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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001051003-02-000001.txt : 20020426
<SEC-HEADER>0001051003-02-000001.hdr.sgml : 20020426
ACCESSION NUMBER:		0001051003-02-000001
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20020228
FILED AS OF DATE:		20020426

FILER:

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

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08603
		FILM NUMBER:		02622752

	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>answer.fil
<TEXT>
<PAGE>      PAGE  1
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<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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022 A000002 DEUTSCHE BANC ALEX. BROWN INC.
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022 A000004 GOLDMAN, SACHS & CO.
022 B000004 13-5108880
022 C000004     41220
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022 A000005 JEFFRIES & COMPANY, INC.
022 B000005 95-2622900
022 C000005     42502
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022 A000006 CREDIT SUISSE FIRST BOSTON CORPORATION
022 B000006 13-5659485
022 C000006     25163
022 D000006     21972
022 A000007 SALOMON SMITH BARNEY INC.
022 B000007 11-2418191
022 C000007     17347
022 D000007     22272
022 A000008 LEHMAN BROTHERS INC.
022 B000008 13-2518466
022 C000008     28045
022 D000008     11382
022 A000009 THE TORONTO-DOMINION BANK
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022 A000010 MORGAN STANLEY DEAN WITTER & CO.
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<PAGE>      PAGE  4
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SIGNATURE   DONALD C. BURKE
TITLE       TREASURER


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77O RULE 10F-3
<SEQUENCE>3
<FILENAME>dbtst77o.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, INC.</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=649>
<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="31%" 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="17%" 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="19%" 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">08/06/01</FONT></TD>
<TD WIDTH="31%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P>Pilgrims Pride  9.625%  9/15/11</FONT></TD>
<TD WIDTH="17%" 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">$200,000,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P>CS First Boston</FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">12/4/11</FONT></TD>
<TD WIDTH="31%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P>Ingles Markets 8.875% 2/01/11</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="RIGHT">$1,100,000</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="RIGHT">$250,000,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P>Bank of America</FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="CENTER">1/14/01</FONT></TD>
<TD WIDTH="31%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P>Xerox Corp  9.75%  1/15/09</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="RIGHT">$8,000,000</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P ALIGN="RIGHT">$600,000,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=2><P>Deutsche Bank</FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="31%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="31%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" 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-99.77B ACCT LTTR
<SEQUENCE>4
<FILENAME>debstr77b.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. (the "Fund") for
the year ended February 28, 2002 (on which we have issued
our report dated April 18, 2002), 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, 2002.

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

New York, New York
April 18, 2002

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
