Edgar Filing: BLACKROCK DEBT STRATEGIES FUND, INC.

BlackRock Debt Strategies

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: 02/28/2019

Date of reporting period: 05/31/2018

Item 1 – Schedule of Investments

Schedule of Investments (unaudited)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Shares		Value
Common Stocks — 1.3%

Chemicals — 0.1%
GEO Specialty Chemicals, Inc.^(a)(b)			2,054,182	$	657,338
LyondellBasell Industries NV, Class A			26		2,915

					660,253
Diversified Financial Services — 1.0%
Kcad Holdings I Ltd.^(a)(b)			1,075,282,735		6,505,461

Health Care Management Services — 0.0%
New Millennium HoldCo, Inc.^(b)			10,719		161

Independent Power and Renewable Electricity Producers — 0.2%
Vistra Energy Corp.^(b)			39,601		971,363

Internet Software & Services — 0.0%
New Holdings LLC^(a)			253		83,160

Media — 0.0%
Adelphia Communications Corp., Class A^(a)(b)			400,001		4
Adelphia Recovery Trust^(b)			396,569		436

					440
Metals & Mining — 0.0%
Ameriforge Group, Inc.			1,665		95,680

Semiconductors & Semiconductor Equipment — 0.0%
SunPower Corp.^(b)			1,708		14,322

Total Common Stocks — 1.3% (Cost — $21,065,592)					8,330,840


		Par (000)
Asset-Backed Securities — 9.7%

Asset-Backed Securities — 9.7%
ALM VI Ltd., Series 2012-6A, Class B1RR, (3 mo. LIBOR US + 2.05%), 3.77%, 07/15/26^(c)(d)	USD		3,000		3,000,594
ALM XVI Ltd/ALM XVI LLC, Series 2015-16A^(c)(d):
Class BR, (3 mo. LIBOR US + 2.05%), 4.40%, 07/15/27			1,000		1,000,760
Class C1R, (3 mo. LIBOR US + 3.20%), 5.55%, 07/15/27			1,650		1,651,247
Class D, (3 mo. LIBOR US + 5.35%), 7.70%, 07/15/27			1,250		1,250,813
Anchorage Capital CLO 5-R, Ltd., Series 2014-5RA, Class C, 4.20%, 01/15/30^(d)(e)			2,000		1,984,789
Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class CR, (3 mo. LIBOR US + 2.40%), 4.75%, 07/15/30^(c)(d)			700		701,267
Anchorage Capital CLO Ltd., Series 2013-1A, Class BR, 4.49%, 10/13/30^(d)(e)			1,000		1,001,832


Security		Par (000)		Value
Asset-Backed Securities (continued)
Apidos CDO, Series 2015-21A, Class C, (3 mo. LIBOR US + 3.55%), 5.91%, 07/18/27^(c)(d)	USD		1,650	$	1,655,016
Apidos CLO XII, Series 2013-12A, Class AR, 3.12%, 04/15/31^(d)(e)			776		777,897
Ares CLO Ltd., Series 2016-41A, Class D, (3 mo. LIBOR US + 4.20%), 6.55%, 01/15/29^(c)(d)			450		457,549
Ares XLIV CLO Ltd., Series 2017-44A^(c)(d):
Class C, (3 mo. LIBOR US + 3.45%), 5.80%, 10/15/29			1,000		1,005,507
Class D, (3 mo. LIBOR US + 6.55%), 8.90%, 10/15/29			1,000		1,027,273
Ares XXVII CLO Ltd., Series 2013-2A^(c)(d):
Class CR, (3 mo. LIBOR US + 2.40%), 4.76%, 07/28/29			1,400		1,414,804
Class DR, (3 mo. LIBOR US + 3.75%), 6.11%, 07/28/29			1,000		1,011,425
Benefit Street Partners CLO XII Ltd., Series 2017-12A^(d)(e):
Class B, 4.35%, 10/15/30			1,000		994,763
Class C, 5.40%, 10/15/30			1,250		1,246,188
BlueMountain CLO Ltd., Series 2014-3A, Class CR, (3 mo. LIBOR US + 3.20%), 5.55%, 10/15/26^(c)(d)			1,000		1,001,933
Burnham Park CLO Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 3.85%), 6.21%, 10/20/29^(c)(d)			1,000		1,005,937
Carlyle Global Market Strategies CLO Ltd.^(d):
Series 2012-4A, Class DR, (3 mo. LIBOR US + 4.10%), 6.46%, 01/20/29^(c)			1,000		1,011,932
Series 2015-1A, Class CR, (3 mo. LIBOR US + 2.00%), 4.36%, 04/20/27^(c)			1,250		1,251,336
Series 2015-1A, Class E1, (3 mo. LIBOR US + 5.30%), 7.66%, 04/20/27^(c)			1,000		1,005,795
Series 2015-2A, Class CR, 4.62%, 04/27/27^(e)			250		250,000
Catskill Park CLO, Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 3.70%), 6.06%, 04/20/29^(c)(d)			1,000		1,010,687
CBAM 2017-3, Ltd., Series 2017-3A, Class E, 8.85%, 10/17/29^(d)(e)			1,000		1,019,551
Cedar Funding IV CLO, Ltd., Series 2014-4A, Class DR, (3 mo. LIBOR US + 3.65%), 6.01%, 07/23/30^(c)(d)			1,500		1,509,827


			1

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Asset-Backed Securities (continued)
CIFC Funding III Ltd., Series 2014-3A, Class C1R, (3 mo. LIBOR US + 1.90%), 4.26%, 07/22/26^(c)(d)	USD		1,375	$	1,375,988
CIFC Funding Ltd., Series 2014-3A, Class DR, (3 mo. LIBOR US + 3.15%), 5.51%, 07/22/26^(c)(d)			1,000		1,000,542
Dryden Senior Loan Fund, Series 2014-36A, Class DR, (3 mo. LIBOR US + 4.24%), 6.59%, 01/15/28^(c)(d)			1,000		1,012,182
Elevation CLO Ltd., Series 2013-1A, Class CR, (3 mo. LIBOR + 4.68%), 7.02%, 11/15/28^(c)(d)			800		808,627
Greenwood Park CLO, Ltd., Series 2018-1A, Class E, 6.98%, 04/15/31^(a)(d)(e)			425		405,875
Highbridge Loan Management Ltd.^(d):
Series 5A-2015, Class C1R, (3 mo. LIBOR US + 2.10%), 4.46%, 01/29/26^(c)			1,250		1,250,731
Series 5A-2015, Class C2R, (3 mo. LIBOR US + 2.10%), 4.46%, 01/29/26^(c)			500		500,823
Series 5A-2015, Class D1R, (3 mo. LIBOR US + 3.30%), 5.66%, 01/29/26^(c)			1,250		1,251,098
Series 6A-2015, Class CR, 4.86%, 02/05/31^(e)			300		295,366
LCM XV LP, Series 15A^(c)(d):
Class CR, (3 mo. LIBOR US + 2.40%), 4.76%, 07/20/30			2,250		2,263,541
Class DR, (3 mo. LIBOR US + 3.70%), 6.06%, 07/20/30			1,250		1,262,839
LCM XXV, Ltd., Series 25A, Class D, (3 mo. LIBOR US + 3.45%), 5.81%, 07/20/30^(c)(d)			1,000		1,005,671
Madison Park Funding Ltd., Series 2018-27A, Class B, 3.85%, 04/20/30^(a)(d)(e)			1,000		992,300
Madison Park Funding X, Ltd., Series 2012-10A, Class DR, (3 mo. LIBOR US + 4.20%), 6.56%, 01/20/29^(c)(d)			1,500		1,518,960
Madison Park Funding XIV Ltd., Series 2014-14A, Class DR, (3 mo. LIBOR US + 3.25%), 5.61%, 07/20/26^(c)(d)			1,015		1,015,438
Madison Park Funding XVI Ltd., Series 2015-16A, Class D, (3 mo. LIBOR US + 5.50%), 7.86%, 04/20/26^(c)(d)			1,000		1,002,380
MP CLO VII, Ltd., Series 2015-1A, Class DR, 4.86%, 04/18/27^(d)(e)			280		278,793
Neuberger Berman CLO XV Ltd., Series 2013-15A, Class CR, 4.40%, 10/15/29^(d)(e)			1,000		1,005,440


Security		Par (000)		Value
Asset-Backed Securities (continued)
Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class DR, (3 mo. LIBOR US + 3.65%), 6.01%, 04/22/29^(c)(d)	USD		1,000	$	1,008,187
Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class CR, (3 mo. LIBOR US + 4.25%), 6.61%, 11/14/27^(c)(d)			1,000		1,008,638
OCP CLO Ltd., Series 2012-2A, Class DR, (3 mo. LIBOR US + 4.47%), 6.80%, 11/22/25^(c)(d)			1,000		1,010,128
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class CRR, 4.26%, 01/22/30^(d)(e)			1,500		1,503,294
OZLM Funding IV Ltd., 4.56%, 10/22/30^(d)(e)			1,000		1,001,829
OZLM Funding, Ltd., Series 2012-1A^(c)(d):
Class BR2, (3 mo. LIBOR US + 2.30%), 4.66%, 07/23/29			1,000		1,006,283
Class CR2, (3 mo. LIBOR US + 3.60%), 5.96%, 07/23/29			1,000		1,009,716
OZLM IX Ltd., Series 2014-9A Class CR, (3 mo. LIBOR US + 3.55%), 5.91%, 01/20/27^(c)(d)			750		750,979
Palmer Square CLO Ltd., Series 2015-2A^(c)(d):
Class CR, (3 mo. LIBOR US + 3.70%), 6.06%, 07/20/30			1,200		1,210,416
Class DR, (3 mo. LIBOR US + 6.50%), 8.86%, 07/20/30			1,000		1,016,276
Recette CLO Ltd., Series 2015-1A, Class DR, 5.11%, 10/20/27^(d)(e)			1,000		1,000,056
Symphony CLO Ltd., 6.00%, 07/15/28^(d)(e)			1,700		1,697,018
THL Credit Wind River 2014-3 CLO, Ltd., Series 2014-3A, Class C1R, (3 mo. LIBOR US + 2.20%), 4.56%, 01/22/27^(c)(d)			1,000		1,001,315
Webster Park CLO Ltd., Series 2015-1A^(c)(d):
Class B1, (3 mo. LIBOR US + 3.10%), 5.46%, 01/20/27			500		500,413
Class C, (3 mo. LIBOR US + 4.05%), 6.41%, 01/20/27			500		500,660
York CLO 1, Ltd., Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.35%), 4.71%, 01/22/27^(c)(d)			1,500		1,502,094

Total Asset-Backed Securities — 9.7% (Cost — $63,843,791)					64,222,618


2

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Corporate Bonds — 49.5%

Aerospace & Defense — 1.5%
Arconic, Inc.:
5.13%, 10/01/24	USD		1,194	$	1,198,477
5.90%, 02/01/27			280		283,248
6.75%, 01/15/28			128		135,893
BBA US Holdings, Inc., 5.38%, 05/01/26^(d)			327		327,818
Bombardier, Inc.^(d):
7.75%, 03/15/20			168		178,500
8.75%, 12/01/21			122		135,420
6.00%, 10/15/22			1,356		1,345,559
6.13%, 01/15/23			486		484,178
7.50%, 12/01/24			660		688,050
7.50%, 03/15/25			1,389		1,434,281
KLX, Inc., 5.88%, 12/01/22^(d)			1,312		1,371,040
Koppers, Inc., 6.00%, 02/15/25^(d)			606		614,333
TransDigm UK Holdings PLC, 6.88%, 05/15/26^(d)			493		502,860
TransDigm, Inc.:
6.00%, 07/15/22			922		934,677
6.50%, 07/15/24			609		621,180

					10,255,514
Air Freight & Logistics — 0.2%
XPO Logistics, Inc., 6.50%, 06/15/22^(d)			1,431		1,465,344

Airlines — 0.2%
US Airways Pass-Through Trust, Series 2013-1, Class B, 5.38%, 05/15/23			1,013		1,038,606
Virgin Australia Trust, Series 2013-1, Class C, 7.13%, 10/23/18^(d)			188		189,301

					1,227,907
Auto Components — 0.6%
Allison Transmission, Inc., 5.00%, 10/01/24^(d)			685		679,862
Gestamp Funding Luxembourg SA, 3.50%, 05/15/23	EUR		100		119,879
Goodyear Tire & Rubber Co., 5.00%, 05/31/26	USD		133		126,018
HP Pelzer Holding GmbH, 4.13%, 04/01/24	EUR		100		118,214
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.25%, 02/01/22	USD		829		848,689
6.38%, 12/15/25			184		183,310
IHO Verwaltungs GmbH^(f):
(2.75% Cash or 3.50% PIK), 2.75%, 09/15/21	EUR		100		118,776
(3.25% Cash or 4.00% PIK), 3.25%, 09/15/23			100		119,957
(3.75% Cash or 4.50% PIK), 3.75%, 09/15/26			100		121,631


Security		Par (000)		Value
Auto Components (continued)
IHO Verwaltungs GmbH^(f) (continued):
(4.50% Cash or 5.25% PIK), 4.50%, 09/15/23^(d)	USD		700	$	674,625
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/23^(d)			425		428,187
Tesla, Inc., 5.30%, 08/15/25^(d)			518		449,365
Venture Holdings Co. LLC^(a)(g):
12.00%, 07/01/49			5,150		1
Series B, 9.50%, 07/01/05^(b)			5,125		1
Volvo Car AB, 2.00%, 01/24/25	EUR		100		116,174

					4,104,689
Banks — 0.2%
Allied Irish Banks PLC(5 year EUR Swap + 3.95%), 4.13%, 11/26/25^(h)			100		122,968
Alpha Bank AE, 2.50%, 02/05/23			100		116,098
Banco Espirito Santo SA^(g):
2.63%, 05/08/17^(b)			100		33,026
4.00%, 01/21/19^(b)			100		33,318
4.75%, 01/15/19			200		66,051
Banco Popolare, 2.75%, 07/27/20			100		117,361
Bank of Ireland(5 year EUR Swap + 3.55%), 4.25%, 06/11/24^(h)			100		120,404
Bankia SA^(h):
(5 year EUR Swap + 3.17%), 4.00%, 05/22/24			100		119,932
(5 year EUR Swap + 3.35%), 3.38%, 03/15/27			100		120,112
CaixaBank SA(5 year EUR Swap + 3.35%), 3.50%, 02/15/27^(h)			100		121,538
CIT Group, Inc.:
5.00%, 08/15/22	USD		74		75,203
5.25%, 03/07/25			214		217,210
IKB Deutsche Industriebank AG, 4.00%, 01/31/28^(e)	EUR		100		116,001
National Bank of Greece SA, 2.75%, 10/19/50			100		118,655

					1,497,877
Building Materials — 0.0%
Titan Global Finance PLC, 3.50%, 06/17/21			100		121,289

Building Products — 0.3%
Beacon Escrow Corp., 4.88%, 11/01/25^(d)	USD		466		428,720
Building Materials Corp. of America, 6.00%, 10/15/25^(d)			464		468,640
CPG Merger Sub LLC, 8.00%, 10/01/21^(d)			446		455,477
Standard Industries, Inc.^(d):
5.50%, 02/15/23			136		138,890
5.38%, 11/15/24			252		247,590


			3

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Building Products (continued)
USG Corp., 4.88%, 06/01/27^(d)	USD		214	$	213,262

					1,952,579
Capital Markets — 0.7%
Blackstone CQP Holdco LP^(d):
6.50%, 03/20/21			3,526		3,526,000
6.00%, 08/18/21			576		574,560
Lions Gate Capital Holdings LLC, 5.88%, 11/01/24^(d)			231		231,000
NFP Corp., 6.88%, 07/15/25^(d)			106		104,675

					4,436,235
Chemicals — 3.2%
Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25^(d)			800		788,000
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25	EUR		100		121,221
Axalta Coating Systems LLC, 4.88%, 08/15/24^(d)	USD		325		320,937
Blue Cube Spinco, Inc.:
9.75%, 10/15/23			364		416,325
10.00%, 10/15/25			376		438,040
CF Industries, Inc., 5.15%, 03/15/34			185		170,200
Chemours Co.:
6.63%, 05/15/23			270		283,576
7.00%, 05/15/25			121		129,773
5.38%, 05/15/27			200		194,500
GEO Specialty Chemicals, Inc., 15.24%, 10/18/25^(a)			7,186		9,781,347
Hexion, Inc., 10.38%, 02/01/22^(d)			311		305,170
Huntsman International LLC, 5.13%, 11/15/22			901		928,030
INEOS Finance PLC, 4.00%, 05/01/23	EUR		100		119,257
INEOS Group Holdings SA, 5.38%, 08/01/24			100		122,119
Momentive Performance Materials, Inc., 3.88%, 10/24/21	USD		2,375		2,505,625
NOVA Chemicals Corp., 4.88%, 06/01/24^(d)			350		334,687
Olin Corp., 5.00%, 02/01/30			281		264,505
Platform Specialty Products Corp.^(d):
6.50%, 02/01/22			1,937		1,985,425
5.88%, 12/01/25			788		758,450
PQ Corp.^(d):
6.75%, 11/15/22			509		535,722
5.75%, 12/15/25			247		242,678
PSPC Escrow Corp., 6.00%, 02/01/23	EUR		100		120,997


Security		Par (000)		Value
Chemicals (continued)
WR Grace & Co-Conn, 5.13%, 10/01/21^(d)	USD		410	$	422,300

					21,288,884
Commercial Services & Supplies — 0.6%
ADT Corp.:
3.50%, 07/15/22			299		275,080
4.13%, 06/15/23			304		278,160
4.88%, 07/15/32^(d)			736		577,760
Advanced Disposal Services, Inc., 5.63%, 11/15/24^(d)			310		310,000
CD&R Waterworks Merger Sub LLC, 6.13%, 08/15/25^(d)			305		292,800
Harland Clarke Holdings Corp., 8.38%, 08/15/22^(d)			740		741,850
KAR Auction Services, Inc., 5.13%, 06/01/25^(d)			258		245,100
La Financiere Atalian SAS, 4.00%, 05/15/24	EUR		100		110,608
Mobile Mini, Inc., 5.88%, 07/01/24	USD		104		105,560
Paprec Holding SA, 4.00%, 03/31/25	EUR		100		116,905
Park Aerospace Holdings Ltd.^(d):
3.63%, 03/15/21	USD		62		59,675
5.25%, 08/15/22			32		31,560
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25^(d)			152		148,010
United Rentals North America, Inc.:
5.75%, 11/15/24			165		169,950
4.63%, 07/15/23			114		114,855
4.63%, 10/15/25			292		280,597
5.50%, 07/15/25			2		2,025
5.50%, 05/15/27			177		175,230
Verisure Holding AB, 6.00%, 11/01/22	EUR		113		137,272

					4,172,997
Communications Equipment — 0.4%
CommScope Technologies Finance LLC, 6.00%, 06/15/25^(d)			105		105,263
CommScope, Inc., 5.50%, 06/15/24^(d)			227		227,567
Zayo Group LLC/Zayo Capital, Inc.:
6.00%, 04/01/23			1,921		1,947,414
6.38%, 05/15/25			92		93,265
5.75%, 01/15/27^(d)			475		459,562

					2,833,071
Construction & Engineering — 0.5%
BlueLine Rental Finance Corp., 9.25%, 03/15/24^(d)			1,399		1,492,691
Brand Energy & Infrastructure Services, Inc., 8.50%, 07/15/25^(d)			704		719,840
Engility Corp., 8.88%, 09/01/24			468		490,230


4

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Construction & Engineering (continued)
SPIE SA, 3.13%, 03/22/24	EUR		100	$	117,173
SRS Distribution, Inc., 8.25%, 07/01/26^(d)	USD		265		258,044
Tutor Perini Corp., 6.88%, 05/01/25^(d)			182		183,310
Weekley Homes LLC/Weekley Finance Corp., 6.63%, 08/15/25^(d)			52		49,530

					3,310,818
Construction Materials — 0.6%
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/26^(d)			202		198,465
American Tire Distributors, Inc., 10.25%, 03/01/22^(d)			205		100,450
HD Supply, Inc., 5.75%, 04/15/24^(d)			3,295		3,455,631
PulteGroup, Inc., 5.50%, 03/01/26			235		233,825
Rexel SA, 3.50%, 06/15/23	EUR		130		156,977

					4,145,348
Consumer Discretionary — 0.2%
Arch Merger Sub, Inc., 8.50%, 09/15/25^(d)	USD		512		474,880
Elis SA, 1.88%, 02/15/23	EUR		100		115,997
Viking Cruises Ltd.^(d):
6.25%, 05/15/25	USD		122		119,865
5.88%, 09/15/27			878		820,930

					1,531,672
Consumer Finance — 0.7%
Ally Financial, Inc.:
5.13%, 09/30/24			1,207		1,237,175
8.00%, 11/01/31			1,055		1,266,000
Navient Corp.:
6.63%, 07/26/21			177		183,638
6.50%, 06/15/22			326		336,595
5.50%, 01/25/23			195		191,831
7.25%, 09/25/23			10		10,525
6.13%, 03/25/24			237		237,593
5.88%, 10/25/24			258		254,207
5.63%, 08/01/33			260		222,300
Nexi Capital SpA, 3.63%, 05/01/23^(e)	EUR		100		114,590
OneMain Financial Holdings LLC, 7.25%, 12/15/21^(d)	USD		62		64,263
Springleaf Finance Corp.:
5.63%, 03/15/23			22		21,725
6.88%, 03/15/25			395		393,025
7.13%, 03/15/26			334		333,900

					4,867,367
Containers & Packaging — 1.4%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.63%, 05/15/23^(d)			653		648,723
6.75%, 05/15/24	EUR		125		158,005
7.25%, 05/15/24^(d)	USD		2,220		2,317,125


Security		Par (000)		Value
Containers & Packaging (continued)
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (continued):
6.00%, 02/15/25^(d)	USD		733	$	718,340
4.75%, 07/15/27	GBP		100		128,379
Ball Corp., 5.00%, 03/15/22	USD		158		162,740
Berry Global, Inc., 4.50%, 02/15/26^(d)			192		179,520
BWAY Holding Co.^(d):
5.50%, 04/15/24			482		475,975
7.25%, 04/15/25			322		316,172
Crown Americas LLC/Crown Americas Capital Corp., 4.75%, 02/01/26^(d)			134		126,576
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			244		220,820
Horizon Holdings I SASU, 7.25%, 08/01/23	EUR		100		121,567
JH-Holding Finance SA, (8.25% PIK), 8.25%, 12/01/22^(f)			100		121,986
Mercer International, Inc., 6.50%, 02/01/24	USD		144		147,960
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:
6.88%, 02/15/21			57		57,751
(3 mo. LIBOR US + 3.50%), 5.85%, 07/15/21^(c)(d)			1,361		1,376,924
5.13%, 07/15/23^(d)			372		365,490
7.00%, 07/15/24^(d)			880		903,056
Sappi Papier Holding GmbH, 4.00%, 04/01/23	EUR		100		120,798
Sealed Air Corp., 4.88%, 12/01/22^(d)	USD		178		181,560
Silgan Holdings, Inc., 3.25%, 03/15/25	EUR		100		118,944
Verallia Packaging SASU, 5.13%, 08/01/22			100		120,377

					9,088,788
Diversified Consumer Services — 0.6%
APX Group, Inc.:
8.75%, 12/01/20	USD		322		309,120
7.88%, 12/01/22			436		430,550
Laureate Education, Inc., 8.25%, 05/01/25^(d)			119		125,842
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23^(d)			2,740		2,898,920

					3,764,432
Diversified Financial Services — 0.6%
Aircastle Ltd.:
5.13%, 03/15/21			33		33,784
5.50%, 02/15/22			337		350,480
Arrow Global Finance PLC(3 mo. Euribor + 2.88%), 2.88%, 04/01/25^(c)	EUR		100		113,509
Banca IFIS SpA, 4.50%, 10/17/27^(e)			100		108,722


			5

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Diversified Financial Services (continued)
FBM Finance, Inc., 8.25%, 08/15/21^(d)	USD		350	$	366,380
HSBC Holdings PLC, 6.25%^(e)(i⁾			200		200,200
Intrum Justitia AB, 2.75%, 07/15/22	EUR		100		114,583
Jefferies Finance LLC/JFIN Co-Issuer Corp.^(d):
7.38%, 04/01/20	USD		625		628,906
6.88%, 04/15/22			516		512,775
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25^(d)			272		263,581
Travelport Corporate Finance PLC, 6.00%, 03/15/26^(d)			208		209,040
UniCredit SpA:
6.95%, 10/31/22	EUR		100		134,975
(5 year EUR Swap + 4.32%), 4.38%, 01/03/27^(h)			100		120,364
Vantiv LLC/Vanity Issuer Corp.^(d):
3.88%, 11/15/25	GBP		100		128,415
4.38%, 11/15/25	USD		221		208,845
WMG Acquisition Corp., 4.13%, 11/01/24	EUR		100		121,612

					3,616,171
Diversified Telecommunication Services — 1.8%
CenturyLink, Inc.:
5.63%, 04/01/25	USD		185		172,755
Series P, 7.60%, 09/15/39			117		98,865
Series S, 6.45%, 06/15/21			1,679		1,718,960
Series U, 7.65%, 03/15/42			401		338,845
Series Y, 7.50%, 04/01/24			244		250,869
Cincinnati Bell, Inc., 7.00%, 07/15/24^(d)			754		674,830
Embarq Corp., 8.00%, 06/01/36			158		150,100
Frontier Communications Corp.:
10.50%, 09/15/22			210		189,000
7.13%, 01/15/23			332		243,605
6.88%, 01/15/25			410		262,400
11.00%, 09/15/25			1,587		1,269,600
8.50%, 04/01/26^(d)			482		466,938
Level 3 Financing, Inc.:
5.38%, 08/15/22			713		713,000
5.13%, 05/01/23			1,120		1,094,856
5.38%, 01/15/24			646		629,850
5.38%, 05/01/25			758		733,365
5.25%, 03/15/26			340		323,170
OTE PLC, 3.50%, 07/09/20	EUR		100		120,827
SoftBank Group Corp.:
(5 year USD ICE Swap + 4.85%), 6.88%^(h)(i)	USD		735		663,337
4.00%, 04/20/23	EUR		100		120,178
Telecom Italia Capital SA:
6.38%, 11/15/33	USD		279		283,185
6.00%, 09/30/34			498		475,590


Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Telecom Italia Capital SA (continued):
7.20%, 07/18/36	USD		397	$	421,813
7.72%, 06/04/38			59		65,343
Telecom Italia Finance SA, 7.75%, 01/24/33	EUR		100		164,802
Telecom Italia SpA, 3.25%, 01/16/23			150		186,744

				11,832,827
Electric Utilities — 0.1%
AES Corp., 5.50%, 04/15/25	USD		106		107,060
DPL, Inc., 7.25%, 10/15/21			52		56,680
NextEra Energy Operating Partners LP, 4.25%, 09/15/24^(d)			169		161,395
Talen Energy Supply LLC, 6.50%, 06/01/25			45		34,862

				359,997
Electrical Equipment — 0.0%
Areva SA, 4.88%, 09/23/24	EUR		100		125,894

Electronic Equipment, Instruments & Components — 0.3%
CDW LLC/CDW Finance Corp., 5.50%, 12/01/24	USD		1,953		2,011,590

Energy Equipment & Services — 0.9%
Ensco PLC:
5.20%, 03/15/25			55		46,063
7.75%, 02/01/26			388		369,570
Gates Global LLC/Gates Global Co., 6.00%, 07/15/22^(d)			390		393,900
Pioneer Energy Services Corp., 6.13%, 03/15/22			573		544,350
Precision Drilling Corp.:
6.50%, 12/15/21			4		4,081
7.75%, 12/15/23			150		158,625
Transocean, Inc.:
8.38%, 12/15/21			425		455,812
5.80%, 10/15/22			260		258,700
9.00%, 07/15/23^(d)			714		769,335
6.80%, 03/15/38			267		224,947
Trinidad Drilling Ltd., 6.63%, 02/15/25^(d)			436		415,290
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 04/01/26^(d)			412		424,360
Weatherford International Ltd.:
7.75%, 06/15/21			992		1,006,880
8.25%, 06/15/23			351		340,470
6.50%, 08/01/36			266		207,480
7.00%, 03/15/38			180		143,100


6

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Energy Equipment & Services (continued)
Weatherford International Ltd. (continued):
5.95%, 04/15/42	USD		189	$	139,860

					5,902,823
Environmental, Maintenance, & Security Service — 0.2%
Tervita Escrow Corp., 7.63%, 12/01/21^(d)			894		902,940
Waste Pro USA, Inc., 5.50%, 02/15/26^(d)			266		256,690

					1,159,630
Food & Staples Retailing — 0.1%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:
6.63%, 06/15/24			204		191,821
5.75%, 03/15/25			54		47,531
B&M European Value Retail SA, 4.13%, 02/01/22	GBP		100		135,330
Casino Guichard Perrachon SA, 4.50%, 03/07/24	EUR		200		238,882
Post Holdings, Inc., 5.63%, 01/15/28^(d)	USD		69		65,033
Rite Aid Corp., 6.13%, 04/01/23^(d)			218		223,450

					902,047
Food Products — 0.4%
Acosta, Inc., 7.75%, 10/01/22^(d)			272		162,520
Aramark Services, Inc., 5.00%, 02/01/28^(d)			588		565,950
B&G Foods, Inc., 5.25%, 04/01/25			72		67,680
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25^(d)			536		515,900
JBS USA LLC/JBS USA Finance, Inc., 5.75%, 06/15/25^(d)			688		639,840
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28^(d)			352		332,640
Pilgrim’s Pride Corp.^(d):
5.75%, 03/15/25			212		204,580
5.88%, 09/30/27			59		55,460
Post Holdings, Inc.^(d):
5.50%, 03/01/25			50		49,250
5.75%, 03/01/27			56		54,163

					2,647,983
Health Care Equipment & Supplies — 1.0%
Avantor, Inc.:
4.75%, 10/01/24	EUR		100		117,444
6.00%, 10/01/24^(d)	USD		2,350		2,338,250
Crimson Merger Sub, Inc., 6.63%, 05/15/22^(d)			2,159		2,133,459
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 06/15/21^(d)			902		907,637


Security		Par (000)		Value
Health Care Equipment & Supplies (continued)
Mallinckrodt International Finance SA/Mallinckrodt CB LLC^(d):
4.88%, 04/15/20	USD		350	$	336,875
5.75%, 08/01/22			1,020		882,300
5.63%, 10/15/23			236		194,995
5.50%, 04/15/25			63		50,249

					6,961,209
Health Care Providers & Services — 2.8%
Acadia Healthcare Co., Inc.:
5.13%, 07/01/22			458		458,000
5.63%, 02/15/23			105		106,181
6.50%, 03/01/24			122		126,270
Amsurg Corp., 5.63%, 07/15/22			50		50,938
Centene Corp.:
5.63%, 02/15/21			688		706,376
4.75%, 05/15/22			67		67,670
6.13%, 02/15/24			311		326,939
Centene Escrow I Corp., 5.38%, 06/01/26^(d)			1,818		1,837,453
CHS/Community Health Systems, Inc., 5.13%, 08/01/21			309		290,364
DaVita, Inc., 5.13%, 07/15/24			317		309,075
Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 05/15/22^(d)(f)			342		346,343
HCA, Inc.:
5.88%, 03/15/22			1,061		1,115,376
5.00%, 03/15/24			807		812,810
5.88%, 02/15/26			1,427		1,435,933
5.25%, 06/15/26			989		985,291
4.50%, 02/15/27			35		33,163
5.50%, 06/15/47			1,593		1,485,472
HealthSouth Corp., 5.75%, 11/01/24			179		181,685
MEDNAX, Inc., 5.25%, 12/01/23^(d)			208		204,880
MPH Acquisition Holdings LLC, 7.13%, 06/01/24^(d)			395		409,813
NVA Holdings, Inc., 6.88%, 04/01/26^(d)			204		201,001
Polaris Intermediate Corp., (8.50% PIK), 8.50%, 12/01/22^(d)(f)			673		695,714
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23^(d)			169		177,239
Sterigenics-Nordion Holdings LLC, 6.50%, 05/15/23^(d)			128		129,600
Surgery Center Holdings, Inc., 8.88%, 04/15/21^(d)			322		330,050
Team Health Holdings, Inc., 6.38%, 02/01/25^(d)			573		497,078
Tenet Healthcare Corp.:
6.00%, 10/01/20			1,123		1,159,498
7.50%, 01/01/22^(d)			322		337,359
8.13%, 04/01/22			2,540		2,657,475
4.63%, 07/15/24^(d)			456		438,330


			7

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Health Care Providers & Services (continued)
Vizient, Inc., 10.38%, 03/01/24^(d)	USD		398	$	437,800

					18,351,176
Health Care Technology — 0.0%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25^(d)			198		189,338
Quintiles IMS, Inc., 3.25%, 03/15/25^(d)	EUR		100		115,286

				304,624
Hotels, Restaurants & Leisure — 1.8%
Burger King France SAS(3 mo. Euribor + 5.25%), 5.25%, 05/01/23^(c)			100		117,700
Churchill Downs, Inc., 4.75%, 01/15/28^(d)	USD		94		87,655
Cirsa Funding Luxembourg SA, 5.88%, 05/15/23	EUR		100		119,815
Codere Finance 2 Luxembourg SA, 6.75%, 11/01/21			100		113,140
CRC Escrow Issuer LLC/CRC Finco, Inc., 5.25%, 10/15/25^(d)	USD		551		526,205
GLP Capital LP/GLP Financing II, Inc.:
5.25%, 06/01/25			80		80,142
5.38%, 04/15/26			106		105,177
Golden Nugget, Inc., 6.75%, 10/15/24^(d)			493		498,546
IRB Holding Corp., 6.75%, 02/15/26^(d)			221		208,845
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC^(d):
5.00%, 06/01/24			66		65,175
5.25%, 06/01/26			250		244,375
MGM Resorts International:
5.25%, 03/31/20			1,126		1,149,927
6.75%, 10/01/20			82		86,514
6.63%, 12/15/21			1,352		1,433,120
7.75%, 03/15/22			328		359,160
4.63%, 09/01/26			987		912,975
New Red Finance, Inc.^(d):
4.25%, 05/15/24			7		6,632
5.00%, 10/15/25			1,546		1,464,835
Scientific Games International, Inc.:
10.00%, 12/01/22			1,689		1,811,469
5.00%, 10/15/25^(d)			438		422,670
Six Flags Entertainment Corp., 4.88%, 07/31/24^(d)			725		699,625
Station Casinos LLC, 5.00%, 10/01/25^(d)			372		357,492
Unique Pub Finance Co. PLC, Series A4, 5.66%, 06/30/27	GBP		61		89,644
Vue International Bidco PLC, 7.88%, 07/15/20			147		196,636


Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Wyndham Worldwide Corp.:
4.15%, 04/01/24	USD		188	$	185,905
5.10%, 10/01/25			34		35,151
4.50%, 04/01/27			49		48,377
Wynn Macau Ltd., 5.50%, 10/01/27^(d)			400		386,000

				11,812,907
Household Durables — 0.5%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22^(d)			285		287,878
K Hovnanian Enterprises, Inc., 10.00%, 07/15/22^(d)			229		243,313
Lennar Corp.:
6.63%, 05/01/20^(d)			130		135,688
8.38%, 01/15/21^(d)			852		937,200
4.75%, 11/15/22			118		117,422
4.88%, 12/15/23			265		264,338
5.25%, 06/01/26^(d)			193		189,140
4.75%, 11/29/27^(d)			305		284,412
Mattamy Group Corp., 6.50%, 10/01/25^(d)			90		88,962
Tempur Sealy International, Inc., 5.50%, 06/15/26			227		219,055
Toll Brothers Finance Corp., 6.75%, 11/01/19			110		114,125
TRI Pointe Group, Inc.:
4.38%, 06/15/19			435		435,000
4.88%, 07/01/21			325		325,812

				3,642,345
Household Products — 0.0%
Diamond (BC) BV, 5.63%, 08/15/25	EUR		102		105,924

Independent Power and Renewable Electricity Producers — 0.9%
AES Corp.:
4.50%, 03/15/23	USD		213		213,000
4.88%, 05/15/23			122		122,305
6.00%, 05/15/26			356		367,125
5.13%, 09/01/27			608		598,880
Calpine Corp.:
5.38%, 01/15/23			230		219,075
5.88%, 01/15/24^(d)			128		127,680
5.25%, 06/01/26^(d)			1,004		948,780
Dynegy, Inc.:
7.38%, 11/01/22			231		242,642
5.88%, 06/01/23			133		136,491
8.00%, 01/15/25^(d)			458		495,785
8.13%, 01/30/26^(d)			217		237,886
NRG Energy, Inc.:
6.63%, 01/15/27			1,062		1,096,515
5.75%, 01/15/28^(d)			298		294,275


8

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Independent Power and Renewable Electricity Producers (continued)
NRG Yield Operating LLC, 5.38%, 08/15/24	USD		341	$	339,295
TerraForm Power Operating LLC^(d):
4.25%, 01/31/23			222		214,230
5.00%, 01/31/28			222		209,513

					5,863,477
Industrial Conglomerates — 0.3%
BWX Technologies, Inc., 5.38%, 07/15/26^(d)			277		279,770
Colfax Corp., 3.25%, 05/15/25	EUR		100		117,372
Vertiv Group Corp., 9.25%, 10/15/24^(d)	USD		1,639		1,606,220

					2,003,362
Insurance — 0.4%
Ardonagh Midco 3 PLC, 8.38%, 07/15/23	GBP		100		137,210
Assicurazioni Generali SpA^(h):
(3 mo. Euribor + 7.11%), 7.75%, 12/12/42	EUR		100		140,551
(3 mo. Euribor + 5.35%), 5.50%, 10/27/47			100		126,836
Groupama SA, 6.00%, 01/23/27			100		139,956
HUB International Ltd., 7.00%, 05/01/26^(d)	USD		667		667,534
USIS Merger Sub, Inc., 6.88%, 05/01/25^(d)			23		23,173
Wayne Merger Sub LLC, 8.25%, 08/01/23^(d)			1,578		1,629,285

					2,864,545
Internet Software & Services — 0.4%
Equinix, Inc.:
2.88%, 03/15/24	EUR		100		115,765
5.88%, 01/15/26	USD		797		811,944
Netflix, Inc.:
3.63%, 05/15/27	EUR		100		115,795
5.88%, 11/15/28^(d)	USD		377		378,998
Rackspace Hosting, Inc., 8.63%, 11/15/24^(d)			347		353,073
Sabre GLBL, Inc., 5.25%, 11/15/23^(d)			221		221,530
Symantec Corp., 5.00%, 04/15/25^(d)			422		408,585
United Group BV, 4.38%, 07/01/22	EUR		126		150,452
ZPG PLC, 3.75%, 07/15/23	GBP		100		136,956

					2,693,098
IT Services — 1.2%
First Data Corp.^(d):
7.00%, 12/01/23	USD		2,653		2,779,548
5.75%, 01/15/24			3,976		3,990,910
Gartner, Inc., 5.13%, 04/01/25^(d)			320		317,600


Security		Par (000)		Value
IT Services (continued)
WEX, Inc., 4.75%, 02/01/23^(d)	USD		826	$	828,065

					7,916,123
Leisure Products — 0.1%
Mattel, Inc., 6.75%, 12/31/25^(d)			450		438,323

Machinery — 0.4%
EnPro Industries, Inc., 5.88%, 09/15/22			292		298,570
Platin 1426 GmbH, 5.38%, 06/15/23	EUR		109		125,230
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25^(d)	USD		265		255,063
SPX FLOW, Inc.^(d):
5.63%, 08/15/24			359		354,512
5.88%, 08/15/26			209		205,865
Terex Corp., 5.63%, 02/01/25^(d)			740		734,450
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26^(d)			724		687,800

					2,661,490
Media — 6.5%
Altice Financing SA^(d):
6.63%, 02/15/23			200		197,160
7.50%, 05/15/26			394		376,763
Altice France SA^(d):
6.00%, 05/15/22			1,192		1,187,530
7.38%, 05/01/26			1,659		1,613,377
Altice Luxembourg SA:
7.75%, 05/15/22^(d)			1,390		1,334,400
6.25%, 02/15/25	EUR		100		113,715
Altice US Finance I Corp.^(d):
5.38%, 07/15/23	USD		1,707		1,681,395
5.50%, 05/15/26			637		611,711
AMC Networks, Inc.:
5.00%, 04/01/24			259		250,595
4.75%, 08/01/25			353		330,938
Cablevision Systems Corp., 8.00%, 04/15/20			502		529,610
CBS Radio, Inc., 7.25%, 11/01/24^(d)			121		116,160
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.13%, 02/15/23			380		379,050
4.00%, 03/01/23^(d)			486		464,188
5.13%, 05/01/27^(d)			3,403		3,186,059
5.00%, 02/01/28^(d)			155		143,375
Cequel Communications Holdings I LLC/Cequel Capital Corp.^(d):
5.13%, 12/15/21			1,313		1,306,477
7.75%, 07/15/25			1,745		1,806,075
7.50%, 04/01/28			583		583,729
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25			1,300		1,325,411


			9

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Media (continued)
Clear Channel International BV, 8.75%, 12/15/20^(d)	USD		762	$	790,575
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22			5,604		5,721,116
Series B, 7.63%, 03/15/20			1,993		1,993,000
CSC Holdings LLC:
10.13%, 01/15/23^(d)			1,250		1,385,937
5.25%, 06/01/24			742		701,338
6.63%, 10/15/25^(d)			400		413,000
10.88%, 10/15/25^(d)			2,849		3,301,279
DISH DBS Corp.:
5.88%, 07/15/22			1,537		1,441,706
5.00%, 03/15/23			281		242,281
7.75%, 07/01/26			1,635		1,412,231
eircom Finance DAC, 4.50%, 05/31/22	EUR		100		119,266
Hughes Satellite Systems Corp., 5.25%, 08/01/26	USD		1,033		982,641
Intelsat Jackson Holdings SA:
5.50%, 08/01/23			14		12,241
9.75%, 07/15/25^(d)			1,103		1,144,363
LGE HoldCo VI BV, 7.13%, 05/15/24	EUR		100		125,673
Live Nation Entertainment, Inc., 4.88%, 11/01/24^(d)	USD		72		70,020
MDC Partners, Inc., 6.50%, 05/01/24^(d)			490		433,650
Meredith Corp., 6.88%, 02/01/26^(d)			378		381,780
Midcontinent Communications/Midcontinent Finance Corp., 6.88%, 08/15/23^(d)			463		487,308
Numericable Group SA, 5.38%, 05/15/22	EUR		100		119,535
Sirius XM Radio, Inc.^(d):
4.63%, 05/15/23	USD		60		59,025
5.00%, 08/01/27			243		230,884
TEGNA, Inc.:
5.13%, 10/15/19			115		115,288
5.50%, 09/15/24^(d)			172		172,860
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28^(d)			400		388,069
Telesat Canada/Telesat LLC, 8.88%, 11/15/24^(d)			399		433,913
Tribune Media Co., 5.88%, 07/15/22			34		34,383
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.00%, 01/15/25^(d)			400		404,500
Univision Communications, Inc.^(d):
5.13%, 05/15/23			381		360,998
5.13%, 02/15/25			166		152,869
UPCB Finance IV Ltd., 5.38%, 01/15/25^(d)			200		192,000
Videotron Ltd., 5.13%, 04/15/27^(d)			632		611,460
Virgin Media Finance PLC, 5.75%, 01/15/25^(d)			667		631,149


Security		Par (000)		Value
Media (continued)
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24	GBP		200	$	263,252
Virgin Media Secured Finance PLC, 4.88%, 01/15/27			100		129,947
Ziggo Secured Finance BV, 5.50%, 01/15/27^(d)	USD		150		143,205

					43,140,460
Metals & Mining — 2.8%
Alcoa Nederland Holding BV^(d):
7.00%, 09/30/26			270		290,925
6.13%, 05/15/28			200		205,500
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25^(d)			317		330,076
Constellium NV^(d):
5.75%, 05/15/24			250		241,250
5.88%, 02/15/26			926		882,015
First Quantum Minerals Ltd., 7.25%, 05/15/22^(d)			235		236,469
Freeport-McMoRan, Inc.:
3.10%, 03/15/20			430		424,088
4.00%, 11/14/21			804		795,960
3.55%, 03/01/22			2,317		2,238,801
3.88%, 03/15/23			2,005		1,927,326
5.40%, 11/14/34			1,271		1,169,320
5.45%, 03/15/43			1,200		1,083,000
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23^(d)			342		360,974
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22^(d)			482		531,405
Novelis Corp.^(d):
6.25%, 08/15/24			2,118		2,144,687
5.88%, 09/30/26			1,022		1,001,662
Nyrstar Netherlands Holdings BV, 6.88%, 03/15/24	EUR		100		112,813
Ovako AB, 5.00%, 10/05/22			100		119,120
Steel Dynamics, Inc.:
5.13%, 10/01/21	USD		590		599,145
5.25%, 04/15/23			295		299,794
5.50%, 10/01/24			138		140,760
4.13%, 09/15/25			243		229,635
5.00%, 12/15/26			35		34,608
Teck Resources Ltd.:
3.75%, 02/01/23			848		819,388
5.20%, 03/01/42			750		678,750
5.40%, 02/01/43			977		901,283
ThyssenKrupp AG, 1.38%, 03/03/22	EUR		75		88,118
United States Steel Corp.:
6.88%, 08/15/25	USD		274		280,220


10

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Metals & Mining (continued)
United States Steel Corp. (continued):
6.25%, 03/15/26	USD		394	$	390,434

					18,557,526
Multi-Utilities — 0.1%
NGL Energy Partners LP/NGL Energy Finance Corp., 6.88%, 10/15/21			323		326,230

Multiline Retail — 0.1%
Neiman Marcus Group Ltd.^(d):
8.00%, 10/15/21			1,035		740,025
(8.75% Cash or 9.50% PIK), 8.75%, 10/15/21^(f)			165		116,857

					856,882
Oil, Gas & Consumable Fuels — 6.1%
Aker BP ASA, 5.88%, 03/31/25^(d)			276		284,280
Andeavor Logistics LP, Series A, 6.88%^(e)(i)			402		402,080
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22^(d)			348		374,970
California Resources Corp., 8.00%, 12/15/22^(d)			489		431,582
Calumet Specialty Products Partners LP/Calumet Finance Corp., 6.50%, 04/15/21			120		118,050
Carrizo Oil & Gas, Inc.:
6.25%, 04/15/23			321		325,012
8.25%, 07/15/25			114		121,410
Cheniere Corpus Christi Holdings LLC:
7.00%, 06/30/24			442		483,994
5.88%, 03/31/25			950		991,562
5.13%, 06/30/27			662		657,862
Cheniere Energy Partners LP, 5.25%, 10/01/25^(d)			498		484,305
Chesapeake Energy Corp.:
8.00%, 12/15/22^(d)			95		100,463
8.00%, 06/15/27			1,064		1,056,020
CNX Resources Corp., 5.88%, 04/15/22			5,748		5,798,295
CONSOL Energy, Inc.:
8.00%, 04/01/23			16		17,000
11.00%, 11/15/25^(d)			288		315,720
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25^(d)			627		620,730
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 04/01/23			90		91,575
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(d)			432		420,129
DCP Midstream LLC^(d):
4.75%, 09/30/21			745		754,312
6.45%, 11/03/36			250		265,625
6.75%, 09/15/37			226		241,537


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
DEA Finance SA, 7.50%, 10/15/22	EUR		100	$	125,463
Denbury Resources, Inc., 9.25%, 03/31/22^(d)	USD		696		739,500
Diamond Offshore Drilling, Inc., 7.88%, 08/15/25			118		121,835
Diamondback Energy, Inc.:
4.75%, 11/01/24			102		98,430
5.38%, 05/31/25			60		59,400
Eclipse Resources Corp., 8.88%, 07/15/23			140		131,600
Endeavor Energy Resources LP/EER Finance, Inc., 5.50%, 01/30/26^(d)			38		37,240
Energy Transfer Equity LP:
7.50%, 10/15/20			200		215,500
4.25%, 03/15/23			501		485,344
5.88%, 01/15/24			307		318,512
5.50%, 06/01/27			146		148,008
EP Energy LLC/Everest Acquisition Finance, Inc.:
9.38%, 05/01/20			20		19,500
9.38%, 05/01/24^(d)			631		495,524
8.00%, 11/29/24^(d)			44		43,560
7.75%, 05/15/26^(d)			784		797,720
Extraction Oil & Gas, Inc.^(d):
7.38%, 05/15/24			102		106,845
5.63%, 02/01/26			598		572,585
Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25			62		59,675
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21^(d)			149		153,098
Gulfport Energy Corp.:
6.63%, 05/01/23			215		216,075
6.00%, 10/15/24			192		180,480
6.38%, 05/15/25			138		132,479
Halcon Resources Corp., Series WI, 6.75%, 02/15/25			626		588,440
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26^(d)			206		207,030
Indigo Natural Resources LLC, 6.88%, 02/15/26^(d)			116		110,780
Jagged Peak Energy LLC, 5.88%, 05/01/26^(d)			171		168,863
MEG Energy Corp.^(d):
6.38%, 01/30/23			3		2,708
7.00%, 03/31/24			412		371,830
6.50%, 01/15/25			738		739,616
Murphy Oil Corp.:
6.88%, 08/15/24			673		713,380
5.75%, 08/15/25			25		24,938
5.88%, 12/01/42			58		52,969


11

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Nabors Industries, Inc., 5.75%, 02/01/25^(d)	USD		380	$	360,050
Neptune Energy Bondco PLC, 6.63%, 05/15/25^(d)			200		198,500
Newfield Exploration Co., 5.38%, 01/01/26			317		326,114
NGPL PipeCo LLC^(d):
4.38%, 08/15/22			240		239,700
4.88%, 08/15/27			295		286,415
7.77%, 12/15/37			879		1,032,825
Noble Holding International Ltd.:
7.75%, 01/15/24			400		375,000
7.95%, 04/01/25			37		33,759
7.88%, 02/01/26^(d)			1,119		1,139,981
Oasis Petroleum, Inc.:
6.88%, 03/15/22			53		53,795
6.88%, 01/15/23			33		33,495
Paramount Resources Ltd., 6.88%, 06/30/23^(d)			457		472,995
Parsley Energy LLC/Parsley Finance Corp.^(d):
5.38%, 01/15/25			165		162,938
5.63%, 10/15/27			165		162,938
PDC Energy, Inc., 6.13%, 09/15/24			98		99,715
Petroleos Mexicanos, 5.38%, 03/13/22			102		104,541
Precision Drilling Corp., 7.13%, 01/15/26^(d)			64		65,280
QEP Resources, Inc.:
6.88%, 03/01/21			8		8,480
5.38%, 10/01/22			671		682,541
5.63%, 03/01/26			78		74,490
Range Resources Corp.:
5.88%, 07/01/22			686		691,145
4.88%, 05/15/25			321		301,740
Resolute Energy Corp., 8.50%, 05/01/20			639		639,799
Rockies Express Pipeline LLC^(d):
6.85%, 07/15/18			99		99,371
6.00%, 01/15/19			26		26,350
5.63%, 04/15/20			140		143,808
6.88%, 04/15/40			247		284,050
Rowan Cos., Inc.:
4.88%, 06/01/22			95		88,944
4.75%, 01/15/24			117		100,328
7.38%, 06/15/25			462		442,365
RSP Permian, Inc., 6.63%, 10/01/22			356		371,130
Sanchez Energy Corp.:
7.75%, 06/15/21			1,254		1,078,039
6.13%, 01/15/23			473		310,997
7.25%, 02/15/23^(d)			226		221,762
SESI LLC:
7.13%, 12/15/21			180		183,375
7.75%, 09/15/24			265		274,937


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Seven Generations Energy Ltd., 5.38%, 09/30/25^(d)	USD		607	$	585,755
SM Energy Co.:
6.50%, 11/15/21			300		305,250
6.50%, 01/01/23			34		34,510
5.00%, 01/15/24			709		664,687
5.63%, 06/01/25			12		11,490
6.75%, 09/15/26			30		30,525
Southwestern Energy Co.:
6.45%, 01/23/25^(e)			243		238,747
7.50%, 04/01/26			413		427,463
7.75%, 10/01/27			225		235,125
Sunoco LP/Sunoco Finance Corp.^(d):
4.88%, 01/15/23			510		487,055
5.88%, 03/15/28			151		141,865
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(d):
5.50%, 09/15/24			384		385,920
5.50%, 01/15/28			405		391,331
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.13%, 02/01/25			248		244,900
5.88%, 04/15/26^(d)			410		411,923
5.00%, 01/15/28^(d)			482		452,935
Whiting Petroleum Corp., 6.63%, 01/15/26^(d)			236		241,605
Williams Cos., Inc.:
8.75%, 03/15/32			285		370,500
5.75%, 06/24/44			585		612,787
WPX Energy, Inc.:
6.00%, 01/15/22			103		108,150
8.25%, 08/01/23			400		454,000
5.25%, 09/15/24			158		156,420

					40,760,075
Paper & Forest Products — 0.0%
International Paper Co., 7.30%, 11/15/39			5		6,436

Pharmaceuticals — 1.6%
Charles River Laboratories International, Inc., 5.50%, 04/01/26^(d)			154		154,578
Ephios Bondco PLC, 6.25%, 07/01/22	EUR		100		120,266
Ephios Holdco II PLC, 8.25%, 07/01/23			100		123,551
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24^(d)	USD		468		493,740
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23^(d)			2,123		2,134,146
Nidda Healthcare Holding AG, 3.50%, 09/30/24	EUR		100		113,398


			12

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands III BV, 1.70%, 07/19/19	USD		596	$	582,369
Valeant Pharmaceuticals International, Inc.:
7.50%, 07/15/21^(d)			456		464,550
6.75%, 08/15/21^(d)			52		52,536
5.63%, 12/01/21^(d)			180		178,380
6.50%, 03/15/22^(d)			742		771,086
7.25%, 07/15/22^(d)			16		16,243
5.50%, 03/01/23^(d)			1,575		1,466,089
4.50%, 05/15/23	EUR		340		375,711
5.88%, 05/15/23^(d)	USD		602		568,890
7.00%, 03/15/24^(d)			1,166		1,221,385
6.13%, 04/15/25^(d)			493		456,025
5.50%, 11/01/25^(d)			302		296,337
9.25%, 04/01/26^(d)			231		242,465
8.50%, 01/31/27^(d)(j)			606		616,984

					10,448,729
Real Estate Investment Trusts (REITs) — 0.7%
GEO Group, Inc.:
5.88%, 01/15/22			90		91,462
5.13%, 04/01/23			227		223,243
5.88%, 10/15/24			454		448,357
6.00%, 04/15/26			100		97,750
Hilton Domestic Operating Co., Inc.:
4.25%, 09/01/24			200		190,500
5.13%, 05/01/26^(d)			349		339,839
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/25			2		1,930
Iron Mountain, Inc., 3.00%, 01/15/25	EUR		100		114,567
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
5.63%, 05/01/24	USD		453		457,530
4.50%, 09/01/26			1,228		1,126,690
4.50%, 01/15/28			170		152,575
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27			164		154,170
NH Hotel Group SA, 3.75%, 10/01/23	EUR		129		156,576
Starwood Property Trust, Inc.:
5.00%, 12/15/21	USD		438		444,570
4.75%, 03/15/25^(d)			98		94,296
VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23			264		293,255
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26^(d)			220		219,450

					4,606,760
Real Estate Management & Development — 0.3%
ADLER Real Estate AG:
4.75%, 04/08/20	EUR		24		28,970


Security		Par (000)		Value
Real Estate Management & Development (continued)
ADLER Real Estate AG (continued):
2.13%, 02/06/24	EUR		100	$	114,261
Greystar Real Estate Partners LLC, 5.75%, 12/01/25^(d)	USD		218		212,550
Howard Hughes Corp., 5.38%, 03/15/25^(d)			283		273,449
Realogy Group LLC/Realogy Co-Issuer Corp.^(d):
4.50%, 04/15/19			391		391,000
5.25%, 12/01/21			487		490,652
4.88%, 06/01/23			114		107,160
RESIDOMO Sro, 3.38%, 10/15/24	EUR		100		116,027

					1,734,069
Road & Rail — 0.4%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.13%, 06/01/22^(d)	USD		1,035		1,015,749
EC Finance PLC, 2.38%, 11/15/22	EUR		100		116,266
Herc Rentals, Inc.^(d):
7.50%, 06/01/22	USD		144		152,280
7.75%, 06/01/24			128		137,600
Hertz Corp., 7.63%, 06/01/22^(d)			544		531,760
Hertz Holdings Netherlands BV, 5.50%, 03/30/23	EUR		100		115,291
Loxam SAS, 3.50%, 05/03/23			100		120,389
Watco Cos. LLC/Watco Finance Corp., 6.38%, 04/01/23^(d)	USD		350		358,312

					2,547,647
Semiconductors & Semiconductor Equipment — 0.1%
Advanced Micro Devices, Inc., 7.50%, 08/15/22			200		218,520
Micron Technology, Inc., 5.50%, 02/01/25			24		24,968
Microsemi Corp., 9.13%, 04/15/23^(d)			35		38,719
Sensata Technologies BV, 5.00%, 10/01/25^(d)			300		300,750

					582,957
Software — 1.7%
BMC Software Finance, Inc., 8.13%, 07/15/21^(d)			143		146,589
CDK Global, Inc., 4.88%, 06/01/27			351		330,818
Genesys Telecommunications Laboratories Inc/Greeneden Lux 3 Sarl/Greeneden US Holdings LLC, 10.00%, 11/30/24^(d)			721		797,606
Infor Software Parent LLC/Infor Software Parent, Inc., (7.13% Cash or 7.88% PIK), 7.13%, 05/01/21^(d)(f)			1,366		1,372,830


			13

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Software (continued)
Infor US, Inc., 6.50%, 05/15/22	USD		2,247	$	2,283,514
Informatica LLC, 7.13%, 07/15/23^(d)			644		653,660
Nuance Communications, Inc., 6.00%, 07/01/24			835		839,175
PTC, Inc., 6.00%, 05/15/24			312		327,600
RP Crown Parent LLC, 7.38%, 10/15/24^(d)			433		445,990
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24^(d)			1,990		2,208,303
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		353,317
10.50%, 02/01/24			289		246,373

					11,600,050
Specialty Retail — 0.3%
Asbury Automotive Group, Inc., 6.00%, 12/15/24			741		733,590
Group 1 Automotive, Inc., 5.25%, 12/15/23^(d)			69		67,275
Hexion US Finance Corp., 6.63%, 04/15/20			64		60,400
JC Penney Corp., Inc., 8.13%, 10/01/19			24		24,870
L Brands, Inc.:
6.88%, 11/01/35			386		350,777
6.75%, 07/01/36			109		98,100
Masaria Investments SAU, 5.00%, 09/15/24	EUR		100		115,181
Penske Automotive Group, Inc., 5.75%, 10/01/22	USD		288		294,480
PVH Corp., 3.13%, 12/15/27	EUR		107		122,708

					1,867,381
Technology Hardware, Storage & Peripherals — 0.4%
Dell International LLC/EMC Corp.^(d):
7.13%, 06/15/24	USD		1,277		1,372,090
6.02%, 06/15/26			245		258,553
8.35%, 07/15/46			385		468,169
Western Digital Corp., 4.75%, 02/15/26			807		793,886

					2,892,698
Textiles, Apparel & Luxury Goods — 0.0%
BiSoho SAS, 5.88%, 05/01/23	EUR		49		60,225

Thrifts & Mortgage Finance — 0.1%
Jerrold Finco PLC, 6.25%, 09/15/21	GBP		100		136,192


Security		Par (000)		Value
Thrifts & Mortgage Finance (continued)
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 03/15/22^(d)	USD		225	$	225,000

					361,192
Trading Companies & Distributors — 0.1%
Ashtead Capital, Inc., 5.63%, 10/01/24^(d)			320		328,800

Transportation Infrastructure — 0.0%
WFS Global Holding SAS, 9.50%, 07/15/22	EUR		100		122,430

Utilities — 0.0%
ContourGlobal Power Holdings SA, 5.13%, 06/15/21			100		118,676

Wireless Telecommunication Services — 2.1%
CyrusOne LP/CyrusOne Finance Corp.:
5.00%, 03/15/24	USD		547		547,684
5.38%, 03/15/27			62		62,310
Digicel Group Ltd., 8.25%, 09/30/20^(d)			222		168,165
Digicel Ltd., 6.00%, 04/15/21^(d)			2,074		1,900,302
Matterhorn Telecom SA:
3.88%, 05/01/22	EUR		100		118,231
4.00%, 11/15/27			100		111,962
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 02/15/25^(d)	USD		380		348,650
SBA Communications Corp., 4.00%, 10/01/22^(d)			299		287,040
Sprint Capital Corp.:
6.90%, 05/01/19			270		277,398
8.75%, 03/15/32			68		73,185
Sprint Communications, Inc., 7.00%, 03/01/20^(d)			1,497		1,564,739
Sprint Corp.:
7.88%, 09/15/23			1,079		1,132,410
7.13%, 06/15/24			3,216		3,240,120
7.63%, 02/15/25			1,059		1,090,770
7.63%, 03/01/26			370		380,175
T-Mobile USA, Inc.:
6.38%, 03/01/25			292		305,111
6.50%, 01/15/26			429		447,769
4.50%, 02/01/26			510		479,400
4.75%, 02/01/28			361		337,535
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 8.25%, 10/15/23			745		726,152

					13,599,108

Total Corporate Bonds — 49.5% (Cost — $341,018,614)					328,760,707


14

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Floating Rate Loan Interests (k) — 84.1%

Aerospace & Defense — 1.0%
Accudyne Industries LLC, 2017 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.23%, 08/18/24	USD		2,704	$	2,709,337
DAE Aviation Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.75% 1.00% Floor), 5.73%, 07/07/22			487		489,123
TransDigm, Inc., 2018 Term Loan F, (1 mo. LIBOR + 2.50%), 4.48%, 06/09/23			3,545		3,535,995
WP CPP Holdings LLC, 2018 Term Loan, 04/30/25^(l)			145		145,589

					6,880,044
Air Freight & Logistics — 0.4%
CEVA Group PLC, Letter of Credit, (3 mo. LIBOR + 5.50%), 6.50%, 03/19/21^(a)			1,290		1,313,155
CEVA Intercompany BV, Dutch Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.86%, 03/19/21			241		240,456
CEVA Logistics Canada ULC, Canadian Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.86%, 03/19/21			122		122,108
CEVA Logistics US Holdings, Inc., Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.86%, 03/19/21			937		934,744
Livingston International, Inc., Term Loan B3, (3 mo. LIBOR + 5.75%), 8.05%, 03/20/20			149		148,036

					2,758,499
Airlines — 0.0%
Northwest Airlines, Inc., Term Loan, (6 mo. LIBOR + 1.23%), 3.30%, 09/10/18^(a)			75		74,871

Auto Components — 0.3%
Dayco Products LLC, 2017 Term Loan B, (3 mo. LIBOR + 5.00%), 7.31%, 05/19/23^(a)			946		947,814
USI, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.30%, 05/16/24			771		769,521

					1,717,335
Automobiles — 0.1%
CH Hold Corp., 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.98%, 02/01/24			886		888,113


Security		Par (000)		Value
Banks
Capri Finance LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 5.61%, 11/01/24	USD		469	$	462,965

Building Materials — 0.2%
Allied Universal HoldCo LLC, 2015 Term Loan, (3 mo. LIBOR + 3.75% 1.00% Floor), 6.05%, 07/28/22			686		674,884
USAGM HoldCo LLC, 2015 2nd Lien Term Loan, (2 mo. LIBOR + 8.50% 1.00% Floor), 10.60%, 07/28/23			395		391,299

					1,066,183
Building Products — 0.8%
Continental Building Products LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.25%), 4.23%, 08/18/23			370		371,491
CPG International, Inc., 2017 Term Loan, (6 mo. LIBOR + 3.75% 1.00% Floor), 5.59%, 05/03/24			1,950		1,958,235
GYP Holdings III Corp., 2018 Term Loan B, 04/01/25^(l)			340		339,660
Jeld-Wen, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.00%), 4.30%, 12/14/24			943		943,523
Wilsonart LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.56%, 12/19/23			1,863		1,867,561

					5,480,470
Capital Markets — 1.0%
Duff & Phelps Corp., 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.55%, 02/13/25			485		484,394
EIG Management Company LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75% 1.00% Floor), 6.08%, 01/31/25			1,575		1,587,546
FinCo I LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.48%, 12/27/22			1,358		1,357,859
Greenhill & Co., Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.75%, 10/12/22			1,430		1,436,163
RPI Finance Trust, Term Loan B6, (3 mo. LIBOR + 2.00%), 4.30%, 03/27/23			2,034		2,038,555

					6,904,517
Chemicals — 2.7%
Alpha 3 BV, 2017 Term Loan B1, (1 mo. LIBOR + 3.00% 1.00% Floor), 5.30%, 01/31/24			1,829		1,823,531


			15

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Chemicals (continued)
Axalta Coating Systems US Holdings, Inc., Term Loan, (3 mo. LIBOR + 1.75%), 4.05%, 06/01/24		USD 2,136	$	2,136,329
Charter NEX US Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.98%, 05/16/24		1,345		1,344,501
Chemours Co. (The), 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.74%, 04/03/25		112		112,088
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.80%, 06/28/24		658		660,819
Encapsys LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.23%, 11/07/24		1,000		1,003,130
Evergreen Acqco 1 LP, Term Loan, (3 mo. LIBOR + 3.75%), 6.11%, 07/09/19		196		188,356
Invictus US LLC:
1st Lien Term Loan, (2 mo. LIBOR + 3.00%), 5.10%, 03/28/25		1,508		1,513,369
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 8.73%, 03/25/26		390		393,900
MacDermid, Inc.:
Term Loan B6, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.98%, 06/07/23		1,687		1,691,614
Term Loan B7, (1 mo. LIBOR + 2.50% 1.00% Floor), 4.48%, 06/07/20		310		311,506
Oxea Holding Drei GmbH, 2017 Term Loan B2, (3 mo. LIBOR + 3.50%), 5.88%, 10/11/24		3,561		3,563,283
PQ Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.48%, 02/08/25		1,450		1,449,609
Tata Chemicals North America, Inc., Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 5.06%, 08/07/20		526		526,357
Vectra Co., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.23%, 03/08/25		1,065		1,064,340

				17,782,732
Commercial Services & Supplies — 4.4%
Advanced Disposal Services, Inc., Term Loan B3, (1 Week LIBOR + 2.25%), 4.00%, 11/10/23		1,951		1,955,702
Asurion LLC:
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.98%, 08/04/25		901		922,173


Security	Par (000)		Value
Commercial Services & Supplies (continued)
Asurion LLC (continued):
2017 Term Loan B4, (1 mo. LIBOR + 2.75%), 4.73%, 08/04/22		USD 1,834	$	1,840,348
2018 Term Loan B6, (1 mo. LIBOR + 2.75%), 4.73%, 11/03/23		1,663		1,669,512
Camelot UK Holdco Ltd., 2017 Repriced Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.23%, 10/03/23		2,661		2,662,274
Catalent Pharma Solutions, Inc., Term Loan B, (1 mo. LIBOR + 2.25% 1.00% Floor), 4.23%, 05/20/24		2,400		2,407,935
Creative Artists Agency LLC, 2018 Term Loan B, (PRIME + 2.00%), 4.92%, 02/15/24		1,284		1,289,136
Dealer Tire LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.67%, 12/22/21^(a)		95		93,580
EnergySolutions, LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.77%, 05/02/25		470		474,996
Garda World Security Corp., 2017 Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.51%, 05/24/24		856		860,925
Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75% 1.00% Floor), 7.05%, 11/03/23		806		793,645
KAR Auction Services, Inc., Term Loan B5, (3 mo. LIBOR + 2.50%), 4.81%, 03/09/23		1,135		1,138,214
Learning Care Group, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.43%, 03/13/25		550		551,375
Prime Security Services Borrower LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.73%, 05/02/22		2,166		2,157,778
US Security Associates Holdings, Inc., 2016 Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.80%, 07/14/23		2,160		2,169,337
Verisure Holding AB, EUR Term Loan B1E, 10/20/22^(l)		EUR 1,000		1,158,623
West Corp.:
2017 Term Loan, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.98%, 10/10/24		USD 2,180		2,175,573
2018 Term Loan B1, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.48%, 10/10/24		1,440		1,426,882


16

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Commercial Services & Supplies (continued)
Wrangler Buyer Corp., Term Loan B, (1 mo. LIBOR + 2.75%), 4.73%, 09/27/24		USD 3,017	$	3,020,542

				28,768,550
Communications Equipment — 0.8%
Avantor, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.98%, 11/21/24		2,671		2,689,336
Avaya, Inc.:
Exit Term Loan B, (1 mo. LIBOR + 4.75% 1.00% Floor), 6.68%, 12/15/24		1,534		1,542,237
CommScope, Inc., Term Loan B5, (1 mo. LIBOR + 2.00%), 3.98%, 12/29/22		393		394,314
Securus Technologies Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 4.50% 1.00% Floor), 6.48%, 11/01/24		580		581,704

				5,207,591
Construction & Engineering — 1.6%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 6.61%, 06/21/24		5,627		5,655,976
Engility Corp.:
Term Loan B1, (1 mo. LIBOR + 2.25%), 4.23%, 08/12/20		143		142,920
Term Loan B2, (PRIME + 1.75%), 4.73%, 08/12/23		809		808,147
Pike Corp., 2018 Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.49%, 03/23/25		1,053		1,063,368
SRS Distribution Inc., 2018 1st Lien Term Loan B, (3 mo. LIBOR + 3.25%), 5.58%, 05/23/25		2,049		2,039,274
USIC Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.28%, 12/08/23		1,035		1,038,720

				10,748,405
Construction Materials — 1.3%
Core & Main LP, 2017 Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.12%, 08/01/24		229		229,898
Filtration Group Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 5.30%, 03/29/25		4,615		4,635,768


Security	Par (000)		Value
Construction Materials (continued)
GYP Holdings III Corp., 2017 Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.36%, 04/01/23		USD 2,287	$	2,285,295
Xella International GmbH, 2017 EUR Term Loan B, 04/11/24^(l)		EUR 1,000		1,165,438

				8,316,399
Containers & Packaging — 0.9%
Berlin Packaging LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.94%, 11/07/25		USD 515		515,428
Berry Global, Inc., Term Loan Q, (1 mo. LIBOR + 2.00%), 3.96%, 10/01/22		3,228		3,237,124
BWAY Holding Co., 2017 Term Loan B, (2 mo. LIBOR + 3.25%), 5.59%, 04/03/24		2,200		2,203,151
Proampac PG Borrower LLC, 2016 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.51%, 11/18/23		130		130,569

				6,086,272
Distributors — 0.6%
American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.98%, 10/31/23		2,299		2,287,110
TriMark USA LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.49%, 08/28/24		1,864		1,860,673

				4,147,783
Diversified Consumer Services — 2.9%
AI Aqua Merger Sub, Inc., 2017 1st Lien Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.23%, 12/13/23		399		399,489
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.98%, 07/12/24		821		821,901
Bright Horizons Family Solutions, Inc., 2017 Term Loan B, (1 mo. LIBOR + 1.75%), 3.73%, 11/07/23		1,567		1,570,335
CHG PPC Parent LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 4.73%, 03/31/25^(a)		660		660,000
Equian LLC, Add on Term Loan B, (3 mo. LIBOR + 3.25%), 5.20%, 05/20/24		2,334		2,345,571
J.D. Power and Associates, 1st Lien Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 6.55%, 09/07/23		1,965		1,972,407
Nomad Foods Europe Midco Ltd., 2017 Term Loan B4, (1 mo. LIBOR + 2.25%), 4.17%, 05/15/24		1,402		1,404,273


			17

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Diversified Consumer Services (continued)
Serta Simmons Bedding LLC:
1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.72%, 11/08/23		USD 2,487	$	2,187,540
2nd Lien Term Loan, (3 mo. LIBOR + 8.00% 1.00% Floor), 10.33%, 11/08/24		862		651,222
ServiceMaster Co., 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 4.48%, 11/08/23		2,326		2,336,219
Spin Holdco, Inc., 2017 Term Loan B, (2 mo. LIBOR + 3.25% 1.00% Floor), 5.34%, 11/14/22		1,827		1,836,119
Uber Technologies, 2018 Term Loan, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.92%, 04/04/25		1,235		1,242,200
Weight Watchers International, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.75%), 6.99%, 11/29/24		1,807		1,826,631

				19,253,907
Diversified Financial Services — 0.8%
AlixPartners LLP, 2017 Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 5.05%, 04/04/24		1,445		1,448,117
CVS Holdings I LP, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.99%, 02/06/25^(a)		975		966,469
EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 6.14%, 02/07/25		360		358,801
Kingpin Intermediate Holdings LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 4.25% 1.00% Floor), 6.23%, 06/28/24^(a)		1,529		1,541,824
Oryx Southern Delaware Holdings LLC, Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.23%, 02/09/25^(a)		1,105		1,092,569

				5,407,780
Diversified Telecommunication Services — 5.9%
CenturyLink, Inc.:
2017 Term Loan A, (1 mo. LIBOR + 2.75%), 4.73%, 11/01/22		2,592		2,584,592
2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.73%, 01/31/25		12,848		12,680,755
Frontier Communications Corp., Delayed Draw Term Loan A, (1 mo. LIBOR + 2.75%), 4.74%, 03/31/21		2,713		2,676,213
Hargray Communications Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.98%, 05/16/24		1,075		1,077,688


Security	Par (000)		Value
Diversified Telecommunication Services (continued)
Level 3 Financing, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.21%, 02/22/24		USD 4,981	$	4,983,553
MTN Infrastructure TopCo, Inc, 1st Lien Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.98%, 11/15/24		769		772,452
Sprint Communications, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 2.50%), 4.50%, 02/02/24		1,971		1,970,155
Telenet Financing USD LLC:
Term Loan AL, (1 mo. LIBOR + 2.50%), 4.42%, 03/01/26		4,380		4,379,474
USD Term Loan AN, 08/17/26^(l)		4,625		4,615,380
Telesat Canada, Term Loan B4, (3 mo. LIBOR + 2.50%), 4.81%, 11/17/23		1,302		1,304,866
Virgin Media Investment Holdings Ltd., GBP Term Loan L, (LIBOR – GBP + 3.25%), 3.75%, 01/15/27		GBP 1,400		1,855,545

				38,900,673
Electric Utilities — 0.0%
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Term Loan, 11/10/18^(a)(l)		USD 2,375		—

Electrical Equipment — 0.6%
EXC Holdings III Corp., 2017 1st Lien Term Loan, (6 mo. LIBOR + 3.50% 1.00% Floor), 5.16%, 12/02/24		873		879,725
Gates Global LLC, 2017 Repriced Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 5.05%, 04/01/24		3,208		3,221,580

				4,101,305
Energy Equipment & Services — 0.8%
Gavilan Resources LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.00% 1.00% Floor), 7.93%, 03/01/24		1,500		1,468,125
GrafTech Finance, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.42%, 02/12/25^(a)		1,690		1,694,225
Ocean Rig UDW, Inc., Term Loan, 8.00%, 09/20/24		141		146,977
Pioneer Energy Services Corp., Term Loan, (1 mo. LIBOR + 7.75% 1.00% Floor), 9.68%, 11/08/22^(a)		770		798,875
Seadrill Partners Finco LLC, Term Loan B, (3 mo. LIBOR + 6.00% 1.00% Floor), 8.30%, 02/21/21		895		778,215


18

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Energy Equipment & Services (continued)
Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 1.42%), 3.42%, 07/13/20		USD 688	$	681,014

				5,567,431
Food & Staples Retailing — 1.3%
Albertsons LLC:
2017 Term Loan B4, (1 mo. LIBOR + 2.75%), 4.73%, 08/25/21		753		744,808
2018 ABL Last Out Term Loan, 04/02/23		875		875,656
BJ’s Wholesale Club, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.42%, 02/03/24		2,124		2,126,204
Hostess Brands LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%), 4.23%, 08/03/22		1,797		1,801,012
US Foods, Inc., 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 4.48%, 06/27/23		2,980		2,990,204

				8,537,884
Food Products — 1.7%
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.48%, 10/10/23		1,423		1,424,711
Dole Food Co., Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.71%, 04/06/24		765		765,513
Hearthside Food Solutions LLC, 2018 Term Loan B, 05/23/25^(l)		702		696,717
JBS USA LLC, 2017 Term Loan B, (3 mo. LIBOR + 2.50%), 4.65%, 10/30/22		1,950		1,944,079
Pinnacle Foods Finance LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.66%, 02/02/24		1,408		1,414,389
Reddy Ice Corp.:
1st Lien Term Loan, (PRIME + 4.50%), 7.88%, 05/01/19		1,773		1,764,325
2nd Lien Term Loan, (3 mo. LIBOR + 9.50% 1.25% Floor), 11.83%, 11/01/19		724		686,895
Reynolds Group Holdings, Inc., 2017 Term Loan, (1 mo. LIBOR + 2.75%), 4.73%, 02/05/23		2,178		2,181,681
Sigma Bidco BV, 2018 Term Loan B, 02/23/25^(l)		167		166,858

				11,045,168
Health Care Equipment & Supplies — 2.4%
Cotiviti Corp., Term Loan B, (3 mo. LIBOR + 2.25%), 4.56%, 09/28/23		2,271		2,268,473


Security	Par (000)		Value
Health Care Equipment & Supplies (continued)
CryoLife, Inc., Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 6.30%, 11/14/24^(a)		USD 1,741	$	1,744,989
DJO Finance LLC, 2015 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.40%, 06/08/20		5,282		5,293,668
Immucor, Inc., Extended Term Loan B, (3 mo. LIBOR + 5.00% 1.00% Floor), 7.30%, 06/15/21^(a)		3,376		3,431,295
Ortho-Clinical Diagnostics SA, Term Loan B, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.73%, 06/30/21		3,019		3,020,027

				15,758,452
Health Care Providers & Services — 3.0%
CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.36%, 06/07/23		2,743		2,760,267
Community Health Systems, Inc., Term Loan G, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.31%, 12/31/19		927		922,211
Concentra Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.66%, 06/01/22		1,780		1,784,450
Curo Health Services Holdings, Inc., 2015 1st Lien Term Loan, (3 mo. LIBOR + 4.00% 1.00% Floor), 6.09%, 02/07/22		875		875,460
DaVita HealthCare Partners, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 4.73%, 06/24/21		862		869,309
Diplomat Pharmacy, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.50% 1.00% Floor), 6.49%, 12/20/24		709		713,746
Envision Healthcare Corp., 2016 Term Loan B, (1 mo. LIBOR + 3.00%), 4.99%, 12/01/23		3,128		3,131,540
HCA, Inc., 2018 Term Loan B10, (1 mo. LIBOR + 2.00%), 3.98%, 03/13/25		965		971,437
MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 5.05%, 06/07/23		1,999		2,001,317
National Mentor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.00%), 5.30%, 01/31/21		662		663,567
nThrive, Inc., 2016 1st Lien Term Loan, (1 mo. LIBOR + 4.50% 1.00% Floor), 6.48%, 10/20/22		1,310		1,304,275
NVA Holdings, Inc., Term Loan B3, (3 mo. LIBOR + 2.75% 1.00% Floor), 5.05%, 02/02/25		1,129		1,130,022


			19

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Health Care Providers & Services (continued)
Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.73%, 02/06/24		USD 1,251	$	1,206,166
Vizient, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.73%, 02/13/23		450		452,483
WP CityMD Bidco LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.58%, 06/07/24		916		915,650

				19,701,900
Health Care Technology — 0.8%
Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.73%, 03/01/24		2,580		2,578,308
Press Ganey Holdings, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.73%, 10/21/23		1,817		1,823,107
Quintiles IMS, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 4.30%, 03/07/24		618		618,805

				5,020,220
Hotels, Restaurants & Leisure — 3.7%
Aristocrat Technologies, Inc., 2018 1st Lien Term Loan B, (3 mo. LIBOR + 1.75%), 4.10%, 05/01/24		1,327		1,319,100
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.50%), 4.25%, 09/15/23		1,054		1,058,365
Bronco Midstream Funding LLC, Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.83%, 08/14/23^(a)		1,425		1,435,982
Burger King Newco Unlimited Liability Co., Term Loan B3, (1 mo. LIBOR + 2.25% 1.00% Floor), 4.23%, 02/16/24		3,332		3,328,880
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 4.73%, 12/22/24		2,340		2,340,004
CCM Merger, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 4.73%, 08/08/21		755		756,705
CEC Entertainment, Inc., Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.23%, 02/14/21		700		651,442
Cyan Blue Holdco 3 Ltd., 2017 Term Loan B, (3 mo. LIBOR + 2.75%), 5.05%, 08/23/24		1,502		1,502,445
ESH Hospitality, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.98%, 08/30/23		1,756		1,757,368


Security	Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Four Seasons Hotels Ltd., 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.98%, 11/30/23		USD 212	$	212,873
GVC Holdings PLC, 2018 Term Loan, (1 mo. LIBOR + 2.50% 1.00% Floor), 4.48%, 03/29/24		935		935,776
Hilton Worldwide Finance LLC, Term Loan B2, (1 mo. LIBOR + 1.75%), 3.71%, 10/25/23		740		743,475
IRB Holding Corp., 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.21%, 02/05/25		1,507		1,511,956
Lakeland Tours LLC, 2017 1st Lien Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 6.12%, 12/15/24		965		967,683
Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.22%, 04/29/24		1,840		1,826,552
Sabre GLBL, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.98%, 02/22/24		1,218		1,216,575
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 4.73%, 08/14/24		1,519		1,522,929
Tackle S.A.R.L, 2017 EUR Term Loan, 08/08/22^(l)		EUR 1,000		1,164,339

				24,252,449
Household Products — 0.4%
SIWF Holdings, Inc., 1st Lien Term Loan, 05/17/25^(a)(l)		USD 1,050		1,052,625
Spectrum Brands, Inc., 2017 Term Loan B, (2 mo. LIBOR + 2.00%), 4.15%, 06/23/22		1,745		1,742,734

				2,795,359
Independent Power and Renewable Electricity Producers — 2.2%
AES Corporation, 2018 Term Loan B, (3 mo. LIBOR + 1.75%), 4.07%, 05/31/22		1,460		1,458,118
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.48%, 01/15/25		504		502,854
Calpine Corp., Term Loan B6, (3 mo. LIBOR + 2.50% 1.00% Floor), 4.81%, 01/15/23		653		653,450
Compass Power Generation LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.75% 1.00% Floor), 6.05%, 12/20/24		1,147		1,153,813
Dynegy, Inc., 2017 Term Loan C2, (1 mo. LIBOR + 2.50% 1.00% Floor), 4.46%, 02/07/24		2,304		2,303,295


20

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Independent Power and Renewable Electricity Producers (continued)
Granite Acquisition, Inc.:
Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.81%, 12/19/21	USD		1,617	$	1,622,645
Term Loan C, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.80%, 12/19/21			275		276,086
Kestrel Acquisition LLC, 2018 Term Loan B, 05/01/25^(l)			1,045		1,050,883
Nautilus Power LLC, Term Loan B, (1 mo. LIBOR + 4.25% 1.00% Floor), 6.23%, 05/16/24			1,620		1,629,918
Terra-Gen Finance Co. LLC, Term Loan B, (1 mo. LIBOR + 4.25% 1.00% Floor), 6.23%, 12/09/21^(a)			1,522		1,369,814
Vistra Energy Corp., 1st Lien Term Loan B3, 12/01/25^(l)			2,680		2,672,925

					14,693,801
Industrial Conglomerates — 0.7%
Cortes NP Acquisition Corp., 2017 Term Loan B, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.91%, 11/30/23			3,354		3,307,499
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (3 mo. LIBOR + 5.00% 1.00% Floor), 7.07%, 11/28/21			1,568		1,566,463

					4,873,962
Insurance — 2.1%
Alliant Holdings I, Inc., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 4.93%, 05/09/25			1,640		1,638,004
AmWINS Group, Inc.:
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75% 1.00% Floor), 8.73%, 01/25/25			1,122		1,131,818
2017 Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.70%, 01/25/24			909		908,927
AssuredPartners, Inc., 2017 1st Lien Add-On Term Loan, (1 mo. LIBOR + 3.25%), 5.23%, 10/22/24			1,705		1,702,257
Davis Vision, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.98%, 12/02/24			688		684,627
Hub International Limited, 2018 Term Loan B, (2 mo. LIBOR + 3.00%), 5.36%, 04/25/25			2,120		2,115,590
Sedgwick Claims Management Services, Inc.:
1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.73%, 03/01/21			2,482		2,476,939


Security		Par (000)		Value
Insurance (continued)
Sedgwick Claims Management Services, Inc. (continued):
2nd Lien Term Loan, (3 mo. LIBOR + 5.75% 1.00% Floor), 7.80%, 02/28/22	USD		2,360	$	2,360,000
Stratose Intermediate Holdings II LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.23%, 06/22/23			1,124		1,130,120

					14,148,282
Internet & Direct Marketing Retail — 0.2%
Harbor Freight Tools USA, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.48%, 08/18/23			1,491		1,490,035

Internet Software & Services — 1.2%
Go Daddy Operating Company LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%), 4.23%, 02/15/24			2,111		2,116,836
GTT Communications, Inc., 2018 Term Loan B, 04/28/25^(l)			800		789,712
Inmar Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.48%, 05/01/24			801		804,473
Intralinks, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 5.99%, 11/11/24			1,057		1,057,794
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.36%, 11/03/23			1,612		1,599,321
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75% 1.00% Floor), 5.73%, 05/06/24			1,646		1,593,031

					7,961,167
IT Services — 3.9%
Access CIG LLC:
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.73%, 02/27/25			491		492,927
2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%), 9.73%, 02/27/26			207		207,287
Altran Technologies SA, 1st Lien Term Loan, (2 mo. LIBOR + 2.75%), 4.80%, 03/20/25			630		632,048
Blackhawk Network Holdings, Inc, 2018 1st Lien Term Loan, 05/23/25^(l)			1,411		1,411,200
First Data Corp., 2024 Term Loan, (1 mo. LIBOR + 2.00% 1.25% Floor), 3.97%, 04/26/24			6,176		6,171,441


			21

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
IT Services (continued)
Optiv Security, Inc.:
1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.25%, 02/01/24	USD		3,323	$	3,240,067
2nd Lien Term Loan, (1 mo. LIBOR + 7.25% 1.00% Floor), 9.25%, 02/01/25			500		480,000
Peak 10 Holding Corp.:
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.80%, 08/01/24			438		430,821
2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 9.61%, 08/01/25			1,556		1,563,298
TKC Holdings, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 4.25% 1.00% Floor), 6.23%, 02/01/23			1,952		1,961,576
2017 2nd Lien Term Loan, (3 mo. LIBOR + 8.00% 1.00% Floor), 9.98%, 02/01/24			1,504		1,510,588
Trans Union LLC, Term Loan B3, (1 mo. LIBOR + 2.00%), 3.98%, 04/10/23			2,492		2,485,865
Vantiv LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.92%, 10/14/23			788		788,798
VF Holding Corp., Reprice Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.23%, 06/30/23			2,177		2,177,772
WEX, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.25%), 4.23%, 06/30/23			2,279		2,285,594

					25,839,282
Leisure Products — 0.1%
MND Holdings III Corp., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.75% 1.00% Floor), 6.05%, 06/19/24^(a)			804		809,954

Life Sciences Tools & Services — 0.2%
Albany Molecular Research, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.23%, 08/30/24			296		295,291
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00% 1.00% Floor), 8.98%, 08/30/25			75		75,812


Security		Par (000)		Value
Life Sciences Tools & Services (continued)
Parexel International Corp., Term Loan B, (1 mo. LIBOR + 2.75%), 4.73%, 09/27/24	USD		741	$	739,803

					1,110,906
Machinery — 1.3%
Clark Equipment Co., 2018 Term Loan B, (3 mo. LIBOR + 2.00%), 4.30%, 05/18/24			942		940,787
Gardner Denver, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.75%), 5.05%, 07/30/24			1,386		1,390,987
Hayward Industries, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.48%, 08/05/24			901		905,433
Mueller Water Products, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.50%), 4.58%, 11/25/21			551		555,297
Rexnord LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.21%, 08/21/24			659		661,415
Tecomet, Inc., 2017 Repriced Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.41%, 05/01/24			1,849		1,857,909
Titan Acquisition Ltd., 2018 Term Loan B, (2 mo. LIBOR + 3.00%), 5.06%, 03/28/25			2,512		2,492,681

					8,804,509
Media — 7.4%
Altice Financing SA:
2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 5.10%, 01/31/26			1,377		1,350,422
2017 Term Loan B, (3 mo. LIBOR + 2.75%), 5.10%, 07/15/25			259		254,326
Altice US Finance I Corp., 2017 Term Loan, (1 mo. LIBOR + 2.25%), 4.23%, 07/28/25			4,750		4,727,754
CBS Radio, Inc., 2017 Term Loan B, (PRIME + 1.75%), 4.70%, 11/17/24			1,134		1,121,693
Charter Communications Operating LLC:
2017 Term Loan A2, (1 mo. LIBOR + 1.50%), 3.49%, 03/31/23			2,626		2,622,762
2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.99%, 04/30/25			5,003		5,008,894
CSC Holdings LLC:
2017 1st Lien Term Loan, (1 mo. LIBOR + 2.25%), 4.17%, 07/17/25			2,749		2,737,397


22

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Media (continued)
CSC Holdings LLC (continued):
2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.42%, 01/25/26	USD		1,605	$	1,600,987
Getty Images, Inc., Term Loan B, (3 mo. LIBOR + 3.50% 1.25% Floor), 5.80%, 10/18/19			121		117,028
Intelsat Jackson Holdings SA, 2017 Term Loan B4, (1 mo. LIBOR + 4.50% 1.00% Floor), 6.47%, 01/02/24			1,714		1,771,972
Learfield Communications LLC^(a):
2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.24%, 12/01/23			186		186,757
2017 1st Lien Term Loan, 12/01/23^(l)			1,354		1,359,010
Live Nation Entertainment, Inc., Term Loan B3, (1 mo. LIBOR + 1.75%), 3.75%, 10/31/23			597		599,056
MH Sub I LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.68%, 09/13/24			803		802,982
Mission Broadcasting, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.50%), 4.41%, 01/17/24			119		119,002
Nexstar Broadcasting, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.50%), 4.41%, 01/17/24			925		926,681
Numericable Group SA, Term Loan B12, (3 mo. LIBOR + 3.00%), 5.35%, 01/31/26			677		666,431
PSAV Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.22%, 03/01/25			900		896,625
Radiate Holdco LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.98%, 02/01/24			936		921,171
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.99%, 04/11/25			1,901		1,897,763
Sinclair Television Group, Inc., 2017 Term Loan B, 12/12/24^(l)			1,132		1,130,585
Stars Group Holdings B.V. (The), 2018 USD Term Loan B, (3 mo. LIBOR + 3.00%), 5.32%, 04/06/25			3,278		3,278,291
Trader Corp., 2017 Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.30%, 09/28/23			985		983,209
Tribune Media Co., Term Loan C, (1 mo. LIBOR + 3.00%), 4.98%, 01/27/24			3,113		3,109,386
Unitymedia Finance LLC, Term Loan B, (1 mo. LIBOR + 2.25%), 4.17%, 09/30/25			2,300		2,297,539


Security		Par (000)		Value
Media (continued)
Unitymedia Hessen GmbH & Co. KG, 2018 Term Loan B, 05/24/23^(l)	USD		1,085	$	1,083,872
Virgin Media Bristol LLC, 2017 Term Loan, (1 mo. LIBOR + 2.50%), 4.42%, 01/15/26			5,346		5,328,358
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, 05/18/25^(l)			810		804,435
Ziggo Secured Finance Partnership, Term Loan E, (1 mo. LIBOR + 2.50%), 4.42%, 04/15/25			1,295		1,287,204

					48,991,592
Metals & Mining — 0.2%
AMG Advanced Metallurgical Group NV, 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 5.30%, 01/29/25^(a)			1,137		1,144,257
WireCo WorldGroup, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 5.00% 1.00% Floor), 6.98%, 09/30/23			404		406,729

					1,550,986
Multiline Retail — 0.3%
Eyemart Express LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.94%, 08/04/24			930		932,939
Hudson’s Bay Co., 2015 Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.22%, 09/30/22			883		821,818
Neiman Marcus Group, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.17%, 10/25/20			497		440,067

					2,194,824
Oil & Gas Equipment & Services — 0.3%
McDermott Technology Americas, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.00% 1.00% Floor), 6.91%, 05/10/25			1,757		1,770,582

Oil, Gas & Consumable Fuels — 2.7%
BCP Raptor LLC, Term Loan B, (2 mo. LIBOR + 4.25% 1.00% Floor), 6.31%, 06/24/24			2,350		2,289,492
Brazos Delaware II, LLC, Term Loan B, (1 mo. LIBOR + 4.00%), 5.95%, 05/21/25			1,410		1,406,475
California Resources Corp.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 4.75%), 6.70%, 12/31/22			1,922		1,964,438
Second Out Term Loan, (1 mo. LIBOR + 10.38% 1.00% Floor), 12.34%, 12/31/21			1,895		2,123,594


			23

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Chesapeake Energy Corp., Term Loan, (1 mo. LIBOR + 7.50% 1.00% Floor), 9.47%, 08/23/21	USD		2,457	$	2,578,954
CONSOL Energy, Inc.:
1st Lien Term Loan A, (1 mo. LIBOR + 4.50%), 6.58%, 11/26/21^(a)			340		339,575
1st Lien Term Loan B, (1 mo. LIBOR + 6.00% 1.00% Floor), 8.32%, 10/26/22			778		796,763
EG Group Ltd., 2018 Term Loan B, (3 mo. LIBOR + 4.00%), 6.34%, 02/06/25			740		737,536
EWT Holdings III Corp., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.30%, 12/20/24			115		115,444
Lucid Energy Group II LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.93%, 02/17/25^(a)			1,580		1,564,200
Medallion Midland Acquisition LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.23%, 10/30/24^(a)			1,227		1,206,987
Ultra Resources, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.93%, 04/12/24			475		433,947
Vine Oil & Gas LP, Term Loan B, (1 mo. LIBOR + 6.88% 1.00% Floor), 8.86%, 12/12/21^(a)			1,148		1,145,130
Woodford Express LLC, 2018 Term Loan B, (1 mo. LIBOR + 5.00% 1.00% Floor), 6.98%, 01/17/25			1,410		1,361,087

					18,063,622
Personal Products — 0.9%
Clover Merger Sub, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.48%, 09/26/24			3,632		3,210,467
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.75% 1.00% Floor), 9.73%, 09/26/25			1,656		1,277,190
Prestige Brands, Inc., Term Loan B4, (1 mo. LIBOR + 2.00%), 3.98%, 01/26/24			1,412		1,417,250

					5,904,907
Pharmaceuticals — 2.7%
Akorn, Inc., Term Loan B, (1 mo. LIBOR + 4.25% 1.00% Floor), 6.25%, 04/16/21^(a)			1,454		1,413,689


Security		Par (000)		Value
Pharmaceuticals (continued)
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.50%), 5.63%, 05/04/25	USD		3,295	$	3,286,763
Endo Luxembourg Finance Company I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 6.25%, 04/29/24			1,275		1,260,646
Grifols Worldwide Operations USA, Inc., 2017 Acquisition Term Loan, (1 Week LIBOR + 2.25%), 4.00%, 01/31/25			3,175		3,183,945
Jaguar Holding Company II, 2018 Term Loan, (1 mo. LIBOR + 2.50% 1.00% Floor), 4.65%, 08/18/22			3,569		3,565,526
Valeant Pharmaceuticals International, Inc.:
2018 Term Loan B, 05/17/25^(l)			1,050		1,051,712
Series F4 Term Loan B, (1 mo. LIBOR + 3.50%), 5.42%, 04/01/22			3,905		3,909,200

					17,671,481
Professional Services — 1.2%
Cast and Crew Payroll LLC, 2017 1st Lien Term Loan B, (3 mo. LIBOR + 2.75%), 4.68%, 09/27/24			2,244		2,239,619
Information Resources, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 6.57%, 01/18/24			767		770,611
ON Assignment, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.98%, 04/02/25			1,012		1,013,745
PricewaterhouseCoopers LLP, 2018 Term Loan, (3 mo. LIBOR + 3.25%), 5.16%, 05/01/25^(a)			880		884,400
SIRVA Worldwide, Inc., 2016 Term Loan, (3 mo. LIBOR + 6.50% 1.00% Floor), 8.72%, 11/14/22^(a)			1,034		1,038,889
Sterling Infosystems, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.48%, 06/20/22^(a)			1,828		1,818,387

					7,765,651
Real Estate Investment Trusts (REITs) — 1.2%
Capital Automotive LP, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.50% 1.00% Floor), 4.49%, 03/24/24			572		571,456
MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, (1 Week LIBOR + 2.00%), 3.75%, 04/25/23			3,147		3,144,562


24

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Real Estate Investment Trusts (REITs) (continued)
VICI Properties 1 LLC, Replacement Term Loan B, (1 mo. LIBOR + 2.00%), 3.96%, 12/20/24	USD		4,029	$	4,027,145

					7,743,163
Real Estate Management & Development — 1.1%
CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.23%, 04/18/24			3,596		3,594,862
Realogy Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.18%, 02/08/25			2,593		2,604,854
SMG Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.23%, 01/23/25			905		907,643

					7,107,359
Restaurants — 0.1%
KFC Holding Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.69%, 04/03/25			896		899,309

Road & Rail — 0.2%
PODS LLC, Term Loan B3, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.93%, 12/06/24			1,348		1,348,791

Semiconductors & Semiconductor Equipment — 0.6%
Cavium, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.22%, 08/16/22^(a)			521		520,850
Microchip Technology Incorporated, 2018 Term Loan B, 05/29/25^(l)			2,900		2,915,225
ON Semiconductor Corporation, 2018 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 3.73%, 03/31/23			326		326,050

					3,762,125
Software — 8.2%
Almonde, Inc.:
1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.81%, 06/13/24			1,136		1,117,662
2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 9.56%, 06/13/25			108		104,044
Applied Systems, Inc.:
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.30%, 09/19/24			1,929		1,941,386
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00% 1.00% Floor), 9.30%, 09/19/25			470		485,826


Security		Par (000)		Value
Software (continued)
Aptean, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 6.56%, 12/20/22	USD		1,104	$	1,104,126
Barracuda Networks, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.17%, 02/12/25			910		914,168
BMC Software Finance, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.23%, 09/10/22			1,333		1,334,058
Cypress Intermediate Holdings III, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.99%, 04/27/24			1,216		1,217,551
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75% 1.00% Floor), 8.73%, 04/27/25			740		743,241
Dell, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.99%, 09/07/23			1,993		1,990,197
Digicel International Finance Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.61%, 05/28/24			1,163		1,132,229
DTI Holdco, Inc., 2018 Term Loan B, (PRIME + 3.75%), 6.73%, 10/02/23^(a)			1,109		1,104,844
Flexera Software LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.24%, 02/26/25			565		566,836
Hyland Software, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.23%, 07/01/22			1,368		1,377,563
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 8.98%, 07/07/25			675		685,969
Infor (US), Inc., Term Loan B6, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.73%, 02/01/22			2,345		2,343,841
Informatica Corp., 2018 Term Loan, (1 mo. LIBOR + 3.25%), 5.23%, 08/05/22			3,119		3,138,353
IQOR US, Inc., Term Loan B, (3 mo. LIBOR + 5.00% 1.00% Floor), 7.31%, 04/01/21			1,093		1,092,314
Kronos, Inc.:
2017 Term Loan B, (2 mo. LIBOR + 3.00% 1.00% Floor), 5.36%, 11/01/23			2,589		2,599,695
2nd Lien Term Loan, (3 mo. LIBOR + 8.25% 1.00% Floor), 10.61%, 11/01/24			1,175		1,216,125
MA FinanceCo. LLC, Term Loan B3, (1 mo. LIBOR + 2.75%), 4.73%, 06/21/24			278		277,150


			25

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Software (continued)
McAfee LLC, 2017 Term Loan B, (1 mo. LIBOR + 4.50% 1.00% Floor), 6.47%, 09/30/24	USD		1,476	$	1,485,873
Mitchell International, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 5.23%, 11/29/24			3,725		3,723,490
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 9.23%, 11/20/25			1,180		1,186,879
2017 Delayed Draw Term Loan, (1 mo. LIBOR + 3.25%), 5.22%, 11/29/24			300		300,361
Project Alpha Intermediate Holding, Inc., 2017 Term Loan B, (6 mo. LIBOR + 3.50% 1.00% Floor), 5.99%, 04/26/24			775		772,039
Project Leopard Holdings, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.98%, 07/07/23			856		866,402
Renaissance Learning, Inc., 2018 Add On Term Loan, 05/18/25^(l)			605		605,000
Seattle Spinco, Inc., Term Loan B3, (1 mo. LIBOR + 2.75%), 4.73%, 06/21/24			1,879		1,871,661
SolarWinds Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.98%, 02/05/24			3,165		3,175,923
Solera LLC, Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.73%, 03/03/23			2,295		2,300,400
Sophia LP, 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.55%, 09/30/22			1,729		1,730,107
SS&C Technologies Holdings Europe SARL, 2018 Term Loan B4, (1 mo. LIBOR + 2.50%), 4.48%, 04/16/25			876		880,538
SS&C Technologies, Inc.:
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 4.23%, 07/08/22			1,387		1,394,215
2018 Term Loan B3, (1 mo. LIBOR + 2.50%), 4.48%, 04/16/25			2,341		2,352,861
Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 3.00%), 4.98%, 05/01/24			2,794		2,794,474


Security		Par (000)		Value
Software (continued)
Tibco Software, Inc., Repriced Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.49%, 12/04/20	USD		2,206	$	2,212,276

					54,139,677
Specialty Retail — 1.1%
Academy Ltd., 2015 Term Loan B, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.94%, 07/01/22			1,875		1,481,810
Belron Finance US LLC, Term Loan B, (3 mo. LIBOR + 2.50%), 4.86%, 11/07/24			274		275,226
CD&R Firefly Bidco Limited, 2018 GBP Term Loan B1, 05/09/25^(l)	GBP		1,000		1,319,939
Leslie’s Poolmart, Inc., 2016 Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.48%, 08/16/23	USD		424		422,412
Michaels Stores, Inc., 2018 Term Loan B, (3 mo. LIBOR + 2.50% 1.00% Floor), 4.46%, 01/28/23			651		649,586
Party City Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 4.94%, 08/19/22			607		609,026
Petco Animal Supplies, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 5.61%, 01/26/23			499		349,854
Research Now Group, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.86%, 12/20/24			1,177		1,143,704
Staples, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 6.36%, 09/12/24			793		775,602
TruGreen LP, 2017 Term Loan, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.93%, 04/13/23^(a)			199		200,990

					7,228,149
Textiles, Apparel & Luxury Goods — 0.4%
Ascend Performance Materials Operations LLC, Term Loan B, (1 mo. LIBOR + 5.25% 1.00% Floor), 7.31%, 08/12/22			2,462		2,467,285


26

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Textiles, Apparel & Luxury Goods (continued)
Varsity Brands, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.48%, 12/15/24		USD 484	$	486,206

				2,953,491
Thrifts & Mortgage Finance — 0.3%
IG Investment Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.61%, 05/18/25^(a)		2,282		2,288,180

Trading Companies & Distributors — 1.1%
Beacon Roofing Supply, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.18%, 01/02/25		2,357		2,355,563
HD Supply, Inc.:
Term Loan B3, (3 mo. LIBOR + 2.25%), 4.55%, 08/13/21		1,237		1,243,236
Term Loan B4, (3 mo. LIBOR + 2.50%), 4.80%, 10/17/23		1,891		1,900,590
LSF9 Cypress Holdings LLC, 2018 Term Loan B, 05/10/25		1,080		1,080,681
Nexeo Solutions LLC, 2017 Repriced Term Loan, (3 mo. LIBOR + 3.25%), 5.57%, 06/09/23		241		242,316
Oxbow Carbon LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 3.75%), 5.73%, 01/04/23^(a)		382		385,984

				7,208,370
Transportation — 0.4%
Direct ChassisLink, Inc., 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.98%, 06/15/23^(a)		640		649,600
Safe Fleet Acquisition, Corp.:
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.91%, 02/01/25		1,380		1,373,969
2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.75% 1.00% Floor), 8.66%, 02/01/26		735		734,390

				2,757,959
Utilities — 0.1%
ExGen Renewables IV LLC, Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.31%, 11/28/24		991		994,221

Wireless Telecommunication Services — 1.2%
Geo Group, Inc. (The), 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.97%, 03/22/24		1,490		1,489,026


Security	Par (000)		Value
Wireless Telecommunication Services (continued)
Ligado Networks LLC, PIK Exit Term Loan (9.75% PIK), 9.75%, 12/07/20^(f)		USD 7,389	$	6,211,268

				7,700,294

Total Floating Rate Loan Interests — 84.0% (Cost — $559,241,237)				557,409,888


	Beneficial Interest (000)
Other Interests^(m) — 0.0%

Communications Equipment — 0.0%
Avaya, Inc.^(b)		935		—

IT Services — 0.0%
Millennium Corp.^(a)(b)		1,156		—
Millennium Lender Claims^(a)(b)		1,084		—

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


	Par (000)
Preferred Securities — 1.6%

Capital Trusts — 1.3%
ATF Netherlands BV, 3.75%,^(h)(i)		100		118,366
Banco Santander SA, 6.25%^(h)(i)		100		119,512
Bank of America Corp., Series X, 6.25%^(h)(i)		1,100		1,144,242
Citigroup, Inc., Series N, 5.80%,^(h)(i)		1,100		1,130,657
Cooperatieve Rabobank UA, 6.63%^(h)(i)		200		263,885
Credit Agricole SA, 6.50%^(h)(i)		100		127,427
Enel SpA, 7.75% , 09/10/2075^(h)		100		146,288
Erste Group Bank AG, 6.50%^(h)(i)		200		255,452
Gas Natural Fenosa Finance BV, 3.38%^(e)(i)		100		116,241
Goldman Sachs Group, Inc., Series P, 5.00%^(e)(i)		1,910		1,816,410
HBOS Capital Funding LP, 6.85%⁽ⁱ⁾		200		201,920
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 2.56%^(c)(i)		100		75,004
HSBC Holdings PLC, 6.00%^(h)(i)		600		574,500
Intesa Sanpaolo SpA, 7.00%^(h)(i)		400		485,156
JPMorgan Chase & Co., Series V, 5.00%^(h)(i)		780		786,825
National Westminster Bank PLC, Series C, 2.56%^(e)(i)		100		80,400
Origin Energy Finance Ltd., 4.00% , 09/16/2074^(h)		100		120,851


			27

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Capital Trusts (continued)
Repsol International Finance BV, 4.50%, 03/25/75^(h)		USD 100	$	123,686
Royal Bank of Scotland Group PLC, 8.63%^(h)(i)		246		266,221
RWE AG, 2.75% , 04/21/75^(h)		10		11,886
Solvay Finance SA, 5.12%^(h)(i)		100		128,011
Telefonica Europe BV^(h)(i):
3.75%		100		120,295
4.20%		200		243,563
5.00%		100		124,389
UBS Group Funding Switzerland AG, 5.00%^(e)(i)		200		180,222

Total Capital Trusts — 1.3% (Cost — $8,640,141)				8,761,409


	Shares
Preferred Stock — 0.1%

Capital Markets — 0.1%
Goldman Sachs Group, Inc., Series J, 5.50%^(h)(i)		13,562		352,029

Total Preferred Stocks — 0.1% (Cost — $338,750)				352,029


Trust Preferred — 0.2%

Diversified Financial Services — 0.2%
GMAC Capital Trust I, Series 2, (3 mo. LIBOR US + 5.79%), 8.13%, 2/15/40^(h)		59,231		1,546,208

Total Trust Preferred — 0.2% (Cost — $1,547,459)				1,546,208

Total Preferred Securities — 1.6% (Cost — $10,526,350)				10,659,646


Security	Shares		Value
Warrants^(a) — 0.0%

Metals & Mining — 0.0%
AFGlobal Corp. (Expires12/20/20)		5,287	$	—

Software — 0.0%
HMH Holdings/EduMedia (Issued/exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)		3,053		—

Transportation Infrastructure — 0.0%
Turbo Cayman Ltd. (Expires 3/15/18, Strike Price $0.01)		5		—

Total Warrants — 0.0% (Cost — $30)				—

Total Long-Term Investments — 146.1% (Cost — $995,695,614)				969,383,699


Short-Term Securities — 0.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.61%^(n)(o)		1,328,812		1,328,812

Total Short-Term Securities — 0.2% (Cost — $1,328,812)				1,328,812

Options Purchased — 0.0% (Cost — $5,867)				—

Total Investments — 146.3% (Cost — $997,030,293)				970,712,511
Liabilities in Excess of Other Assets — (46.3)%				(307,151,8	)

Net Assets — 100.0%			$	663,560,670


28

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

^(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.

^(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⁾	Perpetual security with no stated maturity date.

^(j)	When-issued security.

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

^(l)	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.

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

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

^(o)	During the period ended May 31, 2018, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated	Shares Held at 02/28/18		Net Activity		Shares Held at 05/31/18		Value at 05/31/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		—		1,328,812		1,328,812	$	1,328,812	$	25,109	$	—	$	—

^(a)

Includes net capital gain distributions, if applicable.

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

CLO — Collateralized Loan Obligation

EUR — Euro

GBP — British Pound

LIBOR — London Interbank Offered Rate

MTN — Medium-Term Note

OTC — Over-the-Counter

PIK — Payment-In-Kind

USD — U.S. Dollar


			29

Schedule of Investments (unaudited) (continued)

May 31, 2018

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)
Long Contracts:
Euro Stoxx 50 Index		1		06/15/18	$40	$	1,051
Euro Stoxx 600 Index		1		06/15/18	9		(791	)

							260

Short Contracts:
Euro Bund		1		06/07/18	155		(1,825	)
10-Year U.S. Treasury Note		2		09/19/18	241		(1,769	)
Long Gilt		1		09/26/18	164		(2,115	)
5-Year U.S. Treasury Note		1		09/28/18	114		297

							(5,412	)

						$	(5,152	)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	10,389,000	USD	12,129,158	Morgan Stanley & Co. International PLC		06/04/18	$	16,109
USD	19,242	EUR	16,000	Goldman Sachs International		06/04/18		537
USD	99,369	EUR	83,000	State Street Bank and Trust Co.		06/04/18		2,338
USD	85,100	EUR	72,000	UBS AG		06/04/18		928
USD	13,795,149	EUR	11,394,000	UBS AG		06/04/18		474,987
USD	3,486,958	GBP	2,533,000	BNP Paribas S.A.		06/04/18		119,713
USD	3,268,045	GBP	2,452,723	BNP Paribas S.A.		07/05/18		2,267

								616,879

EUR	900,000	USD	1,052,289	Goldman Sachs International		06/04/18		(144	)
EUR	150,000	USD	175,583	Natwest Markets PLC		06/04/18		(226	)
GBP	2,452,723	USD	3,262,858	BNP Paribas S.A.		06/04/18		(2,328	)
USD	12,158,454	EUR	10,389,000	Morgan Stanley & Co. International PLC		07/05/18		(16,524	)

								(19,222	)

							$	597,657

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

USD

—


30

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

Centrally Cleared Credit Default Swaps — Sell Protection


Reference Obligation	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	CCC+		USD	620	$	25,400	$	(18,488	)	$	43,888
Dow Jones Markit CDX North America High Yield Index, Series 29, Version 1		5.00	%	Quarterly		12/20/22	BB		USD	14,271		1,084,637		942,720			141,917
Markit CDX North America High Yield Index, Series 30, Version 1		5.00	%	Quarterly		06/20/23	NR		USD	44,969		3,251,928		2,892,666			359,262
Markit iTraxx XO, Series 29, Version 1		5.00	%	Quarterly		06/20/23	NR		EUR	210		23,586		25,931			(2,345	)

											$	4,385,551	$	3,842,829		$	542,722

^(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 — Buy Protection


Reference Obligation	Financing RatePaid by the Fund			Payment Frequency		Counterparty	Termination Date		Notional Amount (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Frontier Communications Corp.		5.00	%		Quarterly	Barclays Bank PLC		06/20/23		USD	236	$	66,345	$	79,931	$	(13,586	)

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	$	2,950		$	3,209		$	(259	)
Casino Guichard Perrachon SA		1.00			Quarterly	J.P. Morgan Chase Bank N.A.		12/20/22	BB+		EUR	50		(5,167	)		(1,985	)		(3,182	)
Jaguar Land Rover Automotive PLC		5.00			Quarterly	Barclays Bank PLC		12/20/22	BB+		EUR	20		2,944			3,694			(750	)
Telecom Italia SpA/Milano		1.00			Quarterly	Citibank N.A.		12/20/22	BB+		EUR	30		(1,126	)		(568	)		(558	)
Casino Guichard Perrachon SA		1.00			Quarterly	BNP Paribas S.A.		06/20/23	BB+		EUR	10		(1,235	)		(1,027	)		(208	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB+		EUR	10		(1,235	)		(1,017	)		(218	)
Deutsche Bank AG		1.00			Quarterly	Goldman Sachs International		06/20/23	BBB-		EUR	50		(1,580	)		(421	)		(1,159	)
Barclays Bank PLC		1.00			Quarterly	Citibank N.A.		06/20/23	BB+		EUR	30		(4,704	)		(4,712	)		8
Intrum AB		5.00			Quarterly	Credit Suisse International		06/20/23	BB+		EUR	20		1,963			2,042			(79	)
Intrum AB		5.00			Quarterly	Credit Suisse International		06/20/23	BB+		EUR	50		4,909			5,404			(495	)
Intrum AB		5.00			Quarterly	Credit Suisse International		06/20/23	BB+		EUR	7		673			827			(154	)
Jaguar Land Rover Automotive PLC		5.00			Quarterly	BNP Paribas S.A.		06/20/23	BB+		EUR	5		729			842			(113	)
Jaguar Land Rover Automotive PLC		5.00			Quarterly	Goldman Sachs International		06/20/23	BB+		EUR	3		437			515			(78	)
TDC A/S		1.00			Quarterly	Goldman Sachs International		06/20/23	BB+		EUR	20		(2,011	)		(1,916	)		(95	)

													$	(2,453	)	$	4,887		$	(7,340	)

^(a)

Using 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.


			31

Schedule of Investments (unaudited) (continued)

May 31, 2018

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.

As of May 31, 2018, 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	$	—	$	62,824,443	$	1,398,175	$	64,222,618
Common Stocks		988,600		96,277		7,245,963		8,330,840
Corporate Bonds		—		318,979,357		9,781,350		328,760,707
Floating Rate Loan Interests		—		521,130,118		36,279,770		557,409,888
Preferred Securities		1,898,237		8,761,409		—		10,659,646
Short-Term Securities		1,328,812		—		—		1,328,812
Unfunded Floating Rate Loan Interests^(a)		—		712		—		712

	$	4,215,649	$	911,792,316	$	54,705,258	$	970,713,223


			32

Schedule of Investments (unaudited) (continued)

May 31, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments^(b)
Assets:
Credit contracts	$	—		$	545,075		$	—	$	545,075
Forward foreign currency contracts		—			616,879			—		616,879
Equity contracts		1,051			—			—		1,051
Interest rate contracts		297			—			—		297
Liabilities:
Credit contracts		—			(23,279	)		—		(23,279	)
Forward foreign currency contracts		—			(19,222	)		—		(19,222	)
Equity contracts		(791	)		—			—		(791	)
Interest rate contracts		(5,709	)		—			—		(5,709	)

	$	(5,152	)	$	1,119,453		$	—	$	1,114,301

^(a)

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

^(b)

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $293,000,000 are categorized as Level 2 within the disclosure hierarchy.

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			Rights			Total
Assets:
Opening balance, as of February 28, 2018	$	3,224,021	$	725,000		$	10,179,073		$	40,446,123		$	37,223		$	54,611,440
Transfers into Level 3^(a)		88,200		1,000,000			—			8,632,794			—			9,720,994
Transfers out of Level 3^(b)		—		(300,000	)		—			(16,473,432	)		—			(16,773,432	)
Accrued discounts/premiums		—		—			—			35,470			—			35,470
Net realized gain (loss)		—		—			—			27,350			29,699			57,049
Net change in unrealized appreciation (depreciation)^(c)		3,662,767		(26,825	)		(404,572	)		(203,457	)		(37,223	)		2,990,690
Purchases		270,975		—			6,849			6,683,212			—			6,961,036
Sales		—		—			—			(2,868,290	)		(29,699	)		(2,897,989	)

Closing balance, as of May 31, 2018	$	7,245,963	$	1,398,175		$	9,781,350		$	36,279,770		$	—		$	54,705,257

Net change in unrealized appreciation (depreciation) on investments still held at May 31, 2018	$	3,662,778	$	(26,825	)	$	(404,573	)	$	(121,211	)	$	—		$	3,110,169

^(a)

As of February 28, 2018, the Fund used observable inputs in determining the value of certain investments. As of May 31, 2018, 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, 2018, the Fund used significant unobservable inputs in determining the value of certain investments. As of May 31, 2018, 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)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at May 31, 2018 is generally due to investments no longer held or categorized as Level 3 at period end.


			33

Schedule of Investments (unaudited) (continued)

May 31, 2018

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 $37,686,240. 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	$	7,162,799		Market		EBITDA Multiple^(a)		6.63x - 8.38x		7.44x
						Liquidity Discount^(b)		8%		—
						Volatility^(b)		28%		—
						Time to Exit^(b)		0.6 years		—
Corporate Bonds		9,781,347		Market		EBITDA Multiple^(a)		6.75x		—
						Liquidity Discount^(b)		8%		—
						Volatility^(a)		28%		—
						Time to Exit^(a)		0.6 years		—
Floating Rate Loan Interests		74,871		Income		Discount Rate^(b)		6%		—

	$	17,019,017

^(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.


34

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: July 19, 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: July 19, 2018


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

Date: July 19, 2018