Edgar Filing: BLACKROCK DEBT STRATEGIES FUND, INC.

BLACKROCK DEBT STRATEGIES FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-08603

Name of Fund: BlackRock Debt Strategies Fund, Inc. (DSU)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Debt

Strategies Fund, Inc., 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 02/28/2018

Date of reporting period: 11/30/2017

Item 1 – Schedule of Investments

Schedule of Investments (unaudited)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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

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

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

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

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

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

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

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

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

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


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


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


SCHEDULE OF INVESTMENTS			1

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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


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


2		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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


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

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


Corporate Bonds — 54.5%

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

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

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


SCHEDULE OF INVESTMENTS			3

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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

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


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

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

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

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

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


4		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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


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

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

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

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

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

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


SCHEDULE OF INVESTMENTS			5

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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


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

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

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


6		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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

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

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


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

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

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

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

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


SCHEDULE OF INVESTMENTS			7

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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

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

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


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

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

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


8		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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


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

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

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

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

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


SCHEDULE OF INVESTMENTS			9

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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

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

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

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


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


10		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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


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

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

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

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


SCHEDULE OF INVESTMENTS			11

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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


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


12		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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


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

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

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

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


SCHEDULE OF INVESTMENTS			13

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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

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

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


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

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

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


14		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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

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

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

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

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

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


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

					20,665,464

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


Floating Rate Loan Interests — 80.5%

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


SCHEDULE OF INVESTMENTS			15

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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

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

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


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

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

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

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

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

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


16		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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


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

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


SCHEDULE OF INVESTMENTS			17

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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

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


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

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

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

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


18		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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

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


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

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

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


SCHEDULE OF INVESTMENTS			19

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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

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

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

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


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

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

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


20		2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


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

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


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

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

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


SCHEDULE OF INVESTMENTS			21

Schedule of Investments (unaudited) (continued)

November 30, 2017

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Cyan Blue Holdco 3 Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.50%), 4.83%, 07/26/24^(l)	USD		1,385	$	1,392,034
ESH Hospitality, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.60%, 08/30/23^(l)			1,851		1,853,908
Four Seasons Hotels Ltd., 1st Lien Term Loan, (1 mo. LIBOR + 2.50%), 3.85%, 11/30/23^(l)			213		214,365
Hilton Worldwide Finance LLC, Term Loan B2, (1 mo. LIBOR + 2.00%), 3.33%, 10/25/23^(l)			853		856,778
La Quinta Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.11%, 04/14/21^(l)			450		451,952
Playa Resorts Holding BV, 2017 Term Loan B, 04/05/24^(m)			1,115		1,118,903