<SEC-DOCUMENT>0001145443-15-000460.txt : 20150327
<SEC-HEADER>0001145443-15-000460.hdr.sgml : 20150327
<ACCEPTANCE-DATETIME>20150327164850
ACCESSION NUMBER:		0001145443-15-000460
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20150131
FILED AS OF DATE:		20150327
DATE AS OF CHANGE:		20150327
EFFECTIVENESS DATE:		20150327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK PREMIUM DIVIDEND FUND
		CENTRAL INDEX KEY:			0000855886
		IRS NUMBER:				043097281
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05908
		FILM NUMBER:		15731560

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN PATRIOT PREMIUM DIVIDEND FUND II
		DATE OF NAME CHANGE:	19990518

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PATRIOT PREMIUM DIVIDEND FUND II
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>d32145.htm
<DESCRIPTION>N-Q
<TEXT>
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<BODY style="FONT-FAMILY: Times New Roman"><DIV style="width:100%"><P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:48px; font-size:12pt" align=center>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549 </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:48px; font-size:12pt" align=center><B>FORM N-Q</B> </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:48px; padding-right:-60px; font-size:12pt" align=center><B>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED<BR>
MANAGEMENT INVESTMENT COMPANIES</B> </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:48px; font-size:12pt" align=center>Investment Company Act file number <U>811- 05908</U></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:48px; font-size:12pt" align=center><U>John Hancock Premium Dividend Fund<BR>
</U>(Exact name of registrant as specified in charter) </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:48px; font-size:12pt" align=center><U>601 Congress Street, Boston, Massachusetts 02210<BR>
</U>(Address of principal executive offices) (Zip code) </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:48px; font-size:12pt" align=center>Salvatore Schiavone, Treasurer</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:48px; font-size:12pt" align=center>601 Congress Street</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:48px; font-size:12pt" align=center><U>Boston, Massachusetts 02210</U></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:48px; font-size:12pt" align=center>(Name and address of agent for service) </P>
<P STYLE="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:48px; font-size:12pt" ALIGN="CENTER">Registrant's telephone number, including area code: <U>617-663-4497</U></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=332.8></TD><TD width=166.4></TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=332.8><P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt">Date of fiscal year end: </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=166.4><P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt">October 31 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=332.8><P>&nbsp;</P></TD><TD style="background-color:#FFFFFF" valign=top width=166.4><P>&nbsp;</P></TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=332.8><P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt">Date of reporting period: </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=166.4><P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt">January 31, 2015 </P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>



<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<BR>

<P style="margin:0px; font-family:Arial; font-size:10pt">ITEM 1. SCHEDULE OF INVESTMENTS</P>

<P style="margin:0px"><BR>
<BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<PAGE>
  <DIV style="display:block; width: 98%;">
   <DIV style="  display: block; ">
    <DIV style="margin-bottom: 0pt; margin-top: 0pt;font-weight: normal;  padding-left: 0pt; text-decoration: none; background-color: white; padding-top: 9px; line-height: 1.5; text-align: left; font-size: 12pt;">
     <P></P>
    <BR>

     <P style="margin-bottom: 0pt; margin-top: 0pt;"></P>
    <BR>

     <P style="margin-bottom: 0pt; margin-top: 0pt;font-weight: normal;  padding-left: 0pt; line-height: 1.1; margin-top: 0pt;color: black; text-align: left; font-size: 17pt; "> </P>

     <P style="margin-bottom: 0pt; margin-top: 0pt;font-weight: normal;  padding-left: 0pt; background-color: white; padding-top: 8px; line-height: 1.1; text-align: left; font-size: 22pt; ">John Hancock</P>

     <P style="margin-bottom: 0pt; margin-top: 0pt;font-weight: normal;  padding-left: 0pt; padding-top: 8px; line-height: 1.1;color: black; text-align: left; font-size: 22pt; ">Premium Dividend Fund</P>
    </DIV>
   </DIV>

   <DIV style="  display: block; ">
    <DIV style="margin-bottom: 0pt; margin-top: 0pt;font-weight: normal;  padding-left: 0pt; text-decoration: none; background-color: white; padding-top: 9px; line-height: 1.5; text-align: right; font-size: 12pt;"><BR>
     <B style="text-align: right; font-size: 10.0pt;  ">Quarterly portfolio holdings <FONT style="padding-top: 0px; ">1/31/15</FONT></B>
    </DIV>
   </DIV>

   <DIV style="  display: block; ">
    <P style="margin-bottom: 0pt; margin-top: 0pt;margin-top: 1pt; margin-bottom: 1pt; padding-left: 0pt; text-indent: 0pt; "><IMG SRC="jhnq_logo.jpg" ALT="jhnq_logo.jpg">&#8201;</P>
   </DIV>
  <HR>
   <P style="page-break-before:always; margin:0pt; margin-bottom: 28pt; line-height:10pt; font-family:Arial; font-size:8pt;"></P>
  </DIV>

  <DIV style="display:block; width: 98%;">
   <DIV style="  display: block; ">
    <P style="margin-top: 1pt; margin-bottom: 1pt; font-weight: normal; background-color: #777777; color: white; text-align: left; font-size: 12pt; padding-left: 18.0pt; background-color: ;"><FONT style="display: inline-block; text-align: left; width: 50%; ">Fund's investments</FONT><FONT style="display: inline-block; text-align: right; width: 50%; ">Premium Dividend Fund</FONT></P>
   </DIV>

   <DIV style="  display: block; ">
    <DIV style="margin-bottom: 0pt; margin-top: 0pt;font-weight: normal;  padding-left: 0pt; text-decoration: none; background-color: white; padding-top: 9px; line-height: 1.5; text-align: left; font-size: 12pt;">
     <P style="margin-bottom: 0pt; margin-top: 0pt;text-align: left; margin: 0pt; padding: 0pt; ">
      <TABLE cellspacing="0" cellpadding="0" border="0" style=" font-size: 12pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; margin-top: 2pt; text-align: center; width: 100%; ">
       <TR>
        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 7.6%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 50.0%; ">&nbsp;</TD>

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        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 1.5%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 13.6%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 13.6%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 13.6%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>
       </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 1px; line-height: 1.2; text-align: left; font-size: 8pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 1px; line-height: 1.2; text-align: left; font-size: 8pt; "><B>As of <FONT style="padding-top: 0px; ">1-31-15</FONT> (unaudited)</B></TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 1px; line-height: 1.2; text-align: left; font-size: 8pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="1" style="margin-top: 9.6px; text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; margin-top: 9.6px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; margin-top: 9.6px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; margin-top: 9.6px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; text-align: right; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; text-align: right; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; text-align: right; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; text-align: right; margin-top: 9.6px; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; ">Shares</TD>

         <TD style="vertical-align: bottom; margin-top: 9.6px; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; text-align: right; margin-top: 9.6px; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; ">Value</TD>

         <TD style="vertical-align: bottom; margin-top: 9.6px; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="2" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; padding-top: 2px; line-height: 1.1; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; padding-left: font-weight; padding-top: 2px; line-height: 1.1; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">Preferred securities 103.6% (69.6% of Total investments)</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; padding-top: 2px; line-height: 1.1; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD style="text-align: right; vertical-align: bottom; padding-top: 2px; line-height: 1.1; text-indent: 0px; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; padding-top: 2px; line-height: 1.1; text-align: right; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">$807,156,412</TD>

         <TD style="vertical-align: bottom; padding-top: 2px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">(Cost $763,092,163)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="3" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">Consumer staples&nbsp;2.6%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="text-align: right; vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">20,631,000</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Food and staples retailing&nbsp;2.6%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Ocean Spray Cranberries, Inc., Series&nbsp;A, 6.250%&nbsp;(S)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">224,250</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">20,631,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="3" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">Financials&nbsp;57.1%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="text-align: right; vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">444,928,007</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Banks&nbsp;31.3%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Bank of America Corp., 6.375%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">980,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">24,843,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Bank of America Corp., 6.625%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">360,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">9,554,400</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Bank of America Corp., Depositary Shares, Series&nbsp;D,&nbsp;6.204%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">630,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">16,002,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Barclays Bank PLC, Series&nbsp;3, 7.100%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">192,500</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">5,030,025</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Barclays Bank PLC, Series&nbsp;5, 8.125%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">310,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">8,153,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">BB&amp;T Corp., 5.625%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">763,900</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">19,464,171</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">BB&amp;T Corp. (Callable <FONT style="padding-top: 0px; ">11-1-17</FONT>), 5.200%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">105,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">2,541,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">BB&amp;T Corp. (Callable <FONT style="padding-top: 0px; ">6-1-18</FONT>), 5.200%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">235,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">5,682,300</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Citigroup, Inc., Depositary Shares, Series&nbsp;AA, 8.125%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">338,830</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">9,622,772</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">HSBC Finance Corp., Depositary Shares, Series&nbsp;B, 6.360%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">454,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">11,613,320</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">HSBC USA, Inc., 2.858%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">313,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">15,721,990</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">JPMorgan Chase &amp; Company, 5.450%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">522,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">12,789,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">JPMorgan Chase &amp; Company, 5.500%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">230,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">5,660,300</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">JPMorgan Chase &amp; Company, 6.300%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">245,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">6,328,350</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">JPMorgan Chase &amp; Company, 6.700%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">35,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">932,750</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Santander Holdings USA, Inc., Series&nbsp;C,&nbsp;7.300%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">500,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">13,055,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">The PNC Financial Services Group, Inc., 5.375%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">175,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">4,376,750</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">The PNC Financial Services Group, Inc. (6.125% to <FONT style="padding-top: 0px; ">5-1-22</FONT>, then 3 month LIBOR + 4.067%)&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">311,600</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">8,702,988</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">U.S. Bancorp, 5.150%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">545,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">13,488,750</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">U.S. Bancorp (6.000% to <FONT style="padding-top: 0px; ">4-15-17</FONT>, then 3 month LIBOR + 4.861%)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">160,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">4,345,600</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">U.S. Bancorp (6.500% to <FONT style="padding-top: 0px; ">1-15-22</FONT>, then 3 month LIBOR + 4.468%)&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">351,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">10,382,580</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Wells Fargo &amp; Company, 6.000%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">205,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">5,344,350</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Wells Fargo &amp; Company, 8.000%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,017,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">29,838,780</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Capital markets&nbsp;15.0%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Deutsche Bank Contingent Capital Trust II, 6.550%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">287,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">7,705,950</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Deutsche Bank Contingent Capital Trust III, 7.600%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">662,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">18,536,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Morgan Stanley, 6.625%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">469,865</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">12,230,586</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Morgan Stanley (6.375% to <FONT style="padding-top: 0px; ">10-15-24</FONT>, then 3 month LIBOR + 3.708%)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">150,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">3,886,500</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Morgan Stanley (7.125% to <FONT style="padding-top: 0px; ">10-15-23</FONT>, then 3 month LIBOR + 4.320%)&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">300,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">8,385,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">State Street Corp., 5.250%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,025,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">24,948,500</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">State Street Corp., 6.000%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">80,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">2,058,400</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">State Street Corp. (5.900% to <FONT style="padding-top: 0px; ">3-15-24</FONT>, then 3 month LIBOR + 3.108%)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">25,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">660,750</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">The Bank of New York Mellon Corp., 5.200%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">432,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">10,519,200</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">The Goldman Sachs Group, Inc., 5.950%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">860,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">21,706,400</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">The Goldman Sachs Group, Inc., Series&nbsp;B, 6.200%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">250,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">6,345,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Consumer finance&nbsp;2.8%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">SLM Corp., Series&nbsp;A,&nbsp;6.970%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">445,500</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">22,003,245</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Insurance&nbsp;6.4%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Aegon NV, 6.500%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">75,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,929,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">MetLife, Inc., Series&nbsp;B, 6.500%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,410,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">36,786,900</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Principal Financial Group, Inc., Series B (6.518% to <FONT style="padding-top: 0px; ">6-30-35</FONT>, then higher of 10 year CMT, 30 year CMT or 3 month LIBOR + 2.100%)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">55,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,406,350</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Prudential Financial, Inc., 5.750%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">50,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,281,500</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Prudential PLC, 6.750%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">175,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">4,620,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>
        </TABLE>
     </P>
    </DIV>
   </DIV>

   <DIV style="  display: block; ">
    <P><FONT style="font-weight: normal; font-size: 6pt; text-align: left; ">2SEE NOTES TO FUND'S INVESTMENTS<BR>
     </FONT></P>
   </DIV>
  <HR>
   <P style="page-break-before:always; margin:0pt; margin-bottom: 28pt; line-height:10pt; font-family:Arial; font-size:8pt;"></P>
  </DIV>

  <DIV style="display:block; width: 98%;">
   <DIV style="  display: block; ">
    <P style="margin-top: 1pt; margin-bottom: 1pt; font-weight: normal; background-color: #777777; color: white; text-align: left; font-size: 12pt; padding-left: 18.0pt; background-color: ;">Premium Dividend Fund</P>
   </DIV>

   <DIV style="  display: block; ">
    <DIV style="margin-bottom: 0pt; margin-top: 0pt;font-weight: normal;  padding-left: 0pt; text-decoration: none; background-color: white; padding-top: 9px; line-height: 1.5; text-align: left; font-size: 12pt;">
     <P style="margin-bottom: 0pt; margin-top: 0pt;text-align: left; margin: 0pt; padding: 0pt; ">
      <TABLE cellspacing="0" cellpadding="0" border="0" style=" font-size: 12pt; width: 100%; ">
       <TR>
        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 7.6%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 50.0%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 1.5%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 13.6%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 13.6%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 13.6%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>
       </TR>

        <TR cont_lvl="1" style="margin-top: 9.6px; text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; margin-top: 9.6px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; margin-top: 9.6px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; margin-top: 9.6px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; text-align: right; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; text-align: right; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; text-align: right; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; text-align: right; margin-top: 9.6px; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; ">Shares</TD>

         <TD style="vertical-align: bottom; margin-top: 9.6px; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; text-align: right; margin-top: 9.6px; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; ">Value</TD>

         <TD style="vertical-align: bottom; margin-top: 9.6px; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="3" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">Financials&nbsp; (continued)</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="text-align: right; vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Insurance&nbsp; (continued)</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">W.R. Berkley Corp., 5.625%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">170,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">$4,210,900</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Real estate investment trusts&nbsp;1.6%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Senior Housing Properties Trust, 5.625%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">425,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">10,625,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Ventas Realty LP, 5.450%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">63,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,609,650</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="3" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">Industrials&nbsp;0.4%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="text-align: right; vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">3,458,700</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Machinery&nbsp;0.4%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Stanley Black &amp; Decker, Inc., 5.750%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">135,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">3,458,700</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="3" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">Telecommunication services&nbsp;6.5%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="text-align: right; vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">50,348,190</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Diversified telecommunication services&nbsp;4.1%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Qwest Corp., 6.125%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">107,500</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">2,635,900</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Qwest Corp., 7.375%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,021,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">27,270,910</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Verizon Communications, Inc., 5.900%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">73,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,942,530</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Wireless telecommunication services&nbsp;2.4%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Telephone &amp; Data Systems, Inc., 5.875%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">100,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">2,354,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Telephone &amp; Data Systems, Inc., 6.625%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">285,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">7,187,700</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Telephone &amp; Data Systems, Inc., 6.875%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">170,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">4,304,400</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">United States Cellular Corp., 6.950%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">185,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">4,652,750</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="3" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">Utilities&nbsp;37.0%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="text-align: right; vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">287,790,515</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Electric utilities&nbsp;30.5%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Alabama Power Company, 5.200%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,175,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">30,127,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Duke Energy Corp., 5.125%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">180,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">4,471,200</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Duquesne Light Company, 6.500%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">519,900</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">26,449,913</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Entergy Arkansas, Inc., 6.450%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">650,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">16,331,250</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Entergy Mississippi, Inc., 6.250%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">667,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">16,633,313</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Gulf Power Company, 5.600%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">51,250</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">5,113,725</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">HECO Capital Trust III, 6.500%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">181,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">4,602,830</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Interstate Power &amp; Light Company, 5.100%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,440,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">36,792,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">NextEra Energy Capital Holdings, Inc., 5.125%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">175,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">4,256,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">NextEra Energy Capital Holdings, Inc., 5.700%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">320,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">8,272,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">NSTAR Electric Company, 4.250%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">13,347</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,301,333</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">NSTAR Electric Company, 4.780%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">100,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">9,610,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">PPL Capital Funding, Inc., 5.900%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,450,320</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">36,983,160</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">SCE Trust I, 5.625%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">252,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">6,390,720</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">SCE Trust II, 5.100%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,188,500</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">28,488,345</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Union Electric Company, 3.700%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">12,262</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,174,470</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Multi-utilities&nbsp;6.5%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Baltimore Gas &amp; Electric Company, Series&nbsp;1993,&nbsp;6.700%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">20,250</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">2,039,556</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Baltimore Gas &amp; Electric Company, Series&nbsp;1995,&nbsp;6.990%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">134,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">13,550,750</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">BGE Capital Trust II, 6.200%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">690,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">17,443,200</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">DTE Energy Company, 5.250%</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">235,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">5,933,750</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">DTE Energy Company, 6.500%&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">180,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">4,849,200</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Integrys Energy Group, Inc. (6.000% to <FONT style="padding-top: 0px; ">8-1-23</FONT>, then 3 month LIBOR + 3.220%)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD colspan="4" style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">255,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">6,976,800</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="2" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; padding-top: 2px; line-height: 1.1; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; padding-left: font-weight; padding-top: 2px; line-height: 1.1; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">Common stocks 45.2% (30.3% of Total investments)</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; padding-top: 2px; line-height: 1.1; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD style="text-align: right; vertical-align: bottom; padding-top: 2px; line-height: 1.1; text-indent: 0px; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; padding-top: 2px; line-height: 1.1; text-align: right; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">$352,239,166</TD>

         <TD style="vertical-align: bottom; padding-top: 2px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">(Cost $222,278,378)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="3" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">Energy&nbsp;5.5%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="text-align: right; vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">43,042,550</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Oil, gas and consumable fuels&nbsp;5.5%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Chevron Corp.&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">80,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">8,202,400</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">ConocoPhillips&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">185,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">11,651,300</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Kinder Morgan, Inc.</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">25,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,026,250</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>
        </TABLE>
     </P>
    </DIV>
   </DIV>

   <DIV style="  display: block; ">
    <P><FONT style="font-weight: normal; font-size: 8pt; "><FONT style="font-size: 8pt; display: inline-block; text-align: left; width: 50%; ">SEE NOTES TO FUND'S INVESTMENTS</FONT><FONT style="font-size: 8pt; display: inline-block; text-align: right; width: 50%; ">3</FONT></FONT></P>
   </DIV>
  <HR>
   <P style="page-break-before:always; margin:0pt; margin-bottom: 28pt; line-height:10pt; font-family:Arial; font-size:8pt;"></P>
  </DIV>

  <DIV style="display:block; width: 98%;">
   <DIV style="  display: block; ">
    <P style="margin-top: 1pt; margin-bottom: 1pt; font-weight: normal; background-color: #777777; color: white; text-align: left; font-size: 12pt; padding-left: 18.0pt; background-color: ;">Premium Dividend Fund</P>
   </DIV>

   <DIV style="  display: block; ">
    <DIV style="margin-bottom: 0pt; margin-top: 0pt;font-weight: normal;  padding-left: 0pt; text-decoration: none; background-color: white; padding-top: 9px; line-height: 1.5; text-align: left; font-size: 12pt;">
     <P style="margin-bottom: 0pt; margin-top: 0pt;text-align: left; margin: 0pt; padding: 0pt; ">
      <TABLE cellspacing="0" cellpadding="0" border="0" style=" font-size: 12pt; width: 100%; ">
       <TR>
        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 7.6%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 50.0%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 1.5%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 13.6%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 13.6%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 13.6%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>
       </TR>

        <TR cont_lvl="1" style="margin-top: 9.6px; text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; margin-top: 9.6px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; margin-top: 9.6px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; margin-top: 9.6px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; text-align: right; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; text-align: right; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; text-align: right; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; text-align: right; margin-top: 9.6px; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; ">Shares</TD>

         <TD style="vertical-align: bottom; margin-top: 9.6px; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; text-align: right; margin-top: 9.6px; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; ">Value</TD>

         <TD style="vertical-align: bottom; margin-top: 9.6px; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="3" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">Energy&nbsp; (continued)</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="text-align: right; vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Oil, gas and consumable fuels&nbsp; (continued)</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Royal Dutch Shell PLC, ADR, Class A</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">60,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">$3,687,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Spectra Energy Corp.&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">552,500</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">18,475,600</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="3" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">Materials&nbsp;0.3%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="text-align: right; vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">2,101,250</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Metals and mining&nbsp;0.3%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Freeport-McMoRan, Inc.</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">125,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">2,101,250</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="3" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">Telecommunication services&nbsp;3.5%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="text-align: right; vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">27,374,800</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Diversified telecommunication services&nbsp;3.5%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">AT&amp;T, Inc.&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">415,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">13,661,800</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Verizon Communications, Inc.</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">300,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">13,713,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="3" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">Utilities&nbsp;35.9%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="text-align: right; vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">279,720,566</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Electric utilities&nbsp;15.6%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">American Electric Power Company, Inc.&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">200,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">12,562,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Duke Energy Corp.&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">275,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">23,963,500</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Northeast Utilities</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">550,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">30,569,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">OGE Energy Corp.</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">330,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">11,609,400</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Pinnacle West Capital Corp.</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">50,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">3,509,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">PPL Corp.</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">240,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">8,520,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">The Southern Company&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">75,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">3,804,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">UIL Holdings Corp.&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">300,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">13,800,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Xcel Energy, Inc.&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">347,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">13,022,910</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Gas utilities&nbsp;1.7%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">AGL Resources, Inc.&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">110,550</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">6,232,809</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Atmos Energy Corp.&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">100,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">5,691,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">ONE Gas, Inc.</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">34,639</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,530,697</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="4" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">Multi-utilities&nbsp;18.6%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Alliant Energy Corp.&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">400,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">27,444,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Black Hills Corp.&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">190,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">9,530,400</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Dominion Resources, Inc.&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">195,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">14,993,550</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">DTE Energy Company&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">250,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">22,415,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Integrys Energy Group, Inc.&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">160,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">12,976,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">National Grid PLC, ADR</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">210,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">14,771,400</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">NiSource, Inc.</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">440,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">19,034,400</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Public Service Enterprise Group, Inc.</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">40,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,707,200</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">TECO Energy, Inc.</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">550,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">11,731,500</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="10" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Vectren Corp.&nbsp;(Z)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">215,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">10,302,800</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="1" style="margin-top: 9.6px; text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; margin-top: 9.6px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="7" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; margin-top: 9.6px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; margin-top: 9.6px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; text-align: right; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; text-align: right; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; text-align: right; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; text-align: right; margin-top: 9.6px; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; ">Par&#8201;value</TD>

         <TD style="vertical-align: bottom; margin-top: 9.6px; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; text-align: right; margin-top: 9.6px; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; margin-top: 9.6px; padding-left: font-weight; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; ">Value</TD>

         <TD style="vertical-align: bottom; margin-top: 9.6px; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="2" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; padding-top: 2px; line-height: 1.1; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; padding-left: font-weight; padding-top: 2px; line-height: 1.1; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">Short-term investments 0.1% (0.1% of Total investments)</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; padding-top: 2px; line-height: 1.1; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD style="text-align: right; vertical-align: bottom; padding-top: 2px; line-height: 1.1; text-indent: 0px; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; padding-top: 2px; line-height: 1.1; text-align: right; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">$668,000</TD>

         <TD style="vertical-align: bottom; padding-top: 2px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="16" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">(Cost $668,000)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 2px; line-height: 1.1; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR cont_lvl="3" style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">Repurchase agreement&nbsp;0.1%</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="text-align: right; vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-indent: 0px; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-left: font-weight; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: right; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">668,000</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 5px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; font-weight: bold; border-bottom: solid black 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="7" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; text-indent: -5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Repurchase Agreement with State Street Corp. dated <FONT style="padding-top: 0px; ">1-30-15</FONT> at 0.000% to be repurchased at $668,000 on <FONT style="padding-top: 0px; ">2-2-15</FONT>, collateralized by $635,000 U.S. Treasury Notes, 2.625% due <FONT style="padding-top: 0px; ">8-15-20</FONT> (valued at $685,038, including interest)</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; padding-left: 7.5pt; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">668,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">668,000</TD>

         <TD style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; line-height: 1.3; margin-top: 0pt; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; line-height: 1.1; text-align: left; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; font-weight: normal; line-height: 1.1; text-align: left; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; "><B>Total investments (Cost $986,038,541)&#134; 148.9%</B></TD>

         <TD style="vertical-align: bottom; line-height: 1.1; text-align: left; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; line-height: 1.1; text-align: right; text-indent: 0px; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; line-height: 1.1; text-align: right; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; "><B>$1,160,063,578</B></TD>

         <TD style="vertical-align: bottom; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-top: 2px; line-height: 1.1; text-align: left; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; font-weight: normal; padding-top: 2px; line-height: 1.1; text-align: left; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; "><B>Other assets and liabilities, net (48.9%)</B></TD>

         <TD style="vertical-align: bottom; padding-top: 2px; line-height: 1.1; text-align: left; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-top: 2px; line-height: 1.1; text-align: right; text-indent: 0px; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; padding-top: 2px; line-height: 1.1; text-align: right; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; "><B>($381,209,823</B></TD>

         <TD style="vertical-align: bottom; font-weight: normal; padding-top: 2px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; "><B>)</B></TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; padding-top: 2px; line-height: 1.1; text-align: left; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="13" style="vertical-align: bottom; font-weight: normal; padding-top: 2px; line-height: 1.1; text-align: left; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; "><B>Total net assets 100.0%</B></TD>

         <TD style="vertical-align: bottom; padding-top: 2px; line-height: 1.1; text-align: left; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; padding-top: 2px; line-height: 1.1; text-align: right; text-indent: 0px; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; font-weight: normal; padding-top: 2px; line-height: 1.1; text-align: right; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; "><B>$778,853,755</B></TD>

         <TD style="vertical-align: bottom; padding-top: 2px; line-height: 1.1; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 9pt; border-bottom: none; background-color: #eee; color: black; font-weight: bold; ">&nbsp;</TD>
        </TR>
        </TABLE>
     </P>
    </DIV>
   </DIV>

   <DIV style="  display: block; ">
    <P><FONT style="font-weight: normal; font-size: 6pt; text-align: left; ">4SEE NOTES TO FUND'S INVESTMENTS<BR>
     </FONT></P>
   </DIV>
  <HR>
   <P style="page-break-before:always; margin:0pt; margin-bottom: 28pt; line-height:10pt; font-family:Arial; font-size:8pt;"></P>
  </DIV>

  <DIV style="display:block; width: 98%;">
   <DIV style="  display: block; ">
    <P style="margin-top: 1pt; margin-bottom: 1pt; font-weight: normal; background-color: #777777; color: white; text-align: left; font-size: 12pt; padding-left: 18.0pt; background-color: ;">Premium Dividend Fund</P>
   </DIV>

   <DIV style="  display: block; ">
    <DIV style="margin-bottom: 0pt; margin-top: 0pt;font-weight: normal;  padding-left: 0pt; text-decoration: none; background-color: white; padding-top: 9px; line-height: 1.5; text-align: left; font-size: 12pt;">
     <P style="margin-bottom: 0pt; margin-top: 0pt;text-align: left; margin: 0pt; padding: 0pt; ">
      <TABLE cellspacing="0" cellpadding="0" border="0" style=" font-size: 12pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; margin-top: 2pt; text-align: center; width: 100%; ">
       <TR>
        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>
       </TR>

        <TR style="text-align: left; ">
         <TD colspan="6" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 3px; line-height: 1.3; font-size: 8pt; text-align: left; padding-right: 6pt; ">The percentage shown for each investment category is the total value
of the category as a percentage of the net assets of the fund.</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD colspan="6" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 3px; line-height: 1.3; font-size: 8pt; text-align: left; padding-right: 6pt; "><U><B style="margin-bottom: 0pt; margin-top: 0pt;text-align: left;  font-size: 10pt;">Key to Security Abbreviations and Legend</B></U></TD>
        </TR>

        <TR style="text-align: left; ">
         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 3px; line-height: 1.3; font-size: 8pt; text-align: left; padding-right: 6pt; ">ADR</TD>

         <TD colspan="5" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 3px; line-height: 1.3; text-align: left; font-size: 8pt; ">American Depositary Receipts</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 3px; line-height: 1.3; font-size: 8pt; text-align: left; padding-right: 6pt; ">CMT</TD>

         <TD colspan="5" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 3px; line-height: 1.3; text-align: left; font-size: 8pt; ">Constant Maturity Treasury</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 3px; line-height: 1.3; font-size: 8pt; text-align: left; padding-right: 6pt; ">LIBOR</TD>

         <TD colspan="5" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 3px; line-height: 1.3; text-align: left; font-size: 8pt; ">London Interbank Offered Rate</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 3px; line-height: 1.3; font-size: 8pt; text-align: left; padding-right: 6pt; ">(S)</TD>

         <TD colspan="5" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 3px; line-height: 1.3; text-align: left; font-size: 8pt; ">These securities are exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold, normally to
qualified institutional buyers, in transactions exempt from
registration.</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 3px; line-height: 1.3; font-size: 8pt; text-align: left; padding-right: 6pt; ">(Z)</TD>

         <TD colspan="5" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 3px; line-height: 1.3; text-align: left; font-size: 8pt; ">All or a portion of this security is pledged as collateral pursuant
to the Credit Facility Agreement. Total collateral value at <FONT style="padding-top: 0px; ">1-31-15</FONT> was $540,963,865.</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 3px; line-height: 1.3; font-size: 8pt; text-align: left; padding-right: 6pt; ">&#134;</TD>

         <TD colspan="5" style="vertical-align: bottom; font-weight: normal; background-color: white; color: black; padding-top: 3px; line-height: 1.3; text-align: left; font-size: 8pt; ">At <FONT style="padding-top: 0px; ">1-31-15</FONT>, the aggregate cost of investment securities for federal income tax
purposes was $988,142,266. Net unrealized appreciation aggregated
$171,921,312, of which $177,920,270 related to appreciated investment
securities and $5,998,958 related to depreciated investment
securities.</TD>
        </TR>
        </TABLE>
     </P>
    </DIV>
   </DIV>

   <DIV style="  display: block; ">
    <P><FONT style="font-weight: normal; font-size: 8pt; "><FONT style="font-size: 8pt; display: inline-block; text-align: left; width: 50%; ">SEE NOTES TO FUND'S INVESTMENTS</FONT><FONT style="font-size: 8pt; display: inline-block; text-align: right; width: 50%; ">5</FONT></FONT></P>
   </DIV>
  <HR>
   <P style="page-break-before:always; margin:0pt; margin-bottom: 28pt; line-height:10pt; font-family:Arial; font-size:8pt;"></P>
  </DIV>

  <DIV style="display:block; width: 98%;">
   <DIV style="  display: block; ">
    <DIV style="margin-bottom: 0pt; margin-top: 0pt;font-weight: normal;  padding-left: 0pt; text-decoration: none; background-color: white; padding-top: 9px; line-height: 1.5; text-align: left; font-size: 12pt;">
     <P style="margin-bottom: 0pt; margin-top: 0pt;font-weight: bold;  padding-left: 0pt; background-color: white; padding-top: 12px; line-height: 1.1; text-align: left; font-size: 16pt;">Notes to Fund's investments</P>

     <P style="margin-bottom: 0pt; margin-top: 0pt; padding-left: 0pt; background-color: white; padding-top: 4.5px; line-height: 1.4; text-align: left; font-size: 10pt;"><B>Security valuation. </B>Investments are stated at value as of the close of regular trading on
the New York Stock Exchange (NYSE), normally at 4:00 <FONT style="font-variant: small-caps; ">p.m.</FONT>, Eastern Time. In order to value the securities, the fund uses the
following valuation techniques: Equity securities held by the fund
are valued at the last sale price or official closing price on the
exchange where the security was acquired or most likely will be sold.
In the event there were no sales during the day or closing prices are
not available, the securities are valued using the last available bid
price. Swaps are valued using evaluated prices obtained from an
independent pricing vendor. Futures contracts are valued at
settlement prices, which are the official closing prices published by
the exchange on which they trade. Securities that trade only in the
over-the-counter (OTC) market are valued using bid prices. Other
portfolio securities and assets, for which reliable market quotations
are not readily available, are valued at fair value as determined in
good faith by the fund's Pricing Committee following procedures
established by the Board of Trustees. The frequency with which these
fair valuation procedures are used cannot be predicted and fair value
of securities may differ significantly from the value that would have
been used had a ready market for such securities existed.</P>

     <P style="margin-bottom: 0pt; margin-top: 0pt; padding-left: 0pt; background-color: white; padding-top: 4.5px; line-height: 1.4; text-align: left; font-size: 10pt;">The fund uses a three-tier hierarchy to prioritize the pricing
assumptions, referred to as inputs, used in valuation techniques to
measure fair value. Level 1 includes securities valued using quoted
prices in active markets for identical securities. Level 2 includes
securities valued using other significant observable inputs.
Observable inputs may include quoted prices for similar securities,
interest rates, prepayment speeds and credit risk. Prices for
securities valued using these inputs are received from independent
pricing vendors and brokers and are based on an evaluation of the
inputs described. Level 3 includes securities valued using
significant unobservable inputs when market prices are not readily
available or reliable, including the fund's own assumptions in
determining the fair value of investments. Factors used in
determining value may include market or issuer specific events or
trends, changes in interest rates and credit quality. The inputs or
methodology used for valuing securities are not necessarily an
indication of the risks associated with investing in those
securities. Changes in valuation techniques may result in transfers
into or out of an assigned level within the disclosure hierarchy.</P>

     <P style="margin-bottom: 0pt; margin-top: 0pt; padding-left: 0pt; background-color: white; padding-top: 4.5px; line-height: 1.4; text-align: left; font-size: 10pt;">The following is a summary of the values by input classification of
the fund's investments as of <FONT style="padding-top: 0px; ">January 31, 2015</FONT>, by major security category or&nbsp;type:</P>

     <P style="margin-bottom: 0pt; margin-top: 0pt;text-align: left; margin: 0pt; padding: 0pt; ">
      <TABLE cellspacing="0" cellpadding="0" border="0" style=" font-size: 12pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; margin-top: 2pt; text-align: center; width: 100%; ">
       <TR>
        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 3.4%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 48.3%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 12.1%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 12.1%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 12.1%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 12.1%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>
       </TR>

        <TR cont_lvl="1" style="text-align: left; ">
         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="4" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; "><B>Total<BR>
           market value<BR>
           at <FONT style="padding-top: 0px; ">1-31-15</FONT></B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; "><B>Level 1<BR>
           quoted price</B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; "><B>Level 2<BR>
           significant<BR>
          observable<BR>
           inputs</B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; "><B>Level 3<BR>
           significant<BR>
          unobservable<BR>
           inputs</B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>Preferred securities</B></TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Consumer staples</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">$20,631,000</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">$20,631,000</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Financials</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">444,928,007</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">$444,928,007</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Industrials</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">3,458,700</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">3,458,700</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Telecommunication services</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">50,348,190</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">48,405,660</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">1,942,530</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Utilities</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">287,790,515</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">196,887,538</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">90,902,977</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>Common stocks</B></TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Energy</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">43,042,550</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">43,042,550</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Materials</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">2,101,250</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">2,101,250</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Telecommunication services</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">27,374,800</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">27,374,800</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Utilities</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">279,720,566</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">279,720,566</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>Short-term investments</B></TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>668,000</B></TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>668,000</B></TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>Total Investments in Securities</B></TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>$1,160,063,578</B></TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>$1,045,919,071</B></TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>$114,144,507</B></TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>Other Financial Instruments:</B></TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Futures</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">($4,100,467</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">)</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">($4,100,467</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">)</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="4" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Interest rate swaps</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">($1,782,198</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">)</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">($1,782,198</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">)</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&#151;</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>
        </TABLE>
     </P>

     <P style="margin-bottom: 0pt; margin-top: 0pt; padding-left: 0pt; background-color: white; padding-top: 4.5px; line-height: 1.4; text-align: left; font-size: 10pt;">Securities with market value of approximately $26,972,412 at the
beginning of the year were transferred from Level 1 to Level 2 during
the period since quoted prices in active markets for identical
securities were no longer available and securities were valued using
other significant observable inputs.</P>

     <P style="margin-bottom: 0pt; margin-top: 0pt; padding-left: 0pt; background-color: white; padding-top: 4.5px; line-height: 1.4; text-align: left; font-size: 10pt;"><B>Derivative instruments. </B>The fund may invest in derivatives in order to meet its investment
objectives. Derivatives include a variety of different instruments
that may be traded in the OTC market, on a regulated exchange or
through a clearing facility. The risks in using derivatives vary
depending upon the structure of the instruments, including the use of
leverage, optionality, the liquidity or lack of liquidity of the
contract, the creditworthiness of the counterparty or clearing
organization and the volatility of the position. Some derivatives
involve risks that are potentially greater than the risks associated
with investing directly in the referenced securities or other
referenced underlying instrument. Specifically, the fund is exposed
to the risk that the counterparty to an OTC derivatives contract will
be unable or unwilling to make timely settlement payments or
otherwise honor its obligations. OTC derivatives transactions
typically can only be closed out with the other party to the
transaction.</P>

     <P style="margin-bottom: 0pt; margin-top: 0pt; padding-left: 0pt; background-color: white; padding-top: 4.5px; line-height: 1.4; text-align: left; font-size: 10pt;"><B>Futures. </B>A futures contract is a contractual agreement to buy or sell a
particular currency or financial instrument at a pre-determined price
in the future. Risks related to the use of futures contracts include
possible illiquidity of the futures markets and contract prices that
can be highly volatile and imperfectly correlated to movements in the
underlying financial instrument. Use of long futures contracts
subjects the funds to the risk of loss up to the notional value of
the futures contracts. Use of short futures contracts subjects the
funds to unlimited risk of&nbsp;loss.</P>

     <P style="margin-bottom: 0pt; margin-top: 0pt; padding-left: 0pt; background-color: white; padding-top: 4.5px; line-height: 1.4; text-align: left; font-size: 10pt;">During the period ended <FONT style="padding-top: 0px; ">January 31, 2015</FONT>, the fund used futures contracts to manage against anticipated
interest rate changes. The following table summarizes the contracts
held at <FONT style="padding-top: 0px; ">January 31, 2015</FONT>.</P>
     </DIV>
   </DIV>

   <DIV style="  display: block; ">
    <P style="margin-top: 1pt; margin-bottom: 1pt; font-weight: normal; font-size: 8pt; text-align: left; ">6</P>
   </DIV>
  <HR>
   <P style="page-break-before:always; margin:0pt; margin-bottom: 28pt; line-height:10pt; font-family:Arial; font-size:8pt;"></P>
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   <DIV style="  display: block; ">
    <DIV style="margin-bottom: 0pt; margin-top: 0pt;font-weight: normal;  padding-left: 0pt; text-decoration: none; background-color: white; padding-top: 9px; line-height: 1.5; text-align: center; font-size: 12pt;">
     <P style="margin-bottom: 0pt; margin-top: 0pt;text-align: left; margin: 0pt; padding: 0pt; ">
      <TABLE cellspacing="0" cellpadding="0" border="0" style=" font-size: 12pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; margin-top: 2pt; text-align: center; width: 100%; ">
       <TR>
        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 26.4%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 11.4%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 11.4%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 11.3%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 11.4%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 11.4%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 16.6%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>
       </TR>

        <TR cont_lvl="1" style="text-align: left; ">
         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; font-weight: bold; "><B>Open contracts</B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; "><B>Number of<BR>
           contracts</B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; "><B>Position</B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; "><B>Expiration<BR>
          date</B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; "><B>Notional<BR>
          basis</B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; "><B>Notional<BR>
          value</B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; "><B>Unrealized<BR>
           appreciation<BR>
           (depreciation)</B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">10-Year U.S. Treasury Note Futures</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">860</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Short</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Mar 2015</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">($108,452,033</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">)</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">($112,552,500</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">)</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">($4,100,467</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">)</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>($4,100,467</B></TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>)</B></TD>
        </TR>
        </TABLE>
     </P>

     <P style="margin-bottom: 0pt; margin-top: 0pt; padding-left: 0pt; background-color: white; padding-top: 1px; line-height: 1.1; text-align: left; font-size: 8pt;">Notional basis refers to the contractual amount agreed upon at
inception of open contracts; notional value represents the current
value of the open contract.</P>

     <P style="margin-bottom: 0pt; margin-top: 0pt; padding-left: 0pt; background-color: white; padding-top: 4.5px; line-height: 1.4; margin-top: 8px; text-align: left; font-size: 10pt;"><B>Interest rate&nbsp;swaps.</B> Interest rate swaps represent an agreement between the fund and a
counterparty to exchange cash flows based on the difference between
two interest rates applied to a notional amount. The payment flows
are usually netted against each other, with the difference being paid
by one party to the other. The fund settles accrued net interest
receivable or payable under the swap contracts at specified, future
intervals. Swap agreements are privately negotiated in the OTC market
or may be executed on a registered commodities exchange (centrally
cleared swaps). Swaps are marked-to-market daily and the change in
value is recorded as unrealized appreciation/depreciation of swap
contracts. A termination payment by the counterparty or the fund is
recorded as realized gain or loss, as well as the net periodic
payments received or paid by the fund. The value of the swap will
typically impose collateral posting obligations on the party that is
considered out-of-the-money on the&nbsp;swap.</P>

     <P style="margin-bottom: 0pt; margin-top: 0pt; padding-left: 0pt; background-color: white; padding-top: 4.5px; line-height: 1.4; text-align: left; font-size: 10pt;">During the period ended <FONT style="padding-top: 0px; ">January 31, 2015</FONT>, the fund used interest rate swaps in anticipation of rising
interest rates. The following table summarizes the interest rate swap
contracts held as of <FONT style="padding-top: 0px; ">January 31, 2015</FONT>.</P>

     <P style="margin-bottom: 0pt; margin-top: 0pt;text-align: left; margin: 0pt; padding: 0pt; ">
      <TABLE cellspacing="0" cellpadding="0" border="0" style=" font-size: 12pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; margin-top: 2pt; text-align: center; width: 100%; ">
       <TR>
        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 19.6%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 15.6%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 19.1%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 20.0%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 12.9%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 12.7%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 0%">&nbsp;</TD>
       </TR>

        <TR cont_lvl="1" style="text-align: left; ">
         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; font-weight: bold; "><B>Counterparty</B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; "><B>USD notional<BR>
           amount</B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; "><B>Payments made<BR>
          by fund</B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; "><B>Payments received<BR>
          by fund</B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; "><B>Maturity<BR>
          date</B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>

         <TD colspan="1" style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; "><B>Market value</B></TD>

         <TD style="border-bottom: 1pt black solid; vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; font-size: 8pt; font-weight: bold; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Morgan Stanley<BR>
         Capital Services</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">$82,000,000</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Fixed 1.4625%</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">3 Month LIBOR&nbsp;(a)</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Aug 2016</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">($1,660,326</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">)</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Morgan Stanley<BR>
         Capital Services</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">82,000,000</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Fixed 0.8750%</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">3 Month LIBOR&nbsp;(a)</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Jul 2017</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">(121,872</TD>

         <TD style="background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">)</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; " width="0">&nbsp;</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: right; vertical-align: bottom; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>$164,000,000</B></TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD colspan="1" style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: bottom; background-color: white; color: black; padding-top: 2px; line-height: 1.2; text-align: center; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; text-indent: 0px; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>($1,782,198</B></TD>

         <TD style=" background-color: white; background-color: white; color: black; padding-top: 2px; line-height: 1.2; vertical-align: bottom; text-align: left; text-indent: 0px; white-space: nowrap; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>)</B></TD>
        </TR>
        </TABLE>
     </P>

     <P style="margin-bottom: 0pt; margin-top: 0pt; padding-left: 0pt; background-color: white; padding-top: 1px; line-height: 1.1; text-align: left; font-size: 8pt;">(a) At <FONT style="padding-top: 0px; ">1-31-15</FONT>, the 3-month LIBOR rate was&nbsp;0.2531%</P>

     <P style="margin-bottom: 0pt; margin-top: 0pt; padding-left: 0pt; background-color: white; padding-top: 4.5px; line-height: 1.4; margin-top: 8px; text-align: left; font-size: 10pt;">For additional information on the fund's significant accounting
policies, please refer to the fund's most recent semiannual or annual
shareholder report.</P>
    </DIV>
   </DIV>

   <DIV style="  display: block; ">
    <P style="margin-top: 1pt; margin-bottom: 1pt; font-weight: normal; font-size: 8pt; text-align: right; ">7</P>
   </DIV>
  <HR>
   <P style="page-break-before:always; margin:0pt; margin-bottom: 28pt; line-height:10pt; font-family:Arial; font-size:8pt;"></P>
  </DIV>

  <DIV style="display:block; width: 98%;">
   <DIV style="  display: block; ">
    <DIV style="margin-bottom: 0pt; margin-top: 0pt;font-weight: normal;  padding-left: 0pt; text-decoration: none; background-color: white; padding-top: 9px; line-height: 1.5; text-align: left; font-size: 12pt;">
     <P style="font-weight: normal; font-size: 26pt; padding-left: 0pt; background-color: #777777; color: white; padding-top: 0px; line-height: 1.1; margin-top: 0pt; text-align: left; background-color: ;">More information<BR>
     </P>
    </DIV>
   </DIV>

   <DIV style="  display: block; ">
    <DIV style="margin-bottom: 0pt; margin-top: 0pt;font-weight: normal;  padding-left: 0pt; text-decoration: none; background-color: white; padding-top: 9px; line-height: 1.5; text-align: left; font-size: 12pt;">
     <P style="margin-bottom: 0pt; margin-top: 0pt;text-align: left; margin: 0pt; padding: 0pt; ">
      <TABLE cellspacing="0" cellpadding="0" border="0" style=" font-size: 12pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; margin-top: 2pt; text-align: center; width: 100%; ">
       <TR>
        <TD style="font-size: 1pt; width: 13.1%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 39.3%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 47.6%; ">&nbsp;</TD>
       </TR>

        <TR style="text-align: left; ">
         <TD colspan="3" style="vertical-align: top; font-weight: bold; background-color: white; color: black; line-height: 1.5; margin-top: 0pt; text-align: left; font-size: 10pt; border-bottom: solid #ccc 1pt; "><B>How to contact us</B></TD>
        </TR>

        <TR style="text-align: left; ">
         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 6px; line-height: 1.5; text-align: left; font-size: 10pt; border-bottom: solid #ccc 1pt; "><B>Internet</B></TD>

         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 6px; line-height: 1.5; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; "><FONT style="font-weight: normal; text-decoration: none; background-color: white; color: black; padding-top: 0px; ">www.jhinvestments.com</FONT></TD>

         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 6px; line-height: 1.5; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 6px; line-height: 1.5; text-align: left; font-size: 10pt; border-bottom: solid #ccc 1pt; "><B>Mail</B></TD>

         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 6px; line-height: 1.5; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>Regular mail:</B><BR>
         John Hancock Signature Services, Inc.<BR>
         P.O. Box 55913<BR>
         Boston, MA 02205-5913</TD>

         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 6px; line-height: 1.5; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>Express mail:</B><BR>
         John Hancock Signature Services, Inc.<BR>
         30 Dan Road<BR>
         Canton, MA 02021</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 6px; line-height: 1.5; text-align: left; font-size: 10pt; border-bottom: solid #ccc 1pt; "><B>Phone</B></TD>

         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 6px; line-height: 1.5; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">Customer service representatives<BR>
         EASI-Line<BR>
         TDD line</TD>

         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 6px; line-height: 1.5; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; "><B>800-225-5291<BR>
          800-338-8080<BR>
          800-231-5469</B></TD>
        </TR>
        </TABLE>
     </P>
    </DIV>
   </DIV>

   <DIV style="  display: block; ">
    <DIV style="margin-bottom: 0pt; margin-top: 0pt;font-weight: normal;  padding-left: 0pt; text-decoration: none; background-color: white; padding-top: 9px; line-height: 1.5; text-align: left; font-size: 12pt;">
     <P style="margin-bottom: 0pt; margin-top: 0pt;text-align: left; margin: 0pt; padding: 0pt; ">
      <TABLE cellspacing="0" cellpadding="0" border="0" style=" font-size: 12pt; table-layout: auto; overflow: visible; padding-top: 0; padding-bottom: 0; vertical-align: bottom; margin-top: 2pt; text-align: center; width: 100%; ">
       <TR>
        <TD style="font-size: 1pt; width: 89.8%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 6.2%; ">&nbsp;</TD>

        <TD style="font-size: 1pt; width: 4.0%; ">&nbsp;</TD>
       </TR>

        <TR style="text-align: left; ">
         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 1px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 1px; line-height: 1.2; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">P2Q1</TD>

         <TD style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 1px; line-height: 1.2; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">01/15</TD>
        </TR>

        <TR style="text-align: left; ">
         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 1px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">This report is for the information of the shareholders of John
Hancock Premium Dividend Fund.</TD>

         <TD colspan="1" style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 1px; line-height: 1.2; text-align: left; font-size: 8pt; border-bottom: solid #ccc 1pt; ">&nbsp;</TD>

         <TD style="vertical-align: top; font-weight: normal; background-color: white; color: black; padding-top: 1px; line-height: 1.2; text-align: right; font-size: 8pt; border-bottom: solid #ccc 1pt; ">3/15</TD>
        </TR>
        </TABLE>
     </P>
    </DIV>
   </DIV>
  <hr>
   <p style="margin:0pt; margin-bottom: 28pt; line-height:10pt; font-family:Arial; font-size:8pt;"></p>
  </DIV>

<PAGE>
<DIV style="width:100%"><P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><FONT STYLE="font-size: 10pt">ITEM 2. &nbsp;CONTROLS AND PROCEDURES.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><FONT STYLE="font-size: 10pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon their evaluation
of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-Q, the registrant's
principal executive officer and principal accounting officer have concluded that those disclosure controls and procedures provide
reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed,
summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><FONT STYLE="font-size: 10pt">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no changes
in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><FONT STYLE="font-size: 10pt">ITEM 3. EXHIBITS.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><FONT STYLE="font-size: 10pt">Separate certifications for the registrant's principal
executive officer and principal accounting officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are
attached.</FONT></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>



<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<BR>

<P style="margin:0px; font-family:Arial" align=center><FONT STYLE="font-size: 10pt">SIGNATURES</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><FONT STYLE="font-size: 10pt">Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><FONT STYLE="font-size: 10pt">John Hancock Premium Dividend Fund</FONT></P>
<P style="margin:0px"><BR></P>
<BR>
<P style="margin:0px; margin-bottom:-16px; font-family:Arial"><FONT STYLE="font-size: 10pt">By: &nbsp;&nbsp;&nbsp;</FONT></P>
<P style="margin-top:0px; margin-bottom:-16px; font-family:Arial"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="margin:0px; margin-bottom:-16px; text-indent:48px; font-family:Arial"><FONT STYLE="font-size: 10pt">/s/ Andrew G. Arnott</FONT></P>
<P style="margin:0px; text-indent:48px; font-family:Arial"><FONT STYLE="font-size: 10pt">___________________________</FONT></P>
<P style="margin-top:0px; margin-bottom:-16px; font-family:Arial"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="margin:0px; text-indent:48px; font-family:Arial"><FONT STYLE="font-size: 10pt">Andrew G. Arnott</FONT></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-right:25.733px; font-family:Arial"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P style="margin:0px; padding-right:25.733px; text-indent:48px; font-family:Arial"><FONT STYLE="font-size: 10pt">President</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><FONT STYLE="font-size: 10pt">Date: &nbsp;&nbsp;&nbsp;March 12, 2015</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><FONT STYLE="font-size: 10pt">Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; margin-bottom:-16px; font-family:Arial"><FONT STYLE="font-size: 10pt">By: &nbsp;&nbsp;&nbsp;</FONT></P>
<P style="margin-top:0px; margin-bottom:-16px; font-family:Arial"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="margin:0px; margin-bottom:-16px; text-indent:48px; font-family:Arial"><FONT STYLE="font-size: 10pt">/s/ Andrew G. Arnott</FONT></P>
<P style="margin:0px; text-indent:48px; font-family:Arial"><FONT STYLE="font-size: 10pt">___________________________</FONT></P>
<P style="margin-top:0px; margin-bottom:-16px; font-family:Arial"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="margin:0px; text-indent:48px; font-family:Arial"><FONT STYLE="font-size: 10pt">Andrew G. Arnott</FONT></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-right:25.733px; font-family:Arial"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P style="margin:0px; padding-right:25.733px; text-indent:48px; font-family:Arial"><FONT STYLE="font-size: 10pt">President</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><FONT STYLE="font-size: 10pt">Date: &nbsp;&nbsp;&nbsp;March 12, 2015</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; margin-bottom:-16px; font-family:Arial"><FONT STYLE="font-size: 10pt">By: &nbsp;&nbsp;</FONT></P>
<P style="margin-top:0px; margin-bottom:-16px; font-family:Arial"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="margin:0px; margin-bottom:-16px; text-indent:48px; font-family:Arial"><FONT STYLE="font-size: 10pt">/s/ Charles A. Rizzo</FONT></P>
<P style="margin:0px; text-indent:48px; font-family:Arial"><FONT STYLE="font-size: 10pt">___________________________</FONT></P>
<P style="margin-top:0px; margin-bottom:-16px; font-family:Arial"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="margin:0px; text-indent:48px; font-family:Arial"><FONT STYLE="font-size: 10pt">Charles A. Rizzo</FONT></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-right:25.733px; font-family:Arial"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P style="margin:0px; padding-right:25.733px; text-indent:48px; font-family:Arial"><FONT STYLE="font-size: 10pt">Chief Financial
Officer</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial"><FONT STYLE="font-size: 10pt">Date: &nbsp;&nbsp;&nbsp;March 12, 2015</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>



<HR SIZE=5 COLOR=GRAY NOSHADE>


<P style="margin:0px"><BR>
<BR></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>d32145_ex99-cert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:100%"><P style="margin:0px"><BR></P>

<P style="margin:0px; font-family:Arial Narrow"><B><U>CERTIFICATION</U></B> </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">I, Andrew G. Arnott, certify that: </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">1. I have reviewed this report on Form N-Q of John Hancock Premium Dividend Fund (the &#147;registrant&#148;);
</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material
respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">4. The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as
defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting &nbsp;principles;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">(c) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report, based on such evaluation; and</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">(d) Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the
registrant&#146;s internal control over financial reporting; and</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">5. The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the
audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial
information; and</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant&#146;s internal control over financial reporting.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; padding-right:25.933px; text-indent:-24px; font-family:Arial Narrow">Date: <U>March 12, 2015
</U></P>
<P STYLE="Margin: 0px 0px -16px; Padding-Left: 288px; Padding-Right: 25.733px; Font-Family: Arial Narrow">/s/ Andrew G. Arnott</P>
<P style="margin:0px; padding-left:288px; padding-right:25.733px; font-family:Arial Narrow">_________________________</P>
<P style="margin:0px; padding-left:288px; padding-right:25.733px; font-family:Arial Narrow">Andrew G. Arnott</P>
<P style="margin:0px; padding-left:288px; padding-right:25.733px; font-family:Arial Narrow">President </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>



<HR SIZE=5 COLOR=GRAY NOSHADE>

<PAGE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow"><B><U>CERTIFICATION</U></B> </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">I, Charles A. Rizzo, certify that: &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">1. I have reviewed this report on Form N-Q of John Hancock Premium Dividend Fund (the &#147;registrant&#148;);
</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material
respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">4. The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as
defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting &nbsp;principles;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">(c) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report, based on such evaluation; and</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">(d) Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the
registrant&#146;s internal control over financial reporting; and</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">5. The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the
audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial
information; and</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial Narrow">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant&#146;s internal control over financial reporting.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; padding-right:25.933px; text-indent:-24px; font-family:Arial Narrow">Date: <U>March 12, 2015
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<P STYLE="Margin: 0px 0px -16px; Padding-Left: 288px; Padding-Right: 25.733px; Font-Family: Arial Narrow">/s/ Charles A. Rizzo</P>
<P style="margin:0px; padding-left:288px; padding-right:25.733px; font-family:Arial Narrow">_________________________</P>
<P style="margin:0px; padding-left:288px; padding-right:25.733px; font-family:Arial Narrow">Charles A. Rizzo</P>
<P style="margin:0px; padding-left:288px; padding-right:25.733px; font-family:Arial Narrow">Chief Financial Officer</P>
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</SEC-DOCUMENT>
