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: 02/28/2014

Date of reporting period: 05/31/2013

Item 1 – Schedule of Investments

Consolidated Schedule of Investments May 31, 2013 (Unaudited)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

Asset-Backed Securities	Par (000)		Value
ACAS CLO Ltd.(a)(b):
Series 2012-1A, Class D, 5.13%, 9/20/235.13%, 9/20/23	USD	1,000	$	1,007,500
Series 2013-1A, Class D, 4.09%, 4/20/25		500		482,500
Apidos CDO XI, Series 2012-11A, Class D,
4.74%, 1/17/23(a)(b)		550		548,075
Atrium CDO Corp., Series 9A, Class D,
3.96%, 2/28/24(a)(b)		750		718,597
Carlyle Global Market Strategies, Series 2013-1A, Class C,
4.29%, 2/14/25(a)(b)		250		250,098
Carlyle Global Market Strategies CLO Ltd., Series 2012-4A, Class D,
4.78%, 1/20/25(a)(b)		600		600,300
Cavalry CLO Ltd., Series 2A, Class D,
4.38%, 1/17/24(a)(b)		500		490,000
CFIP Clo Ltd., Series 2013-1A, Class D,
4.04%, 4/20/24(a)(b)		1,000		962,700
CSAM Funding, Series 2A, Class B1,
7.05%, 10/15/16(a)		625		625,000
Fraser Sullivan CLO VII Ltd., Series 2012-7A, Class C,
4.28%, 4/20/23(a)(b)		765		764,992
Goldentree Loan Opportunities VI Ltd., Series 2012-6A, Class D,
4.48%, 4/17/22(a)(b)		1,250		1,250,250
Highbridge Loan Management Ltd., Series 2012-1A, Class C,
5.28%, 9/20/22(a)(b)		1,200		1,206,000
ING Investment Management, Series 2012-2A, Class D,
4.83%, 10/15/22(a)(b)		1,275		1,283,925
LCM IX LP, Series 9A, Class E,
4.48%, 7/14/22(a)(b)		1,000		913,000
LCM XI LP, Series 11A, Class D2,
4.23%, 4/19/22(a)(b)		1,300		1,300,000
OZLM Funding Ltd.(a)(b):
Series 2012-2A, Class C, 4.63%, 10/30/23		500		498,200
Series 2013-3A, Class C, 4.15%, 1/22/25		500		491,650
Symphony CLO IX LP, Series 2012-9A, Class D,
4.53%, 4/16/22(a)(b)		1,075		1,075,430
West CLO Ltd., Series 2012-1A, Class C,
5.03%, 10/30/23(a)(b)		1,145		1,150,009
Total Asset-Backed Securities – 3.2%				15,618,226
Common Stocks	Shares
Chemicals – 0.1%
GEO Specialty Chemicals, Inc.(c)		339,340		257,899
Containers & Packaging – 0.1%
Smurfit Kappa Plc		36,342		609,687
Diversified Financial Services – 1.0%
Kcad Holdings I Ltd.(c)		756,012,055		4,906,518
Electrical Equipment – 0.0%
Medis Technologies Ltd.(c)		286,757		3
Hotels, Restaurants & Leisure – 0.0%
HRP PIK Corp., Class B(c)		5,000		–
Metals & Mining – 0.1%
Euramax International(c)		2,337		467,460
Paper & Forest Products – 1.2%
Ainsworth Lumber Co. Ltd.		1,285,924		4,700,894
NewPage Corp.(c)		9,120		866,400
Western Forest Products, Inc.(c)		211,149		262,727
				5,830,021
Semiconductors & Semiconductor Equipment – 0.0%
SunPower Corp.(c)		1,707		32,945
Software – 0.3%
Bankruptcy Management Solutions, Inc.(c)		1,870		–
HMH Holdings/EduMedia(c)		52,041		1,376,492
				1,376,492
Specialty Retail – 0.0%
Movie Gallery, Inc.(c)		503,737		5
Total Common Stocks – 2.8%				13,481,030
Corporate Bonds	Par (000)
Aerospace & Defense – 0.9%
Bombardier, Inc.,
4.25%, 1/15/16(a)	USD	980		1,014,300
DigitalGlobe, Inc.,
5.25%, 2/01/21(a)		666		670,995
Huntington Ingalls Industries, Inc.,
7.13%, 3/15/21		715		784,712
Kratos Defense & Security Solutions, Inc.,
10.00%, 6/01/17		1,364		1,486,760
Meccanica Holdings USA, Inc.,
6.25%, 7/15/19(a)		247		259,425
				4,216,192

BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013 1

Consolidated Schedule of Investments (continued)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

Corporate Bonds	Par (000)		Value
Airlines – 0.9%
Air Canada Pass-Through Trust, Series 2013-1, Class C,
6.63%, 5/15/18(a)	USD	274	$	280,795
American Airlines Pass-Through Trust, Series 2011-2, Class A,
8.63%, 4/15/23		369		388,815
Continental Airlines Pass-Through Trust, Series 2012-3, Class C,,
6.13%, 4/29/18		1,485		1,559,250
Delta Air Lines Pass-Through Trust, Series 2009-1, Class B,
9.75%, 12/17/16		170		193,301
US Airways Group, Inc.,
6.13%, 6/01/18		280		272,650
US Airways Pass-Through Trust, Series 2013-1, Class B,
5.38%, 5/15/23		1,530		1,572,075
				4,266,886
Auto Components – 2.0%
Affinia Group, Inc.,
7.75%, 5/01/21(a)		790		821,600
Brighthouse Group Ltd.,
7.88%, 5/15/18	GBP	100		154,979
Continental Rubber of America Corp.,
4.50%, 9/15/19(a)	USD	150		155,625
Delphi Corp.,
6.13%, 5/15/21		250		275,938
Icahn Enterprises LP:
7.75%, 1/15/16		220		227,700
8.00%, 1/15/18		4,035		4,277,100
Jaguar Land Rover Automotive Plc:
8.25%, 3/15/20	GBP	392		673,033
5.63%, 2/01/23(a)	USD	425		434,562
Schaeffler Finance BV:
4.25%, 5/15/18	EUR	106		139,496
4.75%, 5/15/21(a)	USD	540		530,550
Servus Luxembourg Holdings SCA,
7.75%, 6/15/18	EUR	175		228,309
Titan International, Inc.:
7.88%, 10/01/17(a)	USD	530		567,100
7.88%, 10/01/17		940		1,005,800
Venture Holdings Co. LLC(c)(d):
12.00%, 7/01/49		4,450		–
Series B, 9.50%, 7/01/05		1,800		–
				9,491,792
Beverages – 0.1%
Constellation Brands, Inc.,
7.25%, 5/15/17		USD 57		66,619
Crown European Holdings SA,
7.13%, 8/15/18(a)	EUR	50		70,349
Refresco Group BV,
7.38%, 5/15/18		100		139,008
				275,976
Building Products – 1.0%
American Builders & Contractors Supply Co., Inc.,
5.63%, 4/15/21(a)	USD	300		303,750
Builders FirstSource, Inc.,
7.63%, 6/01/21(a)		639		642,195
Building Materials Corp. of America(a):
7.00%, 2/15/20		1,000		1,070,000
6.75%, 5/01/21		590		638,675
Cemex SAB de CV,
5.88%, 3/25/19(a)		260		258,700
Momentive Performance Materials, Inc.,
8.88%, 10/15/20		375		404,062
Texas Industries, Inc.,
9.25%, 8/15/20		378		418,635
USG Corp.,
9.75%, 1/15/18		980		1,153,950
				4,889,967
Capital Markets – 0.2%
E*Trade Financial Corp.,
0.00%, 8/31/19(a)(e)(f)		593		673,055
Nuveen Investments, Inc.,
9.13%, 10/15/17(a)		302		317,100
				990,155
Chemicals – 4.0%
Ashland, Inc.,
3.88%, 4/15/18(a)		475		488,063
Axiall Corp.,
4.88%, 5/15/23(a)		173		173,865
Celanese US Holdings LLC,
5.88%, 6/15/21		706		778,365
Ciech Group Financing AB,
9.50%, 11/30/19	EUR	130		187,976
Eagle Spinco, Inc.,
4.63%, 2/15/21(a)	USD	598		602,485
GEO Specialty Chemicals, Inc.,
7.50%, 3/31/15(a)(f)(g)		4,171		8,258,158
Huntsman International LLC:
4.88%, 11/15/20		636		642,360
8.63%, 3/15/21		735		821,362
INEOS Finance Plc,
7.50%, 5/01/20(a)		295		323,763
INEOS Group Holdings SA:
6.13%, 8/15/18(a)		485		477,725
6.50%, 8/15/18	EUR	224		283,865
LyondellBasell Industries NV:
5.00%, 4/15/19	USD	695		784,470
5.75%, 4/15/24		1,775		2,065,101
Nufarm Australia Ltd.,
6.38%, 10/15/19(a)		225		230,625
Orion Engineered Carbons Bondco GmbH,
9.63%, 6/15/18(a)		800		890,000
PetroLogistics LP/PetroLogistics Finance Corp.,
6.25%, 4/01/20(a)		188		189,410
Rentech Nitrogen Partners LP/Rentech Nitrogen Finance Corp.,
6.50%, 4/15/21(a)		706		714,825

2 BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013

Consolidated Schedule of Investments (continued)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

Corporate Bonds	Par (000)		Value
Chemicals (concluded)
Rockwood Specialties Group, Inc.,
4.63%, 10/15/20	USD	1,049	$	1,069,980
Tronox Finance LLC,
6.38%, 8/15/20(a)		288		282,960
US Coatings Acquisition, Inc./Flash Dutch 2 BV,
5.75%, 2/01/21	EUR	100		135,174
				19,400,532
Commercial Banks – 0.6%
CIT Group, Inc.:
5.00%, 5/15/17	USD	620		660,300
6.63%, 4/01/18(a)		120		135,000
5.50%, 2/15/19(a)		1,760		1,905,200
5.00%, 8/15/22		186		198,090
				2,898,590
Commercial Services & Supplies – 2.2%
ADS Waste Holdings, Inc.,
8.25%, 10/01/20(a)		206		220,935
ARAMARK Holdings Corp.,
5.75%, 3/15/20(a)		1,052		1,088,820
AWAS Aviation Capital Ltd.,
7.00%, 10/17/16(a)		672		703,752
Brickman Group Holdings, Inc.,
9.13%, 11/01/18(a)		55		59,538
Catalent Pharma Solutions, Inc.,
7.88%, 10/15/18(a)		265		268,975
Covanta Holding Corp.,
6.38%, 10/01/22		800		862,974
EC Finance Plc,
9.75%, 8/01/17	EUR	60		84,629
The Geo Group, Inc.,
7.75%, 10/15/17	USD	850		897,812
The Hertz Corp.,
6.25%, 10/15/22		425		461,656
Mead Products LLC/ACCO Brands Corp.,
6.75%, 4/30/20(a)		212		222,600
Mobile Mini, Inc.,
7.88%, 12/01/20		640		708,800
UR Merger Sub Corp.:
5.75%, 7/15/18		877		936,197
7.38%, 5/15/20		565		620,088
7.63%, 4/15/22		2,328		2,578,260
Verisure Holding AB:
8.75%, 9/01/18	EUR	290		416,505
8.75%, 12/01/18		149		206,251
West Corp.,
8.63%, 10/01/18	USD	315		345,713
				10,683,505
Communications Equipment – 0.8%
Avaya, Inc.(a):
7.00%, 4/01/19		485		452,262
10.50%, 3/01/21		873		733,320
CommScope Holding Co., Inc.,
6.63%, 6/01/20(a)(g)		435		429,563
Zayo Group LLC/Zayo Capital, Inc.:
8.13%, 1/01/20		1,000		1,110,000
10.13%, 7/01/20		1,020		1,185,750
				3,910,895
Construction & Engineering – 0.1%
Safway Group Holding LLC/Safway Finance Corp.,
7.00%, 5/15/18(a)		200		201,000
Weekley Homes LLC/Weekley Finance Corp.,
6.00%, 2/01/23(a)		230		239,200
				440,200
Construction Materials – 1.2%
Buzzi Unicem SpA,
6.25%, 9/28/18	EUR	106		151,882
HD Supply, Inc.:
8.13%, 4/15/19	USD	2,808		3,116,880
7.50%, 7/15/20(a)(h)		1,860		1,971,600
11.50%, 7/15/20		340		399,500
HeidelbergCement AG,
7.50%, 4/03/20	EUR	46		73,725
				5,713,587
Consumer Finance – 0.2%
Ford Motor Credit Co. LLC:
7.00%, 4/15/15	USD	280		307,442
6.63%, 8/15/17		148		172,122
iStar Financial, Inc.,
4.88%, 7/01/18		324		321,570
IVS F. SpA,
7.13%, 4/01/20	EUR	170		223,167
				1,024,301
Containers & Packaging – 0.8%
Ardagh Packaging Finance Plc:
7.38%, 10/15/17		100		139,723
7.38%, 10/15/17		100		139,723
7.38%, 10/15/17(a)		385		537,934
9.13%, 10/15/20(a)	USD	300		328,500
Ball Corp.,
6.75%, 9/15/20		625		675,000
Berry Plastics Corp.,
9.75%, 1/15/21		210		242,550
Beverage Packaging Holdings Luxembourg II SA,
8.00%, 12/15/16	EUR	1,243		1,615,589
Crown Americas LLC/Crown Americas Capital Corp. III,
6.25%, 2/01/21	USD	103		112,527
Crown Americas LLC/Crown Americas Capital Corp. IV,
4.50%, 1/15/23(a)		162		158,355
				3,949,901
Distributors – 0.1%
VWR Funding, Inc.,
7.25%, 9/15/17		615		654,975

BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013 3

Consolidated Schedule of Investments (continued)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

Corporate Bonds	Par (000)		Value
Diversified Consumer Services – 0.7%
313 Group, Inc.(a):
6.38%, 12/01/19	USD	613	$	611,468
8.75%, 12/01/20		979		993,685
Laureate Education, Inc.,
9.25%, 9/01/19(a)		1,025		1,148,000
Rent-A-Center, Inc.,
4.75%, 5/01/21(a)		494		484,120
ServiceMaster Co.,
8.00%, 2/15/20		235		241,756
				3,479,029
Diversified Financial Services – 4.2%
Aircastle Ltd.,
6.25%, 12/01/19		261		282,532
Ally Financial, Inc.:
7.50%, 12/31/13		90		92,925
8.30%, 2/12/15		1,330		1,463,000
7.50%, 9/15/20		1,990		2,323,325
8.00%, 11/01/31		399		510,720
8.00%, 11/01/31		2,000		2,580,000
CNG Holdings, Inc.,
9.38%, 5/15/20(a)		340		338,300
Co-Operative Group Ltd.,
5.63%, 7/08/20(i)	GBP	240		366,479
DPL, Inc.:
6.50%, 10/15/16	USD	50		53,875
7.25%, 10/15/21		130		140,400
Gala Group Finance Plc,
8.88%, 9/01/18	GBP	400		653,342
General Motors Financial Co., Inc.(a):
2.75%, 5/15/16	USD	420		419,370
3.25%, 5/15/18		243		240,874
4.25%, 5/15/23		211		205,725
GETCO Financing Escrow LLC,
8.25%, 6/15/18(a)(j)		173		169,108
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
7.38%, 4/01/20(a)		415		417,075
Jefferies LoanCore LLC/JLC Finance Corp.,
6.88%, 6/01/20(a)		462		463,155
Reynolds Group Issuer, Inc.:
7.13%, 4/15/19		1,943		2,069,295
9.00%, 4/15/19		195		204,750
9.88%, 8/15/19		1,450		1,580,500
5.75%, 10/15/20		3,640		3,694,600
6.88%, 2/15/21		515		549,762
WMG Acquisition Corp.:
11.50%, 10/01/18		455		536,900
6.00%, 1/15/21(a)		592		624,560
				19,980,572
Diversified Telecommunication Services – 1.1%
CenturyLink, Inc., Series V,
5.63%, 4/01/20		653		675,039
Level 3 Communications, Inc.,
8.88%, 6/01/19		520		564,200
Level 3 Financing, Inc.:
8.13%, 7/01/19		2,902		3,141,415
7.00%, 6/01/20		340		357,850
OTE Plc,
7.25%, 2/12/15(i)	EUR	104		140,310
Telenet Finance V Luxembourg SCA:
6.25%, 8/15/22		119		162,441
6.75%, 8/15/24		222		307,588
				5,348,843
Electric Utilities – 0.2%
Homer City Generation LP,
8.73%, 10/01/26(g)	USD	360		382,500
Mirant Mid Atlantic Pass-Through Trust, Series B,
9.13%, 6/30/17		475		535,404
				917,904
Electrical Equipment – 0.3%
Belden, Inc.,
5.50%, 9/01/22(a)		360		369,900
General Cable Corp.,
5.75%, 10/01/22(a)		670		690,100
Techem GmbH,
6.13%, 10/01/19	EUR	200		280,746
Trionista TopCo GmbH,
6.88%, 4/30/21		100		131,924
				1,472,670
Energy Equipment & Services – 2.8%
Calfrac Holdings LP,
7.50%, 12/01/20(a)	USD	1,680		1,730,400
Compagnie Générale de Géophysique, Veritas,
6.50%, 6/01/21		1,000		1,045,000
FTS International Services LLC/FTS International Bonds, Inc.,
8.13%, 11/15/18(a)		779		829,635
Gulfmark Offshore, Inc.,
6.38%, 3/15/22		130		135,200
Hornbeck Offshore Services, Inc.,
5.88%, 4/01/20		265		276,263
MEG Energy Corp.(a):
6.50%, 3/15/21		1,437		1,487,295
6.38%, 1/30/23		471		482,775
Oil States International, Inc.:
6.50%, 6/01/19		1,319		1,421,222
5.13%, 1/15/23(a)		653		703,607
Peabody Energy Corp.:
6.00%, 11/15/18		985		1,053,950
6.25%, 11/15/21		1,060		1,107,700

4 BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013

Consolidated Schedule of Investments (continued)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

Corporate Bonds	Par (000)		Value
Energy Equipment & Services (concluded)
Precision Drilling Corp.:
6.63%, 11/15/20	USD	125	$	133,750
6.50%, 12/15/21		840		900,900
Rain CII Carbon LLC/CII Carbon Corp.,
8.25%, 1/15/21(a)		377		403,390
Seadrill Ltd.,
5.63%, 9/15/17(a)		783		802,575
Tervita Corp.,
8.00%, 11/15/18(a)		597		617,895
Trionista Holdco GmbH,
5.00%, 4/30/20	EUR	302		400,375
				13,531,932
Food & Staples Retailing – 0.2%
Bakkavor Finance 2 Plc,
8.25%, 2/15/18	GBP	192		302,664
R&R Ice Cream PLC,
9.25%, 5/15/18(g)	EUR	100		131,275
Rite Aid Corp.,
9.25%, 3/15/20	USD	435		491,006
				924,945
Food Products – 0.4%
Hawk Acquisition Sub, Inc.,
4.25%, 10/15/20(a)		722		716,585
Post Holdings, Inc.,
7.38%, 2/15/22		545		606,994
Smithfield Foods, Inc.,
6.63%, 8/15/22		554		630,175
				1,953,754
Gas Utilities – 0.3%
Targa Resources Partners LP,
7.88%, 10/15/18		1,095		1,185,338
Health Care Equipment & Supplies – 1.3%
Biomet, Inc.(a):
6.50%, 8/01/20		1,211		1,274,578
6.50%, 10/01/20		2,593		2,625,412
DJO Finance LLC/DJO Finance Corp.:
8.75%, 3/15/18		295		325,975
7.75%, 4/15/18		770		796,950
9.88%, 4/15/18		350		384,125
IDH Finance PLC,
6.00%, 12/01/18	GBP	103		157,281
Kinetic Concepts, Inc./KCI USA, Inc.,
12.50%, 11/01/19	USD	305		314,150
Teleflex, Inc.,
6.88%, 6/01/19		475		513,000
				6,391,471
Health Care Providers & Services – 3.5%
Aviv Healthcare Properties LP,
7.75%, 2/15/19		700		764,750
Care UK Health & Social Care Plc,
9.75%, 8/01/17	GBP	65		102,218
CHS/Community Health Systems, Inc.:
5.13%, 8/15/18	USD	345		359,663
8.00%, 11/15/19		320		352,000
7.13%, 7/15/20		333		365,467
Crown Newco 3 Plc:
7.00%, 2/15/18	GBP	194		308,028
7.00%, 2/15/18(a)		108		171,479
DaVita HealthCare Partners, Inc.,
5.75%, 8/15/22	USD	661		703,965
HCA, Inc.:
6.50%, 2/15/20		1,965		2,215,537
7.88%, 2/15/20		1,245		1,357,050
7.25%, 9/15/20		380		418,000
5.88%, 3/15/22		1,905		2,090,737
4.75%, 5/01/23		516		514,710
Hologic, Inc.,
6.25%, 8/01/20		977		1,044,169
IASIS Healthcare LLC/IASIS Capital Corp.,
8.38%, 5/15/19		377		393,965
inVentiv Health, Inc.,
9.00%, 1/15/18(a)		255		271,575
Omnicare, Inc.,
7.75%, 6/01/20		1,310		1,450,825
Tenet Healthcare Corp.:
6.25%, 11/01/18		814		901,505
6.75%, 2/01/20		340		357,000
4.50%, 4/01/21(a)		376		369,420
4.38%, 10/01/21(a)		617		598,490
Vanguard Health Holding Co II LLC/Vanguard Holding Co II, Inc.:
8.00%, 2/01/18		260		275,925
7.75%, 2/01/19		1,125		1,203,750
				16,590,228
Health Care Technology – 0.8%
IMS Health, Inc.,
12.50%, 3/01/18(a)		3,205		3,761,869
Hotels, Restaurants & Leisure – 2.3%
Caesars Entertainment Operating Co., Inc.,
8.50%, 2/15/20		882		840,105
Carlson Wagonlit BV,
6.88%, 6/15/19(a)		260		273,650
Choice Hotels International, Inc.,
5.75%, 7/01/22		170		188,700
Cirsa Funding Luxembourg SA,
8.75%, 5/15/18	EUR	1,744		2,301,853
Diamond Resorts Corp.,
12.00%, 8/15/18	USD	1,040		1,160,900
Gategroup Finance Luxembourg SA,
6.75%, 3/01/19	EUR	235		311,550
HRP Myrtle Beach Holdings LLC(a)(c)(d):
12.50%, 4/01/14	USD	5,000		1
14.50%, 4/01/14		6,892		1
HRP Myrtle Beach Operations LLC,
12.50%, 4/01/13(a)(c)(d)		5,000		1
Isle of Capri Casinos, Inc.:
7.75%, 3/15/19		50		54,000
5.88%, 3/15/21		211		209,945
Little Traverse Bay Bands of Odawa Indians,
9.00%, 8/31/20(a)		609		590,730

BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013 5

Consolidated Schedule of Investments (continued)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

Corporate Bonds	Par (000)		Value
Hotels, Restaurants & Leisure (concluded)
Regal Entertainment Group,
5.75%, 2/01/25	USD	189	$	188,527
Sabre, Inc.,
8.50%, 5/15/19(a)		577		636,142
Sisal Holding Istituto di Pagamento SpA,
7.25%, 9/30/17	EUR	100		131,924
Six Flags Entertainment Corp.,
5.25%, 1/15/21(a)	USD	412		414,060
Station Casinos LLC,
7.50%, 3/01/21(a)		1,618		1,694,855
Travelport LLC/Travelport Holdings, Inc.,
6.40%, 3/01/16(a)(b)		875		828,660
Tropicana Entertainment LLC/ Tropicana Finance Corp.,
9.63%, 12/15/14(c)(d)		530		–
The Unique Pub Finance Co. Plc, Series A3,
6.54%, 3/30/21	GBP	100		157,258
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
5.38%, 3/15/22	USD	888		934,620
				10,917,482
Household Durables – 1.6%
Algeco Scotsman Global Finance Plc,
9.00%, 10/15/18	EUR	380		506,351
Ashton Woods USA LLC/Ashton Woods Finance Corp.,
6.88%, 2/15/21(a)	USD	366		379,268
Beazer Homes USA, Inc.,
6.63%, 4/15/18		640		693,600
Brookfield Residential Properties, Inc.,
6.50%, 12/15/20(a)		655		700,850
K. Hovnanian Enterprises, Inc.,
7.25%, 10/15/20(a)		1,505		1,666,787
KB Home,
7.25%, 6/15/18		635		714,375
Libbey Glass, Inc.,
6.88%, 5/15/20		145		156,963
RPG Byty Sro,
6.75%, 5/01/20	EUR	160		200,681
Spie BondCo 3 SCA,
11.00%, 8/15/19		244		342,906
Standard Pacific Corp.,
8.38%, 1/15/21	USD	1,685		2,022,000
Taylor Morrison Communities, Inc./Monarch Communities, Inc.,
5.25%, 4/15/21(a)		431		436,388
				7,820,169
Household Products – 0.4%
Ontex IV SA:
7.50%, 4/15/18	EUR	100		136,474
9.00%, 4/15/19		217		295,443
Spectrum Brands Escrow Corp.(a):
6.38%, 11/15/20	USD	175		187,906
6.63%, 11/15/22		200		216,000
Spectrum Brands, Inc.,
9.50%, 6/15/18		840		929,250
				1,765,073
Independent Power Producers & Energy Traders – 3.5%
The AES Corp.,
4.88%, 5/15/23		28		27,510
Calpine Corp.,
7.50%, 2/15/21(a)		157		170,345
Dynegy, Inc.,
5.88%, 6/01/23(a)		480		472,800
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.:
6.88%, 8/15/17(a)		715		757,900
10.00%, 12/01/20		6,060		6,900,825
10.00%, 12/01/20(a)		1,875		2,125,781
12.25%, 3/01/22(a)(i)		821		934,914
GenOn REMA LLC:
Series B, 9.24%, 7/02/17		216		237,208
Series C, 9.68%, 7/02/26		709		772,810
Laredo Petroleum, Inc.:
9.50%, 2/15/19		1,210		1,370,325
7.38%, 5/01/22		360		396,000
NRG Energy, Inc.:
7.63%, 1/15/18		1,423		1,604,432
6.63%, 3/15/23(a)		673		711,698
QEP Resources, Inc.,
5.38%, 10/01/22		335		343,375
				16,825,923
Industrial Conglomerates – 0.2%
Sequa Corp.,
7.00%, 12/15/17(a)		920		920,000
Insurance – 0.2%
CNO Financial Group, Inc.,
6.38%, 10/01/20(a)		215		233,006
MPL 2 Acquisition Canco, Inc.,
9.88%, 8/15/18(a)		415		427,450
TMF Group Holding B.V.,
9.88%, 12/01/19	EUR	100		137,124
				797,580
Internet Software & Services – 0.1%
VeriSign, Inc.,
4.63%, 5/01/23(a)	USD	395		396,975
IT Services – 1.9%
Ceridian Corp.(a):
8.88%, 7/15/19		1,885		2,148,900
11.00%, 3/15/21		723		826,027
Epicor Software Corp.,
8.63%, 5/01/19		720		783,000
First Data Corp.:
7.38%, 6/15/19(a)		1,335		1,408,425
6.75%, 11/01/20(a)		960		1,003,200
8.25%, 1/15/21(a)		200		212,000
12.63%, 1/15/21		195		213,038
11.75%, 8/15/21(a)		627		606,622
SunGard Data Systems, Inc.,
6.63%, 11/01/19(a)		1,640		1,726,100

6 BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013

Consolidated Schedule of Investments (continued)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

Corporate Bonds	Par (000)		Value
IT Services (concluded)
WEX, Inc.,
4.75%, 2/01/23(a)	USD	395	$	394,013
				9,321,325
Machinery – 0.3%
Navistar International Corp.,
8.25%, 11/01/21		372		378,975
Terex Corp.,
6.00%, 5/15/21		760		803,700
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.,
8.75%, 2/01/19(a)		411		409,459
				1,592,134
Media – 4.4%
AMC Networks, Inc.:
7.75%, 7/15/21		605		685,162
4.75%, 12/15/22		191		190,523
Cengage Learning Acquisitions, Inc.,
11.50%, 4/15/20(a)		415		334,075
Checkout Holding Corp.,
9.81%, 11/15/15(a)(e)		740		584,600
Cinemark USA, Inc.,
5.13%, 12/15/22		145		147,175
Clear Channel Communications, Inc.:
9.00%, 12/15/19(a)		422		424,110
9.00%, 3/01/21		950		942,875
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22(a)		684		718,200
6.50%, 11/15/22(a)		1,846		1,947,530
Series B, 7.63%, 3/15/20		1,100		1,168,750
DISH DBS Corp.:
4.25%, 4/01/18(a)		960		936,000
5.88%, 7/15/22		1,265		1,268,162
Intelsat Jackson Holdings SA:
7.25%, 10/15/20		1,160		1,258,600
5.50%, 8/01/23(a)(j)		1,985		1,945,300
Intelsat Luxembourg SA,
6.75%, 6/01/18(a)		655		682,837
Interactive Data Corp.,
10.25%, 8/01/18		1,545		1,734,262
The McClatchy Co.,
9.00%, 12/15/22(a)		230		248,400
MDC Partners, Inc.,
6.75%, 4/01/20(a)		255		260,738
NAI Entertainment Holdings LLC,
8.25%, 12/15/17(a)		920		993,600
Nara Cable Funding Ltd.,
8.88%, 12/01/18	EUR	200		275,547
Nielsen Finance LLC,
7.75%, 10/15/18	USD	658		723,800
ProQuest LLC/ProQuest Notes Co.,
9.00%, 10/15/18(a)		139		140,738
Sirius XM Radio, Inc.(a):
4.25%, 5/15/20		458		448,840
4.63%, 5/15/23		225		216,000
Sterling Entertainment Corp.,
10.00%, 12/15/19		850		850,000
Unitymedia Hessen GmbH & Co. KG,
5.50%, 1/15/23(a)		830		846,600
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH,
7.50%, 3/15/19		1,040		1,128,400
Univision Communications, Inc.,
6.75%, 9/15/22(a)		206		221,450
				21,322,274
Metals & Mining – 2.3%
ArcelorMittal:
9.50%, 2/15/15		1,345		1,492,950
4.25%, 8/05/15		698		720,685
5.00%, 2/25/17		278		289,120
6.13%, 6/01/18		357		378,420
Commercial Metals Co.,
4.88%, 5/15/23		650		619,125
Eco-Bat Finance Plc,
7.75%, 2/15/17	EUR	305		404,352
FMG Resources August 2006 Property Ltd.(a):
6.38%, 2/01/16	USD	445		453,900
6.00%, 4/01/17		465		470,813
Global Brass and Copper, Inc.,
9.50%, 6/01/19(a)		485		543,200
Kaiser Aluminum Corp.,
8.25%, 6/01/20		360		405,900
New Gold, Inc.(a):
7.00%, 4/15/20		120		127,200
6.25%, 11/15/22		485		499,550
Novelis, Inc.,
8.75%, 12/15/20		3,625		4,050,937
Perstorp Holding AB,
8.75%, 5/15/17(a)		205		211,663
RathGibson, Inc.,
11.25%, 2/15/14(c)(d)		4,440		–
Steel Dynamics, Inc.,
6.38%, 8/15/22(a)		390		425,100
Walter Energy, Inc.,
8.50%, 4/15/21(a)		112		112,560
				11,205,475
Multiline Retail – 0.3%
Dollar General Corp.,
4.13%, 7/15/17		241		261,548
Dufry Finance SCA,
5.50%, 10/15/20(a)		1,068		1,124,070
				1,385,618
Oil, Gas & Consumable Fuels – 7.1%
Access Midstream Partners LP/ACMP Finance Corp.:
6.13%, 7/15/22		785		839,950
4.88%, 5/15/23		360		355,500
Alpha Natural Resources, Inc.,
6.25%, 6/01/21		302		270,290

BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013 7

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)
Athlon Holdings LP/Athlon Finance Corp.,
7.38%, 4/15/21(a)	USD	184	$	191,360
Bonanza Creek Energy, Inc.,
6.75%, 4/15/21(a)		69		72,105
Chaparral Energy, Inc.,
7.63%, 11/15/22		215		232,200
Chesapeake Energy Corp.:
7.25%, 12/15/18		45		51,863
6.63%, 8/15/20		500		556,250
6.88%, 11/15/20		285		320,625
6.13%, 2/15/21		435		474,150
5.75%, 3/15/23		915		951,600
Concho Resources, Inc.:
6.50%, 1/15/22		414		447,120
5.50%, 10/01/22		166		171,395
5.50%, 4/01/23		163		166,668
CONSOL Energy, Inc.:
8.25%, 4/01/20		1,885		2,082,925
6.38%, 3/01/21		245		256,025
Crosstex Energy LP/Crosstex Energy Finance Corp.,
8.88%, 2/15/18		370		397,750
CrownRock LP/CrownRock Finance, Inc.,
7.13%, 4/15/21(a)		275		283,250
Denbury Resources, Inc.,
4.63%, 7/15/23		714		690,795
Energy XXI Gulf Coast, Inc.,
7.75%, 6/15/19		1,300		1,391,000
EP Energy LLC/Everest Acquisition Finance, Inc.,
6.88%, 5/01/19		440		475,200
Halcon Resources Corp.,
8.88%, 5/15/21		666		677,655
Hilcorp Energy I LP/Hilcorp Finance Co.,
7.63%, 4/15/21(a)		734		807,400
Holly Energy Partners LP/Holly Energy Finance Corp.,
6.50%, 3/01/20		150		159,375
Kinder Morgan Finance Co. LLC,
6.00%, 1/15/18(a)		925		1,021,153
Kodiak Oil & Gas Corp.,
8.13%, 12/01/19		605		680,625
Linn Energy LLC:
6.25%, 11/01/19(a)		1,685		1,697,637
8.63%, 4/15/20		180		197,100
7.75%, 2/01/21		715		757,900
MarkWest Energy Partners LP:
6.25%, 6/15/22		176		190,080
5.50%, 2/15/23		339		354,255
4.50%, 7/15/23		285		277,163
Memorial Production Partners LP,
7.63%, 5/01/21(a)		251		252,255
Newfield Exploration Co.,
5.63%, 7/01/24		143		150,150
Northern Oil and Gas, Inc.,
8.00%, 6/01/20		505		525,200
Oasis Petroleum, Inc.:
7.25%, 2/01/19		270		290,925
6.50%, 11/01/21		290		313,200
Offshore Group Investment Ltd.,
7.13%, 4/01/23(a)		473		488,372
Pacific Drilling SA,
5.38%, 6/01/20(a)(j)		431		426,690
PBF Holding Co. LLC,
8.25%, 2/15/20		334		369,070
PDC Energy, Inc.,
7.75%, 10/15/22(a)		335		365,150
PetroBakken Energy Ltd.,
8.63%, 2/01/20(a)		436		446,900
Petrobras Global Finance BV,
3.00%, 1/15/19		555		541,327
Plains Exploration & Production Co.,
6.88%, 2/15/23		637		720,606
Range Resources Corp.:
6.75%, 8/01/20		571		618,107
5.75%, 6/01/21		1,225		1,295,437
5.00%, 8/15/22		401		407,015
Regency Energy Partners LP,
4.50%, 11/01/23(a)		285		282,150
Rosetta Resources, Inc.,
5.63%, 5/01/21		275		275,688
Sabine Pass Liquefaction LLC(a):
5.63%, 2/01/21		2,060		2,067,725
5.63%, 4/15/23		540		540,000
Sabine Pass Liquified Natural Gas LP:
7.50%, 11/30/16		2,905		3,239,075
6.50%, 11/01/20(a)		525		549,937
SandRidge Energy, Inc.:
8.75%, 1/15/20		68		73,100
7.50%, 2/15/23		773		796,190
SESI LLC,
6.38%, 5/01/19		530		572,400
SM Energy Co.:
6.50%, 11/15/21		425		464,313
6.50%, 1/01/23		200		220,000
Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
5.88%, 10/01/20(a)		125		130,313
				33,919,659
Paper & Forest Products – 0.2%
Ainsworth Lumber Co. Ltd.,
7.50%, 12/15/17(a)		575		621,000
NewPage Corp.,
11.38%, 12/31/14(c)(d)		2,103		–
Sappi Papier Holding GmbH,
8.38%, 6/15/19(a)		200		220,500
WEPA Hygieneprodukte GmbH,
6.50%, 5/15/20	EUR	100		135,941
				977,441

8 BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013

Consolidated Schedule of Investments (continued)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

Corporate Bonds	Par (000)		Value
Pharmaceuticals – 0.4%
Valeant Pharmaceuticals International(a):
6.50%, 7/15/16	USD	466	$	482,310
6.38%, 10/15/20		435		456,750
7.25%, 7/15/22		660		716,100
				1,655,160
Professional Services – 0.1%
Truven Health Analytics, Inc.,
10.63%, 6/01/20(a)		380		429,400
Real Estate Investment Trusts (REITs) – 0.4%
Cantor Commercial Real Estate Co. LP/CCRE Finance Corp.,
7.75%, 2/15/18(a)		455		470,925
Felcor Lodging LP:
6.75%, 6/01/19		1,325		1,414,437
5.63%, 3/01/23		206		209,605
				2,094,967
Real Estate Management & Development – 1.2%
Realogy Corp.(a):
The, 3.38%, 5/01/16		546		541,905
7.88%, 2/15/19		1,760		1,931,600
7.63%, 1/15/20		1,190		1,347,675
9.00%, 1/15/20		310		360,375
Shea Homes LP,
8.63%, 5/15/19		1,495		1,696,825
				5,878,380
Road & Rail – 0.9%
The Hertz Corp.:
7.50%, 10/15/18		1,490		1,620,375
6.75%, 4/15/19		285		309,581
5.88%, 10/15/20		305		321,775
7.38%, 1/15/21		1,385		1,530,425
LBC Tank Terminals Holding Netherlands BV,
6.88%, 5/15/23(a)		200		207,750
Watco Cos. LLC/Watco Finance Corp.,
6.38%, 4/01/23(a)		145		152,613
				4,142,519
Semiconductors & Semiconductor Equipment – 0.3%
NXP BV/NXP Funding LLC(a):
3.75%, 6/01/18		685		674,725
5.75%, 2/15/21		545		572,250
				1,246,975
Software – 0.9%
IAC/InterActiveCorp,
4.75%, 12/15/22(a)		373		366,473
Infor US, Inc.,
9.38%, 4/01/19		2,420		2,728,550
Nuance Communications, Inc.,
5.38%, 8/15/20(a)		1,305		1,321,312
				4,416,335
Specialty Retail – 0.7%
Claire’s Stores, Inc.(a):
9.00%, 3/15/19		734		825,750
7.75%, 6/01/20		158		159,975
Michaels Stores, Inc.,
7.75%, 11/01/18		223		241,955
New Academy Finance Co. LLC,
8.00%, 6/15/18(a)(g)		155		159,650
Party City Holdings, Inc.,
8.88%, 8/01/20(a)		422		473,695
Penske Automotive Group, Inc.,
5.75%, 10/01/22(a)		495		521,606
Sally Holdings LLC/Sally Capital, Inc.:
6.88%, 11/15/19		650		720,688
5.75%, 6/01/22		300		315,750
Sonic Automotive, Inc.,
5.00%, 5/15/23(a)		96		95,280
				3,514,349
Textiles, Apparel & Luxury Goods – 0.2%
Levi Strauss & Co.,
6.88%, 5/01/22		265		293,819
PVH Corp.,
7.75%, 11/15/23		410		489,713
				783,532
Trading Companies & Distributors – 0.4%
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust, Series 2012-1(a):
Class A, 5.13%, 11/30/24		955		1,017,216
Class B, 6.50%, 5/30/21		850		883,821
				1,901,037
Transportation Infrastructure – 0.1%
Aguila 3 SA,
7.88%, 1/31/18(a)		353		379,916
Wireless Telecommunication Services – 2.8%
Crown Castle International Corp.,
5.25%, 1/15/23		1,165		1,179,563
Digicel Group Ltd.,
8.25%, 9/30/20(a)		995		1,059,675
Digicel Ltd.,
6.00%, 4/15/21(a)		616		612,920
MetroPCS Wireless, Inc.,
6.63%, 11/15/20		461		493,270
Softbank Corp.,
4.50%, 4/15/20(a)		1,260		1,278,537
Sprint Capital Corp.,
6.88%, 11/15/28		1,650		1,650,000
Sprint Nextel Corp.(a):
9.00%, 11/15/18		4,260		5,165,250
7.00%, 3/01/20		1,770		1,991,250
Wind Acquisition Finance SA,
6.50%, 4/30/20(a)		202		207,555
				13,638,020
Total Corporate Bonds – 64.1%				307,593,727

BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013 9

Consolidated Schedule of Investments (continued)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

Floating Rate Loan Interests(b)	Par (000)		Value
Aerospace & Defense – 0.3%
DigitalGlobe, Inc., Term Loan B,
3.75%, 1/31/20	USD	930	$	935,115
Transdigm, Inc., Term Loan C,
3.75%, 2/28/20		474		478,669
				1,413,784
Airlines – 0.7%
Delta Air Lines, Inc., Term Loan B,
5.00%, 4/20/17		1,848		1,867,215
Northwest Airlines, Inc.:
Term Loan, 2.30%, 3/10/17		216		199,919
Term Loan, 2.30%, 3/10/17		216		199,919
Term Loan, 1.68%, 9/10/18		182		161,448
Term Loan, 1.68%, 9/10/18		182		160,636
Term Loan, 1.68%, 9/10/18		181		159,465
US Airways Group Inc., Term Loan B1,
4.25%, 5/23/19		850		849,150
				3,597,752
Auto Components – 2.6%
Affinia Group Intermediate Holdings Inc., Term Loan B2,
4.75%, 4/15/20		660		661,650
Autoparts Holdings Ltd.:
First Lien Term Loan, 6.50%, 7/28/17		1,350		1,330,022
Second Lien Term Loan, 10.50%, 1/29/18		1,800		1,777,500
Federal-Mogul Corp.:
Term Loan B, 2.14%, 12/29/14		2,729		2,670,360
Term Loan C, 2.14%, 12/28/15		2,222		2,171,387
FleetPride Corp., First Lien Term Loan,
5.25%, 11/20/19		648		647,163
The Goodyear Tire & Rubber Co., Second Lien Term Loan,
4.75%, 4/30/19		2,170		2,181,458
Schaeffler AG, Term Loan C,
4.25%, 1/27/17		225		227,718
Transtar Holding Co., First Lien Term Loan,
5.50%, 10/09/18		905		914,504
				12,581,762
Biotechnology – 0.2%
Grifols, Inc., Term Loan B,
4.25%, 6/01/17		1,022		1,029,305
Building Products – 0.7%
Armstrong World Industries, Inc., Term Loan B,
3.50%, 3/16/20		475		475,594
CPG International, Inc., Term Loan,
5.75%, 9/18/19		1,438		1,447,365
Wilsonart International Holdings LLC, Term Loan B,
4.00%, 10/31/19		1,426		1,426,781
				3,349,740
Capital Markets – 1.2%
American Capital Holdings, Inc., Term Loan,
5.50%, 8/22/16		1,025		1,037,813
HarbourVest Partners LLC, Term Loan B,
4.75%, 11/21/17		622		625,631
Knight Capital Group, Inc., Term Loan B,
5.25%, 11/10/17		795		787,050
Nuveen Investments, Inc.:
Second Lien Term Loan, 6.50%, 2/28/19		1,241		1,244,102
Term Loan, 4.19%, 5/13/17		2,025		2,030,488
				5,725,084
Chemicals – 2.7%
AI Chem & Cy S.C.A., Second Lien Term Loan,
8.25%, 4/03/20		450		461,250
American Rock Salt Holdings LLC, Term Loan,
5.50%, 4/25/17		1,950		1,960,810
Chemtura Corp., Exit Term Loan B,
5.50%, 8/27/16		1,293		1,305,339
Evergreen Acqco 1 LP, Term Loan,
5.00%, 7/09/19		799		802,431
General Chemical Corp., Term Loan,
5.00% – 5.75%, 10/06/15		857		862,575
INEOS US Finance LLC, 6 year Term Loan,
4.00%, 5/04/18		1,253		1,252,591
MacDermid, Inc., Tranche C Term Loan,
2.31%, 4/11/14	EUR	575		745,535
Nexeo Solutions LLC, Term Loan B,
5.00%, 9/08/17	USD	1,682		1,675,510
Tronox Pigments (Netherlands) BV, Term Loan,
4.50%, 3/19/20		1,168		1,178,440
Univar, Inc., Term Loan B,
5.00%, 6/30/17		548		543,794
US Coatings Acquisition, Inc., Term Loan,
4.75%, 2/03/20		2,105		2,120,009
				12,908,284
Commercial Services & Supplies – 2.6%
ADS Waste Holdings, Inc., Term Loan B,
4.25%, 10/09/19		1,754		1,765,025
Altegrity, Inc.:
Term Loan, 5.00%, 2/21/15		640		634,003
Tranche D Term Loan, 7.75%, 2/20/15		1,002		1,010,920
AWAS Finance Luxembourg 2012 SA, Term Loan,
3.50%, 7/16/18		425		429,341

10 BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013

Consolidated Schedule of Investments (continued)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

Floating Rate Loan Interests(b)	Par (000)		Value
Commercial Services & Supplies (concluded)
AWAS Finance Luxembourg Sarl, Term Loan B,
3.50%, 6/10/16	USD	741	$	746,512
Catalent Pharma Solutions Inc., Term Loan,
6.50%, 12/29/17		415		419,669
Garda World Security Corp., Term Loan B,
4.50%, 11/13/19		582		587,896
KAR Auction Services, Inc., Term Loan B,
3.75%, 5/19/17		2,304		2,335,044
Learning Care Group (US) No. 2 Inc, Term Loan B,
6.00%, 5/08/19		385		385,724
Livingston International, Inc.:
First Lien Term Loan, 5.00%, 4/16/19		570		571,072
Second Lien Term Loan, 9.00%, 4/16/20		260		263,900
Protection One, Inc., Term Loan,
4.25%, 3/21/19		950		957,530
Spin Holdco Inc., Term Loan B,
4.25%, 11/15/19		1,325		1,331,625
West Corp., Term Loan B8,
4.25%, 6/29/18		1,250		1,259,112
				12,697,373
Communications Equipment – 3.3%
Alcatel-Lucent USA, Inc.:
Term Loan B, 6.25%, 8/01/16		795		803,061
Term Loan C, 7.25%, 1/30/19		2,713		2,739,762
Term Loan D, 7.50%, 1/30/19	EUR	873		1,147,200
Avaya, Inc.:
Extended Term Loan B3, 4.77%, 10/26/17	USD	2,251		2,019,055
Term Loan B5, 8.00%, 3/30/18		379		361,329
CommScope, Inc., Term Loan,
3.75%, 1/12/18		1,470		1,483,318
Riverbed Technology, Inc., Term Loan,
4.00%, 12/18/19		653		659,335
Telesat Canada, Term Loan A,
4.83%, 3/24/17	CAD	2,597		2,492,539
Zayo Group, LLC, Term Loan B,
4.50% – 5.25%, 7/02/19	USD	4,059		4,059,325
				15,764,924
Construction & Engineering – 0.6%
BakerCorp International, Inc., Term Loan,
4.25%, 2/14/20		1,180		1,188,199
Centaur LLC:
First Lien Term Loan, 5.25%, 2/15/19		1,040		1,049,100
Second Lien Term Loan, 8.75%, 2/15/20		510		516,696
				2,753,995
Construction Materials – 0.9%
HD Supply, Inc., Senior Debt B,
4.50%, 10/12/17		4,359		4,391,384
Consumer Finance – 0.3%
Moneygram International, Inc, Term Loan B,
4.25%, 3/20/20		610		611,525
Springleaf Financial Funding Co., Term Loan,
5.50%, 5/10/17		887		889,878
				1,501,403
Containers & Packaging – 0.9%
Berlin Packaging LLC, Second Lien Term Loan,
8.75%, 4/02/20		475		482,125
Pact Group Pty Ltd., Term Loan B,
3.75%, 5/29/20		1,720		1,737,200
Sealed Air Corp., Term Loan,
4.00%, 10/03/18		678		685,762
Tekni-Plex, Inc., Term Loan B,
5.50%, 8/25/19		1,435		1,427,825
				4,332,912
Distributors – 0.6%
ABC Supply Co., Inc., Term Loan,
3.50%, 4/16/20		2,165		2,171,062
Crossmark Holdings, Inc., Term Loan,
4.50%, 12/20/19		424		423,937
VWR Funding, Inc., Extended Term Loan,
4.19%, 4/03/17		499		502,905
				3,097,904
Diversified Consumer Services – 1.2%
Bright Horizons Family Solutions, Inc., Term Loan B,
4.00% – 5.25%, 1/30/20		1,027		1,034,360
Dundee Holdco 4 Limited, Term Loan,
5.50%, 3/28/20		398		399,984
Education Management LLC, Term Loan C3,
8.25%, 5/08/20		196		184,235
Laureate Education, Inc., Extended Term Loan,
5.25%, 6/18/18		1,287		1,290,999
ServiceMaster Co., Term Loan,
4.25%, 1/31/17		1,576		1,575,751
Weight Watchers International, Inc., Term Loan B2,
3.75%, 4/02/20		1,325		1,324,258
				5,809,587
Diversified Financial Services – 1.1%
ION Trading Technologies Ltd Inc:
First Lien Term Loan, 4.50%, 5/22/20		730		735,168
Second Lien Term Loan, 8.25%, 5/21/21		305		307,288
Reynolds Group Holdings Inc., Dollar Term Loan,
4.75%, 9/28/18		2,192		2,209,857
ROC Finance LLC, Term Loan,
5.00%, 5/15/19		450		453,150
WMG Acquisition Corp.:
Delayed Draw Term Loan 1, 4.25%, 7/06/20		632		628,388
Delayed Draw Term Loan 2, 3.75%, 7/06/20		98		97,356

BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013 11

Consolidated Schedule of Investments (continued)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

Floating Rate Loan Interests(b)	Par (000)		Value
Diversified Financial Services (conluded)
WMG Acquisition Corp.(concluded):
Term Loan, 3.75%, 5/18/20	USD	725	$	728,625
				5,159,832
Diversified Telecommunication Services – 3.1%
Consolidated Communications, Inc., Term Loan B3,
5.25%, 12/31/18		1,561		1,574,357
Hawaiian Telcom Communications, Inc., Term Loan B,
7.00%, 2/28/17		2,006		2,017,038
Integra Telecom Inc.:
Second Lien Term Loan, 9.75%, 2/21/20		420		431,323
Term Loan, 6.00%, 2/22/19		840		848,400
Level 3 Financing, Inc.:
Term Loan, 4.75%, 8/01/19		6,725		6,773,353
Term Loan B, 4.75%, 2/01/16		134		135,500
Syniverse Holdings, Inc., Delayed Draw Term Loan,
4.00%, 4/23/19		830		832,855
US Telepacific Corp., Term Loan B,
5.75%, 2/23/17		2,398		2,393,773
				15,006,599
Electronic Equipment, Instruments & Components – 0.2%
CDW LLC, Term Loan,
3.50%, 4/29/20		950		946,437
Energy Equipment & Services – 1.1%
API Heat Transfer, Inc., Term Loan,
5.25%, 4/30/19		695		695,000
Dynegy Holdings Inc., Term Loan B2,
4.00%, 4/23/20		1,005		1,007,302
MEG Energy Corp., Term Loan,
3.75%, 3/31/20		2,456		2,469,081
Tervita Corp., Term Loan,
6.25%, 5/15/18		668		675,184
Unifrax Corp., Term Loan,
4.25%, 11/28/18		399		401,246
				5,247,813
Food & Staples Retailing – 2.6%
Alliance Boots Holdings Ltd., Term Loan B1,
3.49%, 7/09/15	GBP	3,000		4,541,104
JC Penney Corp., Inc., First Lien Term Loan,
6.00%, 4/30/18	USD	2,310		2,340,330
Pilot Travel Centers LLC, Term Loan B2,
4.25%, 8/07/19		856		847,143
Rite Aid Corp.:
Second Lien Term Loan, 5.75%, 8/21/20		430		443,347
Term Loan 6, 4.00%, 2/21/20		405		407,110
Sprouts Farmers Markets Holdings, LLC, Term Loan,
4.50%, 4/23/20		720		720,000
Supervalu Inc., Term Loan B,
5.00%, 3/21/19		939		935,920
US Foods, Inc., Term Loan,
4.50%, 3/29/19		2,100		2,092,125
				12,327,079
Food Products – 1.2%
Advance Pierre Foods, Inc., Term Loan,
5.75%, 7/10/17		968		973,323
Del Monte Foods Co., Term Loan,
4.00%, 3/08/18		1,048		1,051,512
Dole Food Co., Inc., Term Loan,
3.75%, 4/01/20		1,260		1,262,923
Performance Food Group Co., Second Lien Term Loan,
6.25%, 11/29/19		1,245		1,245,311
Pinnacle Foods Finance LLC, Term Loan G,
3.25%, 4/29/20		1,300		1,300,000
				5,833,069
Health Care Equipment & Supplies – 3.1%
Arysta LifeScience Corp.:
First Lien Term Loan, 4.50%, 5/25/20		1,630		1,637,140
Second Lien Term Loan, 8.25%, 11/30/20		700		707,217
Bausch & Lomb, Inc., Term Loan,
4.00%, 5/17/19		2,134		2,137,353
Biomet, Inc., Extended Term Loan B,
3.94% – 4.03%, 7/25/17		771		774,866
BSN Medical Acquisition Holding GmbH, Term Loan B1A,
5.00%, 8/28/19		1,360		1,371,900
Capital Safety North America Holding, Inc., Term Loan,
4.50%, 1/21/19		1,252		1,254,728
DJO Finance LLC, Term Loan B3,
4.75%, 9/15/17		2,610		2,642,649
Hologic, Inc., Term Loan B,
4.50%, 8/01/19		1,929		1,940,306
Immucor, Inc., Term Loan B2,
5.00%, 8/17/18		1,497		1,507,291
LHP Hospital Group, Inc., Term Loan,
9.00%, 7/03/18		749		764,324
				14,737,774
Health Care Providers & Services – 2.6%
American Renal Holdings, Inc.:
First Lien Term Loan, 4.50%, 9/22/19		1,075		1,077,021
Second Lien Term Loan, 8.50%, 2/14/20		850		854,955
Ardent Medical Services, Inc., Term Loan,
6.75%, 7/02/18		509		514,234
CHG Buyer Corp., First Lien Term Loan,
5.00%, 11/22/19		785		792,491
ConvaTec, Inc., Term Loan,
5.00%, 12/22/16		1,712		1,731,149

12 BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013

Consolidated Schedule of Investments (continued)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

Floating Rate Loan Interests(b)	Par (000)		Value
Health Care Providers & Services (concluded)
DaVita, Inc.:
Term Loan B, 4.50%, 10/20/16	USD	1,955	$	1,971,617
Term Loan B2, 4.00%, 11/01/19		1,112		1,124,169
Emergency Medical Services Corp., Term Loan,
4.00%, 5/25/18		686		689,059
Genesis HealthCare Corp., Term Loan B,
10.00% – 10.75%, 9/25/17		976		1,005,320
inVentiv Health, Inc.:
Combined Term Loan, 7.50%, 8/04/16		621		613,039
Incremental Term Loan B3, 7.75%, 5/15/18		545		539,356
Surgical Care Affiliates, Inc., Term Loan B,
4.25%, 6/29/18		785		787,457
US Renal Care, Inc., First Lien Term Loan,
6.25%, 7/02/19		903		913,336
				12,613,203
Health Care Technology – 1.1%
IMS Health, Inc., Term Loan B1,
3.75%, 9/01/17		2,624		2,636,936
Kinetic Concepts, Inc., Term Loan C1,
5.50%, 5/04/18		1,294		1,309,005
MedAssets, Inc., Term Loan B,
4.00%, 12/13/19		488		490,402
Merge Healthcare Inc, Term Loan B,
6.00%, 4/23/19		680		683,400
				5,119,743
Hotels, Restaurants & Leisure – 3.8%
Alpha D2 Ltd., Extended Term Loan B2,
6.00%, 4/30/19		1,174		1,186,147
Caesars Entertainment Operating Co., Inc., Extended Term Loan B6,
5.44%, 1/26/18		235		209,792
Golden Living, Term Loan,
5.00%, 5/04/18		1,009		970,593
Harrah’s Property Co., Mezzanine Term Loan,
3.69%, 2/13/14		6,077		5,544,897
Kasima LLC, Term Loan B,
3.25%, 5/14/21		1,020		1,021,918
MGM Resorts International, Term Loan B,
3.50%, 12/20/19		1,272		1,274,458
OSI Restaurant Partners LLC, Term Loan,
3.50%, 10/25/19		655		654,528
Sabre, Inc., Term Loan B,
5.25%, 2/19/19		584		590,417
Six Flags Theme Parks, Inc., Term Loan B,
4.00% – 5.25%, 12/20/18		388		393,134
Station Casinos, Inc., Term Loan B,
5.00%, 3/01/20		2,995		3,022,704
Travelport LLC:
Extended Delayed Draw Term Loan, 4.96%, 8/21/15		287		285,693
Second Lien Term Loan 1, 9.50%, 1/29/16		1,040		1,082,608
Twin River Worldwide Holdings, Inc., Term Loan B,
5.25%, 9/27/18		1,035		1,046,456
Wendy’s International, Inc., Term Loan B,
3.25%, 5/15/19		951		956,418
				18,239,763
Household Products – 0.8%
Anchor Hocking LLC, Term Loan,
7.50%, 5/06/20		355		358,550
Prestige Brands, Inc., Term Loan,
3.75%, 1/31/19		1,042		1,049,299
Spectrum Brands, Inc., Term Loan,
4.50% – 5.50%, 12/17/19		1,652		1,669,832
Waddington North America Inc.:
First Lien Term Loan, 4.75%, 5/15/20		500		501,250
Second Lien Term Loan, 8.50%, 11/16/20		345		346,725
				3,925,656
Independent Power Producers & Energy Traders – 1.1%
The AES Corp., Term Loan B,
3.75%, 6/01/18		1,379		1,392,088
Calpine Construction Finance Co., L.P., Term Loan 1,
3.00%, 4/24/20		275		273,006
Calpine Corp., Term Loan B1,
4.00%, 4/02/18		754		760,224
La Frontera Generation, LLC, Term Loan,
4.50%, 9/30/20		1,985		1,999,887
Star West Generation LLC, Term Loan B,
5.00%, 3/13/20		738		740,120
				5,165,325
Industrial Conglomerates – 0.4%
Sequa Corp., Term Loan B,
5.25%, 6/19/17		1,893		1,910,836
Insurance – 1.1%
Alliant Holdings I, Inc., Term Loan B,
5.00%, 12/20/19		758		761,890
Asurion LLC, Term Loan B1,
4.50%, 5/24/19		1,087		1,091,744
CNO Financial Group, Inc.:
Term Loan B1, 3.00%, 9/28/16		666		669,750
Term Loan B2, 3.75%, 9/20/18		956		960,544

BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013 13

Consolidated Schedule of Investments (continued)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

Floating Rate Loan Interests(b)	Par (000)		Value
Insurance (concluded)
Cooper Gay Swett & Crawford Ltd,:
First Lien Term Loan, 5.00%, 4/06/20	USD	770	$	778,662
Second Lien Term Loan, 8.25%, 10/05/20		360		366,300
Cunningham Lindsey US, Inc., First Lien Term Loan,
5.00%, 12/10/19		658		664,111
				5,293,001
Internet Software & Services – 0.2%
Web.com Group, Inc., Term Loan B,
4.50%, 10/27/17		1,097		1,112,126
IT Services – 3.0%
CCC Information Services, Inc., Term Loan,
4.00%, 12/20/19		384		385,958
Ceridian Corp., Extended Term Loan,
5.95%, 5/09/17		1,794		1,805,876
First Data Corp.:
Extended Term Loan B, 4.20%, 3/23/18		5,943		5,915,880
Term Loan, 4.20%, 9/24/18		1,840		1,830,543
Genpact International, Inc., Term Loan B,
4.25%, 8/30/19		486		490,584
InfoGroup, Inc., Term Loan,
7.50%, 5/25/18		606		551,646
SunGard Data Systems, Inc.:
Term Loan D, 4.50%, 1/31/20		479		484,785
Term Loan E, 4.00%, 3/08/20		310		313,295
TransUnion LLC, Term Loan,
4.25%, 2/10/19		2,755		2,774,515
				14,553,082
Leisure Equipment & Products – 0.1%
FGI Operating Co. LLC, Term Loan,
5.50%, 4/19/19		541		541,905
Life Sciences Tools & Services – 0.1%
Patheon, Inc., Term Loan,
7.25%, 12/06/18		498		503,719
Machinery – 2.2%
Alliance Laundry Systems LLC:
Second Lien Term Loan, 9.50%, 12/10/19		442		450,654
Term Loan, 4.50%, 12/07/18		418		420,748
Dematic S.A., Term Loan,
5.25%, 12/27/19		1,017		1,025,081
Generac Power Systems, Inc., Term Loan B,
3.50%, 5/30/20		1,445		1,444,393
Intelligrated, Inc., First Lien Term Loan,
4.50%, 7/30/18		796		800,975
Navistar International Corp., Term Loan B,
5.75%, 8/07/17		1,176		1,197,473
Rexnord LLC, Term Loan B,
3.75%, 4/02/18		856		865,534
Silver II US Holdings LLC, Term Loan,
4.00%, 12/13/19		2,401		2,401,679
Terex Corp., Term Loan B,
5.00%, 4/28/17	EUR	125		163,522
Wabash National Corp., Term Loan B,
4.50%, 5/02/19	USD	1,796		1,804,863
				10,574,922
Media – 7.7%
AMC Entertainment, Inc., Term Loan,
3.50%, 4/30/20		1,350		1,352,740
Capsugel Holdings US, Inc., Term Loan B,
4.75%, 8/01/18		1,063		1,071,624
Cengage Learning Acquisitions, Inc., Tranche 1 Incremental,
7.50%, 7/03/14		1,237		971,893
Charter Communications Operating LLC, Term Loan E,
3.00%, 4/10/20		1,330		1,321,927
Clear Channel Communications, Inc.:
Term Loan B, 3.84%, 1/29/16		631		585,907
Term Loan C, 3.84%, 1/29/16		149		137,454
Term Loan D, 6.94%, 1/30/19		2,872		2,680,070
Cumulus Media, Inc., First Lien Term Loan,
4.50%, 9/17/18		1,417		1,429,293
EMI Music Publishing Ltd., Term Loan B,
4.25%, 6/29/18		891		895,815
Fender Musical Instrument Corp., Term Loan B,
5.75%, 4/03/19		195		194,594
Foxco Acquisition Sub LLC, Term Loan B,
5.50%, 7/14/17		1,239		1,254,782
Getty Images, Inc., Term Loan B,
4.75%, 10/18/19		1,287		1,293,209
Gray Television, Inc., Term Loan B,
4.75%, 10/15/19		1,282		1,298,098
Houghton Mifflin Harcourt Publishing Co., DIP Term Loan B,
5.25%, 6/01/18		1,510		1,509,750
Hubbard Broadcasting, Term Loan B,
4.50%, 4/28/17		887		891,557
Intelsat Jackson Holdings Ltd., Term Loan,
5.25%, 2/03/14		1,659		1,657,529
Intelsat Jackson Holdings SA, Term Loan B1,
4.25%, 4/02/18		6,207		6,243,736
Interactive Data Corp., Term Loan B,
3.75%, 2/11/18		1,683		1,687,191
Kabel Deutschland GmbH, Term Loan F1,
3.25%, 2/01/19		1,265		1,263,735
Lavena Holding 4 GmbH:
Term Loan B, 2.62%, 3/06/15	EUR	304		390,662
Term Loan C, 3.00%, 3/04/16		608		785,273

14 BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013

Consolidated Schedule of Investments (continued)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

Floating Rate Loan Interests(b)	Par (000)		Value
Media (concluded)
NEP Supershooters LP:
Second Lien Term Loan, 9.50%, 8/18/20		USD        246	$	253,496
Term Loan, 4.75%, 1/18/20		1,197		1,209,724
Nielsen Finance LLC, Term Loan E,
2.95%, 5/02/16		398		401,348
Rentpath, Inc., Term Loan B,
6.25%, 5/02/20		990		973,913
Salem Communications Corp., Term Loan B,
4.50%, 3/16/20		745		753,828
Sinclair Television Group Inc., Term Loan B,
3.00%, 4/09/20		390		391,880
Univision Communications, Inc., Converted Extended Term Loan,
4.50%, 3/02/20		1,964		1,958,672
UPC Financing Partnership:
Term Loan AG, 3.87%, 3/26/21		EUR         396		515,576
Term Loan AH, 3.25%, 6/30/21		USD         255		254,717
WC Luxco Sarl, Term Loan B3,
4.25%, 3/15/18		499		501,255
WideOpenWest Finance LLC, Term Loan B,
4.75%, 3/26/19		650		654,560
				36,785,808
Metals & Mining – 2.3%
Ameriforge Group, Inc.:
First Lien Term Loan, 6.00%, 12/19/19		678		686,216
Second Lien Term Loan, 8.75%, 12/18/20		335		341,700
Constellium Holdco BV, Term Loan B,
6.25%, 3/25/20		1,505		1,529,456
FMG America Finance, Inc., Term Loan,
5.25%, 10/18/17		2,326		2,336,389
Murray Energy Corp., Term Loan B,
4.75%, 5/24/19		370		372,128
Novelis, Inc., Term Loan,
3.75%, 3/10/17		2,180		2,210,085
SunCoke Energy, Inc., Term Loan B,
4.00%, 7/26/18		485		486,557
Walter Energy, Inc., Term Loan B,
5.75%, 4/02/18		1,669		1,674,701
Windsor Financing LLC, Term Loan B,
6.25%, 12/05/17		1,134		1,170,542
				10,807,774
Multiline Retail – 1.9%
99 Cents Only Stores, Term Loan,
5.25%, 1/11/19		1,307		1,324,291
Apex Tool Group LLC, Term Loan B,
4.50%, 2/01/20		875		880,609
BJ’s Wholesale Club, Inc.:
Replacement Term Loan, 4.25%, 9/26/19		736		738,374
Second Lien Term Loan, 9.75%, 3/26/20		510		522,495
HEMA Holding BV:
Second Lien Term Loan, 5.12%, 1/05/17		EUR         2,900		3,520,501
Term Loan B, 2.12%, 7/06/15		357		455,531
Term Loan C, 2.87%, 7/05/16		357		457,855
The Neiman Marcus Group, Inc., Extended Term Loan,
4.00%, 5/16/18		USD         1,120		1,118,835
				9,018,491
Oil, Gas & Consumable Fuels – 3.5%
Chesapeake Energy Corp., Unsecured Term Loan,
5.75%, 12/01/17		1,920		1,966,906
Everest Acquisition LLC, Term Loan B3,
3.50%, 5/24/18		1,190		1,195,653
Gibson Energy ULC, Term Loan B,
4.75%, 6/15/18		1,301		1,315,791
GIM Channelview Cogeneration, LLC, Term Loan B,
4.25%, 5/04/20		835		837,087
Obsidian Natural Gas Trust, Term Loan,
7.00%, 11/02/15		1,466		1,472,875
Pacific Drilling S.A., Term Loan B,
4.50%, 5/30/18		1,015		1,019,121
Panda Temple Power LCC, Term Loan B,
7.25%, 4/03/19		650		663,813
Philadelphia Energy Solutions LLC, Term Loan B,
6.25%, 4/04/18		1,070		1,088,725
Power Team Services, LLC:
Delayed Draw Term Loan, 0.50%, 5/06/20		45		45,028
First Lien Term Loan, 4.25%, 5/06/20		360		360,227
Second Lien Term Loan, 8.25%, 11/06/20		200		199,000
Ruby Western Pipeline Holdings LLC, Term Loan B,
3.50%, 3/27/20		805		809,025
Samson Investment Co., Second Lien Term Loan,
6.00%, 9/25/18		525		527,756
Teine Energy Ltd., Second Lien Term Loan,
7.50%, 5/09/19		705		706,763
Tesoro Corp., Term Loan B,
2.53%, 1/29/16		985		994,850
Total Safety US, Inc.:
First Lien Term Loan, 5.75%, 2/21/20		745		749,656
Second Lien Term Loan, 9.25%, 8/21/20		289		293,614
Vantage Drilling Co.:
Term Loan, 6.25%, 10/26/17		1,860		1,877,204
Term Loan B, 5.75%, 3/28/19		690		698,052
				16,821,146

BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013 15

Consolidated Schedule of Investments (continued)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

Floating Rate Loan Interests(b)	Par (000)		Value
Paper & Forest Products – 0.2%
NewPage Corp., Exit Term Loan,
7.75%, 12/21/18		USD 850	$	867,000
Pharmaceuticals – 2.3%
Aptalis Pharma, Inc., Term Loan B,
5.50%, 2/10/17		1,760		1,764,638
Par Pharmaceutical Co., Inc., Term Loan B,
4.25%, 9/30/19		3,055		3,057,693
Pharmaceutical Product Development, Inc., Term Loan B,
4.25%, 12/05/18		2,470		2,486,566
Quintiles Transnational Corp., Term Loan B,
4.50%, 6/08/18		756		763,592
RPI Finance Trust, Incremental Tranche 2,
4.00%, 11/09/18		319		320,302
Valeant Pharmaceuticals International, Inc.:
Term Loan C1, 3.50%, 12/11/19		589		591,744
Term Loan D1, 3.50%, 2/13/19		1,126		1,131,194
Warner Chilcott Corp.:
Incremental Term Loan B1, 4.25%, 3/15/18		275		276,899
Term Loan B1, 4.25%, 3/15/18		633		636,101
Term Loan B2, 4.25%, 3/15/18		224		225,402
				11,254,131
Professional Services – 1.2%
Booz Allen Hamilton, Inc., Term Loan B,
4.50%, 7/31/19		1,134		1,141,866
Emdeon Business Services, LLC, Term Loan B2,
3.75%, 11/02/18		2,340		2,354,093
ON Assignment, Inc, Term Loan B,
3.50%, 4/30/20		470		472,491
Sirva Worldwide, Inc., Term Loan,
7.50%, 3/27/19		770		764,225
Truven Health Analytics, Inc., Term Loan B,
4.50%, 6/01/19		1,052		1,053,807
				5,786,482
Real Estate Investment Trusts (REITs) – 0.5%
iStar Financial, Inc., Term Loan,
4.50%, 9/28/17		2,374		2,397,110
Real Estate Management & Development – 0.9%
Realogy Corp.:
Extended Letter of Credit, 4.45%, 10/10/16		348		350,618
Extended Term Loan, 4.50%, 3/05/20		3,725		3,758,376
				4,108,994
Road & Rail – 0.2%
Road Infrastructure Investment LLC, Term Loan B,
6.25%, 3/30/18		804		811,207
Semiconductors & Semiconductor Equipment – 0.5%
Freescale Semiconductor, Inc.:
Term Loan B3, 4.25%, 12/01/16		285		285,855
Term Loan B4, 5.00%, 3/02/20		1,540		1,546,868
NXP BV, Term Loan C,
4.75%, 1/11/20		688		702,041
				2,534,764
Software – 2.6%
Blackboard, Inc., Term Loan B2,
6.25%, 10/04/18		272		276,117
CompuCom Systems, Inc., Term Loan B,
4.25%, 5/08/20		315		316,181
Evertec, Inc., Term Loan B,
3.50%, 4/15/20		450		448,763
GCA Services Group, Inc.:
Second Lien Term Loan, 9.25%, 10/22/20		780		791,700
Term Loan B, 5.25%, 11/01/19		788		793,103
Infor US, Inc., Term Loan B2,
5.25% - 6.25%, 4/05/18		3,238		3,268,580
Kronos, Inc., Second Lien Term Loan,
9.75%, 4/30/20		1,245		1,301,025
RP Crown Parent LLC, First Lien Term Loan,
6.75%, 12/21/18		868		879,489
Sophia LP, Term Loan B,
4.50%, 7/19/18		1,160		1,167,726
SS&C Technologies, Inc.:
Term Loan B-1, 5.00%, 6/07/19		1,376		1,382,984
Term Loan B-2, 5.00%, 6/07/19		142		143,067
StoneRiver Holdings, Inc.:
First Lien Term Loan, 4.77%, 11/20/19		1,160		1,160,487
StoneRiver Holdings, Inc. (concluded):
Second Lien Term Loan, 8.84%, 11/20/20		410		410,000
				12,339,222
Specialty Retail – 4.6%
Academy Ltd., Term Loan,
4.50%, 8/03/18		2,065		2,083,072
Atlantic Aviation FBO Inc., Term Loan B,
3.25%, 5/20/20		490		490,461
Bass Pro Group LLC, Term Loan,
4.00%, 11/20/19		1,088		1,092,338

16 BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013

Consolidated Schedule of Investments (continued)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

Floating Rate Loan Interests(b)	Par (000)		Value
Specialty Retail (concluded)
Burlington Coat Factory Warehouse Corp., Term Loan B1,
5.50%, 2/23/17	USD	480	$	482,826
David’s Bridal, Inc., Term Loan B,
5.00%, 10/11/19		1,631		1,640,421
Equinox Holdings, Inc, Repriced Term Loan B,
4.25%, 1/31/20		805		810,031
The Gymboree Corp., Initial Term Loan,
5.00%, 2/23/18		128		125,560
Harbor Freight Tools USA, Inc., Term Loan B,
6.50%, 11/14/17		804		814,641
Jo-Ann Stores, Inc., Term Loan,
4.00%, 3/16/18		768		772,633
Leslie’s Poolmart, Inc., Term Loan B,
5.25%, 10/16/19		1,317		1,328,839
Michaels Stores, Inc., Term Loan,
3.75%, 1/28/20		1,390		1,395,894
Party City Holdings, Inc., Term Loan B,
4.25%, 7/29/19		2,712		2,713,128
PETCO Animal Supplies, Inc., Term Loan,
4.00%, 11/24/17		1,784		1,799,389
Reddy Ice Corp.:
First Lien Term Loan, 6.75%, 3/28/19		1,985		1,992,444
Second Lien, 10.75%, 11/01/19		995		995,000
SRAM LLC, Term Loan B,
4.00% - 5.25%, 6/07/18		421		421,365
Things Remembered, Inc., Term Loan B,
8.00%, 5/24/18		1,474		1,466,182
Toys ‘R’ Us Delaware, Inc.:
Incremental Term Loan B2, 5.25%, 5/25/18		656		650,170
Term Loan B3, 5.25%, 5/25/18		94		93,443
The Yankee Candle Co., Inc., Term Loan B,
5.25%, 4/02/19		866		866,800
				22,034,637
Textiles, Apparel & Luxury Goods – 0.8%
Ascend Performance Materials LLC, Term Loan B,
6.75%, 4/10/18		1,644		1,652,178
PVH Corp., Term Loan B,
3.25%, 2/13/20		1,080		1,084,590
Wolverine Worldwide, Inc., Term Loan B,
4.00%, 7/31/19		861		869,387
				3,606,155
Thrifts & Mortgage Finance – 0.3%
Insight Global, Inc., First Lien Term Loan,
6.00%, 10/31/19		808		814,035
Ocwen Financial Corp., Term Loan,
5.00%, 2/15/18		685		692,994
				1,507,029
Trading Companies & Distributors – 0.2%
WESCO Distribution, Inc., Term Loan B,
4.50%, 12/12/19		903		907,991
Wireless Telecommunication Services – 2.1%
Cricket Communications, Inc., Term Loan,
4.75%, 10/10/19		818		822,040
Light Tower Fiber LLC, First Lien Term Loan,
4.50%, 4/13/20		1,130		1,139,187
Time Warner Telecom Holdings Inc., Term Loan B,
2.70%, 4/17/20		1,950		1,956,825
Vodafone Americas Finance 2, Inc., PIK Term Loan,
6.88%, 8/11/15(g)		6,091		6,167,543
				10,085,595
Total Floating Rate Loan Interests – 79.5%				381,440,613
Municipal Bonds
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Company Project,:
5.00%, 12/01/19		540		556,297
5.50%, 12/01/22		175		182,233
5.25%, 12/01/25		120		123,515
Total Municipal Bonds – 0.2%				862,045
Other Interests(k)	Beneficial Interest (000)
Auto Components – 0.0%
Intermet Liquidating Trust Class A(c)		833		1
Chemicals – 0.0%
Wellman Holdings, Inc., Litigation Trust Certificate(c)		10,000		100
Diversified Financial Services – 0.2%
J.G.Wentworth LLC Preferred Equity Interests(c)		1		754,296
Hotels, Restaurants & Leisure – 0.0%
Buffets, Inc.(c)		1,440		14
Household Durables – 0.6%
Stanley Martin, Class B Membership Units		2		2,940,750
Media – 0.0%
Adelphia Escrow(c)		7,500		75
Adelphia Preferred Escrow(c)		5		–
Adelphia Recovery Trust(c)		9,406		75,248

BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013 17

Consolidated Schedule of Investments (continued)	BlackRock Debt Strategies Fund, Inc. (DSU)
	(Percentages shown are based on Net Assets)

	Beneficial Interest (000)		Value
Other Interests(k)
Media (concluded)
Adelphia Recovery Trust Series ACC-6B INT(c)	USD	500	$	15,000
				90,323
Total Other Interests – 0.8%				3,785,484
	Shares
Warrants(l)
Chemicals – 0.1%
GEO Specialty Chemicals, Inc. (Expires 3/31/15)		385,026		288,769
Health Care Providers & Services – 0.0%
HealthSouth Corp. (Expires 1/16/11)		126,761		1
Media – 0.1%
Charter Communications, Inc. (Issued/Exercisable 11/30/09, 1 share for 1 warrant. Expires 11/30/14, Strike Price $51.28)		12,661		807,139
Software – 0.0%
Bankruptcy Management Solutions, Inc. (Expires 9/28/17)		1,247		–
HMH Holdings/EduMedia (Issued/Exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)		2,067		–
				–
Total Warrants – 0.2%				1,095,909
Total Long-Term Investments (Cost – $747,833,145) – 150.8%				723,877,034
Short-Term Securities
Money Market Funds – 1.5%
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.06%(m)(n)		7,242,101		7,242,101
Total Short-Term Securities (Cost – $7,242,101) – 1.5%				7,242,101
Total Investments (Cost – $755,075,246*) – 152.3%				731,119,135
Liabilities in Excess of Other Assets – (52.3)%				(251,060,537	)
Net Assets – 100.0%			$	480,058,598

* As of May 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	752,143,907
Gross unrealized appreciation	$	34,575,895
Gross unrealized depreciation		(55,600,667	)
Net unrealized depreciation	$	(21,024,772	)

Notes to Schedule of Investments

(a) 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.

(b) Variable rate security. Rate shown is as of report date.

(c) Non-income producing security.

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

(e) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(f) Convertible security.

(g) Represents a payment-in-kind security which may pay interest/dividends in additional par/shares.

(h) All or a portion of security has been pledged as collateral in connection with swaps.

(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.

18 BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013

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

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

Counterparty	Value		Unrealized Depreciation
Credit Suisse Group AG	$	1,945,300	$	(39,700	)
Goldman Sachs Group, Inc	$	426,690	$	(4,310	)
Jefferies & Co., Inc	$	169,108	$	(3,893	)

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

(l) 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 of the warrants, if any.

(m) Investments in issuers considered to be an affiliate of the Fund during the period ended May 31, 2013, 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, 2013		Net Activity		Shares Held at May  31, 2013		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		157,333		7,084,768		7,242,101	$	894

(n) Represents the current yield as of report date.

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of	CAD	Canadian Dollar
Investments, the names and descriptions of many of the	DIP	Debtor-In-Possession
securities have been abbreviated according to the following list:	EUR	Euro
	GBP	British Pound
	RB	Revenue Bonds
	TBA	To Be Announced
	USD	US Dollar

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

BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013 19

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

• Foreign currency exchange contracts as of May 31, 2013 were as follows:

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	2,747,086	CAD	2,804,000	Barclays Plc		7/17/13	$	45,273
USD	6,575,306	GBP	4,295,000	Barclays Plc		7/17/13		51,377
USD	145,853	GBP	97,000	Citigroup Inc.		7/17/13		(1,486	)
USD	142,911	GBP	92,000	Goldman Sachs Group, Inc.		7/17/13		3,167
EUR	955,000	USD	1,251,686	Bank of America Corp		7/23/13		(10,086	)
USD	611,298	EUR	467,000	Bank of America Corp		7/23/13		4,149
USD	19,380,428	EUR	14,847,000	Barclays Plc		7/23/13		77,773
USD	481,944	EUR	370,000	Credit Suisse Group AG		7/23/13		905
USD	167,201	EUR	130,000	Goldman Sachs Group, Inc.		7/23/13		(1,813	)
USD	128,479	EUR	99,000	Goldman Sachs Group, Inc.		7/23/13		(232	)
USD	138,059	EUR	106,000	Goldman Sachs Group, Inc.		7/23/13		248
USD	260,920	EUR	200,000	Goldman Sachs Group, Inc.		7/23/13		900
Total							$	170,175

• Credit default swaps - sold protection outstanding as of May 31, 2013 were as follows:

Issuer	Receive Fixed Rate			Counterparty/Exchange	Expiration Date		Credit Rating1	Notional Amount (000)2			Unrealized Appreciation (Depreciation)
Caesars Entertainment Operating Co., Inc.		5.00	%	JPMorgan Chase & Co.		12/20/15	CCC-		USD	442	$	41,928
Caesars Entertainment Operating Co., Inc.		5.00	%	JPMorgan Chase & Co.		12/20/15	CCC-		USD	123		6,412
Caesars Entertainment Operating Co., Inc.		5.00	%	Goldman Sachs Group, Inc.		3/20/16	CCC-		USD	176		859
Caesars Entertainment Operating Co., Inc.		5.00	%	Goldman Sachs Group, Inc.		3/20/16	CCC-		USD	176		859
Caesars Entertainment Operating Co., Inc.		5.00	%	Goldman Sachs Group, Inc.		3/20/16	CCC-		USD	528		(3,933	)
Caesars Entertainment Operating Co., Inc.		5.00	%	Goldman Sachs Group, Inc.		3/20/16	CCC-		USD	118		(2,328	)
Caesars Entertainment Operating Co., Inc.		5.00	%	Goldman Sachs Group, Inc.		3/20/16	CCC-		USD	270		(17,731	)
Caesars Entertainment Operating Co., Inc.		5.00	%	JPMorgan Chase & Co.		3/20/16	CCC-		USD	68		(2,252	)
Caesars Entertainment Operating Co., Inc.		5.00	%	Goldman Sachs Group, Inc.		6/20/16	CCC-		USD	359		(6,887	)
Caesars Entertainment Operating Co., Inc.		5.00	%	Goldman Sachs Group, Inc.		6/20/16	CCC-		USD	690		(19,189	)
Caesars Entertainment Operating Co., Inc.		5.00	%	Goldman Sachs Group, Inc.		3/20/17	CCC-		USD	325		(20,963	)

20 BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013

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

• Credit default swaps - sold protection outstanding as of May 31, 2013 were as follows (concluded):

Issuer	Receive Fixed Rate			Counterparty/Exchange	Expiration Date		Credit Rating1	Notional Amount (000)2			Unrealized Appreciation (Depreciation)
Caesars Entertainment Operating Co., Inc.		5.00	%	Goldman Sachs Group, Inc.		3/20/17	CCC-		USD	226	$	(10,338	)
Caesars Entertainment Operating Co., Inc.		5.00	%	Deutsche Bank AG		6/20/17	CCC-		USD	423		(24,463	)
Total											$	(58,026	)

¹  Using Standard & Poor’s rating of the issuer.

²  The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

• 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 reporting purposes as follows:

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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. 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. 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 annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy as of May 31, 2013:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long Term Investments:
Asset-Backed Securities		–		–	$	15,618,226	$	15,618,226
Common Stocks	$	4,996,491	$	1,986,179		6,498,360		13,481,030
Corporate Bonds		–		297,894,836		9,698,891		307,593,727
Floating Rate Loan Interests		–		344,737,920		36,702,693		381,440,613
Municipal Bonds		–		862,045		–		862,045
Other Interests		90,323		–		3,695,161		3,785,484
Warrants		807,139		–		288,770		1,095,909
Short-Term Securities		7,242,101		–		–		7,242,101
Total	$	13,136,054	$	645,480,980	$	72,502,101	$	731,119,135

BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013 21

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

	Level 1		Level 2			Level 3		Total
Derivative Financial Instruments1
Assets:
Credit contracts		–	$	50,058			–	$	50,058
Foreign currency exchange contracts		–		183,792			–		183,792
Liabilities:
Credit contracts		–		(108,084	)		–		(108,084	)
Foreign currency exchange contracts		–		(13,617	)		–		(13,617	)
Total		–	$	112,149			–	$	112,149

¹  Derivative financial instruments are swaps and foreign currency exchange contracts. Swaps and foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument.

Certain of the Fund’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of May 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3		Total
Assets:
Foreign currency at value	$	148,254		–			–	$	148,254
Liabilities:
Bank overdraft		–	$	(150,315	)		–		(150,315	)
Loans payable		–		(218,000,000	)		–		(218,000,000	)
Total	$	148,254	$	(218,150,315	)		–	$	(218,002,061	)

There were no transfers between Level 1 and Level 2 during the period ended May 31, 2013.

22 BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013

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

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

	Asset-Backed Securities			Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Other Interests			Warrants		Total
Assets:
Opening Balance, as of February 28, 2013	$	19,075,856		$	6,100,576		$	8,566,689		$	37,135,002		$	3,916,514		$	24,836	$	74,819,473
Transfers into Level 31		477,500			484,990			–			6,649,338			–			–		7,611,828
Transfers out of Level 32		–			–			–			(11,682,614	)		–			–		(11,682,614	)
Accrued discounts/ premiums		21,985			–			48,710			20,040			–			–		90,735
Net realized gain (loss)		264,455			–			(2,674,829	)		201,607			–			–		(2,208,767	)
Net change in unrealized appreciation/Depreciation3		(151,185	)		(87,956	)		3,762,185			12,971			(102,545	)		263,934		3,697,404
Purchases		–			750			–			16,749,773			1			–		16,750,524
Sales		(4,070,385	)		–			(3,864	)		(12,383,424	)		(118,809	)		–		(16,576,482	)
Closing Balance, as of May 31, 2013	$	15,618,226		$	6,498,360		$	9,698,891		$	36,702,693		$	3,695,161		$	288,770	$	72,502,101

¹  Transfers into and transfers out of Level 3 represent the values as of the beginning of the reporting period. As of February 28, 2013, the Fund used observable inputs in determining the value of certain investments. As of May 31, 2013, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $7,611,828 transferred from Level 2 to Level 3 in the disclosure hierarchy.

²  Transfers into and transfers out of Level 3 represent the values as of the beginning of the reporting period. As of February 28, 2013, the Fund used significant unobservable inputs in determining the value of certain investments. As of May 31, 2013, the Fund used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $11,682,614 transferred from Level 3 to Level 2 in the disclosure hierarchy.

³  The change in unrealized appreciation/depreciation on investments still held as of May 31, 2013 was $1,354,542.

BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013 23

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

The following table summarizes the valuation techniques used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (“Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of May 31, 2013. The table does not include Level 3 investments with values based upon unadjusted third party pricing information. Level 3 investments valued using third party pricing information was $53,983,825. 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 Inputs1	Range of Unobservable Inputs Utilized
Assets:
Common Stocks	$	4,906,518	Market Comparable Companies	Offshore EBITDA Multiple	8.75x
				Onshore EBITDA Multiple	4.75x
		257,898	Market Comparable Companies	EBITDA Multiple	5.50x
Corporate Bonds2		8,258,158	Market Comparable Companies	EBITDA Multiple	5.50x
		850,000	Market Comparable Companies	Last 12 Months EBITDA Multiple	10.00x
Floating Rate Loan Interests		1,466,182	Market Comparable Yield Analysis	Yield	8.13%
Other Interests3		2,490,750	Discounted Cash Flow	Perpetuity Growth Rate	3.50%
				Free Cash Flow	$14.80-$35.204
				Weighted Cost of Capital	11.30%
Warrants		288,770	Market Comparable Companies	EBITDA Multiple	5.50x
Total	$	18,518,276

¹  A change to the unobservable input may result in a significant change to the value of the investment as follows:

Unobservable Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
Offshore EBITDA Multiple	Increase	Decrease
Onshore EBITDA Multiple	Increase	Decrease
EBITDA Multiple	Increase	Decrease
Last 12 Months EBITDA Multiple	Increase	Decrease
Yield	Decrease	Increase
Perpetuity Growth Rate	Increase	Decrease
Free Cash Flow	Increase	Decrease
Weighted Cost of Capital	Decrease	Increase

²  For the period ended May 31, 2013, the valuation technique for certain investments classified as corporate bonds changed to a market approach. The investment was previously valued using acquisition cost. Market information became available for this investment which is considered to be a more relevant measure of fair value for this investment.

³  For the period ended May 31, 2013, the valuation technique for other interests changed from a market approach to 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 a more relevant measure of fair value for this investment.

⁴ Amount is in millions.

24 BLACKROCK DEBT STRATEGIES FUND, INC. MAY 31, 2013

Item 2	–	Controls and Procedures
2(a)	–	The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the ‘‘1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(b)	–	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3	–	Exhibits

Certifications – Attached hereto

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

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

Date: July 25, 2013

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

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

Date: July 25, 2013

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

Date: July 25, 2013