		121,328
Steel Dynamics, Inc.:
5.13%, 10/01/21	USD		790		810,737
5.25%, 04/15/23			295		303,939
5.50%, 10/01/24			138		146,887
4.13%, 09/15/25^(d)			243		243,608
5.00%, 12/15/26			35		36,991
Teck Resources Ltd.:
3.75%, 02/01/23			1,348		1,361,480
8.50%, 06/01/24^(d)			1,257		1,426,695
6.13%, 10/01/35			181		203,625
6.00%, 08/15/40			811		900,210
5.20%, 03/01/42			1,118		1,106,820
5.40%, 02/01/43			977		981,885
thyssenKrupp AG, 1.38%, 03/03/22	EUR		75		90,779
United States Steel Corp.:
8.38%, 07/01/21^(d)	USD		624		681,720
6.88%, 08/15/25			146		151,081

					30,003,640
Multi-Utilities — 0.2%
NGL Energy Partners LP/NGL Energy Finance Corp.:
6.88%, 10/15/21			390		395,850
7.50%, 11/01/23			780		801,450

					1,197,300
Multiline Retail — 0.1%
Neiman Marcus Group Ltd.^(d):
8.00%, 10/15/21			1,035		589,950
(8.75% Cash or 9.50% PIK), 8.75%, 10/15/21^(f)			157		84,848

					674,798
Oil, Gas & Consumable Fuels — 6.4%
Andeavor Logistics LP, Series A, 6.88%^(e)(i)(j)			402		406,945
Andeavor Logistics LP/Tesoro Logistics Finance Corp.:
6.13%, 10/15/21			81		83,481
6.25%, 10/15/22			833		884,896
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22^(d)			548		595,950


SCHEDULE OF INVESTMENTS			11

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
California Resources Corp., 8.00%, 12/15/22^(d)	USD		391	$	289,340
Carrizo Oil & Gas, Inc., 6.25%, 04/15/23			180		184,275
Cheniere Corpus Christi Holdings LLC:
7.00%, 06/30/24			442		501,670
5.88%, 03/31/25			1,250		1,354,687
5.13%, 06/30/27^(d)			1,062		1,095,187
Cheniere Energy Partners LP, 5.25%, 10/01/25^(d)			425		436,156
Chesapeake Energy Corp.^(d):
8.00%, 12/15/22			95		101,413
8.00%, 01/15/25			378		376,110
8.00%, 06/15/27			874		837,117
CONSOL Energy, Inc.:
5.88%, 04/15/22			6,328		6,470,380
8.00%, 04/01/23			40		42,700
Continental Resources, Inc., 3.80%, 06/01/24			598		589,030
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25^(d)			424		443,080
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 04/01/23			90		93,150
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(d)			750		753,750
DCP Midstream LLC^(d):
4.75%, 09/30/21			745		765,487
6.45%, 11/03/36			250		267,500
6.75%, 09/15/37			426		455,820
DEA Finance SA, 7.50%, 10/15/22	EUR		100		132,638
Denbury Resources, Inc.:
5.50%, 05/01/22	USD		690		448,500
4.63%, 07/15/23			188		113,740
Diamond Offshore Drilling, Inc., 7.88%, 08/15/25			118		123,015
Eclipse Resources Corp., 8.88%, 07/15/23			140		143,150
Endeavor Energy Resources LP/EER Finance, Inc., 5.50%, 01/30/26^(d)(i)			152		153,900
Energy Transfer Equity LP:
7.50%, 10/15/20			200		222,000
4.25%, 03/15/23			221		222,658
5.88%, 01/15/24			838		898,755
5.50%, 06/01/27			686		715,155
EP Energy LLC/Everest Acquisition Finance, Inc.:
9.38%, 05/01/20			493		364,820
8.00%, 11/29/24^(d)			499		499,000


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Extraction Oil & Gas Holdings LLC/Extraction Finance Corp., 7.88%, 07/15/21^(d)	USD		856	$	905,220
Extraction Oil & Gas, Inc., 7.38%, 05/15/24^(d)			102		108,630
Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25			184		189,060
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21^(d)			149		153,843
Gulfport Energy Corp.:
6.63%, 05/01/23			215		219,838
6.00%, 10/15/24			192		192,720
6.38%, 05/15/25			212		213,590
Halcon Resources Corp., 6.75%, 02/15/25^(d)			661		670,915
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26^(d)			522		535,702
MEG Energy Corp.^(d):
6.38%, 01/30/23			54		49,478
7.00%, 03/31/24			607		546,300
6.50%, 01/15/25			1,812		1,775,760
Murphy Oil Corp.:
6.88%, 08/15/24			673		724,316
5.88%, 12/01/42			83		81,755
NGPL PipeCo LLC^(d):
4.38%, 08/15/22			240		246,000
4.88%, 08/15/27			2		2,076
7.77%, 12/15/37			1,177		1,453,595
Noble Holding International Ltd., 7.75%, 01/15/24			378		326,970
Oasis Petroleum, Inc.:
6.50%, 11/01/21			268		271,350
6.88%, 03/15/22			227		231,256
6.88%, 01/15/23			65		66,219
ONEOK, Inc., 6.00%, 06/15/35			165		186,078
Paramount Resources Ltd., 6.88%, 06/30/23^(d)			953		1,013,754
Parker Drilling Co., 7.50%, 08/01/20			195		178,425
Parsley Energy LLC/Parsley Finance Corp.^(d):
5.38%, 01/15/25			315		318,937
5.63%, 10/15/27			310		316,780
Petroleos Mexicanos, 5.38%, 03/13/22^(d)			102		109,038
Precision Drilling Corp., 7.75%, 12/15/23			150		154,875
QEP Resources, Inc., 5.25%, 05/01/23			95		96,188
Range Resources Corp.:
5.88%, 07/01/22			1,015		1,042,912
4.88%, 05/15/25			328		319,800


12		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Resolute Energy Corp., 8.50%, 05/01/20	USD		639	$	649,384
Rockies Express Pipeline LLC^(d):
6.85%, 07/15/18			99		100,856
Rockies Express Pipeline LLC^(d):
6.00%, 01/15/19			26		26,837
5.63%, 04/15/20			140		146,650
6.88%, 04/15/40			564		635,205
Rowan Cos., Inc.:
4.88%, 06/01/22			95		90,695
4.75%, 01/15/24			80		71,200
7.38%, 06/15/25			1,221		1,227,105
RSP Permian, Inc.:
6.63%, 10/01/22			356		374,690
5.25%, 01/15/25			408		416,160
Sanchez Energy Corp.:
7.75%, 06/15/21			672		636,720
6.13%, 01/15/23			1,593		1,344,094
SESI LLC, 7.13%, 12/15/21			180		183,825
Seven Generations Energy Ltd., 5.38%, 09/30/25^(d)			521		523,605
SM Energy Co.:
6.50%, 11/15/21			300		302,250
6.50%, 01/01/23			34		34,340
5.00%, 01/15/24			931		891,432
5.63%, 06/01/25			16		15,400
Southwestern Energy Co.:
6.70%, 01/23/25			90		93,600
7.50%, 04/01/26			371		396,970
7.75%, 10/01/27			182		194,740
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(d):
5.50%, 09/15/24			146		151,475
5.50%, 01/15/28			621		639,630
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.13%, 02/01/25			248		253,580
5.38%, 02/01/27			2		2,050
5.00%, 01/15/28^(d)			882		875,385
Weatherford International LLC, 6.80%, 06/15/37			157		126,385
Weatherford International Ltd.:
6.50%, 08/01/36			502		401,600
7.00%, 03/15/38			180		149,850
5.95%, 04/15/42			189		144,113
Whiting Petroleum Corp., 5.00%, 03/15/19			794		799,955
Williams Cos., Inc., 5.75%, 06/24/44			1,453		1,531,099
WPX Energy, Inc.:
7.50%, 08/01/20			77		83,545
6.00%, 01/15/22			521		536,630
8.25%, 08/01/23			400		451,500


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
WPX Energy, Inc. (continued):
5.25%, 09/15/24	USD		158	$	155,235

					48,424,625
Pharmaceuticals — 1.2%
Ephios Bondco PLC, 6.25%, 07/01/22	EUR		100		126,166
Ephios Holdco II PLC, 8.25%, 07/01/23			100		129,886
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24^(d)	USD		553		606,917
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23^(d)			2,123		2,186,690
Nidda Healthcare Holding AG, 3.50%, 09/30/24	EUR		100		121,405
Team Health Holdings, Inc., 6.38%, 02/01/25^(d)	USD		400		362,000
Teva Pharmaceutical Finance Netherlands II BV, 1.25%, 03/31/23	EUR		100		109,398
Valeant Pharmaceuticals International, Inc.^(d):
7.50%, 07/15/21	USD		616		608,300
6.75%, 08/15/21			457		446,718
5.63%, 12/01/21			330		306,900
6.50%, 03/15/22			742		779,100
7.25%, 07/15/22			1,087		1,059,825
7.00%, 03/15/24			1,166		1,249,077
6.13%, 04/15/25			217		186,078
5.50%, 11/01/25			811		821,219

					9,099,679
Real Estate Investment Trusts (REITs) — 0.5%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
5.63%, 05/01/24			1,453		1,554,710
4.50%, 09/01/26			1,279		1,288,592
NH Hotel Group SA, 3.75%, 10/01/23	EUR		129		162,509
Starwood Property Trust, Inc.:
5.00%, 12/15/21	USD		638		664,318
4.75%, 03/15/25^(d)(i)			98		97,755

					3,767,884
Real Estate Management & Development — 0.4%
ADLER Real Estate AG:
4.75%, 04/08/20	EUR		100		124,333
2.13%, 02/06/24			100		117,812
Greystar Real Estate Partners LLC, 5.75%, 12/01/25^(d)	USD		218		224,540
Howard Hughes Corp., 5.38%, 03/15/25^(d)			283		290,783


SCHEDULE OF INVESTMENTS			13

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Real Estate Management & Development (continued)
Realogy Group LLC/Realogy Co-Issuer Corp.^(d):
4.50%, 04/15/19	USD		391	$	397,842
5.25%, 12/01/21			487		506,480
4.88%, 06/01/23			985		992,387
RESIDOMO Sro, 3.38%, 10/15/24	EUR		100		122,001
Rialto Holdings LLC/Rialto Corp., 7.00%, 12/01/18^(d)	USD		245		245,613

					3,021,791
Road & Rail — 0.5%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.13%, 06/01/22^(d)			1,335		1,343,344
EC Finance PLC, 2.38%, 11/15/22	EUR		100		122,023
Herc Rentals, Inc.^(d):
7.50%, 06/01/22	USD		144		155,160
7.75%, 06/01/24			228		249,683
Hertz Corp., 7.63%, 06/01/22^(d)			378		390,179
Loxam SAS:
3.50%, 05/03/23	EUR		100		124,351
6.00%, 04/15/25			100		129,985
United Rentals North America, Inc.:
4.63%, 07/15/23	USD		114		117,420
5.50%, 07/15/25			2		2,127
4.63%, 10/15/25			492		501,348
4.88%, 01/15/28			203		205,284
Watco Cos. LLC/Watco Finance Corp., 6.38%, 04/01/23^(d)			350		362,250

					3,703,154
Semiconductors & Semiconductor Equipment — 0.1%
Advanced Micro Devices, Inc., 7.50%, 08/15/22			200		226,000
Micron Technology, Inc., 5.50%, 02/01/25			24		25,380
Microsemi Corp., 9.13%, 04/15/23^(d)			35		39,594
Sensata Technologies BV^(d):
5.63%, 11/01/24			220		243,100
5.00%, 10/01/25			288		307,440
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26^(d)			200		217,500

					1,059,014
Software — 2.3%
BMC Software Finance, Inc., 8.13%, 07/15/21^(d)			791		800,642
Genesys Telecommunications Laboratories Inc/Greeneden Lux 3 Sarl/Greeneden US Holdings LLC, 10.00%, 11/30/24^(d)			523		585,760


Security		Par (000)		Value
Software (continued)
Infor Software Parent LLC/Infor Software Parent, Inc., (7.13% Cash or 7.88% PIK), 7.13%, 05/01/21^(d)(f)	USD		1,666	$	1,707,650
Infor US, Inc., 6.50%, 05/15/22			3,047		3,138,410
Informatica LLC, 7.13%, 07/15/23^(d)			1,059		1,080,180
Nuance Communications, Inc.:
5.38%, 08/15/20^(d)			437		443,118
6.00%, 07/01/24			835		893,450
PTC, Inc., 6.00%, 05/15/24			197		211,283
Rackspace Hosting, Inc., 8.63%, 11/15/24^(d)			405		434,363
RP Crown Parent LLC, 7.38%, 10/15/24^(d)			145		151,163
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24^(d)			2,690		3,026,250
SS&C Technologies Holdings, Inc., 5.88%, 07/15/23			1,485		1,570,387
TIBCO Software, Inc., 11.38%, 12/01/21^(d)			1,466		1,594,275
Veritas US, Inc./Veritas Bermuda Ltd.^(d):
7.50%, 02/01/23			369		387,450
10.50%, 02/01/24			1,279		1,339,752

					17,364,133
Specialty Retail — 0.3%
Asbury Automotive Group, Inc., 6.00%, 12/15/24			1,041		1,085,242
Group 1 Automotive, Inc., 5.25%, 12/15/23^(d)			69		71,415
JC Penney Corp., Inc.:
8.13%, 10/01/19			111		112,388
7.40%, 04/01/37			115		72,450
L Brands, Inc., 6.88%, 11/01/35			208		210,080
Masaria Investments SAU, 5.00%, 09/15/24	EUR		100		120,721
Penske Automotive Group, Inc., 5.75%, 10/01/22	USD		288		296,820
PetSmart, Inc., 5.88%, 06/01/25^(d)			401		344,860
Shop Direct Funding PLC, 7.75%, 11/15/22	GBP		100		128,157

					2,442,133
Technology Hardware, Storage & Peripherals — 0.6%
Dell International LLC/EMC Corp.^(d):
7.13%, 06/15/24	USD		1,277		1,388,163
6.02%, 06/15/26			245		269,331
8.35%, 07/15/46			385		484,439
Western Digital Corp.:
7.38%, 04/01/23^(d)			521		566,587


14		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Technology Hardware, Storage & Peripherals (continued)
Western Digital Corp. (continued):
10.50%, 04/01/24	USD		1,315	$	1,527,372

					4,235,892
Textiles, Apparel & Luxury Goods — 0.0%
BiSoho SAS, 5.88%, 05/01/23	EUR		54		69,673
Levi Strauss & Co., 3.38%, 03/15/27			100		125,422

					195,095
Thrifts & Mortgage Finance — 0.1%
Jerrold Finco PLC, 6.25%, 09/15/21	GBP		100		139,865
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(d):
5.25%, 03/15/22	USD		225		232,313
5.25%, 10/01/25			316		315,210

					687,388
Trading Companies & Distributors — 0.0%
Ashtead Capital, Inc., 5.63%, 10/01/24^(d)			320		339,200

Transportation Infrastructure — 0.1%
CMA CGM SA, 7.75%, 01/15/21	EUR		100		124,313
Swissport Financing Sarl:
6.75%, 12/15/21			100		124,976
9.75%, 12/15/22			100		127,644
WFS Global Holding SAS, 9.50%, 07/15/22			100		127,654

					504,587
Utilities — 0.0%
ContourGlobal Power Holdings SA, 5.13%, 06/15/21			100		124,307

Wireless Telecommunication Services — 2.7%
Crown Castle Towers LLC, 6.11%, 01/15/40^(d)	USD		375		397,048
CyrusOne LP/CyrusOne Finance Corp.^(d):
5.00%, 03/15/24			797		828,880
5.38%, 03/15/27			62		64,945
Digicel Group Ltd., 7.13%, 04/01/22^(d)			485		438,086
Digicel Ltd., 6.00%, 04/15/21^(d)			2,228		2,149,240
Equinix, Inc., 2.88%, 10/01/25	EUR		100		121,432
GEO Group, Inc.:
5.88%, 01/15/22	USD		90		92,813
5.13%, 04/01/23			373		374,865
5.88%, 10/15/24			608		629,280
6.00%, 04/15/26			100		103,750
Iron Mountain, Inc., 3.00%, 01/15/25	EUR		100		121,939
Matterhorn Telecom SA:
3.88%, 05/01/22			100		121,828
4.00%, 11/15/27			100		117,816


Security		Par (000)		Value
Wireless Telecommunication Services (continued)
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 02/15/25^(d)	USD		380	$	363,850
SBA Communication Corp., 4.00%, 10/01/22^(d)			499		501,495
Sprint Capital Corp.:
6.90%, 05/01/19			270		283,838
6.88%, 11/15/28			1,748		1,793,885
8.75%, 03/15/32			262		303,265
Sprint Communications, Inc., 7.00%, 03/01/20^(d)			402		430,642
Sprint Corp.:
7.88%, 09/15/23			1,079		1,162,622
7.13%, 06/15/24			4,437		4,617,275
7.63%, 02/15/25			745		791,190
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 03/20/23^(d)			1,629		1,641,706
T-Mobile USA, Inc.:
6.13%, 01/15/22			81		83,835
6.00%, 03/01/23			653		685,111
6.63%, 04/01/23			362		378,742
6.84%, 04/28/23			85		89,250
6.50%, 01/15/24			584		619,770
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 8.25%, 10/15/23			745		713,337
VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23			406		452,149
Wind Tre SpA, 5.00%, 01/20/26^(d)			200		191,580

					20,665,464

Total Corporate Bonds — 54.6% (Cost — $410,240,242)					412,906,730


Floating Rate Loan Interests — 80.5%

Aerospace & Defense — 1.5%
Accudyne Industries LLC, 2017 Term Loan, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.08%, 08/02/24^(l)			3,305		3,318,782
DAE Aviation Holdings, Inc., 1st Lien Term Loan, 07/07/22^(m)			490		492,818
Engility Corp.^(l):
Term Loan B1, (1 mo. LIBOR + 2.75%), 4.10%, 08/12/20			221		221,722
Term Loan B2, (PRIME + 2.50%), 4.60%, 08/12/23			394		397,425
GTCR Valor Companies, Inc., 2017 Term Loan B1, (3 mo. LIBOR + 4.25%), 5.58%, 06/16/23^(l)			1,755		1,775,849


SCHEDULE OF INVESTMENTS			15

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Aerospace & Defense (continued)
TransDigm, Inc.^(l):
2017 Extended Term Loan F, (1 mo. LIBOR + 2.75%), 4.33%, 05/14/22	USD		3,563	$	3,563,491
2017 Term Loan E, (1 mo. LIBOR + 2.75%), 4.33%, 05/14/22			1,682		1,685,765

					11,455,852
Air Freight & Logistics — 0.5%
Avolon TLB Borrower 1 (Luxembourg) Sarl, Term Loan B2, (1 mo. LIBOR + 2.25%), 3.53%, 04/03/22^(l)			1,796		1,795,572
CEVA Group PLC, Letter of Credit, (3 mo. LIBOR + 5.50%), 6.50%, 03/19/21^(a)(l)			701		652,386
CEVA Intercompany BV, Dutch Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 6.88%, 03/19/21^(l)			715		679,235
CEVA Logistics Canada ULC, Canadian Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 6.88%, 03/19/21^(l)			123		116,958
CEVA Logistics US Holdings, Inc., Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 6.88%, 03/19/21^(l)			942		895,321

					4,139,472
Airlines — 0.0%
Northwest Airlines, Inc., Term Loan, (6 mo. LIBOR + 1.23%), 2.68%, 09/10/18^(a)(l)			151		148,959

Auto Components — 0.8%
Boing US Holdco Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.88%, 10/03/24^(a)(l)			1,720		1,732,900
Dayco Products LLC, 2017 Term Loan B, (3 mo. LIBOR + 5.00%), 6.48%, 05/19/23^(a)(l)			950		957,352
FPC Holdings, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.00%), 5.33%, 11/19/19^(l)			1,118		1,107,595
Goodyear Tire & Rubber Co., 2nd Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.27%, 04/30/19^(l)			401		402,004


Security		Par (000)		Value
Auto Components (continued)
USI, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 4.35%, 05/16/24^(l)	USD		1,680	$	1,671,600

					5,871,451
Automobiles — 0.1%
CH Hold Corp., 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.35%, 02/01/24^(l)			891		897,242

Banks — 0.1%
Capri Finance LLC, 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 4.63%, 11/01/24^(l)			470		468,534

Building Materials — 0.2%
Allied Universal HoldCo LLC, 2015 Term Loan, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.08%, 07/28/22^(l)			689		684,952
USAGM HoldCo LLC, 2015 2nd Lien Term Loan, (3 mo. LIBOR + 8.50% 1.00% Floor), 9.88%, 07/28/23^(l)			789		784,468

					1,469,420
Building Products — 1.1%
Continental Building Products LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 3.83%, 08/18/23^(l)			1,417		1,420,034
CPG International Inc., 2017 Term Loan, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.08%, 05/03/24^(l)			1,957		1,961,554
Jeld-Wen, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.33%, 07/01/22^(l)			1,646		1,656,406
Ply Gem Industries, Inc., Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.33%, 02/01/21^(l)			1,017		1,023,621
Wilsonart LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.59%, 12/19/23^(l)			2,626		2,644,131

					8,705,746
Capital Markets — 0.8%
Duff & Phelps Corp., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.61%, 10/14/24^(l)			980		980,304
FinCo I LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 2.75%, 06/14/22^(l)			1,360		1,374,280
Greenhill & Co., Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.75% 1.00% Floor), 5.11%, 10/12/22^(l)			1,448		1,453,430


16		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Capital Markets (continued)
RPI Finance Trust, Term Loan B6, (3 mo. LIBOR + 2.00%), 3.33%, 03/27/23^(l)	USD		2,067	$	2,075,928

					5,883,942
Chemicals — 2.2%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.33%, 01/31/24^(l)			713		717,371
Axalta Coating Systems US Holdings, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 3.33%, 06/01/24^(l)			2,147		2,152,945
CeramTec Acquisition Corp., Term Loan B2, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.23%, 08/30/20^(l)			71		71,041
Charter NEX US Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.60%, 05/16/24^(l)			1,352		1,357,100
Chemours Company, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 3.85%, 05/12/22^(l)			113		113,854
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.83%, 06/28/24^(l)			660		662,198
Encapsys LLC, 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.58%, 11/07/24^(l)			1,000		1,005,630
Evergreen Acqco 1 LP, Term Loan, (3 mo. LIBOR + 3.75%), 5.11%, 07/09/19^(l)			197		177,878
H.B. Fuller Co., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.53%, 10/12/24^(l)			1,335		1,339,819
MacDermid, Inc.^(l):
Term Loan B6, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.35%, 06/07/23			1,820		1,828,830
Term Loan B7, (1 mo. LIBOR + 2.50% 1.00% Floor), 3.85%, 06/07/20			335		337,274
OXEA Finance & Cy SCA, 2017 Term Loan, (3 mo. LIBOR + 3.50%), 4.88%, 10/11/24^(l)			3,392		3,397,665
PQ Corp., 2017 Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.63%, 11/04/22^(l)			691		697,461
Solenis International LP, 2nd Lien Term Loan, (3 mo. LIBOR + 6.75% 1.00% Floor), 8.23%, 07/31/22^(l)			1,915		1,867,125


Security		Par (000)		Value
Chemicals (continued)
Tata Chemicals North America, Inc., Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.13%, 08/07/20^(l)	USD		526	$	525,700
Tronox Blocked Borrower LLC, Term Loan B, (3 mo. LIBOR + 3.00%), 4.32%, 09/22/24^(l)			74		74,408
Tronox Finance LLC, Term Loan B, (3 mo. LIBOR + 3.00%), 4.32%, 09/22/24^(l)			170		171,712

					16,498,011
Commercial Services & Supplies — 3.6%
Advanced Disposal Services, Inc., Term Loan B3, (1 Week LIBOR + 2.25%), 3.45%, 11/10/23^(l)			1,970		1,970,840
Asurion LLC^(l):
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.35%, 08/04/25			901		923,750
2017 Term Loan B4, (1 mo. LIBOR + 2.75%), 4.10%, 08/04/22			1,899		1,906,908
2017 Term Loan B5, (1 mo. LIBOR + 3.00%), 4.35%, 11/03/23			1,722		1,728,021
Camelot UK Holdco Ltd., 2017 Repriced Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.60%, 10/03/23^(l)			4,935		4,948,649
Catalent Pharma Solutions, Inc., Term Loan B, (1 Week LIBOR + 2.25% 1.00% Floor), 3.49%, 05/20/21^(l)			2,414		2,424,819
Creative Artists Agency LLC, 2017 1st Lien Term Loan B, (PRIME + 2.50%), 4.75%, 02/15/24^(l)			1,290		1,301,540
Employbridge LLC, Exit Term Loan, (3 mo. LIBOR + 6.50% 1.00% Floor), 7.83%, 05/16/20^(l)			513		493,006
Garda World Security Corp., 2017 Term Loan, (PRIME + 2.50%), 5.24%, 05/24/24^(l)			861		863,070
Harland Clarke Holdings Corp., Term Loan B6, (3 mo. LIBOR + 5.50%, 1.00% Floor) 6.83%, 02/09/22^(l)			825		827,514
KAR Auction Services, Inc., Term Loan B5, (3 mo. LIBOR + 2.50%), 3.88%, 03/09/23^(l)			704		708,067
Livingston International, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 5.58%, 04/18/19^(l)			343		330,403
Prime Security Services Borrower LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.10%, 05/02/22^(l)			2,177		2,192,052


SCHEDULE OF INVESTMENTS			17

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Commercial Services & Supplies (continued)
US Security Associates Holdings, Inc., 2016 Term Loan, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.33%, 07/14/23^(l)	USD		2,052	$	2,073,679
West Corp., 2017 Term Loan, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.35%, 10/10/24^(l)			2,186		2,181,768
Wrangler Buyer Corp., Term Loan B, (1 mo. LIBOR + 3.00%), 4.35%, 09/27/24^(l)			2,599		2,614,057

					27,488,143
Communications Equipment — 1.3%
Avantor, Inc., 2017 1st Lien Term Loan, 4.57%, 09/07/24^(m)			2,678		2,678,830
Avaya, Inc.^(l):
DIP Term Loan, (1 Week LIBOR + 7.50% 1.00% Floor), 8.70%, 01/24/18			215		214,884
Exit Term Loan B, 5.59%, 11/08/24^(m)			2,225		2,193,606
Term Loan B7, 4.60%, 05/29/20^(b)^(g)			935		712,219
Colorado Buyer, Inc., Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.38%, 05/01/24^(l)			1,192		1,197,675
CommScope, Inc., Term Loan B5, (3 mo. LIBOR + 2.00%), 3.38%, 12/29/22^(l)			409		411,080
Riverbed Technology, Inc., 2016 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.60%, 04/24/22^(l)			903		886,364
Securus Technologies Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 4.50% 1.00% Floor), 5.85%, 11/01/24^(l)			1,605		1,618,546

					9,913,204
Construction & Engineering — 1.0%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 5.63%, 06/21/24^(l)			5,655		5,678,928
CNT Holdings III Corp., 2017 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.60%, 01/22/23^(l)			583		564,144
Pike Corp., Replacement Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 4.85%, 09/20/24^(l)			145		146,933


Security		Par (000)		Value
Construction & Engineering (continued)
USIC Holdings, Inc., 2017 Term Loan B, (6 mo. LIBOR + 3.50% 1.00% Floor), 5.00%, 12/08/23^(l)	USD		1,041	$	1,047,882

					7,437,887
Construction Materials — 0.8%
Core & Main LP, 2017 Term Loan B, (6 mo. LIBOR + 3.00% 1.00% Floor), 4.46%, 08/01/24^(l)			230		231,295
Filtration Group Corp., 1st Lien Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.38%, 11/21/20^(l)			3,716		3,742,177
GYP Holdings III Corp., 2017 Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.38%, 04/01/23^(l)			2,299		2,311,597

					6,285,069
Containers & Packaging — 1.1%
Berlin Packaging LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.50%, 10/01/21^(l)			99		99,277
Berry Plastics Group, Inc., Term Loan M, (1 mo. LIBOR + 2.25%), 3.50%, 10/01/22^(l)			3,463		3,474,382
BWAY Holding Co., 2017 Term Loan B, (2 mo. LIBOR + 3.25%), 4.52%, 04/03/24^(l)			2,963		2,974,218
Flex Acquisition Co., Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.34%, 12/29/23^(l)			1,144		1,149,971
Plastipak Holdings, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 4.02%, 10/04/24^(l)			865		869,109

					8,566,957
Distributors — 0.6%
American Builders & Contractors Supply Co., Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 3.85%, 10/31/23^(l)			2,310		2,317,536
American Tire Distributors Holdings, Inc., 2015 Term Loan, (1 mo. LIBOR + 4.25% 1.00% Floor), 5.60%, 09/01/21^(l)			293		294,328
TriMark USA LLC^(l):
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 4.82%, 09/26/24			1,790		1,801,182


18		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Distributors (continued)
TriMark USA LLC (continued)^(l):
Delayed Draw Term Loan, 4.82%, 09/26/24	USD		83	$	83,377

					4,496,423
Diversified Consumer Services — 2.5%
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.60%, 07/12/24^(l)			825		829,125
Bright Horizons Family Solutions, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.60%, 11/07/23^(l)			2,978		2,985,045
Equian LLC, Term Loan B, (1 mo. LIBOR + 3.75% 1.00% Floor), 5.04%, 05/20/24^(l)			2,346		2,360,320
J.D. Power and Associates, 1st Lien Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 5.58%, 09/07/23^(l)			1,975		1,987,356
Serta Simmons Bedding LLC, 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.84%, 11/08/23^(l)			3,837		3,702,589
ServiceMaster Co., 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 3.85%, 11/08/23^(l)			4,843		4,850,956
Spin Holdco Inc., 2017 Term Loan B, (2 mo. LIBOR + 3.75% 1.00% Floor), 5.15%, 11/14/22^(l)			1,837		1,850,253
Weight Watchers International, Inc., 2017 Term Loan B, 4.59%, 11/17/24^(l)			575		565,557

					19,131,201
Diversified Financial Services — 0.7%
AlixPartners LLP, 2017 Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.08%, 04/04/24^(l)			1,453		1,458,554
Diamond US Holding LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.58%, 04/06/24^(a)(l)			1,247		1,246,875
Kingpin Intermediate Holdings LLC, 2017 1st Lien Term Loan B, (3 mo. LIBOR + 4.25% 1.00% Floor), 5.57%, 06/28/24^(l)			1,536		1,547,671
Nomad Foods Europe Midco Ltd., Term Loan B, (1 mo. LIBOR + 2.75%), 4.00%, 05/15/24^(l)			1,215		1,218,038


Security		Par (000)		Value
Diversified Financial Services (continued)
SAM Finance Luxembourg Sarl, Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.57%, 12/17/20^(l)	USD		227	$	228,432

					5,699,570
Diversified Telecommunication Services — 5.8%
CenturyLink, Inc.:
2017 Term Loan A, 4.85%, 02/09/22^(l)(m)			1,500		1,487,340
2017 Term Loan B, (PRIME + 1.75%), 2.75%, 01/31/25^(l)			16,030		15,338,786
Frontier Communications Corp., 2017 Term Loan B1, (PRIME + 2.75%), 5.09%, 06/15/24^(l)			1,401		1,333,165
Level 3 Financing, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.25%), 3.70%, 02/22/24^(l)			8,075		8,064,906
Lumos Networks Operating Co.:
1st Lien Term Loan B, 4.08%, 10/16/24^(m)			397		398,343
Topco Term Loan, 4.39%, 10/16/24^(l)			373		372,376
Sprint Communications, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 2.50%), 3.88%, 02/02/24^(l)			3,766		3,765,134
Telenet International Finance Sarl^(l):
Term Loan AI, (1 mo. LIBOR + 2.75%), 4.00%, 06/30/25			5,485		5,488,072
Term Loan Al, 2.50%, 03/02/26			4,380		4,380,000
Telesat Canada, Term Loan B4, (2 mo. LIBOR + 3.00%), 4.32%, 11/17/23^(l)			1,336		1,342,099
Virgin Media Investment Holdings Ltd., GBP Term Loan L, (LIBOR - GBP + 3.25%), 3.75%, 01/31/27^(l)	GBP		1,400		1,892,281

					43,862,502
Electric Utilities — 1.5%
Energy Future Intermediate Holding Co. LLC, 2017 DIP Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.35%, 06/30/18^(l)	USD		10,985		11,018,395


SCHEDULE OF INVESTMENTS			19

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Electric Utilities (continued)
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Term Loan, 11/10/18^(a)(m)	USD		2,375		—

					11,018,395
Electrical Equipment — 0.5%
Gates Global LLC, 2017 Repriced Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.39%, 04/01/24^(l)			3,727	$	3,745,825

Electronic Equipment, Instruments & Components — 0.1%
Excelitas Technologies Corp., 2017 1st Lien Term Loan, 8.10%, 11/15/24^(m)			875		880,469

Energy Equipment & Services — 0.5%
Gavilan Resources LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.00% 1.00% Floor), 7.24%, 03/01/24^(l)			1,500		1,473,750
Ocean Rig UDW Inc., Term Loan, (Fixed + 8.00%), 8.00%, 09/20/24^(l)			180		181,987
Pioneer Energy Services Corp., Term Loan, (1 Week LIBOR + 7.75% 1.00% Floor), 8.99%, 11/02/22^(l)			770		770,963
Seadrill Partners Finco LLC, Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.33%, 02/21/21^(l)			900		691,861
Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 2.30%), 3.65%, 07/13/20^(l)			736		715,560

					3,834,121
Food & Staples Retailing — 1.6%
BJ’s Wholesale Club, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 4.99%, 02/03/24^(l)			2,153		2,117,422
Hostess Brands LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%), 3.60%, 08/03/22^(l)			2,803		2,806,333
Rite Aid Corp.^(l):
2nd Lien Term Loan, (1 Week LIBOR + 4.75% 1.00% Floor), 5.96%, 08/21/20			695		697,029
2nd Lien Term Loan, (1 Week LIBOR + 3.87% 1.00% Floor), 5.09%, 06/21/21			1,475		1,476,844


Security		Par (000)		Value
Food & Staples Retailing (continued)
US Foods, Inc., 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 4.10%, 06/27/23^(l)	USD		4,765	$	4,788,511

					11,886,139
Food Products — 1.8%
Albertsons LLC, 2017 Term Loan B4, (1 mo. LIBOR + 2.75%), 4.10%, 08/25/21^(l)			2,220		2,154,709
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 4.74%, 10/09/23^(l)			1,430		1,444,384
Dole Food Company Inc., 2017 Term Loan B, (2 mo. LIBOR + 2.75% 1.00% Floor), 3.99%, 04/06/24^(l)			775		777,598
JBS USA LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 3.76%, 10/30/22^(l)			1,960		1,918,007
Pinnacle Foods Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.24%, 02/02/24^(l)			2,551		2,564,269
Reddy Ice Corp.^(l):
1st Lien Term Loan, (PRIME + 4.50%), 6.88%, 05/01/19			1,782		1,752,438
2nd Lien Term Loan, (3 mo. LIBOR + 9.50%), 10.85%, 11/01/19			724		680,560
Reynolds Group Holdings, Inc., 2017 Term Loan, (1 mo. LIBOR + 2.75%), 4.10%, 02/05/23^(l)			2,189		2,198,813

					13,490,778
Health Care Equipment & Supplies — 2.2%
Cotiviti Corp., Term Loan B, (3 mo. LIBOR + 2.50%), 3.84%, 09/28/23^(a)(l)			2,283		2,294,256
CryoLife, Inc., Term Loan B, 3.85%, 11/14/24^(a)(m)			1,745		1,753,725
DJO Finance LLC, 2015 Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.60%, 06/08/20^(l)			4,966		4,915,953
Immucor, Inc., Extended Term Loan B, (2 mo. LIBOR + 5.00% 1.00% Floor), 6.31%, 06/15/21^(l)			3,393		3,441,522
Ortho-Clinical Diagnostics SA, Term Loan B, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.08%, 06/30/21^(l)			3,042		3,048,145


20		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Health Care Equipment & Supplies (continued)
YI LLC^(a)(l):
2017 1st Lien Delayed Draw Term Loan, 4.85%, 11/07/24	USD		240	$	239,400
2017 1st Lien Term Loan, 4.85%, 11/07/24^(m)			955		952,612

					16,645,613
Health Care Providers & Services — 3.9%
Air Medical Group Holdings, Inc.:
2017 Term Loan B2, 09/07/24^(m)			1,680		1,687,980
Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.49%, 04/28/22^(l)			619		616,995
CHG Healthcare Services, Inc., 2017 Term Loan B, (2 mo. LIBOR + 3.25% 1.00% Floor), 4.63%, 06/07/23^(l)			2,143		2,149,745
Community Health Systems, Inc., Term Loan G, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.23%, 12/31/19^(l)			927		901,191
Curo Health Services Holdings, Inc., 2015 1st Lien Term Loan, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.35%, 02/07/22^(l)			880		878,748
DaVita HealthCare Partners, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 4.10%, 06/24/21^(l)			6,782		6,845,792
DuPage Medical Group, Ltd.^(l):
1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 4.36%, 08/15/24^(a)			1,570		1,571,962
2nd Lien Term Loan, (3 mo. LIBOR + 7.00%), 8.42%, 08/15/25			540		540,675
Envision Healthcare Corp., 2016 Term Loan B, (1 mo. LIBOR + 3.00%), 4.35%, 12/01/23^(l)			5,499		5,509,647
MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.33%, 06/07/23^(l)			2,160		2,160,417
National Mentor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.00%), 4.33%, 01/31/21^(l)			665		668,520
nThrive, Inc., 2016 1st Lien Term Loan, (1 mo. LIBOR + 4.50% 1.00% Floor), 5.85%, 10/20/22^(l)			1,317		1,323,250
NVA Holdings, Inc., 1st Lien Term Loan B2, (3 mo. LIBOR + 3.50%), 4.83%, 08/14/21^(l)			1,132		1,139,216
Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.10%, 02/06/24^(l)			1,257		1,228,238
Vizient, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 4.85%, 02/13/23^(l)			1,303		1,306,530


Security		Par (000)		Value
Health Care Providers & Services (continued)
WP CityMD Bidco LLC, 1st Lien Term Loan, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.33%, 06/07/24^(l)	USD		870	$	873,811

					29,402,717
Health Care Technology — 0.8%
Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.10%, 03/01/24^(l)			2,593		2,599,110
Press Ganey Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.35%, 10/23/23^(l)			1,388		1,396,642
Quintiles IMS, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 3.33%, 03/07/24^(l)			1,825		1,833,042

					5,828,794
Hotels, Restaurants & Leisure — 4.8%
Amaya Holdings BV^(l):
2nd Lien Term Loan, (3 mo. LIBOR + 7.00% 1.00% Floor), 8.33%, 08/01/22			995		995,125
Repriced Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.83%, 08/01/21			3,295		3,310,630
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.50%), 3.70%, 09/15/23^(l)			1,114		1,118,793
Bronco Midstream Funding LLC, Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.44%, 08/15/20^(l)			1,479		1,488,455
Burger King Newco Unlimited Liability Co., Term Loan B3, (1 mo. LIBOR + 2.25% 1.00% Floor), 3.58%, 02/16/24^(l)			4,136		4,133,494
Caesars Entertainment Resort Properties LLC, Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 4.85%, 10/11/20^(l)			10,049		10,042,720
Caesars Growth Properties Holdings LLC, 2017 Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.10%, 05/08/21^(l)			1,802		1,801,799
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B,^(m)			2,346		2,357,928
CCM Merger, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 4.10%, 08/08/21^(l)			839		842,042
CEC Entertainment, Inc., Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.35%, 02/14/21^(l)			703		676,148


SCHEDULE OF INVESTMENTS			21

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Cyan Blue Holdco 3 Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.50%), 4.83%, 07/26/24^(l)	USD		1,385	$	1,392,034
ESH Hospitality, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.60%, 08/30/23^(l)			1,851		1,853,908
Four Seasons Hotels Ltd., 1st Lien Term Loan, (1 mo. LIBOR + 2.50%), 3.85%, 11/30/23^(l)			213		214,365
Hilton Worldwide Finance LLC, Term Loan B2, (1 mo. LIBOR + 2.00%), 3.33%, 10/25/23^(l)			853		856,778
La Quinta Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.11%, 04/14/21^(l)			450		451,952
Playa Resorts Holding BV, 2017 Term Loan B, 04/05/24^(m)			1,115		1,118,903
Scientific Games International, Inc., 2017 Term Loan B4, (1 mo. LIBOR + 3.25%), 4.60%, 08/14/24^(l)			1,523		1,535,806
Station Casinos LLC, 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 3.82%, 06/08/23^(l)			1,137		1,138,481
Yum! Brands, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 2.00%), 3.28%, 06/16/23^(l)			901		907,229

					36,236,590
Household Durables — 0.2%
Serta Simmons Bedding LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 8.00% 1.00% Floor), 9.24%, 11/08/24^(l)			1,712		1,553,483

Household Products — 0.3%
Diamond (BC) B.V., Term Loan, (2 mo. LIBOR + 3.00%), 4.42%, 09/06/24^(l)(m)			400		400,232
Spectrum Brands, Inc., 2017 Term Loan B, (2 mo. LIBOR + 2.00%), 3.40%, 06/23/22^(l)			1,754		1,762,779

					2,163,011
Independent Power and Renewable Electricity Producers — 1.6%
AES Corp., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 3.45%, 05/24/22^(l)			1,468		1,472,219
Calpine Construction Finance Co., LP, Original Term Loan B1, (1 mo. LIBOR + 2.25%), 3.60%, 05/03/20^(l)			787		785,686
Calpine Corp.^(l):
Term Loan B5, (3 mo. LIBOR + 2.75%), 4.09%, 01/15/24			461		461,571


Security		Par (000)		Value
Insurance (continued)
Calpine Corp. (continued)^(l):
Term Loan B6, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.09%, 01/15/23	USD		1,159	$	1,160,382
Dynegy, Inc., 2017 Term Loan C, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.60%, 02/07/24^(l)			2,304		2,316,589
Granite Acquisition, Inc.^(l):
Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.34%, 12/19/21			1,662		1,678,423
Term Loan C, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.33%, 12/19/21			75		75,876
Nautilus Power LLC, Term Loan B, (1 mo. LIBOR + 4.25% 1.00% Floor), 5.60%, 05/16/24^(l)			2,534		2,551,385
Terra-Gen Finance Co. LLC, Term Loan B, (1 mo. LIBOR + 4.25% 1.00% Floor), 5.60%, 12/09/21^(a^)(l)			1,530		1,376,893

					11,879,024
Industrial Conglomerates — 0.6%
Cortes NP Acquisition Corp., 2017 Term Loan B, (PRIME + 3.00%), 5.35%, 11/30/23^(l)			3,181		3,193,838
Sequa Corp., 1st Lien Term Loan, (2 mo. LIBOR + 5.50% 1.00% Floor), 6.87%, 11/28/21^(l)			1,466		1,475,490

					4,669,328
Insurance — 1.5%
Alliant Holdings I, Inc., 2015 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.58%, 08/12/22^(l)			2,299		2,307,995
AmWINS Group, Inc.^(l):
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75% 1.00% Floor), 8.10%, 01/25/25			1,122		1,137,147
2017 Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.10%, 01/25/24			913		915,383
AssuredPartners, Inc., 2017 1st Lien Add-On Term Loan, (1 mo. LIBOR + 3.50%), 4.85%, 10/22/24^(l)			1,349		1,357,967
Davis Vision Inc., 1st Lien Term Loan B, 11/01/24^(m)			690		693,450
Hub International Ltd., Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.41%, 10/02/20^(l)			1,064		1,067,523


22		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Insurance (continued)
Sedgwick Claims Management Services, Inc.^(l):
1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.10%, 03/01/21	USD		1,612	$	1,616,594
2nd Lien Term Loan, (1 mo. LIBOR + 5.75% 1.00% Floor), 7.10%, 02/28/22			1,650		1,664,438
Stratose Intermediate Holdings II LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.60%, 06/22/23^(l)			718		722,243

					11,482,740
Internet & Direct Marketing Retail — 0.2%
Harbor Freight Tools USA, Inc., 2016 Term Loan B, (1 mo. LIBOR + 3.25%), 4.60%, 08/18/23^(l)			1,499		1,507,302

Internet Software & Services — 1.1%
Go Daddy Operating Co. LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%), 3.60%, 02/15/24^(l)			2,624		2,630,850
Intralinks, Inc., 1st Lien Term Loan, 11/11/24^(m)			1,060		1,054,700
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.38%, 11/03/23^(l)			3,124		3,118,770
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75% 1.00% Floor), 5.10%, 05/06/24^(l)			1,464		1,458,957

					8,263,277
IT Services — 4.4%
First Data Corp., 2024 Term Loan, (1 mo. LIBOR + 2.25%), 3.56%, 04/26/24^(l)			11,176		11,173,814
NeuStar, Inc.^(l):
Term Loan B1, (3 mo. LIBOR + 3.25%), 4.65%, 01/08/20			166		167,437
Term Loan B2, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.15%, 08/08/24			549		553,720
Optiv Security, Inc.^(l):
1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.63%, 02/01/24			3,340		3,180,763
2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 8.63%, 02/01/25			1,000		925,000


Security		Par (000)		Value
IT Services (continued)
Peak 10, Inc. (l):
2017 1st Lien Term Loan, (2 mo. LIBOR + 3.50% 1.00% Floor), 4.82%, 08/01/24	USD		440	$	440,686
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 8.63%, 08/01/25			1,556		1,572,851
Sabre Global Inc., Incremental Term Loan B, (1 mo. LIBOR + 2.25% 1.00% Floor), 3.60%, 02/22/24^(l)			1,223		1,227,974
TKC Holdings, Inc.^(l):
2017 2nd Lien Term Loan, (2 mo. LIBOR + 8.00% 1.00% Floor), 9.42%, 02/01/24			1,345		1,355,087
2017 Term Loan, (1 mo. LIBOR + 4.25% 1.00% Floor), 5.67%, 02/01/23			1,856		1,875,401
Trans Union LLC, Term Loan B3, (1 mo. LIBOR + 2.00%), 3.35%, 04/10/23^(l)			5,520		5,539,013
Vantiv LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.25%, 10/14/23^(l)			792		795,619
VF Holding Corp., Reprice Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.60%, 06/30/23^(l)			2,188		2,199,768
WEX, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.75%), 4.10%, 06/30/23^(l)			2,444		2,458,947

					33,466,080
Leisure Products — 0.1%
MND Holdings III Corp., 2017 Term Loan B, (3 mo. LIBOR + 4.50% 1.00% Floor), 5.83%, 06/19/24^(a)(l)			808		812,015

Life Sciences Tools & Services — 0.5%
Albany Molecular Research, Inc.^(l):
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.58%, 08/30/24			1,240		1,243,621
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00% 1.00% Floor), 8.33%, 08/30/25			920		931,500
Parexel International Corp., Term Loan B, (1 mo. LIBOR + 3.00%), 4.35%, 09/27/24^(l)			1,672		1,681,062

					3,856,183
Machinery — 1.1%
Clark Equipment Co., 2017 Term Loan B, (3 mo. LIBOR + 2.50%), 3.83%, 05/18/24^(l)			1,031		1,035,511


SCHEDULE OF INVESTMENTS			23

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Machinery (continued)
Faenza Acquisition GmbH^(l):
Term Loan B1, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.23%, 08/30/20	USD		554	$	553,331
Term Loan B3, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.23%, 08/30/20			170		169,442
Gardner Denver, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.75%), 4.08%, 07/30/24^(l)			1,393		1,397,113
Hayward Industries, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 4.85%, 08/05/24^(l)			905		907,720
Mueller Water Products, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.50%), 3.85%, 11/25/21^(l)			554		558,569
Rexnord LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.11%, 08/21/23^(l)			1,313		1,314,240
Signode Industrial Group US, Inc., Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.10%, 05/04/21^(l)			798		801,586
Tecomet Inc., 2017 Repriced Term Loan, (PRIME + 2.50%), 5.13%, 05/01/24^(l)			1,378		1,388,108

					8,125,620
Media — 6.4%
Altice Financing SA:
2017 1st Lien Term Loan, 4.58%, 01/05/26^(a)(m)			2,073		2,010,325
2017 Term Loan B, (3 mo. LIBOR + 2.75%), 4.11%, 07/15/25^(l)			574		560,584
Altice US Finance I Corp., 2017 Term Loan, (1 mo. LIBOR + 2.25%), 3.60%, 07/28/25^(l)			4,774		4,736,437
CBS Radio Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.75%), 4.17%, 11/17/24^(l)			1,139		1,146,413
Charter Communications Operating LLC, 2016 Term Loan I Add, (1 mo. LIBOR + 2.25%), 3.60%, 01/15/24^(l)			4,541		4,560,149
CSC Holdings LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.25%), 3.51%, 07/17/25^(l)			3,766		3,742,280
DHX Media Ltd., Term Loan B, (1 mo. LIBOR + 3.75% 1.00% Floor), 5.10%, 12/29/23^(l)			863		863,381
Getty Images, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 4.83%, 10/18/19^(l)			337		292,869


Security		Par (000)		Value
Media (continued)
Houghton Mifflin Harcourt Publishing Co., 2015 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.35%, 05/31/21^(l)	USD		792	$	734,908
Intelsat Jackson Holdings SA, Term Loan B2, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.07%, 06/30/19^(l)			6,114		6,093,788
Live Nation Entertainment, Inc., Term Loan B3, (1 mo. LIBOR + 2.25%), 3.63%, 10/31/23^(l)			600		603,954
Mission Broadcasting, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.50%), 3.74%, 01/17/24^(l)			302		302,865
Nexstar Broadcasting, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.50%), 3.74%, 01/17/24^(l)			2,393		2,399,107
Numericable Group SA, Term Loan B12, (3 mo. LIBOR + 3.00%), 4.35%, 01/31/26^(l)			2,305		2,247,375
Radiate Holdco LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.35%, 02/01/24^(l)			940		932,640
SBA Senior Finance II LLC, Term Loan B1, (1 mo. LIBOR + 2.25%), 3.60%, 03/24/21^(l)			1,911		1,915,322
Trader Corp., 2017 Term Loan B, (OR + 3.00% 1.00% Floor), 4.41%, 09/28/23^(l)			985		985,672
Tribune Media Co., Term Loan C, (1 mo. LIBOR + 3.00%), 4.35%, 01/27/24^(l)			2,416		2,419,226
Unitymedia Finance LLC, Term Loan B, (1 mo. LIBOR + 2.25%), 3.50%, 09/30/25^(l)			2,800		2,798,824
Univision Communications, Inc., Term Loan C5, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.10%, 03/15/24^(l)			1,891		1,876,311
Virgin Media Bristol LLC, 2017 Term Loan, 01/31/26^(m)			5,346		5,342,685


24		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Media (continued)
Ziggo Secured Finance Partnership, Term Loan E, (1 mo. LIBOR + 2.50%), 3.75%, 04/15/25^(l)	USD		1,722	$	1,711,289

					48,276,404
Metals & Mining — 0.1%
WireCo WorldGroup, Inc., 2016 1st Lien Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 6.82%, 09/30/23^(l)			510		510,273

Multiline Retail — 0.3%
Eyemart Express LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.25%, 08/04/24^(l)			935		936,169
Hudson’s Bay Co., 2015 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.72%, 09/30/22^(l)			883		867,416
Neiman Marcus Group, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.49%, 10/25/20^(l)			500		407,429

					2,211,014
Oil, Gas & Consumable Fuels — 3.0%
BCP Raptor LLC, Term Loan B, (3 mo. LIBOR + 4.25% 1.00% Floor), 5.73%, 06/24/24^(l)			1,745		1,757,635
BCP Renaissance Parent LLC, 2017 Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.38%, 10/31/24^(l)			2,013		2,031,238
California Resources Corp.:
2017 1st Lien Term Loan, 4.99%, 11/08/22^(m)			1,545		1,518,750
Second Out Term Loan, (1 mo. LIBOR + 10.37%), 11.66%, 12/31/21^(l)			3,145		3,396,600
Chesapeake Energy Corp., Term Loan, (3 mo. LIBOR + 7.50% 1.00% Floor), 8.95%, 08/23/21^(l)			2,457		2,613,249
CITGO Holding, Inc., 2015 Term Loan B, (3 mo. LIBOR + 8.50% 1.00% Floor), 9.84%, 05/12/18^(l)			777		778,369
CONSOL Energy, Inc., 1st Lien Term Loan B, 10/26/22^(m)			780		781,943
EWT Holdings III Corp., 1st Lien Term Loan, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.08%, 01/15/21^(l)			115		116,097
Medallion Midland Acquisition LLC, 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.56%, 10/30/24^(a)(l)			1,230		1,231,537


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
MEG Energy Corp., 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.83%, 12/31/23^(l)	USD		3,398	$	3,395,373
Moxie Patriot LLC, Term Loan B1, (3 mo. LIBOR + 5.75%), 7.08%, 12/19/20^(a)(l)			497		479,486
PowerTeam Services LLC, 2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 8.58%, 11/06/20^(l)			200		199,250
Ultra Resources, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.41%, 04/12/24^(l)			1,123		1,120,193
Veresen Midstream LP, Reprice Term Loan B, (1 mo. LIBOR + 3.00%), 4.35%, 03/31/22^(l)			1,861		1,872,697
Vine Oil & Gas LP, Term Loan B, (1 mo. LIBOR + 6.87% 1.00% Floor), 8.22%, 12/12/21^(a)(l)			1,148		1,130,780

					22,423,197
Personal Products — 0.9%
Clover Merger Sub, Inc.^(l):
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.83%, 09/26/24			3,650		3,485,750
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.75% 1.00% Floor), 9.08%, 09/26/25			1,656		1,490,400
Prestige Brands, Inc., Term Loan B4, (1 mo. LIBOR + 2.75%), 4.10%, 01/26/24^(l)			1,803		1,811,704
Revlon Consumer Products Corp., 2016 Term Loan B, (1 mo. LIBOR + 3.50%), 4.85%, 09/07/23^(l)			345		260,175

					7,048,029
Pharmaceuticals — 2.0%
Akorn, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 5.63%, 04/16/21^(a)(l)			1,349		1,352,784
Grifols Worldwide Operations USA, Inc., 2017 Acquisition Term Loan, (1 Week LIBOR + 2.25%), 3.45%, 01/31/25^(l)			5,955		5,969,963
Jaguar Holding Co. II, 2017 Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.10%, 08/18/22^(l)			4,090		4,096,069


SCHEDULE OF INVESTMENTS			25

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Pharmaceuticals (continued)
Valeant Pharmaceuticals International, Inc., Series F1 Term Loan B, (1 mo. LIBOR + 3.50%), 4.75%, 04/01/22^(l)	USD		3,371	$	3,415,292

					14,834,108
Professional Services — 0.9%
Advantage Sales & Marketing, Inc., 2014 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.63%, 07/23/21^(l)			515		499,666
Cast and Crew Payroll LLC, 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00%), 4.33%, 09/26/24^(l)			2,256		2,269,662
Information Resources, Inc., 1st Lien Term Loan, (OR + 4.25% 1.00% Floor), 5.62%, 01/18/24^(l)			771		775,621
SIRVA Worldwide, Inc., 2016 Term Loan, (3 mo. LIBOR + 6.50% 1.00% Floor), 7.84%, 11/14/22^(a)(l)			1,116		1,122,145
Sterling Infosystems, Inc., 1st Lien Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.84%, 06/20/22^(a)(l)			2,231		2,236,791

					6,903,885
Real Estate Investment Trusts (REITs) — 0.5%
Capital Automotive LP, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.50% 1.00% Floor), 3.85%, 03/24/24^(l)			575		576,083
MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, (1 mo. LIBOR + 2.25%), 3.60%, 04/25/23^(l)			3,163		3,175,218

					3,751,301
Real Estate Management & Development — 0.8%
CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 3.85%, 04/18/24^(l)			1,403		1,408,259
DTZ US Borrower LLC, 2015 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.63%, 11/04/21^(l)			2,048		2,012,025


Security		Par (000)		Value
Real Estate Management & Development (continued)
Realogy Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.60%, 07/20/22^(l)	USD		2,606	$	2,616,127

					6,036,411
Road & Rail — 0.2%
PODS LLC, 2017 Term Loan B, 11/21/24^(m)			1,355		1,359,241

Semiconductors & Semiconductor Equipment — 0.3%
Cavium, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.60%, 08/16/22^(a)(l)			523		523,474
Microsemi Corp., 2017 1st Lien Term Loan B, (2 mo. LIBOR + 2.00%), 3.38%, 01/13/23^(l)			369		370,118
ON Semiconductor Corp., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.60%, 03/31/23^(l)			326		326,819
Versum Materials, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 3.33%, 09/29/23^(l)			708		710,950

					1,931,361
Software — 7.6%
Almonde, Inc.^(l):
1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.98%, 06/13/24			1,142		1,140,630
2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 8.73%, 06/13/25			226		225,887
Applied Systems, Inc.^(l):
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.57%, 09/19/24			1,939		1,957,559
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00% 1.00% Floor), 8.32%, 09/19/25			470		483,296
Aptean, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 5.59%, 12/20/22^(l)			1,109		1,116,825
BMC Software Finance, Inc., 2017 Term Loan, (1 mo. LIBOR + 3.75% 1.00% Floor), 5.10%, 09/10/22^(l)			1,134		1,134,592
Cypress Intermediate Holdings, Inc.^(l):
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.35%, 04/27/24			1,222		1,223,465


26		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Software (continued)
Cypress Intermediate Holdings, Inc. (continued)^(l):
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75% 1.00% Floor), 8.10%, 04/27/25	USD		740	$	757,575
Dell Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.35%, 09/07/23^(l)			3,005		3,005,899
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.75%), 5.08%, 05/28/24^(l)			2,050		2,050,513
DTI Holdco, Inc., 2016 Term Loan B, (3 mo. LIBOR + 5.25% 1.00% Floor), 6.63%, 09/30/23^(l)			1,115		1,109,024
Hyland Software, Inc.^(l):
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.60%, 07/01/22			1,271		1,281,802
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 8.35%, 07/07/25			580		591,600
Infor (US), Inc., Term Loan B6, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.08%, 02/01/22^(l)			2,860		2,855,349
Informatica Corp., Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.83%, 08/05/22^(l)			3,666		3,672,880
IQOR US, Inc., Term Loan B, (3 mo. LIBOR + 5.00% 1.00% Floor), 6.34%, 04/01/21^(l)			1,511		1,503,641
Kronos, Inc.^(l):
2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.84%, 11/01/23			2,595		2,607,178
2nd Lien Term Loan, (3 mo. LIBOR + 8.25% 1.00% Floor), 9.63%, 11/01/24			1,175		1,210,003
LANDesk Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.25% 1.00% Floor), 5.60%, 01/20/24^(l)			333		322,416
MA FinanceCo., LLC, Term Loan B3, (3 mo. LIBOR + 2.75%), 4.06%, 06/21/24^(l)			279		279,376
McAfee LLC, 2017 Term Loan B, (3 mo. LIBOR + 4.50% 1.00% Floor), 5.83%, 09/30/24^(l)			805		808,397
Mitchell International, Inc.^(l):
1st Lien Term Loan, (2 mo. LIBOR + 3.50% 1.00% Floor), 4.81%, 10/13/20			2,152		2,152,605


Security		Par (000)		Value
Software (continued)
Mitchell International, Inc.(continued):
2017 1st Lien Term Loan,11/20/24^(m)	USD		3,725	$	3,724,831
2017 2nd Lien Term Loan, 11/20/25^(m)			1,180		1,188,354
2017 Delayed Draw Term Loan, 11/20/24^(m)			300		300,469
2nd Lien Term Loan, (3 mo. LIBOR + 7.50% 1.00% Floor), 8.88%, 10/11/21^(l)			1,250		1,250,000
Project Alpha Intermediate Holding, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.04%, 04/26/24^(l)			1,786		1,746,181
Project Leopard Holdings, Inc., Term Loan B, (3 mo. LIBOR + 5.50% 1.00% Floor), 6.83%, 07/07/23^(l)			860		865,375
Seattle Spinco, Inc., Term Loan B3, (3 mo. LIBOR + 2.75%), 4.06%, 06/21/24^(l)			1,884		1,886,694
SolarWinds Holdings, Inc., 2017 Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 4.85%, 02/05/23^(l)			2,469		2,477,756
Solera LLC, Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.60%, 03/03/23^(l)			2,312		2,322,628
Sophia LP, 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.58%, 09/30/22^(l)			1,761		1,759,859
SS&C Technologies, Inc.^(l):
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 3.60%, 07/08/22			2,208		2,221,175
2017 Term Loan B2, (1 mo. LIBOR + 2.25%), 3.60%, 07/08/22			96		96,388
Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 3.00%), 4.35%, 05/01/24^(l)			2,808		2,801,813
Tibco Software Inc., Repriced Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 4.85%, 12/04/20^(l)			2,217		2,221,289
Veritas Bermuda Ltd., Repriced Term Loan B, (3 mo. LIBOR + 4.50% 1.00% Floor), 5.83%, 01/27/23^(l)			1,593		1,592,052

					57,945,376
Specialty Retail — 1.0%
Academy Ltd., 2015 Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.32%, 07/01/22^(l)			797		638,977
Belron SA, Term Loan B, (3 mo. LIBOR + 2.50%), 3.89%, 11/07/24^(l)			275		276,804


SCHEDULE OF INVESTMENTS			27

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Specialty Retail (continued)
Leslie’s Poolmart, Inc., 2016 Term Loan, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.06%, 08/16/23^(l)	USD		827	$	823,203
Michaels Stores, Inc., 2016 Term Loan B1, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.10%, 01/30/23^(l)			1,236		1,224,137
National Vision, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 2.75%), 3.94%, 11/12/24^(l)			1,737		1,735,505
Party City Holdings, Inc., 2016 Term Loan, (3 mo. LIBOR + 3.00%), 4.34%, 08/19/22^(l)			610		610,264
Petco Animal Supplies, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.38%, 01/26/23^(l)			892		701,669
Staples, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.31%, 09/12/24^(l)			1,152		1,102,222
Things Remembered, Inc., 2016 Term Loan, (PIK + 11.00%), 1.00%, 02/29/20^(a)(l)(f)			1,378		—
TruGreen LP, 2017 Term Loan, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.25%, 04/13/23^(l)			200		202,750

					7,315,531
Textiles, Apparel & Luxury Goods — 0.3%
Ascend Performance Materials Operations LLC, Term Loan B, (3 mo. LIBOR + 5.25% 1.00% Floor), 6.58%, 08/12/22^(a)(l)			2,475		2,490,658

Thrifts & Mortgage Finance — 0.2%
IG Investment Holdings LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.89%, 10/29/21^(l)			1,475		1,484,142

Trading Companies & Distributors — 0.8%
Beacon Roofing Supply, Inc.:
2017 Term Loan B, 08/23/24^(m)			2,144		2,148,031
Term Loan B, (1 mo. LIBOR + 2.75%), 4.06%, 10/01/22^(l)			578		579,165
HD Supply, Inc.^(l):
Term Loan B3, (3 mo. LIBOR + 2.25%), 3.58%, 08/13/21			1,243		1,249,123
Term Loan B4, (3 mo. LIBOR + 2.50%), 3.83%, 10/17/23			1,901		1,913,315


Security		Par/ Beneficial Interest (000)		Value
Trading Companies & Distributors (continued)
Nexeo Solutions LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.75%), 5.08%, 06/09/23^(l)	USD		242	$	243,156

					6,132,790
Utilities — 0.1%
ExGen Renewables IV LLC, Term Loan B, 11/07/24^(a)(m)			1,010		1,017,575

Wireless Telecommunication Services — 1.1%
GEO Group, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.25%), 3.57%, 03/22/24^(l)			1,498		1,499,347
Ligado Networks LLC, PIK Exit Term Loan (9.75% PIK), 5.24%, 12/07/20^(b)(f)(g)			6,834		6,480,950
VICI Properties 1 LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%), 4.75%, 10/14/22^(l)			647		646,920

					8,627,217

Total Floating Rate Loan Interests — 80.5% (Cost — $610,857,353)					609,465,602


Other Interests — 0.0%⁽ⁿ⁾

IT Services — 0.0%
Millennium Lender Claims^(a)			2,240		—


Preferred Securities

Capital Trusts
ATF Netherlands BV, 3.75%^(h)(j)			100		124,572
Banco Santander SA, 6.25%^(h)(j)			100		124,232
Bank of America Corp., Series X, 6.25%^(h)(j)			1,100		1,218,250
Citigroup, Inc., Series N, 5.80%^(h)(j)			1,100		1,141,030
Cooperatieve Rabobank UA, 6.63%^(h)(j)			200		276,011
Credit Agricole SA, 6.50%^(h)(j)			100		135,093
Danone SA, 1.75%^(h)(j)			100		118,918
Enel SpA^(h):
6.50% 01/10/74			100		126,721
7.75% 09/10/75			100		154,513
Erste Group Bank AG, 6.50%^(h)(j)			200		277,901
Gas Natural Fenosa Finance BV, 3.38%^(h)(j)			100		124,968
Goldman Sachs Group, Inc., Series P, 5.00%^(h)(j)			1,910		1,895,675
HBOS Capital Funding LP, 6.85%^(j)			200		204,278


28		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Shares/ Par (000)		Value
Capital Trusts (continued)
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 1.63%^(h)(j)	USD		100	$	88,384
HSBC Holdings PLC, 6.00%^(h)(j)			600		630,300
HSH Nordbank AG, 7.25%^(j)			29		15,182
HT1 Funding GmbH, 1.84%^(h)(j)			30		34,854
Intesa Sanpaolo SpA, 7.00%^(h)(j)			400		528,859
JPMorgan Chase & Co., Series V, 5.00%^(h)(j)			780		800,475
Lanxess AG, 4.50% 12/06/76^(h)			50		66,160
National Westminster Bank PLC, Series C, 1.75%^(e)(j)			100		88,217
Orange SA, 5.75%^(h)(j)			100		150,617
Origin Energy Finance Ltd., 4.00% 09/16/74^(h)			100		124,269
Repsol International Finance BV, 4.50% 03/25/75^(h)			100		132,187
Royal Bank of Scotland Group PLC, 8.63%^(h)(j)			246		277,365
SoftBank Group Corp.^(h)(j)			750,000		744,195
Solvay Finance SA, 5.12%^(h)(j)			100		133,546
Telefonica Europe BV^(h)(j):
3.75%			100		125,423
4.20%			200		251,405
5.00%			100		128,243
TOTAL SA, 3.88%^(h)(j)			100		132,266
UBS Group AG, 5.75%^(h)(j)			200		271,767

Total Capital Trusts — 1.4%					10,645,876

Preferred Stock

Capital Markets — 0.0%
Goldman Sachs Group, Inc., Series J, 5.50%^(h)			13,550		367,747

Trust Preferred

Diversified Financial Services — 0.2%
GMAC Capital Trust I, Series 2, 7.10%, 02/15/40^(e)			1,480		1,542,310

Total Preferred Securities— 1.6% (Cost — $11,892,733.61)					12,555,933


Security	Shares		Value
Rights — 0.0%

Electric Utilities — 0.0%
Tex Energy LLC^(a)		39,599	$	37,223

Total Rights — 0.0% (Cost — $0)				37,223

Warrants — 0.0%

Metals & Mining — 0.0%
AFGlobal Corp. (Expires12/20/20)^(a)		5,283		—


Software — 0.0%
HMH Holdings/EduMedia (Issued/exercisable 03/09/10, 19 Shares for 1 Warrant, Expires 06/22/19, Strike Price $42.27)^(a)		3,049		78


Transportation Infrastructure — 0.0%
Turbo Cayman Ltd. (Expires 03/15/18, Strike Price $0.01)^(a)		1		—

Total Warrants — 0.0% (Cost — $31)				78

Total Long-Term Investments — 147.9% (Cost — $1,133,705,978)				1,119,620,356


Short-Term Securities — 1.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.96%^(o)(p)		7,942,605	$	7,942,605

Total Short-Term Securities — 1.0% (Cost — $7,942,605)				7,942,605

Options Purchased — 0.0% (Cost — $8,218)				313

Total Investments — 148.9% (Cost — $1,141,078,801)				1,127,563,274
Liabilities in Excess of Other Assets — (48.9)%				(370,379,583	)

Net Assets — 100.0%			$	757,183,691

^(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(b)	Non-income producing security.

^(c)	Floating rate security. Rate shown is the rate in effect as of period end.

^(d)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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


SCHEDULE OF INVESTMENTS			29

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

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

^(h)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

⁽ⁱ⁾	When-issued security.

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

^(k)	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(l)	Variable rate security. Rate shown is the rate in effect as of period end.

^(m)	Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

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

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

^(p)	During the period ended November 30, 2017, investments in issuers considered to be affiliates and/or related related parties of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:


Affiliated and/or related parties	Shares Held at 02/28/17		Shares Purchased			Shares Sold			Shares Held at 11/30/17		Value at 11/30/17		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		—		7,942,605	^(b)		—			7,942,605	$	7,942,605	$	11,160	$	—	$	—
iShares iBoxx USD High Yield Corporate Bond ETF		157,001		—			(157,001	)		—		—		257,172		508,287		(475,323	)

											$	7,942,605	$	268,332	$	508,287	$	(475,323	)

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares purchased.

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


Portfolio Abbreviations

CDO		Collateralized Debt Obligation
CLO		Collateralized Loan Obligation
DIP		Debtor-In-Possession
ETF		Exchange-Traded Fund
EUR		Euro
EURIBOR		Euro Interbank Offered Rate
GBP		British Pound
LIBOR		London Interbank Offered Rate
PIK		Payment-In-Kind
USD		U.S. Dollar


30		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts			Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
Euro Bund		(5	)		12/07/17	$	968	$	(4,706	)
10-Year U.S. Treasury Note		(2	)		03/20/18		248		1,669
Long Gilt Future		(1	)		03/27/18		167		878

								$	(2,159	)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	380,000	USD	445,645	UBS AG		12/05/17	$	6,673
GBP	1,400,000	USD	1,862,756	National Australia Bank Ltd.		12/05/17		30,650
USD	140,824	EUR	118,000	National Australia Bank Ltd.		12/05/17		367
USD	13,746,016	EUR	11,521,000	HSBC Bank PLC		01/04/18		2,045

								39,735

USD	84,982	EUR	72,000	Australia And New Zealand Bank Group		12/05/17		(720	)
USD	7,084	EUR	6,000	Goldman Sachs International		12/05/17		(58	)
USD	116,803	EUR	100,000	Goldman Sachs International		12/05/17		(2,228	)
USD	13,528,497	EUR	11,608,000	UBS AG		12/05/17		(288,615	)
USD	154,720	GBP	116,000	Australia and New Zealand Bank Group		12/05/17		(2,162	)
USD	1,806,932	GBP	1,362,950	Bank of America N.A.		12/05/17		(36,367	)
USD	130,891	GBP	99,000	Commonwealth Bank of Australia		12/05/17		(2,999	)
USD	1,863,869	GBP	1,399,000	Goldman Sachs International		12/05/17		(28,185	)
USD	1,725,472	GBP	1,302,000	State Street Bank and Trust Co.		12/05/17		(35,396	)
USD	11,921	EUR	10,000	Goldman Sachs International		01/04/18		(8	)
USD	100,139	EUR	84,000	Goldman Sachs International		01/04/18		(69	)
USD	1,894,117	GBP	1,399,000	HSBC Bank PLC		01/04/18		(465	)
USD	1,997,382	GBP	1,479,000	Royal Bank of Scotland PLC		01/04/18		(5,539	)

								(402,811	)

	Net Unrealized Depreciation						$	(363,076	)


SCHEDULE OF INVESTMENTS			31

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

Exchange-Traded Options Purchased

Description

Number of
Contracts

Expiration

Date

Exercise

Price

Notional
Amount (000)

Value

Call

U.S. 10 Year Note

12/22/17

USD

125.50

625

313

OTC Options Purchased

Description

Counterparty

Number of
Contracts

Expiration
Date

Exercise

Price

Notional
Amount (000)

Value

Call

Marsico Parent Superholdco LLC

Goldman Sachs & Co.

12/14/19

USD

942.86

—

Centrally Cleared Credit Default Swaps — Buy Protection


Reference Obligation/Index	Financing Rate Paid by the Fund			Payment Frequency		Termination Date		Notional Amount (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Dow Jones CDX North America High Yield Index, Series 28, Version 1		5.00	%		Quarterly		06/20/22		USD	5,787	$	490,739	$	405,588	$	85,151
Dow Jones Markit CDX North America High Yield Index, Series 29, Version 1		5.00	%		Quarterly		12/20/22		USD	9,082		717,396		710,734		6,662

											$	1,208,135	$	1,116,322	$	91,813

Centrally Cleared Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Termination Date		Credit Rating^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Chesapeake Energy Corp.		5.00	%		Quarterly		12/20/21	B-		USD	620	$	(21,326	)	$	(20,986	)	$	(340	)

^(a)

Using Standard & Poor’s (“S&P’s”) rating of the issuer or the underlying securities of the index, as applicable.

^(b)

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

OTC Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency		Counterparty		Termination Date		Credit Rating^(a)	Notional Amount (000^(b)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Jaguar Land Rover Automotive PLC		5.00		Quarterly		Credit Suisse International		06/20/22	BB+		EUR	20	$	4,143	$	3,604	$	539
Jaguar Land Rover Automotive PLC		5.00		Quarterly		Barclays Bank PLC		06/20/22	BB+		EUR	20		4,143		3,578		565
Crystal Telecom Ltd.		1.00		Quarterly		Goldman Sachs International		12/20/22	B+		USD	2,287		431,861		314,422		117,439

													$	440,147	$	321,604	$	118,543

^(a)

Using Standard & Poor’s (“S&P’s”) rating of the issuer or the underlying securities of the index, as applicable.

^(b)

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


32		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

Fair Value Hierarchy as of Period End

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

•

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

•

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

•

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.


SCHEDULE OF INVESTMENTS			33

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—		$	81,230,914		$	—	$	81,230,914
Common Stocks		765,243			157,931			2,500,702		3,423,876
Corporate Bonds		—			400,024,243			12,882,487		412,906,730
Floating Rate Loan Interests					578,724,780			30,740,822		609,465,602
Preferred Securities		367,747			10,645,876			—		11,013,623
Rights		—			—			37,223		37,223
Trust Preferred		1,542,310			—			—		1,542,310
Warrants		—			—			78		78
Short-Term Securities:
Money Market Funds		7,942,605			—			—		7,942,605
Options Purchased:
Interest rate contracts		313			—			—		313

Total	$	10,618,218		$	1,070,783,744		$	46,161,312	$	1,127,563,274

Derivative Financial Instruments^(a)
Assets:
Credit contracts	$	—		$	210,356		$	—	$	210,356
Forward foreign currency contracts		—			39,735			—		39,735
Interest rate contracts		2,547			—			—		2,547
Liabilities:
Credit contracts		—			(340	)		—		(340	)
Forward foreign currency contracts		—			(402,811	)		—		(402,811	)
Interest rate contracts		(4,706	)		—			—		(4,706	)

Total	$	(2,159	)	$	(153,060	)	$	—	$	(155,219	)

^(a)

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, bank borrowings payable of $345,000,000 are categorized as Level 2 within the disclosure hierarchy.

During the period ended November 30, 2017, there were no transfers between levels.


34		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

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


	Common Stocks			Asset- Backed Securities			Corporate Bonds			Floating Rate Loan Interests			Other Interests			Rights			Warrants			Total
Assets:
Opening balance, as of February 28, 2017	$	2,519,729		$	1,800,000		$	10,591,604		$	15,974,274		$	12		$	81,663		$	29,644		$	30,996,926
Transfers into Level 3^(a)		—			—			—			6,969,824			—			—			—			6,969,824
Transfers out of Level 3^(b)		—			(1,800,000	)		—			(3,517,576	)		—			—						(5,317,576	)
Other^(c)		28,204			—			—			—			—			(28,204	)		—			—
Accrued discounts/premiums		—			—			—			136,991			—			—			—			136,991
Net realized gain (loss)		23,536			—			3,387,526			112,820			(276,697	)		—			28,869			3,276,054
Net change in unrealized appreciation (depreciation)^(d)		(37,884	)		—			(1,508,803	)		(725,448	)		346,063			(16,236	)		(29,566	)		(1,971,874	)
Purchases		—			—			10,822,512			23,705,362			—			—			—			34,527,874
Sales		(32,883	)		—			(10,410,352	)		(11,915,425	)		(69,378	)		—			(28,869	)		(22,456,907	)

Closing balance, as of November 30, 2017	$	2,500,702			—		$	12,882,487		$	30,740,822			—		$	37,223		$	78		$	46,161,312

Net change in unrealized appreciation (depreciation) on investments still held at November 30, 2017⁵	$	(19,030	)		—		$	1,157,715		$	(649,525	)		—		$	(16,236	)	$	(715	)	$	472,209

^(a)

As of February 28, 2017, the Fund used observable inputs in determining the value of certain investments. As of November 30, 2017, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at the beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

^(b)

As of February 28, 2017, the Fund used significant unobservable inputs in determining the value of certain investments. As of November 30, 2017, the Fund used observable inputs in determining the value of the same investments. As a result, investments at the beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

^(c)

Certain Level 3 investments were re-classified between Common Stocks and Rights.

^(d)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at November 30, 2017 is generally due to investments no longer held or categorized as Level 3 at period end.


SCHEDULE OF INVESTMENTS			35

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $30,629,103. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 investments.


	Value		Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized	Weighted Average of Unobservable Inputs
Assets:
Common Stocks	$	2,500,686	Market	EBITDA Multiple^(a)	5.13x - 8.38x	6.80x
				Marketability Discount^(b)	8.62%	—
				Time to Exit^(b)	1.08 years	—
				Volatility^(b)	23%	—
Corporate Bonds		12,882,486	Income	Discount Rate^(b)	10.5%	—
				Marketability Discount^(b)	8.62%	—
				Time to Exit^(a)	1.08 years	—
				Volatility^(a)	23%	—
Floating Rate Loan Interests		148,959	Income	Discount Rate^(b)	5%	—
Warrants		78	Market	Volatility^(a)	25%	—

Total	$	15,532,209

^(a)

Increase in unobservable input may result in a significant increase to value, while a decrease in the unobservable input may result in a significant decrease to value.

^(b)

Decrease in unobservable input may result in a significant increase to value, while an increase in the unobservable input may result in a significant decrease to value.


36		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Item 2 –		Controls and Procedures

2(a) –		The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) –		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 –		Exhibits

		Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


BlackRock Debt Strategies Fund, Inc.

By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Debt Strategies Fund, Inc.

Date: January 22, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Debt Strategies Fund, Inc.

Date: January 22, 2018


By:		/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Debt Strategies Fund, Inc.

Date: January 22, 2018