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: 11/30/2018

Item 1 – Schedule of Investments

Schedule of Investments (unaudited)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks — 0.6%

Chemicals — 0.1%
GEO Specialty Chemicals, Inc.^(a)(b)		3,544,796	$	638,063
LyondellBasell Industries NV, Class A		26		2,426

				640,489
Diversified Financial Services — 0.3%
Kcad Holdings I Ltd.^(a)(b)		1,075,282,733		1,817,228

Health Care Management Services — 0.0%
New Millennium HoldCo, Inc.^(b)		10,718		665

Independent Power and Renewable Electricity Producers — 0.2%
Vistra Energy Corp.^(b)		39,599		929,784

Internet Software & Services — 0.0%
New Holdings LLC^(a)		252		81,900

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

				163
Metals & Mining — 0.0%
Ameriforge Group, Inc.		1,664		98,176

Semiconductors & Semiconductor Equipment — 0.0%
SunPower Corp.^(b)		1,707		11,693

Software — 0.0%
Avaya Holdings Corp.^(b)		37		576


Total Common Stocks — 0.6% (Cost — $21,429,464)				3,580,674

	Par (000)
Asset-Backed Securities — 6.9%

Asset-Backed Securities — 6.9%
ALM XVI Ltd./ALM XVI LLC, Series 2015-16A^(c)(d):
Class BR2, 4.34%, 07/15/27		USD 1,000		996,498
Class CR2, 5.14%, 07/15/27		1,650		1,622,468
Anchorage Capital CLO 5-R, Ltd., Series 2014-5RA, Class C, 4.29%, 01/15/30^(c)(d)		2,000		1,989,707
Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class CR, (3 mo. LIBOR US + 2.40%), 4.84%, 07/15/30^(c)(e)		700		701,224
Anchorage Capital CLO Ltd., Series 2013-1A, Class BR, 4.59%, 10/13/30^(c)(d)		1,000		1,000,286
Apidos CLO XII, Series 2013-12A, Class AR, 3.52%, 04/15/31^(c)(d)		776		775,161


Security	Par (000)		Value
Asset-Backed Securities (continued)
Ares XLIV CLO Ltd., Series 2017-44A^(c)(e):
Class C, (3 mo. LIBOR US + 3.45%), 5.89%, 10/15/29		USD 1,000	$	1,007,080
Class D, (3 mo. LIBOR US + 6.55%), 8.99%, 10/15/29		1,000		1,009,132
Ares XXVII CLO Ltd., Series 2013-2A^(c)(e):
Class CR, (3 mo. LIBOR US + 2.40%), 4.91%, 07/28/29		1,400		1,403,507
Class DR, (3 mo. LIBOR US + 3.75%), 6.26%, 07/28/29		1,000		1,007,463
Benefit Street Partners CLO XII Ltd., Series 2017-12A^(c)(d):
Class B, 4.44%, 10/15/30		1,000		992,436
Class C, 5.49%, 10/15/30		1,250		1,250,695
Carlyle Global Market Strategies CLO Ltd.^(c):
Series 2012-4A, Class DR, (3 mo. LIBOR US + 4.10%), 6.57%, 01/20/29^(e)		1,000		1,003,534
Series 2015-1A, Class CR, (3 mo. LIBOR US + 2.00%), 4.47%, 04/20/27^(e)		1,250		1,251,182
Series 2015-1A, Class E1, (3 mo. LIBOR US + 5.30%), 7.77%, 04/20/27^(e)		1,000		985,141
Series 2015-2A, Class CR, 4.76%, 04/27/27^(d)		250		250,098
Catskill Park CLO Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 3.70%), 6.17%, 04/20/29^(c)(e)		1,000		1,006,715
CBAM 2017-3 Ltd., Series 2017-3A, Class E, 8.95%, 10/17/29^(c)(d)		1,000		1,007,424
Cedar Funding IV CLO Ltd., Series 2014-4A, Class DR, (3 mo. LIBOR US + 3.65%), 6.13%, 07/23/30^(c)(e)		1,500		1,507,523
Dryden Senior Loan Fund, Series 2014-36A, Class DR, (3 mo. LIBOR US + 4.24%), 6.68%, 01/15/28^(c)(e)		1,000		1,004,525
Elevation CLO Ltd., Series 2013-1A, Class CR, (3 mo. LIBOR + 4.68%), 7.30%, 11/15/28^(c)(e)		800		802,605
Greenwood Park CLO Ltd., Series 2018-1A, Class E, 7.39%, 04/15/31^(c)(d)		425		396,596
LCM XV LP, Series 15A^(c)(e):
Class CR, (3 mo. LIBOR US + 2.40%), 4.87%, 07/20/30		2,250		2,257,461
Class DR, (3 mo. LIBOR US + 3.70%), 6.17%, 07/20/30		1,250		1,268,146
LCM XXV Ltd., Series 25A, Class D, (3 mo. LIBOR US + 3.45%), 5.92%, 07/20/30^(c)(e)		1,000		1,005,583


			1

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Asset-Backed Securities (continued)
Madison Park Funding X Ltd., Series 2012-10A, Class DR, (3 mo. LIBOR US + 4.20%), 6.67%, 01/20/29^(c)(e)		USD	1,500	$	1,509,495
Madison Park Funding XVI Ltd., Series 2015-16A, Class D, (3 mo. LIBOR US + 5.50%), 7.97%, 04/20/26^(c)(e)			1,000		979,218
Madison Park Funding XXVII Ltd., Series 2018-27A, Class B, 4.27%, 04/20/30^(c)(d)			1,000		989,284
Neuberger Berman CLO XV Ltd., Series 2013-15A, Class CR, 4.49%, 10/15/29^(c)(d)			1,000		995,498
Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class DR, (3 mo. LIBOR US + 3.65%), 6.12%, 04/22/29^(c)(e)			1,000		1,007,479
Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class CR2, 5.49%, 10/21/30^(c)(d)			1,000		999,788
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class CRR, 4.37%, 01/22/30^(c)(d)			1,500		1,479,064
OZLM Funding IV Ltd., 4.67%, 10/22/30^(c)(d)			1,000		989,958
OZLM Funding Ltd., Series 2012-1A^(c)(e):
Class BR2, (3 mo. LIBOR US + 2.30%), 4.77%, 07/23/29			1,000		1,001,954
Class CR2, (3 mo. LIBOR US + 3.60%), 6.07%, 07/23/29			1,000		1,006,332
Palmer Square CLO Ltd., Series 2015-2A^(c)(e):
Class CR, (3 mo. LIBOR US + 3.70%), 6.17%, 07/20/30			1,200		1,208,122
Class DR, (3 mo. LIBOR US + 6.50%), 8.97%, 07/20/30			1,000		1,007,168
Recette CLO Ltd., Series 2015-1A, Class DR, 5.22%, 10/20/27^(c)(d)			1,000		996,568
Webster Park CLO Ltd., Series 2015-1A, Class CR, 5.37%, 07/20/30^(c)(d)			500		498,913
York CLO 1 Ltd., Series 2014-1A, Class CRR, 4.27%, 10/22/29^(c)(d)			1,500		1,499,853

Total Asset-Backed Securities — 6.9% (Cost — $43,637,269)					43,670,884


Security	Par (000)			Value
Corporate Bonds — 46.3%
Aerospace & Defense — 1.2%
Arconic, Inc.:
5.13%, 10/01/24		USD	510	$	494,700
5.90%, 02/01/27			120		115,200
BBA US Holdings, Inc., 5.38%, 05/01/26^(c)			327		316,373
Bombardier, Inc.^(c):
7.75%, 03/15/20			168		171,150
8.75%, 12/01/21			107		110,344
5.75%, 03/15/22			15		14,250
6.00%, 10/15/22			1,356		1,284,946
6.13%, 01/15/23			1,102		1,046,900
7.50%, 12/01/24			664		631,630
7.50%, 03/15/25			1,787		1,697,650
Koppers, Inc., 6.00%, 02/15/25^(c)			393		351,735
TransDigm UK Holdings PLC, 6.88%, 05/15/26^(c)			693		684,337
TransDigm, Inc.:
6.00%, 07/15/22			407		407,000
6.50%, 07/15/24			609		610,522

					7,936,737
Air Freight & Logistics — 0.0%
XPO Logistics, Inc., 6.50%, 06/15/22^(c)			96		97,680

Airlines — 0.1%
US Airways Pass-Through Trust, Series 2013-1, Class B, 5.38%, 05/15/23			420		430,768

Auto Components — 0.5%
Fiat Chrysler Automobiles NV, 3.75%, 03/29/24		EUR	100		120,864
Fiat Chrysler Finance Europe, 4.75%, 07/15/22			100		124,531
GKN Holdings PLC, 3.38%, 05/12/32		GBP	100		119,839
Goodyear Tire & Rubber Co., 5.00%, 05/31/26		USD	133		121,030
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.25%, 02/01/22			829		842,471
6.38%, 12/15/25			379		374,262
IHO Verwaltungs GmbH ^(f):
(2.75% Cash or 3.50% PIK), 2.75%, 09/15/21		EUR	100		112,644
(3.25% Cash or 4.00% PIK), 3.25%, 09/15/23			100		110,256
(3.75% Cash or 4.50% PIK), 3.75%, 09/15/26			100		109,106
(4.50% Cash or 5.25% PIK), 4.50%, 09/15/23^(c)		USD	214		199,020
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/23^(c)			425		380,376


2

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Auto Components (continued)
Tesla, Inc., 5.30%, 08/15/25^(c)		USD	504	$	435,330
Venture Holdings Co. LLC,^(a)(b)(g) 12.00%, 06/01/09			5,150		—
Series B, 9.50%, 07/01/05			5,125		—
Volvo Car AB, 2.00%, 01/24/25		EUR	100		105,593

					3,155,322

Banks — 0.1%
Allied Irish Banks PLC(5 year EUR Swap + 3.95%), 4.13%, 11/26/25^(h)			100		116,063
Banco BPM SpA, 2.75%, 07/27/20			100		113,458
Banco Espirito Santo SA^(b)(g) :
2.63%, 05/08/17			100		33,963
4.75%, 01/15/19			200		65,096
4.00%, 01/21/19			100		33,397
Bank of Ireland(5 year EUR Swap + 3.55%), 4.25%, 06/11/24^(h)			100		114,214
Bankia SA(5 year EUR Swap + 3.35%), 3.38%, 03/15/27^(h)			100		114,127
CaixaBank SA(5 year EUR Swap + 3.35%), 3.50%, 02/15/27^(h)			100		116,474
CIT Group, Inc., 5.25%, 03/07/25		USD	108		108,518
IKB Deutsche Industriebank AG, 4.00%, 01/31/28^(d)(h)		EUR	100		110,235

					925,545

Beverages — 0.0%
BWAY Holding Co., 4.75%, 04/15/24			100		109,287


Building Products — 0.2%
CPG Merger Sub LLC, 8.00%, 10/01/21^(c)		USD	446		441,540
Masonite International Corp., 5.75%, 09/15/26^(c)			170		160,438
Standard Industries, Inc.^(c):
5.50%, 02/15/23			4		3,925
5.38%, 11/15/24			252		239,400
6.00%, 10/15/25			464		452,400

					1,297,703

Capital Markets — 0.7%
Blackstone CQP Holdco LP^(c):
6.50%, 03/20/21			3,526		3,420,555
6.00%, 08/18/21			576		575,225
Intertrust Group BV, 3.38%, 11/15/25		EUR	100		111,985
Lions Gate Capital Holdings LLC, 5.88%, 11/01/24^(c)		USD	231		232,733
NFP Corp., 6.88%, 07/15/25^(c)			106		100,435

					4,440,933

Chemicals — 2.6%
Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25^(c)			800		768,000


Security	Par (000)			Value

Chemicals (continued)
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25		EUR	100	$	109,889
Axalta Coating Systems LLC, 4.88%, 08/15/24^(c)		USD	660		639,012
Blue Cube Spinco, Inc.:
9.75%, 10/15/23			364		407,294
10.00%, 10/15/25			301		343,892
Chemours Co.:
6.63%, 05/15/23			140		142,100
7.00%, 05/15/25			121		122,513
5.38%, 05/15/27			1,205		1,087,512
GCP Applied Technologies, Inc., 5.50%, 04/15/26^(c)			202		193,415
GEO Specialty Chemicals, Inc., 15.24%, 10/18/25^(a)			7,378		8,072,400
Hexion, Inc., 10.38%, 02/01/22^(c)			14		11,655
Huntsman International LLC, 5.13%, 11/15/22			385		391,934
INEOS Finance PLC, 4.00%, 05/01/23		EUR	100		114,329
Momentive Performance Materials, Inc., 3.88%, 10/24/21		USD	416		445,640
Olin Corp., 5.00%, 02/01/30			281		250,090
Platform Specialty Products Corp.^(c):
6.50%, 02/01/22			1,400		1,426,250
5.88%, 12/01/25			1,002		976,950
PQ Corp.^(c):
6.75%, 11/15/22			509		528,087
5.75%, 12/15/25			507		473,731
PSPC Escrow Corp., 6.00%, 02/01/23		EUR	100		116,472

					16,621,165

Commercial Services & Supplies — 0.7%
ADT Corp.:
3.50%, 07/15/22		USD	124		116,095
4.13%, 06/15/23			272		253,640
4.88%, 07/15/32^(c)			736		581,440
Advanced Disposal Services, Inc., 5.63%, 11/15/24^(c)			310		303,025
Avolon Holdings Funding Ltd., 5.13%, 10/01/23^(c)			411		409,459
Core & Main LP, 6.13%, 08/15/25^(c)			510		465,375
Harland Clarke Holdings Corp., 8.38%, 08/15/22^(c)			740		684,500
KAR Auction Services, Inc., 5.13%, 06/01/25^(c)			258		241,230
Paprec Holding SA, 4.00%, 03/31/25		EUR	100		99,330
Park Aerospace Holdings Ltd.^(c):
5.25%, 08/15/22		USD	32		32,000
5.50%, 02/15/24			136		136,834
United Rentals North America, Inc.:
5.75%, 11/15/24			165		163,969
5.50%, 07/15/25			2		1,946
4.63%, 10/15/25			292		270,377


			3

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Commercial Services & Supplies (continued)
United Rentals North America, Inc. (continued):
5.50%, 05/15/27		USD	662	$	624,763

					4,383,983

Communications Equipment — 0.7%
CommScope Technologies LLC^(c):
6.00%, 06/15/25			105		97,262
5.00%, 03/15/27			19		15,651
CommScope, Inc., 5.50%, 06/15/24^(c)			227		209,385
Zayo Group LLC/Zayo Capital, Inc.:
6.00%, 04/01/23			1,921		1,911,395
6.38%, 05/15/25			92		90,275
5.75%, 01/15/27^(c)			2,120		2,024,600

					4,348,568

Construction & Engineering — 0.3%
Brand Industrial Services, Inc., 8.50%, 07/15/25^(c)			408		360,060
Engility Corp., 8.88%, 09/01/24			468		504,855
frontdoor, Inc., 6.75%, 08/15/26^(c)			298		287,570
Pisces Midco, Inc., 8.00%, 04/15/26^(c)			142		134,900
SPIE SA, 3.13%, 03/22/24		EUR	100		110,750
SRS Distribution, Inc., 8.25%, 07/01/26^(c)		USD	265		249,100
Tutor Perini Corp., 6.88%, 05/01/25^(c)			182		174,720
Weekley Homes LLC/Weekley Finance Corp., 6.63%, 08/15/25			52		48,230

					1,870,185

Construction Materials — 0.5%
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/26^(c)			324		313,875
HD Supply, Inc., 5.38%, 10/15/26^(c)			2,500		2,413,250
Rexel SA, 3.50%, 06/15/23		EUR	130		150,116
Williams Scotsman International, Inc., 6.88%, 08/15/23^(c)		USD	465		456,863

					3,334,104

Consumer Discretionary — 0.3%
Blitz F18-674 GmbH, 6.00%, 07/30/26		EUR	100		110,449
Staples, Inc., 8.50%, 09/15/25^(c)		USD	512		453,120
Viking Cruises Ltd.^(c):
6.25%, 05/15/25			70		69,300
5.88%, 09/15/27			1,325		1,245,500

					1,878,369

Consumer Finance — 1.3%
Ally Financial, Inc.:
5.13%, 09/30/24			516		522,605
8.00%, 11/01/31			1,055		1,231,923
Navient Corp.:
6.63%, 07/26/21			177		178,770


Security	Par (000)			Value

Consumer Finance (continued)
Navient Corp. (continued):
6.50%, 06/15/22		USD	326	$	327,223
5.50%, 01/25/23			195		183,788
7.25%, 09/25/23			10		10,050
5.88%, 10/25/24			134		120,265
6.75%, 06/15/26			695		628,975
5.63%, 08/01/33			260		193,700
Nexi Capital SpA, 3.63%, 05/01/23^(d)		EUR	100		112,644
Refinitiv US Holdings, Inc.:
4.50%, 05/15/26			100		111,795
4.50%, 05/15/26^(c)			855		955,846
6.25%, 05/15/26^(c)		USD	1,623		1,601,698
8.25%, 11/15/26^(c)			645		614,362
Springleaf Finance Corp.:
5.63%, 03/15/23			22		21,175
6.88%, 03/15/25			395		371,794
7.13%, 03/15/26			158		148,520
Verscend Escrow Corp., 9.75%, 08/15/26^(c)			825		794,062

					8,129,195

Containers & Packaging — 0.9%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.63%, 05/15/23^(c)			653		635,042
6.75%, 05/15/24		EUR	125		149,515
7.25%, 05/15/24^(c)		USD	1,677		1,693,770
4.75%, 07/15/27		GBP	100		118,322
BWAY Holding Co., 5.50%, 04/15/24^(c)		USD	108		103,410
Crown Americas LLC/Crown Americas Capital Corp.:
4.75%, 02/01/26^(c)			491		473,226
4.25%, 09/30/26			327		304,110
Mercer International, Inc., 6.50%, 02/01/24			144		143,280
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu^(c):
(3 mo. LIBOR US + 3.50%), 5.94%, 07/15/21^(e)			604		608,470
5.13%, 07/15/23			72		70,290
7.00%, 07/15/24			934		931,665
Sappi Papier Holding GmbH, 4.00%, 04/01/23		EUR	100		115,219
Silgan Holdings, Inc., 3.25%, 03/15/25			100		113,710
Smurfit Kappa Acquisitions ULC, 2.88%, 01/15/26			100		113,669

					5,573,698

Diversified Consumer Services — 0.5%
APX Group, Inc.:
8.75%, 12/01/20		USD	322		308,315


4

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Diversified Consumer Services (continued)
APX Group, Inc. (continued):
7.88%, 12/01/22		USD	436	$	425,917
Ascend Learning LLC, 6.88%, 08/01/25^(c)			11		10,670
Laureate Education, Inc., 8.25%, 05/01/25^(c)			119		127,033
Pinnacle Bidco PLC, 6.38%, 02/15/25		GBP	100		128,062
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23^(c)		USD	1,836		1,946,160

					2,946,157

Diversified Financial Services — 0.4%
Arrow Global Finance PLC(3 mo. Euribor + 2.88%), 2.88%, 04/01/25^(e)		EUR	100		104,201
Banca IFIS SpA, 4.50%, 10/17/27^(d)(h)			100		90,199
Intrum AB, 2.75%, 07/15/22			100		105,003
Jefferies Finance LLC/JFIN Co-Issuer Corp.^(c):
7.38%, 04/01/20		USD	625		627,344
6.88%, 04/15/22			516		514,865
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25^(c)			261		246,645
Travelport Corporate Finance PLC, 6.00%, 03/15/26^(c)			208		204,880
UniCredit SpA:
6.95%, 10/31/22		EUR	100		123,623
(5 year EUR Swap + 4.32%), 4.38%, 01/03/27^(h)			100		110,131
Vantiv LLC/Vanity Issuer Corp.^(c):
3.88%, 11/15/25		GBP	100		121,914
4.38%, 11/15/25		USD	221		205,806
WMG Acquisition Corp., 4.13%, 11/01/24		EUR	90		105,582

					2,560,193

Diversified Telecommunication Services — 1.6%
CenturyLink, Inc.:
Series P, 7.60%, 09/15/39		USD	117		97,110
Series S, 6.45%, 06/15/21			1,679		1,716,777
Series U, 7.65%, 03/15/42			455		378,128
Cincinnati Bell, Inc., 7.00%, 07/15/24^(c)			754		661,164
Embarq Corp., 8.00%, 06/01/36			623		584,841
Frontier Communications Corp.:
10.50%, 09/15/22			376		300,800
11.00%, 09/15/25			2,020		1,424,100
8.50%, 04/01/26^(c)			238		216,002
Level 3 Financing, Inc.:
5.38%, 08/15/22			305		304,237
5.13%, 05/01/23			1,120		1,107,400
5.38%, 01/15/24			646		634,043
5.38%, 05/01/25			758		738,102


Security	Par (000)			Value

Diversified Telecommunication Services (continued)
Level 3 Financing, Inc. (continued):
5.25%, 03/15/26		USD	340	$	328,270
OTE PLC, 3.50%, 07/09/20		EUR	100		116,460
SoftBank Group Corp.:
(5 year USD ICE Swap + 4.85%), 6.88%^(h)(i)		USD	245		207,150
4.00%, 04/20/23		EUR	100		116,201
Telecom Italia Capital SA:
6.38%, 11/15/33		USD	279		248,310
6.00%, 09/30/34			490		418,950
7.72%, 06/04/38			59		57,820
Telecom Italia SpA, 3.25%, 01/16/23		EUR	150		171,196
Telecom Italia SpA/Milano, 2.88%, 01/28/26			100		105,560

					9,932,621

Electric Utilities — 0.0%
AES Corp., 5.50%, 04/15/25		USD	106		106,795
DPL, Inc., 7.25%, 10/15/21			52		55,250
NextEra Energy Operating Partners LP, 4.50%, 09/15/27^(c)			9		8,258
Talen Energy Supply LLC, 6.50%, 06/01/25			45		32,512

					202,815

Electrical Equipment — 0.0%
Orano SA, 4.88%, 09/23/24		EUR	100		115,757


Electronic Equipment, Instruments & Components — 0.1%
CDW LLC/CDW Finance Corp., 5.50%, 12/01/24		USD	712		712,000
Energizer Gamma Acquisition, Inc., 6.38%, 07/15/26^(c)			99		93,060

					805,060

Energy Equipment & Services — 0.7%
Ensco PLC:
4.50%, 10/01/24			64		47,360
5.20%, 03/15/25			463		346,379
7.75%, 02/01/26			168		138,600
Gates Global LLC/Gates Global Co., 6.00%, 07/15/22^(c)			964		959,180
Pioneer Energy Services Corp., 6.13%, 03/15/22			573		456,967
Precision Drilling Corp.:
6.50%, 12/15/21			3		3,164
7.13%, 01/15/26^(c)			30		28,125
Transocean, Inc.:
8.38%, 12/15/21			99		101,104
5.80%, 10/15/22			564		518,880
9.00%, 07/15/23^(c)			714		731,850
Trinidad Drilling Ltd., 6.63%, 02/15/25^(c)			262		263,677


			5

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
Energy Equipment & Services (continued)
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 04/01/26^(c)		USD	412	$	402,215
Weatherford International Ltd.:
7.75%, 06/15/21			156		127,920
6.50%, 08/01/36			266		151,620
5.95%, 04/15/42			141		78,960

					4,356,001
Environmental, Maintenance, & Security Service — 0.1%
Tervita Escrow Corp., 7.63%, 12/01/21^(c)			675		661,500
Waste Pro USA, Inc., 5.50%, 02/15/26^(c)			174		160,080

					821,580
Equity Real Estate Investment Trusts (REITs) — 0.9%
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25^(c)			320		314,800
GEO Group, Inc.:
5.88%, 01/15/22			90		88,268
5.13%, 04/01/23			227		204,868
5.88%, 10/15/24			506		455,400
6.00%, 04/15/26			48		42,600
Hilton Domestic Operating Co., Inc., 5.13%, 05/01/26^(c)			611		597,252
Iron Mountain, Inc., 3.00%, 01/15/25		EUR	100		109,310
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
5.63%, 05/01/24		USD	170		171,675
4.50%, 09/01/26			1,978		1,823,558
4.50%, 01/15/28			697		615,102
MPT Operating Partnership LP/MPT Finance Corp.:
6.38%, 03/01/24			87		90,045
5.00%, 10/15/27			447		424,650
NH Hotel Group SA, 3.75%, 10/01/23		EUR	129		149,152
Starwood Property Trust, Inc., 5.00%, 12/15/21		USD	187		186,743
VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23			264		287,292

					5,560,715
Food & Staples Retailing — 0.1%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:
6.63%, 06/15/24			204		196,605
5.75%, 03/15/25			54		48,195
B&M European Value Retail SA, 4.13%, 02/01/22		GBP	100		125,513


Security	Par (000)			Value
Food & Staples Retailing (continued)
Casino Guichard Perrachon SA, 4.50%, 03/07/24		EUR	200	$	207,746

					578,059
Food Products — 0.4%
Aramark Services, Inc., 5.00%, 02/01/28^(c)		USD	251		238,450
B&G Foods, Inc., 5.25%, 04/01/25			72		68,047
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25^(c)			536		439,520
JBS USA LUX SA/JBS USA Finance, Inc.^(c):
5.88%, 07/15/24			212		208,290
5.75%, 06/15/25			833		805,927
6.75%, 02/15/28			383		371,510
Post Holdings, Inc.^(c):
5.50%, 03/01/25			50		47,688
5.75%, 03/01/27			56		52,500
5.63%, 01/15/28			69		63,998

					2,295,930
Health Care Equipment & Supplies — 1.3%
Avantor, Inc.^(c):
6.00%, 10/01/24			2,094		2,075,678
9.00%, 10/01/25			507		513,971
DJO Finance LLC/DJO Finance Corp., 8.13%, 06/15/21^(c)			1,922		1,994,075
Mallinckrodt International Finance SA/Mallinckrodt CB LLC^(c):
4.88%, 04/15/20			150		148,050
5.75%, 08/01/22			1,141		1,040,022
5.63%, 10/15/23			118		100,890
5.50%, 04/15/25			24		19,020
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/22^(c)			2,459		2,366,787

					8,258,493
Health Care Providers & Services — 2.7%
Acadia Healthcare Co., Inc.:
5.13%, 07/01/22			196		192,080
5.63%, 02/15/23			215		211,416
6.50%, 03/01/24			972		952,560
AHP Health Partners, Inc., 9.75%, 07/15/26^(c)			200		199,500
Centene Corp.:
6.13%, 02/15/24			311		323,409
5.38%, 06/01/26^(c)			1,818		1,829,362
CHS/Community Health Systems, Inc., 8.63%, 01/15/24^(c)			356		361,785
DaVita, Inc., 5.13%, 07/15/24			317		304,716


6

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Health Care Providers & Services (continued)
Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 05/15/22^(c)(f)		USD	242	$	241,698
Encompass Health Corp., 5.75%, 11/01/24			179		178,105
HCA, Inc.:
5.00%, 03/15/24			345		345,863
5.25%, 06/15/26			989		996,418
5.38%, 09/01/26			382		378,180
5.63%, 09/01/28			404		397,435
5.50%, 06/15/47			2,245		2,160,812
MEDNAX, Inc., 5.25%, 12/01/23^(c)			208		205,400
MPH Acquisition Holdings LLC, 7.13%, 06/01/24^(c)			585		583,538
NVA Holdings, Inc., 6.88%, 04/01/26^(c)			168		160,230
Polaris Intermediate Corp., (8.50% Cash), 8.50%, 12/01/2^(c)(f)			875		870,625
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23^(c)			267		278,513
Sotera Health Holdings LLC, 6.50%, 05/15/23^(c)			128		126,080
Surgery Center Holdings, Inc., 8.88%, 04/15/21^(c)			322		326,830
Team Health Holdings, Inc., 6.38%, 02/01/25^(c)			573		472,725
Tenet Healthcare Corp.:
6.00%, 10/01/20			978		997,804
7.50%, 01/01/22^(c)			322		334,075
8.13%, 04/01/22			2,540		2,641,600
4.63%, 07/15/24			257		245,114
6.88%, 11/15/31			44		38,610
Vizient, Inc., 10.38%, 03/01/24^(c)			398		432,825
WellCare Health Plans, Inc., 5.38%, 08/15/26^(c)			337		334,533

					17,121,841

Health Care Technology — 0.0%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25^(c)			198		191,317
IQVIA, Inc., 3.25%, 03/15/25^(c)		EUR	100		111,508

					302,825

Hotels, Restaurants & Leisure — 1.5%
1011778 BC ULC/New Red Finance, Inc., 5.00%, 10/15/25^(c)		USD	1,546		1,453,549
Boyd Gaming Corp., 6.00%, 08/15/26			211		204,142
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/25^(c)			438		401,865
Churchill Downs, Inc., 4.75%, 01/15/28^(c)			94		85,540
Eldorado Resorts, Inc., 6.00%, 09/15/26^(c)			124		119,970


Security	Par (000)			Value

Hotels, Restaurants & Leisure (continued)
Golden Nugget, Inc., 6.75%, 10/15/24^(c)		USD	865	$	849,862
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			2		1,908
IRB Holding Corp., 6.75%, 02/15/26^(c)			221		203,872
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.25%, 06/01/26^(c)			250		245,155
Ladbrokes Group Finance PLC, 5.13%, 09/08/23		GBP	200		260,584
MGM Resorts International:
6.63%, 12/15/21		USD	1,182		1,238,145
7.75%, 03/15/22			508		546,100
New Red Finance, Inc., 4.25%, 05/15/24^(c)			7		6,615
Scientific Games International, Inc.:
10.00%, 12/01/22			1,384		1,434,032
5.00%, 10/15/25^(c)			438		410,034
Six Flags Entertainment Corp., 4.88%, 07/31/24^(c)			1,036		991,970
Station Casinos LLC, 5.00%, 10/01/25^(c)			210		191,888
Unique Pub Finance Co. PLC, Series A4, 5.66%, 06/30/27		GBP	59		82,184
Vue International Bidco PLC, 7.88%, 07/15/20			147		187,254
Wyndham Destinations, Inc.:
5.40%, 04/01/24		USD	21		20,511
5.75%, 04/01/27			206		190,056
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26^(c)			220		211,750
Wynn Macau Ltd., 5.50%, 10/01/27^(c)			400		354,000
Yum! Brands, Inc., 5.35%, 11/01/43			14		12,075

					9,703,061

Household Durables — 0.5%
Algeco Scotsman Global Finance PLC, 8.00%, 02/15/23^(c)			300		294,000
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22^(c)			227		219,339
K Hovnanian Enterprises, Inc., 10.00%, 07/15/22^(c)			229		211,825
Lennar Corp.:
6.63%, 05/01/20			130		134,388
8.38%, 01/15/21			852		916,965
4.88%, 12/15/23			265		259,037
5.25%, 06/01/26			458		438,535
4.75%, 11/29/27			130		119,600
Mattamy Group Corp., 6.50%, 10/01/25^(c)			90		84,488


			7

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Household Durables (continued)
Tempur Sealy International, Inc., 5.50%, 06/15/26		USD	227	$	213,947
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.38%, 06/15/19			325		323,277

					3,215,401

Independent Power and Renewable Electricity Producers — 0.9%
AES Corp.:
6.00%, 05/15/26			356		366,680
5.13%, 09/01/27			736		724,960
Calpine Corp.:
5.38%, 01/15/23			330		312,675
5.88%, 01/15/24^(c)			88		88,000
5.75%, 01/15/25			360		331,200
5.25%, 06/01/26^(c)			2,129		1,979,970
Clearway Energy Operating LLC:
5.38%, 08/15/24			136		128,860
5.75%, 10/15/25^(c)			247		237,737
NRG Energy, Inc.:
6.63%, 01/15/27			1,022		1,041,081
5.75%, 01/15/28			298		290,550
TerraForm Power Operating LLC, 5.00%, 01/31/28^(c)			222		198,757
Vistra Energy Corp.:
7.38%, 11/01/22			231		239,662
7.63%, 11/01/24			134		142,375

					6,082,507

Industrial Conglomerates — 0.3%
BWX Technologies, Inc., 5.38%, 07/15/26^(c)			141		136,770
Colfax Corp., 3.25%, 05/15/25		EUR	100		105,323
Vertiv Group Corp., 9.25%, 10/15/24^(c)		USD	1,479		1,434,630

					1,676,723

Insurance — 0.5%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 8.25%, 08/01/23^(c)			1,578		1,604,637
Assicurazioni Generali SpA^(h):
(3 mo. Euribor + 7.11%), 7.75%, 12/12/42		EUR	100		127,936
(3 mo. Euribor + 5.35%), 5.50%, 10/27/47			100		113,481
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.00%, 01/23/27			100		126,908
HUB International Ltd., 7.00%, 05/01/26^(c)		USD	667		635,317
Nationstar Mortgage Holdings, Inc.^(c):
8.13%, 07/15/23			387		390,870
9.13%, 07/15/26			200		202,375


Security	Par (000)			Value

Insurance (continued)
USIS Merger Sub, Inc., 6.88%, 05/01/25^(c)		USD	23	$	21,850

					3,223,374

Internet Software & Services — 0.4%
Equinix, Inc.:
2.88%, 03/15/24		EUR	100		113,736
5.88%, 01/15/26		USD	797		808,955
Netflix, Inc.:
5.88%, 11/15/28^(c)			548		540,273
4.63%, 05/15/29		EUR	100		111,229
Rackspace Hosting, Inc., 8.63%, 11/15/24^(c)		USD	183		154,635
Sabre GLBL, Inc., 5.25%, 11/15/23^(c)			221		219,343
Symantec Corp., 5.00%, 04/15/25^(c)			180		174,192
Uber Technologies, Inc., 7.50%, 11/01/23^(c)			130		127,075
United Group BV, 4.38%, 07/01/22		EUR	126		141,515

					2,390,953

IT Services — 1.1%
Banff Merger Sub, Inc.:
8.38%, 09/01/26			100		109,791
9.75%, 09/01/26^(c)		USD	1,759		1,655,659
First Data Corp.^(c):
7.00%, 12/01/23			2,023		2,093,805
5.75%, 01/15/24			2,906		2,916,897
Gartner, Inc., 5.13%, 04/01/25^(c)			137		135,116
InterXion Holding NV, 4.75%, 06/15/25		EUR	100		116,552
WEX, Inc., 4.75%, 02/01/23^(c)		USD	243		240,011

					7,267,831

Leisure Products — 0.1%
Mattel, Inc., 6.75%, 12/31/25^(c)			450		424,125


Machinery — 0.4%
Platin 1426 GmbH, 5.38%, 06/15/23		EUR	109		115,754
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25^(c)		USD	265		251,419
SPX FLOW, Inc.^(c):
5.63%, 08/15/24			359		346,435
5.88%, 08/15/26			209		199,595
Terex Corp., 5.63%, 02/01/25^(c)			1,070		984,721
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26^(c)			611		501,020

					2,398,944

Media — 7.1%
Altice Financing SA^(c):
6.63%, 02/15/23			612		604,350
7.50%, 05/15/26			200		188,000


8

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Media (continued)
Altice France SA^(c):
7.38%, 05/01/26		USD	1,139	$	1,093,440
8.13%, 02/01/27			1,939		1,900,220
Altice Luxembourg SA, 7.75%, 05/15/22^(c)			1,390		1,323,975
AMC Networks, Inc., 4.75%, 08/01/25			612		569,184
Cablevision Systems Corp., 8.00%, 04/15/20			502		522,080
CBS Radio, Inc., 7.25%, 11/01/24^(c)			31		29,683
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.13%, 02/15/23			380		377,150
4.00%, 03/01/23^(c)			208		198,058
5.13%, 05/01/27^(c)			3,403		3,224,342
5.00%, 02/01/28^(c)			56		52,150
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25			1,300		1,291,046
Clear Channel International BV, 8.75%, 12/15/20^(c)			762		779,145
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22			5,684		5,759,747
Series B, 7.63%, 03/15/20			1,993		1,990,509
CSC Holdings LLC:
5.38%, 07/15/23^(c)			1,307		1,297,197
5.25%, 06/01/24			742		704,900
7.75%, 07/15/25^(c)			1,345		1,408,861
6.63%, 10/15/25^(c)			400		415,952
10.88%, 10/15/25^(c)			2,849		3,283,472
5.50%, 05/15/26^(c)			1,817		1,759,651
7.50%, 04/01/28^(c)			893		919,772
Series 144#, 5.13%, 12/15/21^(c)			330		328,763
Series 144S, 5.13%, 12/15/21^(c)			1,153		1,148,676
DISH DBS Corp.:
6.75%, 06/01/21			10		10,163
5.88%, 07/15/22			2,125		2,026,719
5.00%, 03/15/23			281		245,875
7.75%, 07/01/26			364		322,140
DKT Finance ApS, 7.00%, 06/17/23		EUR	142		170,998
eircom Finance DAC, 4.50%, 05/31/22			100		115,078
Gray Escrow, Inc., 7.00%, 05/15/27^(c)		USD	251		254,790
Hughes Satellite Systems Corp., 5.25%, 08/01/26			713		664,872
Intelsat Jackson Holdings SA:
5.50%, 08/01/23			323		285,048
8.50%, 10/15/24^(c)			1,068		1,057,427
9.75%, 07/15/25^(c)			1,628		1,680,910
MDC Partners, Inc., 6.50%, 05/01/24^(c)			490		416,500
Meredith Corp., 6.88%, 02/01/26^(c)			378		386,505
Midcontinent Communications/Midcontinent Finance Corp., 6.88%, 08/15/23^(c)			463		479,205


Security	Par (000)			Value

Media (continued)
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22^(c)		USD	848	$	829,259
Sirius XM Radio, Inc., 5.00%, 08/01/27^(c)			243		228,420
TEGNA, Inc., 5.13%, 10/15/19			115		115,069
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28^(c)			600		549,000
Telenet Finance VI Luxembourg SCA, 4.88%, 07/15/27		EUR	90		109,051
Telesat Canada/Telesat LLC, 8.88%, 11/15/24^(c)		USD	399		425,932
Tribune Media Co., 5.88%, 07/15/22			899		910,237
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 3.50%, 01/15/27		EUR	100		117,372
Univision Communications, Inc.^(c):
5.13%, 05/15/23		USD	381		356,711
5.13%, 02/15/25			166		151,412
UPCB Finance IV Ltd., 5.38%, 01/15/25^(c)			200		191,876
Videotron Ltd., 5.13%, 04/15/27^(c)			270		255,825
Virgin Media Finance PLC, 5.75%, 01/15/25^(c)			722		685,900
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24		GBP	200		246,246
Virgin Media Secured Finance PLC, 4.88%, 01/15/27			100		121,755
Ziggo Bond Co. BV, 7.13%, 05/15/24		EUR	100		119,363
Ziggo BV, 5.50%, 01/15/27^(c)		USD	150		139,688

					44,839,669

Metals & Mining — 2.2%
Alcoa Nederland Holding BV^(c):
7.00%, 09/30/26			270		280,125
6.13%, 05/15/28			200		195,000
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25^(c)			317		323,340
Constellium NV^(c):
5.75%, 05/15/24			250		233,750
6.63%, 03/01/25			300		287,250
5.88%, 02/15/26			926		840,345
First Quantum Minerals Ltd., 7.25%, 05/15/22^(c)			235		227,069
Freeport-McMoRan, Inc.:
4.00%, 11/14/21			804		782,895
3.55%, 03/01/22			875		832,344
3.88%, 03/15/23			1,905		1,774,031
4.55%, 11/14/24			439		407,721
5.40%, 11/14/34			1,084		910,560
5.45%, 03/15/43			1,585		1,295,738
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23^(c)			342		342,855


			9

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Metals & Mining (continued)
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22^(c)		USD	482	$	513,330
Novelis Corp.^(c):
6.25%, 08/15/24			1,893		1,874,070
5.88%, 09/30/26			392		365,540
Schmolz&Bickenbach Luxembourg Finance SA, 5.63%, 07/15/22		EUR	100		111,849
Steel Dynamics, Inc.:
5.25%, 04/15/23		USD	295		294,631
5.50%, 10/01/24			138		137,655
Teck Resources Ltd.:
5.20%, 03/01/42			750		661,020
5.40%, 02/01/43			507		451,230
United States Steel Corp.:
6.88%, 08/15/25			274		258,785
6.25%, 03/15/26			394		360,262

					13,761,395

Multiline Retail — 0.0%
Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/21^(c)			526		255,110


Oil, Gas & Consumable Fuels — 5.8%
Antero Resources Corp., 5.00%, 03/01/25			712		676,400
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(c):
10.00%, 04/01/22			226		238,995
7.00%, 11/01/26			190		178,125
Berry Petroleum Co. LLC, 7.00%, 02/15/26^(c)			59		56,049
California Resources Corp., 8.00%, 12/15/22^(c)			674		516,452
Carrizo Oil & Gas, Inc.:
6.25%, 04/15/23			321		305,752
8.25%, 07/15/25			393		399,877
Cheniere Corpus Christi Holdings LLC:
7.00%, 06/30/24			642		691,755
5.88%, 03/31/25			750		772,500
5.13%, 06/30/27			587		568,656
Cheniere Energy Partners LP:
5.63%, 10/01/26^(c)			623		605,867
Series WI, 5.25%, 10/01/25			96		93,480
Chesapeake Energy Corp.:
6.63%, 08/15/20			406		407,015
4.88%, 04/15/22			244		226,920
7.00%, 10/01/24			1,048		974,640
8.00%, 01/15/25			330		317,625
7.50%, 10/01/26			184		170,660
8.00%, 06/15/27			792		752,400
CNX Resources Corp., 5.88%, 04/15/22			3,578		3,501,967


Security	Par (000)			Value

Oil, Gas & Consumable Fuels (continued)
CONSOL Energy, Inc., 11.00%, 11/15/25^(c)		USD	573	$	640,327
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25^(c)			513		484,785
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 04/01/23			90		89,325
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(c)			546		510,510
DCP Midstream Operating LP:
4.75%, 09/30/21^(c)			318		317,205
5.38%, 07/15/25			276		276,345
6.45%, 11/03/36^(c)			250		250,000
6.75%, 09/15/37^(c)			226		227,695
DEA Finance SA, 7.50%, 10/15/22		EUR	100		118,598
Denbury Resources, Inc., 9.25%, 03/31/22^(c)		USD	514		512,715
Diamond Offshore Drilling, Inc.:
7.88%, 08/15/25			184		164,220
4.88%, 11/01/43			617		364,030
Diamondback Energy, Inc.:
4.75%, 11/01/24			104		101,010
4.75%, 11/01/24^(c)			440		427,350
5.38%, 05/31/25			270		266,962
Endeavor Energy Resources LP/EER Finance, Inc.^(c):
5.50%, 01/30/26			564		579,510
5.75%, 01/30/28			111		114,053
EnLink Midstream Partners LP:
4.40%, 04/01/24			356		339,626
4.15%, 06/01/25			40		36,203
4.85%, 07/15/26			346		315,832
5.05%, 04/01/45			80		60,817
5.45%, 06/01/47			169		134,804
Ensco PLC, 5.75%, 10/01/44			342		210,330
EP Energy LLC/Everest Acquisition Finance, Inc.:
9.38%, 05/01/20			20		18,600
9.38%, 05/01/24^(c)			639		351,450
7.75%, 05/15/26^(c)			634		610,225
Extraction Oil & Gas, Inc.^(c):
7.38%, 05/15/24			164		144,320
5.63%, 02/01/26			658		513,240
Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25			62		56,110
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21^(c)			119		109,480
Gulfport Energy Corp.:
6.63%, 05/01/23			215		208,550
6.00%, 10/15/24			152		139,080


10

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26^(c)		USD 144	$	139,680
Jagged Peak Energy LLC, 5.88%, 05/01/26^(c)		14		13,405
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26^(c)		161		155,768
Matador Resources Co., 5.88%, 09/15/26^(c)		574		545,300
MEG Energy Corp.^(c):
6.38%, 01/30/23		229		213,543
6.50%, 01/15/25		885		902,700
Nabors Industries, Inc., 5.75%, 02/01/25		380		308,274
Newfield Exploration Co., 5.38%, 01/01/26		244		243,085
NGPL PipeCo LLC^(c):
4.88%, 08/15/27		434		414,470
7.77%, 12/15/37		452		519,800
Noble Holding International Ltd.:
7.75%, 01/15/24		206		180,250
7.88%, 02/01/26^(c)		1,220		1,137,650
5.25%, 03/15/42		118		75,520
Pacific Drilling First Lien Escrow Issuer Ltd., 8.38%, 10/01/23		773		761,405
Parsley Energy LLC/Parsley Finance Corp.^(c):
5.38%, 01/15/25		165		157,988
5.63%, 10/15/27		749		711,550
PDC Energy, Inc.:
6.13%, 09/15/24		98		94,080
5.75%, 05/15/26		76		70,870
QEP Resources, Inc.:
6.88%, 03/01/21		88		92,290
5.38%, 10/01/22		730		726,350
5.25%, 05/01/23		37		35,335
5.63%, 03/01/26		798		731,167
Range Resources Corp.:
5.88%, 07/01/22		561		553,987
5.00%, 03/15/23		125		117,891
4.88%, 05/15/25		18		16,290
Resolute Energy Corp., 8.50%, 05/01/20		639		644,112
Rowan Cos., Inc., 4.88%, 06/01/22		449		404,100
Sanchez Energy Corp.:
7.75%, 06/15/21		1,727		505,147
7.25%, 02/15/23^(c)		226		193,230
SESI LLC:
7.13%, 12/15/21		180		170,100
7.75%, 09/15/24		265		236,513
Seven Generations Energy Ltd., 6.88%, 06/30/23^(c)		457		457,000
SM Energy Co.:
5.00%, 01/15/24		774		718,852


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
SM Energy Co. (continued):
5.63%, 06/01/25		USD 107	$	98,173
6.75%, 09/15/26		30		28,800
Southwestern Energy Co.:
6.20%, 01/23/25		292		279,955
7.50%, 04/01/26		253		254,898
7.75%, 10/01/27		436		440,883
Sunoco LP/Sunoco Finance Corp.:
4.88%, 01/15/23		201		195,975
5.50%, 02/15/26		96		91,440
5.88%, 03/15/28		151		142,884
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50%, 01/15/28^(c)		780		766,350
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.88%, 04/15/26^(c)		410		407,950
5.00%, 01/15/28		482		445,469
Transocean Guardian Ltd., 5.88%, 01/15/24^(c)		189		184,275
Transocean Pontus Ltd., 6.13%, 08/01/25^(c)		226		220,350
Transocean, Inc., 7.25%, 11/01/25^(c)		340		314,500
Whiting Petroleum Corp., 6.63%, 01/15/26		147		141,488
WPX Energy, Inc., 8.25%, 08/01/23		400		437,000


				36,846,534

Paper & Forest Products — 0.0%
International Paper Co., 7.30%, 11/15/39		5		5,888


Pharmaceuticals — 1.5%
Bausch Health Cos., Inc.:
5.63%, 12/01/21^(c)		180		179,775
6.50%, 03/15/22^(c)		742		765,032
5.50%, 03/01/23^(c)		1,575		1,521,844
4.50%, 05/15/23		EUR 340		377,216
5.88%, 05/15/23^(c)		USD 602		586,198
7.00%, 03/15/24^(c)		1,166		1,219,927
6.13%, 04/15/25^(c)		649		609,216
5.50%, 11/01/25^(c)		302		296,715
9.00%, 12/15/25^(c)		209		220,495
Charles River Laboratories International, Inc., 5.50%, 04/01/26^(c)		154		154,000
Elanco Animal Health, Inc.^(c):
4.27%, 08/28/23		141		139,933
4.90%, 08/28/28		151		151,895
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23^(c)		1,201		1,190,491
MEDNAX, Inc., 6.25%, 01/15/27^(c)		92		91,632
Nidda BondCo GmbH, 7.25%, 09/30/25^(j)		EUR 100		110,271


			11

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
Rossini Sarl, 6.75%, 10/30/25		EUR 168	$	190,250
Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24^(c)		USD 468		491,400
Synlab Bondco PLC, 6.25%, 07/01/22		EUR 100		116,049
Synlab Unsecured Bondco PLC, 8.25%, 07/01/23		100		119,568
Valeant Pharmaceuticals International, 8.50%, 01/31/27^(c)		USD 606		627,210
Valeant Pharmaceuticals International, Inc., 9.25%, 04/01/26^(c)		231		245,943


				9,405,060

Real Estate Management & Development — 0.1%
ADLER Real Estate AG:
4.75%, 04/08/20		EUR 24		27,459
2.13%, 02/06/24		100		107,099
Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (c)		USD 218		207,100
Howard Hughes Corp., 5.38%, 03/15/25^(c)		283		268,143
Residomo SRO, 3.38%, 10/15/24		EUR 100		112,010


				721,811

Road & Rail — 0.2%
CMA CGM SA, 5.25%, 01/15/25		100		94,416
EC Finance PLC, 2.38%, 11/15/22		100		111,138
Herc Rentals, Inc.^(c):
7.50%, 06/01/22		USD 126		131,985
7.75%, 06/01/24		112		118,364
Hertz Corp., 7.63%, 06/01/22^(c)		544		534,480
Hertz Holdings Netherlands BV, 5.50%, 03/30/23		EUR 100		112,627
Loxam SAS, 3.50%, 05/03/23		100		114,356
United Rentals North America, Inc., 5.88%, 09/15/26		USD 83		80,614


				1,297,980

Semiconductors & Semiconductor Equipment — 0.1%
Advanced Micro Devices, Inc., 7.50%, 08/15/22		200		217,750
Sensata Technologies BV, 5.00%, 10/01/25^(c)		267		256,988


				474,738

Software — 1.6%
CDK Global, Inc., 4.88%, 06/01/27		749		698,443
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho, 10.00%, 11/30/24^(c)		813		878,040


Security	Par (000)		Value

Software (continued)
Infor Software Parent LLC/Infor Software Parent, Inc., (7.13% Cash or 7.88% PIK), 7.13%, 05/01/21^(c)(f)		USD 1,686	$	1,681,785
Infor US, Inc., 6.50%, 05/15/22		1,397		1,390,015
Nuance Communications, Inc., 6.00%, 07/01/24		835		830,825
PTC, Inc., 6.00%, 05/15/24		312		320,580
RP Crown Parent LLC, 7.38%, 10/15/24^(c)		475		481,531
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24^(c)		1,990		2,144,225
TIBCO Software, Inc., 11.38%, 12/01/21^(c)		1,466		1,552,127
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 02/01/23^(c)		369		330,090


				10,307,661

Specialty Retail — 0.2%
Asbury Automotive Group, Inc., 6.00%, 12/15/24		741		721,549
Group 1 Automotive, Inc., 5.25%, 12/15/23^(c)		69		66,757
Hexion, Inc., 6.63%, 04/15/20		78		64,448
L Brands, Inc.:
6.88%, 11/01/35		386		326,894
6.75%, 07/01/36		109		90,742
Penske Automotive Group, Inc., 5.75%, 10/01/22		113		113,565
PVH Corp., 3.13%, 12/15/27		EUR 107		115,637
Tendam Brands SAU, 5.00%, 09/15/24		100		104,436


				1,604,028

Technology Hardware, Storage & Peripherals — 0.4%
Dell International LLC/EMC Corp.^(c):
7.13%, 06/15/24		USD 1,277		1,334,720
6.02%, 06/15/26		245		247,676
8.35%, 07/15/46		385		424,382
Western Digital Corp., 4.75%, 02/15/26		594		543,510


				2,550,288

Textiles, Apparel & Luxury Goods — 0.0%
SMCP Group SAS, 5.88%, 05/01/23		EUR 49		57,221


Thrifts & Mortgage Finance — 0.1%
Bracken MidCo1 PLC, 8.88%, 10/15/23 (f)		GBP 100		121,423
Jerrold Finco PLC, 6.25%, 09/15/21		100		126,890


12

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Thrifts & Mortgage Finance (continued)
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 03/15/22^(c)		USD 169	$	167,310

				415,623
Utilities — 0.1%
ContourGlobal Power Holdings SA, 3.38%, 08/01/23		EUR 100		108,104
Vistra Operations Co. LLC, 5.50%, 09/01/26^(c)		USD 225		221,344

				329,448
Wireless Telecommunication Services — 2.3%
Digicel Group Ltd., 8.25%, 09/30/20^(c)		222		147,630
Digicel Ltd., 6.00%, 04/15/21^(c)		2,074		1,845,860
Matterhorn Telecom SA, 3.88%, 05/01/22		EUR 100		111,042
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 02/15/25^(c)		USD 380		342,000
SBA Communications Corp., 4.88%, 09/01/24		1,366		1,325,225
Sprint Capital Corp.:
6.90%, 05/01/19		270		273,037
8.75%, 03/15/32		168		182,490
Sprint Communications, Inc., 7.00%, 03/01/20^(c)		1,497		1,547,524
Sprint Corp.:
7.88%, 09/15/23		2,071		2,179,106
7.13%, 06/15/24		3,630		3,684,450
7.63%, 02/15/25		265		272,619
7.63%, 03/01/26		1,110		1,137,750
T-Mobile USA, Inc.:
6.38%, 03/01/25		292		300,395
6.50%, 01/15/26		429		445,087
4.50%, 02/01/26		218		204,582
4.75%, 02/01/28		465		430,613
Wind Tre SpA, 3.13%, 01/20/25		EUR 100		100,757

				14,530,167

Total Corporate Bonds — 46.3% (Cost — $315,893,040)			294,176,829


Floating Rate Loan Interests (e) — 94.8%
Aerospace & Defense — 1.1%
Accudyne Industries LLC, 2017 Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.34%, 08/18/24		USD 1,568		1,542,791
Atlantic Aviation FBO, Inc., 2018 Term Loan B, 1.00%, 11/29/25^(a)(k)		1,375		1,371,562
DAE Aviation Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.09%, 07/07/22		485		483,268


Security	Par (000)		Value
Aerospace & Defense (continued)
TransDigm, Inc., 2018 Term Loan F, (1 mo. LIBOR + 2.50%), 4.84%, 06/09/23		USD 3,528	$	3,434,959
WP CPP Holdings LLC, 2018 Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.28%, 04/30/25		375		371,719

				7,204,299
Auto Components — 0.1%
USI, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.39%, 05/16/24		767		747,110

Automobiles — 0.1%
CH Hold Corp., 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.34%, 02/01/24		881		875,370

Banks — 0.1%
Capri Finance LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 5.78%, 11/01/24^(a)		466		458,312

Beverages — 0.1%
Jacobs Douwe Egberts International BV, 2018 USD Term Loan B, (3 mo. LIBOR + 2.00%), 4.56%, 11/01/25^(a)		840		833,434

Building Materials — 0.3%
Allied Universal HoldCo LLC, 2015 Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.14%, 07/28/22		682		666,609
Foundation Building Materials LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.56%, 08/13/25^(a)		693		677,674
USAGM HoldCo LLC, 2015 2nd Lien Term Loan, (1 mo. LIBOR + 8.50%, 1.00% Floor), 10.84%, 07/28/23		395		390,063

				1,734,346
Building Products — 0.7%
Continental Building Products LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.00%), 4.34%, 08/18/23		369		361,949
CPG International, Inc., 2017 Term Loan, (6 mo. LIBOR + 3.75%, 1.00% Floor), 6.25%, 05/05/24		1,440		1,421,850
Jeld-Wen, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.00%), 4.39%, 12/14/24		938		928,533


			13

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Building Products (continued)
Wilsonart LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.64%, 12/19/23		USD 1,854	$	1,822,336

				4,534,668

Capital Markets — 1.1%
Duff & Phelps Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.59%, 02/13/25		483		475,819
EIG Management Co. LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.06%, 02/22/25		1,568		1,572,428
Fortress Investment Group LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.34%, 12/27/22		1,374		1,359,800
Greenhill & Co., Inc., 1st Lien Term Loan, (2 mo. LIBOR + 3.75%, 1.00% Floor), 6.21%, 10/12/22		1,394		1,391,958
RPI Finance Trust, Term Loan B6, (3 mo. LIBOR + 2.00%), 4.39%, 03/27/23		2,000		1,980,361


				6,780,366

Chemicals — 4.3%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.39%, 01/31/24		3,844		3,822,678
Axalta Coating Systems US Holdings, Inc., Term Loan, (3 mo. LIBOR + 1.75%), 4.14%, 06/01/24		978		960,925
Charter NEX US Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.09%, 05/16/24		1,338		1,310,298
Chemours Co. (The), 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.10%, 04/03/25		1,611		1,589,767
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.84%, 06/28/24		655		653,412
Encapsys LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.59%, 11/07/24		995		986,712
Evergreen Acqco 1 LP, Term Loan, (3 mo. LIBOR + 3.75%), 6.22%, 07/09/19		195		186,751
Invictus US LLC :
1st Lien Term Loan, (2 mo. LIBOR + 3.00%), 5.50%, 03/28/25		1,500		1,488,925
2nd Lien Term Loan, (2 mo. LIBOR + 6.75%), 9.25%, 03/25/26		390		388,537


Security	Par (000)		Value

Chemicals (continued)
MacDermid, Inc.:
Term Loan B6, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.34%, 06/07/23		USD 1,687	$	1,685,778
Term Loan B7, (1 mo. LIBOR + 2.50%, 1.00% Floor)4.84%, 06/07/20		311		310,285
Messer Industries LLC, 2018 USD Term Loan, 1.00%, 10/01/25^(k)		5,119		5,039,041
Oxea Holding Drei GmbH, 2017 Term Loan B2, (3 mo. LIBOR + 3.50%), 5.94%, 10/11/24^(a)		3,293		3,251,462
PQ Corp., 2018 Term Loan B, (3 mo. LIBOR + 2.50%), 5.03%, 02/08/25		1,391		1,371,606
Starfruit Finco BV :
2018 EUR Term Loan B, (6 mo. EURIBOR + 3.75%), 3.75%, 10/01/25		EUR 750		847,853
2018 USD Term Loan B, (1 mo. LIBOR + 3.25%), 5.55%, 10/01/25		USD 1,723		1,697,155
Tata Chemicals North America, Inc., Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 5.19%, 08/07/20^(a)		526		520,443
Vectra Co., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.59%, 03/08/25		902		886,851


				26,998,479

Commercial Services & Supplies — 5.7%
Advanced Disposal Services, Inc., Term Loan B3, (1 Week LIBOR + 2.25%), 4.47%, 11/10/23		1,872		1,851,655
Asurion LLC :
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 8.84%, 08/04/25		2,364		2,407,332
2017 Term Loan B4, (1 mo. LIBOR + 3.00%), 5.34%, 08/04/22		1,825		1,806,619
2018 Term Loan B6, (1 mo. LIBOR + 3.00%), 5.34%, 11/03/23		1,655		1,636,419
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 5.34%, 11/03/24		2,724		2,693,526
Camelot UK Holdco Ltd., 2017 Repriced Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.59%, 10/03/23		2,358		2,330,132
Catalent Pharma Solutions, Inc., Term Loan B, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.59%, 05/20/24		1,517		1,505,296
Creative Artists Agency LLC, 2018 Term Loan B, (3 mo. LIBOR + 2.00%), 5.30%, 02/15/24		1,278		1,266,707


14

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Services & Supplies (continued)
Dealer Tire LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.65%, 12/22/21		USD 64	$	63,725
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.14%, 05/09/25^(a)		488		473,144
Garda World Security Corp., 2017 Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.82%, 05/24/24		852		842,825
GFL Environmental, Inc., 2018 USD Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.39%, 05/30/25		3,365		3,270,376
Harland Clarke Holdings Corp., Term Loan, (3 mo. LIBOR + 4.75%, 1.00% Floor), 7.14%, 11/03/23		783		719,234
KAR Auction Services, Inc., Term Loan B5, (3 mo. LIBOR + 2.50%), 4.94%, 03/09/23		1,128		1,117,363
Multi Color Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 4.34%, 10/31/24		915		901,529
Prime Security Services Borrower LLC, 2016 1st Lien Term Loan, (3 mo. LIBOR + 2.75%, 1.00% Floor), 5.09%, 05/02/22		2,155		2,129,213
Verisure Holding AB, EUR Term Loan B1E, (EURIBOR + 3.00%), 3.00%, 10/20/22		EUR 1,000		1,116,421
Verscend Holding Corp., 2018 Term Loan B, (1 mo. LIBOR + 4.50%), 6.84%, 08/27/25		USD 6,663		6,651,924
West Corp., 2017 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.53%, 10/10/24		2,169		2,082,162
West Corporation, 2018 Term Loan B1, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.03%, 10/10/24		1,437		1,397,804


				36,263,406

Communications Equipment — 1.0%
Avantor, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.07%, 11/21/24		3,835		3,828,771
Avaya, Inc., 2018 Term Loan B, (1 mo. LIBOR + 4.25%), 6.61%, 12/15/24		1,527		1,504,314
Ciena Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.30%, 09/26/25		649		646,164
CommScope, Inc., Term Loan B5, (1 mo. LIBOR + 2.00%), 4.35%, 12/29/22		216		212,523


Security	Par (000)		Value

Communications Equipment (continued)
Securus Technologies Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.84%, 11/01/24		USD 18	$	18,079


				6,209,851

Construction & Engineering — 1.4%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 6.73%, 06/21/24		5,599		5,499,716
Engility Corp., Term Loan B1, (1 mo. LIBOR + 2.25%), 4.59%, 08/12/20		128		127,503
Pike Corp., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.85%, 03/23/25		987		984,295
Ply Gem Midco, Inc., 2018 Term Loan, (3 mo. LIBOR + 3.75%), 6.18%, 04/12/25		535		522,962
SRS Distribution, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.59%, 05/23/25		1,024		984,702
USIC Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.59%, 12/08/23		1,031		1,011,087


				9,130,265

Construction Materials — 1.3%
Core & Main LP, 2017 Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.53%, 08/01/24^(a)		2,350		2,320,607
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.34%, 03/29/25		4,592		4,552,894
GYP Holdings III Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.09%, 06/01/25		510		491,219
Xella International GmbH, 2017 EUR Term Loan B, (1 mo. Euribor + 4.00%), 4.00%, 04/11/24		EUR 1,000		1,124,741


				8,489,461

Containers & Packaging — 1.1%
Berry Global, Inc., Term Loan Q, (1 mo. LIBOR + 2.00%), 4.32%, 10/01/22		USD 3,032		2,994,131
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.66%, 04/03/24		2,189		2,125,214


			15

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Containers & Packaging (continued)
Flex Acquisition Co., Inc., 2018 Incremental Term Loan, (1 mo. LIBOR + 3.25%), 5.55%, 06/29/25		USD 1,617	$	1,590,749


				6,710,094

Distributors — 0.9%
American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.34%, 10/31/23		2,287		2,228,401
TriMark USA LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.85%, 08/28/24		3,942		3,682,070


				5,910,471

Diversified Consumer Services — 3.4%
AI Aqua Merger Sub, Inc., 2017 1st Lien Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.59%, 12/13/23		1,340		1,323,783
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.34%, 07/12/24		817		805,863
Bright Horizons Family Solutions, Inc., 2017 Term Loan B, (3 mo. LIBOR + 0.75%), 4.09%, 11/07/23		1,559		1,551,195
CHG PPC Parent LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.09%, 03/31/25^(a)		658		649,298
Equian LLC, Add on Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.57%, 05/20/24		1,972		1,957,353
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 6.14%, 07/12/25		1,501		1,487,866
J.D. Power and Associates, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.09%, 09/07/23		1,955		1,950,175
Nomad Foods Europe Midco Ltd., 2017 Term Loan B4, (1 mo. LIBOR + 2.25%), 4.56%, 05/15/24		1,402		1,373,257
Serta Simmons Bedding LLC,:
1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor) 5.81%, 11/08/23		2,228		1,964,137
2nd Lien Term Loan, (1 mo. LIBOR + 8.00%, 1.00% Floor) 10.32%, 11/08/24		862		641,526
ServiceMaster Co., 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 4.84%, 11/08/23		918		915,314
Spin Holdco, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.69%, 11/14/22		2,347		2,297,194


Security	Par (000)		Value

Diversified Consumer Services (continued)
Uber Technologies, 2018 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.32%, 04/04/25		USD 1,232	$	1,216,514
Wand Intermediate I LP, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.39%, 09/17/21		1,500		1,488,750
Weight Watchers International, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.75%), 7.15%, 11/29/24		1,761		1,762,562


				21,384,787

Diversified Financial Services — 1.8%
AlixPartners LLP, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.09%, 04/04/24		4,198		4,150,871
CRCI Longhorn Holdings, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.82%, 08/08/25^(a)		627		621,514
Edelman Financial Center LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 5.69%, 07/21/25		858		849,960
EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 6.39%, 02/07/25		1,851		1,827,518
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.84%, 07/03/24^(a)		1,524		1,516,977
LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.84%, 09/06/25		1,121		1,102,784
Oryx Southern Delaware Holdings LLC, Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.59%, 02/28/25		639		616,280
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (2 mo. LIBOR + 4.25%), 6.77%, 07/30/25^(a)		625		617,187


				11,303,091

Diversified Telecommunication Services — 3.7%
CenturyLink, Inc. :
2017 Term Loan A, (1 mo. LIBOR + 2.75%), 5.09%, 11/01/22		1,539		1,526,581
2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.09%, 01/31/25		3,419		3,318,304
Frontier Communications Corp., Delayed Draw Term Loan A, (1 mo. LIBOR + 2.75%), 5.10%, 03/31/21		2,637		2,518,640
Hargray Communications Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.34%, 05/16/24		1,070		1,059,562


16

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Diversified Telecommunication Services (continued)
Level 3 Financing, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.56%, 02/22/24		USD 2,685	$	2,649,540
MTN Infrastructure TopCo, Inc, 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.34%, 11/15/24		765		759,021
Sprint Communications, Inc. :
1st Lien Term Loan B, (1 mo. LIBOR + 2.50%), 4.88%, 02/02/24		1,962		1,934,212
2018 Term Loan B, 1.00%, 02/02/24^(k)		2,149		2,128,864
TDC A/S, Term Loan, (1 week EURIBOR + 3.50%), 3.50%, 06/04/25		EUR 819		924,176
Telenet Financing USD LLC, Term Loan AN, (1 mo. LIBOR + 2.25%), 4.56%, 08/15/26		USD 4,625		4,539,114
Telesat Canada, Term Loan B4, (3 mo. LIBOR + 2.50%), 4.89%, 11/17/23		667		651,794
Virgin Media Investment Holdings Ltd., Term Loan L, (LIBOR - GBP + 3.25%), 3.98%, 01/15/27		GBP 1,400		1,757,994

				23,767,802
Electric Utilities — 0.4%
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Term Loan, 1.00%, 11/10/19^(a)		USD 2,375		—
Vistra Energy Corp., 1st Lien Term Loan B3, (1 mo. LIBOR + 2.00%), 4.31%, 12/31/25		2,673		2,631,543

				2,631,543
Electrical Equipment — 0.9%
AL Alpine AT Bidco GmbH, 2018 Term Loan B, 1.00%, 09/30/25^(a)(k)		841		826,283
EXC Holdings III Corp., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.89%, 12/02/24		869		861,924
Gates Global LLC, 2017 Repriced Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.09%, 04/01/24		3,192		3,135,764


Security	Par (000)		Value
Electrical Equipment (continued)
MLN US HoldCo LLC, 2018 1st Lien Term Loan, 1.00%, 07/11/25^(k)		USD 1,034	$	1,032,066

				5,856,037
Electronic Equipment, Instruments & Components — 0.3%
GrafTech Finance, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.84%, 02/12/25^(a)		1,669		1,645,928

Energy Equipment & Services — 0.8%
Gavilan Resources LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%, 1.00% Floor), 8.31%, 03/01/24		1,451		1,228,298
Ocean Rig UDW, Inc., Term Loan, (Fixed + 8.00%), 8.00%, 09/20/24		140		147,262
Pioneer Energy Services Corp., Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 10.06%, 11/08/22^(a)		770		783,475
Seadrill Partners Finco LLC, Term Loan B, (3 mo. LIBOR + 6.00%, 1.00% Floor), 8.39%, 02/21/21		851		727,342
Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 1.42%), 3.78%, 07/13/20		641		626,703
Woodford Express LLC, 2018 Term Loan B, (1 mo. LIBOR + 5.00%, 1.00% Floor), 7.34%, 01/17/25		1,403		1,382,495

				4,895,575
Equity Real Estate Investment Trusts (REITs) — 1.3%
Capital Automotive LP, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 4.85%, 03/24/24		569		559,722
Iron Mountain, Inc., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.09%, 01/02/26		1,008		985,637
MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, (1 mo. LIBOR + 2.00%), 4.34%, 03/21/25		3,131		3,071,196
VICI Properties 1 LLC, Replacement Term Loan B, (1 mo. LIBOR + 2.00%), 4.31%, 12/20/24		4,029		3,959,531

				8,576,086
Food & Staples Retailing — 1.3%
Albertsons LLC, Term Loan B7, (3 mo. LIBOR + 3.00%), 5.45%, 11/17/25		1,887		1,844,606
Hearthside Food Solutions LLC :
2018 Incremental Term Loan, 1.00%, 05/31/25^(k)		1,351		1,334,113
2018 Term Loan B, (1 mo. LIBOR + 3.68%), 6.03%, 05/23/25		700		680,393


			17

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Food & Staples Retailing (continued)
Hostess Brands LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%), 4.70%, 08/03/22		USD 1,787	$	1,740,039
US Foods, Inc., 2016 Term Loan B, (1 mo. LIBOR + 2.00%), 4.34%, 06/27/23		2,965		2,927,341

				8,526,492
Food Products — 1.3%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.05%, 10/01/25		689		687,849
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.84%, 10/10/23		3,535		3,320,280
JBS USA LLC, 2017 Term Loan B, (3 mo. LIBOR + 2.50%), 4.84%, 10/30/22		1,940		1,912,566
Reynolds Group Holdings, Inc., 2017 Term Loan, (1 mo. LIBOR + 2.75%), 5.09%, 02/05/23		2,167		2,138,303

				8,058,998
Gas Utilities — 0.2%
AL Midcoast Holdings LLC, 2018 Term Loan B, (2 mo. LIBOR + 5.50%), 7.89%, 07/31/25		1,525		1,494,108
Health Care Equipment & Supplies — 2.8%
CryoLife, Inc., Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.64%, 11/14/24^(a)		1,732		1,723,253
DJO Finance LLC, 2015 Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.62%, 06/08/20		6,751		6,736,512
Immucor, Inc., Extended Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.39%, 06/15/21^(a)		4,129		4,139,741
Ortho-Clinical Diagnostics SA, 2018 Term Loan B, (3 mo. LIBOR + 3.25%), 5.58%, 06/30/25		5,573		5,428,611

				18,028,117
Health Care Providers & Services — 4.5%
AHP Health Partners, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.84%, 06/30/25		857		851,857
CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.46%, 06/07/23		2,742		2,732,157


Security	Par (000)		Value
Health Care Providers & Services (continued)
Concentra, Inc. :
2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.07%, 06/01/22		USD 1,780	$	1,758,871
2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 1.00% Floor), 8.82%, 06/01/23		1,650		1,652,063
DaVita HealthCare Partners, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 5.09%, 06/24/21		858		854,893
DentalCorp Perfect Smile ULC, :
1st Lien Delayed Draw Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor) 4.82%, 06/06/25		185		83,820
1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor) 6.09%, 06/06/25		740		734,429
Diplomat Pharmacy, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.85%, 12/20/24		995		992,562
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.09%, 10/10/25		4,315		4,141,623
Gentiva Health Services, Inc.^(a):
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.13%, 07/02/25		1,173		1,170,284
2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 9.38%, 07/02/26		320		321,620
HCA, Inc., 2018 Term Loan B10, (1 mo. LIBOR + 2.00%), 4.34%, 03/13/25		960		956,574
LGC Science Holdings Ltd., USD Term Loan B3, 1.00%, 03/08/23^(k)		1,000		990,000
Lifescan Global Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 6.00%), 8.40%, 09/27/24		404		387,000
MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 5.14%, 06/07/23		1,923		1,885,209
National Mentor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.00%), 5.39%, 01/31/21		659		655,587
nThrive, Inc., 2016 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.84%, 10/20/22		1,303		1,303,737
NVA Holdings, Inc., Term Loan B3, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.09%, 02/02/25		2,463		2,399,388
ScribeAmerica Intermediate Holdco LLC, 2018 Term Loan, (1 mo. LIBOR + 4.50%), 6.81%, 04/03/25		1,286		1,274,748


18

Schedule of Investments (unaudited) (continued)

November 30, 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), 5.09%, 02/06/24		USD 1,114	$	1,037,504
Universal Hospital Services, Inc., Term Loan, 1.00%, 10/18/25^(a)(k)		790		786,050
Vizient, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.09%, 02/13/23		450		447,425
WP CityMD Bidco LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.89%, 06/07/24		911		900,800


				28,318,201

Health Care Services — 0.2%
Sound Inpatient Physicians :
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.34%, 06/27/25		751		747,129
2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 9.09%, 06/26/26		418		418,000


				1,165,129

Health Care Technology — 0.8%
Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.09%, 03/01/24		2,353		2,323,014
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.32%, 10/10/25		494		490,705
Press Ganey Holdings, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.09%, 10/23/23		1,808		1,786,094
Quintiles IMS, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 4.39%, 03/07/24		279		275,886


				4,875,699

Hotels, Restaurants & Leisure — 5.1%
Aristocrat Technologies, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 1.75%), 4.22%, 10/19/24		1,232		1,211,110
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.25%), 4.48%, 09/15/23		1,048		1,028,062
Bronco Midstream Funding LLC, Term Loan B, (1 mo. LIBOR + 3.50%), 5.82%, 08/14/23		443		438,398
Burger King Newco Unlimited Liability Co., Term Loan B3, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.59%, 02/16/24		3,318		3,249,038


Security	Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 5.09%, 12/22/24		USD 2,329	$	2,285,358
CCM Merger, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 4.59%, 08/08/21		724		720,472
CEC Entertainment, Inc., Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.60%, 02/14/21		696		664,576
ESH Hospitality, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.34%, 08/30/23		1,747		1,725,378
Four Seasons Hotels Ltd., 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 4.34%, 11/30/23		211		208,635
GVC Holdings PLC, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 4.84%, 03/29/24		930		923,934
Hilton Worldwide Finance LLC, Term Loan B2, (1 mo. LIBOR + 1.75%), 4.07%, 10/25/23		740		732,519
IRB Holding Corp., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.57%, 02/05/25		3,105		3,068,945
KFC Holding Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.05%, 04/03/25		892		883,271
Lakeland Tours LLC, 2017 1st Lien Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.33%, 12/15/24		1,039		1,031,956
Marriott Ownership Resorts, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.59%, 08/29/25		1,346		1,340,118
Penn National Gaming, Inc., 2018 1st Lien Term Loan B, (3 mo. LIBOR + 2.25%), 4.58%, 10/15/25		649		642,783
Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.09%, 04/29/24		1,830		1,765,879
Sabre GLBL, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.34%, 02/22/24		1,211		1,191,144
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 5.22%, 08/14/24		1,311		1,274,998
Stars Group Holdings BV, 2018 Incremental Term Loan, (3 mo. LIBOR + 3.50%), 5.89%, 07/10/25		6,966		6,933,222


			19

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Tackle Sarl, 2017 EUR Term Loan, 1.00%, 08/08/22^(k)		EUR 1,000	$	1,128,206

				32,448,002
Household Products — 0.5%
Energizer Holdings, Inc., 2018 Term Loan B, 1.00%, 06/20/25^(a)(k)		USD 750		731,250
SIWF Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 6.55%, 06/15/25		1,047		1,030,355
Spectrum Brands, Inc., 2017 Term Loan B, (2 mo. LIBOR + 2.00%), 4.43%, 06/23/22		1,737		1,714,676

				3,476,281
Independent Power and Renewable Electricity Producers — 0.8%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.84%, 01/15/25		501		491,943
Calpine Corp., Term Loan B6, (3 mo. LIBOR + 2.50%), 4.89%, 01/15/23		650		638,035
Compass Power Generation LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.84%, 12/20/24		1,138		1,138,634
Granite Acquisition, Inc.,:
Term Loan B, (3 mo. LIBOR + 3.50% ,1.00% Floor) 5.90%, 12/19/21		1,612		1,602,541
Term Loan C, (3 mo. LIBOR + 3.50%, 1.00% Floor) 5.89%, 12/19/21		197		195,529
Terra-Gen Finance Co. LLC, Term Loan B, (1 mo. LIBOR + 4.25%, 1.00% Floor), 6.60%, 12/09/21^(a)		877		706,479

				4,773,161
Industrial Conglomerates — 0.8%
Cortes NP Acquisition Corp., 2017 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.71%, 11/30/23^(a)		3,539		3,423,665
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.41%, 11/28/21		1,560		1,523,460

				4,947,125
Insurance — 3.5%
Achilles Acquisition LLC, 2018 Term Loan, (1 mo. LIBOR + 4.00%), 6.38%, 10/03/25		705		701,475
Alliant Holdings I, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.06%, 05/09/25		1,636		1,604,822


Security	Par (000)		Value
Insurance (continued)
AmWINS Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.09%, 01/25/24		USD 2,639	$	2,613,089
AssuredPartners, Inc., 2017 1st Lien Add-On Term Loan, (1 mo. LIBOR + 3.25%), 5.59%, 10/22/24		1,858		1,821,684
Davis Vision, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.34%, 12/02/24		685		672,628
Hub International Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 5.49%, 04/25/25		1,741		1,708,001
Sedgwick Claims Management Services, Inc. :
1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.09%, 03/01/21		2,469		2,441,698
2018 Term Loan B, 1.00%, 12/31/25^(k)		6,984		6,905,430
2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 1.00% Floor), 8.09%, 02/28/22		2,360		2,357,050
Stratose Intermediate Holdings II LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.59%, 06/22/23		1,118		1,113,717

				21,939,594
Internet & Direct Marketing Retail — 0.2%
Harbor Freight Tools USA, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.84%, 08/18/23		1,471		1,422,332

Internet Software & Services — 1.2%
Go Daddy Operating Co. LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%), 4.59%, 02/15/24		2,100		2,075,708
Inmar Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.84%, 05/01/24		797		791,615
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.58%, 11/03/23		1,604		1,465,463
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.09%, 05/06/24		1,438		1,396,030
Web.com Group, Inc., 2018 Term Loan B, (3 mo. LIBOR + 3.75%), 6.17%, 10/10/25		939		928,436


20

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Internet Software & Services (continued)
ZPG PLC, 2018 Term Loan B, (LIBOR—GBP + 4.75%), 5.49%, 06/30/25	GBP		1,000	$	1,267,089

					7,924,341
IT Services — 4.2%
Access CIG LLC :
2018 1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 6.46%, 02/27/25	USD		489		487,648
2018 2nd Lien Delayed Draw Term Loan, (UNFND + 7.75%), 10.46%, 02/27/26			11		11,075
2018 2nd Lien Incremental Term Loan, (3 mo. LIBOR + 7.75%), 10.46%, 02/27/26			13		12,935
2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%), 10.46%, 02/27/26			207		205,607
2018 Delayed Draw Term Loan, (UNFND + 3.75%), 3.75%, 02/27/25			61		—
2018 Incremental Term Loan, (3 mo. LIBOR + 3.75%), 6.46%, 02/27/25			58		57,595
Altran Technologies SA, 1st Lien Term Loan,(3 mo. LIBOR + 2.25%), 4.59%, 03/20/25			627		623,716
Evertec Group LLC, 2018 Term Loan B, 1.00%, 11/27/24 (k)			1,080		1,073,250
First Data Corp., 2024 Term Loan, (1 mo. LIBOR + 2.00%), 4.32%, 04/26/24			6,176		6,056,200
Flexential Intermediate Corp., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 5.89%, 08/01/24			1,632		1,576,466
Global Payments, Inc. :
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 4.09%, 04/21/23			975		966,771
2018 Term Loan B4, 1.00%, 10/17/25 (k)			325		322,020
Greeneden US Holdings II LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.59%, 12/01/23			1,413		1,398,542
Optiv Security, Inc.,:
1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor) 5.59%, 02/01/24			2,106		2,005,794
2nd Lien Term Loan, (1 mo. LIBOR + 7.25%,1.00% Floor) 9.59%, 02/01/25			300		288,375
Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 9.79%, 08/01/25			1,556		1,491,426


Security		Par (000)		Value
IT Services (continued)
TKC Holdings, Inc.,:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor) 6.10%, 02/01/23	USD		1,942	$	1,906,363
2017 2nd Lien Term Loan, (1 mo. LIBOR + 8.00%, 1.00% Floor) 10.35%, 02/01/24			1,504		1,490,840
Trans Union LLC :
2018 Term Loan B4, (1 mo. LIBOR + 2.00%), 4.34%, 06/19/25			1,304		1,291,164
Term Loan B3, (1 mo. LIBOR + 2.00%), 4.34%, 04/10/23			2,479		2,449,619
Vantiv LLC, 2018 1st Lien Term Loan B3, (1 mo. LIBOR + 1.75%), 4.06%, 10/14/23			644		638,460
WEX, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.25%), 4.59%, 06/30/23			2,268		2,247,269

					26,601,135
Leisure Products — 0.1%
MND Holdings III Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.89%, 06/19/24^(a)			800		797,875
Life Sciences Tools & Services — 0.1%
Albany Molecular Research, Inc., :
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor) 5.59%, 08/30/24			295		290,984
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 1.00% Floor) 9.34%, 08/30/25			75		75,094

					366,078
Machinery — 1.4%
Clark Equipment Co., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.38%, 05/18/24			812		797,796
Gardner Denver, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.09%, 07/30/24			1,112		1,104,272
Hayward Industries, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.84%, 08/05/24			896		885,197
Tecomet, Inc., 2017 Repriced Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.82%, 05/01/24			1,439		1,429,464
Titan Acquisition Ltd., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.34%, 03/28/25			3,584		3,359,481


			21

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Machinery (continued)
Welbilt, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.84%, 10/23/25	USD		1,213	$	1,202,608

					8,778,818
Media — 8.2%
Altice Financing SA :
2017 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.05%, 01/31/26			1,370		1,317,832
2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.05%, 07/15/25			258		249,565
Altice France SA, 2018 Term Loan B13, (1 mo. LIBOR + 4.00%), 6.31%, 08/14/26			5,612		5,338,238
Charter Communications Operating LLC :
2017 Term Loan A2, (1 mo. LIBOR + 1.50%), 3.85%, 03/31/23			2,560		2,546,765
2017 Term Loan B, (1 mo. LIBOR + 2.00%), 4.35%, 04/30/25			4,978		4,920,969
CSC Holdings LLC :
2017 1st Lien Term Loan, (1 mo. LIBOR + 2.25%), 4.56%, 07/17/25			1,964		1,930,131
2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.81%, 01/25/26			1,597		1,571,599
Getty Images, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 5.84%, 10/18/19			120		119,108
Gray Television, Inc., 2018 Term Loan C, 1.00%, 10/30/25^(k)			1,720		1,703,522
Intelsat Jackson Holdings SA, 2017 Term Loan B4, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.82%, 01/02/24			1,801		1,832,900
Learfield Communications LLC (a):
2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.60%, 12/01/23			185		183,965
2017 1st Lien Term Loan, 1.00%, 12/01/23^(k)			1,354		1,345,471
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.59%, 03/24/25			1,325		1,306,047
Live Nation Entertainment, Inc., Term Loan B3, (1 mo. LIBOR + 1.75%), 4.13%, 10/31/23			594		591,449
Meredith Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.09%, 01/31/25			1,051		1,045,085
MH Sub I LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.06%, 09/13/24			799		790,359


Security		Par (000)		Value
Media (continued)
Mission Broadcasting, Inc., 2018 Term Loan B3, 1.00%, 01/17/24^(k)	USD		230	$	227,646
Nexstar Broadcasting, Inc., 2018 Term Loan B3, 1.00%, 01/17/24^(k)			1,328		1,312,220
Numericable Group SA, Term Loan B12, (1 mo. LIBOR + 3.68%), 5.99%, 01/31/26			674		632,155
PSAV Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.70%, 03/01/25			1,175		1,150,327
Radiate Holdco LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.34%, 02/01/24			931		912,423
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.34%, 09/28/23			3,193		3,177,257
Tribune Media Co., Term Loan C, (1 mo. LIBOR + 3.00%), 5.34%, 01/27/24			3,113		3,099,019
Unitymedia Finance LLC :
Term Loan B, (1 mo. LIBOR + 2.25%), 4.56%, 09/30/25			2,300		2,274,700
USD Term Loan D, (1 mo. LIBOR + 2.25%), 4.56%, 01/15/26			160		158,240
Unitymedia Hessen GmbH & Co. KG, 2018 Term Loan E, (1 mo. LIBOR + 2.00%), 4.31%, 06/01/23			933		923,260
Univision Communications, Inc., Term Loan C5, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.09%, 03/15/24			841		782,524
Virgin Media Bristol LLC, 2017 Term Loan, (1 mo. LIBOR + 2.50%), 4.81%, 01/15/26			5,346		5,274,150
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (2 mo. LIBOR + 2.75%), 5.28%, 05/18/25			2,677		2,624,574
Ziggo Secured Finance Partnership, Term Loan E, (1 mo. LIBOR + 2.50%), 4.81%, 04/15/25			2,898		2,827,651

					52,169,151
Metals & Mining — 0.2%
AMG Advanced Metallurgical Group N.V., 2018 Term Loan B, (2 mo. LIBOR + 3.00%), 5.50%, 02/01/25			717		710,632
Ball Metalpack LLC, 2018 1st Lien Term Loan B, (1 mo. LIBOR + 4.50%), 6.84%, 07/24/25^(a⁾			766		762,250


22

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Metals & Mining (continued)
Preferred Proppants LLC, Term Loan B2, (3 mo. LIBOR + 7.75%), 10.14%, 07/27/20^(a)	USD		263	$	105,291

					1,578,173
Multiline Retail — 0.3%
Eyemart Express LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.31%, 08/04/24^(a)			926		907,137
Hudson’s Bay Co., 2015 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.59%, 09/30/22			573		557,843
Neiman Marcus Group, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.57%, 10/25/20			495		428,218

					1,893,198
Oil & Gas Equipment & Services — 0.3%
Kestrel Acquisition LLC, 2018 Term Loan B, (1 mo. LIBOR + 4.25%, 1.00% Floor), 6.60%, 06/02/25			337		334,671
McDermott Technology Americas, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 1.00% Floor), 7.34%, 05/10/25			1,973		1,890,991

					2,225,662
Oil, Gas & Consumable Fuels — 1.9%
BCP Raptor II LLC, 1st Lien Term Loan, (2 mo. LIBOR + 4.75%), 7.14%, 11/03/25			1,422		1,382,895
BCP Raptor LLC, Term Loan B, (2 mo. LIBOR + 4.25%, 1.00% Floor), 6.64%, 06/24/24			1,710		1,647,093
California Resources Corp., :
2017 1st Lien Term Loan, (1 mo. LIBOR + 4.75%, 1.00% Floor) 7.07%, 12/31/22			1,922		1,933,206
Second Out Term Loan, (1 mo. LIBOR + 10.37%,1.00% Floor) 12.72%, 12/31/21			1,895		2,016,602
CONSOL Energy, Inc. :
1st Lien Term Loan A, (1 mo. LIBOR + 4.25%), 6.60%, 11/26/21^(a)			295		295,000
1st Lien Term Loan B, (1 mo. LIBOR + 6.00%, 1.00% Floor), 8.35%, 11/28/22			774		777,046
EG Group Ltd., 2018 USD Term Loan B, (3 mo. LIBOR + 4.00%), 6.39%, 02/07/25			736		727,096


Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Lucid Energy Group II LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.31%, 02/17/25	USD		1,572	$	1,495,460
Spade Facilities II LLC, Term Loan, 1.00%, 11/15/25^(k)			1,998		1,998,000

					12,272,398
Personal Products — 0.7%
Clover Merger Sub, Inc. :
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.84%, 09/26/24			1,916		1,791,242
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%), 10.09%, 09/26/25			1,456		1,287,351
Prestige Brands, Inc., Term Loan B4, (1 mo. LIBOR + 2.00%), 4.34%, 01/26/24			1,201		1,188,250

					4,266,843
Pharmaceuticals — 2.8%
Akorn, Inc., Term Loan B, (1 mo. LIBOR + 5.50%, 1.00% Floor), 7.88%, 04/16/21			1,575		1,318,044
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 5.88%, 05/04/25			3,286		3,272,857
Endo Luxembourg Finance Company I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 6.63%, 04/29/24			1,269		1,261,630
Grifols Worldwide Operations USA, Inc., 2017 Acquisition Term Loan, (1 Week LIBOR + 2.25%), 4.47%, 01/31/25			3,159		3,131,472
Jaguar Holding Co. II, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 4.84%, 08/18/22			3,551		3,490,595
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.31%, 06/02/25			5,491		5,429,914

					17,904,512
Professional Services — 0.6%
Cast and Crew Payroll LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 5.10%, 09/27/24			2,233		2,193,932
Guidehouse LLP, 2018 Term Loan, (1 mo. LIBOR + 3.25%), 5.59%, 05/01/25^(a)			878		866,828
ON Assignment, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.34%, 04/02/25			1,012		1,002,149

					4,062,909


			23

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Management & Development — 1.7%
CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.59%, 04/18/24		3,577	$	3,510,249
DTZ US Borrower LLC, 2018 Add On Term Loan B, (1 mo. LIBOR + 3.25%), 5.59%, 08/21/25		2,913		2,866,567
Forest City Enterprises LP, Term Loan B, 1.00%, 10/24/25^(k)		1,995		1,997,494
Realogy Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.56%, 02/08/25^(a)		863		838,800
SMG Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.34%, 01/23/25		1,311		1,295,875

				10,508,985
Road & Rail — 0.5%
Information Resources, Inc., 2018 1st Lien Term Loan, 1.00%, 12/01/25^(a)(k)		1,188		1,173,150
Moda Ingleside Energy Center LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.59%, 09/29/25		887		877,021
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.50%), 7.93%, 08/04/25^(a)		1,220		1,210,850

				3,261,021
Semiconductors & Semiconductor Equipment — 0.5%
Microchip Technology, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.35%, 05/29/25		2,622		2,592,250
ON Semiconductor Corp., 2018 1st Lien Term Loan B, (1 mo. LIBOR + 1.75%), 4.09%, 03/31/23		307		303,310

				2,895,560
Software — 11.0%
Almonde, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.89%, 06/13/24		929		897,690
Applied Systems, Inc., :
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor) 5.39%, 09/19/24		2,611		2,578,686
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%, 1.00% Floor) 9.39%, 09/19/25		470		471,423


Security		Par (000)		Value
Software (continued)
BMC Software Finance, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.25%), 6.65%, 10/02/25	USD		5,797	$	5,717,291
Cypress Intermediate Holdings III, Inc.,:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor) 5.35%, 04/26/24			1,210		1,193,357
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%,1.00% Floor) 9.09%, 04/27/25			740		738,764
Dell, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 4.35%, 09/07/23			1,983		1,956,959
Digicel International Finance Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.96%, 05/28/24			1,157		1,083,157
DTI Holdco, Inc., 2018 Term Loan B, (2 mo. LIBOR + 4.75%, 1.00% Floor), 7.28%, 09/30/23			1,103		1,037,861
Financial & Risk US Holdings, Inc. :
2018 EUR Term Loan, (2 mo. EURIBOR + 4.00%), 4.00%, 10/01/25	EUR		971		1,093,935
2018 USD Term Loan, (1 mo. LIBOR + 3.75%), 6.09%, 10/01/25	USD		7,658		7,451,540
Flexera Software LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.60%, 02/26/25			562		557,959
Hyland Software, Inc., 2018 Term Loan 3, (1 mo. LIBOR + 3.50%), 5.84%, 07/01/24			661		655,853
Infor (US), Inc., Term Loan B6, (3 mo. LIBOR + 2.75%, 1.00% Floor), 5.14%, 02/01/22			3,401		3,350,833
Informatica Corp., 2018 Term Loan, (1 mo. LIBOR + 3.25%), 5.59%, 08/05/22			3,103		3,085,091
IQOR US, Inc., Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.40%, 04/01/21			1,088		1,017,583
Kronos, Inc., :
2017 Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor) 5.54%, 11/01/23			2,576		2,535,023
2nd Lien Term Loan, (3 mo. LIBOR + 8.25%,1.00% Floor) 10.79%, 11/01/24			1,175		1,179,042
MA FinanceCo. LLC, Term Loan B3, (1 mo. LIBOR + 2.50%), 4.84%, 06/21/24			172		168,134


24

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
McAfee LLC, 2018 USD Term Loan B, (2 mo. LIBOR + 3.75%), 6.10%, 09/30/24	USD		4,112	$	4,097,234
Mitchell International, Inc. :
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.59%, 11/29/24			6,165		6,066,530
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 9.59%, 12/01/25			1,330		1,323,350
PowerSchool, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.56%, 08/01/25			849		834,142
Renaissance Learning, Inc., 2018 Add On Term Loan, (1 mo. LIBOR + 3.25%), 5.59%, 05/30/25			603		594,061
SolarWinds Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.09%, 02/05/24			3,149		3,125,651
Solera LLC, Term Loan B, (1 mo. LIBOR + 2.75%), 5.09%, 03/03/23			2,289		2,255,607
Sophia LP, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.64%, 09/30/22			1,720		1,691,628
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 2.25%), 4.59%, 04/16/25			819		798,558
SS&C Technologies, Inc. :
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 4.59%, 07/08/22			1,380		1,368,791
2018 Term Loan B3, (1 mo. LIBOR + 2.25%), 4.59%, 04/16/25			2,151		2,097,519
2018 Term Loan B5, (1 mo. LIBOR + 2.25%), 4.59%, 04/16/25			2,843		2,765,699
Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 3.00%), 5.34%, 05/01/24			3,870		3,834,017
Tibco Software, Inc., Repriced Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.85%, 12/04/20			2,195		2,192,815

					69,815,783

Specialty Retail — 1.4%
Academy Ltd., 2015 Term Loan B, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.30%, 07/01/22			1,864		1,356,791
Belron Finance US LLC :
2018 Term Loan B, 1.00%, 11/13/25^(k)			2,049		2,025,949
Term Loan B, (3 mo. LIBOR + 2.25%), 4.84%, 11/07/24			273		269,867


Security		Par (000)		Value

Specialty Retail (continued)
CD&R Firefly Bidco Ltd., 2018 Term Loan B1,(3 mo. LIBOR - GBP + 4.50%), 5.32%, 06/23/25	GBP		1,000	$	1,259,125
Leslie’s Poolmart, Inc., 2018 Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.84%, 08/16/23	USD		1,363		1,342,849
Petco Animal Supplies, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.78%, 01/26/23			497		371,034
Research Now Group, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 5.50%, 1.00% Floor), 7.84%, 12/20/24			1,171		1,166,758
Staples, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.54%, 09/12/24			789		775,818
TruGreen LP, 2017 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.32%, 04/13/23			198		198,247

					8,766,438

Technology Hardware, Storage & Peripherals — 0.2%
Seattle Spinco, Inc., Term Loan B3, (1 mo. LIBOR + 2.50%), 4.84%, 06/21/24			1,162		1,135,453


Textiles, Apparel & Luxury Goods — 0.5%
Ascend Performance Materials Operations LLC, Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 7.64%, 08/12/22			2,450		2,450,123
Varsity Brands, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.84%, 12/15/24			481		478,254

					2,928,377

Thrifts & Mortgage Finance — 0.4%
IG Investment Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.86%, 05/23/25			2,277		2,262,538


Trading Companies & Distributors — 1.1%
Beacon Roofing Supply, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.57%, 01/02/25			1,425		1,384,081
HD Supply, Inc., Term Loan B5, (1 mo. LIBOR + 1.75%), 4.09%, 10/17/23			4,580		4,524,217
Nexeo Solutions LLC, 2017 Repriced Term Loan, (3 mo. LIBOR + 3.25%), 5.79%, 06/09/23			240		239,379
Oxbow Carbon LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 3.50%), 5.84%, 01/04/23			372		371,791


			25

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Trading Companies & Distributors (continued)
United Rentals, Inc., Term Loan B, 1.00%, 10/31/25^(k)	USD		268	$	267,100

					6,786,568
Transportation — 0.3%
Safe Fleet Holdings LLC,:
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%,1.00% Floor) 5.32%, 02/01/25^(a)			1,373		1,323,325
2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 1.00% Floor) 9.07%, 02/01/26			735		718,463

					2,041,788
Utilities — 0.1%
ExGen Renewables IV LLC, Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.71%, 11/28/24^(a)			991		940,981

Wireless Telecommunication Services — 1.2%
Geo Group, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.35%, 03/22/24			1,483		1,463,272
Ligado Networks LLC, PIK Exit Term Loan (9.75% PIK), 0.00%, 12/07/20^(f)			5,857		4,132,288
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.35%, 04/11/25			1,896		1,873,374

					7,468,934
Total Floating Rate Loan Interests — 94.8% (Cost — $613,731,472)					602,066,559

		Beneficial Interest (000)
Other Interests (l) — 0.0%

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 — 1.4%
Capital Trusts — 1.1%

Banks — 0.2%
Bankia SA, 6.38%^(d)(h)(i)			200		216,073


Security	Par (000)		Value
Banks (continued)
Cooperatieve Rabobank UA, 6.63%^(h)(i)		200	$	246,956
Erste Group Bank AG, 6.50%^(h)(i)		200		234,757
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 2.75%^(e)(i)		100		71,314
Intesa Sanpaolo SpA, 7.00%^(h)(i)		400		448,312
National Westminster Bank PLC, Series C, 2.63%^(d)(i)		100		76,000

				1,293,412
Capital Markets — 0.1%
Goldman Sachs Group, Inc., Series P, 5.00%^(d)(h)(i)		377		331,760

Chemicals — 0.0%
Solvay Finance SA, 5.12%^(h)(i)		100		120,010

Diversified Financial Services — 0.7%
ATF Netherlands BV, 3.75%^(h)(i)		100		105,203
Banco Santander SA, 6.25%^(h)(i)		100		108,116
Bank of America Corp., Series AA, 6.10%^(h)(i)		632		641,903
Bank of America Corp., Series X, 6.25%^(h)(i)		1,100		1,124,750
Credit Agricole SA, 6.50%^(h)(i)		100		117,639
HBOS Capital Funding LP, 6.85%⁽ⁱ⁾		200		199,500
HSBC Holdings PLC (i)
6.00%^(h)		600		546,000
6.25%^(d)		200		188,680
JPMorgan Chase & Co., Series V, 5.00%^(h)(i)		780		777,348
Royal Bank of Scotland Group PLC, 8.63%^(h)(i)		246		253,380
UBS Group Funding Switzerland AG, 5.00%^(d)(h)(i)		200		165,750

				4,228,269
Diversified Telecommunication Services — 0.1%
Telefonica Europe BV^(h)(i)
3.75%		100		113,357
4.20%		200		231,195
5.00%		100		117,727

				462,279
Electric Utilities — 0.0%
Enel SpA, 7.75%, 09/10/75^(h)		100		134,480
Origin Energy Finance Ltd., 4.00%, 09/16/74^(h)		100		114,563
RWE AG, 2.75%, 04/21/75^(h)		10		11,293

				260,336
Oil, Gas & Consumable Fuels — 0.0%
Naturgy Finance BV, 3.38%^(d)(i)		100		110,106


26

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Repsol International Finance BV, 4.50%, 03/25/75^(h)		100	$	114,721

				224,827


Total Capital Trusts — 1.1% (Cost — $7,088,659)				6,920,893

	Shares

Preferred Stock

Capital Markets — 0.1%
Goldman Sachs Group, Inc., Series J, 5.50%^(h)(i)		13,550		326,826


Total Preferred Stocks — 0.1% (Cost — $338,750)				326,826


Trust Preferred

Diversified Financial Services — 0.2%
GMAC Capital Trust I, Series 2, 8.40%, 2/15/40^(h)		59,219		1,510,085


Total Trust Preferreds — 0.2% (Cost — $1,547,459)				1,510,085


Total Preferred Securities — 1.4% (Cost — $8,974,868)				8,757,804


Security	Shares		Value

Warrants — 0.0%

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


Software — 0.0%
HMH Holdings/EduMedia (Issued/exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)^(a)		3,049		—


Transportation Infrastructure — 0.0%
Turbo Cayman Ltd. (Expires 3/15/18, Strike Price $0.01)^(a)		1		—


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


Total Long-Term Investments — 150.0% (Cost — $1,003,666,143)				952,252,750


Short-Term Securities — 0.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.12%^(m)(n)		1,321,342		1,321,342


Total Short-Term Securities — 0.2% (Cost — $1,321,342)				1,321,342


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

Total Investments — 150.2% (Cost — $1,004,993,352)				953,575,072

Liabilities in Excess of Other Assets — (50.2)%				(318,495,824	)


Net Assets — 100.0%			$	635,079,248

^(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)	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.

^(d)	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.

^(e)	Variable rate security. 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)	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.

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

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


			27

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

(n)	During the period ended November 30, 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:


Affiliate	Shares Held at 02/28/18		Net Activity		Shares Held at 11/30/18		Value at 11/30/18		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		—		1,321,342		1,321,342	$	1,321,342	$	46,017	$	—	$	—

^(a)

Includes net capital gain distributions, if applicable.

For Fund compliance purposes, the 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.

Currency Abbreviations



EUR		Euro
GBP		British Pound
USD		United States Dollar

Portfolio Abbreviations

CLO		Collateralized Loan Obligation
LIBOR		London Interbank Offered Rate
MTN		Medium-Term Note
OTC		Over-the-Counter
PIK		Payment-In-Kind

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		12/21/18	$ 36	$	(1,802	)
Euro Stoxx 600 Index		1		12/21/18	8		(721	)

							(2,523	)

Short Contracts:
EURO-BOBL Future		1		12/06/18	149		(442	)
Euro Bund		1		12/06/18	183		(2,073	)
Long Gilt		1		03/27/19	156		(765	)

							(3,280	)

						$	(5,803	)


28

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	17,392,605	EUR	15,329,000	JPMorgan Chase Bank N.A.		12/05/18	$	37,327
USD	5,959,894	GBP	4,667,000	Barclays Bank PLC		12/05/18		12,714
USD	16,934,303	EUR	14,854,000	UBS AG		02/05/19		18,631
USD	5,954,721	GBP	4,656,000	JPMorgan Chase Bank N.A.		02/05/19		854

								69,526

EUR	203,000	USD	231,852	Nomura International PLC		12/05/18		(2,018	)
EUR	326,000	USD	369,333	Nomura International PLC		12/05/18		(241	)
EUR	14,854,000	USD	16,837,009	UBS AG		12/05/18		(19,519	)
GBP	4,656,000	USD	5,934,072	JPMorgan Chase Bank N.A.		12/05/18		(909	)
USD	89,224	EUR	79,000	Nomura International PLC		12/05/18		(219	)
USD	90,226	EUR	80,000	Westpac Banking Corp.		12/05/18		(349	)

								(23,255	)

							$	46,271

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

—

Centrally Cleared Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency	Termination Date		Credit Rating^(a)	Notional Amount (000)^(b)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CDX North America High Yield Index, Series 31, Version 1		5.00	%	Quarterly		12/20/23	B+		USD	48,331	$	2,670,712	$	3,226,524	$	(555,812	)

^(a)

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

^(b)

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

OTC Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty	Termination Date		Credit Rating^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Casino Guichard Perrachon SA		1.00	%		Quarterly	JPMorgan Chase Bank N.A.		12/20/22	BB		EUR	50	$	(8,814	)	$	(1,787	)	$	(7,027	)
Telecom Italia SpA/Milano		1.00			Quarterly	Citibank N.A.		12/20/22	BB+		EUR	30		(2,141	)		(512	)		(1,629	)
Casino Guichard Perrachon SA		1.00			Quarterly	BNP Paribas S.A.		06/20/23	BB		EUR	10		(1,987	)		(934	)		(1,053	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB		EUR	10		(1,987	)		(925	)		(1,062	)


			29

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

OTC Credit Default Swaps — Sell Protection (continued)


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)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Bank of America N.A.		06/20/23	BB		EUR	9	$	(1,838	)	$	(1,322	)	$	(516	)
Casino Guichard Perrachon SA		1.00			Quarterly	Citibank N.A.		06/20/23	BB		EUR	21		(4,123	)		(2,796	)		(1,327	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB		EUR	5		(1,082	)		(666	)		(416	)
Casino Guichard Perrachon SA		1.00			Quarterly	Citibank N.A.		06/20/23	BB		EUR	9		(1,801	)		(1,184	)		(617	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB		EUR	9		(1,802	)		(1,186	)		(616	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB		EUR	4		(721	)		(444	)		(277	)
Casino Guichard Perrachon SA		1.00			Quarterly	Barclays Bank PLC		06/20/23	BB		EUR	6		(1,151	)		(681	)		(470	)
Casino Guichard Perrachon SA		1.00			Quarterly	Barclays Bank PLC		06/20/23	BB		EUR	44		(8,785	)		(5,357	)		(3,428	)
Intrum Justitia AB		5.00			Quarterly	Credit Suisse International		06/20/23	BB+		EUR	20		1,087			1,861			(774	)
Intrum Justitia AB		5.00			Quarterly	Credit Suisse International		06/20/23	BB+		EUR	50		2,716			4,928			(2,212	)
Intrum Justitia AB		5.00			Quarterly	Credit Suisse International		06/20/23	BB+		EUR	7		373			755			(382	)
Intrum Justitia AB		5.00			Quarterly	Citibank N.A.		06/20/23	BB+		EUR	9		507			433			74
Intrum Justitia AB		5.00			Quarterly	Citibank N.A.		06/20/23	BB+		EUR	21		1,123			959			164
Thomas Cook Finance 2 PLC		5.00			Quarterly	Goldman Sachs International		06/20/23	B+		EUR	50		(5,094	)		6,052			(11,146	)
Casino Guichard Perrachon SA		1.00			Quarterly	Goldman Sachs International		12/20/23	BB		EUR	60		(13,283	)		(9,611	)		(3,672	)
CenturyLink, Inc.		1.00			Quarterly	Barclays Bank PLC		12/20/23	B+		USD	170		(21,083	)		(13,207	)		(7,876	)
Chesapeake Energy Corp.		5.00			Quarterly	Barclays Bank PLC		12/20/23	B-		USD	168		(6,065	)		325			(6,390	)
Chesapeake Energy Corp.		5.00			Quarterly	Barclays Bank PLC		12/20/23	B-		USD	478		(17,255	)		4,659			(21,914	)
Garfunkelux Holdco 2 SA		5.00			Quarterly	JPMorgan Chase Bank N.A.		12/20/23	B-		EUR	9		(1,635	)		(62	)		(1,573	)
Garfunkelux Holdco 2 SA		5.00			Quarterly	Credit Suisse International		12/20/23	B-		EUR	4		(712	)		73			(785	)
Garfunkelux Holdco 2 SA		5.00			Quarterly	Credit Suisse International		12/20/23	B-		EUR	16		(3,106	)		316			(3,422	)
Telecom Italia SpA/Milano		1.00			Quarterly	Barclays Bank PLC		12/20/23	BB+		EUR	52		(5,699	)		(5,070	)		(629	)
Telecom Italia SpA/Milano		1.00			Quarterly	JPMorgan Chase Bank N.A.		12/20/23	BB+		EUR	48		(5,357	)		(5,037	)		(320	)
Tesco PLC		1.00			Quarterly	Citibank N.A.		12/20/23	BB+		EUR	50		(765	)		(744	)		(21	)
Vougeot Bidco PLC		5.00			Quarterly	Citibank N.A.		12/20/23	B		EUR	15		2,000			1,551			449
Vougeot Bidco PLC		5.00			Quarterly	Citibank N.A.		12/20/23	B		EUR	36		4,667			3,580			1,087
CenturyLink, Inc.		1.00			Quarterly	Barclays Bank PLC		06/20/25	B+		USD	185		(33,090	)		(32,348	)		(742	)

													$	(136,903	)	$	(58,381	)	$	(78,522	)

^(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.


30

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

OTC Total Return Swaps


Paid by the Fund			Received by the Fund
Reference	Frequency		Rate		Frequency		Counterparty		Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
iBoxx USDLiquid Leveraged Loans Total Return Index		Quarterly		3-Month LIBOR, 2.73%		Quarterly		Credit Suisse International		N/A		12/20/18		USD	9,800	$	(136,399	)	$	—	$	(136,399	)
iBoxx USDLiquid Leveraged Loans Total Return Index		Quarterly		3-Month LIBOR, 2.73		Quarterly		Credit Suisse International		N/A		12/20/18		USD	9,805		(147,923	)		—		(147,923	)

																$	(284,322	)	$	—	$	(284,322	)

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 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.


			31

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

As of November 30, 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	$	—		$	43,670,884		$	—	$	43,670,884
Common Stocks		944,479			98,841			2,537,354		3,580,674
Corporate Bonds		—			286,104,427			8,072,402		294,176,829
Floating Rate Loan Interests		—			561,746,974			40,320,565		602,067,539
Preferred Securities		—			6,920,893			—		6,920,893
Preferred Stock		326,826			—			—		326,826
Trust Preferred		1,510,085			—			—		1,510,085
Short-Term Investment Fund		1,321,342			—			—		1,321,342
Liabilities:
Investments:
Unfunded Floating Rate Loan Interests^(a)		—			(980	)		—		(980	)

	$	4,102,732		$	898,541,039		$	50,930,321	$	953,574,092


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments^(b)
Assets:
Credit contracts	$	—		$	1,774		$	—	$	1,774
Forward foreign currency contracts		—			69,526			—		69,526
Liabilities:
Credit contracts		—			(636,108	)		—		(636,108	)
Forward foreign currency contracts		—			(23,255	)		—		(23,255	)
Equity contracts		(2,523	)		(284,322	)		—		(286,845	)
Interest rate contracts		(3,280	)		—			—		(3,280	)

	$	(5,803	)	$	(872,385	)	$	—	$	(878,188	)

^(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 $278,000,000 are categorized as Level 2 within the disclosure hierarchy.

During the period ended November 30, 2018, there were no transfers between Level 1 and Level 2.


32

Schedule of Investments (unaudited) (continued)

November 30, 2018

BlackRock Debt Strategies Fund, Inc. (DSU)

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


	Common Stocks			Asset- Backed Securities			Corporate Bonds			Floating Rate Loan Interests			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)		88,398			—			—			15,678,528			—			15,766,926
Transfers out of Level 3^(b)		—			(425,000	)		—			(12,297,245	)		—			(12,722,245	)
Accrued discounts/premiums		—			—			—			52,212			—			52,212
Net realized gain (loss)		—			(5,625	)		—			(6,198	)		26,135			14,312
Net change in unrealized appreciation (depreciation)^(c)(d)		(1,409,912	)		—			(2,305,812	)		(1,035,134	)		(37,223	)		(4,788,081	)
Purchases		634,847			—			199,141			20,033,598			—			20,867,586
Sales		—			(294,375	)		—			(22,551,319	)		(26,135	)		(22,871,829	)

Closing balance, as of November 30, 2018		2,537,354			—			8,072,402			40,320,565			—			50,930,321

Net change in unrealized appreciation (depreciation) on investments still held at November 30, 2018		(2,305,814	)		(1,409,900	)		(834,055	)		—			—			(4,549,769	)

^(a)

As of February 28, 2018, the Fund used observable inputs in determining the value of certain investments. As of November 30, 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 November 30, 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)

Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations.

^(d)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at November 30, 2018 is generally due to investments no longer held or categorized as Level 3 at period end.

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 $40,402,630. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 investments.

Value

Valuation
Approach

Unobservable

Inputs

Range of

Unobservable

Inputs
Utilized

Weighted

Average of

Unobservable
Inputs

Assets:

Common Stocks

2,455,291

Market

EBITDA Multiple^(a)

6.38x - 7.25x

6.88x

Volatility^(b)

33%

—

Time to Exit^(b)

0.4 years

—

Corporate Bonds

8,072,400

Market

EBITDA Multiple^(a)

7.25x

—

Volatility^(a)

33%

—

Time to Exit^(a)

0.4 years

—

10,527,691

^(a)

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


			33


Item 2 –		Controls and Procedures

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

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

Item 3 – Exhibits

		Certifications – Attached hereto

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


BlackRock Debt Strategies Fund, Inc.

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

Date: January 18, 2019

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


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

Date: January 18, 2019

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

Date: January 18, 2019