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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001051003-01-500002.txt : 20010427
<SEC-HEADER>0001051003-01-500002.hdr.sgml : 20010427
ACCESSION NUMBER:		0001051003-01-500002
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20010228
FILED AS OF DATE:		20010426

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DEBT STRATEGIES FUND II INC
		CENTRAL INDEX KEY:			0001051003
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				223564108
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		
		SEC FILE NUMBER:	811-08603
		FILM NUMBER:		1611666

	BUSINESS ADDRESS:	
		STREET 1:		MERRILL LYNCH ASSET MANAGEMENT
		STREET 2:		PO BOX 9011
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011
		BUSINESS PHONE:		6092823087

	MAIL ADDRESS:	
		STREET 1:		MERRILL LYNCH ASSET MANAGEMENT
		STREET 2:		PO BOX 9011 INFORMATION SYSTEMS SEC 2-B,
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543-9011
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>N-SAR (6.1)
<TEXT>

<PAGE>      PAGE  1
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000 J000000 A
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001 B000000 811-8603
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<PAGE>      PAGE  2
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SIGNATURE   DONALD C. BURKE
TITLE       TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77BACCTLTTR
<SEQUENCE>2
<FILENAME>dst77b.txt
<TEXT>

INDEPENDENT AUDITORS' REPORT

The Board of Directors and Shareholders,
Debt Strategies Fund, Inc.:

In planning and performing our audit of the financial
statements of Debt Strategies Fund, Inc. (formerly Debt
Strategies Fund II, Inc.) (the "Fund") for the year ended
February 28, 2001 (on which we have issued our report
dated April 18, 2001), we considered its internal control,
including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, and not to
provide assurance on the Fund's internal control.

The management of the Fund is responsible for establishing
and maintaining internal control.  In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls.  Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with accounting principles generally accepted
in the United States of America.  Those controls include the
safeguarding of assets against unauthorized acquisition,
use, or disposition.

Because of inherent limitations in any internal control,
misstatements due to error or fraud may occur and not be
detected.  Also, projections of any evaluation of internal
control to future periods are subject to the risk that the
internal control may become inadequate because of
changes in conditions, or that the degree of compliance
with policies or procedures may deteriorate.

Our consideration of the Fund's internal control would not
necessarily disclose all matters in the internal control that
might be material weaknesses under standards established
by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that
would be material in relation to the financial statements
being audited may occur and not be detected within a
timely period by employees in the normal course of
performing their assigned functions.  However, we noted
no matters involving the Fund's internal control and its
operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined
above as of February 28, 2001.

This report is intended solely for the information and use of
management, the Board of Directors and Shareholders of
the Fund, and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone
other than these specified parties.

/s/ Deloitte & Touche LLP

April 18, 2001
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77MMERGERS
<SEQUENCE>3
<FILENAME>dst77m.txt
<TEXT>

Debt Strategies Fund, Inc.

File No. 811-8603

Item No. 77M (Mergers) -- Attachment

During the fiscal semi-annual period ending February 28,
2001, Debt Strategies Fund, Inc. ("Debt Strategies"), File
No. 811-8171 and Debt Strategies Fund III, Inc. ("Debt
Strategies III"), File No. 811-8823 merged into Debt
Strategies Fund, Inc., formerly Debt Strategies Fund II, Inc.
(the "Registrant").

At meetings of the Boards of Directors of the Registrant,
Debt Strategies, and Debt Strategies III, the Boards of
Directors approved an Agreement and Plan of Merger (the
"Merger"), pursuant to which (i) each of Debt Strategies
and Debt Strategies III would be merged with and into the
Registrant in accordance with Maryland law; (ii) the
separate existence of each Debt Strategies and Debt
Strategies III would cease; (iii) the Registrant would be the
surviving corporation and would change its name to Debt
Strategies Fund, Inc. immediately after the effective date;
(iv) each share of common stock of each Debt Strategies
and Debt Strategies III would be converted into the right to
receive an equivalent dollar amount (to the nearest one ten-
thousandth of one cent) of full shares of the Registrant's
common stock, plus cash in lieu of any fractional shares,
computed based on the net asset value per share of each
Fund on the effective date; and (v) the currently issued and
outstanding shares of the Registrant would remain issued
and outstanding.

On May 18, 2000, in connection with the Merger, the
Registrant filed a Registration Statement on Form N-14
(File Nos. 333-37384 and 811-08603) (the "N-14
Registration Statement").  The N-14 Registration Statement
contained the proxy materials soliciting the approval of the
Merger by the shareholders of Debt Strategies and Debt
Strategies III.  Pre-Effective Amendment No. 1 to the N-14
Registration Statement was filed on July 13, 2000.  The N-
14 Registration Statement as so amended was declared
effective by the Commission on July 13, 2000.

The shareholders of the Registrant, Debt Strategies, and
Debt Strategies III approved the Merger at a special
meeting of shareholders held for that purpose.  On
November 6, 2000 (the "Merger Date"), pursuant to the
Agreement, Debt Strategies transferred assets valued at
$201,150,689.49 to the Registrant and received in exchange
26,657,353 common shares of the Registrant and cash in
the amount of $0 for fractional shares.  Debt Strategies III
transferred assets valued at $91,082,523.89 to the
Registrant and received in exchange 12,070,648 common
shares of the Registrant and  cash in the amount of $0 for
fractional shares.  Such shares and cash were then
distributed to the shareholders of Debt Strategies and Debt
Strategies III on that date in proportion to each
shareholder's interest in the assets transferred.  Debt
Strategies and Debt Strategies III ceased offering their
shares as of the Merger effective date.

Applications for Deregistration on Form N-8F were filed by
Debt Strategies and Debt Strategies III with the Securities
and Exchange Commission on February 16, 2001.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77ORULE10F-3
<SEQUENCE>4
<FILENAME>dst277o.htm
<TEXT>

<HTML>
<HEAD>
<TITLE>10F-3 TRANSACTIONS</TITLE>
</HEAD>
<BODY>

<FONT SIZE=2>
<P>&nbsp;</P>
</FONT><FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">DEBT STRATEGIES FUND</P>
<P ALIGN="CENTER">FILE # 811- 8603</P>
<P ALIGN="CENTER">ATTACHMENT 77O</P>
</FONT><FONT SIZE=2>
<P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=655>
<TR><TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Tahoma" SIZE=2><P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>TRADE DATE</B></FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<B><FONT FACE="Tahoma" SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>DESCRIPTION OF SECURITY</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Tahoma" SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>AMOUNT PURCHASED</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">ISSUE SIZE </B></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<B><FONT FACE="Tahoma" SIZE=2><P>MEMBER OF UNDERWRITING SYNDICATE FROM WHOM FUND PURCHASED</B></FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">01/15/01</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P>Charter Communications  11.125%  01/05/11</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="RIGHT">$2,000,000.</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="RIGHT">$2,075,000,000.</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P>Morgan Stanley</FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">01/19/01</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P>Nextel communications  9.50%   02/01/11</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="RIGHT">$12,000,000.</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="RIGHT">$1,250,000,000.</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P>Goldman Sachs</FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>

<FONT SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P></FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q2ITEM405
<SEQUENCE>5
<FILENAME>dst277q2.htm
<TEXT>

<HTML>
<HEAD>
<TITLE>Debt Strategies Fund, Inc.</TITLE>
</HEAD>
<BODY>

<B><P ALIGN="CENTER">Debt Strategies Fund, Inc.</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">File No. 811-8603</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Item No. 77Q2</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Compliance with Section 16(a) of the</P>
<P ALIGN="CENTER">Securities Exchange Act of 1934</P>
</B>
<P>&nbsp;</P>
<P>During the fiscal year, late filings were made on behalf of the following Directors and/or Officers of the Registrant or Adviser to the Registrant who were subject to Section 16 of the Securities Exchange Act of 1934 with respect to the Registrant:</P>


<P>&nbsp;</P>
<P>Form 4 on behalf of Mr. Richard R. West, Director to the Issuer, was filed on May 22, 2000; filing should have been made by May 10, 2000.</P>

<P>Form 4 on behalf of Mr. Paul Travers, Portfolio Manager to the Issuer, was filed on December 11, 2000; filing should have been made by June 10, 2000.</P>

<P>Form 4 on behalf of Mr. Gilles Marchand, Vice President and Portfolio Manager to the Issuer, was filed on November 17, 2000; filing should have been made by November 10, 2000.</P>

<P>Form 4 on behalf of Mr. Richard Kilbride, Vice President and Portfolio Manager to the Issuer, was filed on November 17, 2000; filing should have been made by November 10, 2000.</P>

<P>Form 4 on behalf of Mr. Michael G. Clark, Senior Vice President to the Investment Adviser, was filed on July 6, 2000; filing should have been made by March 10, 2000.</P>

<P>Form 4 on behalf of Mr. Kevin A. Ryan, Director to the Issuer, was filed on July 6, 2000; filing should have been made by June 10, 2000.</P>

<P>&nbsp;</P></BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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