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: 02/28/2015

Date of reporting period: 11/30/2014

Item 1 – Schedule of Investments

Consolidated Schedule of Investments November 30, 2014 (Unaudited)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Common Stocks		Shares		Value
Chemicals — 0.1%
GEO Specialty Chemicals, Inc. (a)			481,806	$	467,352
LyondellBasell Industries NV, Class A			26		2,050

					469,402
Diversified Consumer Services — 0.5%
Cengage Thomson Learning (a)			49,549		1,293,229
Houghton Mifflin Harcourt Co. (a)			147,998		2,844,522

					4,137,751
Diversified Financial Services — 0.4%
Kcad Holdings I Ltd. (a)			756,012,055		3,024,048
Diversified Telecommunication Services — 0.0%
Broadview Networks Holdings, Inc. (a)			5,037		9,571
Electrical Equipment — 0.0%
Medis Technologies Ltd. (a)			286,757		3
Health Care Providers & Services — 0.0%
HealthSouth Corp.			1,101		45,284
Media — 0.0%
Adelphia Recovery Trust (a)			396,568		912
Adept Communications Corp., Class A (a)			400,000		3,000

					3,912
Paper & Forest Products — 0.4%
Ainsworth Lumber Co. Ltd. (a)			803,254		1,788,690
Ainsworth Lumber Co. Ltd. (a)(b)			695,930		1,612,216

					3,400,906
Semiconductors & Semiconductor Equipment — 0.0%
SunPower Corp. (a)			1,707		48,069
Total Common Stocks — 1.4%					11,138,946


Asset-Backed Securities		Par (000)
ACAS CLO, Ltd., Series 2014-2A, Class D, 4.13%, 1/15/27 (b)	USD		2,500		2,363,200
Adams Mill CLO Ltd., Series 2014-1A, Class D1, 3.70%, 7/15/26 (b)			450		420,750
ALM Loan Funding, Series 2013-7RA (b):
Class C, 3.68%, 4/24/24			1,310		1,232,695
Class D, 5.23%, 4/24/24			1,150		1,056,539
ALM XIV Ltd., Series 2014-14A (b):
Class B, 3.18%, 7/28/26			563		542,696
Class C, 3.68%, 7/28/26			713		662,281
Asset-Backed Securities		Par (000)		Value
Atlas Senior Loan Fund Ltd., Series 2014-6A, Class D, 3.96%, 10/15/26 (b)	USD		1,240	$	1,151,470
Atrium CDO Corp., Series 9A, Class D, 3.74%, 2/28/24 (b)			1,300		1,230,016
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class C, 3.73%, 7/15/24 (b)			900		834,616
Carlyle Global Market Strategies CLO Ltd. (b):
Series 2012-4A, Class D, 4.73%, 1/20/25			900		899,962
Series 2013-1A, Class C, 4.23%, 2/14/25			250		242,965
Cent CLO 22, Ltd., Series 2014-22A, Class C, 3.98%, 11/07/26 (b)			625		591,187
CFIP CLO Ltd., Series 2013-1A, Class D, 3.98%, 4/20/24 (b)			1,500		1,402,498
CIFC Funding Ltd., Series 2014-3A, Class D, 3.55%, 7/22/26 (b)			250		230,840
Fraser Sullivan CLO VII Ltd., Series 2012-7A, Class C, 4.23%, 4/20/23 (b)			1,170		1,145,419
Galaxy CLO Ltd., Series 2014-18A, Class C1, 3.23%, 10/15/26 (b)			625		607,965
Madison Park Funding XI Ltd., Series 2013-11A, Class D, 3.73%, 10/23/25 (b)			555		524,447
Neuberger Berman CLO XVIII, Ltd., Series 2014-18A, Class C, 3.98%, 11/14/25 (b)(d)			1,000		940,400
Octagon Investment Partners XX Ltd., Series 2014-1A, Class D, 3.89%, 8/12/26 (b)			350		330,014
OZLM Funding Ltd., Series 2012-2A, Class C, 4.58%, 10/30/23 (b)			500		488,177
OZLM IX, Ltd., Series 2014-9A, Class C, 3.83%, 1/20/27 (b)(d)			1,000		935,200
OZLM VII Ltd., Series 2014-7A, Class C, 3.85%, 7/17/26 (b)			500		467,371
Regatta Funding LP, Series 2013-2A, Class C, 4.23%, 1/15/25 (b)			750		720,923
Symphony CLO Ltd., Series 2012-10A, Class D, 5.48%, 7/23/23 (b)			650		650,922
Voya CLO, Ltd., Series 2014-4A, Class SUB, 0.00%, 10/14/26 (b)			1,000		925,000
Total Asset-Backed Securities — 2.6%					20,597,553



BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014	1

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Aerospace & Defense — 0.8%
DigitalGlobe, Inc., 5.25%, 2/01/21 (b)	USD		1,017	$	976,320
Huntington Ingalls Industries, Inc.:
7.13%, 3/15/21			1,150		1,249,187
5.00%, 12/15/21 (b)(d)			307		311,989
Meccanica Holdings USA, Inc., 6.25%, 7/15/19 (b)			347		375,628
TransDigm, Inc.:
6.00%, 7/15/22			2,205		2,227,050
6.50%, 7/15/24			1,030		1,050,600

					6,190,774
Airlines — 1.3%
Air Canada Pass-Through Trust, Series 2013-1, Class C, 6.63%, 5/15/18 (b)			712		735,781
American Airlines Pass-Through Trust, Series 2013-2, Class C, 6.00%, 1/15/17 (b)			3,195		3,290,850
Continental Airlines Pass-Through Trust, Series 2012-3, Class C, 6.13%, 4/29/18			2,390		2,539,375
Delta Air Lines Pass-Through Trust, Series 2009-1, Class B, 9.75%, 6/17/18			256		289,212
US Airways Pass-Through Trust, Series 2013-1, Class B, 5.38%, 5/15/23			2,300		2,340,029
Virgin Australia Trust, Series 2013-1, Class C, 7.13%, 10/23/18 (b)			1,161		1,196,314

					10,391,561
Auto Components — 1.7%
Affinia Group, Inc., 7.75%, 5/01/21			1,200		1,233,000
Autodis SA, 6.50%, 2/01/19	EUR		100		125,837
Dana Holding Corp., 6.75%, 2/15/21	USD		180		191,250
Delphi Corp., 6.13%, 5/15/21			380		413,250
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
3.50%, 3/15/17			145		143,369
4.88%, 3/15/19			4,609		4,666,612
Jaguar Land Rover Automotive PLC:
8.25%, 3/15/20	GBP		569		980,589
5.63%, 2/01/23 (b)	USD		425		447,312
Pittsburgh Glass Works LLC, 8.00%, 11/15/18 (b)			194		205,640


Corporate Bonds		Par (000)		Value
Auto Components (concluded)
Schaeffler Holding Finance BV:
2.75%, 5/15/19	EUR		383	$	480,418
5.75% (5.75% Cash), 11/15/21 (e)			145		189,991
6.25% (6.25% Cash), 11/15/19 (b)(e)	USD		738		772,132
6.75% (6.75% Cash), 11/15/22 (b)(e)			1,522		1,605,710
6.88% (6.88% Cash or 7.63% PIK), 8/15/18 (b)(e)			1,195		1,250,269
6.88% (6.88% Cash), 8/15/18 (e)	EUR		385		503,862
Titan International, Inc., 6.88%, 10/01/20	USD		610		561,200
Venture Holdings Co. LLC (a)(f):
12.00%, 7/01/49			5,150		1
Series B, 9.50%, 7/01/05			5,125		1

					13,770,443
Automobiles — 0.5%
Chrysler Group LLC/CG Co-Issuer, Inc., 8.00%, 6/15/19			1,341		1,421,460
General Motors Co.:
4.88%, 10/02/23			495		524,700
6.25%, 10/02/43			1,345		1,563,562
5.20%, 4/01/45			680		698,972

					4,208,694
Banks — 0.8%
Banco Espirito Santo SA:
2.63%, 5/08/17	EUR		100		112,314
4.75%, 1/15/18			200		237,499
4.00%, 1/21/19			100		115,983
CIT Group, Inc.:
5.00%, 5/15/17	USD		950		990,375
5.25%, 3/15/18			1,434		1,511,436
6.63%, 4/01/18 (b)			295		321,550
5.50%, 2/15/19 (b)			3,099		3,284,940
Lloyds Bank PLC, 11.88%, 12/16/21	EUR		12		18,055

					6,592,152
Beverages — 0.1%
Constellation Brands, Inc.:
7.25%, 5/15/17	USD		87		97,223
3.88%, 11/15/19			362		368,733

					465,956
Building Products — 1.0%
American Builders & Contractors Supply Co., Inc., 5.63%, 4/15/21 (b)			210		212,100



2	BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Building Products (concluded)
BMBG Bond Finance SCA, 5.08%, 10/15/20	EUR		245	$	305,255
Builders FirstSource, Inc., 7.63%, 6/01/21 (b)	USD		464		480,240
Building Materials Corp. of America (b):
6.75%, 5/01/21			920		990,150
5.38%, 11/15/24			1,235		1,235,000
Cemex Finance LLC, 6.00%, 4/01/24 (b)			410		410,513
Cemex SAB de CV (b):
5.88%, 3/25/19			260		262,600
5.70%, 1/11/25			825		796,125
CPG Merger Sub LLC, 8.00%, 10/01/21 (b)			740		778,850
Ply Gem Industries, Inc., 6.50%, 2/01/22			1,755		1,697,962
USG Corp., 9.75%, 1/15/18			980		1,127,000

					8,295,795
Capital Markets — 0.6%
American Capital Ltd., 6.50%, 9/15/18 (b)			1,070		1,128,850
Blackstone CQP Holdco LP, 9.30%, 3/18/19			1,302		1,314,907
E*Trade Financial Corp.:
0.00%, 8/31/19 (b)(g)(h)			593		1,307,936
5.38%, 11/15/22			773		780,730
Series A, 0.00%, 8/31/19 (g)(h)			100		220,562

					4,752,985
Chemicals — 2.5%
Ashland, Inc., 3.88%, 4/15/18			730		736,387
Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding BV:
5.75%, 2/01/21	EUR		100		131,184
7.38%, 5/01/21 (b)	USD		151		163,080
Axiall Corp., 4.88%, 5/15/23			39		37,733
Celanese US Holdings LLC, 5.88%, 6/15/21			324		349,110
Chemtura Corp., 5.75%, 7/15/21			221		218,790
GEO Specialty Chemicals, Inc., 7.50%, 3/31/15 (b)			6,039		15,219,313
Huntsman International LLC:
4.88%, 11/15/20			40		40,700
8.63%, 3/15/21			1,195		1,296,575
5.13%, 4/15/21	EUR		428		558,567
INEOS Group Holdings SA:
6.13%, 8/15/18 (b)	USD		342		336,477
6.50%, 8/15/18	EUR		124		156,501
5.75%, 2/15/19			151		185,483


Corporate Bonds		Par (000)		Value
Chemicals (concluded)
LSB Industries, Inc., 7.75%, 8/01/19	USD		183	$	193,980
Nexeo Solutions LLC/Nexeo Solutions Finance Corp., 8.38%, 3/01/18	USD		30		29,400
Rockwood Specialties Group, Inc., 4.63%, 10/15/20			575		600,875

					20,254,155
Commercial Services & Supplies — 1.9%
Abengoa Greenfield SA, 6.50%, 10/01/19 (b)			742		652,960
ADS Waste Holdings, Inc., 8.25%, 10/01/20			267		280,350
ARAMARK Corp., 5.75%, 3/15/20			1,599		1,650,967
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 2.98%, 12/01/17			190		188,813
Brand Energy & Infrastructure Services, Inc., 8.50%, 12/01/21 (b)			164		164,000
Covanta Holding Corp., 6.38%, 10/01/22			1,305		1,386,562
Mobile Mini, Inc., 7.88%, 12/01/20			1,110		1,187,700
Modular Space Corp., 10.25%, 1/31/19 (b)			1,955		1,964,775
United Rentals North America, Inc.:
5.75%, 7/15/18			1,389		1,451,505
7.38%, 5/15/20			760		820,800
8.25%, 2/01/21			165		179,438
7.63%, 4/15/22			4,903		5,417,815

					15,345,685
Communications Equipment — 0.9%
Alcatel-Lucent USA, Inc. (b):
4.63%, 7/01/17			645		649,838
6.75%, 11/15/20			1,920		1,992,000
Avaya, Inc., 7.00%, 4/01/19 (b)			719		702,822
Brocade Communications Systems, Inc., 6.88%, 1/15/20			175		181,563
CommScope, Inc. (b):
5.00%, 6/15/21			265		265,000
5.50%, 6/15/24			272		270,640
Zayo Group LLC/Zayo Capital, Inc.:
8.13%, 1/01/20			2,419		2,582,282
10.13%, 7/01/20			785		883,125

					7,527,270
Construction & Engineering — 0.5%
AECOM Technology Corp. (b):
5.75%, 10/15/22			265		277,587
5.88%, 10/15/24			1,207		1,276,402



BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014	3

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Construction & Engineering (concluded)
BlueLine Rental Finance Corp., 7.00%, 2/01/19 (b)			205	$	212,688
Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (b)	USD		1,925		1,940,689
Weekley Homes LLC/Weekley Finance Corp., 6.00%, 2/01/23			350		343,525

					4,050,891
Construction Materials — 1.7%
Allegion US Holding Co., Inc., 5.75%, 10/01/21			117		122,850
HD Supply, Inc.:
8.13%, 4/15/19			6,505		7,067,682
11.00%, 4/15/20			786		899,970
7.50%, 7/15/20			3,069		3,237,795
5.25%, 12/15/21 (b)(d)			2,250		2,297,813

					13,626,110
Consumer Finance — 0.0%
Springleaf Finance Corp., 8.25%, 10/01/23			58		66,120
Containers & Packaging — 0.5%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
6.00%, 6/30/21 (b)			465		460,350
4.25%, 1/15/22	EUR		370		459,524
Ball Corp., 6.75%, 9/15/20	USD		635		661,988
Beverage Packaging Holdings Luxembourg II SA, 6.00%, 6/15/17 (b)			727		725,182
Crown Americas LLC/Crown Americas Capital Corp. III, 6.25%, 2/01/21			715		751,644
Crown European Holdings SA, 4.00%, 7/15/22	EUR		320		419,789
Sealed Air Corp. (b):
6.50%, 12/01/20	USD		120		132,000
8.38%, 9/15/21			60		67,500
SGD Group SAS, 5.63%, 5/15/19	EUR		100		121,858
Smurfit Kappa Acquisitions, 4.88%, 9/15/18 (b)	USD		200		205,500

					4,005,335
Distributors — 0.1%
VWR Funding, Inc., 7.25%, 9/15/17			938		982,668
Diversified Consumer Services — 0.1%
Laureate Education, Inc., 9.75%, 9/01/19 (b)			670		695,125


Corporate Bonds		Par (000)		Value
Diversified Consumer Services (concluded)
Service Corp. International, 4.50%, 11/15/20	USD		307	$	300,860

					995,985
Diversified Financial Services — 3.4%
Ally Financial, Inc.:
8.30%, 2/12/15			4,150		4,201,875
6.25%, 12/01/17			30		32,438
5.13%, 9/30/24			2,600		2,652,000
8.00%, 11/01/31			5,397		6,780,017
Bank of America Corp.:
4.50%, 4/01/15			375		379,900
6.05%, 5/16/16			325		346,933
6.50%, 8/01/16			410		445,212
5.63%, 10/14/16			100		107,922
CE Energy AS, 7.00%, 2/01/21	EUR		175		222,337
Co-Operative Group Holdings, 6.88%, 7/08/20 (i)	GBP		130		208,136
General Motors Financial Co., Inc.:
4.38%, 9/25/21	USD		650		673,563
4.25%, 5/15/23			101		103,261
HSH Nordbank AG, 0.92%, 2/14/17	EUR		179		187,945
Jefferies Finance LLC/JFIN Co-Issuer Corp. (b):
7.38%, 4/01/20	USD		825		796,125
6.88%, 4/15/22			716		669,460
MSCI, Inc., 5.25%, 11/15/24 (b)			725		752,188
Reynolds Group Issuer, Inc.:
9.00%, 4/15/19			969		1,010,182
7.88%, 8/15/19			180		191,700
9.88%, 8/15/19			1,032		1,111,980
5.75%, 10/15/20			6,198		6,376,192
6.88%, 2/15/21			266		280,963

					27,530,329
Diversified Telecommunication Services — 1.6%
CenturyLink, Inc.:
6.45%, 6/15/21			240		261,600
Series V, 5.63%, 4/01/20			1,153		1,216,415
Frontier Communications Corp., 6.25%, 9/15/21			560		571,928
Level 3 Communications, Inc., 8.88%, 6/01/19			670		716,900
Level 3 Financing, Inc.:
3.83%, 1/15/18			646		649,553
8.13%, 7/01/19			3,980		4,238,700
7.00%, 6/01/20			524		560,025
8.63%, 7/15/20			188		204,450
6.13%, 1/15/21			1,217		1,268,722
Telecom Italia SpA:
6.13%, 11/15/16 (h)	EUR		400		598,099
6.38%, 6/24/19	GBP		200		341,699



4	BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Diversified Telecommunication Services (concluded)
Telecom Italia SpA (concluded):
4.88%, 9/25/20	EUR		235	$	321,610
4.50%, 1/25/21			330		445,084
5.88%, 5/19/23	GBP		300		502,482
Telefonica SA, Series TIT, 6.00%, 7/24/17 (h)	EUR		200		260,950
Telenet Finance V Luxembourg SCA:
6.25%, 8/15/22			319		435,335
6.75%, 8/15/24			322		450,774
Windstream Corp.:
7.88%, 11/01/17	USD		142		156,644
7.75%, 10/15/20			37		38,831
6.38%, 8/01/23			10		9,650

					13,249,451
Electric Utilities — 0.3%
ContourGlobal Power Holdings SA, 7.13%, 6/01/19 (b)			897		912,563
Homer City Generation LP (e):
8.14% (8.14% Cash), 10/01/19			237		245,076
8.73% (8.73% Cash), 10/01/26			480		499,441
Mirant Mid Atlantic Pass-Through Trust, Series B, 9.13%, 6/30/17			431		462,949

					2,120,029
Electrical Equipment — 0.0%
Belden, Inc., Series NOV, 5.50%, 4/15/23	EUR		209		264,273
Energy Equipment & Services — 1.1%
Calfrac Holdings LP, 7.50%, 12/01/20 (b)	USD		2,281		2,052,900
CGG SA, 7.75%, 5/15/17			19		18,810
Genesis Energy LP/Genesis Energy Finance Corp., 5.75%, 2/15/21			18		17,820
GrafTech International Ltd., 6.38%, 11/15/20			150		139,500
MEG Energy Corp. (b):
6.50%, 3/15/21			2,727		2,508,840
7.00%, 3/31/24			623		565,373
Peabody Energy Corp.:
6.00%, 11/15/18			1,821		1,734,502
6.25%, 11/15/21			1,072		1,005,000
Precision Drilling Corp.:
6.63%, 11/15/20			190		184,300
5.25%, 11/15/24 (b)			641		544,850

					8,771,895
Food & Staples Retailing — 0.1%
Premier Foods Finance PLC, 5.56%, 3/16/20	GBP		145		199,311


Corporate Bonds		Par (000)		Value
Food & Staples Retailing (concluded)
Rite Aid Corp.:
9.25%, 3/15/20	USD		435	$	479,588
6.75%, 6/15/21			72		75,420

					754,319
Food Products — 0.4%
Anna Merger Sub, Inc., 7.75%, 10/01/22 (b)			780		799,500
Barry Callebaut Services NV, 5.50%, 6/15/23 (b)			200		212,294
Boparan Finance PLC:
5.25%, 7/15/19	GBP		100		141,286
4.38%, 7/15/21	EUR		110		119,682
5.50%, 7/15/21	GBP		145		195,370
Smithfield Foods, Inc.:
5.88%, 8/01/21 (b)	USD		257		272,420
6.63%, 8/15/22			849		919,043
Univeg Holding BV, 7.88%, 11/15/20	EUR		200		221,334

					2,880,929
Health Care Equipment & Supplies — 0.7%
Biomet, Inc., 6.50%, 10/01/20	USD		1,889		2,000,451
DJO Finance LLC/DJO Finance Corp., 8.75%, 3/15/18			480		504,000
Fresenius Medical Care US Finance, Inc., 5.75%, 2/15/21 (b)			1,495		1,599,650
Fresenius US Finance II, Inc., 9.00%, 7/15/15 (b)			410		424,350
Teleflex, Inc., 6.88%, 6/01/19			830		869,425

					5,397,876
Health Care Providers & Services — 3.2%
Acadia Healthcare Co., Inc., 5.13%, 7/01/22			295		295,738
Amsurg Corp., 5.63%, 7/15/22 (b)			1,248		1,279,200
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp., 7.75%, 2/15/19			1,215		1,275,750
CHS/Community Health Systems, Inc.:
5.13%, 8/15/18			776		798,310
6.88%, 2/01/22			2,134		2,259,372
ConvaTec Healthcare E SA, 7.38%, 12/15/17 (b)	EUR		200		258,948
Crown Newco 3 PLC, 7.00%, 2/15/18 (b)	GBP		119		192,935
DaVita HealthCare Partners, Inc., 5.13%, 7/15/24	USD		1,347		1,381,517
HCA Holdings, Inc., 7.75%, 5/15/21			431		462,248



BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014	5

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Health Care Providers & Services (concluded)
HCA, Inc.:
3.75%, 3/15/19	USD		1,048	$	1,043,939
6.50%, 2/15/20			2,254		2,493,487
5.88%, 3/15/22			1,148		1,248,450
4.75%, 5/01/23			523		526,269
5.00%, 3/15/24			450		455,625
Hologic, Inc., 6.25%, 8/01/20			1,933		2,001,863
Kindred Healthcare, Inc., 6.38%, 4/15/22 (b)			229		220,985
Omnicare, Inc.:
4.75%, 12/01/22			203		206,045
5.00%, 12/01/24			128		130,560
Priory Group No. 3 PLC, 7.00%, 2/15/18 (b)	GBP		189		306,309
Tenet Healthcare Corp.:
6.25%, 11/01/18	USD		607		657,078
5.00%, 3/01/19 (b)			1,124		1,107,140
5.50%, 3/01/19 (b)			1,495		1,502,475
4.75%, 6/01/20			1,190		1,204,875
6.00%, 10/01/20			1,478		1,572,223
4.50%, 4/01/21			24		23,580
4.38%, 10/01/21			1,386		1,354,815
8.13%, 4/01/22			1,507		1,684,072

					25,943,808
Hotels, Restaurants & Leisure — 2.1%
Caesars Entertainment Operating Co., Inc., 9.00%, 2/15/20			7,324		5,805,982
Carlson Travel Holdings, Inc., 7.50% (7.50% Cash or 8.25% PIK), 8/15/19 (b)(e)			204		205,530
CDW LLC/CDW Finance Corp.:
6.00%, 8/15/22			660		690,525
5.50%, 12/01/24			1,408		1,404,480
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18	EUR		974		1,256,659
GLP Capital LP/GLP Financing II, Inc., 4.38%, 11/01/18	USD		391		400,775
Greektown Holdings LLC/Greektown Mothership Corp., 8.88%, 3/15/19 (b)			595		605,412
MGM Resorts International, 6.63%, 12/15/21			1,000		1,067,500
New Red Finance, Inc., 6.00%, 4/01/22 (b)			1,055		1,081,375
Sabre, Inc., 8.50%, 5/15/19 (b)			526		566,765
Six Flags Entertainment Corp., 5.25%, 1/15/21 (b)			842		844,105
Snai SpA, 7.63%, 6/15/18	EUR		245		309,340
Station Casinos LLC, 7.50%, 3/01/21	USD		1,618		1,706,990
Corporate Bonds		Par (000)		Value
Hotels, Restaurants & Leisure (concluded)
Tropicana Entertainment LLC/Tropicana Finance Corp., 9.63%, 12/15/14 (a)(f)	USD		800	$	—
The Unique Pub Finance Co. PLC, Series A3, 6.54%, 3/30/21	GBP		357		574,556

					16,519,994
Household Durables — 1.6%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.88%, 2/15/21 (b)	USD		556		542,100
Beazer Homes USA, Inc.:
6.63%, 4/15/18			1,125		1,178,437
5.75%, 6/15/19			646		620,160
Brookfield Residential Properties, Inc., 6.50%, 12/15/20 (b)			1,000		1,060,000
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 7/01/22 (b)			285		299,250
K. Hovnanian Enterprises, Inc., 7.25%, 10/15/20 (b)			2,300		2,432,250
KB Home, 7.25%, 6/15/18			965		1,045,819
The Ryland Group, Inc., 6.63%, 5/01/20			130		138,775
Standard Pacific Corp.:
10.75%, 9/15/16			565		646,925
8.38%, 1/15/21			3,005		3,470,775
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25%, 4/15/21 (b)			749		752,745
Tri Pointe Holdings, Inc. (b):
4.38%, 6/15/19			615		608,850
5.88%, 6/15/24			420		428,400

					13,224,486
Household Products — 0.1%
Spectrum Brands, Inc.:
6.38%, 11/15/20			315		333,113
6.63%, 11/15/22			375		399,375

					732,488
Independent Power and Renewable Electricity Producers — 1.0%
Baytex Energy Corp. (b):
5.13%, 6/01/21			210		193,200
5.63%, 6/01/24			74		66,230
Calpine Corp.:
6.00%, 1/15/22 (b)			256		273,280
5.38%, 1/15/23			1,355		1,373,631
5.88%, 1/15/24 (b)			531		564,188
5.75%, 1/15/25			1,193		1,213,877
Dynegy Finance I, Inc. / Dynegy Finance II, Inc., 6.75%, 11/01/19 (b)			1,455		1,513,200



6	BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Independent Power and Renewable Electricity Producers (concluded)
NRG Energy, Inc.:
7.88%, 5/15/21	USD		218	$	235,985
6.25%, 5/01/24 (b)			330		337,425
NRG REMA LLC:
Series B, 9.24%, 7/02/17			69		73,031
Series C, 9.68%, 7/02/26			746		805,680
QEP Resources, Inc., 5.38%, 10/01/22			1,590		1,510,500

					8,160,227
Insurance — 0.3%
A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub LLC, 7.88%, 12/15/20 (b)			747		771,278
CNO Financial Group, Inc., 6.38%, 10/01/20 (b)			329		350,385
Genworth Holdings, Inc., 4.80%, 2/15/24			295		257,607
Hockey Merger Sub 2, Inc., 7.88%, 10/01/21 (b)			184		190,900
MPL 2 Acquisition Canco, Inc., 9.88%, 8/15/18 (b)			725		775,750
Pension Insurance Corp. PLC, 6.50%, 7/03/24	GBP		150		239,234

					2,585,154
Internet Software & Services — 0.2%
IAC/InterActiveCorp, 4.88%, 11/30/18	USD		700		719,250
Interactive Data Corp., 5.88%, 4/15/19 (b)			910		913,413

					1,632,663
IT Services — 1.8%
Ceridian Corp., 8.88%, 7/15/19 (b)			4,660		5,172,600
Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (b)			795		886,425
Epicor Software Corp., 8.63%, 5/01/19			720		757,800
First Data Corp.:
7.38%, 6/15/19 (b)			3,123		3,286,957
8.88%, 8/15/20 (b)			195		209,625
6.75%, 11/01/20 (b)			1,307		1,391,955
11.75%, 8/15/21			515		596,113
SunGard Data Systems, Inc., 6.63%, 11/01/19			1,590		1,621,800
WEX, Inc., 4.75%, 2/01/23 (b)			601		582,970

					14,506,245
Machinery — 0.0%
SPX Corp., 6.88%, 9/01/17			65		71,419
Corporate Bonds		Par (000)		Value
Media — 6.8%
Adria Bidco BV, 7.88%, 11/15/20	EUR		100	$	131,557
Altice Financing SA, 6.50%, 1/15/22 (b)	USD		840		848,400
Altice SA:
7.25%, 5/15/22	EUR		490		633,662
7.75%, 5/15/22 (b)	USD		1,295		1,338,706
AMC Networks, Inc.:
7.75%, 7/15/21			1,005		1,092,937
4.75%, 12/15/22			86		84,925
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. (b):
5.25%, 2/15/22			130		133,250
5.63%, 2/15/24			115		118,594
CCO Holdings LLC/CCO Holdings Capital Corp.:
6.50%, 4/30/21			320		336,800
5.25%, 9/30/22			278		276,610
5.13%, 2/15/23			50		49,000
CCOH Safari LLC:
5.50%, 12/01/22			1,208		1,221,590
5.75%, 12/01/24			2,426		2,441,162
Cengage Learning Acquisitions, Inc., 11.50%, 4/15/20 (a)			669		—
Cinemark USA, Inc., 5.13%, 12/15/22			44		43,120
Clear Channel Worldwide Holdings, Inc.:
7.63%, 3/15/20			1,364		1,419,924
6.50%, 11/15/22			5,061		5,269,795
Columbus International, Inc., 7.38%, 3/30/21 (b)			1,695		1,805,175
DISH DBS Corp.:
4.25%, 4/01/18			1,460		1,485,550
5.88%, 11/15/24 (b)			1,643		1,655,322
DreamWorks Animation SKG, Inc., 6.88%, 8/15/20 (b)			333		347,153
Gannett Co., Inc.:
5.13%, 10/15/19			215		223,331
5.13%, 7/15/20			237		244,703
4.88%, 9/15/21 (b)			466		468,330
6.38%, 10/15/23			330		355,163
5.50%, 9/15/24 (b)			289		292,974
Gray Television, Inc., 7.50%, 10/01/20			557		576,495
iHeartCommunications, Inc.:
9.00%, 12/15/19			450		442,125
9.00%, 3/01/21			906		883,350
9.00%, 9/15/22 (b)			930		906,750
Inmarsat Finance PLC, 4.88%, 5/15/22 (b)			1,000		997,500



BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014	7

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)			Value
Media (continued)
Intelsat Jackson Holdings SA:
7.25%, 10/15/20		USD	2,544	$	2,699,820
5.50%, 8/01/23			3,422		3,370,670
Intelsat Luxembourg SA, 6.75%, 6/01/18			575		589,375
Level 3 Escrow II, Inc., 5.38%, 8/15/22 (b)			3,395		3,428,950
Live Nation Entertainment, Inc., 7.00%, 9/01/20 (b)			232		247,080
MDC Partners, Inc., 6.75%, 4/01/20 (b)			836		863,170
Media General Financing Sub, Inc., 5.88%, 11/15/22 (b)			378		379,890
Midcontinent Communications & Midcontinent Finance Corp., 6.25%, 8/01/21 (b)			265		272,950
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (b)			538		556,830
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 4/15/22 (b)			410		413,075
Numericable Group SA:
4.88%, 5/15/19 (b)			2,180		2,155,475
5.38%, 5/15/22		EUR	135		176,259
6.00%, 5/15/22 (b)		USD	1,885		1,914,726
5.63%, 5/15/24		EUR	295		386,076
6.25%, 5/15/24 (b)		USD	630		641,813
RCN Telecom Services LLC/RCN Capital Corp., 8.50%, 8/15/20 (b)			870		930,900
Sinclair Television Group, Inc., 5.63%, 8/01/24 (b)			236		230,100
Sirius XM Radio, Inc. (b):
4.25%, 5/15/20			141		139,943
5.75%, 8/01/21			464		484,880
Sterling Entertainment Corp., 10.00%, 12/15/19			1,300		1,326,000
Townsquare Radio LLC/Townsquare Radio, Inc., 9.00%, 4/01/19 (b)			865		934,200
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:
7.50%, 3/15/19		EUR	1,917		2,104,988
5.50%, 1/15/23 (b)		USD	1,270		1,320,800
Unitymedia KabelBW GmbH, 9.50%, 3/15/21		EUR	150		209,817
Univision Communications, Inc. (b):
8.50%, 5/15/21		USD	1,820		1,956,500
5.13%, 5/15/23			85		89,038
Corporate Bonds	Par (000)			Value
Media (concluded)
VTR Finance BV, 6.88%, 1/15/24 (b)		USD	1,036	$	1,090,390

					55,037,668
Metals & Mining — 2.6%
Alcoa, Inc., 5.13%, 10/01/24			1,871		1,971,722
ArcelorMittal, 6.13%, 6/01/18			857		908,420
Commercial Metals Co., 4.88%, 5/15/23			1,135		1,100,950
Constellium NV:
4.63%, 5/15/21		EUR	235		285,636
5.75%, 5/15/24 (b)		USD	439		421,440
Global Brass & Copper, Inc., 9.50%, 6/01/19			740		807,525
Kaiser Aluminum Corp., 8.25%, 6/01/20			550		603,625
Novelis, Inc.:
8.38%, 12/15/17			215		224,138
8.75%, 12/15/20			4,901		5,317,585
Peabody Energy Corp., 6.50%, 9/15/20			737		690,937
Perstorp Holding AB, 8.75%, 5/15/17 (b)			410		420,250
Ryerson, Inc./Joseph T Ryerson & Son, Inc., 9.00%, 10/15/17			1,098		1,119,960
Steel Dynamics, Inc.:
5.13%, 10/01/21 (b)			790		819,625
6.38%, 8/15/22			595		639,625
ThyssenKrupp AG, 3.13%, 10/25/19		EUR	495		647,524
Vedanta Resources PLC, 8.25%, 6/07/21 (b)		USD	200		202,000
Wise Metals Group LLC/Wise Alloys Finance Corp., 8.75%, 12/15/18 (b)			4,197		4,490,790

					20,671,752
Multiline Retail — 0.2%
Hema Bondco I BV, 6.25%, 6/15/19		EUR	350		373,190
The Neiman Marcus Group Ltd. (b):
8.00%, 10/15/21		USD	750		798,750
8.75% (8.75% Cash or 9.50% PIK), 10/15/21 (e)			150		161,625

					1,333,565
Oil, Gas & Consumable Fuels — 6.6%
Access Midstream Partners LP/ACMP Finance Corp.:
6.13%, 7/15/22			100		106,000
4.88%, 5/15/23			2,370		2,417,400
4.88%, 3/15/24			262		267,240



8	BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Antero Resources Finance Corp., 5.38%, 11/01/21	USD	888	$	876,900
Athlon Holdings LP/Athlon Finance Corp.:
7.38%, 4/15/21		146		166,988
6.00%, 5/01/22 (b)		186		201,345
Bonanza Creek Energy, Inc., 6.75%, 4/15/21		200		190,000
California Resources Corp., 6.00%, 11/15/24 (b)		1,574		1,403,811
Chaparral Energy, Inc., 7.63%, 11/15/22		330		301,950
Chesapeake Energy Corp.:
6.63%, 8/15/20		545		600,862
6.88%, 11/15/20		451		505,120
6.13%, 2/15/21		104		112,580
5.75%, 3/15/23		1,721		1,824,260
Cimarex Energy Co., 4.38%, 6/01/24		254		250,825
Concho Resources, Inc., 5.50%, 4/01/23		2,390		2,354,150
CONSOL Energy, Inc., 5.88%, 4/15/22 (b)		4,037		4,026,907
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.13%, 3/01/22		57		56,715
CrownRock LP/CrownRock Finance, Inc., 7.13%, 4/15/21 (b)		740		721,500
El Paso LLC:
7.80%, 8/01/31		143		179,210
7.75%, 1/15/32		684		864,576
Energy Transfer Equity LP, 5.88%, 1/15/24		1,825		1,934,500
Energy XXI Gulf Coast, Inc.:
7.75%, 6/15/19		403		322,400
6.88%, 3/15/24 (b)		79		59,250
EnQuest PLC, 7.00%, 4/15/22 (b)		328		259,120
Enterprise Products Operating LLC, 3.70%, 6/01/15		500		507,484
EP Energy LLC/Everest Acquisition Finance, Inc., 6.88%, 5/01/19		525		547,312
EV Energy Partners LP/EV Energy Finance Corp., 8.00%, 4/15/19		55		52,800
Halcon Resources Corp.:
8.88%, 5/15/21		1,962		1,510,740
9.25%, 2/15/22		60		47,400
Hilcorp Energy I LP/Hilcorp Finance Co. (b):
7.63%, 4/15/21		1,274		1,324,960
5.00%, 12/01/24		641		592,925
Corporate Bonds	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Kinder Morgan, Inc. (b):
5.00%, 2/15/21	USD	358	$	382,165
5.63%, 11/15/23		363		397,939
Kodiak Oil & Gas Corp., 5.50%, 2/01/22		27		26,325
Laredo Petroleum, Inc., 7.38%, 5/01/22		153		154,530
Linn Energy LLC/Linn Energy Finance Corp.:
6.25%, 11/01/19		86		76,916
Linn Energy LLC/Linn Energy Finance Corp. (concluded):
8.63%, 4/15/20		2,912		2,635,360
7.75%, 2/01/21		490		436,100
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.:
6.25%, 6/15/22		34		35,700
4.50%, 7/15/23		10		9,750
Memorial Production Partners LP/Memorial Production Finance Corp., 7.63%, 5/01/21		430		387,000
NGPL PipeCo LLC, 9.63%, 6/01/19 (b)		435		466,538
Oasis Petroleum, Inc.:
7.25%, 2/01/19		495		465,300
6.50%, 11/01/21		555		536,962
Pacific Drilling SA, 5.38%, 6/01/20 (b)		748		590,920
PDC Energy, Inc., 7.75%, 10/15/22		510		513,188
Petroleum Geo-Services ASA, 7.38%, 12/15/18 (b)		210		178,500
Range Resources Corp.:
5.75%, 6/01/21		277		290,850
5.00%, 8/15/22		10		10,325
5.00%, 3/15/23		23		22,871
Regency Energy Partners LP/Regency Energy Finance Corp., 4.50%, 11/01/23		1,698		1,596,120
RKI Exploration & Production LLC/RKI Finance Corp., 8.50%, 8/01/21 (b)		135		128,250
Rose Rock Midstream LP / Rose Rock Finance Corp., 5.63%, 7/15/22		464		452,400
Rosetta Resources, Inc., 5.63%, 5/01/21		479		457,445
RSP Permian, Inc., 6.63%, 10/01/22 (b)		441		428,873
Sabine Pass Liquefaction LLC:
6.25%, 3/15/22		104		110,240
5.63%, 4/15/23		3,962		4,041,240



BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014	9

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (concluded)
Sabine Pass Liquefaction LLC (concluded):
5.75%, 5/15/24	USD		562	$	568,322
Sabine Pass LNG LP, 7.50%, 11/30/16			4,940		5,248,750
Sanchez Energy Corp., 6.13%, 1/15/23 (b)			838		754,200
SandRidge Energy, Inc.:
8.75%, 1/15/20			91		75,530
7.50%, 2/15/23			1,082		833,140
Seventy Seven Energy, Inc., 6.50%, 7/15/22 (b)			318		243,270
Southern Star Central Corp., 5.13%, 7/15/22 (b)			1,155		1,155,000
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.:
7.50%, 7/01/21			798		861,840
5.50%, 8/15/22			834		825,660
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.25%, 10/15/22 (b)			833		849,660
Ultra Petroleum Corp., 5.75%, 12/15/18 (b)			525		509,906
Whiting Petroleum Corp., 5.00%, 3/15/19			1,786		1,736,885

					53,081,200
Paper & Forest Products — 0.0%
International Paper Co., 7.30%, 11/15/39			5		6,527
Pharmaceuticals — 1.2%
Capsugel SA, 7.00% (7.00% Cash or 7.75% PIK), 5/15/19 (b)(e)			171		173,137
Endo Finance LLC/Endo Finco, Inc. (b):
7.00%, 12/15/20			167		174,932
7.25%, 1/15/22			145		155,150
Grifols Worldwide Operations Ltd., 5.25%, 4/01/22 (b)			937		965,110
Jaguar Holding Co. II/Jaguar Merger Sub, Inc., 9.50%, 12/01/19 (b)			125		134,375
Mallinckrodt International Finance SA, 5.75%, 8/01/22 (b)			1,020		1,042,950
Valeant Pharmaceuticals International, Inc. (b):
6.75%, 8/15/18			1,221		1,304,944
7.00%, 10/01/20			1,150		1,207,500
6.38%, 10/15/20			760		788,508
7.50%, 7/15/21			1,890		2,041,200
5.63%, 12/01/21			661		667,610
Corporate Bonds		Par (000)		Value
Pharmaceuticals (concluded)
Valeant Pharmaceuticals International, Inc. (b) (concluded):
7.25%, 7/15/22	USD		1,010	$	1,070,600

					9,726,016
Professional Services — 0.0%
Truven Health Analytics, Inc., 10.63%, 6/01/20			380		387,600
Real Estate Investment Trusts (REITs) — 0.4%
Felcor Lodging LP:
6.75%, 6/01/19			1,703		1,771,120
5.63%, 3/01/23			377		376,057
iStar Financial, Inc.:
4.00%, 11/01/17			535		526,975
5.00%, 7/01/19			375		367,500
Rayonier AM Products, Inc., 5.50%, 6/01/24 (b)			80		74,400

					3,116,052
Real Estate Management & Development — 1.1%
Grand City Properties SA, Series D, 2.00%, 10/29/21	EUR		100		122,976
Lennar Corp., 4.75%, 11/15/22	USD		110		106,425
Realogy Corp. (b):
7.63%, 1/15/20			3,446		3,738,910
9.00%, 1/15/20			214		235,935
Realogy Group LLC/Realogy Co-Issuer Corp., 4.50%, 4/15/19 (b)			1,687		1,682,782
Rialto Holdings LLC/Rialto Corp., 7.00%, 12/01/18 (b)			245		250,513
Shea Homes LP/Shea Homes Funding Corp., 8.63%, 5/15/19			2,730		2,893,800

					9,031,341
Road & Rail — 1.0%
EC Finance PLC, 5.13%, 7/15/21	EUR		215		275,351
Florida East Coast Holdings Corp., 6.75%, 5/01/19 (b)	USD		2,225		2,275,062
The Hertz Corp.:
7.50%, 10/15/18			1,555		1,613,313
7.38%, 1/15/21			3,507		3,699,885
Watco Cos. LLC/Watco Finance Corp., 6.38%, 4/01/23 (b)			350		356,125

					8,219,736
Semiconductors & Semiconductor Equipment — 0.3%
Micron Technology, Inc., 5.50%, 2/01/25 (b)			1,035		1,040,175
NXP BV/NXP Funding LLC, 5.75%, 2/15/21 (b)			1,020		1,078,650



10	BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Semiconductors & Semiconductor Equipment (concluded)
Sensata Technologies BV, 5.63%, 11/01/24 (b)	USD		220	$	233,475

					2,352,300
Software — 1.2%
Infor Software Parent LLC/Infor Software Parent, Inc., 7.13% (7.13% Cash or 7.88% PIK), 5/01/21 (b)(e)			918		915,705
Infor US, Inc.:
11.50%, 7/15/18			1,659		1,829,047
9.38%, 4/01/19			4,345		4,699,335
Nuance Communications, Inc., 5.38%, 8/15/20 (b)			2,270		2,287,025

					9,731,112
Specialty Retail — 0.4%
Asbury Automotive Group, Inc., 8.38%, 11/15/20			130		144,924
L Brands, Inc., 8.50%, 6/15/19			320		379,200
Magnolia BC SA, 9.00%, 8/01/20	EUR		220		262,617
New Look Bondco I PLC, 8.75%, 5/14/18	GBP		100		164,791
Party City Holdings, Inc., 8.88%, 8/01/20	USD		410		441,775
PC Nextco Holdings LLC / PC Nextco Finance, Inc., 8.75%, 8/15/19			184		186,760
QVC, Inc., 7.38%, 10/15/20 (b)			95		100,106
Sally Holdings LLC/Sally Capital, Inc.:
5.75%, 6/01/22			146		154,030
5.50%, 11/01/23			559		586,950
Sonic Automotive, Inc., 5.00%, 5/15/23			146		142,350
THOM Europe SAS, 7.38%, 7/15/19	EUR		285		328,690
TUI AG, 4.50%, 10/01/19			105		135,622

					3,027,815
Textiles, Apparel & Luxury Goods — 0.4%
Levi Strauss & Co., 6.88%, 5/01/22	USD		405		440,438
PVH Corp., 4.50%, 12/15/22			122		121,390
Springs Industries, Inc., 6.25%, 6/01/21			1,801		1,760,477
The William Carter Co., 5.25%, 8/15/21			469		486,587

					2,808,892
Tobacco — 0.0%
Altria Group, Inc., 9.95%, 11/10/38			17		29,139
Corporate Bonds		Par (000)		Value
Trading Companies & Distributors — 0.2%
Ashtead Capital, Inc. (b):
6.50%, 7/15/22	USD		1,304	$	1,398,540
5.63%, 10/01/24			525		553,875

					1,952,415
Transportation Infrastructure — 0.2%
Aguila 3 SA, 7.88%, 1/31/18 (b)			767		751,660
JCH Parent, Inc., 10.50% (10.50% Cash or 11.25% PIK), 3/15/19 (b)(e)			1,080		1,020,600

					1,772,260
Wireless Telecommunication Services — 3.4%
Crown Castle International Corp., 5.25%, 1/15/23			115		117,012
Crown Castle Towers LLC, 6.11%, 1/15/40 (b)			375		435,100
Digicel Group Ltd., 8.25%, 9/30/20 (b)			1,215		1,245,375
Digicel Ltd., 6.00%, 4/15/21 (b)			1,898		1,860,040
The Geo Group, Inc., 5.88%, 1/15/22			370		382,025
SBA Communications Corp., 4.88%, 7/15/22 (b)			870		846,075
Sprint Communications, Inc. (b):
9.00%, 11/15/18			7,557		8,747,227
7.00%, 3/01/20			3,950		4,347,469
Sprint Corp.:
7.88%, 9/15/23			2,604		2,727,690
7.13%, 6/15/24			1,476		1,459,395
T-Mobile USA, Inc.:
6.63%, 4/28/21			455		468,650
6.13%, 1/15/22			81		82,418
6.73%, 4/28/22			295		305,325
6.00%, 3/01/23			588		596,820
6.84%, 4/28/23			85		88,400
6.50%, 1/15/24			584		597,140
6.38%, 3/01/25			1,870		1,898,050
Wind Acquisition Finance SA, 4.00%, 7/15/20	EUR		868		1,078,751

					27,282,962
Total Corporate Bonds — 58.9%					475,436,516


Floating Rate Loan Interests (c)
Aerospace & Defense — 1.5%
BE Aerospace, Inc., 2014 Term Loan B, 4.25%, 11/19/21	USD		1,520		1,521,581
DigitalGlobe, Inc., Term Loan B, 3.75%, 1/31/20			1,394		1,387,238



BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014	11

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)		Par (000)		Value
Aerospace & Defense (concluded)
TASC, Inc., 2nd Lien Term Loan, 12.00%, 5/30/21	USD		1,675	$	1,697,328
Transdigm, Inc.:
Term Loan C, 3.75%, 2/28/20			707		700,418
Term Loan D, 3.75%, 6/04/21			848		839,532
TransUnion LLC, Term Loan, 4.00%, 4/09/21			5,676	$	5,625,046

					11,771,143
Air Freight & Logistics — 0.5%
CEVA Group PLC, Synthetic LC, 6.50%, 3/19/21			1,058		999,528
CEVA Intercompany BV, Synthetic LC, 6.50%, 3/19/21			1,110		1,048,775
CEVA Logistics Canada ULC, Canadian Term Loan, 6.50%, 3/19/21			191		180,824
CEVA Logistics U.S. Holdings, Inc., Term Loan, 6.50%, 3/19/21			1,531		1,446,588

					3,675,715
Airlines — 0.6%
Delta Air Lines, Inc., 2018 Term Loan B1, 3.25%, 10/18/18			2,960		2,921,313
Northwest Airlines, Inc.:
2.18%, 3/10/17			412		398,264
1.56%, 9/10/18			603		573,921
US Airways Group, Inc., Term Loan B1, 3.50%, 5/23/19			1,277		1,254,061

					5,147,559
Auto Components — 2.6%
Affinia Group Intermediate Holdings, Inc., Term Loan B2, 4.75%, 4/27/20			814		815,220
Autoparts Holdings Ltd.:
1st Lien Term Loan, 6.50%, 7/29/17			2,174		2,174,971
2nd Lien Term Loan, 10.50%, 1/29/18			2,250		2,195,618
Dayco Products LLC, Term Loan B, 5.25%, 12/12/19			1,236		1,230,559
FPC Holdings, Inc., 1st Lien Term Loan, 5.25%, 11/19/19			1,494		1,467,558
Gates Global, Inc., Term Loan B, 4.25%, 7/05/21			6,405		6,338,580
Goodyear Tire & Rubber Co., 2nd Lien Term Loan, 4.75%, 4/30/19			3,280		3,289,217
INA Beteiligungsgesellschaft mbH, Term Loan B, 4.25%, 5/15/20			1,595		1,596,547
Transtar Holding Co., 1st Lien Term Loan, 5.75%, 10/09/18			1,350		1,336,937
Floating Rate Loan Interests (c)		Par (000)		Value
Auto Components (concluded)
UCI International, Inc., Term Loan B, 5.50%, 7/26/17	USD		281	$	280,448

					20,725,655
Banks — 0.1%
Redtop Acquisitions Ltd.:
1st Lien Term Loan, 4.50%, 12/03/20			600		601,964
2nd Lien Term Loan, 8.25%, 6/03/21			382		382,590

					984,554
Building Products — 2.3%
Continental Building Products LLC, 1st Lien Term Loan, 4.00%, 8/28/20			1,988		1,954,961
CPG International, Inc., Term Loan, 4.75%, 9/30/20			3,184		3,176,034
GYP Holdings III Corp., 1st Lien Term Loan, 4.75%, 4/01/21			1,552		1,526,014
Interline Brands, Inc., 2021 Term Loan, 4.00%, 3/17/21			1,632		1,600,519
Jeld-Wen, Inc., Term Loan B, 5.25%, 10/15/21			2,200		2,193,136
Nortek, Inc., Term Loan, 3.75%, 10/30/20			2,070		2,047,831
Ply Gem Industries, Inc., Term Loan, 4.00%, 2/01/21			2,025		1,997,834
Quikrete Holdings, Inc., 1st Lien Term Loan, 4.00%, 9/28/20			1,205		1,194,810
Wilsonart LLC:
Incremental Term Loan B2, 4.00%, 10/31/19			412		404,939
Term Loan B, 4.00%, 10/31/19			2,289		2,250,608

					18,346,686
Capital Markets — 0.3%
Affinion Group, Inc.:
2nd Lien Term Loan, 8.50%, 10/12/18			960		886,500
Term Loan B, 6.75%, 4/30/18			992		949,574
American Capital Holdings, Inc., 2017 Term Loan, 3.50%, 8/22/17			658		652,394

					2,488,468
Chemicals — 2.9%
Allnex (Luxembourg) & Cy SCA, Term Loan B1, 4.50%, 10/03/19			241		240,532
Allnex USA, Inc., Term Loan B2, 4.50%, 10/03/19			125		124,800



12	BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)		Par (000)		Value
Chemicals (concluded)
Axalta Coating Systems US Holdings, Inc., Term Loan, 3.75%, 2/01/20	USD		2,955	$	2,912,476
CeramTec Acquisition Corp., Term Loan B2, 4.25%, 8/30/20			73		73,077
Chromaflo Technologies Corp.:
1st Lien Term Loan, 4.50%, 12/02/19			720		713,266
2nd Lien Term Loan, 8.25%, 5/30/20			405		402,975
Evergreen Acqco 1 LP, Term Loan, 5.00%, 7/09/19			1,582		1,576,527
INEOS US Finance LLC, 6 Year Term Loan, 3.75%, 5/04/18			1,226		1,211,603
MacDermid, Inc., 1st Lien Term Loan, 4.00%, 6/07/20			2,383		2,346,413
Minerals Technologies, Inc., Term Loan B, 4.00%, 5/09/21			3,093		3,089,033
Nexeo Solutions LLC, Term Loan B, 5.00%, 9/08/17			2,559		2,537,765
OXEA Finance LLC:
2nd Lien Term Loan, 8.25%, 7/15/20			1,155		1,120,350
Term Loan B2, 4.25%, 1/15/20			1,480		1,448,599
Royal Adhesives and Sealants LLC, 1st Lien Term Loan, 5.50%, 7/31/18			854		854,458
Solenis International LP:
1st Lien Term Loan, 4.25%, 7/31/21			1,670		1,646,002
2nd Lien Term Loan, 7.75%, 7/31/22			1,915		1,876,106
Tata Chemicals North America, Inc., Term Loan B, 3.75%, 8/07/20			726		714,925
Univar, Inc., Term Loan B, 5.00%, 6/30/17			706		702,181

					23,591,088
Commercial Services & Supplies — 3.3%
ADS Waste Holdings, Inc., Term Loan, 3.75%, 10/09/19			2,626		2,576,650
ARAMARK Corp.:
Term Loan E, 3.25%, 9/07/19			2,852		2,818,519
Term Loan F, 3.25%, 2/24/21			1,220		1,202,969
Brand Energy & Infrastructure Services, Inc., Term Loan B, 4.75%, 11/26/20			2,487		2,471,710
Catalent Pharma Solutions, Inc., Term Loan:
6.50%, 12/29/17			106		105,904
B, 4.25%, 5/20/21			2,869		2,871,006
Floating Rate Loan Interests (c)		Par (000)		Value
Commercial Services & Supplies (concluded)
Connolly Corp.:
1st Lien Term Loan, 5.00%, 5/14/21	USD		2,868	$	2,874,093
2nd Lien Term Loan, 8.00%, 5/14/22			2,125		2,122,344
KAR Auction Services, Inc., Term Loan B2, 3.50%, 3/11/21			1,163		1,160,220
Koosharem LLC, Exit Term Loan, 7.50%, 5/15/20			2,868		2,846,304
Livingston International, Inc., 1st Lien Term Loan, 5.00%, 4/18/19			849		819,526
Spin Holdco, Inc., Term Loan B, 4.25%, 11/14/19			3,560		3,534,712
West Corp., Term Loan B10, 3.25%, 6/30/18			1,248		1,233,407

					26,637,364
Communications Equipment — 2.5%
Amaya Holdings BV:
1st Lien Term Loan, 5.00%, 8/01/21			1,200		1,198,128
2nd Lien Term Loan, 8.00%, 8/01/22			8,380		8,526,650
Applied Systems, Inc.:
1st Lien Term Loan, 4.25%, 1/25/21			605		602,095
2nd Lien Term Loan, 7.50%, 1/23/22			540		539,325
Avaya, Inc., Extended Term Loan B3, 4.65%, 10/26/17			1,954		1,897,028
CommScope, Inc., Term Loan B3, 2.66% — 2.83%, 1/21/17			809		805,179
Telesat Canada, Term Loan A, 4.37%, 3/24/17	CAD		2,301		2,007,431
Zayo Group LLC/Zayo Capital, Inc., Term Loan B, 4.00%, 7/02/19	USD		4,874		4,860,190

					20,436,026
Construction & Engineering — 0.3%
AECOM Technology Corp., Term Loan B, 3.75%, 10/15/21			809		811,208
BakerCorp International, Inc., Term Loan, 4.25%, 2/14/20			866		840,137
Centaur Acquisition LLC, 2nd Lien Term Loan, 8.75%, 2/20/20			1,185		1,202,775

					2,854,120
Construction Materials — 0.9%
Filtration Group Corp., 1st Lien Term Loan, 4.50%, 11/21/20			600		599,898



BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014	13

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)		Par (000)		Value
Construction Materials (concluded)
HD Supply, Inc., Term Loan B, 4.00%, 6/28/18	USD		6,638	$	6,613,234

					7,213,132
Containers & Packaging — 0.5%
Ardagh Holdings USA, Inc., Incremental Term Loan, 4.00%, 12/17/19			940		936,354
Berry Plastics Holding Corp., Term Loan E, 3.75%, 1/06/21			1,959		1,930,397
BWAY Holding Company, Inc., Term Loan B, 5.50%, 8/14/20			1,087		1,089,450

					3,956,201
Distributors — 0.5%
ABC Supply Co., Inc., Term Loan, 3.50%, 4/16/20			3,257		3,194,010
American Tire Distributors Holdings, Inc., Term Loan B, 5.75%, 6/01/18			284		283,929
VWR Funding, Inc., Term Loan, 3.41%, 4/03/17			752		745,700

					4,223,639
Diversified Consumer Services — 1.4%
Allied Security Holdings LLC:
1st Lien Term Loan, 4.25%, 2/12/21			2,681		2,663,504
2nd Lien Term Loan, 8.00%, 8/13/21			599		595,001
Bright Horizons Family Solutions, Inc., Term Loan B, 3.75% — 5.00%, 1/30/20			1,543		1,527,748
Garda World Securities Corp.:
Delayed Draw Term Loan, 4.00%, 11/06/20			288		283,623
Term Loan B, 4.00%, 11/06/20			1,125		1,108,708
ROC Finance LLC, Term Loan, 5.00%, 6/20/19			673		642,697
ServiceMaster Company, 2014 Term Loan B, 4.25%, 7/01/21			2,515		2,498,024
Weight Watchers International, Inc., Term Loan B2, 4.00%, 4/02/20			2,099		1,630,632

					10,949,937
Diversified Financial Services — 0.7%
AssuredPartners Capital, Inc., 1st Lien Term Loan, 4.50%, 3/31/21			1,350		1,336,500
Floating Rate Loan Interests (c)		Par (000)		Value
Diversified Financial Services (concluded)
Reynolds Group Holdings, Inc., Dollar Term Loan, 4.00%, 12/01/18	USD		2,461	$	2,451,669
RPI Finance Trust, Term Loan B3, 3.25%, 11/09/18			474		472,751
SAM Finance Luxembourg Sarl, Term Loan, 4.25%, 12/17/20			1,608		1,613,879

					5,874,799
Diversified Telecommunication Services — 2.5%
Consolidated Communications, Inc., Term Loan B, 4.25%, 12/23/20			2,408		2,413,472
Hawaiian Telcom Communications, Inc., Term Loan B, 5.00%, 6/06/19			2,837		2,838,269
Integra Telecom, Inc.:
2nd Lien Term Loan, 9.75%, 2/21/20			1,555		1,542,460
Term Loan B, 5.25%, 2/22/19			1,261		1,250,953
Level 3 Financing, Inc.:
2019 Term Loan, 4.00%, 8/01/19			920		917,754
2020 Term Loan B, 4.00%, 1/15/20			8,605		8,592,093
Incremental Term Loan B5, 4.50%, 1/31/22			2,835		2,842,966

					20,397,967
Electric Utilities — 0.4%
American Energy — Utica LLC:
2nd Lien Delayed Draw Term Loan, 11.00%, 9/30/18			794		770,417
2nd Lien Term Loan, 5.50%, 9/30/18			475		474,588
Incremental 2nd Lien Term Loan, 11.00%, 9/30/18			794		770,537
Energy Future Intermediate Holding Co LLC, DIP Term Loan, 4.25%, 6/19/16			1,220		1,220,769

					3,236,311
Electrical Equipment — 1.0%
Texas Competitive Electric Holdings Co. LLC:
DIP Term Loan, 3.75%, 5/05/16			1,591		1,600,445



14	BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)		Par (000)		Value
Electrical Equipment (concluded)
Texas Competitive Electric Holdings Co. LLC (concluded):
Extended Term Loan, 4.65%, 10/10/17 (a)(f)	USD		9,460	$	6,850,932

					8,451,377
Electronic Equipment, Instruments & Components — 0.4%
CDW LLC, Term Loan, 3.25%, 4/29/20			2,937		2,895,012
Energy Equipment & Services — 0.4%
Dynegy Holdings, Inc., Term Loan B2, 4.00%, 4/23/20			1,304		1,298,403
MEG Energy Corp., Refinancing Term Loan, 3.75%, 3/31/20			1,859		1,806,242

					3,104,645
Food & Staples Retailing — 0.7%
Alliance Boots Holdings Ltd., Term Loan B1, 3.48%, 7/09/15	GBP		1,614		2,516,696
New Albertson’s, Inc., Term Loan, 4.75%, 6/27/21	USD		1,065		1,059,675
Rite Aid Corp., 2nd Lien Term Loan, 5.75%, 8/21/20			695		700,789
Supervalu, Inc., Refinancing Term Loan B, 4.50%, 3/21/19			1,402		1,394,920

					5,672,080
Food Products — 2.1%
Del Monte Foods, Inc., 1st Lien Term Loan, 4.25% — 5.50%, 2/18/21			923		855,644
Diamond Foods, Inc., Term Loan, 4.25%, 8/20/18			2,869		2,847,430
Dole Food Co., Inc., Term Loan B, 4.50% — 5.75%, 11/01/18			1,635		1,627,441
GFA Brands, Inc., Term Loan B, 4.50%, 7/09/20			609		602,762
Hearthside Group Holdings LLC, Term Loan, 4.50%, 6/02/21			2,414		2,413,950
Pabst Brewing Company, Inc., Term Loan, 5.75%, 10/21/21			1,086		1,087,035
Performance Food Group Co., 2nd Lien Term Loan, 6.25%, 11/14/19			2,301		2,287,944
Pinnacle Foods Finance LLC, Term Loan G, 3.00%, 4/29/20			1,846		1,819,226
Reddy Ice Corp.:
1st Lien Term Loan, 6.75% — 7.75%, 5/01/19			3,014		2,712,690
Floating Rate Loan Interests (c)		Par (000)		Value
Food Products (concluded)
Reddy Ice Corp. (concluded):
2nd Lien Term Loan, 10.75%, 11/01/19	USD		995	$	835,800

					17,089,922
Health Care Equipment & Supplies — 3.4%
Arysta LifeScience SPC LLC, 1st Lien Term Loan, 4.50%, 5/29/20			2,610		2,599,162
Biomet, Inc., Term Loan B2, 3.66%, 7/25/17			2,078		2,073,419
Capsugel Holdings US, Inc., Term Loan B, 3.50%, 8/01/18			1,351		1,335,356
DJO Finance LLC, 2017 Term Loan, 4.25%, 9/15/17			3,659		3,651,638
Fresenius SE & Co. KGaA, Incremental Term Loan B, 2.33%, 6/28/19	EUR		437		542,472
The Hologic, Inc., Term Loan B, 3.25%, 8/01/19	USD		2,499		2,488,882
Iasis Healthcare LLC, Term Loan B2, 4.50%, 5/03/18			97		97,216
Immucor, Inc., Refinancing Term Loan B2, 5.00%, 8/17/18			2,426		2,427,167
Leonardo Acquisition Corp., Term Loan, 4.25%, 1/31/21			1,657		1,641,483
Millennium Laboratories, Inc., Term Loan B, 5.25%, 4/16/21			3,766		3,777,349
National Vision, Inc.:
1st Lien Term Loan, 4.00%, 3/12/21			1,747		1,708,305
2nd Lien Term Loan, 6.75%, 3/11/22			755		700,263
Ortho-Clinical Diagnostics, Inc., Term Loan B, 4.75%, 6/30/21			4,190		4,147,605

					27,190,317
Health Care Providers & Services — 4.0%
Amedisys, Inc., 2nd Lien Term Loan, 8.50%, 6/25/20			2,125		2,071,875
Amsurg Corp., 1st Lien Term Loan B, 3.75% — 5.25%, 7/16/21			943		939,272
Ardent Medical Services, Inc., Term Loan, 6.75%, 7/02/18			713		717,901
CareCore National LLC, Term Loan B, 5.50%, 3/05/21			860		861,617
CHG Healthcare Services Inc., Term Loan, 4.25%, 11/19/19			1,656		1,651,611
CHS/Community Health Systems, Inc., Term Loan D, 4.25%, 1/27/21			7,359		7,370,868



BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014	15

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)		Par (000)		Value
Health Care Providers & Services (concluded)
ConvaTec, Inc., Term Loan, 4.00%, 12/22/16	USD		2,633	$	2,627,687
DaVita HealthCare Partners, Inc., Term Loan B, 3.50%, 6/24/21			6,992		6,961,918
Envision Acquisition Co. LLC, Term Loan, 5.75%, 11/04/20			1,292		1,291,950
Genesis HealthCare Corp., Term Loan B, 10.00%, 9/25/17			1,335		1,395,219
Ikaria, Inc.:
1st Lien Term Loan, 5.00%, 2/12/21			362		362,675
2nd Lien Term Loan, 8.75%, 2/14/22			450		452,250
inVentiv Health, Inc., Incremental Term Loan B3, 7.75% - 8.50%, 5/15/18			874		866,838
MPH Acquisition Holdings LLC, Term Loan, 3.75%, 3/31/21			1,591		1,564,820
National Mentor Holdings, Inc., Term Loan B, 4.75%, 1/31/21			1,120		1,115,413
Surgery Center Holdings, Inc., 1st Lien Term Loan, 5.25%, 11/03/20			683		681,926
Surgical Care Affiliates, Inc., Class C Incremental Term Loan, 4.00%, 6/29/18			1,175		1,169,249

					32,103,089
Health Care Technology — 0.5%
IMS Health, Inc., Term Loan, 3.50%, 3/17/21			2,602		2,570,494
MedAssets, Inc., Term Loan B, 4.00%, 12/13/19			1,345		1,336,223

					3,906,717
Hotels, Restaurants & Leisure — 6.3%
1011778 B.C. Unlimited Liability Co., 2014 Term Loan B, 4.50%, 10/27/21			4,030		4,038,826
Bronco Midstream Funding LLC, Term Loan B, 5.00%, 8/15/20			1,882		1,872,809
Caesars Entertainment Operating Co., Inc.:
Extended Term Loan B6, 6.99%, 3/01/17			1,829		1,664,865
Term Loan B7, 9.75%, 1/28/18			2,075		1,909,320
Caesars Entertainment Resort Properties LLC, Term Loan B, 7.00%, 10/11/20			6,601		6,282,866
Floating Rate Loan Interests (c)		Par (000)		Value
Hotels, Restaurants & Leisure (concluded)
CCM Merger, Inc., Term Loan B, 4.50%, 8/08/21	USD		1,195	$	1,194,110
Dave & Buster’s, Inc., Term Loan, 4.50%, 7/25/20			483		482,253
Diamond Resorts Corp., Term Loan, 5.50%, 5/09/21			3,367		3,341,313
Four Seasons Holdings, Inc., 2nd Lien Term Loan, 6.25%, 12/27/20			895		899,475
Great Wolf Resorts, Inc., Term Loan B, 5.75%, 8/06/20			860		856,775
Hilton Worldwide Finance LLC, Term Loan B2, 3.50%, 10/26/20			5,383		5,333,110
Intrawest ULC, Term Loan, 5.50%, 12/09/20			1,007		1,010,541
La Quinta Intermediate Holdings LLC, Term Loan B, 4.00%, 4/14/21			6,679		6,648,556
Las Vegas Sands LLC, Term Loan B, 3.25%, 12/19/20			1,634		1,630,018
MGM Resorts International, Term Loan B, 3.50%, 12/20/19			2,175		2,141,299
Pinnacle Entertainment, Inc., Term Loan B2, 3.75%, 8/13/20			1,076		1,065,821
Playa Resorts Holding BV, Term Loan B, 4.00%, 8/06/19			679		671,213
Sabre, Inc.:
Incremental Term Loan, 4.50%, 2/19/19			639		636,155
Term Loan B, 4.00%, 2/19/19			874		867,395
Scientific Games International, Inc., 2014 Term Loan B1, 4.25%, 10/18/20			986		971,714
Station Casinos LLC, Term Loan B, 4.25%, 3/02/20			4,922		4,881,290
Travelport Finance (Luxembourg) Sarl, 2014 Term Loan B, 6.00%, 9/02/21			2,405		2,411,445

					50,811,169
Household Products — 0.5%
Bass Pro Group LLC, Term Loan, 3.75%, 11/20/19			1,996		1,984,011
Spectrum Brands, Inc., Term Loan C, 3.50%, 9/04/19			2,133		2,120,408

					4,104,419
Independent Power and Renewable Electricity Producers — 0.5%
Calpine Construction Finance Co., L.P., Term Loan B1, 3.00%, 5/03/20			811		792,208



16	BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)		Par (000)		Value
Independent Power and Renewable Electricity Producers (concluded)
Calpine Corp., Term Loan B1, 4.00%, 4/01/18	USD		1,138	$	1,136,680
Granite Acquisition, Inc.:
Term Loan B, 5.00%, 10/15/21			1,708		1,715,746
Term Loan C, 5.00%, 10/15/21			75		75,492

					3,720,126
Industrial Conglomerates — 0.5%
Sequa Corp., Term Loan B, 5.25%, 6/19/17			4,027		3,925,951
Insurance — 1.0%
CNO Financial Group, Inc.:
Term Loan B1, 3.00%, 9/28/16			678		674,047
Term Loan B2, 3.75%, 9/20/18			1,411		1,395,090
Cooper Gay Swett & Crawford of Delaware Holding Corp.:
1st Lien Term Loan, 5.00%, 4/16/20			1,155		1,080,276
2nd Lien Term Loan C, 8.25%, 10/16/20			360		316,800
Onex York Acquisition Corp., Term Loan B, 4.75%, 10/01/21			1,371		1,364,318
Sedgwick Claims Management Services, Inc.:
1st Lien Term Loan, 3.75%, 3/01/21			1,662		1,627,171
2nd Lien Term Loan, 6.75%, 2/28/22			1,650		1,611,506

					8,069,208
Internet Software & Services — 1.0%
Dealertrack Technologies, Inc., Term Loan B, 3.50%, 2/28/21			1,574		1,554,459
Go Daddy Operating Co. LLC, Term Loan B, 4.75%, 5/13/21			2,444		2,437,766
Interactive Data Corp., 2014 Term Loan, 4.50%, 5/02/21			2,843		2,854,957
W3 Co.:
1st Lien Term Loan, 5.75%, 3/13/20			1,113		1,100,528
2nd Lien Term Loan, 9.25%, 9/11/20			289		280,597

					8,228,307
IT Services — 2.6%
Ceridian LLC, Term Loan B2, 4.50%, 5/09/17			1,746		1,730,682
Floating Rate Loan Interests (c)		Par (000)		Value
IT Services (concluded)
First Data Corp.:
2018 Extended Term Loan, 3.66%, 3/23/18	USD		12,472	$	12,308,035
2018 Term Loan, 3.66%, 9/24/18			1,935		1,907,987
InfoGroup, Inc., Term Loan, 7.50%, 5/26/18			942		873,189
SunGard Availability Services Capital, Inc., Term Loan B, 6.00%, 3/31/19			1,294		1,149,598
SunGard Data Systems, Inc.:
Term Loan C, 3.91%, 2/28/17			1,080		1,077,300
Term Loan E, 4.00%, 3/08/20			414		412,915
Vantiv, LLC, 2014 Term Loan B, 3.75%, 6/13/21			1,456		1,446,345

					20,906,051
Leisure Products — 0.2%
Bauer Performance Sports Ltd., Term Loan B, 4.00%, 4/15/21			1,652		1,638,871
FGI Operating Co. LLC, Term Loan, 5.50%, 4/19/19			371		367,403

					2,006,274
Machinery — 1.6%
Alliance Laundry Systems LLC:
2nd Lien Term Loan, 9.50%, 12/10/19			442		441,266
Refinancing Term Loan, 4.25%, 12/10/18			1,535		1,526,572
Faenza Acquisition GmbH:
Term Loan B1, 4.25%, 8/30/20			739		736,652
Term Loan B3, 4.25%, 8/30/20			221		220,202
Intelligrated, Inc., 1st Lien Term Loan, 4.50% - 5.75%, 7/30/18			1,026		1,017,051
Mirror Bidco Corp., Term Loan, 4.25%, 12/28/19			1,533		1,518,761
Mueller Water Products, Inc., Term Loan B, 4.50%, 11/19/21			570		572,138
Navistar International Corp., Term Loan B, 5.75%, 8/17/17			1,785		1,798,327
Rexnord LLC, 1st Lien Term Loan B, 4.00%, 8/21/20			1,917		1,902,964
Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19			1,184		1,154,824



BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014	17

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)		Par (000)		Value
Machinery (concluded)
Wabash National Corp., Term Loan B, 4.50%, 5/08/19	USD		1,909	$	1,913,939

					12,802,696
Media — 6.8%
Activision Blizzard, Inc., Term Loan B, 3.25%, 10/12/20			1,606		1,606,912
Advanstar Communications, Inc., 2nd Lien Term Loan, 9.50%, 6/06/20			470		472,350
Cengage Learning Acquisitions, Inc.:
0.00%, 7/03/15 (a)(f)			2,596		—
7.00%, 3/31/20			5,497		5,496,495
Charter Communications Operating LLC:
Term Loan E, 3.00%, 7/01/20			1,158		1,141,937
Term Loan G, 4.25%, 9/12/21			2,950		2,969,116
Clear Channel Communications, Inc.:
Term Loan B, 3.81%, 1/29/16			858		849,199
Term Loan D, 6.91%, 1/30/19			4,467		4,197,251
CSC Holdings LLC, Term Loan B, 2.66%, 4/17/20			1,311		1,291,588
Cumulus Media Holdings, Inc., 2013 Term Loan, 4.25%, 12/23/20			2,327		2,287,543
Getty Images, Inc., Term Loan B, 4.75%, 10/18/19			305		288,316
Hemisphere Media Holdings LLC, Term Loan B, 5.00%, 7/30/20			1,363		1,356,829
Intelsat Jackson Holdings SA, Term Loan B2, 3.75%, 6/30/19			6,021		5,982,929
Lions Gate Entertainment Corp., 2nd Lien Term Loan, 5.00%, 7/17/20			610		615,338
Live Nation Entertainment, Inc., 2020 Term Loan B1, 3.50%, 8/17/20			619		614,369
Media General, Inc.:
Delayed Draw Term Loan B, 4.25%, 7/31/20			1,052		1,053,408
Term Loan B2, 4.25%, 7/31/20			820		817,950
Mediacom Communications Corp., Term Loan F, 2.63%, 3/31/18			791		769,770
NEP/NCP Holdco, Inc., Incremental Term Loan, 4.25%, 1/22/20			2,778		2,738,704
Numericable U.S. LLC:
Term Loan B1, 4.50%, 5/21/20			1,689		1,689,527
Floating Rate Loan Interests (c)		Par (000)		Value
Media (concluded)
Numericable U.S. LLC (concluded):
Term Loan B2, 4.50%, 5/21/20	USD		1,461	$	1,461,670
Salem Communications Corp., Term Loan B, 4.50%, 3/13/20			1,055		1,040,165
SBA Senior Finance II LLC, Term Loan B1, 3.25%, 3/24/21			1,970		1,942,304
Tribune Co., 2013 Term Loan, 4.00%, 12/27/20			2,593		2,580,092
Univision Communications, Inc., Term Loan C4, 4.00%, 3/01/20			2,948		2,917,326
UPC Financing Partnership, Term Loan AG, 3.76%, 3/31/21	EUR		396		492,574
Virgin Media Investment Holdings Ltd., Term Loan B, 3.50%, 6/07/20	USD		1,020		1,008,892
WideOpenWest Finance LLC, Term Loan B, 4.75%, 4/01/19			978		974,641
William Morris Endeavor Entertainment LLC:
1st Lien Term Loan, 5.25%, 5/06/21			901		878,098
2nd Lien Term Loan, 8.25%, 5/01/22			760		737,200
Ziggo Financing Partnership:
Term Loan B1, 3.25%, 1/15/22			1,561		1,535,156
Term Loan B2A, 3.50%, 1/15/22			1,023		1,005,999
Term Loan B3, 3.50%, 1/15/22			1,682		1,654,510

					54,468,158
Metals & Mining — 0.8%
Ameriforge Group, Inc., 2nd Lien Term Loan, 8.75%, 12/19/20			530		524,371
FMG Resources August 2006 Property Ltd., Term Loan B, 3.75%, 6/30/19			617		577,663
Novelis, Inc., Term Loan, 3.75%, 3/10/17			4,092		4,084,250
Windsor Financing LLC, Term Loan B, 6.25%, 12/05/17			1,621		1,629,038

					6,815,322
Multiline Retail — 0.8%
BJ’s Wholesale Club, Inc.:
1st Lien Term Loan, 4.50%, 9/26/19			1,473		1,463,390



18	BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)		Par (000)		Value
Multiline Retail (concluded)
BJ’s Wholesale Club, Inc. (concluded):
2nd Lien Term Loan, 8.50%, 3/26/20	USD		785	$	785,557
Hudson’s Bay Co., 1st Lien Term Loan, 4.75% - 6.00%, 11/04/20			1,179		1,181,521
Neiman Marcus Group, Inc., 2020 Term Loan, 4.25%, 10/25/20			2,888		2,868,256

					6,298,724
Oil, Gas & Consumable Fuels — 2.1%
American Energy - Marcellus LLC, 1st Lien Term Loan, 5.25%, 8/04/20			659		623,465
Arch Coal, Inc., Term Loan B, 6.25%, 5/16/18			2,668		2,347,779
Drillships Financing Holding, Inc., Term Loan B1, 6.00%, 3/31/21			2,533		2,330,523
Drillships Ocean Ventures, Inc., Term Loan B, 5.50%, 7/25/21			259		239,564
EP Energy LLC/Everest Acquisition Finance, Inc., Term Loan B3, 3.50%, 5/24/18			1,223		1,195,429
Fieldwood Energy LLC:
1st Lien Term Loan, 3.88%, 9/28/18			862		823,857
2nd Lien Term Loan, 8.38%, 9/30/20			840		760,553
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15			972		962,149
Offshore Group Investment Ltd., Term Loan B, 5.75%, 3/28/19			194		156,815
Panda Patriot LLC, Term Loan B1, 6.75%, 12/19/20			2,050		2,060,250
Panda Temple II Power LLC, Term Loan B, 7.25%, 4/03/19			980		987,350
Power Buyer LLC, 2nd Lien Term Loan, 8.25%, 11/06/20			200		194,000
Samchully Midstream 3 LLC, Term Loan B, 5.75%, 10/20/21			1,515		1,488,487
Seventy Seven Operating LLC, Term Loan B, 3.75%, 6/25/21			190		183,325
Southcross Energy Partners LP, 1st Lien Term Loan, 5.25%, 8/04/21			788		789,995
Southcross Holdings Borrower LP, Term Loan B, 6.00%, 8/04/21			633		618,768
Floating Rate Loan Interests (c)		Par (000)		Value
Oil, Gas & Consumable Fuels (concluded)
WTG Holdings III Corp., 1st Lien Term Loan, 4.75%, 1/15/21	USD		1,206	$	1,198,351

					16,960,660
Pharmaceuticals — 2.6%
Akorn, Inc., Term Loan B, 4.50%, 4/16/21			1,695		1,696,407
Endo Luxembourg Finance Co. I Sarl, 2014 Term Loan B, 3.25%, 2/28/21			647		637,585
Grifols Worldwide Operations USA, Inc., Term Loan B, 3.16%, 2/27/21			3,761		3,724,655
Mallinckrodt International Finance SA:
Incremental Term Loan B1, 3.50%, 3/19/21			850		844,509
Term Loan B, 3.50%, 3/19/21			1,662		1,646,330
Par Pharmaceutical Cos., Inc., Term Loan B2, 4.00%, 9/30/19			3,247		3,199,214
Pharmaceutical Product Development LLC, Term Loan B, 4.00%, 12/05/18			3,432		3,422,333
Quintiles Transnational Corp., Term Loan B3, 3.75%, 6/08/18			1,436		1,427,093
Valeant Pharmaceuticals International, Inc., Term Loan B:
Series C2, 3.50%, 12/11/19			1,036		1,028,518
Series D2, 3.50%, 2/13/19			1,521		1,510,376
Series E, 3.50%, 8/05/20			1,492		1,481,695

					20,618,715
Professional Services — 1.4%
Advantage Sales & Marketing, Inc.:
2014 1st Lien Term Loan, 4.25%, 7/23/21			1,631		1,616,719
2014 2nd Lien Term Loan, 7.50%, 7/25/22			1,870		1,855,975
Delayed Draw Term Loan, 4.25%, 7/23/21			54		53,891
Emdeon Business Services LLC, Term Loan B2, 3.75%, 11/02/18			3,501		3,479,725
Intertrust Group Holding BV, 2nd Lien Term Loan, 8.00%, 4/16/22			1,675		1,651,969
SIRVA Worldwide, Inc., Term Loan, 7.50%, 3/27/19			1,152		1,143,807



BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014	19

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)		Par (000)		Value
Professional Services (concluded)
Truven Health Analytics, Inc., Term Loan B, 4.50%, 6/06/19	USD		1,716	$	1,681,396

					11,483,482
Real Estate Management & Development — 1.1%
CityCenter Holdings LLC, Term Loan B, 4.25%, 10/16/20			1,441		1,438,663
DTZ US Borrower LLC:
1st Lien Term Loan, 5.50%, 11/04/21			1,456		1,461,462
Delayed Draw Term Loan, 5.50%, 11/04/21			869		871,830
Realogy Corp.:
Extended Letter of Credit, 4.40%, 10/10/16			636		622,244
Term Loan B, 3.75%, 3/05/20			4,366		4,347,697

					8,741,896
Road & Rail — 0.3%
Road Infrastructure Investment LLC:
1st Lien Term Loan, 4.25%, 3/31/21			1,239		1,195,938
2nd Lien Term Loan, 7.75%, 9/21/21			1,175		1,069,250

					2,265,188
Semiconductors & Semiconductor Equipment — 1.0%
Avago Technologies Cayman Ltd., Term Loan B, 3.75%, 5/06/21			5,262		5,259,182
Freescale Semiconductor, Inc.:
Term Loan B4, 4.25%, 2/28/20			2,734		2,708,847
Term Loan B5, 5.00%, 1/15/21			406		406,322

					8,374,351
Software — 2.1%
Evertec Group LLC, Term Loan B, 3.50%, 4/17/20			672		659,191
GCA Services Group, Inc.:
2nd Lien Term Loan, 9.25%, 10/22/20			624		622,440
Term Loan B, 4.25% - 5.50%, 11/01/19			1,164		1,155,514
Infor US, Inc., Term Loan B5, 3.75%, 6/03/20			4,583		4,514,146
IQOR US, Inc., Term Loan B, 6.00%, 4/01/21			1,268		1,201,821
Kronos Worldwide, Inc., 2014 Term Loan, 4.75%, 2/18/20			433		432,825
Floating Rate Loan Interests (c)		Par (000)		Value
Software (concluded)
Kronos, Inc., 2nd Lien Term Loan, 9.75%, 4/30/20	USD		1,952	$	2,010,421
Mitchell International, Inc.:
1st Lien Term Loan, 4.50%, 10/12/20			1,852		1,848,263
2nd Lien Term Loan, 8.50%, 10/11/21			1,250		1,248,125
Regit Eins GmbH, 1st Lien Term Loan, 6.00%, 1/08/21			1,392		1,359,985
Sophia LP, 2014 Term Loan B, 4.00%, 7/19/18			1,644		1,633,976
Tibco Software, Inc., Term Loan B, 6.50%, 11/04/20			275		269,272
Websense, Inc., 2nd Lien Term Loan, 8.25%, 12/24/20			265		261,688

					17,217,667
Specialty Retail — 2.2%
Academy Ltd., Term Loan, 4.50%, 8/03/18			2,325		2,319,328
The Gymboree Corp., Initial Term Loan, 5.00%, 2/23/18			195		118,975
Jo-Ann Stores, Inc., Term Loan, 4.00%, 3/16/18			1,134		1,097,224
Leslie’s Poolmart, Inc., New Term Loan, 4.25%, 10/16/19			1,923		1,889,956
Michaels Stores, Inc.:
Incremental 2014 Term Loan B2, 4.00%, 1/28/20			2,100		2,090,121
Term Loan B, 3.75%, 1/28/20			1,623		1,608,118
Party City Holdings, Inc., Term Loan, 4.00%, 7/27/19			2,791		2,759,521
Petco Animal Supplies, Inc., Term Loan, 4.00%, 11/24/17			2,806		2,789,165
Things Remembered, Inc., Term Loan B, 8.25%, 5/24/18			2,170		2,061,902
Toys ‘R’ Us-Delaware, Inc.:
Incremental Term Loan B2, 5.25%, 5/25/18			195		148,782
Term Loan B3, 5.25%, 5/25/18			34		25,925
Term Loan B4, 9.75%, 4/24/20			708		652,098

					17,561,115
Textiles, Apparel & Luxury Goods — 1.3%
Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18			2,867		2,784,907
J. Crew Group, Inc., Term Loan B, 4.00%, 3/05/21			1,766		1,677,077
Kate Spade & Co., Term Loan B, 4.00%, 4/09/21			2,170		2,137,019



20	BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Floating Rate Loan Interests (c)		Par (000)		Value
Textiles, Apparel & Luxury Goods (concluded)
Nine West Holdings, Inc.:
Guarantee Term Loan, 6.25%, 1/08/20	USD		1,165	$	1,067,431
Term Loan B, 4.75%, 10/08/19			813		780,444
Polymer Group, Inc., 1st Lien Term Loan, 5.25%, 12/19/19			1,686		1,687,229

					10,134,107
Thrifts & Mortgage Finance — 0.2%
IG Investment Holdings LLC, 1st Lien Term Loan, 5.25%, 10/31/19			1,521		1,514,864
Wireless Telecommunication Services — 0.2%
LTS Buyer LLC, 1st Lien Term Loan, 4.00%, 4/13/20			1,689		1,666,116
Total Floating Rate Loan Interests — 73.4%					591,618,089


Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 0.2%
Hilton USA Trust, Series 2013-HLT, Class EFX, 5.61%, 11/05/30 (b)			1,668		1,712,731



Other Interests (j)		Beneficial Interest (000)
Auto Components — 0.0%
Intermet Liquidating Trust, Class A (a)			1,154		12
Diversified Financial Services — 0.0%
JG Wentworth LLC Preferred Equity, (Acquired 11/18/13, cost $1,604,600) (a)(k)			23		221,668
Household Durables — 0.4%
Stanley Martin, Class B Membership Units			2		3,345,750
Media — 0.0%
Adelphia Escrow (a)			7,500		75
Adelphia Preferred Escrow (a)			8		—
Adelphia Recovery Trust (a)			9,406		1,881
Adelphia Recovery Trust, Series ACC-6B INT (a)			750		22,500

					24,456
Total Other Interests — 0.4%					3,591,886
Preferred Securities		Shares		Value
Preferred Stocks
Capital Markets — 0.1%
The Goldman Sachs Group, Inc., Series J, 5.50% (l)			13,550	$	327,503
Orange SA, 4.00% (l)			250,000		319,931
Telefonica Europe BV, 4.20% (l)			200,000		250,157
Total Preferred Stocks — 0.1%					897,591
Trust Preferreds
Diversified Financial Services — 0.2%
GMAC Capital Trust I, Series 2, 8.13%, 2/15/40			1,741,725		1,835,759
Total Preferred Securities — 0.3%					2,733,350


Warrants (m)
Chemicals — 0.1%
GEO Specialty Chemicals, Inc., (Expires 3/31/15)			557,488		535,189
Media — 0.2%
Charter Communications, Inc., (Issued/exercisable 11/30/09, 1 Warrant, Expires 11/30/14, Strike Price $51.28)			19,523		1,757,070
Software — 0.0%
HMH Holdings/EduMedia (Issued/exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)			3,049		14,830
Total Warrants — 0.3%					2,307,089
Total Long-Term Investments (Cost — $1,126,712,028) — 137.5%					1,109,136,160


Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.07% (n)(o)			496,535		496,535
Total Short-Term Securities (Cost — $496,535) — 0.1%					496,535


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



BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014	21

Consolidated Schedule of Investments (continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


	Value
Total Investments (Cost — $1,127,214,430) — 137.6%	$	1,109,632,695
Liabilities in Excess of Other Assets — (37.6)%		(303,600,280	)

Net Assets — 100.0%	$	806,032,415

* As of November 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
Tax cost	$	1,131,807,500

Gross unrealized appreciation	$	30,161,438
Gross unrealized depreciation		(52,336,243	)

Net unrealized depreciation	$	(22,174,805	)

Notes to Schedule of Investments

(a)

Non-income producing security.

(b)

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.

(c)

Variable rate security. Rate shown is as of report date.

(d)

When-issued security. Unsettled when-issued transactions were as follows:


Counterparty	Value		Unrealized Appreciation/ (Depreciation)
Bank of America N.A.	$	2,297,813	$	47,813
Citigroup Global Markets, Inc.	$	940,400		—
Credit Suisse Securities (USA) LLC	$	1,247,189	$	4,979

(e)

Represents a 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.

(f)

Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

(g)

Zero-coupon bond.

(h)

Convertible security.

(i)

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

(j)

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

(k)

Restricted security as to resale. As of report date, the Fund held restricted securities with a current value of $220,505 and an original cost of $1,604,600 which was less than 0.05% of its net assets.

(l)

Security is perpetual in nature and has no stated maturity date.

(m)

Warrants entitle the Fund to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

(n)

Investments in issuers considered to be an affiliate of the Fund during the period ended November 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at February 28, 2014		Net Activity			Shares Held at November 30, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		4,698,789		(4,202,254	)		496,535	$	422

(o)

Represents the current yield as of report date.

Portfolio Abbreviations

CAD

Canadian Dollar

CLO

Collateralized Loan Obligation



22	BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014


Consolidated Schedule of Investments (continued)		BlackRock Debt Strategies Fund, Inc. (DSU)


DIP		Debtor-In-Possession
EUR		Euro
GBP		British Pound
MSCI		Morgan Stanley Capital International
PIK		Payment-In-Kind
USD		U.S. Dollar

Financial futures contracts outstanding as of November 30, 2014 were as follows:

Contracts
Sold

Issue

Exchange

Expiration

Notional

Value

Unrealized
Depreciation

(45

)

10-Year U.S. Treasury Note

Chicago Board of Trade

March 2015

USD

5,717,109

(50,991

)

Forward foreign currency exchange contracts outstanding as of November 30, 2014 were as follows:


Currency Purchased			Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation/ (Depreciation)
	EUR	197,000	USD	244,523	BNP Paribas S.A.		1/21/15	$	516
	EUR	184,000	USD	228,018	Credit Suisse International		1/21/15		851
	EUR	213,000	USD	265,934	State Street Bank and Trust Co.		1/21/15		(994	)
	EUR	816,000	USD	1,033,629	UBS AG		1/21/15		(18,645	)
	GBP	215,000	USD	336,297	Credit Suisse International		1/21/15		(573	)
	GBP	630,000	USD	1,017,148	State Street Bank and Trust Co.		1/21/15		(33,398	)
	GBP	525,000	USD	842,164	UBS AG		1/21/15		(22,373	)
	USD	1,363,064	CAD	1,531,000	Barclays Bank PLC		1/21/15		25,757
	USD	68,467	EUR	54,000	BNP Paribas S.A.		1/21/15		1,299
	USD	18,441,774	EUR	14,454,500	JPMorgan Chase Bank N.A.		1/21/15		462,510
	USD	8,849,253	GBP	5,550,000	Barclays Bank PLC		1/21/15		182,891
	Total							$	597,841

OTC options purchased as of November 30, 2014 were as follows:

Description

Counterparty

Put/
Call

Strike
Price

Expiration
Date

Contracts

Market
Value

Marsico Parent Superholdco LLC

Goldman Sachs & Co.

Call

USD 942.86

12/14/19

—

OTC credit default swaps – sold protection outstanding as of November 30, 2014 were as follows:


Issuer/Index	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating¹		Notional Amount (000)²		Market Value		Premiums Paid (Received)			Unrealized Appreciation
MetLife, Inc.		5.00	%	Deutsche Bank AG	6/20/15		A-		USD 150	$	4,138	$	1,192		$	2,946
MetLife, Inc.		1.00	%	UBS AG	9/20/15		A-		USD 175		1,261		(2,044	)		3,305
Total										$	5,399	$	(852	)	$	6,251

¹Using S&P’s rating of the issuer.
²The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.



BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014	23


Consolidated Schedule of Investments (continued)		BlackRock Debt Strategies Fund, Inc. (DSU)

Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. 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. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices 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)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy as of November 30, 2014:


	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks	$	4,580,147	$	3,067,396		$	3,491,403	$	11,138,946
Asset-Backed Securities		—		15,362,216			5,235,337		20,597,553
Corporate Bonds		—		457,576,294			17,860,222		475,436,516
Floating Rate Loan Interests (c)		—		542,719,884			48,898,205		591,618,089
Non-Agency Mortgage-Backed Securities		—		1,712,731			—		1,712,731
Other Interests		221,668		24,381			3,345,837		3,591,886
Preferred Securities		2,163,262		570,088			—		2,733,350
Warrants		—		1,757,070			550,019		2,307,089
Short-Term Securities		496,535		—			—		496,535
Liabilities:
Unfunded Floating Rate Loan Interests		—		(741	)		—		(741	)

Total	$	7,461,612	$	1,022,789,319		$	79,381,023	$	1,109,631,954



24	BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014


Consolidated Schedule of Investments (continued)		BlackRock Debt Strategies Fund, Inc. (DSU)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Assets:
Credit contracts		—		$	6,251			—	$	6,251
Foreign currency exchange contracts		—			673,824			—		673,824
Liabilities:
Foreign currency exchange contracts		—			(75,983	)		—		(75,983	)
Interest rate contracts	$	(50,991	)		—			—		(50,991	)

Total	$	(50,991	)	$	604,092			—	$	553,101

¹ Derivative financial instruments are swaps, financial futures contracts and forward foreign currency exchange contracts. Swaps, financial futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument.
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of November 30, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1			Level 2			Level 3		Total
Assets:
Cash pledged for financial futures contracts	$	89,000			—			—	$	89,000
Liabilities:
Bank borrowings payable		—		$	(300,000,000	)		—		(300,000,000	)
Bank overdraft		—			(2,590,728	)		—		(2,590,728	)
Foreign currency overdraft		—			(321,331	)		—		(321,331	)

Total	$	89,000		$	(302,912,059	)		—	$	(302,823,059	)

There were no transfers between Level 1 and Level 2 during the six months ended November 30, 2014.

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


	Common Stocks			Asset- Backed Securities			Corporate Bonds			Floating Rate Loan Interests			Other Interests			Warrants		Total
Assets:
Opening balance, as of February 28, 2014	$	4,390,667		$	1,662,820		$	14,491,919		$	52,786,443		$	3,658,586		$	462,715	$	77,453,150
Transfers into Level 3¹		—			—			—			16,408,157			—			10,784		16,418,941
Transfers out of Level 3²		—			—			—			(14,991,981	)		—			—		(14,991,981	)
Accrued discounts/premiums		—			2,300			230,939			85,638			—			—		318,877
Net realized gain (loss)		1,071,691			29,745			(16,775,061	)		96,850			—			—		(15,576,775	)
Net change in unrealized appreciation/depreciation^3,4		(899,264	)		(50,321	)		18,603,657			(1,454,209	)		(58,153	)		76,520		16,218,230
Purchases		—			5,247,734			1,308,768			14,615,250			—			—		21,171,752
Sales		(1,071,691	)		(1,656,941	)		—			(18,647,943	)		(254,596	)		—		(21,631,171	)

Closing balance, as of November 30, 2014	$	3,491,403		$	5,235,337		$	17,860,222		$	48,898,205		$	3,345,837		$	550,019	$	79,381,023

Net change in unrealized appreciation/depreciation on investments still held at November 30, 2014⁴	$	138,236		$	(13,299	)	$	1,828,599		$	(1,274,167	)	$	(58,153	)	$	76,520	$	697,736



BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014	25


Consolidated Schedule of Investments (continued)		BlackRock Debt Strategies Fund, Inc. (DSU)

As of February 28, 2014, the Fund used significant observable inputs in determining the value of certain investments. As of November 30, 2014, the Fund used unobservable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $14,380,781 transferred from Level 2 to Level 3 in the disclosure hierarchy.

As of February 28, 2014, the Fund used significant unobservable inputs in determining the value of certain investments. As of November 30, 2014, the Fund used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $13,968,100 transferred from Level 3 to Level 2 in the disclosure hierarchy.

Included in the related Net change in unrealized appreciation/depreciation in the Consolidated Statement of Operations.

⁴

Any difference between Net change in unrealized appreciation/depreciation and Net change in unrealized appreciation/depreciation on investments still held at November 30, 2014 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation techniques 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 November 30, 2014. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $52,071,732. A significant change in such third party pricing information could result in a significantly lower or higher value of such Level 3 investments.


		Value	Valuation Techniques	Unobservable Inputs	Range of Unobservable Inputs Utilized
Assets:
Common Stocks	$	467,352	Market Comparable Companies	Last 12 Months EBITDA Multiple³	6.75x
				Illiquidity Discount⁴	17.50%
		3,024,048	Market Comparable Companies	Last 12 Months EBITDA Multiple³	5.13x - 5.88x
				Current Fiscal Year EBITDA Multiple³	4.63 - 6.25x
				Discontinued Operations Expected Sale Proceeds³	$150⁵
Corporate Bonds¹		1,326,000	Discounted Cash Flow	Internal Rate of Return⁴	10.00%
		15,219,313	Market Comparable Companies	Last 12 Months EBITDA Multiple³	6.75x
				Illiquidity Discount⁴	17.50%
		1,314,907	Market Comparable Companies	Internal Rate of Return⁴	9.50%
Floating Rate Loan Interests		2,061,902	Market Comparable Yield Analysis	Yield⁴	10.00%
Other Interests²		3,345,750	Market Comparable Companies	Tangible Book Value Multiple³	1.35x
Warrants		535,189	Market Comparable Companies	Last 12 Months EBITDA Multiple³	6.75x
				Illiquidity Discount³	17.50%
		14,830	Last Dealer Mark - Adjusted	Delta Adjustment Based on Daily Movement in the Common Equity	120.00%
Total	$	27,309,291

For the period ended November 30, 2014, the valuation technique for an investment classified as corporate bonds changed to utilizing an income approach. Market information previously utilized to determine fair value under the market approach no longer applied to this investment; therefore, the income approach is considered to be more relevant measure of fair value for this investment.

For the period ended in November 30, 2014, the valuation technique for an investment classified as other interests changed to a market approach. The investment was previously valued using an income approach. Market information became available for this investment which is considered to be more relevant measure of fair value for this investment.

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

⁴

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

⁵

Amount is stated in millions.



26	BLACKROCK DEBT STRATEGIES FUND, INC.	NOVEMBER 30, 2014

Item 2 – Controls and Procedures

2(a) –

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

2(b) –

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

Item 3 – Exhibits

Certifications – Attached hereto

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

BlackRock Debt Strategies Fund, Inc.


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

Date: January 22, 2015

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


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

Date: January 22, 2015

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

Date: January 22, 2015