Schedule of Investments  (unaudited) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 0.2%
Chemicals — 0.1%
Geo Specialty Chemicals, Inc.(a)		494,718	$	494,710
Diversified Financial Services — 0.1%
Kcad Holdings I Ltd.(a)(b)		1,075,282,733		731,192
Health Care Management Services — 0.0%
New Millennium HoldCo, Inc.(b)		10,718		64
Media — 0.0%
Adelphia Communications Corp., Class A(a)(b)(c)		400,000		4
Adelphia Recovery Trust(b)		396,568		198
				202
Metals & Mining — 0.0%
Ameriforge Group, Inc.		1,664		89,856
Preferred Proppants LLC(a)		14,576		32,796
				122,652
Semiconductors & Semiconductor Equipment — 0.0%
SunPower Corp.(b)		1,707		12,786
Software — 0.0%
Avaya Holdings Corp.(b)		40		511
Total Common Stocks — 0.2% (Cost — $12,992,288)				1,362,117
	Par (000)
Corporate Bonds — 20.8%
Aerospace & Defense — 1.5%
Arconic, Inc., 5.13%, 10/01/24		USD   441		480,712
Bombardier, Inc.(d):
6.13%, 01/15/23		664		673,236
7.50%, 12/01/24		58		59,595
7.50%, 03/15/25		31		31,388
7.88%, 04/15/27		6		6,036
Signature Aviation US Holdings, Inc.(d):
5.38%, 05/01/26		42		44,162
4.00%, 03/01/28		292		293,913
TransDigm UK Holdings PLC, 6.88%, 05/15/26		493		521,347
TransDigm, Inc.(d):
6.25%, 03/15/26		4,263		4,577,396
5.50%, 11/15/27		419		419,000
Triumph Group, Inc., 6.25%, 09/15/24(d)		260		273,000

Security	Par (000)		Value
Aerospace & Defense (continued)
Wolverine Escrow LLC, 9.00%, 11/15/26(d)		USD    1,790	$	1,808,079
				9,187,864
Airlines — 0.1%
US Airways Pass-Through Trust, Series 2013-1, Class B, 5.38%, 11/15/21		393		409,620
Auto Components — 0.3%
Allison Transmission, Inc., 5.88%, 06/01/29(d)		315		339,806
GKN Holdings Ltd., 4.63%, 05/12/32		GBP 100		132,563
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.75%, 09/15/24(d)		USD 60		61,200
6.38%, 12/15/25		308		325,710
6.25%, 05/15/26		336		357,420
IHO Verwaltungs GmbH, (3.63% Cash or 4.38% PIK), 3.63%, 05/15/25(e)		EUR 100		114,311
NM Holdings Co. LLC, Series B, 9.50%, 07/01/05(a)(b)(c)		USD 5,125		1
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.:
4.38%, 05/15/26		EUR 134		153,547
6.25%, 05/15/26(d)		USD 122		129,702
Tesla, Inc., 5.30%, 08/15/25(d)		168		161,070
Venture Holdings Co. LLC, 12.00%, 07/01/09(a)(b)(c)		5,150		1
				1,775,331
Banks — 0.0%
Allied Irish Banks PLC(5 year EUR Swap + 3.95%), 4.13%, 11/26/25(f)		EUR 100		113,890
Banco Espirito Santo SA(b)(c):
2.63%, 05/08/17		100		18,730
4.75%, 01/15/18		200		37,461
4.00%, 01/21/19		100		18,731
				188,812
Building Products — 0.2%
Beacon Roofing Supply, Inc., 4.88%, 11/01/25(d)		USD 35		33,994
CPG Merger Sub LLC, 8.00%, 10/01/21(d)		446		444,528
Masonite International Corp., 5.38%, 02/01/28(d)		198		209,633
Standard Industries, Inc.(d):
5.50%, 02/15/23		4		4,090

1

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Building Products (continued)
6.00%, 10/15/25	USD		238	$	249,007
					941,252
Capital Markets — 0.0%
LABL Escrow Issuer LLC, 6.75%, 07/15/26(d)			243		249,075
Chemicals — 0.4%
Atotech Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25(d)			1,030		1,045,450
Blue Cube Spinco LLC:
9.75%, 10/15/23			313		340,388
10.00%, 10/15/25			355		395,825
GCP Applied Technologies, Inc., 5.50%, 04/15/26(d)			134		138,020
Monitchem HoldCo 3 SA, 5.25%, 03/15/25	EUR		100		113,503
OCI NV, 3.13%, 11/01/24			100		113,320
PQ Corp., 5.75%, 12/15/25(d)	USD		507		531,082
					2,677,588
Commercial Services & Supplies — 0.3%
ADT Security Corp., 4.88%, 07/15/32(d)			583		507,210
Core & Main LP, 6.13%, 08/15/25(d)			473		483,643
GFL Environmental, Inc.(d):
7.00%, 06/01/26			300		305,250
8.50%, 05/01/27			344		366,121
Summer BC Holdco B Sarl, 5.75%, 10/31/26	EUR		100		113,192
United Rentals North America, Inc.:
5.88%, 09/15/26	USD		46		49,220
5.25%, 01/15/30			2		2,125
					1,826,761
Communications Equipment — 0.3%
ViaSat, Inc., 5.63%, 04/15/27(d)			558		594,967
Zayo Group LLC/Zayo Capital, Inc.:
6.38%, 05/15/25			92		94,645
5.75%, 01/15/27(d)			1,187		1,210,740
					1,900,352
Construction & Engineering — 0.1%
Brand Industrial Services, Inc., 8.50%, 07/15/25(d)			248		241,800
SRS Distribution, Inc., 8.25%, 07/01/26(d)			258		263,160
					504,960
Construction Materials — 0.3%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/28(d)			266		266,333

Security		Par (000)		Value
Construction Materials (continued)
Core & Main Holdings LP, (8.63% Cash or 9.38% PIK), 8.63%, 09/15/24(d)(e)	USD		336	$	346,920
HD Supply, Inc., 5.38%, 10/15/26(d)			449		475,940
Williams Scotsman International, Inc., 6.88%, 08/15/23(d)			531		557,905
					1,647,098
Consumer Finance — 0.5%
Mulhacen Pte Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 08/01/23(e)	EUR		100		89,934
Navient Corp.:
7.25%, 09/25/23	USD		5		5,550
6.13%, 03/25/24			96		102,480
5.88%, 10/25/24			180		191,700
Refinitiv US Holdings, Inc.:
4.50%, 05/15/26(d)	EUR		855		1,023,167
4.50%, 05/15/26			100		119,669
Springleaf Finance Corp., 5.38%, 11/15/29	USD		114		117,420
Verscend Escrow Corp., 9.75%, 08/15/26(d)			977		1,050,275
					2,700,195
Containers & Packaging — 0.5%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(d)(e)			541		539,079
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.13%, 08/15/26(d)			200		203,000
4.75%, 07/15/27	GBP		100		135,189
OI European Group BV, 2.88%, 02/15/25	EUR		100		112,267
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 7.00%, 07/15/24(d)	USD		223		230,805
Trivium Packaging Finance BV(d):
5.50%, 08/15/26			748		785,411
8.50%, 08/15/27			1,154		1,254,975
					3,260,726
Diversified Consumer Services — 0.2%
APX Group, Inc.:
8.75%, 12/01/20			215		210,431
7.88%, 12/01/22			216		214,650
Ascend Learning LLC, 6.88%, 08/01/25(d)			558		586,173

2

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Diversified Consumer Services (continued)
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 04/15/26(d)		USD	264	$	275,753
					1,287,007
Diversified Financial Services — 0.4%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/26(d)			800		846,000
Arrow Global Finance PLC, 5.13%, 09/15/24		GBP	100		129,976
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26(d)		USD	200		211,000
Intrum AB, 2.75%, 07/15/22		EUR	50		55,710
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24(e)			100		113,859
Murphy Oil USA, Inc., 4.75%, 09/15/29		USD	119		125,652
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25(d)			587		604,610
VZ Vendor Financing BV, 2.50%, 01/31/24		EUR	100		112,108
					2,198,915
Diversified Telecommunication Services — 0.4%
CenturyLink, Inc.:
5.63%, 04/01/25		USD	170		179,562
Series P, 7.60%, 09/15/39			181		186,430
Series U, 7.65%, 03/15/42			443		456,232
SoftBank Group Corp.:
4.00%, 04/20/23		EUR	100		117,435
4.00%, 09/19/29			100		112,569
Telecom Italia Capital SA:
6.38%, 11/15/33		USD	58		64,235
6.00%, 09/30/34			479		512,461
7.20%, 07/18/36			14		16,388
7.72%, 06/04/38			51		62,571
Telecom Italia SpA:
5.30%, 05/30/24(d)			514		552,689
2.75%, 04/15/25		EUR	100		115,247
					2,375,819
Electric Utilities — 0.1%
NextEra Energy Operating Partners LP(d):
4.25%, 07/15/24		USD	393		403,737

Security	Par (000)			Value
Electric Utilities (continued)
4.50%, 09/15/27		USD	84	$	85,680
					489,417
Electrical Equipment — 0.4%
Vertiv Group Corp., 10.00%, 06/30/24(a)			2,314		2,325,570
Electronic Equipment, Instruments & Components — 0.1%
Vertiv Group Corp., 9.25%, 10/15/24(d)			618		607,185
Energy Equipment & Services — 0.2%
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27(d)			107		110,168
Gates Global LLC/Gates Global Co., 6.25%, 01/15/26(d)			167		167,018
USA Compression Partners LP/USA Compression Finance Corp.:
6.88%, 04/01/26			344		353,460
6.88%, 09/01/27(d)			362		370,254
					1,000,900
Environmental, Maintenance, & Security Service — 0.1%
Tervita Corp., 7.63%, 12/01/21(d)			380		379,958
Equity Real Estate Investment Trusts (REITs) — 0.4%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL,
5.75%, 05/15/26(d)			128		133,440
GLP Capital LP/GLP Financing II, Inc.:
5.25%, 06/01/25			90		98,778
5.38%, 04/15/26			80		88,155
Iron Mountain, Inc., 4.88%, 09/15/27(d)			302		310,305
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
4.50%, 09/01/26			139		146,297
4.50%, 01/15/28			520		543,400
MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 08/01/29			329		345,029
Ryman Hospitality Properties, Inc., 4.75%, 10/15/27(d)			742		764,260
					2,429,664
Food & Staples Retailing — 0.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC(d):
4.63%, 01/15/27			284		280,479
5.88%, 02/15/28			389		406,991

3

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Food & Staples Retailing (continued)
Post Holdings, Inc., 5.50%, 12/15/29(d)		USD	2	$	2,095
					689,565
Food Products — 0.4%
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25(d)			479		453,852
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28(d)			118		129,911
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(d):
6.50%, 04/15/29			755		836,162
5.50%, 01/15/30			294		313,478
Performance Food Group, Inc., 5.50%, 10/15/27(d)			201		213,563
Simmons Foods, Inc., 7.75%, 01/15/24(d)			174		187,050
					2,134,016
Health Care Equipment & Supplies — 0.5%
Avantor, Inc.(d):
6.00%, 10/01/24			1,111		1,190,159
9.00%, 10/01/25			266		295,925
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/22(d)			1,654		1,629,190
					3,115,274
Health Care Providers & Services — 1.5%
AHP Health Partners, Inc., 9.75%, 07/15/26(d)			200		215,000
Centene Corp.(d)(g):
4.25%, 12/15/27			533		548,324
4.63%, 12/15/29			1,287		1,349,741
CHS/Community Health Systems, Inc.(d):
8.63%, 01/15/24			628		646,840
8.00%, 03/15/26			288		287,640
Eagle Holding Co. II LLC, (7.75% Cash or 8.50% PIK), 7.75%, 05/15/22(d)(e)			262		266,258
Encompass Health Corp., 5.75%, 11/01/24			69		69,949
Envision Healthcare Crop., 8.75%, 10/15/26(d)			262		106,765
HCA, Inc.:
5.38%, 09/01/26			80		88,600
5.63%, 09/01/28			616		696,080
MPH Acquisition Holdings LLC, 7.13%, 06/01/24(d)			461		418,357
NVA Holdings, Inc., 6.88%, 04/01/26(d)			65		70,200
Polaris Intermediate Corp., (8.50% Cash), 8.50%, 12/01/22(d)(e)			431		357,622
Sotera Health Holdings LLC, 6.50%, 05/15/23(d)			106		109,445

Security	Par (000)			Value
Health Care Providers & Services (continued)
Surgery Center Holdings Inc., 10.00%, 04/15/27(d)		USD	193	$	202,650
Team Health Holdings, Inc., 6.38%, 02/01/25(d)			144		76,320
Tenet Healthcare Corp.:
8.13%, 04/01/22			1,183		1,292,427
4.88%, 01/01/26(d)			1,052		1,092,765
5.13%, 11/01/27(d)			642		670,890
WellCare Health Plans, Inc., 5.38%, 08/15/26(d)			117		124,605
					8,690,478
Health Care Technology — 0.1%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(d)			229		236,443
IQVIA, Inc., 5.00%, 05/15/27(d)			535		561,750
					798,193
Hotels, Restaurants & Leisure — 0.9%
1011778 BC ULC/New Red Finance, Inc., 4.38%, 01/15/28(d)			218		218,817
Cedar Fair LP, 5.25%, 07/15/29(d)			176		187,880
Golden Nugget, Inc., 6.75%, 10/15/24(d)			991		1,023,207
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/30			684		726,750
Lions Gate Capital Holdings LLC(d):
6.38%, 02/01/24			26		25,285
5.88%, 11/01/24			53		51,024
MGM Resorts International, 5.75%, 06/15/25			110		122,788
Sabre GLBL, Inc., 5.25%, 11/15/23(d)			221		226,525
Scientific Games International, Inc.(d):
5.00%, 10/15/25			211		220,396
8.25%, 03/15/26			897		971,092
7.00%, 05/15/28			196		204,330
7.25%, 11/15/29			193		201,685
Station Casinos LLC, 5.00%, 10/01/25(d)			99		100,485
Stonegate Pub Co. Financing PLC(3 mo. LIBOR GBP + 4.38%), 5.16%, 03/15/22(h)		GBP	100		129,673
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32			100		164,298
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(d)		USD	165		172,013
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(d)			262		277,392
Yum! Brands, Inc.:
4.75%, 01/15/30(d)			285		294,975

4

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
5.35%, 11/01/43	USD		14	$	13,755
					5,332,370
Household Durables — 0.1%
Algeco Global Finance PLC, 8.00%, 02/15/23(d)			300		293,250
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22(d)			7		7,105
Lennar Corp., 5.25%, 06/01/26			143		156,228
Tempur Sealy International, Inc., 5.50%, 06/15/26			2		2,100
					458,683
Independent Power and Renewable Electricity Producers — 0.4%
Calpine Corp.:
5.38%, 01/15/23			588		596,085
5.75%, 01/15/25			31		31,465
5.25%, 06/01/26(d)			226		236,199
Clearway Energy Operating LLC:
5.38%, 08/15/24			222		227,550
5.75%, 10/15/25			149		156,450
NRG Energy, Inc.:
6.63%, 01/15/27			326		352,895
5.75%, 01/15/28			2		2,160
5.25%, 06/15/29(d)			420		450,156
TerraForm Power Operating LLC(d):
5.00%, 01/31/28			89		92,505
4.75%, 01/15/30			236		237,168
					2,382,633
Insurance — 0.3%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(d)			705		745,537
Assicurazioni Generali SpA(3 mo. EURIBOR + 5.35%), 5.50%, 10/27/47(f)	EUR		100		132,602
HUB International Ltd., 7.00%, 05/01/26(d)	USD		826		846,650
					1,724,789
Interactive Media & Services — 0.2%
Netflix, Inc.:
4.88%, 04/15/28			213		218,171
5.88%, 11/15/28			36		39,330
3.88%, 11/15/29	EUR		149		171,556
3.63%, 06/15/30			100		111,554
4.88%, 06/15/30(d)	USD		364		366,730
Uber Technologies, Inc.(d):
7.50%, 11/01/23			241		248,230

Security		Par (000)		Value
Interactive Media & Services (continued)
7.50%, 09/15/27	USD		255	$	252,769
					1,408,340
IT Services — 0.4%
Banff Merger Sub, Inc., 9.75%, 09/01/26(d)			1,525		1,429,306
Camelot Finance SA, 4.50%, 11/01/26(d)			487		496,230
Harland Clarke Holdings Corp., 8.38%, 08/15/22(d)			712		534,000
Xerox Corp., 4.80%, 03/01/35			181		162,900
					2,622,436
Leisure Products — 0.0%
Mattel, Inc., 5.88%, 12/15/27(d)			152		153,915
Machinery — 0.2%
Colfax Corp., 6.38%, 02/15/26(d)			226		244,080
Platin 1426 GmbH, 5.38%, 06/15/23	EUR		100		106,610
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25(d)	USD		205		210,638
SPX FLOW, Inc., 5.88%, 08/15/26(d)			209		219,711
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26(d)			699		660,555
					1,441,594
Media — 3.2%
Altice Financing SA(d):
6.63%, 02/15/23			1,051		1,074,647
7.50%, 05/15/26			408		433,990
Altice France SA:
7.38%, 05/01/26(d)			1,139		1,215,882
5.88%, 02/01/27	EUR		100		122,586
8.13%, 02/01/27(d)	USD		534		591,405
5.50%, 01/15/28(d)			726		733,260
Altice Luxembourg SA:
7.63%, 02/15/25(d)			530		551,862
8.00%, 05/15/27	EUR		100		122,096
10.50%, 05/15/27(d)	USD		1,361		1,543,374
AMC Networks, Inc., 4.75%, 08/01/25			121		120,093
CCO Holdings LLC/CCO Holdings Capital Corp.(d):
5.13%, 05/01/27			890		943,400
5.00%, 02/01/28			84		88,410
5.38%, 06/01/29			956		1,024,115
4.75%, 03/01/30			545		559,987
Clear Channel Worldwide Holdings, Inc.(d):
9.25%, 02/15/24			807		888,951
5.13%, 08/15/27			1,341		1,394,640
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26(d)			1,065		1,092,956

5

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Media (continued)
CSC Holdings LLC:
5.25%, 06/01/24		USD	344	$	369,800
10.88%, 10/15/25(d)			1,357		1,526,625
5.75%, 01/15/30(d)			544		573,240
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26(d)			368		373,520
DISH DBS Corp., 5.88%, 07/15/22			674		704,330
eircom Finance DAC, 3.50%, 05/15/26		EUR	100		115,030
Entertainment One Ltd., 4.63%, 07/15/26		GBP	100		140,063
Hughes Satellite Systems Corp., 5.25%, 08/01/26		USD	105		113,925
iHeartCommunications, Inc.:
6.38%, 05/01/26			124		133,428
5.25%, 08/15/27(d)			15		15,412
4.75%, 01/15/28(d)			122		122,769
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(d)			200		206,250
Live Nation Entertainment, Inc., 4.75%, 10/15/27(d)			33		33,990
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 02/15/25(d)			252		254,520
SES SA(5 year EUR Swap + 5.40%), 5.63%(f)(i)		EUR	100		122,713
Sirius XM Radio, Inc., 5.50%, 07/01/29(d)		USD	198		212,602
Telesat Canada/Telesat LLC, 4.88%, 06/01/27(d)(g)			235		238,819
Univision Communications, Inc.(d):
5.13%, 05/15/23			22		21,698
5.13%, 02/15/25			166		159,982
Virgin Media Finance PLC, 5.75%, 01/15/25(d)			456		469,680
Virgin Media Secured Finance PLC, 4.88%, 01/15/27		GBP	100		131,917
WMG Acquisition Corp., 4.13%, 11/01/24		EUR	90		102,241
Ziggo Bond Co. BV, 6.00%, 01/15/27(d)		USD	309		324,143
Ziggo BV(d):
5.50%, 01/15/27			188		199,054
4.88%, 01/15/30			200		205,000
					19,372,405
Metals & Mining — 0.7%
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25(d)			317		326,954
Constellium SE(d):
6.63%, 03/01/25			300		312,006
5.88%, 02/15/26			1,176		1,225,245
Freeport-McMoRan, Inc., 5.45%, 03/15/43			1,397		1,341,120

Security	Par (000)			Value
Metals & Mining (continued)
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(d)		USD	309	$	308,404
Kaiser Aluminum Corp., 4.63%, 03/01/28(d)			100		102,640
Novelis Corp., 5.88%, 09/30/26(d)			251		262,922
thyssenkrupp AG, 2.88%, 02/22/24		EUR	64		71,874
					3,951,165
Multiline Retail — 0.0%
Dufry One BV, 2.00%, 02/15/27			100		110,284
Oil, Gas & Consumable Fuels — 2.4%
Antero Resources Corp., 5.38%, 11/01/21		USD	117		108,079
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22(d)			324		311,040
Callon Petroleum Co., Series WI, 6.38%, 07/01/26			42		39,165
Carrizo Oil & Gas, Inc.:
6.25%, 04/15/23			129		124,162
8.25%, 07/15/25			281		275,380
Cheniere Energy Partners LP:
5.63%, 10/01/26			283		297,852
4.50%, 10/01/29(d)			450		452,385
Series WI, 5.25%, 10/01/25			12		12,360
Chesapeake Energy Corp.:
4.88%, 04/15/22			430		301,000
5.75%, 03/15/23			72		43,740
7.00%, 10/01/24			142		72,420
CNX Resources Corp., 5.88%, 04/15/22			374		362,780
Comstock Resources, Inc., 9.75%, 08/15/26			97		80,025
CONSOL Energy, Inc., 11.00%, 11/15/25(d)			555		471,750
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25(d)			221		171,275
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.63%, 05/01/27(d)			365		352,216
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(d)			625		617,578
DCP Midstream Operating LP:
5.38%, 07/15/25			22		23,430
5.13%, 05/15/29			118		119,770
6.45%, 11/03/36(d)			250		260,000
6.75%, 09/15/37(d)			226		232,780
eG Global Finance PLC:
6.75%, 02/07/25(d)			303		299,212
6.25%, 10/30/25		EUR	142		164,028
Endeavor Energy Resources LP/EER Finance, Inc.(d):
5.50%, 01/30/26		USD	368		376,280
5.75%, 01/30/28			338		353,771

6

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
EnLink Midstream Partners LP:
4.40%, 04/01/24		USD	136	$	125,120
4.85%, 07/15/26			42		37,130
5.60%, 04/01/44			249		174,300
5.05%, 04/01/45			157		106,760
5.45%, 06/01/47			5		3,500
Extraction Oil & Gas, Inc.(d):
7.38%, 05/15/24			397		179,642
5.63%, 02/01/26			133		61,180
Matador Resources Co., 5.88%, 09/15/26			361		356,495
MEG Energy Corp.(d):
6.38%, 01/30/23			147		144,060
7.00%, 03/31/24			73		71,586
6.50%, 01/15/25			600		623,664
Murphy Oil Corp.:
5.75%, 08/15/25			105		107,492
5.88%, 12/01/27			100		100,521
Nabors Industries, Inc., 4.63%, 09/15/21			447		424,650
Neptune Energy Bondco PLC, 6.63%, 05/15/25(d)			200		199,260
NGPL PipeCo LLC, 7.77%, 12/15/37(d)			186		237,645
Noble Holding International Ltd., 7.75%, 01/15/24			20		10,200
NuStar Logistics LP, 6.00%, 06/01/26			124		132,680
Parsley Energy LLC/Parsley Finance Corp.(d):
6.25%, 06/01/24			132		136,950
5.63%, 10/15/27			477		493,099
PDC Energy, Inc.:
6.13%, 09/15/24			66		65,670
5.75%, 05/15/26			9		8,496
QEP Resources, Inc.:
5.38%, 10/01/22			675		659,812
5.25%, 05/01/23			165		156,750
5.63%, 03/01/26			117		106,172
Range Resources Corp.:
5.88%, 07/01/22			181		174,212
5.00%, 08/15/22			80		75,800
Rowan Cos., Inc., 4.88%, 06/01/22			599		368,385
SM Energy Co.:
6.13%, 11/15/22			101		98,475
5.00%, 01/15/24			453		416,760
5.63%, 06/01/25			29		26,390
6.75%, 09/15/26			44		40,040
6.63%, 01/15/27			39		35,490
Southwestern Energy Co.:
6.20%, 01/23/25			195		169,654
7.75%, 10/01/27			71		61,681
SRC Energy, Inc., 6.25%, 12/01/25			29		28,348
Sunoco LP/Sunoco Finance Corp., :
5.50%, 02/15/26			57		58,924
5.88%, 03/15/28			151		158,550

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(d):
5.50%, 09/15/24		USD	62	$	60,372
5.50%, 01/15/28			40		37,001
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.13%, 02/01/25			75		77,055
5.38%, 02/01/27			17		17,298
6.50%, 07/15/27(d)			165		175,983
6.88%, 01/15/29(d)			368		397,440
5.50%, 03/01/30(d)			255		255,714
Transocean, Inc.:
8.38%, 12/15/21			99		100,361
9.00%, 07/15/23(d)			558		569,327
Viper Energy Partners LP, 5.38%, 11/01/27(d)			88		91,516
WPX Energy, Inc., 8.25%, 08/01/23			261		293,051
					14,433,139
Paper & Forest Products — 0.0%
International Paper Co., 7.30%, 11/15/39			5		6,955
Pharmaceuticals — 0.4%
Bausch Health Americas, Inc., 8.50%, 01/31/27(d)			173		195,922
Bausch Health Cos., Inc.:
4.50%, 05/15/23		EUR	340		379,295
6.13%, 04/15/25(d)		USD	3		3,120
9.00%, 12/15/25(d)			382		430,705
7.00%, 01/15/28(d)			337		369,236
Catalent Pharma Solutions, Inc., 5.00%, 07/15/27(d)			251		260,412
Charles River Laboratories International, Inc., 4.25%, 05/01/28(d)			103		103,773
Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 05/15/22(d)(e)			114		115,425
Elanco Animal Health, Inc., 4.90%, 08/28/28			236		255,190
MEDNAX, Inc., 5.25%, 12/01/23(d)			122		124,745
Nidda Healthcare Holding GmbH, Series NOV, 3.50%, 09/30/24		EUR	100		112,934
Rossini Sarl, 6.75%, 10/30/25			168		205,695
Synlab Unsecured Bondco PLC, 8.25%, 07/01/23			100		115,105
					2,671,557
Professional Services — 0.2%
ASGN, Inc., 4.63%, 05/15/28(d)		USD	231		232,155
Dun & Bradstreet Corp.(d):
6.88%, 08/15/26			410		446,900

7

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Professional Services (continued)
10.25%, 02/15/27		USD	600	$	669,000
					1,348,055
Real Estate Management & Development — 0.1%
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(d)			218		226,539
Unique Pub Finance Co. PLC, Series A4, 5.66%, 06/30/27		GBP	51		75,633
					302,172
Road & Rail — 0.2%
Herc Holdings, Inc., 5.50%, 07/15/27(d)		USD	274		286,672
Hertz Corp.(d):
7.63%, 06/01/22			133		138,320
6.00%, 01/15/28			235		233,557
United Rentals North America, Inc.:
5.50%, 07/15/25			2		2,083
5.50%, 05/15/27			324		345,870
					1,006,502
Semiconductors & Semiconductor Equipment — 0.0%
Sensata Technologies BV, 5.00%, 10/01/25(d)			47		50,878
Software — 0.9%
CDK Global, Inc., 5.25%, 05/15/29(d)			105		111,316
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho, 10.00%, 11/30/24(d)			287		308,884
Infor US, Inc., 6.50%, 05/15/22			861		877,187
MSCI, Inc., 4.00%, 11/15/29(d)			58		58,290
Outfront Media Capital LLC/Outfront Media Capital Corp., 4.63%, 03/15/30(d)			142		143,332
RP Crown Parent LLC, 7.38%, 10/15/24(d)			602		623,070
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24(d)			981		1,021,466
SS&C Technologies, Inc., 5.50%, 09/30/27(d)			1,067		1,141,637
TIBCO Software, Inc., 11.38%, 12/01/21(d)			871		899,307
					5,184,489
Specialty Retail — 0.1%
IAA, Inc., 5.50%, 06/15/27(d)			367		385,939
PetSmart, Inc., 7.13%, 03/15/23(d)			115		103,500

Security	Par (000)			Value
Specialty Retail (continued)
Staples, Inc., 7.50%, 04/15/26(d)		USD	114	$	119,273
					608,712
Technology Hardware, Storage & Peripherals — 0.1%
NCR Corp.(d):
5.75%, 09/01/27			92		95,280
6.13%, 09/01/29			208		219,440
Western Digital Corp., 4.75%, 02/15/26			306		315,180
					629,900
Thrifts & Mortgage Finance — 0.1%
Nationstar Mortgage Holdings, Inc.(d):
8.13%, 07/15/23			174		186,180
9.13%, 07/15/26			139		153,595
					339,775
Utilities — 0.0%
Vistra Operations Co. LLC, 5.63%, 02/15/27(d)			99		103,970
Wireless Telecommunication Services — 0.5%
Sprint Capital Corp.:
6.88%, 11/15/28			187		199,392
8.75%, 03/15/32			393		468,652
Sprint Corp.:
7.88%, 09/15/23			424		466,135
7.13%, 06/15/24			117		126,068
7.63%, 02/15/25			89		97,482
7.63%, 03/01/26			58		63,290
VICI Properties LP/VICI Note Co., Inc.(d):
4.25%, 12/01/26			962		981,240
4.63%, 12/01/29			683		704,275
					3,106,534
Total Corporate Bonds — 20.8%     (Cost — $131,557,799)					124,542,847
Floating Rate Loan Interests(h) — 118.9%
Aerospace & Defense — 2.5%
1199169 B.C. Unlimited Liability Co., 2019 Term Loan B2, 04/06/26(j)			2,195		2,201,610
Atlantic Aviation FBO, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 5.46%, 12/06/25(a)			1,365		1,374,923
Bleriot US Bidco, Inc., Term Loan B, (3 mo. LIBOR + 4.75%), 6.61%, 10/31/26			1,307		1,311,497

8

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Aerospace & Defense (continued)
Dynasty Acquisition Co., Inc., 2019 Term Loan B1, 04/06/26(j)		USD	4,083	$	4,094,994
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 7.88%, 04/09/26(a)			788		782,130
TransDigm, Inc.:
2018 Term Loan F, (1 mo. LIBOR + 2.50%), 4.20%, 06/09/23			4,514		4,514,321
2018 Term Loan G, 08/22/24(j)			549		548,596
					14,828,071
Air Freight & Logistics — 0.9%
Avolon TLB Borrower 1 (US) LLC, Term Loan B3, (1 mo. LIBOR + 1.75%), 3.47%, 01/15/25			1,980		1,987,269
WestJet Airlines Ltd., Term Loan B, 08/07/26(j)			3,671		3,689,869
					5,677,138
Airlines — 0.9%
Allegiant Travel Co., Term Loan B, (3 mo. LIBOR + 4.50%), 6.39%, 02/05/24			1,772		1,777,158
American Airlines, Inc.:
2017 Incremental Term Loan, (1 mo. LIBOR + 2.00%), 3.77%, 12/14/23			2,125		2,124,674
Repriced TL B due 2023, (1 mo. LIBOR + 2.00%), 3.70%, 04/28/23			1,257		1,256,722
					5,158,554
Auto Components — 2.3%
Panther BF Aggregator 2 LP, USD Term Loan B, (1 mo. LIBOR + 3.50%), 5.20%, 04/30/26			7,572		7,567,305
USI, Inc.(j):
2017 Repriced Term Loan, 05/16/24			4,450		4,389,616
2019 Incremental Term Loan B, 12/02/26			253		252,578

Security	Par (000)			Value
Auto Components (continued)
Wand NewCo 3, Inc., 2019 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.20%, 02/05/26		USD	1,689	$	1,694,256
					13,903,755
Banks — 0.7%
Capri Finance LLC, 2017 1st Lien Term Loan, 11/01/24(j)			4,074		3,971,290
Building Materials — 1.0%
Allied Universal Holdco LLC, 2019 Term Loan B, (6 mo. LIBOR + 4.25%), 6.51%, 07/10/26			5,808		5,782,424
					5,782,424
Building Products — 1.0%
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 5.93%, 05/05/24			1,425		1,406,531
LSF10 XL Bidco SCA, EUR Term Loan B3, (EURIBOR + 4.00%), 4.00%, 10/31/26		EUR	1,000		1,069,782
Wilsonart LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.36%, 12/19/23		USD	3,800		3,755,818
					6,232,131
Capital Markets — 2.3%
Duff & Phelps Corp., 2017 Term Loan B, 02/13/25(j)			4,024		3,968,041
Fortress Investment Group LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.70%, 12/27/22			1,250		1,253,052
Greenhill & Co., Inc., Term Loan B, 04/12/24(a)(j)			1,763		1,701,102
Jefferies Finance LLC, 2019 Term Loan, (3 mo. LIBOR + 3.75%), 5.56%, 06/03/26			1,548		1,531,354
RPI Finance Trust, Term Loan B6, (1 mo. LIBOR + 2.00%), 3.70%, 03/27/23			1,933		1,943,998
Travelport Finance (Luxembourg) Sarl:
2019 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%), 11.10%, 05/28/27(a)			1,370		1,150,800

9

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Capital Markets (continued)
2019 Term Loan, (3 mo. LIBOR + 5.00%), 7.10%, 05/29/26		USD	2,170	$	1,974,668
					13,523,015
Chemicals — 4.1%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.10%, 01/31/24			3,856		3,806,532
Axalta Coating Systems US Holdings, Inc., Term Loan, (3 mo. LIBOR + 1.75%), 3.85%, 06/01/24			968		968,385
Charter NEX US Holdings, Inc., 2017 Term Loan B, 05/16/24(j)			3,435		3,391,832
Charter NEX US, Inc., Incremental Term Loan, (1 mo. LIBOR + 3.50%), 5.20%, 05/16/24			873		872,629
Chemours Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.46%, 04/03/25			1,148		1,086,808
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.60%, 06/28/24			648		647,153
Encapsys LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.20%, 11/07/24			1,286		1,288,124
Invictus US LLC:
1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 4.93%, 03/28/25			1,902		1,878,953
2nd Lien Term Loan, (3 mo. LIBOR + 6.75%), 8.68%, 03/30/26			390		361,401
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 4.60%, 03/01/26			3,336		3,342,905
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 4.96%, 05/15/24			928		915,504
Oxea Holding Drei GmbH, 2017 Term Loan B2, (3 mo. LIBOR + 3.50%), 5.56%, 10/14/24			2,431		2,429,859
Plaskolite LLC, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.97%, 12/15/25			997		919,701
PQ Corp., 2018 Term Loan B, (3 mo. LIBOR + 2.50%), 4.43%, 02/08/25			2,197		2,201,393

Security	Par (000)			Value
Chemicals (continued)
Tata Chemicals North America, Inc., Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 4.88%, 08/07/20		USD	526	$	523,728
					24,634,907
Commercial Services & Supplies — 5.1%
Advanced Disposal Services, Inc., Term Loan B3, (1 Week LIBOR + 2.25%), 3.85%, 11/10/23			1,852		1,855,009
Asurion LLC:
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 8.20%, 08/04/25			2,164		2,179,559
2017 Term Loan B4, (1 mo. LIBOR + 3.00%), 4.70%, 08/04/22			1,503		1,505,031
2018 Term Loan B6, (1 mo. LIBOR + 3.00%), 4.70%, 11/03/23			1,638		1,638,789
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 4.70%, 11/03/24			1,940		1,941,604
Creative Artists Agency LLC, 2019 Term Loan B, 11/27/26(j)			3,980		3,978,328
Diamond (BC) BV, Term Loan, 09/06/24(j)			2,906		2,756,675
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 5.85%, 05/09/25			483		453,108
GFL Environmental, Inc., 2018 USD Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.70%, 05/30/25			1,800		1,779,643
Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75%, 1.00% Floor), 6.85%, 11/03/23			550		417,162
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 4.00%, 09/19/26			728		731,982
Prime Security Services Borrower LLC, 2019 Term Loan B1, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.03%, 09/23/26			1,870		1,848,919
US Ecology, Inc., Term Loan B, 08/14/26(a)(j)			468		470,925
Verscend Holding Corp., 2018 Term Loan B, (1 mo. LIBOR + 4.50%), 6.20%, 08/27/25			6,139		6,143,386
West Corp.:
2017 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.93%, 10/10/24			2,147		1,731,072

10

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Commercial Services & Supplies (continued)
2018 Term Loan B1, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.20%, 10/10/24		USD	1,422	$	1,126,935
					30,558,127
Communications Equipment — 0.5%
Avantor, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.70%, 11/21/24			1,873		1,886,120
Ciena Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.72%, 09/26/25			1,262		1,264,783
					3,150,903
Construction & Engineering — 1.2%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 6.18%, 06/21/24			3,296		3,222,689
Ply Gem Midco, Inc., 2018 Term Loan, (1 mo. LIBOR + 3.75%), 5.51%, 04/12/25			530		522,354
SRS Distribution, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.95%, 05/23/25			2,296		2,253,041
USIC Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.95%, 12/08/23			1,020		1,006,234
					7,004,318
Construction Materials — 2.4%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 3.70%, 01/15/27			3,773		3,764,865
Core & Main LP, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.88%, 08/01/24			4,855		4,784,766
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.70%, 03/29/25			3,579		3,584,132
Forterra Finance LLC, 2017 Term Loan B, 10/25/23(j)			955		917,201
Foundation Building Materials LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.70%, 08/13/25(a)			688		690,654
Tamko Building Products, Inc., Term Loan B, (3 mo. LIBOR + 3.25%), 4.95%, 06/01/26(a)			838		841,533
					14,583,151
Containers & Packaging — 2.5%
Berry Global, Inc.:
Term Loan W, (3 mo. LIBOR + 2.00%), 3.76%, 10/01/22			5,590		5,605,746

Security	Par (000)			Value
Containers & Packaging (continued)
USD Term Loan U, (1 mo. LIBOR + 2.50%), 4.26%, 07/01/26		USD	2,823	$	2,834,386
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.23%, 04/03/24			2,594		2,541,164
Flex Acquisition Co., Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.10%, 12/29/23			3,050		2,955,715
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 5.70%, 07/31/26			959		938,621
					14,875,632
Distributors — 0.4%
TriMark USA LLC, 2017 1st Lien Term Loan, (6 mo. LIBOR + 3.50%), 5.70%, 08/28/24			3,312		2,639,892
Diversified Consumer Services — 3.9%
Ascend Learning LLC, 2017 Term Loan B, 07/12/24(j)			1,211		1,210,500
BidFair MergerRight, Inc., Term Loan B, 01/15/27(j)			2,860		2,781,771
Bright Horizons Family Solutions, Inc., 2017 Term Loan B, (1 mo. LIBOR + 1.75%), 3.45%, 11/07/23			2,039		2,040,630
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.45%, 07/12/25			1,987		1,912,478
J.D. Power and Associates, 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.45%, 09/07/23			1,935		1,935,134
Nomad Foods Europe Midco Ltd., 2017 Term Loan B4, (1 mo. LIBOR + 2.25%), 4.02%, 05/15/24			1,132		1,132,439
Serta Simmons Bedding LLC, 1.00% Floor):
1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 5.27%, 11/08/23			1,113		649,076
2nd Lien Term Loan, (1 mo. LIBOR + 8.00%, 9.72%, 11/08/24			115		32,803
Spin Holdco, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.25%, 11/14/22			5,539		5,400,374
TruGreen LP, 2019 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.45%, 03/19/26			2,650		2,654,490

11

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Diversified Consumer Services (continued)
Uber Technologies, Inc., 2018 Incremental Term Loan, (1 mo. LIBOR + 3.50%), 5.20%, 07/13/23		USD	3,982	$	3,879,790
					23,629,485
Diversified Financial Services — 4.3%
Advisor Group, Inc., 2019 Term Loan, (1 mo. LIBOR + 5.00%), 6.70%, 07/31/26			2,330		2,212,778
AlixPartners LLP, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.45%, 04/04/24			5,067		5,086,859
Allsup’s Convenience Stores, Inc., Term Loan, 11/18/24(a)(j)			1,241		1,206,641
Connect Finco Sarl, Term Loan B, 09/23/26(j)			11,764		11,702,239
CRCI Longhorn Holdings, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.28%, 08/08/25(a)			410		387,574
EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 6.10%, 02/07/25			1,349		1,311,652
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.20%, 07/03/24			1,509		1,507,467
LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.20%, 09/06/25			627		533,139
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 5.70%, 07/30/25			1,239		1,227,397
Starwood Property Trust, Inc., 2019 Term Loan B, (1 mo. LIBOR + 2.50%), 4.20%, 07/27/26(a)			697		699,614
					25,875,360
Diversified Telecommunication Services — 2.0%
CenturyLink, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.45%, 01/31/25			1,896		1,894,568
Hargray Communications Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.70%, 05/16/24			1,338		1,335,281
Iridium Satellite LLC, Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.45%, 10/17/26			1,303		1,315,222
Level 3 Financing, Inc., 2019 Term Loan B, 03/01/27(j)			1,676		1,675,321
MTN Infrastructure TopCo, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.70%, 11/15/24			1,805		1,797,754

Security	Par (000)			Value
Diversified Telecommunication Services (continued)
Telenet Financing USD LLC, Term Loan AN, (1 mo. LIBOR + 2.25%), 4.02%, 08/15/26		USD	1,568	$	1,566,624
Telesat Canada, Term Loan B4, (3 mo. LIBOR + 2.50%), 4.61%, 11/17/23			660		660,214
Virgin Media Investment Holdings Ltd., Term Loan L, (LIBOR—GBP + 3.25%), 3.96%, 01/15/27		GBP	1,400		1,804,518
					12,049,502
Electric Utilities — 0.3%
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Term Loan, 1.00%, 11/10/20(a)(b)(c)		USD	2,375		—
Vistra Energy Corp., 1st Lien Term Loan B3, (1 mo. LIBOR + 1.75%), 3.52%, 12/31/25			1,554		1,557,905
					1,557,905
Electrical Equipment — 1.0%
Dell International LLC, 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.71%, 09/19/25			1,965		1,974,724
Gates Global LLC, 2017 Repriced Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.45%, 04/01/24			4,259		4,244,290
					6,219,014
Energy Equipment & Services — 0.5%
GrafTech Finance, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.20%, 02/12/25(a)			2,062		2,010,315
Pioneer Energy Services Corp., Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 9.45%, 11/08/22(a)			770		739,200
					2,749,515
Equity Real Estate Investment Trusts (REITs) — 1.9%
Claros Mortgage Trust, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 5.01%, 08/10/26(a)			1,853		1,853,000
Iron Mountain, Inc., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.45%, 01/02/26(a)			1,338		1,327,563
MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, (1 mo. LIBOR + 2.00%), 3.70%, 03/21/25			3,000		3,006,355

12

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Equity Real Estate Investment Trusts (REITs) (continued)
VICI Properties 1 LLC, Replacement Term Loan B, (1 mo. LIBOR + 2.00%), 3.72%, 12/20/24		USD	5,209	$	5,224,613
					11,411,531
Food & Staples Retailing — 1.6%
Albertsons LLC:
2019 Term Loan B7, (1 mo. LIBOR + 2.75%), 4.45%, 11/17/25			509		511,868
2019 Term Loan B8, (1 mo. LIBOR + 2.75%), 4.45%, 08/17/26			13		13,259
BCPE Empire Holdings, Inc.:
2019 Delayed Draw Term Loan, (1 mo. LIBOR + 4.00%), 5.70%, 06/11/26			240		30,223
2019 Term Loan B, (1 mo. LIBOR + 4.00%), 5.70%, 06/11/26			1,220		1,208,917
Hearthside Food Solutions LLC:
2018 Incremental Term Loan, (1 mo. LIBOR + 4.00%), 5.70%, 05/23/25			1,549		1,443,940
2018 Term Loan B, (1 mo. LIBOR + 3.68%), 5.39%, 05/23/25			693		641,538
US Foods, Inc.:
2016 Term Loan B, (1 mo. LIBOR + 2.00%), 3.70%, 06/27/23			3,049		3,051,912
2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.70%, 09/13/26			2,944		2,948,416
					9,850,073
Food Products — 2.4%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.51%, 10/01/25			684		684,400
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.20%, 10/10/23			4,120		4,064,065
JBS USA LUX SA, 2019 Term Loan B, (1 mo. LIBOR + 2.50%), 4.20%, 05/01/26			2,534		2,544,022
Reynolds Group Holdings, Inc., 2017 Term Loan, (1 mo. LIBOR + 2.75%), 4.45%, 02/05/23			7,107		7,116,852
					14,409,339
Gas Utilities — 0.1%
AL Midcoast Holdings LLC, 2018 Term Loan B, (3 mo. LIBOR + 5.50%), 7.60%, 07/31/25			678		656,113
Health Care Equipment & Supplies — 1.8%
Immucor, Inc., Extended Term Loan B, 06/15/21(j)			5,311		5,276,560

Security	Par (000)			Value
Health Care Equipment & Supplies (continued)
Ortho-Clinical Diagnostics SA, 2018 Term Loan B, (3 mo. LIBOR + 3.25%), 5.31%, 06/30/25		USD	5,391	$	5,314,501
					10,591,061
Health Care Providers & Services — 6.7%
AHP Health Partners, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.20%, 06/30/25			848		848,619
CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.70%, 06/07/23			3,058		3,061,584
Concentra, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 2.50%), 4.54%, 06/01/22			910		909,772
DentalCorp Perfect Smile ULC, 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.45%, 06/06/25			922		899,610
Diplomat Pharmacy, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.21%, 12/20/24			969		843,239
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/10/25			2,600		2,037,904
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 6.63%, 03/05/26(a)			730		700,963
Gentiva Health Services, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.50%, 07/02/25			2,712		2,720,550
HC Group Holdings II, Inc., Term Loan B, (1 mo. LIBOR + 4.50%), 6.20%, 08/06/26			1,460		1,432,012
HCA, Inc., Term Loan B12, (1 mo. LIBOR + 1.75%), 3.45%, 03/13/25			951		954,223
MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 4.85%, 06/07/23			2,821		2,694,575
nThrive, Inc., 2016 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.20%, 10/20/22			2,883		2,320,435
NVA Holdings, Inc., Term Loan B3, (PRIME + 1.75%), 6.50%, 02/02/25			2,239		2,237,053
Sotera Health Holdings LLC:
2017 Term Loan, 05/15/22(j)			3,947		3,920,833
2019 Incremental Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.43%, 05/15/22			1,351		1,344,983
2019 Term Loan, 11/20/26(a)(j)			11,283		11,254,650

13

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Health Care Providers & Services (continued)
Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.45%, 02/06/24		USD	1,103	$	774,367
Vizient, Inc., 2019 Term Loan B5, (1 mo. LIBOR + 2.75%), 4.45%, 05/06/26			988		988,635
					39,944,007
Health Care Services — 0.7%
Emerald TopCo., Inc., Term Loan, (1 mo. LIBOR + 3.50%), 5.20%, 07/24/26			2,074		2,063,257
WP CityMD Bidco LLC, 2019 Term Loan B, 08/13/26(j)			2,209		2,186,910
					4,250,167
Health Care Technology — 1.9%
Athenahealth, Inc., 2019 Term Loan B, (3 mo. LIBOR + 4.50%), 6.40%, 02/11/26			5,816		5,803,203
Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.50%, 1.00% Floor), 4.20%, 03/01/24			4,125		4,121,971
GoodRx, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 4.50%, 10/10/25			1,069		1,066,706
Quintiles IMS, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 4.10%, 03/07/24			279		280,317
					11,272,197
Hotels, Restaurants & Leisure — 7.1%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 3.45%, 11/19/26			3,865		3,863,252
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 5.46%, 02/02/26(a)			502		504,555
Aristocrat Technologies, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 1.75%), 3.72%, 10/19/24			1,085		1,088,374
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.25%), 3.85%, 09/15/23			1,860		1,862,470
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 4.45%, 12/23/24			4,052		4,018,539
CCM Merger, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 3.95%, 08/08/21			608		607,439
Four Seasons Hotels Ltd., 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.70%, 11/30/23			2,902		2,914,688

Security	Par (000)			Value
Hotels, Restaurants & Leisure (continued)
Golden Nugget LLC, 2017 Incremental Term Loan B, (3 mo. LIBOR + 2.75%), 4.72%, 10/04/23		USD	1,154	$	1,153,597
Hilton Worldwide Finance LLC, 2019 Term Loan B2, (1 mo. LIBOR + 1.75%), 3.46%, 06/22/26			3,440		3,454,908
IRB Holding Corp., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.19%, 02/05/25			4,297		4,295,253
KFC Holding Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.51%, 04/03/25			883		884,786
Penn National Gaming, Inc., 2018 1st Lien Term Loan B, (1 mo. LIBOR + 2.25%), 3.95%, 10/15/25			644		646,181
Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.45%, 04/29/24			1,441		1,403,640
Sabre GLBL, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.70%, 02/22/24			1,199		1,202,130
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 4.45%, 08/14/24			2,267		2,255,867
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 5.60%, 07/10/25			6,328		6,351,994
Station Casinos LLC, 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 4.21%, 06/08/23			3,310		3,314,482
Whatabrands LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 5.03%, 08/02/26			3,026		3,034,836
					42,856,991
Independent Power and Renewable Electricity Producers — 0.6%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.20%, 01/15/25			496		496,741
Calpine Corp.:
2019 Term Loan B10, (1 mo. LIBOR + 2.50%), 4.20%, 08/12/26			1,075		1,077,741
Term Loan B9, (3 mo. LIBOR + 2.75%), 4.86%, 04/05/26			1,947		1,952,961
					3,527,443
Industrial Conglomerates — 1.7%
Cortes NP Acquisition Corp., 2017 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.93%, 11/30/23(a)			5,789		5,651,191
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (2 mo. LIBOR + 5.00%, 1.00% Floor), 6.82%, 11/28/21			1,833		1,828,395

14

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Industrial Conglomerates (continued)
Sundyne US Purchaser, Inc., Term Loan, 05/15/26(j)		USD	2,533	$	2,531,041
					10,010,627
Insurance — 4.0%
Alliant Holdings I, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.70%, 05/09/25			3,458		3,418,895
Alliant Holdings Intermediate LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 5.02%, 05/09/25			1,205		1,198,146
AmWINS Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.52%, 01/25/24			2,992		2,997,324
AssuredPartners, Inc., 2017 1st Lien Add-On Term Loan, (1 mo. LIBOR + 3.50%), 5.20%, 10/22/24			3,089		3,075,665
Davis Vision, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.70%, 12/02/24			678		669,451
Hub International Ltd.:
2018 Term Loan B, (3 mo. LIBOR + 2.75%), 4.65%, 04/25/25			2,565		2,527,784
2019 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 1,641.59% — 5.90%, 04/25/25			2,503		2,508,106
Sedgwick Claims Management Services, Inc.:
2019 Term Loan B, (1 mo. LIBOR + 4.00%), 5.70%, 09/03/26			2,104		2,098,660
Term Loan B, (1 mo. LIBOR + 3.25%), 4.95%, 12/31/25			5,770		5,663,321
					24,157,352
Interactive Media & Services — 0.7%
Ancestry.com Operations, Inc., Non-Extended Term Loan B, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.46%, 10/19/23			1,555		1,496,688
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.90%, 11/03/23			1,543		1,444,643
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.45%, 05/06/24			1,359		1,272,793
					4,214,124
IT Services — 2.6%
Altran Technologies SA, 1st Lien Term Loan, (3 mo. LIBOR + 2.50%), 4.66%, 03/20/25			621		620,550

Security	Par (000)			Value
IT Services (continued)
Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.25%), 4.95%, 10/31/26		USD	3,128	$	3,137,384
Epicor Software Corp., 1st Lien Term Loan, 06/01/22(j)			3,011		3,011,189
Evertec Group LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 5.29%, 11/27/24			1,072		1,077,259
Flexential Intermediate Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 9.38%, 08/01/25			1,121		695,020
Greeneden US Holdings II LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 4.95%, 12/01/23			1,402		1,395,123
Trans Union LLC, 2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 3.45%, 11/16/26			3,335		3,336,664
WEX, Inc., Term Loan B3, (1 mo. LIBOR + 2.25%), 3.95%, 05/15/26			2,245		2,251,468
					15,524,657
Leisure Products — 0.1%
MND Holdings III Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.60%, 06/19/24(a)			792		764,063
Life Sciences Tools & Services — 0.7%
Albany Molecular Research, Inc.:
2017 1st Lien Term Loan, 08/30/24(j)			1,530		1,510,070
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 1.00% Floor), 8.70%, 08/30/25			75		74,578
eResearchTechnology, Inc., 2019 Term Loan, 11/20/26(j)			2,482		2,463,385
					4,048,033
Machinery — 1.6%
Clark Equipment Company, 2019 Term Loan B, 05/18/24(j)			550		549,903
Gardner Denver, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.45%, 07/30/24			2,307		2,314,029
Terex Corp., 2019 Term Loan B1, (2 mo. LIBOR + 2.75%), 4.59%, 01/31/24			387		388,344
Titan Acquisition Ltd., 2018 Term Loan B, 03/28/25(j)			5,395		5,156,019

15

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Machinery (continued)
Welbilt, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.20%, 10/23/25(a)	USD		1,166	$	1,167,107
					9,575,402
Media — 8.7%
Altice Financing SA:
2017 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 4.47%, 01/31/26			1,357		1,321,477
2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.52%, 07/15/25			255		248,306
Altice France SA, 2018 Term Loan B13, (1 mo. LIBOR + 4.00%), 5.77%, 08/14/26			2,033		2,015,668
Charter Communications Operating LLC, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 3.45%, 04/30/25			3,635		3,651,168
Clear Channel Outdoor Holdings, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 5.20%, 08/21/26			8,351		8,373,381
CSC Holdings LLC, 2019 Term Loan B5, (2 mo. LIBOR + 2.50%), 4.33%, 04/15/27			1,585		1,585,334
Diamond Sports Group LLC, Term Loan, (1 mo. LIBOR + 3.25%), 4.96%, 08/24/26			1,795		1,788,825
Gray Television, Inc., 2018 Term Loan C, (1 mo. LIBOR + 2.50%), 4.28%, 01/02/26			1,584		1,588,869
iHeartCommunications, Inc., Exit Term Loan, (1 mo. LIBOR + 4.00%), 5.78%, 05/01/26			2,220		2,233,392
Intelsat Jackson Holdings SA, 2017 Term Loan B3, 11/27/23(j)			910		895,213
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.96%, 12/01/23			1,526		1,529,402
Liberty Latin America Ltd., Term Loan B, (1 mo. LIBOR + 5.00%), 6.77%, 10/22/26			1,488		1,499,532
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 3.95%, 03/24/25			1,745		1,698,942
MH Sub I LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.45%, 09/13/24			2,434		2,424,892
Midcontinent Communications, 2019 Term Loan B, (1 mo. LIBOR + 2.25%), 4.01%, 08/15/26			848		853,288
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.75%), 4.45%, 09/18/26			1,790		1,796,712

Security		Par (000)		Value
Media (continued)
PCI Gaming Authority, Term Loan, (1 mo. LIBOR + 3.00%), 4.70%, 05/29/26	USD		1,709	$	1,717,548
PSAV Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.03%, 03/03/25			3,578		3,469,542
Radiate Holdco LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.70%, 02/01/24			2,288		2,271,004
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.70%, 09/28/23(a)			4,338		4,311,013
Univision Communications, Inc., Term Loan C5, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.45%, 03/15/24			816		798,133
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 4.46%, 05/18/25			3,441		3,378,973
Ziggo Secured Finance Partnership, Term Loan E, (1 mo. LIBOR + 2.50%), 4.27%, 04/15/25			2,578		2,572,999
					52,023,613
Metals & Mining — 0.9%
Ball Metalpack LLC, 2018 1st Lien Term Loan B, (3 mo. LIBOR + 4.50%), 6.41%, 07/31/25			1,679		1,424,686
Equinox Holdings, Inc., 2017 1st Lien Term Loan, 03/08/24(j)			3,919		3,904,749
					5,329,435
Multiline Retail — 0.2%
Eyemart Express LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.75%, 08/04/24			916		914,009
Neiman Marcus Group Ltd. LLC, Cash Pay Extended Term Loan, (1 mo. LIBOR + 6.00%), 7.77%, 10/25/23			394		289,982
					1,203,991
Oil & Gas Equipment & Services — 0.4%
McDermott Technology Americas, Inc.:
2018 1st Lien Term Loan, 10/21/21(j)			1,351		1,360,429
2018 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.10%, 05/09/25			1,966		941,269
					2,301,698
Oil, Gas & Consumable Fuels — 0.7%
California Resources Corp., Second Out Term Loan, (1 mo. LIBOR + 10.37%, 1.00% Floor), 12.08%, 12/31/21			2,002		1,157,120

16

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
CONSOL Energy, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.20%, 09/27/24	USD		922	$	841,823
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 5.45%, 12/13/25			1,514		1,433,375
EG Group Ltd., 2018 Term Loan B, (3 mo. LIBOR + 4.00%), 6.10%, 02/07/25			729		708,702
					4,141,020
Personal Products — 0.5%
Sunshine Luxembourg VII Sarl, USD 1st Lien Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 6.35%, 10/01/26			3,250		3,259,066
Pharmaceuticals — 4.0%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 28 - 5.25%, 05/04/25			1,754		1,345,749
Catalent Pharma Solutions, Inc., Term Loan B2, (1 mo. LIBOR + 2.25%, 1.00% Floor), 3.95%, 05/18/26			2,359		2,359,259
Endo Luxembourg Finance Co. I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 6.00%, 04/29/24			1,836		1,688,035
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 3.77%, 11/15/27			2,404		2,417,077
Jaguar Holding Co. II, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 4.20%, 08/18/22			7,705		7,711,621
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.77%, 06/02/25			8,378		8,412,089
					23,933,830
Professional Services — 1.5%
ASGN, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 3.45%, 04/02/25			631		631,650
Cast and Crew Payroll LLC, 2019 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 5.71%, 02/09/26			2,478		2,485,305
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 5.00%), 6.70%, 02/06/26			4,557		4,579,785

Security		Par (000)		Value
Professional Services (continued)
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 5.50%), 7.60%, 08/04/25(a)	USD		1,447	$	1,392,839
					9,089,579
Real Estate Management & Development — 2.2%
CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.95%, 04/18/24			3,999		4,003,755
DTZ US Borrower LLC, 2018 Add On Term Loan B, (1 mo. LIBOR + 3.25%), 4.95%, 08/21/25			3,509		3,513,520
ESH Hospitality, Inc., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.70%, 09/18/26			896		897,602
Forest City Enterprises LP, 2019 Term Loan B, (1 mo. LIBOR + 3.50%), 5.20%, 12/08/25			2,506		2,510,774
Realogy Corp., 2018 Term Loan B, (3 mo. LIBOR + 2.25%), 3.96%, 02/08/25			854		823,236
SMG Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.70%, 01/23/25			1,298		1,297,457
					13,046,344
Road & Rail — 0.3%
Moda Ingleside Energy Center LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 4.95%, 09/29/25			880		879,687
Road Infrastructure Investment LLC, 2016 1st Lien Term Loan, 06/13/23(j)			985		905,383
					1,785,070
Semiconductors & Semiconductor Equipment — 0.2%
Microchip Technology, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.71%, 05/29/25			427		426,831
ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.70%, 09/19/26			738		740,413
					1,167,244
Software — 17.0%
Applied Systems, Inc.:
2017 1st Lien Term Loan, 09/19/24(j)			3,753		3,736,288
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%, 1.00% Floor), 9.10%, 09/19/25			470		477,301

17

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Software (continued)
BMC Software Finance, Inc., 2017 Term Loan, (1 mo. LIBOR + 4.25%), 5.95%, 10/02/25	USD		3,336	$	3,206,678
Cerence, Inc., Term Loan B, (1 mo. LIBOR + 6.00%, 1.00% Floor), 7.78%, 10/01/24			991		929,062
Cypress Intermediate Holdings III, Inc.:
2017 1st Lien Term Loan, 04/29/24(j)			2,771		2,751,782
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 1.00% Floor), 8.45%, 04/27/25			740		738,705
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 5.34%, 05/28/24			341		285,173
DTI Holdco, Inc., 2018 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 6.68%, 09/30/23			1,092		1,006,553
Ellie Mae, Inc., Term Loan, (2 mo. LIBOR + 4.00%), 5.86%, 04/17/26			3,140		3,127,252
Financial & Risk US Holdings, Inc.:
2018 EUR Term Loan, (EURIBOR + 4.00%), 4.00%, 10/01/25	EUR		963		1,071,392
2018 USD Term Loan, (1 mo. LIBOR + 3.75%), 5.45%, 10/01/25	USD		7,045		7,086,396
Infor (US), Inc., Term Loan B6, (3 mo. LIBOR + 2.75%, 1.00% Floor), 4.85%, 02/01/22			8,508		8,515,934
Informatica Corp., 2018 Term Loan, (1 mo. LIBOR + 3.25%), 4.95%, 08/05/22			5,148		5,150,034
Kronos, Inc.:
2017 Term Loan B, 11/01/23(j)			7,222		7,217,198
2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 10.16%, 11/01/24			2,510		2,532,741
McAfee LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 5.45%, 09/30/24			4,873		4,876,448
Mitchell International, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.95%, 11/29/24			4,740		4,532,191
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 8.95%, 12/01/25			887		820,167
Renaissance Holding Corp., 2018 Add On Term Loan, (1 mo. LIBOR + 3.25%), 4.95%, 05/30/25			597		584,742

Security		Par (000)		Value
Software (continued)
RP Crown Parent LLC, 2016 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.45%, 10/12/23	USD		2,655	$	2,654,667
Severin Acquisition LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.25%), 5.14%, 08/01/25			843		828,940
SolarWinds Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 4.45%, 02/05/24			5,142		5,157,048
Solera LLC, Term Loan B, 03/03/23(j)			3,515		3,455,183
Sophia LP, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.35%, 09/30/22			6,815		6,817,821
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 2.25%), 3.95%, 04/16/25			704		706,968
SS&C Technologies, Inc.:
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 3.95%, 07/08/22			38		38,080
2018 Term Loan B3, (1 mo. LIBOR + 2.25%), 3.95%, 04/16/25			1,081		1,086,506
2018 Term Loan B5, (1 mo. LIBOR + 2.25%), 3.95%, 04/16/25			4,794		4,816,778
Tempo Acquisition LLC, Term Loan, 05/01/24(j)			5,297		5,297,854
Tibco Software, Inc., 2019 Term Loan B, (1 mo. LIBOR + 4.00%), 5.78%, 06/30/26(a)			4,543		4,554,036
Ultimate Software Group, Inc., Term Loan B, (1 mo. LIBOR + 3.75%), 5.45%, 05/04/26			3,296		3,310,634
Vertafore, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.95%, 07/02/25			4,636		4,495,086
					101,865,638
Specialty Retail — 2.4%
Belron Finance US LLC:
2019 USD Term Loan B, (3 mo. LIBOR + 2.50%), 4.44%, 11/07/26			1,163		1,165,547
Term Loan B, (3 mo. LIBOR + 2.25%), 4.14%, 11/07/24			1,461		1,464,749
Term Loan B, (3 mo. LIBOR + 2.25%), 4.15%, 11/13/25			2,034		2,038,717
IAA, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 4.00%, 06/28/26			944		947,424
Leslie’s Poolmart, Inc., 2018 Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.34%, 08/16/23			871		814,570

18

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Specialty Retail (continued)
MED ParentCo LP:
1st Lien Delayed Draw Term Loan, (3 mo. LIBOR + 4.25%), 6.06%, 08/31/26	USD		379	$	80,166
1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 5.95%, 08/31/26			1,519		1,505,343
Midas Intermediate Holdco II LLC, Incremental Term Loan B, 08/18/21(j)			1,421		1,337,972
PetSmart, Inc., Term Loan B2, 03/11/22(j)			3,879		3,774,740
Research Now Group, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 7.41%, 12/20/24			1,159		1,158,191
					14,287,419
Technology Hardware, Storage & Peripherals — 0.5%
Western Digital Corp., 2018 Term Loan B4, (3 mo. LIBOR + 1.75%), 3.45%, 04/29/23			2,966		2,956,893
Textiles, Apparel & Luxury Goods — 0.5%
Ascend Performance Materials Operations LLC, 2019 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 7.35%, 08/27/26			2,996		2,996,021
Thrifts & Mortgage Finance — 0.7%
IG Investment Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 5.70%, 05/23/25			4,264		4,198,552
Trading Companies & Distributors — 0.9%
Beacon Roofing Supply, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.95%, 01/02/25			1,271		1,260,356
HD Supply, Inc., Term Loan B5, (1 mo. LIBOR + 1.75%), 3.45%, 10/17/23			4,137		4,154,072

Security		Par (000)		Value
Trading Companies & Distributors (continued)
United Rentals, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 3.45%, 10/31/25	USD		265	$	265,965
					5,680,393
Transportation — 0.2%
Safe Fleet Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.77%, 02/03/25			982		936,334
Utilities — 0.3%
ExGen Renewables IV LLC, Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.91%, 11/28/24			2,188		2,100,543
Wireless Telecommunication Services — 0.8%
Geo Group, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.71%, 03/22/24			1,467		1,296,587
Ligado Networks LLC, PIK Exit Term Loan (9.75% PIK), 10.85%, 12/07/20(e)			638		377,960
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.46%, 04/11/25			3,413		3,412,276
					5,086,823
Total Floating Rate Loan Interests — 118.9% (Cost — $719,613,179)					713,056,775
		Shares
Investment Companies — 5.0%
Diversified Financial Services — 5.0%
Invesco Senior Loan ETF			1,338,368		30,059,745
Total Investment Companies — 5.0% (Cost — $30,306,536)					30,059,745
		Beneficial Interest (000)
Other Interests(k) — 0.0%
IT Services — 0.0%
Millennium Corp.(a)(b)	USD		1,156		—
Millennium Lender Claims (a)(b)			1,084		—
Total Other Interests — 0.0% (Cost — $—)					—

19

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Preferred Securities
Capital Trusts — 1.3%
Banks(i) — 0.3%
Banco de Sabadell SA, 6.50%(f)	EUR		200	$	226,695
Bankia SA, 6.38%(f)			200		234,502
CaixaBank SA, 6.75%(f)			200		244,324
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 1.93%(h)	USD		100		76,234
ING Groep NV, 6.75%(f)			200		214,250
Wells Fargo & Co., Series U, 5.88%(f)			840		933,064
					1,929,069
Building Materials — 0.0%
Holcim Finance Luxembourg SA, 3.00%(f)(i)	EUR		100		115,138
Capital Markets — 0.0%
Goldman Sachs Group, Inc., Series P, 5.00%(f)(i)	USD		182		183,365
Diversified Financial Services(i) — 0.8%
Bank of America Corp.,(f):
Series AA, 6.10%			752		837,405
Series DD, 6.30%			155		177,475
Series X, 6.25%			350		390,187
Series Z, 6.50%			232		262,740
HBOS Capital Funding LP, 6.85%			200		203,650
HSBC Holdings PLC, 6.00%(f)			600		634,500
JPMorgan Chase & Co.,(f):
Series 1, 5.41%			52		52,159
Series FF, 5.00%			865		901,763
Series V, 5.42%			780		783,120
Royal Bank of Scotland Group PLC, 8.63%(f)			246		265,527
					4,508,526
Diversified Telecommunication Services(i) — 0.1%
Koninklijke KPN NV, 2.00%(f)	EUR		100		109,695
Telefonica Europe BV(f):
3.88%			100		118,317
4.38%			100		121,611
					349,623
Electric Utilities — 0.0%
Naturgy Finance BV, 3.38%(f)(i)			100		117,418
RWE AG, 2.75%, 04/21/75(f)			10		11,179
					128,597
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26			100		116,791
Utilities(i) — 0.1%
Electricite de France SA(f):
3.00%			200		222,815

Security	Par (000)		Value
Utilities(i) (continued)
4.00%		100	$	119,407
				342,222
Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 3.10%, 01/03/79(l)		100		114,863
Total Capital Trusts — 1.3% (Cost — $7,494,297)				7,788,194
	Shares
Preferred Stock
Capital Markets — 0.1%
Goldman Sachs Group, Inc., Series J, 5.50%(f)(i)		13,550		356,636
Total Preferred Stocks — 0.1% (Cost — $338,750)				356,636
Trust Preferred
Diversified Financial Services — 0.1%
GMAC Capital Trust I, Series 2, 7.69%, 2/15/40(f)		23,604		612,052
Total Trust Preferreds — 0.1% (Cost — $607,202)				612,052
Total Preferred Securities— 1.5% (Cost — $8,440,249)				8,756,882
Warrants — 0.0%
Metals & Mining — 0.0%
AFGlobal Corp. (Expires 12/20/20)(a)		5,283		—
Transportation Infrastructure — 0.0%
Turbo Cayman Ltd. (Strike Price $0.01)(a)		1		—
Total Warrants — 0.0% (Cost — $—)				—
Total Long-Term Investments — 146.4% (Cost — $902,910,051)				877,778,366

20

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities — 0.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.53%(m)(n)		3,017,755	$	3,017,755
Total Short-Term Securities — 0.5% (Cost — $3,017,755)				3,017,755

Security	Value
Options Purchased — 0.0% (Cost — $51,439)	$	40,099
Total Investments — 146.9% (Cost — $905,979,245)		880,836,220
Liabilities in Excess of Other Assets — (46.9)%		(281,150,119	)
Net Assets — 100.0%	$	599,686,101

^(a)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(b)  Non-income producing security.

^(c)  Issuer filed for bankruptcy and/or is in default.

^(d)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e)  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)  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

^(g) When-issued security.

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

⁽ⁱ⁾ Perpetual security with no stated maturity date.

^(j)  Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

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

^(l)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

⁽ⁿ⁾  During the period ended November 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 02/28/19		Net Activity			Shares Held at 11/30/19		Value at 11/30/19		Income		Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		3,616,393		(598,638	)		3,017,755	$	3,017,755	$	24,854	$	—	$	—

^(a)  Includes net capital gain distributions, if applicable.

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

Currency Abbreviations

EUR — Euro

GBP — British Pound

USD — United States Dollar

21

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU)

Portfolio Abbreviations

ETF — Exchange-Traded Fund

EURIBOR — Euro Interbank Offered Rate

LIBOR — London Interbank Offered Rate

MSCI — Morgan Stanley Capital International

MTN — Medium-Term Note

OTC — Over-the-Counter

PIK — Payment-In-Kind

REIT — Real Estate Investment Trust

S&P — Standard & Poor’s

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro Stoxx 50 Index		1		12/20/19	$	41	$	2,190
Euro Stoxx 600 Index		1		12/20/19		8		390
							$	2,580

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	7,508,000	USD	8,258,800	Citibank N.A.		12/04/19	$	14,005
GBP	1,658,000	USD	2,136,904	Barclays Bank PLC		12/04/19		7,444
GBP	213,000	USD	275,038	Morgan Stanley & Co. International PLC		12/04/19		442
USD	1,201,651	EUR	1,075,000	Citibank N.A.		12/04/19		17,145
USD	101,287	EUR	91,000	Morgan Stanley & Co. International PLC		12/04/19		1,017
USD	7,308,624	EUR	6,562,000	UBS AG		12/04/19		78,184
								118,237
EUR	417,000	USD	461,338	Morgan Stanley & Co. International PLC		12/04/19		(1,860	)
USD	2,410,488	GBP	1,871,000	JPMorgan Chase Bank N.A.		12/04/19		(9,340	)
USD	8,295,859	EUR	7,508,000	Citibank N.A.		02/05/20		(14,426	)
USD	2,141,881	GBP	1,658,000	Barclays Bank PLC		02/05/20		(7,470	)
								(33,096	)
Net Unrealized Appreciation							$	85,141

22

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU)

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Euro Stoxx 50 Index		4		12/20/19	EUR	3,800.00	EUR	16	$	227
Put
SPDR S&P 500 ETF Trust		195		12/31/19	USD	295.00	USD	6,129	$	16,672
SPDR S&P 500 ETF Trust		200		12/31/19	USD	299.00	USD	6,286		23,200
										39,872
									$	40,099

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index

Financing Rate Received by the Fund

Payment Frequency

Termination Date

Credit Rating (a)

Notional Amount (000) (b)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

iTraxx.XO.31.V1

5.00

%

Quarterly

06/20/24

B

EUR

109

$

15,013

$

12,112

$

2,901

^(a)  Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

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

OTC Credit Default Swaps — Buy Protection

Reference Obligation/Index	Financing Rate Paid by the Fund			Payment Frequency		Counterparty		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
UPC Holding BV		5.00	%		Quarterly		JPMorgan Chase Bank N.A.		06/20/24	EUR	20	$	(4,081	)	$	(4,768	)	$	687
UPC Holding BV		5.00			Quarterly		BNP Paribas S.A.		06/20/24	EUR	4		(842	)		(1,025	)		183
UPC Holding BV		5.00			Quarterly		Bank of America N.A.		06/20/24	EUR	10		(2,041	)		(2,443	)		402
												$	(6,964	)	$	(8,236	)	$	1,272

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty	Termination Date		Credit Rating (a)	Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Casino Guichard Perrachon SA		1.00	%		Quarterly	JPMorgan Chase Bank N.A.		06/20/23	B		EUR	10	$	(1,635	)	$	(1,027	)	$	(608	)
Casino Guichard Perrachon SA		1.00			Quarterly	Bank of America N.A.		06/20/23	B		EUR	9		(1,513	)		(1,455	)		(58	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	B		EUR	5		(890	)		(728	)		(162	)
Casino Guichard Perrachon SA		1.00			Quarterly	Citibank N.A.		06/20/23	B		EUR	9		(1,482	)		(1,294	)		(188	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	B		EUR	9		(1,483	)		(1,295	)		(188	)
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	B		EUR	4		(594	)		(486	)		(108	)
Casino Guichard Perrachon SA		1.00			Quarterly	Barclays Bank PLC		06/20/23	B		EUR	6		(947	)		(738	)		(209	)
CenturyLink, Inc.		1.00			Quarterly	Barclays Bank PLC		12/20/23	B+		USD	170		(3,848	)		(13,661	)		9,813
Chesapeake Energy Corp.		5.00			Quarterly	Barclays Bank PLC		12/20/23	B+		USD	168		(75,474	)		330			(75,804	)

23

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU)

OTC Credit Default Swaps — Sell Protection (continued)

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty	Termination Date		Credit Rating (a)	Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Chesapeake Energy Corp.		5.00	%		Quarterly	Barclays Bank PLC		12/20/23	B+		USD	478	$	(214,741	)	$	4,729		$	(219,470	)
Tesco PLC		1.00			Quarterly	Citibank N.A.		12/20/23	B+		EUR	50		840			(748	)		1,588
Casino Guichard Perrachon SA		5.00			Quarterly	Credit Suisse International		06/20/24	B		EUR	5		(326	)		(380	)		54
Casino Guichard Perrachon SA		5.00			Quarterly	Credit Suisse International		06/20/24	B		EUR	5		(288	)		(388	)		100
Telecom Italia SpA		1.00			Quarterly	Goldman Sachs International		06/20/24	B+		EUR	10		(112	)		(927	)		815
Telecom Italia SpA		1.00			Quarterly	Citibank N.A.		06/20/24	B+		EUR	3		(28	)		(86	)		58
Telecom Italia SpA		1.00			Quarterly	Bank of America N.A.		06/20/24	B+		EUR	3		(28	)		(85	)		57
Telecom Italia SpA		1.00			Quarterly	Citibank N.A.		06/20/24	B+		EUR	3		(28	)		(88	)		60
Garfunkelux Holdco 2 SA		5.00			Quarterly	Credit Suisse International		12/20/24	B+		EUR	10		135			(141	)		276
Garfunkelux Holdco 2 SA		5.00			Quarterly	Credit Suisse International		12/20/24	B+		EUR	20		272			—			272
CenturyLink, Inc.		1.00			Quarterly	Barclays Bank PLC		06/20/25	B+		USD	185		(13,493	)		(34,508	)		21,015
Telecom Italia SpA		1.00			Quarterly	Citibank N.A.		06/20/26	B+		EUR	5		(322	)		(762	)		440
Virgin Media Finance PLC		5.00			Quarterly	Credit Suisse International		12/20/26	B		EUR	10		2,327			2,530			(203	)
													$	(313,658	)	$	(51,208	)	$	(262,450	)

^(a)  Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

^(b) 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 Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative financial instruments)

24

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU)

Fair Value Hierarchy as of Period End (continued)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2			Level 3			Total
Assets:
Investments:
Long-Term Investments(a):
Common Stocks	$	13,495	$	89,920		$	1,258,702		$	1,362,117
Corporate Bonds		—		122,217,275			2,325,572			124,542,847
Floating Rate Loan Interests		—		667,520,384			45,536,391			713,056,775
Investment Companies		30,059,745		—			—			30,059,745
Other Interests		—		—			—	(b)		—	(b)
Preferred Securities		968,688		7,788,194			—			8,756,882
Warrants		—		—			—	(b)		—	(b)
Short-Term Securities		3,017,755		—			—			3,017,755
Options Purchased
Equity contracts		40,099		—			—			40,099
Unfunded Floating Rate Loan Interests(c)		—		3,180			—			3,180
Liabilities:
Unfunded Floating Rate Loan Interests(c)		—		(4,388	)		—			(4,388	)
	$	34,099,782	$	797,614,565		$	49,120,665		$	880,835,012
Derivative Financial Instruments(d)
Assets:
Credit contracts	$	—	$	38,721		$	—		$	38,721
Equity contracts		2,580		—			—			2,580
Forward foreign currency contracts		—		118,237			—			118,237
Liabilities:
Credit contracts		—		(296,998	)		—			(296,998	)
Forward foreign currency contracts		—		(33,096	)		—			(33,096	)
	$	2,580	$	(173,136	)	$	—		$	(170,556	)

^(a)  See above Schedule of Investments for values in each industry.

^(b)  Rounds to less than $1.

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

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

25

Schedule of Investments  (unaudited) (continued) November 30, 2019 BlackRock Debt Strategies Fund, Inc. (DSU)

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

	Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Options purchased			Other Interests			Warrants			Total
Assets:
Opening balance, as of February 28, 2019	$	3,075,400		$	8,149,827		$	42,349,614		$	—		$	—	(a)	$	—		$	53,574,841
Transfers into Level 3(b)		—			—			2,927,108			—			—			—			2,927,108
Transfers out of Level 3(c)		—			—			(19,483,656	)		—			—			—			(19,483,656	)
Accrued discounts/premiums		—			7,479			13,899			—			—			—			21,378
Net realized gain (loss)		(7,838,390	)		(1,581,795	)		(165,695	)		(5,867	)		—			(30	)		(9,591,777	)
Net change in unrealized appreciation (depreciation)(d)		6,546,822			2,997,153			(36,709	)		5,867			—			30			9,513,163
Purchases		10,655,961			2,448,686			30,844,726			—			—			—			43,949,373
Sales		(11,181,091	)		(9,695,778	)		(10,912,896	)		—			—			—			(31,789,765	)
Closing balance, as of November 30, 2019	$	1,258,702		$	2,325,572		$	45,536,391		$	—		$	—	(a)	$	—		$	49,120,665
Net change in unrealized appreciation (depreciation) on investments still held at November 30, 2019(d)	$	(1,336,995	)	$	73,511		$	(65,529	)	$	—		$	—	(a)	$	—		$	(1,329,013	)

^(a)  Rounds to less than $1.

^(b)  As of February 28, 2019, the Fund used observable inputs in determining the value of certain investments. As of November 30, 2019, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at the beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

^(c) As of February 28, 2019, the Fund used significant unobservable inputs in determining the value of certain investments. As of November 30, 2019, the Fund used observable inputs in determining the value of the same investments. As a result, investments at the beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

^(d)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at November 30, 2019 is generally due to investments no longer held or categorized as Level 3 at period end.

26