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

Exhibit 3

September 29, 2017

 

VIA EMAIL and FEDERAL EXPRESS

The Board of Trustees

BlackRock Debt Strategies Fund, Inc.

C/O: Ms. Janey Ahn, Secretary

BlackRock, Inc.,

55 East 52nd Street,

New York, New York 10055

Re: BlackRock Debt Strategies Fund Inc. (the “Fund”)

Dear Ms. Ahn:

Saba Capital Management,
L.P. (“Saba Capital”), as investment advisor to Saba Capital Master Fund, Ltd. (the “Saba Fund” and together
with Saba Capital, “Saba”), the direct owner of 8,620,138 shares of the Fund, hereby submits the following proposal
on behalf of the Saba Fund pursuant to Rule 14a-8 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), for presentation to the Fund’s shareholders at the Fund’s next annual shareholder’s meeting anticipated
to be held on July 25, 2018, or any postponement or adjournment or special meeting held in lieu thereof (the “Meeting”).

 

The Saba Fund’s Rule
14a-8 shareholder proposal (the “Proposal”) is as follows:

 PROPOSAL

“BE IT RESOLVED, that
the shareholders of BlackRock Debt Strategies Fund Inc. (the “Fund“), request that the Board of Trustees (the
“Board”) consider authorizing a self-tender offer for 30% of the common shares of the Fund at or close to net
asset value (“NAV”).”