BlackRock Debt Strategies Fund, Inc. (the Fund) is a diversified, closed-end management investment company. The Fund seeks to provide current income by investing primarily in a diversified portfolio of the United States companies' debt instruments, including corporate loans, that are rated in the lower rating categories of the established rating services (Baa or lower by Moody's or BBB or lower by S&P's) or unrated debt instruments of comparable quality. The Fund may purchase and write call and put options. The Fund may invest in preferred stocks. The Fund may invest in various derivative instruments, including swaps, foreign currency exchange contracts and options. The Fund's investment advisor is BlackRock Advisors, LLC, an indirect, wholly owned subsidiary of BlackRock, Inc. The Company's sub-advisor is BlackRock Financial Management, Inc.