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<SEC-DOCUMENT>0001287695-05-000354.txt : 20050428
<SEC-HEADER>0001287695-05-000354.hdr.sgml : 20050428
<ACCEPTANCE-DATETIME>20050428144317
ACCESSION NUMBER:		0001287695-05-000354
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050228
FILED AS OF DATE:		20050428
DATE AS OF CHANGE:		20050428
EFFECTIVENESS DATE:		20050428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DEBT STRATEGIES FUND
		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:		05780010

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEBT STRATEGIES FUND II INC
		DATE OF NAME CHANGE:	19971208
</SEC-HEADER>
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<PAGE>      PAGE  2
012 A000001 THE BANK OF NEW YORK
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022 A000002 DEUTSCHE BANK SECURITIES INC.
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022 A000005 J.P. MORGAN SECURITIES INC.
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022 A000006 CITIGROUP GLOBAL MARKETS INC.
022 B000006 11-2418191
022 C000006     26283
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022 A000007 LEHMAN BROTHERS INC.
022 B000007 13-2518466
022 C000007     25704
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022 A000008 BANC OF AMERICA SECURITIES LLC
022 B000008 56-2058405
022 C000008     30992
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022 A000009 UBS SECURITIES LLC
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022 A000010 GOLDMAN, SACHS & CO.
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SIGNATURE   DONALD C. BURKE
TITLE       TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>debt77b.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>INDEPENDENT AUDITORS&#8217; REPORT</TITLE>
<META NAME="author" CONTENT="Deloitte &amp; Touche">
<META NAME="date" CONTENT="04/04/2005">
</HEAD>
<BODY>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">To the Shareholders and Board of Directors of </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-11pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">Debt Strategies Fund, Inc.:</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:144pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">In planning and performing our audit of the financial statements of Debt Strategies Fund, Inc. (the &#147;Fund&#148;) for the year ended February 28, 2005, (on which we have issued our report dated April 22, 2005), 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&#146;s internal control.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">The management of the Fund is responsible for establishing and maintaining internal control. &nbsp;In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. &nbsp;Generally, controls that are relevant to an audit pertain to the entity&#146;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. &nbsp;Those controls include the safeguarding of assets against unauthorized acquisition, use, or disposition.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">Because of inherent limitations in any internal control, misstatements due to error or fraud may occur and not be detected. &nbsp;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.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">Our consideration of the Fund&#146;s internal control would not necessarily disclose all matters in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). &nbsp;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. &nbsp;However, we noted no matters involving the Fund&#146;s internal control and its operation, including controls for safeguarding securities, that we consider to be material weaknesses as defined abov
e as of February 28, 2005.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">This report is intended solely for the information and use of management, the Shareholders and Board of Directors of Debt Strategies Fund, Inc., and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000">/s/ Deloitte &amp; Touche LLP</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">Princeton, New Jersey</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">April 22, 2005</P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77O RULE 10F-3
<SEQUENCE>3
<FILENAME>debt77o.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>10F-3 TRANSACTIONS</TITLE>
<META NAME="author" CONTENT="reillhe">
<META NAME="date" CONTENT="04/15/1998">
</HEAD>
<BODY>
<BR>
<BR>
<BR>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>DEBT STRATEGIES FUND, INC.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>FILE # 811-8603</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>ATTACHMENT 77O</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<TABLE style="margin-left:0pt"><TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=85.2><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center><B>TRADE DATE</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center><B>DESCRIPTION OF SECURITY</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=118.8><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center><B>ISSUE SIZE</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=108><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center><B>AMOUNT PURCHASED</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center><B>LIST OF UNDERWRITERS</B></P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=85.2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>9/17/2004</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Vanguard Health Holdings 9% 10/1/14</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=118.8><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>$575,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=108><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>$2,325,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Citigroup </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Banc of America Bear Stearns &amp; Co. </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">J.P. Morgan </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">ABN AMRO </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Wachovia Capital Markets</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=85.2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>10/29/2004</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Advertising Directory Solutions 9.25% 11/15/12</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=118.8><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>$170,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=108><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>$400,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">JPMorgan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Banc of America Deutsche Bank </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch &amp; Co.</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=85.2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>12/15/2004</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goodman Global Holding Co. 5.76% 6/15/12</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=118.8><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>$250,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=108><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>$1,025,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">UBS Warburg</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:-10pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">JP Morgan</P>
<P style="margin:0pt; padding:0pt; text-indent:72pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Credit Suisse First Boston</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Deutsche Bank </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch &amp; Co.</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=85.2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>12/15/2004</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goodman Global Holding Co. 7.88% 12/15/12</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=118.8><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>$400,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=108><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>$3,850,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">UBS Warburg</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:-10pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">JP Morgan</P>
<P style="margin:0pt; padding:0pt; text-indent:72pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Credit Suisse First Boston</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Deutsche Bank </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch &amp; Co.</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=85.2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>1/24/2005</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Intelsat Bermuda 7.79% 1/15/12</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=118.8><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>$1,000,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=108><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>$3,825,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Deutsche Bank</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Credit Suisse First Boston</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bank of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">BNP Paribas</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch &amp; Co.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">CIBC World Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBS Greenwich</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBC Capital Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">SG Corporate &amp; Investment</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=85.2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>1/24/2005</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Intelsat Bermuda 8.25% 1/15/13</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=118.8><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>$875,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=108><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>$3,375,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Deutsche Bank</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Credit Suisse First Boston</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bank of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">BNP Paribas</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch &amp; Co.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">CIBC World Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBS Greenwich</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBC Capital Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">SG Corporate &amp; Investment</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=85.2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>1/24/2005</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Intelsat Bermuda 8.63% 1/15/15</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=118.8><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>$675,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=108><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>$4,800,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Deutsche Bank</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Credit Suisse First Boston</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bank of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">BNP Paribas</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch &amp; Co.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">CIBC World Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBS Greenwich</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBC Capital Markets</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">SG Corporate &amp; Investment</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=85.2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>2/24/2005</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Penn National Gaming 6.75% 3/1/15</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=118.8><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>$250,000,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=108><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>$1,725,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=186><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Deutsche Bank</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Calyon Securities USA</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman Borthers</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch &amp; Co.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">SG Corporate &amp; Investment</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Wells Fargo</P>
</TD></TR>
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