13G Filing: Saba Capital and Blackrock Debt Strategies Fund, Inc. (DSU)

Name of Issuer: BlackRock Debt Strategies Fund,
Inc

Address of Issuer’s Principal Executive Offices:
100 Bellevue Parkway, Wilmington, DE 19809

Name of Person Filing: This statement is being
jointly filed by Saba Capital Management, L.P., a Delaware limited
partnership (“Saba Capital”) and Mr. Boaz R. Weinstein (together, the
“Reporting Persons’) with respect to the ownership of the shares of Common
Stock (as defined in Item 2(d)) by Saba Capital Master Fund Ltd. (“SCMF”),
Saba Capital Master Fund II, Ltd. (“SCMF II”), Saba Capital Leveraged
Master Fund Ltd. (“SCLMF”), Saba Capital Series LLC Series 1 (“SCS”) and
Saba Capital CEF Opportunities 1, Ltd. (“SCEF”).2

The Reporting Persons have entered into a Joint Filing
Agreement, dated August 31, 2015, a copy of which is filed as Exhibit 1 to
the Schedule 13G filed by the Reporting Persons on October 5, 2015,
pursuant to which the Reporting Persons have agreed to file this statement
and any subsequent amendments hereto jointly in accordance with the
provisions of Rule 13d-1(k)(1) under the Act.

Any disclosures herein with respect to persons other than
the Reporting Persons are made on information and belief after making
inquiry to the appropriate party.

The filing of this statement should not be construed as
an admission that any of the forgoing persons or the Reporting Persons is,
for the purposes of Section 13 of the Act, the beneficial owner of the
Common Stock reported herein.

Address of Principal Business Office or, if None,
Residence:

The address of the business office of Saba Capital and
Mr. Weinstein is 405 Lexington Avenue, 58th Floor, New York, New York
10174.

Citizenship: Saba Capital is organized as a
limited partnership under the laws of the State of Delaware. Mr. Weinstein
is a citizen of the United States.

Title and Class of Securities: Common stock, $0.01
par value per share (the “Common Stock”).

CUSIP No.:
09255R103

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b)
or 240.13d-2(b) or (c), check whether the person filing is a: