Sec Form 13G Filing - Saba Capital Management L.P. filing for BLACKROCK DEBT STRATEGIES FUND INC. (DSU) - 2020-02-14

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G/A

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

BlackRock Debt Strategies Fund, Inc.

(Name of Issuer)

Common Shares, par value $0.10 per share

(Title of Class of Securities)

09255R202

(CUSIP Number)

December 31, 2019

(Date of Event Which Requires Filing of This Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

[   ]

Rule 13d-1(b)

[X]

Rule 13d-1(c)

[   ]

Rule 13d-1(d)

(Page 1 of 9 Pages)

1

NAME OF REPORTING PERSON

Saba Capital Management, L.P.

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) [   ]

(b) [   ]

3

SEC USE ONLY

4

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH

5

SOLE VOTING POWER

-0-

6

SHARED VOTING POWER

912,312

7

SOLE DISPOSITIVE POWER

-0-

8

SHARED DISPOSITIVE POWER

912,312

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

912,312

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

[   ]

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

1.8%

12

TYPE OF REPORTING PERSON

PN; IA

1

NAME OF REPORTING PERSON

Boaz Weinstein

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) [   ]

(b) [   ]

3

SEC USE ONLY

4

CITIZENSHIP OR PLACE OF ORGANIZATION

United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH

5

SOLE VOTING POWER

-0-

6

SHARED VOTING POWER

912,312

7

SOLE DISPOSITIVE POWER

-0-

8

SHARED DISPOSITIVE POWER

912,312

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

912,312

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

[   ]

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

1.8%

12

TYPE OF REPORTING PERSON

IN

1

Names of Reporting Persons

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)  [ ]
(b)  [ ]

3

Sec Use Only

4

Citizenship or Place of Organization

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH

5

Sole Voting Power

-0-

6

Shared Voting Power

912,312

7

Sole Dispositive Power

-0-

8

Shared Dispositive Power

912,312

9

Aggregate Amount Beneficially Owned by Each Reporting Person

912,312

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

[ ]

11

Percent of class represented by amount in row (9)

1.8%

12

Type of Reporting Person (See Instructions)

OO

Item 1(a).

NAME OF ISSUER

The name of the issuer is BlackRock Debt Strategies Fund, Inc. (the "Issuer").

Item 1(b).

ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES

The Issuer's principal executive offices are located at 100 Bellevue Parkway, Wilmington, DE 19809

Item 2(a).

NAME OF PERSON FILING

Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"), Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"), and Mr. Boaz R. Weinstein (together, the "Reporting Persons").  The Reporting Persons have entered into a Joint Filing Agreement, dated February 26, 2018, 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.

Item 2(b).

ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE

The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.

Item 2(c).

CITIZENSHIP

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

Item 2(d).

TITLE OF CLASS OF SECURITIES

Common Shares, par value $0.10 per share (the "Common Shares").

Item 2(e).

CUSIP NUMBER    09255R202

Item 3.

IF THIS STATEMENT IS FILED PURSUANT TO Rules 13d-1(b), OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:

(a)

[   ]

Broker or dealer registered under Section 15 of the Act;

(b)

[   ]

Bank as defined in Section 3(a)(6) of the Act;

(c)

[   ]

Insurance company as defined in Section 3(a)(19) of the Act;

(d)

[   ]

Investment company registered under Section 8 of the Investment Company Act of 1940;

(e)

[   ]

An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

(f)

[   ]

An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);

(g)

[   ]

A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);

(h)

[   ]

A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act;

(i)

[   ]

A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act;

(j)

[   ]

A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J);

(k)

[   ]

Group, in accordance with Rule 13d-1(b)(1)(ii)(K).

If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution:  _________________

Item 4.

OWNERSHIP

The information required by Items 4(a) - (c) is set forth in Rows (5) - (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.

Item 5.

Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following [ X ]

Item 6.

OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

N/A

Item 7.

IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON

Not applicable.

Item 8.

IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

Not applicable.

Item 9.

NOTICE OF DISSOLUTION OF GROUP

Not applicable.

Item 10.

CERTIFICATION

By signing below each Reporting Person certifies that, to the best of his or its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.