BLACKROCK DEBT STRATEGIES FUND, INC.

BlackRock Debt Strategies Fund, Inc. is a closed-ended fixed income mutual fund that invests in the fixed income markets of the United States. The fund, managed by BlackRock Advisors, LLC, primarily invests in a diversified portfolio of debt instruments from various companies. These debt instruments include corporate loans that are rated in the lower rating categories by established rating services (specifically BBB or lower by S&P's or Baa or lower by Moody's). The fund also invests in unrated debt instruments that the investment adviser judges to be of equivalent quality. Formed on March 27, 1998, the fund was formerly known as Debt Strategies Fund Inc. and is domiciled in the United States.