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<SEC-DOCUMENT>0000930413-08-001542.txt : 20080307
<SEC-HEADER>0000930413-08-001542.hdr.sgml : 20080307
<ACCEPTANCE-DATETIME>20080307160230
ACCESSION NUMBER:		0000930413-08-001542
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080307
DATE AS OF CHANGE:		20080307
EFFECTIVENESS DATE:		20080307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK GLOBAL FLOATING RATE INCOME TRUST
		CENTRAL INDEX KEY:			0001287480
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21566
		FILM NUMBER:		08674304

	BUSINESS ADDRESS:	
		STREET 1:		40 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-754-5336

	MAIL ADDRESS:	
		STREET 1:		40 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK VARIABLE RATE & INFLATION PROTECTED SECURITIES
		DATE OF NAME CHANGE:	20040416
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>c51804_ncsr.htm
<TEXT>
<HTML>

<HEAD><TITLE></TITLE></HEAD>
<BODY>


<P align="center">
<FONT face="serif">UNITED STATES </FONT><BR>
<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT face="serif">Washington, D.C. 20549 </FONT></P>
<P align="center">
<B><FONT face="serif">FORM N-CSR</FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT</FONT></B><BR>
<B><FONT face="serif">INVESTMENT COMPANIES</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Investment Company Act file number 811-21566</FONT></P>
<P align="left">
<FONT size=2 face="serif">Name of Fund: BlackRock Global Floating Rate Income Trust (BGT)</FONT></P>
<P align="left">
<FONT size=2 face="serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT></P>
<P align="left" style="text-indent:-8.0mm; margin-left:8.0mm;">
<FONT size=2 face="serif">Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Global Floating Rate Income Trust, 800&nbsp;Scudders Mill Road, Plainsboro, NJ,&nbsp;08536. Mailing address: P.O.&nbsp;Box&nbsp;9011, Princeton, NJ,&nbsp;08543-9011</FONT></P>
<P align="left">
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT></P>

<P align="left">
<FONT size=2 face="serif">Date of fiscal year end: 12/31/2007</FONT></P>

<P align="left">
<FONT size=2 face="serif">Date of reporting period: 01/01/2007 &#150; 12/31/2007</FONT></P>

<HR noshade align="center" width="100%" size=4>

<p style='page-break-before:always'></p><PAGE>

<P align="left">
<FONT size=2 face="serif">Item 1 &#150; Report to Stockholders</FONT></P>


<BR>
<HR WIDTH="100%" SIZE="4" noshade style="margin-top: -5px">
<HR WIDTH="100%" SIZE="1" noshade style="margin-top: -10px">

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="80%">
<TR style="font-size:1px">
<TD WIDTH="9%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="33%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>EQUITIES</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FIXED INCOME</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>REAL ESTATE</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>LIQUIDITY</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>ALTERNATIVES</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>BLACKROCK SOLUTIONS </FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP BGCOLOR=BLACK>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP BGCOLOR=BLACK>
<P>&nbsp;</P>
</TD>
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>

<TR style="font-size:3px">
<TD VALIGN=TOP BGCOLOR=BLACK>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P>&nbsp;</P>
</TD>

</tr>

<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=5 COLOR=WHITE FACE=ARIAL>BlackRock </FONT></P>
</TD>
<TD ROWSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><BR><FONT SIZE=2 FACE=ARIAL><IMG SRC="c51804001.jpg" ALT="(BLACKROCK LOGO)"></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=5 COLOR=WHITE FACE=ARIAL>Closed-End Funds</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=3 COLOR=WHITE FACE=ARIAL>ANNUAL REPORT | DECEMBER 31, 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP bgcolor=#7897C3>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP bgcolor=#7897C3>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>BlackRock Global Floating Rate Income Trust (BGT) </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4  COLOR=#1E5F95 FACE=ARIAL>BlackRock High Income Shares (HIS)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>BlackRock Preferred Opportunity Trust (BPP)</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>NOT FDIC INSURED </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>MAY LOSE VALUE </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>NO BANK GUARANTEE</FONT></P>
</TD>
</TR>
</table>
<BR>
<HR WIDTH="100%" SIZE="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" SIZE="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="92%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Table of Contents</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 COLOR=#1E5F95>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Page</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px" bgcolor=#E7ECF6>
<TD COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><A HREF="#A001">Letter to
 Shareholders</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>Annual Report:</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><A HREF="#A002">Trust Summaries</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Financial Statements:</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#A003">Portfolios of Investments</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#A004">Statements of Assets and
Liabilities</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#A005">Statements of Operations</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>20</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#A006">Statement of Cash Flows</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>21</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#A007">Statements of Changes in Net
Assets</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>22</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><A HREF="#A008">Financial
 Highlights</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>23</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><A HREF="#A009">Notes to
 Financial Statements</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>26</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><A HREF="#A010">Report of
 Independent Registered Public Accounting Firm</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>33</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><A HREF="#A011">The Benefits and
 Risks of Leveraging</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>34</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><A HREF="#A012">Dividend
 Reinvestment Plans</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>35</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><A HREF="#A013">BlackRock Privacy
 Principles</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>35</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><A HREF="#A014">Additional
 Information</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>36</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><A HREF="#A015">Section 19
 Notices</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>38</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><A HREF="#A016">Officers and
 Directors</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>39</FONT></P>
</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT;'><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL><A NAME="A001"></A>A Letter to Shareholders</FONT></P>
</TD>
</TR>
</table>
<BR>
<div style="border-left:solid black 1px;margin-left:13%">

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:2%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>Dear Shareholder</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Financial markets endured a
 heightened volatility during 2007, culminating in mixed results for some of
 the major benchmark indexes:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>Total Returns as
 of December 31, 2007</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:2%">
<TR style="font-size:1px">
<TD WIDTH="60%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>6-month</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>12-month</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>U.S. equities (S&amp;P 500 Index)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#150;1.37</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>+5.49</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Small cap U.S. equities (Russell 2000 Index)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#150;7.53</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#150;1.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>International equities (MSCI Europe, Australasia, Far East
 Index)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>+0.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>+11.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Fixed income (Lehman Brothers U.S. Aggregate Bond Index)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>+5.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>+6.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Tax-exempt fixed income (Lehman Brothers Municipal Bond
 Index)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>+3.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>+3.36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>High yield bonds (Lehman Brothers U.S. Corporate High
 Yield 2% Issuer Cap Index)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#150;0.67</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>+2.27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:2%">
<TR style="font-size:1px">
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Past performance is no guarantee of future results. Index
 performance shown for illustrative purposes only. You cannot invest directly
 in an index.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:2%">
<TR style="font-size:1px">
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Subprime mortgage woes dominated
 headlines for much of 2007, spawning a widespread liquidity and credit crisis
 with ramifications across global markets. The Federal Reserve Board (the
 &#147;Fed&#148;) stepped in to inject liquidity into the markets and bolster investor
 confidence, cutting the federal funds rate by 0.50% in September, 0.25% in
 October and 0.25% in December, which brought the target short-term interest
 rate to 4.25%. In taking action, the central bankers, who had long deemed
 themselves inflation fighters, were seeking to stem the fallout from the
 credit crunch and forestall a wider economic unraveling.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Amid the volatility, equity
 markets displayed surprising resilience. Market fundamentals generally held
 firm, dividend payouts and share buybacks continued, and valuations remained
 attractive. To some extent, the credit turmoil dampened corporate
 merger-and-acquisition (M&amp;A) activity, a key source of strength for
 equity markets, but 2007 remained a record year for global M&amp;A
 nonetheless. As the returns indicate, the most recent six months were more
 trying, reflecting the slowing U.S. economy, a troubled housing market and a
 more difficult corporate earnings backdrop. Overall, large cap stocks outperformed
 small caps as investors grew increasingly risk averse. International markets
 fared better than their U.S. counterparts, benefiting from generally stronger
 economies.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>In fixed income markets, mixed
 economic signals and subprime fallout resulted in a flight to quality.
 Investors shunned bonds associated with the housing and credit markets in
 favor of higher-quality Treasury issues. The yield on 10-year Treasury
 issues, which touched 5.30% in June (its highest level in five years), fell
 to 4.04% by year-end, while prices correspondingly rose. The tax-exempt bond
 market waffled amid the economic uncertainty and concerns around the credit
 worthiness of bond insurers, but set a new-issuance record in 2007. A drop in
 municipal bond prices created buying opportunities, and the heightened supply
 was generally well absorbed.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT FACE="ARIAL" SIZE="2">As you navigate the uncertainties
inherent in the financial markets, we encourage you to start the year by
reviewing your investment goals with your financial professional and making
portfolio changes, as needed. For more reflection on 2007 and our 10
predictions for 2008, please ask your financial professional for a copy of
&#147;What&#146;s Ahead in 2008: An Investment Perspective,&#148; or view it online at
<U>www.blackrock.com/funds</U>. As always, we thank you for entrusting BlackRock
with your investment assets, and we look forward to continuing to serve you
in the new year and beyond. </FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:2%">
<TR style="font-size:1px">
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Sincerely,</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><IMG SRC="c51804002.jpg" ALT="-s- Rob Kapito"></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Rob Kapito</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>President, BlackRock Advisors,
 LLC</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>THIS PAGE NOT PART OF YOUR TRUSTS
 REPORT</FONT></P>
</TD>
</TR>
</table>
</DIV>

<BR clear=all>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>1</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL><A NAME="A002"></A>Trust Summary as of December 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock Global
 Floating Rate Income Trust (BGT)</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Investment Objective</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The Trust&#146;s investment objective
 is to provide a high level of current income and to seek the preservation of
 capital.</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Trust Information</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
 <TD WIDTH="73%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="19%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Symbol on New York Stock
 Exchange:</font></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>BGT</font></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Initial Offering Date:</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>August 30, 2004</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing Market Price as
 of 12/31/07 ($15.78):<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>9.51%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly Distribution per
 Share:<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.125</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized Distribution
 per Share:<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$1.500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of 12/31/07:<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>37%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-3px><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:3px><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is calculated by dividing
 the current annualized distribution per share by the closing market price.
 Past performance does not guarantee future results.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style=margin-top:-3px><FONT FACE="ARIAL" SIZE="1"><SUP>2</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:3px><FONT SIZE=1 FACE=ARIAL>The distribution is not constant and is subject to change.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style=margin-top:-3px><FONT FACE="ARIAL" SIZE="1"><SUP>3</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:3px><FONT SIZE=1 FACE=ARIAL>As a percentage of managed assets (as defined in Note 2 of
 the Notes to Financial Statements).</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The table below summarizes the
 changes in the Trust&#146;s market price and net asset value per share:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="46%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face=arial><B>12/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face=arial><B>12/31/06</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face=arial><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face=arial><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 face=arial><B>Low</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$15.78</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$19.27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(18.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$20.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$14.80</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$17.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$19.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(7.33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$19.43</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$17.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The following unaudited charts
 show the portfolio composition of the Trust&#146;s long-term investments and
 credit quality allocations of the Trust&#146;s corporate bond investments:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:1px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Portfolio
Composition<SUP>4</SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="80%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Composition</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>12/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>12/31/06</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Media</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Foreign Government Bonds</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Energy</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Consumer Products</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Telecommunications</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Basic Materials</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Financial Institutions</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Health Care</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Entertainment &amp; Leisure</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Technology</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Industrials</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Building &amp; Development</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Automotive</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Containers &amp; Packaging</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Transportation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Real Estate</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Conglomerates</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Aerospace &amp; Defense</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="80%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-3px><FONT FACE="ARIAL" SIZE="1"><SUP>4</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P  style=margin-top:3px><FONT SIZE=1 FACE=ARIAL>For Trust compliance purposes, the Trust&#146;s sector and
 industry classifications refer to any one or more of the Standard Industry
 Codes as defined by the Securities and Exchange Commission (&#147;SEC&#148;). This
 definition may not apply for purposes of this report, which may combine
 sector and industry sub-classifications for reporting ease.</FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Corporate Bond
Breakdown<SUP>5</SUP></B></FONT></P>
 </TD>
  </TR>
</TABLE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="80%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>12/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>12/31/06</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>BBB/Baa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>39</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>BB/Ba</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>37</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>B</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>CCC/Caa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="80%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P  style=margin-top:-3px><FONT FACE="ARIAL" SIZE="1"><SUP>5</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P  style=margin-top:3px><FONT SIZE=1 FACE=ARIAL>Using the higher of Standard &amp; Poor&#146;s (&#147;S&amp;P&#148;),
 Moody&#146;s Investors Service (&#147;Moody&#146;s&#148;) or Fitch Ratings (&#147;Fitch&#148;) ratings.
 Corporate bonds represented approximately 21.1% and 21.6% of net assets on
 December 31, 2007 and December 31, 2006, respectively.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="49%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Trust Summary as of December 31, 2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock High Income
 Shares (HIS)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  COLOR=#1E5F95 SIZE=1 FACE=ARIAL><B>Investment Objective</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="85%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>The Trust&#146;s investment objective
 is to provide the highest current income and, to a lesser extent, seek
 capital appreciation, by investing in a diversified portfolio of below
 investment grade securities.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM COLSPAN=2 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Trust Information</B></FONT></P>
</TD>
</TR>
</table>


<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="73%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="19%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Symbol on New York Stock
 Exchange:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>HIS</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Initial Offering Date:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>August 10, 1988</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing Market Price as
 of 12/31/07 ($2.14):<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>10.21%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly Distribution per
 Share:<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.0182</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized Distribution
 per Share:<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.2184</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of 12/31/07:<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>25%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is calculated by dividing
 the current annualized distribution per share by the closing market price.
 Past performance does not guarantee future results.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>2</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>The distribution is not constant and is subject to change.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>3</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>As a percentage of managed assets (as defined in Note 2 of
 the Notes to Financial Statements).</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The table below summarizes the
 changes in the Trust&#146;s market price and net asset value per share:</FONT></P>
</TD>
</TR>
</TABLE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:12px">
 <TD WIDTH="36%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=right><FONT SIZE=1  FACE=ARIAL><B>12/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=right><FONT SIZE=1  FACE=ARIAL><B>12/31/06</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=right><FONT SIZE=1  FACE=ARIAL><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=right><FONT SIZE=1  FACE=ARIAL><B>High&nbsp;&nbsp;</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=right><FONT SIZE=1  FACE=ARIAL><B>Low&nbsp;&nbsp;</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$2.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$2.55</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(16.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$2.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$1.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$2.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$2.68</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(7.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$2.79</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$2.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The following unaudited charts
 show the portfolio composition and credit quality allocations of the Trust&#146;s
 corporate bond investments:</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM COLSPAN=2 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR=#1E5F95 SIZE=1 FACE=ARIAL><B>Portfolio
Composition<SUP>4</SUP></B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
 <TD WIDTH="67%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
  </TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Composition</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>12/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>12/31/06</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="7" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Telecommunications</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Media</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Energy</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Basic Materials</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Financial Institutions</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Consumer Products</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Health Care</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Technology</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Automotive</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Containers &amp; Packaging</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Industrials</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Entertainment &amp; Leisure</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Building &amp; Development</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Transportation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Aerospace &amp; Defense</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Real Estate</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Ecological Services &amp; Equipment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="7" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>4</SUP> </FONT> </P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>For Trust compliance purposes, the Trust&#146;s sector and
 industry classifications refer to any one or more of the Standard Industry
 Codes as defined by the SEC. This definition may not apply for purposes of
 this report, which may combine sector and industry sub-classifications for
 reporting ease.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM COLSPAN=2 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Corporate Bond Breakdown<SUP>5</SUP></B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
 <TD WIDTH="67%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
  </TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>12/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>12/31/06</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="7" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>BBB/Baa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>BB/Ba</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>B/B</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>54</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>62</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>CCC/Caa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Not Rated</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>5</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Using the higher of S&amp;P, Moody&#146;s or Fitch ratings.
 Corporate bonds represented approximately 122.0% and 134.0% of net assets on
 December 31, 2007 and December 31, 2006, respectively.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>3</FONT></P>
</TD>
</TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="46%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="53%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP nowrap>
<P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Trust Summary as
 of December 31, 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2 COLOR=#1E5F95 FACE=ARIAL><B>BlackRock Preferred Opportunity Trust (BPP)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Investment Objective</B></FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The Trust&#146;s investment objective
 is to seek high current income consistent with capital preservation.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Trust Information</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="73%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="19%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Symbol on New York Stock
 Exchange:</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>BPP</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Initial Offering Date:</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>February 28, 2003</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing Market Price as
 of 12/31/07 ($17.31):<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>8.67%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly Distribution per
 Share:<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.125</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized Distribution
 per Share:<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$1.500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of 12/31/07:<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>38%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is calculated by dividing
 the current annualized distribution per share by the closing market price.
 Past performance does not guarantee future results.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>2</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>The distribution is not constant and is subject to change.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>3</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>As a percentage of managed assets (as defined in Note 2 of
 the Notes to Financial Statements).</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The table below summarizes the
 changes in the Trust&#146;s market price and net asset value per share:</FONT></P>
</TD>
</TR>
</TABLE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:12px">
 <TD WIDTH="36%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
<TR style="font-size:1 px">
<TD COLSPAN="17" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" align="right" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>&nbsp;&nbsp;&nbsp;&nbsp;12/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>&nbsp;&nbsp;&nbsp;&nbsp;12/31/06</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" align="right" VALIGN=BOTTOM>
<P ALIGN=right><FONT SIZE=1  FACE=ARIAL><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>High&nbsp;&nbsp;</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Low&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="17" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$17.31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$26.31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(34.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$27.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$16.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$19.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$24.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(20.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$25.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$19.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="17" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>


<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The following unaudited charts
 show the portfolio composition and credit quality allocations of the Trust&#146;s
 long-term investments:</FONT></P>
</TD>
</TR>
</TABLE>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM COLSPAN=2 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR=#1E5F95 SIZE=1 FACE=ARIAL><B>Portfolio
Composition<SUP>4</SUP></B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
 <TD WIDTH="67%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
  </TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Corporate Portfolio Composition</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>12/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>12/31/06</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="7" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:.1IN;TEXT-INDENT:-.1IN'><FONT SIZE=2  FACE=ARIAL>Financial Institutions</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>83</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>75</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.1IN;TEXT-INDENT:-.1IN'><FONT SIZE=2  FACE=ARIAL>Energy</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:.1IN;TEXT-INDENT:-.1IN'><FONT SIZE=2  FACE=ARIAL>Media</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.1IN;TEXT-INDENT:-.1IN'><FONT SIZE=2  FACE=ARIAL>Real Estate</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:.1IN;TEXT-INDENT:-.1IN'><FONT SIZE=2  FACE=ARIAL>Telecommunications</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.1IN;TEXT-INDENT:-.1IN'><FONT SIZE=2  FACE=ARIAL>Basic Materials</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:.1IN;TEXT-INDENT:-.1IN'><FONT SIZE=2  FACE=ARIAL>Technology</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.1IN;TEXT-INDENT:-.1IN'><FONT SIZE=2  FACE=ARIAL>Building &amp; Development</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:.1IN;TEXT-INDENT:-.1IN'><FONT SIZE=2  FACE=ARIAL>Consumer Products</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:.1IN;TEXT-INDENT:-.1IN'><FONT SIZE=2  FACE=ARIAL>Industrials</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:.1IN;TEXT-INDENT:-.1IN'><FONT SIZE=2  FACE=ARIAL>U.S. Government and Agency Securities</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

</table>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>4</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>For Trust compliance purposes, the Trust&#146;s sector and
 industry classifications refer to any one or more of the Standard Industry
 Codes as defined by the SEC. This definition may not apply for purposes of
 this report, which may combine sector and industry sub-classifications for
 reporting ease.</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR=#1E5F95 SIZE=1 FACE=ARIAL><B>Preferred, Trust Preferred and
Corporate Bond Breakdown<SUP>5</SUP></B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
 <TD WIDTH="67%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
  </TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>12/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>12/31/06</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="7" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>AAA/Aaa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>AA/Aa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>A</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>39</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>41</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>BBB/Baa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>BB/Ba</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>B</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>CCC/Caa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>5</SUP> </FONT> </P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Using the higher of S&amp;P,
 Moody&#146;s or Fitch ratings.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="49%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="49%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE COLOR="#7897C3" ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#1E5F95" FACE=ARIAL>Portfolio of
 Investments</FONT><A NAME=A003></A><FONT  COLOR="#1E5F95" SIZE=2 FACE=ARIAL>&nbsp;as
 of December 31, 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP  nowrap >
<P><FONT SIZE=2 COLOR="#1E5F95" FACE=ARIAL><B>BlackRock Global Floating Rate Income Trust
 (BGT)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>(Percentages shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="64%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Principal<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>LONG-TERM
 INVESTMENTS&#151;151.3%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Corporate
 Bonds&#151;21.1%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Aerospace
 &amp; Defense&#151;0.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>616</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>DI Finance/DynCorp Intl., 9.50%, 2/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>644,490</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>

<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Automotive&#151;0.1%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>AutoNation, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>60</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.00%,
 4/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>56,850</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.243%,
 4/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>64,575</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Lear Corp., 8.75%, 12/01/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>91,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>120</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Metaldyne Corp., 10.00%, 11/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>99,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total Automotive</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>311,425</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Basic
 Materials&#151;3.8%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Abitibi-Consolidated, Inc., 8.491%, 6/15/11 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>790,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,040 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P><FONT SIZE=1 FACE=ARIAL>AbitibiBowater, Inc., 7.991%, 3/15/10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,777,350</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>970</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>AK Steel Corp., 7.75%, 6/15/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>974,850</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Alrosa Finance Ltd., 8.125%, 5/06/08 (Luxembourg)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,003,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>125</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>American Pacific Corp., 9.00%, 2/01/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>125,312</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Chemtura Corp., 6.875%, 6/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,400</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>CPG Intl. I, Inc., 10.50%, 7/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>85,050</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Domtar Corp., 7.125%, 8/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,600</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Freeport-McMoRan Copper &amp; Gold, Inc., 8.394%, 4/01/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>253,750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Hercules, Inc., 6.75%, 10/15/29</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>721,875</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Ineos Group Holdings Plc (United Kingdom)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>225 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.875%,
 2/15/16 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>274,683</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>430 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.50%,
 2/15/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>382,700</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>625 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Key Plastics LLC/Key Plastics Finance Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>11.75%,
 3/15/13</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500,000</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Lecta S.A., 8.58%, 2/15/08 (Luxembourg) (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,117,176</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500 </FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>NewPage Corp., 11.161%, 5/01/12</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,546,875</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,215 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Verso Paper
 Holdings LLC/Verson Paper, Inc.,<BR>
 8.661%, 8/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,184,625</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL>Total Basic Materials</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,766,246</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Building
 &amp; Development&#151;0.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000 </FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>Ainsworth Lumber Co. Ltd., 8.58%, 10/01/10 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>720,000</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Goodman Global Holding Co., Inc., 7.875%, 12/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,600</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL>Total Building &amp; Development</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>740,600</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Consumer
 Products&#151;1.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,100</FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Ames True
 Temper, Inc., 9.243%, 1/15/12</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>935,000</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>150</FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Avis Budget
 Car Rental LLC/Avis Budget Finance, Inc.,<BR>
 7.369%, 5/15/14</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>138,000</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>400 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3,4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Berkline
 BenchCraft LLC, 7.61%, 5/03/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  BGCOLOR="#E6E6E6">
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500 </FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>General
 Nutrition Centers, Inc., 10.01%, 3/15/14</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>472,500</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR >
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>380</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Lazy Days
 RV Center, Inc., 11.75%, 5/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>326,800</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>210</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Michaels
 Stores, Inc., 10.00%, 11/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>199,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>80</FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Quebecor
 World Capital Corp., 8.75%, 3/15/16 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>58,900</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Reynolds
 American, Inc., 7.625%, 6/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,125,992</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 Consumer Products</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,256,692</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Containers
 &amp; Packaging&#151;0.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL>Berry Plastics Holding Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.866%,
 9/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>467,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>110</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.875%,
 9/15/14</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>104,500</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>150</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Impress Holdings BV, 8.368%, 9/15/13 (Netherlands)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>145,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL>Total Containers &amp; Packaging</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>717,500</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Energy&#151;7.6%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>135</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL>Chaparral Energy, Inc., 8.50%, 12/01/15</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>121,500</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Compagnie Generale de Geophysique-Veritas (France)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.50%,
 5/15/15</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,875</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Principal<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Energy&#151;(cont&#146;d)</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.75%,
 5/15/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>505</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Foundation Pennsylvania Coal Co., 7.25%, 8/01/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>498,688</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,430</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Gazprom OAO, 9.625%, 3/01/13 (Germany)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,354,154</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Grant Prideco, Inc., 6.125%, 8/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>41,800</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>KCS Energy, Inc., 7.125%, 4/01/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>721,875</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Pemex Project Funding Master Trust,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,700</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.043%,
 10/15/09</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,036,550</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>404</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>9.375%,
 12/02/08</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>418,665</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>220</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>SemGroup LP, 8.75%, 11/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>209,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>300</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Whiting Petroleum Corp., 7.25%, 5/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>295,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Energy</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>31,819,107</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Entertainment
 &amp; Leisure&#151;0.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>130</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Greektown
 Holdings LLC, 10.75%, 12/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>126,425</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Wynn Las
 Vegas LLC/Wynn Las Vegas Capital Corp.,<BR>
 6.625%, 12/01/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,650</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 Entertainment &amp; Leisure</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>146,075</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Financial
 Institutions&#151;2.1%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>88</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>AES
 Ironwood LLC, 8.857%, 11/30/25</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>96,579</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>140</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>American
 Real Estate Partners LP/American Real Estate<BR>
 Finance Corp., 7.125%, 2/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>131,600</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>E*Trade
 Financial Corp., 12.50%, 11/27/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,375,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,501</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Marsico
 Parent Co. LLC, 10.625%, 1/15/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,508,505</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>515 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Marsico
 Parent Holdco LLC, 12.50%, 7/15/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>517,575</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>343 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Marsico
 Parent Superholdco LLC, 14.50%, 1/15/18</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>325,032</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>130 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Momentive
 Performance Materials, Inc., 11.50%, 12/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>112,450</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Rainbow
 National Services LLC, 8.75%, 9/01/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>771,562</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>TuranAlem
 Finance BV, 6.555%, 1/22/09 (Netherlands)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,760,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>300 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Universal
 City Florida Holding Co. I/II, 9.661%, 5/01/10</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>300,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 Financial Institutions</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,898,303</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Health
 Care&#151;0.8%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Angiotech
 Pharmaceuticals, Inc., 8.874%, 12/01/13<BR>
 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,662,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>ReAble
 Therapeutics Finance LLC/ReAble Therapeutics<BR>
 Finance Corp., 10.875%, 11/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,473,750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Tenet
 Healthcare Corp., 6.50%, 6/01/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>222,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 Health Care</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,358,750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Industrials&#151;0.1%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>60 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Goodyear Tire &amp; Rubber Co. (The), 8.663%, 12/01/09</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>60,450</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>125</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Park-Ohio Industries, Inc., 8.375%, 11/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>111,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>210</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Sunstate Equipment Co. LLC, 10.50%, 4/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>186,900</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Industrials</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>358,600</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Media&#151;1.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Affinion
 Group, Inc., 10.125%, 10/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,563</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Cablevision
 Systems Corp., 9.644%, 4/01/09</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>101,125</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>600</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Charter
 Communications Holdings II LLC/Charter<BR>
 Communications Holdings II Capital Corp.,<BR>
 10.25%, 9/15/10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>587,775</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>EchoStar
 DBS Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>135</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.375%,
 10/01/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>133,380</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,055</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.00%,
 10/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,065,550</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>230</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.125%,
 2/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>234,600</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Idearc,
 Inc., 8.00%, 11/15/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>229,375</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>350 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>ION Media
 Networks, Inc., 8.493%, 1/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>340,812</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>80</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Network
 Communications, Inc., 10.75%, 12/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>78,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>410</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Nielsen
 Finance LLC/Nielsen Finance Co., 10.00%,<BR>
 8/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>419,225</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt' colspan=6>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Portfolio Abbreviations</B></FONT></P>
 </TD>
 </TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>To simplify the listings of portfolio
holdings in the Schedule of Investments, the names of many of the securities
have been abbreviated according to the list on the right.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><B>CORTS</B> </FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Corporate Backed Trust Securities</FONT></P>
 </TD>
</TR>

<TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><B>EUR</B> </FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Euro</FONT></P>
 </TD>
</TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><B>EURIBOR</B> </FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Euro Interbank Offered Rate</FONT></P>
 </TD>
</TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><B>GBP</B> </FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>British Pound</FONT></P>
 </TD>
</TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><B>LIBOR</B> </FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>London Interbank Offerred Rate</FONT></P>
 </TD>
</TR>

<TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><B>MXN</B> </FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Mexican Peso</FONT></P>
 </TD>
</TR>

<TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><B>PPLUS</B> </FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Preferred Plus</FONT></P>
 </TD>
</TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><B>PRIME</B> </FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Prime Rate</FONT></P>
 </TD>
</TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><B>REIT</B> </FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Real Estate Investment Trust</FONT></P>
 </TD>
</TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1"><B>SATURNS</B> </FONT></P>
 </TD>
<TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>Structured Asset Trust Unit Repackagings</FONT></P>
 </TD>
</TR>
</TABLE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>5</FONT></P>
 </TD>
 </TR>
</table>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="49%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="44%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE COLOR="#7897C3" ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#1E5F95" FACE=ARIAL>Portfolio of
 Investments</font><FONT  COLOR="#1E5F95" size=2 FACE=ARIAL>&nbsp;as
 of December 31, 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 COLOR="#1E5F95" FACE=ARIAL><B>BlackRock Global Floating Rate Income Trust
 (BGT) (continued)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>(Percentages shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Principal<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Media&#151;(cont&#146;d)</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>R.H. Donnelley Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.875%,
 1/15/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>233,750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Ser. A,
 8.875%, 10/15/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>925,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total Media</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,399,555</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Real
 Estate&#151;1.3%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,350</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Rouse Co., 5.375%, 11/26/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,484,152</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Technology&#151;0.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Freescale Semiconductor, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.866%,
 12/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>85,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>180</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>9.125%,
 12/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>153,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Sanmina-SCI Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>55</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.75%,
 3/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>47,850</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>465</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.125%,
 3/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>412,106</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>SunGard Data Systems, Inc., 10.25%, 8/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,450</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>140</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Superior
 Essex Communications LLC/Essex Group, Inc.,<BR>
 9.00%, 4/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>134,400</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total Technology</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>852,806</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Telecommunications&#151;2.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,250</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Centennial Communications Corp., 10.98%, 1/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,278,125</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>310</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Cincinnati Bell, Inc., 7.25%, 7/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>310,775</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Intelsat Ltd. (Bermuda)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 11/01/08</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>74,063</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.25%,
 1/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,250</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>85</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.886%,
 1/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>85,212</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Intelsat
 Subsidiary Holding Co. Ltd., 8.625%,<BR>
 1/15/15 (Bermuda)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>201,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,755</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>iPCS, Inc.,
 7.036%, 5/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,654,087</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Nordic
 Telephone Co. Holdings ApS, 10.11%, 2/18/08<BR>
 (Denmark) (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,225,972</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>784</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Qwest
 Communications Intl., Inc., 8.369%, 2/15/09</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>784,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Qwest
 Corp., 8.241%, 6/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,550,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>150</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Wind
 Acquisition Finance S.A., 10.75%,<BR>
 12/01/15 (Luxembourg)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>163,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>977 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Windstream
 Regatta Holdings, Inc., 11.00%, 12/01/17</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>967,230</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 Telecommunications</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,344,214</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 Corporate Bonds</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>88,098,515</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Bank
 Loans&#151;112.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Aerospace
 &amp; Defense&#151;0.9%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,140</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Caci Intl.,
 Inc., LIBOR + 2.00%, 5/03/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,070,092</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>875</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>DI
 Finance/DynCorp Intl., Loan B, LIBOR + 2.25%, 1/31/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>840,082</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>973</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Wesco
 Aircraft Hardware Corp., First Lien Loan,<BR>
 LIBOR + 2.25%, 9/30/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>955,481</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 Aerospace &amp; Defense</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,865,655</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Automotive&#151;4.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>983</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>GPX Intl.
 Tire Corp., LIBOR + 2.50%, 3/31/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>707,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,132</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>IAP
 Worldwide Services, Inc., First Lien Loan,<BR>
 LIBOR + 3.00%, 12/31/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,002,918</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,990</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Kar
 Holdings, Loan B, LIBOR + 2.25%, 10/30/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,866,692</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,733</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Keystone
 Automotive Industries, Inc., Loan B,<BR>
 LIBOR + 3.50%, 1/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,567,912</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>863</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Mark IV
 Industries, Inc., First Lien Loan,<BR>
 LIBOR + 2.50%, 6/30/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>816,718</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Metaldyne
 Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>104</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>LIBOR +
 3.75%, 1/15/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>91,385</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>706</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>LIBOR +
 3.75%, 1/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>621,415</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Navistar Intl. Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,667</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>LIBOR +
 3.25%, 1/30/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,523,667</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,333</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Revolver
 Loan, Unfunded, 1/30/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,281,333</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,378</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Rent-A-Center, Inc., Loan B, LIBOR + 1.75%, 6/30/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,300,256</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Reynolds &amp; Reynolds Co.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>LIBOR +
 5.50%, 10/31/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,231,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,780</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Second Lien
 Loan, LIBOR + 2.00%, 10/31/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,685,763</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Automotive</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,696,709</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Principal<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Basic
 Materials&#151;6.9%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>709</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Algoma Steel, Inc., Loan B, LIBOR + 2.50%, 6/14/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>669,638</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Brenntag Holdings,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>393</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Acquisition
 Loan, EURIBOR + 2.50%, 1/18/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>373,746</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,607</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B2,
 LIBOR + 2.50%, 12/31/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,529,588</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B6,
 LIBOR + 2.00%, 9/15/14 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>697,520</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Second Lien
 Loan, EURIBOR + 2.50%, 12/31/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>951,667</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Cognis Group, LIBOR + 2.00%, 11/17/13 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,370,672</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>784</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Compass Minerals Group, Inc., LIBOR + 2.00%, 12/31/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>765,863</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Ineos Group Holdings Plc,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,728</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan A4,
 LIBOR + 2.25%, 12/16/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,646,084</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,733</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B2,
 LIBOR + 2.75%, 12/16/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,676,916</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,733</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan C2,
 LIBOR + 2.25%, 12/16/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,676,916</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,336</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Innophos, Inc., LIBOR + 2.25%, 8/15/10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,289,636</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Invista BV,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,328</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan
 Tranche B1, LIBOR + 1.75%, 4/29/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,250,915</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,234</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan
 Tranche B2, LIBOR + 1.75%, 4/29/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,193,152</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,027</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>John
 Maneely Co., Loan B, LIBOR + 3.25%, 12/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,794,236</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>193</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Kraton
 Polymers LLC, LIBOR + 2.50%, 5/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>182,433</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,858</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>MacDermid,
 Inc., LIBOR + 2.75%, 4/15/14 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,573,468</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,629</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Nalco Co.,
 Loan B, LIBOR + 2.00%, 11/04/10</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,599,323</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>NewPage,
 Loan B, LIBOR + 3.75%, 12/07/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,489,921</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>489</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pregis
 Corp., Loan B2, EURIBOR + 2.75%,<BR>
 10/15/12 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>689,567</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,790</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Rockwood
 Specialties Group, Inc., Loan E, LIBOR + 2.00%,<BR>
 7/30/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,686,333</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>473</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Solutia,
 Loan B, LIBOR + 3.00%, 3/31/08</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>470,797</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total Basic
 Materials</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28,578,391</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Building
 &amp; Development&#151;4.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>American
 Residential Services, Inc., Second Lien Loan,<BR>
 LIBOR, 4/17/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,980,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>196</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Armstrong
 World Industries, Inc., LIBOR + 2.00%, 10/12/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>192,822</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,234</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Beacon
 Roofing Supply, Inc., Loan B, LIBOR + 2.00%,<BR>
 10/31/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,110,938</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Brand
 Energy &amp; Infrastructure Services, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>496</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>First Lien
 Loan B, LIBOR + 2.25%, 2/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>468,129</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Second Lien
 Loan, LIBOR + 6.00%, 2/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>460,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Synthetic
 Letter of Credit, LIBOR + 2.25%, 2/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>475,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,475</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Building
 Materials Holding Corp., PRIME + 2.50%, 3/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,070,240</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Custom
 Building Products, Inc., Second Lien Loan,<BR>
 LIBOR + 5.00%, 4/30/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,410,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Euramax
 Intl., Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>480</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Second Lien
 Loan, LIBOR + 7.00%, 6/29/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>385,980</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>734</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Second Lien
 Loan, LIBOR + 7.00%, 7/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>587,368</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,990</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Hanley Wood
 LLC, LIBOR + 2.25%, 3/07/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,587,025</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Lafarge
 Roofing Holdings, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>600</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B1,
 LIBOR + 2.13%, 2/28/14 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>737,361</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>245</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B2,
 LIBOR + 2.13%, 2/28/14 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>301,089</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>230</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B4,
 LIBOR, 2/28/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>192,417</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>556</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan C1,
 LIBOR + 2.38%, 2/28/15 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>686,449</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>286</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan C2,
 LIBOR + 2.38%, 2/28/15 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>353,101</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>230</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan C4,
 LIBOR, 2/28/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>193,569</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>493</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Nacco
 Industries, Inc., Unfunded, 3/31/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>474,031</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>968</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Nortek,
 Inc., Loan B, PRIME + 2.25%, 8/27/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>894,938</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,272</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>United
 Subcontractors, Inc., First Lien Loan,<BR>
 LIBOR + 2.75%, 12/31/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,908,508</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 Building &amp; Development</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,468,965</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Conglomerates&#151;2.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Atlantis Plastics, Inc., Second Lien Loan,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>LIBOR + 9.00%, 9/30/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>400,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>605</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Blount Intl., Loan B, PRIME + 1.75%, 8/15/10</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>588,739</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,604</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Colfax Corp., LIBOR + 2.25%, 11/30/11 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,163,420</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Invensys Plc,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Loan A, LIBOR + 2.25%, 12/15/10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>969,167</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,783</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Loan B, LIBOR + 2.25%, 12/15/10 (GBP)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,462,976</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Conglomerates</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,584,302</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>6</FONT></P>

 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="48%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="44%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE COLOR="#7897C3" ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#1E5F95" FACE=ARIAL>Portfolio of
 Investments</font><FONT  COLOR="#1E5F95" size=2 FACE=ARIAL>&nbsp;as
 of December 31, 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL COLOR=#1E5F95><B>BlackRock
 Global Floating Rate Income Trust (BGT) (continued)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>(Percentages shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Principal<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Consumer
 Products&#151;10.3%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Aearo
 Technologies, Inc., Second Lien Loan,<BR>
 LIBOR + 6.50%, 9/30/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>990,625</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>983</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>24 Hour
 Fitness Worldwide, Inc., Loan B,<BR>
 LIBOR + 2.50%, 6/08/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>943,200</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>American
 Safety Razor Co., Second Lien Loan,<BR>
 LIBOR + 6.25%, 1/30/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>727,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>ARAMARK
 Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,487</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Letter of
 Credit, LIBOR + 2.00%, 1/26/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,362,032</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>178</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B,
 LIBOR + 2.13%, 1/26/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>168,817</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>446</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Arby&#146;s
 Restaurant Group, Inc., Loan B,<BR>
 LIBOR + 2.25%, 7/31/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>433,984</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>95</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Berkline
 BenchCraft, Loan B, PRIME + 3.00%, 10/31/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>56,821</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,042</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Brickman
 Group Ltd., LIBOR + 2.00%, 1/30/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>987,413</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>517</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Burlington
 Coat Factory Warehouse Corp., Loan B,<BR>
 LIBOR + 2.25%, 4/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>453,787</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Cenveo
 Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>32</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Delayed
 Draw Loan, LIBOR + 1.75%, 9/07/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30,325</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>954</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan C,
 LIBOR + 1.75%, 9/07/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>910,073</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>434</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Chiquita
 Brands Intl., Inc., Loan C, LIBOR + 2.50%, 6/28/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>423,880</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>746</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Claire&#146;s
 Stores, Inc., Loan B, LIBOR + 2.75%, 5/24/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>626,513</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,203</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Cracker
 Barrel, Loan B, LIBOR + 1.50%, 5/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,089,972</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Culligan
 Intl. Co., Second Lien Loan, LIBOR + 4.75%,<BR>
 4/24/13 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>950,333</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>993</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>David&#146;s
 Bridal, Inc., LIBOR + 2.00%, 1/30/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>913,100</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Deutsch
 Connectors, Second Lien Loan, LIBOR + 4.50%,<BR>
 2/11/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>452,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dole Food
 Co., Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>139</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Letter of
 Credit, LIBOR + 1.75%, 4/12/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>128,276</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>308</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>LIBOR +
 1.75%, 4/12/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>284,292</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,025</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan C,
 LIBOR + 1.75%, 3/31/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>947,640</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>DS Waters
 Holdings, Inc., Loan B, LIBOR, 3/31/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>950,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Fresh Start
 Bakeries, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>499</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>First Lien
 Loan, LIBOR + 2.50%, 9/30/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>473,812</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Second Lien
 Loan, LIBOR + 6.00%, 3/30/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>470,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>447</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>FTD, Inc.,
 LIBOR + 2.00%, 8/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>441,578</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Iglo Birds
 Eye (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B1,
 EURIBOR + 2.50%, 10/27/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>708,311</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan C1,
 EURIBOR + 3.00%, 10/27/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>711,444</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>382</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Mezzanine
 Loan, EURIBOR + 8.00%, 10/27/16 (GBP)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>759,617</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,453</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>JRD
 Holdings, Inc., LIBOR + 2.50%, 5/11/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,409,531</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>639</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Language
 Line, Inc., Loan B1, LIBOR + 3.25%, 6/14/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>615,378</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>571</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Latimer/Weetabix,
 LIBOR + 8.00%, 7/26/16 (GBP)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,108,696</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Le-Natures,
 Inc., Loan B, LIBOR + 3.00%, 9/30/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>517,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>882</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Mapco
 Express, Inc., LIBOR + 2.75%, 5/15/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>860,324</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,440</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Neiman-Marcus
 Group, Inc., LIBOR + 2.25%, 4/06/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,382,879</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Orchard
 Supply Hardware Stores Corp., Loan B2,<BR>
 LIBOR + 3.00%, 12/09/10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,395,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Oriental
 Trading Co.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>961</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>LIBOR +
 2.75%, 7/30/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>898,170</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Second Lien
 Loan, LIBOR + 5.50%, 1/30/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>465,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>OSI Food
 Co.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>890</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B,
 LIBOR + 2.25%, 5/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>813,164</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Revolver
 Loan, Unfunded, 5/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>68,734</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>OSI Foods
 GmbH &amp; Co., LIBOR + 2.25%, 9/15/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>720,326</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,688</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>OSI Group
 LLC, Loan B, LIBOR + 2.25%, 9/15/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,620,733</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>938</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>OSI-Holland
 Finance BV, LIBOR + 2.25%, 9/15/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>900,407</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>396</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>PETCO
 Animal Supplies, Inc., LIBOR + 2.00%, 10/31/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>378,593</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,047</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pierre
 Foods, Inc., Loan B, LIBOR + 2.00%, 7/15/10</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,019,086</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pivotal
 Promontory LLC, Second Lien Loan,<BR>
 PRIME + 6.50%, 9/15/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>375,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,691</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Prestige
 Brands Holdings, Inc., Loan B, LIBOR + 2.25%,<BR>
 4/07/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,654,409</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Rite Aid
 Corp., Loan 2, LIBOR + 1.75%, 6/04/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>466,875</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Principal<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ><FONT SIZE=1  FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Consumer
 Products&#151;(cont&#146;d)</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,470</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Roundy&#146;s
 Supermarkets, Inc., LIBOR + 3.00%, 11/15/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,438,451</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sturm
 Foods, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,365</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>LIBOR + 2.50%,
 1/30/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,209,454</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Second Lien
 Loan, LIBOR + 6.00%, 6/30/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>642,187</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>829</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Synventive
 Acquisition, Inc., Mezzanine Loan,<BR>
 LIBOR, 2/17/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>372,875</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,995</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Thomson
 Learning, Loan B, LIBOR + 2.75%, 6/30/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,883,059</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>371</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Warnaco, Inc.,
 Loan B, LIBOR + 1.50%, 1/31/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>362,938</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Wastequip,
 Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>289</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Delayed
 Draw Loan, LIBOR + 2.50%, 2/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>266,161</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>687</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B,
 LIBOR + 2.50%, 2/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>632,132</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 Consumer Products</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>42,872,907</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Containers
 &amp; Packaging&#151;3.6%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Bluegrass
 Container Co. LLC,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>364</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Delayed
 Draw Second Lien Loan, LIBOR + 5.00%,<BR>
 12/30/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>363,864</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>340</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>First Lien
 Loan, LIBOR + 2.25%, 6/30/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>336,728</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,137</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B,
 LIBOR + 2.25%, 6/30/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,125,381</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,136</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Second Lien
 Loan, LIBOR + 5.00%, 12/30/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,137,074</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Consolidated
 Container Co. LLC,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>496</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>First Lien
 Loan, LIBOR + 2.25%, 4/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>417,263</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Second Lien
 Loan, LIBOR + 5.50%, 10/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>385,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,450</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Georgia-Pacific
 Corp., First Lien Loan, LIBOR + 2.25%,<BR>
 12/20/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,332,094</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,960</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Graham
 Packaging Co. LP, Loan B, LIBOR + 2.25%,<BR>
 4/15/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,758,512</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Smurfit-Stone
 Container Enterprises, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>140</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B,
 LIBOR + 2.00%, 11/01/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>137,011</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B1,
 EURIBOR + 1.88%, 2/18/14 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,030,745</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:3px" ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 face=arial><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan C1,
 EURIBOR + 1.88%, 2/15/15 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,052,781</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,845</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Solo Cup,
 Inc., LIBOR + 2.00%, 2/27/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,822,631</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 Containers &amp; Packaging</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,899,084</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ecological
 Services &amp; Equipment&#151;0.7%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Envirosolutions,
 Inc., Initial Loan, LIBOR + 3.75%,<BR>
 7/15/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,880,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>495</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Global
 Geophysical, First Lien Loan, LIBOR + 3.50%,<BR>
 2/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>482,625</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Synagro
 Technologies, Inc., Second Lien Loan,<BR>
 LIBOR + 4.75%, 9/30/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>471,250</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 Ecological Services &amp; Equipment</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,833,875</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Energy&#151;9.7%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>AES Corp.,
 LIBOR + 2.25%, 4/30/08</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,479,375</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>498</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Astoria
 Generating Co. Acquisitions LLC, Loan B,<BR>
 LIBOR + 2.00%, 2/23/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>481,689</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Big West
 Oil LLC,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>550</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Delayed
 Draw Loan, LIBOR + 2.50%, 5/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>534,188</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>445</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>LIBOR +
 2.50%, 5/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>432,206</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Coffeyville
 Resources LLC,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,058</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan D,
 PRIME + 3.00%, 12/21/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,022,697</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>324</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Unfunded,
 12/21/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>313,581</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Coleto
 Creek Power,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>127</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Letter of
 Credit, LIBOR + 4.00%, 7/31/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>121,975</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,822</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B,
 LIBOR + 2.75%, 7/31/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,744,538</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dresser,
 Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>982</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B,
 LIBOR + 2.50%, 5/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>938,902</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Second Lien
 Loan, LIBOR + 5.75%, 5/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,417,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>ElectricInvest
 Holding Co. Ltd.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,800</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Junior
 Loan, LIBOR + 3.75%, 12/21/12 (GBP)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,350,180</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,787</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>LIBOR +
 6.50%, 12/21/12 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,482,480</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Flint,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>833</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B7,
 LIBOR + 2.25%, 12/20/14 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,139,485</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan B9,
 LIBOR + 2.25%, 12/20/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>935,250</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>833</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Loan C7,
 LIBOR + 3.00%, 12/20/15 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,144,968</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>7</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="48%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="44%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP NOWRAP>
<P><FONT SIZE=3 COLOR="#1E5F95" FACE=ARIAL>Portfolio of Investments<FONT   SIZE=2 COLOR="#1E5F95" FACE=ARIAL> as of December 31,
2007</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT FACE="ARIAL" SIZE=2 COLOR="#1E5F95"><B>BlackRock Global Floating Rate Income Trust
  (BGT) (continued)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>(Percentages shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL><B>Principal<BR>
  Amount<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Energy   &#151;(cont&#146;d)</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Generac
  Power Systems, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>First Lien
  Loan, PRIME + 6.00%, 5/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>606,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>990</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Second Lien
  Loan, PRIME + 2.50%, 11/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>883,928</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>MACH Gen
  LLC,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>70</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Letter of
  Credit, Unfunded, 2/22/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>66,375</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>673</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>LIBOR +
  2.00%, 2/22/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>635,209</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>990</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>McJunkin
  Corp., Loan B, LIBOR + 3.25%, 1/30/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>979,481</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>491</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>MEG Energy
  Corp., Loan B, LIBOR + 2.00%, 4/03/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>475,530</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>793</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Mirant NA
  LLC, Loan B, LIBOR + 1.75%, 1/05/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>757,476</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Northeast
  Energy,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>159</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Letter of
  Credit, LIBOR + 2.50%, 10/31/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>149,156</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,290</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  LIBOR + 2.50%, 10/31/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,214,142</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Second Lien
  Loan, LIBOR + 4.50%, 10/31/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>693,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Safenet,
  Inc., Second Lien Loan, LIBOR + 6.00%, 5/11/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,820,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,400</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>SandRidge
  Energy, Inc., LIBOR + 4.50%, 3/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,393,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Texas
  Competitive Electric Holdings Co., LLC,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,746</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B2,
  LIBOR + 3.50%, 10/10/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,712,896</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6,983</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B3,
  LIBOR + 3.50%, 10/10/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6,851,585</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>TPF
  Generation Holdings LLC,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>47</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Letter of
  Credit, LIBOR + 1.75%, 12/31/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>45,319</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>763</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  LIBOR + 2.00%, 12/31/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>732,693</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>151</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Revolver,
  Unfunded, 12/31/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>144,568</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,475</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Trinidad
  Energy Services Income Trust, LIBOR + 2.50%,<BR>
  4/15/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,452,875</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>924</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Western
  Refining, LIBOR + 1.75%, 3/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>876,192</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Wolf Hollow
  I LP,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>469</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  LIBOR + 2.25%, 6/15/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>433,973</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Second Lien
  Loan, LIBOR + 4.50%, 12/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>472,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Synthetic
  Letter of Credit, LIBOR + 2.25%, 6/15/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>370,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>100</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Synthetic
  Revolver Loan, LIBOR + 2.50%, 6/22/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>92,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Energy</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>40,398,412</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Entertainment &amp;
Leisure&#151;6.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>571</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Alpha III,
  Loan B1, LIBOR + 2.38%, 12/31/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>547,551</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>429</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Alpha III
  Formula 1, Loan B2, LIBOR + 2.375%, 12/31/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>410,663</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,107</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Cinemark,
  Inc., Loan B, LIBOR + 1.75%, 10/05/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,045,223</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>995</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Discovery
  Channel, Loan B, LIBOR + 2.00%, 5/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>962,165</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Golden
  Nugget, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>273</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Delayed
  Draw Loan, LIBOR + 2.25%, 5/21/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>256,364</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>477</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>First Lien
  Loan, LIBOR + 2.25%, 5/30/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>448,636</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Second Lien
  Loan, LIBOR + 3.25%, 11/30/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>905,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,668</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Greektown
  Holdings LLC, Loan B, LIBOR + 2.50%,<BR>
  12/15/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,584,331</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Green
  Valley Ranch Gaming LLC,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>478</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>First Lien
  Loan, LIBOR + 2.00%, 2/28/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>450,579</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Second Lien
  Loan, LIBOR + 3.25%, 8/30/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>902,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>HIT
  Entertainment Ltd.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,470</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>LIBOR +
  2.25%, 8/31/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,429,592</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Second Lien
  Loan, LIBOR + 5.50%, 2/26/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>950,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Hollywood
  Theaters, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,689</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>First Lien
  Loan, LIBOR + 3.25%, 8/01/09</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,654,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Second Lien
  Loan, LIBOR + 7.00%, 2/01/10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,450,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>715</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Kerasotes
  Theatres, Inc., Loan B, LIBOR + 2.75%,<BR>
  11/01/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>696,859</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Las Vegas
  Sands LLC,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Delayed
  Draw Loan, LIBOR + 1.75%, 5/04/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>467,955</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,990</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  LIBOR + 1.75%, 5/04/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,862,459</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,948</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Metro-Goldwyn-Mayer
  Studios, Inc., Loan B,<BR>
  LIBOR + 3.25%, 4/08/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,725,768</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>RHI
  Entertainment, Inc., Second Lien Loan,<BR>
  LIBOR + 3.25%, 4/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,940,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>726</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Riverside
  Casino &amp; Golf Resort LLC, Loan B,<BR>
  LIBOR + 3.50%, 11/15/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>719,022</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>743</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Time
  Warner, Inc., Loan B, LIBOR + 2.00%, 1/07/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>713,728</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Travelport,
  Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>47</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Letter of
  Credit, LIBOR + 3.00%, 8/31/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>44,360</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL><B>Principal<BR>
  Amount<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Entertainment &amp;
Leisure&#151;(cont&#146;d)</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>233</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>LIBOR +
  3.00%, 8/31/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>221,083</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>925</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Universal
  City Development Partners LP, Loan B,<BR>
  LIBOR + 2.00%, 6/09/11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>905,789</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Wembley, Inc.,</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>975</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>First Lien
  Loan, LIBOR + 2.00%, 8/31/11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>906,774</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Second Lien
  Loan, LIBOR + 3.75%, 8/23/12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,365,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>739</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Yellowstone
  Mountain Club, LIBOR + 2.38%, 10/15/10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>659,777</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Entertainment &amp; Leisure</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>27,226,153</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Financial
Institutions&#151;7.1%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>981</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Advantage
  Sales &amp; Marketing, Inc.,<BR>
  LIBOR + 2.00%, 4/15/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>927,124</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>998</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Alliant
  Insurance Services, Loan B,<BR>
  LIBOR + 3.00%, 10/23/14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>952,612</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>975</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Avio,
  Mezzanine Loan, LIBOR + 9.00%, 9/25/16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>953,192</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Bankruptcy
  Management,</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>988</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>LIBOR +
  3.00%, 7/30/11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>901,094</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>494</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Second Lien
  Loan, LIBOR + 6.25%, 7/30/12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>407,344</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>929</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>BNY
  Convergex Group LLC, First Lien Loan,<BR>
  LIBOR + 3.00%, 8/31/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>897,232</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>414</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>CCC
  Information Services Group, Inc., Loan B,<BR>
  LIBOR + 2.75%, 2/15/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>406,282</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>741</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Conseco,
  Inc., LIBOR + 2.00%, 5/31/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>679,221</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Enclave,
  Loan B, LIBOR, 3/01/12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,841,292</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>GS Holdings
  Corp.,</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>52</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Delayed
  Draw Loan, LIBOR + 1.75%, 5/15/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>49,412</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>78</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>LIBOR +
  1.75%, 5/15/11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>74,081</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>538</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>LIBOR +
  1.75%, 5/15/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>513,778</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>J.G.
  Wentworth LLC, First Lien Loan,<BR>
  LIBOR + 2.25%, 4/15/14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,206,875</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,300</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Jostens,
  Inc., Loan C, LIBOR + 2.00%, 12/21/11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,272,493</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>998</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Lucite Intl.
  Finance Plc, LIBOR + 9.85%, 7/14/14 (EUR)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,362,059</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Marsico TL,
  LIBOR + 3.00%, 11/14/14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>480,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Moeller
  Group, EURIBOR + 2.75%, 9/17/12 (EUR)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,835,769</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,915</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Owens
  Illinois Group, Inc., Loan B, LIBOR + 1.50%,<BR>
  6/30/13 (EUR)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,628,337</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>752</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Professional
  Service, Inc., Loan B, LIBOR + 3.00%,<BR>
  10/31/12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>737,014</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>495</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Renfro
  Corp., Delayed Draw Loan, LIBOR + 3.25%,<BR>
  9/30/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>464,989</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>RiskMetrics
  Group Holdings, LLC, Second Lien Loan,<BR>
  LIBOR + 5.50%, 6/15/14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>242,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,108</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Sedgewick
  Claims Management Services, Inc., Loan B,<BR>
  LIBOR + 2.00%, 2/28/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,073,234</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Tegrant
  Holding Corp., Second Lien Loan, LIBOR + 5.50%,<BR>
  3/15/15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>420,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,920</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>TPG Springs
  Ltd., Mezzanine Loan, 3/22/15 (EUR)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,603,638</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>United
  Biscuits (United Kingdom)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,651</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B1,
  LIBOR + 2.50%, 12/31/14 (GBP)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,086,965</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>535</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B2,
  LIBOR + 2.50%, 12/31/14 (EUR)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>731,375</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Financial Institutions</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>29,747,912</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Health Care&#151;7.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,898</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Arizant,
  Inc., LIBOR + 3.25%, 8/15/10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,839,888</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,494</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Cardinal
  Health, Inc., Loan B, LIBOR + 2.25%,<BR>
  4/15/14 (EUR)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,387,732</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>734</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>CCS
  Medical, Loan B, LIBOR + 13.0%, 10/31/12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>711,626</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Community
  Health Systems, Inc.,</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>186</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Delayed
  Draw Loan, Unfunded, 6/18/14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>178,403</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,691</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  LIBOR + 2.25%, 6/18/14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,547,246</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Emdeon
  Business Services, LLC, Second Lien Loan,<BR>
  LIBOR + 5.00%, 5/30/14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>480,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,985</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Health
  Management Associates, Inc., PRIME + 1.75%,<BR>
  2/15/14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,848,255</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,525</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>HealthSouth
  Corp., Loan B, LIBOR + 2.50%, 3/15/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,406,504</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Molnlycke
  Health Care Ltd. (EUR)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  EURIBOR + 2.00%, 3/30/15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,065,754</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<BR>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
</TD>
</TR>
<TR>
<TD>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:SOLID BLACK 1PX;BORDER-TOP:SOLID BLACK 1PX">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:SOLID BLACK 1PX;BORDER-TOP:SOLID BLACK 1PX">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 1PX">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP  STYLE="BORDER-TOP:SOLID BLACK 1PX">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
  REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER
  31, 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="48%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="44%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP NOWRAP>
<P><FONT SIZE=3 COLOR="#1E5F95" FACE=ARIAL>Portfolio of Investments<FONT   SIZE=2 COLOR="#1E5F95" FACE=ARIAL> as of December 31,
2007</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT FACE="ARIAL" SIZE=2 COLOR="#1E5F95"><B>BlackRock Global Floating Rate Income Trust
  (BGT) (continued)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>(Percentages shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL><B>Principal<BR>
  Amount<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Health
  Care&#151;(cont&#146;d)</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan C,
  EURIBOR + 2.25%, 3/30/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,075,502</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Second Lien
  Loan D, EURIBOR + 3.75%, 9/30/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>672,543</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>468</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>National
  Renal Institutes, Inc., Loan B, LIBOR + 2.25%,<BR>
  4/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>451,327</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Opica AB
  (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,187</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan C1,
  LIBOR + 2.38%, 3/20/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,708,033</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>171</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan C2,
  LIBOR + 2.38%, 3/20/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>246,327</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>142</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan C4,
  LIBOR + 2.38%, 3/20/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>204,905</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Quintiles
  Transnational Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>983</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>First Lien
  Loan, LIBOR + 2.25%, 3/31/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>944,838</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Second Lien
  Loan, LIBOR + 4.50%, 3/31/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>236,875</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>973</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Select
  Medical Corp., Loan B, LIBOR + 1.75%, 2/28/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>915,366</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,966</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>US
  Oncology, Inc., LIBOR + 2.75%, 6/30/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,880,926</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>978</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Vanguard
  Health Holding Co. II LLC, Replacement Loan,<BR>
  LIBOR + 2.25%, 9/30/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>943,503</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Warner
  Chilcott Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,494</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  LIBOR + 2.75%, 1/18/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,444,785</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>514</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan C,
  LIBOR + 2.75%, 1/18/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>496,946</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Health Care</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>30,687,284</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Industrials&#151;4.4%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,481</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Acosta,
  Inc., LIBOR + 2.25%, 8/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,410,891</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:6px" ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT;margin-top:6px'><FONT   SIZE=1 FACE=ARIAL>BAA
  Ferrovial, Junior Loan 2, LIBOR + 4.00%,<BR>
  9/30/11 (GBP)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,879,127</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Bolthouse
  Farms, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>983</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>First Lien
  Loan, LIBOR + 2.50%, 12/01/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>954,253</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Second Lien
  Loan, LIBOR + 5.50%, 12/16/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>494,375</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>222</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Chart
  Industries, Inc., Loan B, LIBOR + 2.00%, 10/15/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>217,778</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,575</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Drummond
  Co., Inc., LIBOR + 1.50%, 2/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,543,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,493</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Harland
  Clarke Holdings Corp., Loan B, LIBOR + 2.50%,<BR>
  3/12/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,334,295</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Kion Group,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  LIBOR + 2.00%, 3/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>238,665</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan C,
  LIBOR + 2.50%, 3/15/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>239,915</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan D,
  EURIBOR + 3.75%, 9/15/16 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>685,336</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Lincoln
  Industrial Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>271</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Delayed
  Draw Loan B, LIBOR + 2.50%, 6/18/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>265,936</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>724</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>First Lien
  Loan, LIBOR + 2.50%, 6/18/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>709,609</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Mivisa
  Envases S.A.U. (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>826</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B1,
  LIBOR, 5/03/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,147,596</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>174</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B2,
  LIBOR, 5/03/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>241,352</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,469</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Oshkosh
  Truck Corp., Loan B, LIBOR + 1.75%, 11/30/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,366,633</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Standard
  Steel LLC,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>83</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Delayed
  Draw Loan, Unfunded, 7/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>80,015</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>410</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  LIBOR + 2.50%, 7/15/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>396,052</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>990</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Stolle
  Machinery Co. LLC, First Lien Loan,<BR>
  LIBOR + 2.75%, 9/29/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>970,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,199</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Thermo
  Fluids, Inc., Loan B, LIBOR + 3.00%, 8/15/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,030,827</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,076</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Tinnerman
  Palnut Engineered Products, Inc.,<BR>
  LIBOR + 7.25%, 11/01/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,826,573</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Trimas
  Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>94</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Letter of
  Credit, LIBOR, 7/31/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>91,875</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>401</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  LIBOR + 2.75%, 7/31/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>393,148</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Industrials</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>18,517,951</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Media&#151;27.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>475</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Affinion
  Group, Inc., LIBOR + 6.25%, 3/01/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>437,396</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>American
  Media Operations, Inc., Loan B,<BR>
  LIBOR + 2.75%, 1/31/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>977,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,970</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Atlantic
  Broadband Finance LLC, Loan B2,<BR>
  LIBOR + 2.50%, 8/15/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,901,984</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Audio
  Visual Services Corp., Loan Second Lien,<BR>
  LIBOR + 5.50%, 9/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>950,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Bresnan
  Communications Group LLC, Second Lien Loan,<BR>
  LIBOR + 4.50%, 4/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>242,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,930</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Cablevision
  Systems Corp., Incremental Loan,<BR>
  LIBOR + 1.75%, 3/28/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,708,588</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL><B>Principal<BR>
  Amount<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Media&#151;(cont&#146;d)</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Casema
  Bidco, Loan C, EURIBOR + 3.00%,<BR>
  9/30/15 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,082,009</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Casema Kabelcom
  (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  LIBOR + 2.50%, 9/30/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,076,891</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>576</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B1,
  EURIBOR + 2.50%, 9/30/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>826,619</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>299</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B2,
  EURIBOR + 2.50%, 9/30/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>429,388</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>875</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan C,
  LIBOR + 3.00%, 9/30/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,262,003</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6,948</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Cequel
  Communications LLC, First Lien Loan,<BR>
  LIBOR + 2.00%, 11/05/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6,487,228</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>7,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Charter
  Communications Holdings LLC,<BR>
  LIBOR + 2.00%, 4/30/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6,534,234</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,493</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Cumulus
  Media, Inc., LIBOR + 1.75%, 5/21/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,430,312</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Dex Media
  West LLC/Dex Media Finance Co.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>618</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B1,
  LIBOR + 1.75%, 3/09/10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>601,715</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,114</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B2,
  LIBOR + 1.50%, 3/09/10</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,087,136</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>483</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Emmis
  Communications Corp., LIBOR + 2.00%,<BR>
  10/31/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>445,632</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Gatehouse
  Media Operating, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>592</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Delayed
  Draw Loan, LIBOR + 1.75%, 9/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>503,508</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,386</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  LIBOR + 2.00%, 9/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,179,375</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Gray
  Television, Inc., Delayed Draw Loan,<BR>
  LIBOR + 1.50%, 9/18/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,857,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>HMH
  Publishing,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>364</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Bridge
  Loan, LIBOR + 4.00%, 5/15/09</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>347,727</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,636</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan A, LIBOR
  + 4.00%, 11/14/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,521,023</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6,750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Mezzanine
  Loan, LIBOR + 8.50%, 11/14/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6,412,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4,950</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Idearc,
  Inc., Loan B, LIBOR + 2.00%, 11/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4,709,252</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>KDG Media
  Technologies AG, Loan A, LIBOR + 2.00%,<BR>
  3/31/12 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,589,681</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>498</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Knology,
  First Lien Loan, LIBOR + 2.25%, 3/15/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>475,113</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,493</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Liberty
  Cablevision of Puerto Rico Ltd., LIBOR + 2.25%,<BR>
  5/21/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,412,278</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,485</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Mediacom
  Broadband LLC, Loan D1, LIBOR + 1.75%,<BR>
  1/31/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,370,973</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,289</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Mediacom
  Communications Corp., Loan A,<BR>
  LIBOR + 1.50%, 3/31/10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,212,030</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,955</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Mediacom
  Illinois LLC, Loan C, LIBOR + 1.75%, 1/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,818,382</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,902</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Mission
  Broadcasting, Inc., Loan B, LIBOR + 1.75%,<BR>
  8/14/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,816,536</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>356</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Multicultural
  Radio Broadcasting, Inc., LIBOR + 2.50%,<BR>
  12/15/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>348,880</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>National
  CineMedia, Inc., Loan B, LIBOR + 1.75%, 2/28/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>937,188</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>New Wave
  Communications,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>936</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan A,
  LIBOR + 3.25%, 6/20/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>921,714</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>237</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan Z,
  LIBOR + 3.25%, 6/20/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>233,445</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,801</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Nexstar
  Finance, Inc., Loan B, LIBOR + 1.75%, 8/14/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,720,017</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,456</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Nielsen
  Finance LLC/Nielsen Finance Co., Loan B,<BR>
  LIBOR + 2.25%, 8/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,272,408</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>NTL
  Investment Holding Ltd. (GBP)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,116</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B1,
  LIBOR + 2.13%, 9/03/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,102,798</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,169</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B2,
  LIBOR + 2.13%, 9/03/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,202,929</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan C,
  LIBOR + 2.75%, 3/03/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,814,211</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>NV
  Broadcasting, Second Lien Loan, LIBOR + 6.50%,<BR>
  10/26/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,402,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>PagesJaunes
  Groupe SA (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B2,
  EURIBOR + 2.75%, 1/11/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,395,445</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan C,
  EURIBOR + 2.75%, 1/11/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,395,445</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan D,
  EURIBOR + 4.25%, 1/11/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>690,819</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Penton
  Media, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,117</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>First Lien
  Loan, LIBOR + 2.25%, 2/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,007,698</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Second Lien
  Loan, LIBOR + 5.00%, 2/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>850,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>ProSieben
  (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B1,
  LIBOR + 2.38%, 6/30/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>642,693</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan C1,
  LIBOR + 2.88%, 6/30/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,292,697</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Puerto Rico
  Cable Acquisition Co., Second Lien Loan,<BR>
  LIBOR + 6.25%, 7/31/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>690,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>737</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Quebecor
  Media, Inc., Loan B, LIBOR + 2.00%, 1/12/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>716,611</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
</TD>
</TR>
<TR>
<TD>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:SOLID BLACK 1PX;BORDER-TOP:SOLID BLACK 1PX">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:SOLID BLACK 1PX;BORDER-TOP:SOLID BLACK 1PX">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 1PX">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP  STYLE="BORDER-TOP:SOLID BLACK 1PX">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
  REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER
  31, 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>9</FONT></P>
</TD>
</TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="48%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="44%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP NOWRAP>
<P><FONT SIZE=3 COLOR="#1E5F95" FACE=ARIAL>Portfolio of Investments<FONT   SIZE=2 COLOR="#1E5F95" FACE=ARIAL> as of December 31,
2007</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT FACE="ARIAL" SIZE=2 COLOR="#1E5F95"><B>BlackRock Global Floating Rate Income Trust
  (BGT) (continued)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>(Percentages shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL><B>Principal<BR>
  Amount<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Media&#151;(cont&#146;d)</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,769</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>R.H.
  Donnelley, Inc., Loan D2, LIBOR + 1.50%, 6/30/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,710,358</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>995</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>RCN Corp.,
  Loan B, LIBOR + 2.25%, 5/24/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>940,897</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>TDC (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>912</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  EURIBOR + 2.75%, 11/12/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,302,236</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,092</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan C2,
  EURIBOR + 3.25%, 11/12/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,566,628</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Univision
  Communications, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,933</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>LIBOR +
  2.25%, 9/30/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,401,400</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  LIBOR + 2.50%, 3/31/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>975,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>309</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Second Lien
  Loan, Unfunded, 9/30/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>281,068</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>UPC
  Broadband Holding BV (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,767</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan M1,
  LIBOR + 2.00%, 12/31/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,191,166</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4,069</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan M2,
  LIBOR + 2.00%, 12/31/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,607,552</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,885</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>WMG
  Acquisition Corp., LIBOR + 2.00%, 4/08/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,798,790</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Yell Group
  Plc, Loan B, LIBOR + 1.75%, 2/15/13 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,502,393</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total Media</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>113,621,999</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Real Estate&#151;1.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Georgian
  Towers, Loan B5, LIBOR + 2.50%, 3/01/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,766,218</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,313</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Headwaters,
  Inc., LIBOR + 3.25%, 4/30/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,260,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Masonite
  Intl. Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>243</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>LIBOR +
  2.00%, 3/31/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>220,195</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>243</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  LIBOR + 2.00%, 3/31/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>220,570</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,990</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Realogy
  Corp., LIBOR + 3.00%, 9/22/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,732,407</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total Real
  Estate</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,199,390</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Technology&#151;5.1%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>465</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Activant
  Solutions, Inc., Loan B, LIBOR + 2.00%, 4/30/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>434,613</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>735</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Affiliated
  Computer Services, Inc., Loan B,<BR>
  LIBOR + 2.00%, 3/31/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>713,409</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Alliance
  Data, First Lien Loan B2, Unfunded,<BR>
  12/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,790,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,460</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>ClientLogic
  Corp., LIBOR + 2.50%, 1/30/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,303,220</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Electrical
  Components Intl. Holdings Co.,<BR>
  Second Lien Loan, LIBOR + 2.50%, 5/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>430,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,746</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>First Data
  Corp., Loan B1, LIBOR + 2.75%, 9/24/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,654,962</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Flextronics
  Intl. Ltd.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>557</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Delayed
  Draw Loan A, LIBOR + 2.25%, 10/01/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>542,725</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,942</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  LIBOR + 2.25%, 10/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,893,415</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Intergraph
  Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>419</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>First Lien
  Loan, LIBOR + 2.50%, 5/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>401,943</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Second Lien
  Loan, LIBOR + 6.00%, 11/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>736,406</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>987</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Marvell
  Technology Group Ltd., Loan B, LIBOR + 2.00%,<BR>
  11/15/09</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>957,269</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>RedPrairie
  Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>985</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  PRIME + 3.25%, 7/31/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>960,375</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,250</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Second Lien
  Loan, LIBOR + 6.75%, 1/31/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,200,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,592</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>San Juan
  Cable, LIBOR + 2.25%, 3/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,479,198</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Sensata
  Technologies BV,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,478</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>EURIBOR +
  2.00%, 4/30/13 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,042,065</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>978</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  LIBOR + 1.75%, 4/30/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>926,584</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,438</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>SunGard
  Data Systems, Inc., Loan B, LIBOR + 2.00%,<BR>
  2/11/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,351,279</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>244</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Wire Rope
  Corp., LIBOR + 2.25%, 1/30/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>236,584</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Technology</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>21,054,047</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95"
FACE=ARIAL><B>Telecommunications&#151;8.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>393</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Cavalier
  Telephone Corp., Loan B, LIBOR + 4.75%,<BR>
  11/30/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>341,923</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,169</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Centennial
  Cellular Operating Co., LIBOR + 2.00%, 2/09/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,109,012</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Country
  Road Communications LLC, Second Lien Loan,<BR>
  LIBOR + 7.75%, 6/30/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>492,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Eircom
  Group Plc (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B,
  LIBOR + 2.50%, 9/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4,194,112</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan C,
  LIBOR + 3.00%, 9/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4,216,578</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan D,
  EURIBOR + 4.25%, 3/15/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,408,848</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Hargray
  Communications, Inc., Second Lien Loan,<BR>
  LIBOR + 5.25%, 12/31/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>480,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL><B>Principal<BR>
  Amount<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Telecommunications&#151;(cont&#146;d)</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Insight
  Midwest Holdings LLC, Loan B, Unfunded,<BR>
  4/03/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,855,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Iowa
  Telecommunications Services, Inc., Loan B,<BR>
  LIBOR + 1.75%, 11/30/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,936,250</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>IPC
  Systems, Inc., Second Lien Loan, LIBOR + 5.50%,<BR>
  5/25/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>790,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>NG
  Wireless,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>140</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Delayed
  Draw Loan, Unfunded, 7/31/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>138,269</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>610</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>First Lien
  Loan, PRIME + 2.75%, 7/31/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>600,481</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,695</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>NTELOS,
  Inc., First Lien Loan, LIBOR + 2.25%, 2/24/10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,670,901</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>441</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Triton PCS,
  Inc., LIBOR + 3.25%, 11/18/09</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>439,182</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,970</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>West Corp.,
  Loan B2, LIBOR + 2.38%, 10/31/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,824,152</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Wind
  Acquisition Finance S.A. (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,029</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan A1,
  LIBOR + 2.25%, 6/17/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,474,836</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>279</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan A2,
  LIBOR + 2.25%, 6/17/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>399,603</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B1,
  EURIBOR + 2.75%, 7/31/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,882,859</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan C1,
  EURIBOR + 3.25%, 7/31/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,895,652</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Telecommunications</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>33,150,158</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Transportation&#151;3.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Dockwise
  Transport N.V.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B1,
  LIBOR + 2.38%, 4/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>960,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>733</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B2,
  LIBOR + 2.38%, 4/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>703,812</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan C,
  LIBOR + 2.88%, 4/15/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>965,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>733</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan C2,
  LIBOR + 2.88%, 4/15/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>707,478</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>650</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan D,
  LIBOR + 4.50%, 1/11/17</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>621,563</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan D2,
  LIBOR + 4.50%, 1/11/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>956,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Hawker
  Beechraft Acquisition Co.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>78</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Letter of
  Credit, Unfunded + 2.00%, 3/31/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>74,016</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>915</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>LIBOR +
  2.00%, 3/31/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>868,174</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Jacobson
  Holding Co., Second Lien Loan,<BR>
  LIBOR + 5.50%, 12/31/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>770,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>RailAmerica,
  Inc., Loan B, LIBOR + 2.25%, 10/15/08</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,710,625</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>322</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Sirva
  Worldwide, Inc., LIBOR + 2.50%, 12/01/10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>204,388</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,477</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Swift
  Transportation Co., Inc., LIBOR + 3.00%, 5/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,207,238</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>U.S.
  Airways, Loan B, LIBOR + 2.50%, 3/31/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,838,056</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,076</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>United Air
  Lines, Inc., Loan B, LIBOR + 2.00%, 1/30/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,002,616</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Transportation</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>12,589,216</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total Bank
  Loans</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>468,992,410</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Foreign Government
Bonds&#151;17.6%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,840</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Argentina
  Republic, 4.005%, 8/03/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,169,600</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Federative
  Republic of Brazil,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>475</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.25%,
  6/17/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>584,250</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=bottom>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>9,435 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.58%,
  6/29/09</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>10,119,038</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,600</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Islamic
  Republic of Pakistan, 6.75%, 2/19/09</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,550,443</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>800</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Malaysia,
  8.75%, 6/01/09</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>842,759</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Republic of
  Chile, 6.875%, 4/28/09</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,488,560</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=bottom>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,200</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></font></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Republic of
  Colombia, 8.541%, 3/17/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,296,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,200</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Republic of
  Costa Rica, 9.335%, 5/15/09</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,355,200</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Republic of
  Panama, 8.25%, 4/22/08</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,022,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Republic of
  Peru,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=bottom>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,152</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>6.44%,
  3/07/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,100,480</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.125%,
  1/15/08</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,400,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,400</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Republic of
  South Africa, 7.375%, 4/25/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,598,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Republic of
  the Philippines, 8.875%, 4/15/08</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,429,659</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>950</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Republic of
  Uruguay, 6.875%, 1/19/16 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,435,825</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Republic of
  Venezuela,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=bottom>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>6.18%,
  4/20/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,612,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>11.00%,
  3/05/08 (EUR)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,943,107</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,735</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Turkey,
  7.00%, 9/26/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,892,263</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Ukraine,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=bottom>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,800 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>6.875%,
  3/04/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,849,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD  VALIGN=bottom BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>16,100 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.693%,
  8/05/09</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>16,542,750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>United
  Mexican States,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD  VALIGN=bottom BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4,800 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD  VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>5.943%,
  1/13/09</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4,809,600</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>13,520</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.00%,
  12/22/11 (MXN)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,282,754</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Foreign Government Bonds</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>73,323,788</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
</TD>
</TR>
<TR>
<TD>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:SOLID BLACK 1PX;BORDER-TOP:SOLID BLACK 1PX">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-RIGHT:SOLID BLACK 1PX;BORDER-TOP:SOLID BLACK 1PX">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 1PX">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP  STYLE="BORDER-TOP:SOLID BLACK 1PX">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
  REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER
  31, 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="48%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="44%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP nowrap>
<P><FONT SIZE=3 COLOR="#1E5F95" FACE=ARIAL>Portfolio of
  Investments <FONT SIZE=2 COLOR="#1E5F95" FACE=ARIAL>as of December 31, 2007</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 COLOR="#1E5F95" FACE=ARIAL><B>BlackRock Global Floating Rate Income Trust
  (BGT) (concluded)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>(Percentages shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Common Stocks&#151;0.1%</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>6,155</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3,4,6</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P><FONT SIZE=1 FACE=ARIAL>Berkline BenchCraft, Class B</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=bottom>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>947</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Critical Care Systems Intl., Inc.</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>318</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>121,011</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>E*Trade Financial Corp.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>429,589</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total Common Stocks</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>429,907</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Preferred Stock&#151;0.0%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>100</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Marsico Parent Superholdco LLC, 16.75%,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>94,758</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Total Long-Term Investments<BR>
  (cost $644,394,541)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>630,939,378</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
 <TR>
 <TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL><B>Principal<BR>
  Amount<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>SHORT-TERM
INVESTMENT&#151;2.0%</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>U.S. Government and
Agency Discount Notes&#151;2.0%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>8,500 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Federal
  Home Loan Bank Disc. Note, 3.254%,<BR>
  1/14/08 (cost $8,490,024)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8,490,024</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
 <TR>
 <TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL><B>Contracts</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT FACE="ARIAL" COLOR="#1E5F95" SIZE="1"><B>OUTSTANDING OPTION
PURCHASED&#151;0.0%</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>26</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>6,7</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Marsico Parent
  Superholdco LLC, expires 12/14/19,<BR>
  strike price $942.86 (cost $25,422)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>25,549</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Total Investments&#151;153.3% (cost
  $652,909,987<SUP>8</SUP>)</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>639,454,951</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Other assets in excess of
  liabilities&#151;5.1%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>21,255,627</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL><B>Auction Preferred Shares at redemption value,
including dividends<BR>
  payable&#151;(58.4)%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(243,624,472</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Net Assets Applicable to Common
  Shareholders&#151;100%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL><B>417,086,106</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="4" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Variable rate security. Rate shown is interest rate as of
  December 31, 2007.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>2</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Security is not registered under the Securities Act of
  1933. These securities may be resold in transactions in accordance with Rule
  144A under that Act, to qualified institutional buyers. As of December 31,
  2007, the Trust held 9.3% of its net assets, with a current market value of
  $38,728,208 in securities restricted as to resale.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>3</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Security is fair valued.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>4</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Issuer is in default and/or bankruptcy.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>5</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Rate shown is the yield to maturity as of the date of
  purchase.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>6</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Non-income producing security.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>7</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Illiquid security. As of December 31, 2007, the Trust held
  0.0% of its net assets, with a current market value of $25,549, in these
  securities.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>8</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Cost for federal income tax purposes is $652,979,919. The
  net unrealized depreciation on a tax basis is $13,524,968, consisting of
  $12,149,631 gross unrealized appreciation and $25,674,599 gross unrealized
  depreciation.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>For Trust compliance purposes, the Trust&#146;s sector and
  industry classifications refer to any one or more of the Standard Industry
  Codes as defined by the SEC. This definition may not apply for purposes of
  this report, which may combine sector and industry sub-classifications for
  reporting ease.</FONT></P>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT  SIZE=1 FACE=ARIAL>11</FONT></P>
 </TD>
 </TR>
</table>
<BR>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="65%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="35%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#1E5F95" FACE=ARIAL>Portfolio of Investments<FONT size=2  FACE=ARIAL> as of December 31, 2007</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 COLOR="#1E5F95" FACE=ARIAL><B>BlackRock
  High Income Shares (HIS)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>(Percentages
  shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL><B>Principal<BR>
  Amount<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>LONG-TERM
INVESTMENTS&#151;131.9%</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Corporate
Bonds&#151;122.0%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT FACE="ARIAL" COLOR="#1E5F95" SIZE="1"><B>Aerospace &amp;
Defense&#151;2.0%</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,820</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>DI
  Finance/DynCorp Intl., 9.50%, 2/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,904,175</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>DRS
  Technologies, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>170</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>6.875%,
  11/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>169,150</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>170</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.625%,
  2/01/18</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>172,125</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>140</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>L-3
  Communications Corp., 5.875%, 1/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>135,100</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>300</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>TransDigm,
  Inc., 7.75%, 7/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>304,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Aerospace &amp; Defense</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,685,050</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Automotive&#151;6.1%</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>340</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Accuride
  Corp., 8.50%, 2/01/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>275,400</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>550</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Allison
  Transmission, Inc., 11.25%, 11/01/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>485,375</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>240</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Asbury
  Automotive Group, Inc., 7.625%, 3/15/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>212,400</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>AutoNation,
  Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>360</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.00%,
  4/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>341,100</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>360</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.243%,
  4/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>332,100</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,330</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Ford
  Capital BV, 9.50%, 6/01/10 (Netherlands)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,253,525</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>300</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Ford Motor
  Co., 8.90%, 1/15/32</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>232,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Goodyear
  Tire &amp; Rubber Co. (The),</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>150</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.857%,
  8/15/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>151,875</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>512</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.625%,
  12/01/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>533,760</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Group 1
  Automotive, Inc., 2.25%, 6/15/36</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>265,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>540</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Lear Corp.,
  8.75%, 12/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>491,400</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>22</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Meritor Automotive,
  Inc., 6.80%, 2/15/09</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>21,340</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>935</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Metaldyne
  Corp., 10.00%, 11/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>771,375</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>710</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Penske Auto
  Group, Inc., 7.75%, 12/15/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>663,850</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,910</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Rent-A-Center,
  Inc., 7.50%, 5/01/10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,781,075</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>525</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Stanadyne
  Corp., 10.00%, 8/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>506,625</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Automotive</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8,318,700</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Basic Materials&#151;12.0%</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Abitibi-Consolidated,
  Inc. (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>485</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>6.00%,
  6/20/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>330,406</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>80</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.85%,
  8/01/30</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>54,800</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>350</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 face=arial><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>AbitibiBowater,
  Inc., 7.991%, 3/15/10</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>304,938</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>665</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>AK Steel
  Corp., 7.75%, 6/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>668,325</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,200</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Alpha
  Natural Resources LLC/Alpha Natural Resources<BR>
  Capital Corp., 10.00%, 6/01/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,269,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>400</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>American
  Pacific Corp., 9.00%, 2/01/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>401,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>85</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Bowater
  Finance Corp., 7.95%, 11/15/11 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>68,638</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>175</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Catalyst
  Paper Corp., 7.375%, 3/01/14 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>132,125</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>60</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Chemtura
  Corp., 6.875%, 6/01/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>56,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>540</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>CPG Intl.
  I, Inc., 10.50%, 7/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>510,300</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,010</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Del Monte
  Corp., 8.625%, 12/15/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,017,575</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Domtar Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>160</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.125%,
  8/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>156,800</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>100</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.875%,
  10/15/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>102,125</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>FMG Finance
  Property Ltd. (Australia)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>240</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.00%,
  9/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>262,800</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>735</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.625%,
  9/01/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>841,575</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Freeport-McMoRan
  Copper &amp; Gold, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,820</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.375%,
  4/01/17</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,951,950</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>550</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.394%,
  4/01/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>558,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Huntsman
  Intl. LLC, 7.375%, 1/01/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>525,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,450</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Huntsman
  LLC, 11.625%, 10/15/10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,537,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>475</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Ineos Group
  Holdings Plc, 8.50%, 2/15/16 (United Kingdom)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>422,750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,170</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Innophos,
  Inc., 8.875%, 8/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,164,150</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>205</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Key
  Plastics LLC/Key Plastics Finance Corp., 11.75%, 3/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>164,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>755</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>MacDermid,
  Inc., 9.50%, 4/15/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>709,700</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>NewPage
  Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,010</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.00%,
  5/01/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,015,050</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>435</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>12.00%,
  5/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>449,137</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>200</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>NOVA
  Chemicals Corp., 7.863%, 11/15/13 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>187,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Ryerson,
  Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>300</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>12.00%,
  11/01/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>296,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>180</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>12.574%,
  11/01/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>172,800</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL><B>Principal<BR>
  Amount<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Basic
Materials&#151;(cont&#146;d)</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>230</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Steel
  Dynamics, Inc., 7.375%, 11/01/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>231,150</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>385</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Terra
  Capital, Inc., 7.00%, 2/01/17</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>376,337</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>325</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Verso Paper
  Holdings LLC/Verson Paper, Inc., 9.125%, 8/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>328,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total Basic
  Materials</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>16,265,581</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Building &amp;
Development&#151;2.2%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>450</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Goodman
  Global Holding Co., Inc., 7.875%, 12/15/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>463,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>K Hovnanian
  Enterprises, Inc., 7.75%, 5/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>560,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>185</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Masonite
  Intl. Corp., 11.00%, 4/06/15 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>144,300</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>345</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Nortek,
  Inc., 8.50%, 9/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>276,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,560</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>North
  American Energy Partners, Inc.,<BR>
  8.75%, 12/01/11 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,540,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Building &amp; Development</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,984,300</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Commercial Services&#151;0.4%</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>275</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>FTI Consulting,
  Inc., 7.75%, 10/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>286,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>270</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Quebecor
  World, Inc., 9.75%, 1/15/15 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>202,838</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Commercial Services</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>488,838</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Consumer Products&#151;8.9%</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>1,070 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Ames True
  Temper, Inc., 9.243%, 1/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>909,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>70 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Avis Budget
  Car Rental LLC/Avis Budget Finance, Inc.,<BR>
  7.369%, 5/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>64,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>210 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Beverages
  &amp; More, Inc., 9.25%, 3/01/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>212,625</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>290</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Buffets,
  Inc., 12.50%, 11/01/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>110,200</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>General
  Nutrition Centers, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>1,000 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.01%,
  3/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>945,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>990</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.75%,
  3/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>920,700</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>690</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Jarden
  Corp., 7.50%, 5/01/17</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>593,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,307</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Lazy Days
  RV Center, Inc., 11.75%, 5/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,984,020</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Michaels
  Stores, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,160</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.00%,
  11/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,102,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,470</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>11.375%,
  11/01/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,348,725</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>175</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Neiman-Marcus
  Group, Inc., 9.00%, 10/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>180,469</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>350</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Quiksilver,
  Inc., 6.875%, 4/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>300,125</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>350</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Reynolds
  American, Inc., 7.625%, 6/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>372,048</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Rite Aid
  Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,755</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.50%,
  3/01/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,546,594</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.125%,
  5/01/10</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>245,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Sally
  Holdings LLC,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>90</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.25%,
  11/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>89,100</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>769</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.50%,
  11/15/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>757,465</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>365</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Yankee
  Acquisition Corp., 9.75%, 2/15/17</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>333,975</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Consumer Products</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>12,015,346</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Containers &amp;
Packaging&#151;6.0%</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Berry
  Plastics Holding Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>375 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.866%,
  9/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>350,625</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>695</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.875%,
  9/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>660,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>255</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Crown
  Americas LLC/Crown Americas Capital Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.75%,
  11/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>262,650</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>125</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Graham
  Packaging Co., Inc., 8.50%, 10/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>116,875</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>65</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Graphic
  Packaging Intl. Corp., 9.50%, 8/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>64,187</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>775 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Impress
  Holdings BV, 8.368%, 9/15/13 (Netherlands)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>751,750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Jefferson
  Smurfit Corp., 7.50%, 6/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>957,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,600</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Owens
  Brockway, 8.25%, 5/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,697,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,034</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Pregis
  Corp., 12.375%, 10/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,096,040</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,140</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Smurfit-Stone
  Container Enterprises, Inc.,<BR>
  8.00%, 3/15/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,101,525</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Containers &amp; Packaging</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8,058,902</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Ecological Services &amp;
Equipment&#151;1.1%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>445</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Aleris
  Intl., Inc., 9.00%, 12/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>371,575</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>400</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Casella
  Waste Systems, Inc., 9.75%, 2/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>408,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>800</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Waste
  Services, Inc., 9.50%, 4/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>780,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Ecological Services &amp; Equipment</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,559,575</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Energy&#151;13.3%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>AES Corp.,
  9.50%, 6/01/09</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>258,750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>275</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Berry
  Petroleum Co., 8.25%, 11/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>281,187</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>515</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Chaparral
  Energy, Inc., 8.50%, 12/01/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>463,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>12</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="55%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#1E5F95" FACE=ARIAL>Portfolio of Investments<FONT size=2  FACE=ARIAL> as of December 31, 2007</FONT></FONT></P>
</TD>
<TD VALIGN=TOP nowrap>
<P><FONT SIZE=2 COLOR="#1E5F95" FACE=ARIAL><B>BlackRock High Income
Shares (HIS) (continued)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>(Percentages
  shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL><B>Principal<BR>
  Amount<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Energy&#151;(cont&#146;d)</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Chesapeake Energy Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>350</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>6.375%,
  6/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>338,625</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>235</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>6.625%,
  1/15/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>229,712</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Compagnie Generale de Geophysique-Veritas (France)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>135</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.50%,
  5/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>136,688</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>220</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.75%,
  5/15/17</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>222,200</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>245</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Compton Petroleum Finance Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.625%,
  12/01/13 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>227,850</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>1,120 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Corral
  Finans AB, 10.24%, 4/15/10 (Sweden)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,019,182</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>75</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Denbury
  Resources, Inc., 7.50%, 12/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>75,750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>740</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>East
  Cameron Gas Co., 11.25%, 7/09/19 (Cayman Islands)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>540,200</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>35</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Edison
  Mission Energy, 7.50%, 6/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>35,875</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>50</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>El Paso
  Natural Gas Co., 8.375%, 6/15/32</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>58,570</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>484</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Elwood
  Energy LLC, 8.159%, 7/05/26</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>484,126</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Encore
  Acquisition Co.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>130</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>6.00%,
  7/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>117,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>140</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.25%,
  12/01/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>133,350</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>1,350 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Energy
  Future Holdings Corp., 11.25%, 11/01/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,366,875</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,115</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Exco
  Resources, Inc., 7.25%, 1/15/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,073,187</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>550 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Forest Oil
  Corp., 7.25%, 6/15/19</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>552,750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>100</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Grant
  Prideco, Inc., 6.125%, 8/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>104,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>150</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Homer City
  Funding LLC, 8.734%, 10/01/26</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>163,882</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>900</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>KCS Energy,
  Inc., 7.125%, 4/01/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>866,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>154</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Midwest
  Generation LLC, 8.56%, 1/02/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>164,863</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>810</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Mirant
  Americas Generation LLC, 8.30%, 5/01/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>812,025</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>NRG Energy,
  Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>100</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.25%,
  2/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>97,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>570</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.375%,
  2/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>555,750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>980</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>OPTI
  Canada, Inc., 8.25%, 12/15/14 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>970,200</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Orion Power
  Holdings, Inc., 12.00%, 5/01/10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,090,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>420</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Sabine Pass
  LNG LP, 7.50%, 11/30/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>401,100</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>656</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Salton Sea
  Funding, 8.30%, 5/30/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>728,125</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>615 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>SemGroup
  LP, 8.75%, 11/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>584,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>305</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Southern
  Natural Gas Co., 8.00%, 3/01/32</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>339,799</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>345</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Targa
  Resources, Inc., 8.50%, 11/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>332,925</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Texas
  Competitive Electric Holdings Co. LLC,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>1,400</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.25%,
  11/01/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,386,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>430 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.50%,
  11/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>424,625</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,305</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Whiting
  Petroleum Corp., 7.25%, 5/01/12-5/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,285,425</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Energy</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>17,922,596</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Entertainment &amp;
Leisure&#151;5.5%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>470</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>AMC Entertainment, Inc., 11.00%, 2/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>494,675</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Caesars Entertainment, Inc., 7.875%, 3/15/10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>470,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>440 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>French Lick
  Resorts &amp; Casino LLC/French Lick Resorts &amp;<BR>
  Casino Corp., 10.75%, 4/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>321,200</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Gaylord Entertainment Co.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>450</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>6.75%,
  11/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>424,125</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.00%,
  11/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>995,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>1,390 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Great
  Canadian Gaming Corp., 7.25%, 2/15/15 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,376,100</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>690 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Greektown
  Holdings LLC, 10.75%, 12/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>671,025</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>610 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Pinnacle
  Entertainment, Inc., 7.50%, 6/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>553,575</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>430</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Riddell
  Bell Holdings, Inc., 8.375%, 10/01/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>387,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>630</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Seneca
  Gaming Corp., 7.25%, 5/01/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>634,725</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>410</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Shingle
  Springs Tribal Gaming Authority, 9.375%, 6/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>397,700</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>30</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Station
  Casinos, Inc., 6.625%, 3/15/18</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>20,550</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>170 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Travelport
  LLC, 9.749%, 9/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>164,475</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Virgin
  River Casino, 9.00%, 1/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>425,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>100</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Wynn Las
  Vegas LLC/Wynn Las Vegas Capital Corp.,<BR>
  6.625%, 12/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>98,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Entertainment &amp; Leisure</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>7,433,400</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Financial
Institutions&#151;9.1%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>AES Red Oak
  LLC, 9.20%, 11/30/29</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,387,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>800</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Alliant
  Holdings I, Inc., 11.00%, 5/01/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>760,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>85</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>American
  Real Estate Partners LP/American Real Estate<BR>
  Finance Corp., 7.125%, 2/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>79,900</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL><B>Principal<BR>
  Amount<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Financial
Institutions&#151;(cont&#146;d)</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>319 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P><FONT SIZE=1 FACE=ARIAL>BMS Holdings, Inc., 12.40%, 2/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>309,540</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Ford Motor Credit Co. LLC,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.80%, 6/01/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,314,993</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>290</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.993%,
  1/13/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>243,589</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>140</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.625%,
  11/01/10</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>129,913</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>General
  Motors Acceptance Corp. LLC,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>710</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>6.875%,
  8/28/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>594,954</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>300</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.00%,
  11/01/31</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>251,663</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>140 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Hawker
  Beechcraft Acquisition Co. LLC/Hawker Beechcraft<BR>
  Notes Co., 8.875%, 4/01/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>138,600</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Hexion U.S.
  Finance Corp./Hexion Nova Scotia Finance ULC,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>275 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.369%,
  11/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>280,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.75%,
  11/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>270,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>1,331 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>iPayment
  Investors LP, 11.625%, 7/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,397,927</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>335</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>iPayment,
  Inc., 9.75%, 5/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>313,225</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Momentive
  Performance Materials, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>470 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.75%,
  12/01/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>432,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>945 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>11.50%,
  12/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>817,425</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>290 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>NSG
  Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>290,725</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>625 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>PNA Intermediate
  Holding Corp., 12.36%, 2/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>565,625</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>1,653 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Rainbow
  National Services LLC, 10.375%, 9/01/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,791,439</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>915</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Tropicana
  Entertainment LLC, 9.625%, 12/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>581,025</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>110 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Universal
  City Florida Holding Co. I/II, 9.661%, 5/01/10</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>110,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>310 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>USI
  Holdings Corp., 8.744%, 11/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>265,050</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Financial Institutions</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>12,325,993</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Health Care&#151;6.6%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>460</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Accellent,
  Inc., 10.50%, 12/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>386,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>500 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Angiotech
  Pharmaceuticals, Inc., 8.874%, 12/01/13 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>475,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>375</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Comunity
  Health Systems, Inc., 8.875%, 7/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>382,031</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>370</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Cooper
  Cos., Inc. (The), 7.125%, 2/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>359,825</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>900</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Norcross
  Safety Products LLC/Norcross Capital Corp.,<BR>
  9.875%, 8/15/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>927,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>360</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Omnicare,
  Inc., 3.25%, 12/15/35</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>262,350</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>610 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>PTS
  Acquisition Corp., 9.50%, 4/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>565,775</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>2,400 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>ReAble
  Therapeutics Finance LLC/ReAble Therapeutics<BR>
  Finance Corp., 10.875%, 11/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,358,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Tenet
  Healthcare Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,735</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>6.50%,
  6/01/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,544,150</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>655</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.875%,
  7/01/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>623,888</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>700</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>United
  Surgical Partners Intl., Inc.,<BR>
  8.875%, 5/01/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>691,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Universal
  Hospital Services, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>140 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.288%,
  6/01/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>140,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>150</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.50%,
  6/01/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>151,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Health Care</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8,867,169</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Industrials&#151;5.7%</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>890 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>AGY Holding
  Corp., 11.00%, 11/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>863,300</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>90 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Blaze
  Recycling &amp; Metals LLC/Blaze Finance Corp.,<BR>
  10.875%, 7/15/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>82,800</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Harland
  Clarke Holdings Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>190</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.50%,
  5/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>164,350</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>160 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.619%,
  5/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>134,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>405</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Hexcel
  Corp., 6.75%, 2/01/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>396,900</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>600</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Leucadia
  National Corp., 8.125%, 9/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>600,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>RBS Global,
  Inc./Rexnord Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>370</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.875%,
  9/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>351,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,510</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.50%,
  8/01/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,494,900</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>880</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>11.75%,
  8/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>860,200</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>1,720 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Sunstate
  Equipment Co. LLC, 10.50%, 4/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,530,800</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Terex
  Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>175</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.375%,
  1/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>177,187</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,010</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.00%,
  11/15/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,022,625</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Industrials</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>7,678,562</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Media&#151;13.6%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Affinion
  Group, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>730</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.125%,
  10/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>738,213</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT  SIZE=1 FACE=ARIAL>13</FONT></P>
 </TD>
 </TR>
</table>
<BR>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="55%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 COLOR="#1E5F95" FACE=ARIAL>Portfolio of Investments<FONT size=2  FACE=ARIAL> as of December 31, 2007</FONT></FONT></P>
</TD>
<TD VALIGN=TOP nowrap>
<P><FONT SIZE=2 COLOR="#1E5F95" FACE=ARIAL><B>BlackRock
  High Income Shares (HIS) (continued)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>(Percentages
  shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL><B>Principal<BR>
  Amount<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Media&#151;(cont&#146;d)</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>315</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>11.50%,
  10/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>309,094</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>160</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>American
  Media Operations, Inc., 10.25%, 5/01/09</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>136,600</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>230</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Bonten
  Media Acquisition Co., 9.00%, 6/01/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>200,675</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>750 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Cablevision
  Systems Corp., 9.644%, 4/01/09</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>758,438</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,220</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>CCH I
  Holdings LLC/CCH I Holdings Capital Corp.,<BR>
  11.00%, 10/01/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>991,925</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,580</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Charter
  Communications Holdings II LLC/Charter<BR>
  Communications Holdings II Capital Corp.,<BR>
  10.25%, 9/15/10</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,525,825</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>500 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Charter
  Communications Operating LLC/Charter<BR>
  Communications Operating Capital, 8.375%, 4/30/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>483,750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>865</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>CMP
  Susquehanna Corp., 9.875%, 5/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>648,750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,213</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Dex Media
  West LLC/Dex Media Finance Co.,<BR>
  9.875%, 8/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,261,520</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>300</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>DirecTV
  Holdings LLC/DirecTV Financing Co.,<BR>
  8.375%, 3/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>312,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>EchoStar
  DBS Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,415</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.00%,
  10/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,429,150</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>325</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.125%,
  2/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>331,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>975</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Idearc,
  Inc., 8.00%, 11/15/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>894,562</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>575 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>ION Media
  Networks, Inc., 8.493%, 1/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>559,906</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>945</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Network
  Communications, Inc., 10.75%, 12/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>926,100</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,405</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Nielsen
  Finance LLC/Nielsen Finance Co., 10.00%, 8/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,436,612</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>R.H.
  Donnelley Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,080</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.875%,
  1/15/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,009,800</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>300 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Ser. A,
  8.875%, 10/15/17</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>277,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>225</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Sinclair
  Broadcast Group, Inc., 4.875%, 7/15/18</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>205,594</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>90</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Sirius
  Satellite Radio, Inc., 9.625%, 8/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>85,050</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>1,570 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>TL
  Acquisitions, Inc., 10.50%, 1/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,509,162</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,020</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Vertis,
  Inc., 9.75%, 4/01/09</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>938,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>550</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Young
  Broadcasting, Inc., 10.00%, 3/01/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>429,688</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total Media</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>18,399,814</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Real Estate&#151;1.6%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Realogy
  Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>800</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.50%,
  4/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>598,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>1,580 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>11.00%,
  4/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,098,100</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>675 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>12.375%,
  4/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>425,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total Real
  Estate</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,121,350</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Technology&#151;6.2%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Amkor
  Technology, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>160</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.75%,
  5/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>150,800</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>295</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.25%,
  6/01/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>295,738</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>270</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Belden,
  Inc., 7.00%, 3/15/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>263,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,235</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Celestica,
  Inc., 7.625%, 7/01/13 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,151,637</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>400</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Coleman
  Cable, Inc., 9.875%, 10/01/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>375,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>730 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>First Data
  Corp., 9.875%, 9/24/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>678,900</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,330</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Freescale
  Semiconductor, Inc., 9.125%, 12/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,130,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>NXP BV/NXP
  Funding LLC (Netherlands)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT  style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>440 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P  style="margin-top:-3px"><FONT FACE="ARIAL" SIZE="1"><SUP>2</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>7.993%,
  10/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>404,800</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>210</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.50%,
  10/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>192,413</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Sanmina-SCI
  Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>80</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>6.75%,
  3/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>69,600</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>645</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.125%,
  3/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>571,631</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>550 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Spansion,
  Inc., 8.249%, 6/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>495,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>SunGard
  Data Systems, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>210</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.125%,
  8/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>213,675</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,600</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.25%,
  8/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,636,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>830</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Superior
  Essex Communications LLC/Essex Group, Inc.,<BR>
  9.00%, 4/15/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>796,800</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Technology</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8,425,744</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Telecommunications&#151;19.7%</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>American
  Tower Corp., 7.125%, 10/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,027,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Centennial
  Communications Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>645</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.125%,
  2/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>635,325</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="66%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL><B>Principal<BR>
  Amount<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Telecommunications&#151;(cont&#146;d)</B> </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>650 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.98%,
  1/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>664,625</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,085</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Cincinnati
  Bell, Inc., 7.25%, 7/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,090,212</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Cricket
  Communications, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>480</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.375%,
  11/01/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>450,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>690 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.375%,
  11/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>646,875</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Digicel
  Group Ltd. (Bermuda)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>590 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.875%,
  1/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>539,850</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>1,520 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.125%,
  1/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,387,417</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>300</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Fibertower
  Corp., 9.00%, 11/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>268,875</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,025</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Intelsat
  Corp., 9.00%, 6/15/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,032,688</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>100</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Intelsat
  Intermediate Holding Co. Ltd.,<BR>
  9.25%, 2/01/15 (Bermuda)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>81,750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Intelsat
  Ltd. (Bermuda)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>330 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.886%,
  1/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>330,825</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>420</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.25%,
  6/15/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>422,100</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>925 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.829%, 6/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>948,125</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>550</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>11.25%,
  6/15/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>567,875</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>855</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Intelsat
  Subsidiary Holding Co. Ltd.,<BR>
  8.625%, 1/15/15 (Bermuda)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>859,275</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>280 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>iPCS, Inc.,
  7.036%, 5/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>263,900</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,675</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>MetroPCS
  Wireless, Inc., 9.25%, 11/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,574,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>1,980 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Nordic
  Telephone Co. Holdings ApS,<BR>
  8.875%, 5/01/16 (Denmark)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,029,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>945 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Nortel
  Networks Ltd., 9.493%, 7/15/11 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>921,375</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>150</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Orascom
  Telecom Finiance SCA,<BR>
  7.875%, 2/08/14 (Luxembourg)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>141,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,517</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>PanAmSat
  Corp., 9.00%, 8/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,524,585</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>1,358 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>ProtoStar I
  Ltd., 12.50%, 10/15/12 (Bermuda)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,426,377</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>230</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Qwest
  Capital Funding, Inc., 7.00%, 8/03/09</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>229,425</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>850 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Qwest
  Corp., 8.241%, 6/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>867,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Rural
  Cellular Corp., 8.25%, 3/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,037,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>West Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>375</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>9.50%,
  10/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>367,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,195</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>11.00%,
  10/15/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,186,037</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>1,100 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Wind
  Acquisition Finance S.A.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>10.75%,
  12/01/15 (Luxembourg)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,199,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Windstream
  Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>855</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.125%,
  8/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>884,925</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>645</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>8.625%,
  8/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>677,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>304 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Windstream
  Regatta Holdings, Inc., 11.00%, 12/01/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>300,960</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Telecommunications</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>26,584,151</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Transportation&#151;2.0%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>280</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>American
  Airlines, Inc., 7.324%, 4/15/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>276,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>680</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>CHC
  Helicopter Corp., 7.375%, 5/01/14 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>642,600</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>820</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Navios
  Maritime Holdings, Inc.,<BR>
  9.50%, 12/15/14 (Marshall Islands)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>838,450</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>660</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Overseas
  Shipholding Group, Inc., 8.25%, 3/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>669,900</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1   FACE=ARIAL>570 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>St.
  Acquisition Corp., 12.50%, 5/15/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>294,262</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Transportation</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,721,712</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Corporate Bonds</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>164,856,783</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Bank Loans&#151;7.3%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Basic Materials&#151;0.7%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>940</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Verso Paper
  Finance Holdings LLC/Verson Paper, Inc., LIBOR +<BR>
  6.25%, 2/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>897,112</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Consumer Products&#151;0.2%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Spectrum
  Brands,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>273</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>First Lien
  Loan B, LIBOR + 4.00%, 4/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>263,820</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>First Lien
  Loan C, LIBOR + 4.00%, 4/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>13,221</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Consumer Products</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>277,041</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>Energy&#151;1.3%</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Texas
  Competitive Electric Holdings Co., LLC,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>249</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B2,
  LIBOR + 3.50%, 10/10/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>244,699</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,496</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan B3,
  LIBOR + 3.50%, 10/10/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,468,197</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  Energy</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,712,896</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>14</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="60%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="28%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=top>
<P><FONT SIZE=3 COLOR="#1E5F95" FACE=ARIAL>Portfolio of
  Investments</FONT><FONT  size=2 COLOR="#1E5F95" FACE=ARIAL> as of
December 31, 2007</FONT></P>
 </TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM nowrap>
<P><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock High Income Shares (HIS) (concluded)</B><BR><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>(Percentages shown are based on Net Assets)</B> </FONT> </FONT></P>
 </TD>
 </TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="65%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Principal<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Health Care&#151;0.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>748</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Rotech Healthcare, LIBOR + 6.00%, 9/26/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>705,206</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Industrials&#151;0.1%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>176</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Rexnord Holdings, Inc., LIBOR + 7.00%, 3/02/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>148,227</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Media&#151;2.6%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>HMH Publishing,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>152</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.35PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Bridge Loan, LIBOR +4.00%, 5/15/09</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>144,886</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,098</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.35PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Loan A, LIBOR + 4.00%, 11/14/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,050,426</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.35PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Mezzanine Loan, LIBOR + 8.50%, 11/14/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,375,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Media</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,570,312</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Technology&#151;0.7%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Alliance
 Data, First Lien Loan B2, Unfunded<BR>
 12/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>930,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>Transportation&#151;1.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,672</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Travelport Holdco, LIBOR + 7.00%, 3/22/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,560,488</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Bank Loans</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,801,282</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Trust Preferred Stock&#151;0.4%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=bottom>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P><FONT SIZE=1 FACE=ARIAL>Citigroup Capital XXI, 8.30%, 12/21/57</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>522,096</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD  colspan="8" VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>


<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP >
<P><FONT SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>Common Stocks&#151;0.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=bottom >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,737 </FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3,4</SUP></FONT></P>
</TD>
<TD VALIGN=bottom >
<P><FONT SIZE=1 FACE=ARIAL>Critical Care Systems Intl., Inc.</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,591</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=bottom>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>495</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P><FONT SIZE=1 FACE=ARIAL>Crown Castle Intl. Corp.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,592</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>64,467 </FONT></P>
</TD>
<TD VALIGN=bottom >
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3,4</SUP></FONT></P>
</TD>
<TD VALIGN=bottom >
<P><FONT SIZE=1 FACE=ARIAL>Goss Holdings, Inc.</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Common Stocks</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22,184</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Preferred Stocks&#151;2.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Crown Castle Intl. Corp., 6.25%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>606,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,300</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL>Emmis Communications Corp., 6.25%</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>350,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=bottom>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P><FONT SIZE=1 FACE=ARIAL>NRG Energy, Inc., 4.00%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,108,313</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL>Owens Illinois, Inc., 4.75%</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>249,375</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Smurfit-Stone Container Corp., 7.00%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>600,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>60,000</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL>Superior Essex Holding Corp., 9.50%</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>42,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Preferred Stocks</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,956,138</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD  colspan="8" VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Units</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>Warrants&#151;0.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=bottom >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18 </FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3,4</SUP></FONT></P>
</TD>
<TD VALIGN=bottom >
<P><FONT SIZE=1 FACE=ARIAL>Pliant Corp., expires 6/01/10, strike price $0.001</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Total Long-Term Investments</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL><B>(cost $186,438,857)</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>178,158,483</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="65%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Principal<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>SHORT-TERM INVESTMENT&#151;1.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<tr>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>U.S. Government and Agency Discount
 Notes&#151;1.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=top>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=top>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1  FACE=ARIAL>1,600 </FONT></P>
</TD>
<TD VALIGN=top>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT;margin-top:3px'><FONT  SIZE=1 FACE=ARIAL>Federal
 Home Loan Bank Disc. Note,<BR>
 3.251%, 1/02/08 (cost $1,599,856)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,599,856</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL><B>Total Investments&#151;133.1% (cost
 $188,038,713<SUP>6</SUP>)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>179,758,339</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL><B>Liabilities in excess of other
 assets&#151;(33.1)%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(44,660,203</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 face=arial>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL><B>Net Assets&#151;100%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>135,098,136</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-3px><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:3px><FONT SIZE=1 FACE=ARIAL>Security is not registered under the Securities Act of
 1933. These securities may be resold in transactions in accordance with Rule
 144A under that Act, to qualified institutional buyers. As of December 31,
 2007, the Trust held 31.9% of its net assets, with a current market value of
 $43,059,598, in securities restricted as to resale.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style=margin-top:-3px><FONT FACE="ARIAL" SIZE="1"><SUP>2</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:3px><FONT SIZE=1 FACE=ARIAL>Variable rate security. Rate shown is interest rate as of
 December 31, 2007.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style=margin-top:-3px><FONT FACE="ARIAL" SIZE="1"><SUP>3</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:3px><FONT SIZE=1 FACE=ARIAL>Security is fair valued.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style=margin-top:-3px><FONT FACE="ARIAL" SIZE="1"><SUP>4</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:3px><FONT SIZE=1 FACE=ARIAL>Non-income producing security.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style=margin-top:-3px><FONT FACE="ARIAL" SIZE="1"><SUP>5</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:3px><FONT SIZE=1 FACE=ARIAL>Rate shown is the yield to maturity as of the date of
 purchase.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style=margin-top:-3px><FONT FACE="ARIAL" SIZE="1"><SUP>6</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:3px><FONT SIZE=1 FACE=ARIAL>Cost for federal income tax purposes is $188,576,521. The
 net unrealized depreciation on a tax basis is $8,818,182, consisting of
 $2,232,730 gross unrealized appreciation and $11,050,912 gross unrealized
 depreciation.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>For Trust compliance purposes, the Trust&#146;s sector and
 industry classifications refer to any one or more of the Standard Industry
 Codes as defined by the SEC. This definition may not apply for purposes of
 this report, which may combine sector and industry sub-classifications for
 reporting ease.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL> DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>15</FONT></P>
 </TD>
 </TR>
</table>


<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="62%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="28%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=top>
<P><FONT SIZE=3 COLOR="#1E5F95" FACE=ARIAL>Portfolio of
  Investments</FONT><FONT  size=2 COLOR="#1E5F95" FACE=ARIAL> as of
December 31, 2007</FONT></P>
 </TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM nowrap>
<P><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock Preferred Opportunity Trust (BPP)</B><BR><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>(Percentages shown are based on Net Assets)</B> </FONT> </FONT></P>
 </TD>
 </TR>
</table>

<BR>




<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="63%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>LONG-TERM INVESTMENTS&#151;153.4%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>Preferred Stocks&#151;34.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>Energy&#151;0.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Alabama Power Co., 6.50%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,320,217</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Devon Energy Corp., 6.49%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>505,469</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Energy</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,825,686</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>Financial Institutions&#151;29.6%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>298,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>ACE Ltd., 7.80%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,131,760</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>117,414</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Arch Capital Group Ltd., 8.00%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,934,176</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>115,000</FONT></P>
</TD>
<TD VALIGN=top>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P><FONT SIZE=1 FACE=ARIAL>Aspen Insurance Holdings Ltd., 7.401%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,512,750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30,000 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Banesto Holdings Ltd., 10.50%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>922,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Bank of America Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>192,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.625%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,536,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.25%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,282,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Bear Stearns Cos., Inc. (The), 6.15%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>60,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Chevy Chase Capital Corp., 10.375%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,015,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>172,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Endurance Specialty Holdings Ltd., 7.75%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,591,092</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Federal Home Loan Mortgage Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>202,000 </FONT></P>
</TD>
<TD VALIGN=top BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.16%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,874,323</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>85,300</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.55%,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,983,225</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>180,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.375%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,707,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>265,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Federal National Mortgage Assoc., 8.25%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,744,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>120,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>First Republic Preferred Capital Corp., 7.25%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,355,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>HSBC Bank, Inc., 6.50%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,115,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>ING Groep N.V., 7.05%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,677,813</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>31,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Lehman Brothers Holdings, Inc., 5.67%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,119,600</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>274,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>MetLife, Inc., 6.50%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,004,687</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>209,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>PartnerRE Ltd., 6.75%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,030,950</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>62,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Prudential Plc, 6.50%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,252,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>235,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>RenaissanceRe Holdings Ltd., 6.60%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,328,700</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Roslyn Real Estate Asset Corp., 8.95%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,975,625</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>398,000 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Santander Finance Preferred S.A. Unipersonal, 6.50%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,283,375</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>140,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Santander Finance S.A., 6.80%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,087,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>60 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Union Planter Preferred Funding Corp., 7.75%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,800,625</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>321,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Wachovia Corp., 8.00%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,141,540</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>150,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Wachovia Funding Corp., 7.25%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,464,070</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Zurich RegCaPS Funding Trust, 6.58%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,996,250</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Financial Institutions</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>105,867,211</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Industrials&#151;0.1%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>787,326</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Superior Essex Holding Corp., 9.50%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>551,128</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>Media&#151;1.3%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>110,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Comcast Corp., 2.00%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,680,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Real Estate&#151;2.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>255,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>NB Capital Corp., 8.35%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,553,152</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Sun Trust Real Estate Investment Trust (REIT), 9.00%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,272,100</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Real Estate</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,825,252</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total Preferred Stocks</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>121,749,777</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Trust Preferred Stocks&#151;80.4%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD COLSPAN="4" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Building &amp; Development&#151;0.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,945 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>C8 Capital SPV Ltd., 6.64% (British Virgin Islands)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,843,160</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>

<TR>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Energy&#151;4.2%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,655</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>KN Capital Trust III, 7.63%, 4/15/28</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,198,810</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>155 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Nexen, Inc., 7.35%, (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,594,450</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,675 </FONT></P>
</TD>
<TD VALIGN=top>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P><FONT SIZE=1 FACE=ARIAL>PPL Capital Funding, Inc., 6.70%, 3/30/67</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,461,262</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>925 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Puget Sound Energy, Inc., 6.974%, 6/01/67</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>849,998</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,325 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P><FONT SIZE=1 FACE=ARIAL>TransCanada Pipelines Ltd., 6.35%, 5/15/67 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,053,736</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total Energy</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,158,256</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Financial Institutions&#151;71.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,425 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,3</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Abbey National Capital Trust I, 8.963%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,673,895</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>AFC Capital Trust I, 8.207%, 2/03/27</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,289,872</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Allstate Corp. (The),</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,200 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.125%,
 5/15/37</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,017,054</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,350 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=bottom BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.50%,
 5/15/57</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,909,799</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="63%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Principal<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Financial Institutions&#151;(cont&#146;d)</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,155</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>American
 Intl. Group, Inc., 6.25%, 3/15/37</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,505,149</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,900 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>AXA S.A.,
 6.379% (France)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,531,830</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Barclays
 Bank Plc (United Kingdom)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,185 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.926%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,963,588</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.278%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,705,573</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,600 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.434%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,701,793</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,150 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>BB&amp;T
 Capital Trust IV, 6.82%, 6/12/37</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,608,064</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,175</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" NOWRAP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3,4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><FONT  SIZE=1 FACE=ARIAL>BNP
 Paribas, 7.195% (France)</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,003,454</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,015 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>BOI Capital
 Funding No. 2 LP, 5.571% (Ireland)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,468,077</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,275 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>BOI Capital
 Funding No. 3, 6.107% (Ireland)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,689,282</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Capital One
 Capital III, 7.686%, 8/15/36</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,626,326</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>CBA Capital
 Trust I, 5.805%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,903,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,025 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Chubb
 Corp., 6.375%, 4/15/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,803,093</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,600</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE=MARGIN-TOP:-3PX><FONT SIZE=1  FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Citigroup
 Capital XXI, 8.30%, 12/21/57</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,847,470</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>80</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Colonial
 Capital Trust IV, 7.875%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,772,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,385 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Credit
 Agricole S.A., 6.637% (France)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,201,200</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Credit
 Suisse First Boston (SATURNS), 6.25%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>242,868</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,880 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Credit
 Suisse Guernsey Ltd., 5.86% (Guernsey)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,473,368</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,950 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dresdner
 Funding Trust I, 8.151%, 6/30/31</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,068,572</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Everest RE
 Capital Trust, 6.20%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>556,875</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,135 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Everest
 Reinsurance Holdings, Inc., 6.60%, 5/15/37</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,319,455</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,100</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>FCB/NC
 Capital Trust I, 8.05%, 3/01/28</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,148,344</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Financial
 Security Assurance Holdings Ltd., 5.60%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>244,416</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>103</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Goldman
 Sachs Group, Inc. (The), 6.00%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,099,808</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,925 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Huntington
 Capital III, 6.65%, 5/15/37</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,644,243</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>ICICI Bank
 Ltd., 7.25% (India)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,715,144</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>117</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>KeyCorp
 Capital V, 5.875%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,062,720</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>KeyCorp
 Capital IX, 6.75%,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>473,750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Kraft
 Foods, Inc. (CORTS), 5.875%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,093,750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,025 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Liberty
 Mutual Group, Inc., 7.00%, 3/15/37</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,555,303</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Lincoln
 National Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.05%,
 4/20/67</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,333,898</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,370 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.00%,
 5/17/66</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,383,558</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Mangrove
 Bay Pass-Through Trust, 6.102%, 7/15/33</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,489,550</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>National
 City Capital Trust II, 6.625%,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>435,811</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,850</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Nationwide
 Financial Services, 6.75%, 5/15/37</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,467,350</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>NBP Capital
 Trust III, 7.375%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,880,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 Community Capital Trust V, 6.00%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,916,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>News
 Holdings Ltd. (CORTS), 8.125%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>181,575</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>79</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Phoenix
 Cos., Inc., 7.45%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,616,279</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>PLC Capital
 Trust IV, 7.25%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>409,400</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,775 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Progressive
 Corp., 6.70%, 6/15/37</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,361,331</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,250 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>QBE Capital
 Funding II LP, 6.797% (Jersey Channel Islands)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,069,660</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,280 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>RBS Capital
 Trust, 6.80% (United Kingdom)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,108,800</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,960 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Resona
 Preferred Global Securities Cayman Ltd.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.191%
 (Cayman Islands)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,874,928</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Royal Bank
 of Scotland Group Plc (United Kingdom)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,775 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.99%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,766,653</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,700 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.64%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,803,944</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,960</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.648%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,022,201</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,575 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Societe
 Generale, 5.922% (France)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,785,597</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,925 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Standard
 Chartered Plc, 7.014% (United Kingdom)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,663,162</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,725 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>State
 Street Capital Trust IV, 5.991%, 6/15/37</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,217,275</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>103</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Structured
 Repackaged Asset-Backed Trust Securities, 6.50%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,771,910</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,050 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>SunTrust
 Preferred Capital I, 5.853%, 12/15/11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,809,125</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,425 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Swiss Re
 Capital I LP, 6.854%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,260,835</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,350 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Travelers
 Cos., Inc. (The), 6.25%, 3/15/67</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,643,882</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Valero
 Energy Corp. (PPLUS), 7.25%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>269,175</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>84 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Wachovia
 Capital Trust IX, 6.375%,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,667,820</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,925 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Webster
 Capital Trust IV, 7.65%, 6/15/37</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,629,124</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Westpac
 Capital Trust IV, 5.256%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,636,820</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,600 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>White
 Mountains Re Group Ltd., 7.506% (Bermuda)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,319,990</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,225 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Woori Bank,
 6.208%, 5/02/17 (South Korea)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,667,638</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>16</FONT></P>

 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>



<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="52%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="46%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=top>
<P><FONT SIZE=3 COLOR="#1E5F95" FACE=ARIAL>Portfolio of
  Investments</FONT><FONT  size=2 COLOR="#1E5F95" FACE=ARIAL> as of
December 31, 2007</FONT></P>
 </TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM>
<P><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock Preferred Opportunity Trust (BPP) (continued)</B> </FONT> <BR><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>(Percentages shown are based on Net Assets)</B> </FONT></P>
 </TD>
 </TR>
</table>

<BR>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="62%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Principal<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Financial Institutions&#151;(cont&#146;d)</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>ZFS Finance USA Trust I,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,765 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.50%,
 5/09/37</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,091,743</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>650 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Ser. IV,
 5.875%, 5/09/32</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>605,885</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total Financial Institutions</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>256,080,554</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Media&#151;3.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Comcast Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>470</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.625%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,677,300</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.00%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,093,750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Media</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,771,050</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Real Estate&#151;1.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,180 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2,3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Sovereign Real Estate Investment Corp. (REIT), 12.00%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,149,900</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total Trust Preferred Stocks</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>288,002,920</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Corporate Bonds&#151;39.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Aerospace &amp; Defense&#151;0.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,480</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>DI Finance/DynCorp Intl., 9.50%, 2/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,548,450</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>160</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>TransDigm, Inc., 7.75%, 7/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>162,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Aerospace &amp; Defense</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,710,850</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Automotive&#151;0.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>AutoNation, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>190</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.00%,
 4/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>180,025</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>190 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.243%, 4/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>175,275</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>350</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Lear Corp., 8.75%, 12/01/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>318,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>125</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Metaldyne Corp., 10.00%, 11/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>103,125</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total Automotive</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>776,925</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Basic Materials&#151;1.7%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>940</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>AK Steel Corp., 7.75%, 6/15/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>944,700</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>American Pacific Corp., 9.00%, 2/01/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Chemtura Corp., 6.875%, 6/01/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28,200</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>260</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>CPG Intl. I, Inc., 10.50%, 7/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>245,700</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>80</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Domtar Corp., 7.125%, 8/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>78,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Freeport-McMoRan Copper &amp; Gold, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,450</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.375%,
 4/01/17</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,555,125</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.394%,
 4/01/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>203,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,730 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Ineos Group Holdings Plc,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.35PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>8.50%, 2/15/16 (United Kingdom)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,539,700</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>630 </FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>Key Plastics LLC/Key Plastics Finance Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>11.75%,
 3/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>504,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>270</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL>NewPage Corp., 10.00%, 5/01/12</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>271,350</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>170 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>NOVA Chemicals Corp., 7.863%, 11/15/13 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>158,950</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>205</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL>Terra Capital, Inc., 7.00%, 2/01/17</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200,387</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Basic Materials</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,930,012</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Building &amp; Development&#151;0.1%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>495</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Goodman Global Holding Co., Inc., 7.875%, 12/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>509,850</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Commercial Services&#151;0.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FTI Consulting, Inc., 7.75%, 10/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>104,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Consumer Products&#151;0.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1  FACE=ARIAL>30 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Avis Budget
 Car Rental LLC/Avis Budget Finance, Inc.,<BR>
 7.369%, 5/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,600</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,199</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL>Lazy Days RV Center, Inc., 11.75%, 5/15/12</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,031,140</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>610</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Michaels Stores, Inc., 10.00%, 11/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>579,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL>Quiksilver, Inc., 6.875%, 4/15/15</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>214,375</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Consumer Products</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,852,615</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Containers &amp; Packaging&#151;0.3%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Berry Plastics Holding Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>195 </FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.866%,
 9/15/14</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>182,325</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>340</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.875%,
 9/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>323,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>385</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL>Crown Americas LLC/Crown Americas Capital Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.75%, 11/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>396,550</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR >
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>240 </FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL>Impress Holdings BV, 8.368%, 9/15/13 (Netherlands)</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>232,800</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Containers &amp; Packaging</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,134,675</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="62%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Principal<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Energy&#151;2.7%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>180</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Berry Petroleum Co., 8.25%, 11/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>184,050</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>220</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Chaparral Energy, Inc., 8.50%, 12/01/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>198,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Chesapeake Energy Corp., 6.875%, 11/15/20</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28,800</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>CMS Energy Corp., 6.55%, 7/17/17</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,676,129</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Compagnie
 Generale de Geophysique-Veritas,<BR>
 7.50%, 5/15/15 (France)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,875</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>80</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Compton
 Petroleum Finance Corp.,<BR>
 7.625%, 12/01/13 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>74,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>175</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Edison Mission Energy, 7.50%, 6/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>179,375</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Exco Resources, Inc., 7.25%, 1/15/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>72,188</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Grant Prideco, Inc., 6.125%, 8/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>104,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>KCS Energy, Inc., 7.125%, 4/01/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>48,125</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Midwest Generation LLC, 8.56%, 1/02/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17,823</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Mirant Americas Generation LLC, 8.30%, 5/01/11</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75,187</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>550 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>OPTI Canada, Inc., 8.25%, 12/15/14 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>544,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,950</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Orion Power Holdings, Inc., 12.00%, 5/01/10</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,215,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>350</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Sabine Pass LNG LP, 7.50%, 11/30/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>334,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>350 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>SemGroup LP, 8.75%, 11/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>332,500</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>420</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Targa Resources, Inc., 8.50%, 11/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>405,300</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>55</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Whiting Petroleum Corp., 7.25%, 5/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>54,175</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Energy</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,615,677</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Entertainment &amp; Leisure&#151;0.1%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>385 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Greektown Holdings LLC, 10.75%, 12/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>374,413</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Wynn Las
 Vegas LLC/Wynn Las Vegas Capital Corp.,<BR>
 6.625%, 12/01/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>39,300</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Total Entertainment &amp; Leisure</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>413,713</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Financial Institutions&#151;26.6%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>American Express Co., 6.80%, 9/01/66</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,069,820</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,605 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>American General Institute Capital A, 7.57%, 12/01/45</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,602,671</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>415</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>American
 Real Estate Partners LP/American Real Estate<BR>
 Finance Corp., 7.125%, 2/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>390,100</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Bear Stearns Cos., Inc. (The),</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,850</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.40%,
 10/02/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,787,396</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.95%,
 8/10/12</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,056,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,475 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Genworth Financial, Inc., 6.15%, 11/15/66</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,340,113</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,730 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>JPMorgan Chase Capital XXI, 5.844%, 2/02/37</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,078,810</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,670 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>JPMorgan Chase Capital XXIII, 5.869%, 5/15/47</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,081,601</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,125</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>JPMorgan Chase Capital XXV, 6.80%, 10/01/37</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,696,365</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Kingsway America, Inc., 7.50%, 2/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,496,944</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Lehman Brothers Holdings, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>650 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.691%,
 9/15/22</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>648,486</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,875</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.875%,
 7/17/37</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,788,529</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,399 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Lloyds Bank Ltd., 6.90% (United Kingdom)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,143,735</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,900</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>MetLife, Inc., 6.40%, 12/15/36</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,240,279</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>260 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Momentive
 Performance Materials, Inc.,<BR>
 10.125%, 12/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>237,900</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,850 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>PartnerRe Finance II, 6.44%, 12/01/66</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,506,826</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,000 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Prudential Plc, 6.50% (United Kingdom)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,370,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,300 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Reinsurance Group of America, Inc., 6.75%, 12/15/65</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,168,032</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Resparcs Funding Ltd., 8.00% (Hong Kong)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,720,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Skandinaviska Enskilda Banken AB (Sweden)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,185 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>4.958%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,856,448</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.471%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,511,265</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2,3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Sumitomo Mitsui Banking Corp., 5.625% (Japan)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,668,690</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>60 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Universal City Florida Holding Co. I/II, 9.661%, 5/01/10</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>60,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,800 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Zenith National Insurance Capital Trust I, 8.55%, 8/01/28</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,800,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total Financial Institutions</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>95,320,410</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Industrials&#151;0.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>460 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>AGY Holding Corp., 11.00%, 11/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>446,200</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>170</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Hexcel Corp., 6.75%, 2/01/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>166,600</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total Industrials</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>612,800</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL> DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>17</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="47%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=top>
<P><FONT SIZE=3 COLOR="#1E5F95" FACE=ARIAL>Portfolio of
  Investments</FONT><FONT  size=2 COLOR="#1E5F95" FACE=ARIAL> as of
December 31, 2007</FONT></P>
 </TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=top>
<P><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock Preferred Opportunity Trust (BPP) (concluded)</B> </FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=left><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>(Percentages shown are based on Net Assets)</B> </FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="65%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Principal<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Media&#151;2.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Affinion
 Group, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>475</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>10.125%,
 10/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>480,344</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>230</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>11.50%,
 10/15/15</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>225,688</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1  FACE=ARIAL>230 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Cablevision
 Systems Corp., 9.644%, 4/01/09</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>232,588</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>110</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>CMP
 Susquehanna Corp., 9.875%, 5/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>82,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,050</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dex Media
 West LLC/Dex Media Finance Co.,<BR>
 9.875%, 8/15/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,132,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>175</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>DirecTV
 Holdings LLC/DirecTV Financing Co.,<BR>
 8.375%, 3/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>182,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>EchoStar
 DBS Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.75%,
 10/01/08</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>199,750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>360</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.00%,
 10/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>363,600</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.125%, 2/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>725</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Idearc,
 Inc., 8.00%, 11/15/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>665,187</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1  FACE=ARIAL>350 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1,2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>ION Media
 Networks, Inc., 8.493%, 1/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>340,812</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>260</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Network
 Communications, Inc., 10.75%, 12/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>254,800</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,195</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Nielsen
 Finance LLC/Nielsen Finance Co.,<BR>
 10.00%, 8/01/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,221,887</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>240</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>R.H.
 Donnelley Corp., 8.875%, 1/15/16</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>224,400</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>650</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Vertis,
 Inc., 9.75%, 4/01/09</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>598,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total Media</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,280,056</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Real Estate&#151;0.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Rouse Co.,
 5.375%, 11/26/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,727,292</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Technology&#151;0.9%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>210</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Celestica,
 Inc., 7.625%, 7/01/13 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>195,825</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Freescale
 Semiconductor, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1  FACE=ARIAL>180 </FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.866%,
 12/15/14</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>153,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>785</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>9.125%,
 12/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>667,250</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>245</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>NXP BV/NXP
 Funding LLC, 9.50%, 10/15/15 (Netherlands)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>224,481</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sanmina-SCI
 Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>140</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.75%,
 3/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>121,800</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,155</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.125%,
 3/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,023,619</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>SunGard
 Data Systems, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>9.125%,
 8/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>101,750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>370</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>10.25%,
 8/15/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>378,325</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>425</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Superior
 Essex Communications LLC/Essex Group, Inc.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>9.00%,
 4/15/12</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>408,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 Technology</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,274,050</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Telecommunications&#151;2.4%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>290</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Cincinnati
 Bell, Inc., 7.25%, 7/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>290,725</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>590</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Intelsat
 Corp., 9.00%, 6/15/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>594,425</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Intelsat
 Ltd. (Bermuda)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>9.25%,
 6/15/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>502,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1  FACE=ARIAL>670 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>10.829%,
 6/15/13 (Bermuda)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>686,750</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>165</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>11.25%,
 6/15/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>170,363</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>230</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Intelsat
 Subsidiary Holding Co. Ltd.,<BR>
 8.625%, 1/15/15 (Bermuda)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>231,150</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1  FACE=ARIAL>845 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Nordic
 Telephone Co. Holdings ApS,<BR>
 8.875%, 5/01/16 (Denmark)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>866,125</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>125</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>PanAmSat
 Corp., 9.00%, 8/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>125,625</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,705</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Qwest
 Communications Intl., Inc., 7.50%, 2/15/14</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,700,737</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1  FACE=ARIAL>460 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Qwest
 Corp., 8.241%, 6/15/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>469,200</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>735</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>West Corp.,
 11.00%, 10/15/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>729,487</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1  FACE=ARIAL>420 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Wind
 Acquisition Finance S.A.,<BR>
 10.75%, 12/01/15 (Luxembourg)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>457,800</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Windstream
 Corp.,</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>640</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.35PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.125%,
 8/01/13</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>662,400</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>290</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.35PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8.625%,
 8/01/16</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>304,500</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1  FACE=ARIAL>902</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Windstream
 Regatta Holdings, Inc., 11.00%, 12/01/17</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>892,980</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 Telecommunications</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,684,767</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="65%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Principal<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Description</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD><TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Transportation&#151;0.3%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>140</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Britannia
 Bulk Plc, 11.00%, 12/01/11 (United Kingdom)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>144,725</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>CHC
 Helicopter Corp., 7.375%, 5/01/14 (Canada)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>85,050</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>627</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Navios
 Maritime Holdings, Inc.,<BR>
 9.50%, 12/15/14 (Marshall Islands)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>641,108</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 Transportation</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>870,883</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 Corporate Bonds</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>139,818,575</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Long-Term Investments</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>(cost $593,693,914)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>549,571,272</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>SHORT-TERM INVESTMENT&#151;7.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>U.S. Government and Agency Discount
 Notes&#151;7.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR >
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P ALIGN=RIGHT style="margin-top:3px"><FONT SIZE=1  FACE=ARIAL>24,900 </FONT></P>
</TD>
<TD VALIGN=TOP >
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL>Federal Home Loan Bank Disc. Note,</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR >
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>3.251%, 1/02/08 (cost $24,897,752)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24,897,752</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP >
<P><FONT SIZE=1 FACE=ARIAL><B>Total Investments&#151;160.4% (cost
 $618,591,666<SUP>6</SUP>)</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>574,469,024</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR >
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Other assets in excess of
 liabilities&#151;1.3%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,500,604</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD COLSPAN="4" VALIGN=TOP >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Auction Preferred Shares at redemption value,
including<BR>
 dividends payable&#151;(61.7)%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(220,952,637</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="4" VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Net Assets Applicable to Common
 Shareholders&#151;100%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>$</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>358,016,991</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="4" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Variable rate security. Rate shown is interest rate as of
 December 31, 2007.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT FACE="ARIAL" SIZE="1"><SUP>2</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Security is not registered under the Securities Act of
 1933. These securities may be resold in transactions in accordance with Rule
 144A under that Act, to qualified institutional buyers. As of December 31,
 2007, the Trust held 52.8% of its net assets, with a current market value of
 $188,916,218, in securities restricted as to resale.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT FACE="ARIAL" SIZE="1"><SUP>3</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>The security is a perpetual bond and has no stated
 maturity date.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT FACE="ARIAL" SIZE="1"><SUP>4</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Security, or a portion thereof, pledged as collateral with
 a value of $5,028,270 on 50 long U.S. Treasury Note futures contracts
 expiring March 2008 and 239 short U.S. Treasury Note futures contracts
 expiring March 2008. The notional value of such contracts on December 31,
 2007 was $21,586,297, with an unrealized gain of $10,322.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT FACE="ARIAL" SIZE="1"><SUP>5</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Rate shown is the yield to maturity as of the date of
 purchase.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT FACE="ARIAL" SIZE="1"><SUP>6</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Cost for federal income tax purposes is $618,849,567. The
 net unrealized depreciation on a tax basis is $44,380,543, consisting of
 $5,213,280 gross unrealized appreciation and $49,593,823 gross unrealized
 depreciation.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ><FONT SIZE=1 FACE=ARIAL>For Trust compliance purposes, the Trust&#146;s sector and
 industry classifications refer to any one or more of the Standard Industry
 Codes as defined by the SEC. This definition may not apply for purposes of
 this report, which may combine sector and industry sub-classifications for
 reporting ease.</FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>18</FONT></P>

 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=4 WIDTH="100%" NOSHADE COLOR=#7897C3 ALIGN=CENTER>
</TD>
</TR>
<tr>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR=#7897C3 FACE=ARIAL>Statements of Assets and
  Liabilities<A NAME=A004></A></FONT></P>
</TD>
</TR>
</table>


<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="54%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>December 31, 2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>BlackRock<BR>
  Global<BR>
  Floating Rate<BR>
  Income Trust<BR>
  (BGT)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>BlackRock<BR>
  High<BR>
  Income<BR>
  Shares<BR>
  (HIS)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>BlackRock<BR>
  Preferred<BR>
  Opportunity<BR>
  Trust<BR>
  (BPP)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 color="#1E5F95" FACE=ARIAL><B>Assets</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Investments
  at value, unaffiliated<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>639,454,951</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>179,758,339</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>574,469,024</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Investments
  in affiliates</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>35,318</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,438</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>74,029</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Cash</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>7,982,948</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>43,427</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,124,246</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Foreign
  currency at value<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>24,071,371</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>878</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Receivable
  from investments sold</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,557,478</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4,375</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Unrealized
  gain on foreign exchange contracts</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>456,169</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Unrealized
  appreciation on credit default swaps</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>118,870</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Interest
  receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8,102,073</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,692,914</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6,146,568</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Other
  assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>99,355</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>22,164</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>74,194</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>683,759,663</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>183,527,535</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>582,006,931</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1  color="#1E5F95" FACE=ARIAL><B>Liabilities</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Payable for
  investments purchased</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8,646,405</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>930,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Variation
  margin payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>99,359</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Unrealized
  loss on foreign currency exchange contracts</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,838,889</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loans
  payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>46,000,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Unrealized
  depreciation on credit default swaps</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>181,909</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Interest
  payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>207,726</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Foreign
  currency payable due to broker</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6,811,787</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Dividends
  payable - common shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,943,175</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>994,143</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,298,243</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Investment
  advisory fees payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>310,316</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>114,456</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>320,243</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Deferred
  Trustees&#146; fees</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>35,318</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,438</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>74,029</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Trustees
  fees</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8,657</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,771</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,727</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Other
  accrued expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>272,629</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>173,865</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>241,702</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>23,049,085</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>48,429,399</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,037,303</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1  color="#1E5F95" FACE=ARIAL><B>Auction Preferred Shares at Redemption Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>$0.001 par
  value per share and $25,000 liquidation value per share, including dividends
  payable<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>243,624,472</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>220,952,637</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net Assets
  Applicable to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>417,086,106</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>135,098,136</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>358,016,991</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<tr>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Composition
  of Net Assets Applicable to Common Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Par value<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>23,545</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>18,386</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Paid-in
  capital in excess of par</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>437,531,709</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>378,596,310</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>432,672,444</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Undistributed
  (distributions in excess of) net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>219,332</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(33,209</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(2,571,328</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Accumulated
  net realized loss</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(3,720,091</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(235,184,737</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(28,109,122</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  unrealized depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(16,968,389</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(8,280,228</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(43,993,389</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net assets
  applicable to common shareholders, December 31, 2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>417,086,106</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>135,098,136</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>358,016,991</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net asset
  value per common share<SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>17.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>19.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL><SUP>1 </SUP><FONT   SIZE=1 FACE=ARIAL>Investments
  at cost</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>652,909,987</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>188,038,713</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>618,591,666</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL><SUP>2 </SUP><FONT   SIZE=1 FACE=ARIAL>Foreign
  currency at cost</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>23,995,726</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>732</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL><SUP>3 </SUP><FONT   SIZE=1 FACE=ARIAL>Auction
  Preferred Shares outstanding</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>9,738</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8,832</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL><SUP>4 </SUP><FONT   SIZE=1 FACE=ARIAL>Par value
  per share</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.001</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.001</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL><SUP>5 </SUP><FONT   SIZE=1 FACE=ARIAL>Common
  shares outstanding</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>23,545,239</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>54,620,873</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>18,385,837</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT
 </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>19</FONT></P>
 </TD>
 </TR>
</table>




<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=5 WIDTH="100%" NOSHADE COLOR=#7897C3 ALIGN=CENTER>
</TD>
</TR>
<tr>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR=#7897C3 FACE=ARIAL>Statements of Operations<A   NAME=A005></A></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="56%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>For the Year Ended December 31, 2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>BlackRock<BR>
  Global<BR>
  Floating Rate<BR>
  Income Trust<BR>
  (BGT)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>BlackRock<BR>
  High<BR>
  Income<BR>
  Shares<BR>
  (HIS)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>BlackRock<BR>
  Preferred<BR>
  Opportunity<BR>
  Trust<BR>
  (BPP)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1  color="#1E5F95" FACE=ARIAL><B>Investment Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Interest
  income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>53,782,920</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>17,866,586</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>32,038,522</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Dividend
  income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,657</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>161,798</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>11.823,544</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Income from
  affiliates</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,771</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>558</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,663</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>53,787,348</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>18,028,942</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>43,865,729</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1  color="#1E5F95" FACE=ARIAL><B>Expenses</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Investment
  advisory</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,251,233</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,488,955</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4,197,634</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Transfer
  agent</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>13,163</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>29,569</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>14,742</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Custodian</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>366,457</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>100,935</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>154,734</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Reports to
  shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>86,329</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>74,406</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>111,996</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Directors/Trustees</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>41,033</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>16,726</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>41,934</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Registration</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>9,455</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>19,503</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>9,551</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Independent
  accountants</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>50,954</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>45,613</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>46,959</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Legal</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>70,331</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>50,421</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>70,188</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Insurance</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>22,120</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,884</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>19,522</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Officers&#146;
  fees</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>10,447</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,402</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>9,844</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Auction
  agent</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>634,659</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>576,730</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Miscellaneous</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>63,232</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>22,096</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>64,658</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<tr>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  expenses excluding interest expense</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6,619,413</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,857,510</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,318,492</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Interest
  expense</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>751,568</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,303,478</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>858,588</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>7,370,981</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,160,988</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6,177,080</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Less
  advisory fees waived</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1,400,329</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Less fees
  paid indirectly</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(87,076</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(16,764</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(40,628</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,883,576</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,144,224</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6,136,452</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>47,903,772</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>12,884,718</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>37,729,277</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 color="#1E5F95" FACE=ARIAL><B>Realized and Unrealized Gain (Loss)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  realized gain (loss) on:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Investments</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(3,143,302</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1,962,158</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(357,711</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Foreign
  currency</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(7,353,263</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Futures and
  swaps</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>170,043</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(26,951,570</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Short sales</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,619,060</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(10,326,522</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1,962,158</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(24,690,221</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<tr>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net change
  in unrealized appreciation/depreciation on:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Investments</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(21,995,085</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(9,438,821</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(58,862,909</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Foreign
  currency</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(168,662</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>85</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Futures and
  swaps</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(181,909</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(3,549,673</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Short sales</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>523,568</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(22,345,656</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(9,438,736</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(61,889,014</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net loss</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(32,672,178</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(11,400,894</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(86,579,235</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 color="#1E5F95" FACE=ARIAL><B>Dividends and Distributions to Auction Preferred Shareholders:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  Investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(12,723,631</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(11,458,715</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  realized gains</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(87,490</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(12,723,631</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(11,546,205</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL><B>Net Increase (Decrease) in Net Assets Applicable to Common Shareholders
  Resulting from Operations</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,507,963</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,483,824</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(60,396,163</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:19.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>20</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>


<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>




<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL><A NAME="A006"></A>Statement of Cash Flows</FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="85%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL><B>For the Year Ended December 31, 2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>BlackRock<BR>
  High<BR>
  Income<BR>
  Shares<BR>
  (HIS)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:4px'>
<P ><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Cash Flows Provided by Operating
Activities</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  increase in net assets resulting from operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,483,824</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM >&nbsp;
</TD>
</TR>

<tr>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:4px'>
<P ><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Adjustments to Reconcile Net Increase in Net Assets
Resulting from<BR>Operations to Net Cash Provided by Operating
Activities</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Purchases
  of long-term investments</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(134,872,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Proceeds
  from sales of long-term investments</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>144,181,920</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  proceeds of short-term investments</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,671,169</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Amortization
  of premium and discount on investments</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>82,397</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  realized loss on investments</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,962,158</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Decrease in
  unrealized appreciation/depreciation on investments</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>9,438,821</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Increase in
  investments in affiliates</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(558</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Increase in
  receivable for investments sold</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(4,375</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Decrease in
  interest receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>304,016</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Increase in
  other assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(12,524</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Increase in
  payable for investments purchased</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>930,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Decrease in
  interest payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(19,151</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Decrease in
  investment advisory fee payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(16,891</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Increase in
  Deferred Directors/Trustees&#146; fees</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>558</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Decrease in
  payable to affiliates</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(11,952</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Increase in
  Officers &amp; Trustees fees payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,771</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Increase in
  accrued expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>958</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM >&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total adjustments</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>24,637,517</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM >&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net cash
  provided by operating activities</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>26,121,341</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM >&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL><B>Cash flows used for financing
activities:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Draws on
  loan</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>21,000,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Payments on
  loan</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(37,000,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Cash
  dividends paid</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(12,923,256</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM >&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net cash
  used for financing activities:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(28,923,256</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM >&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  decrease in cash</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(2,801,915</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Cash and
  foreign currency at beginning of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,846,220</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM >&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Cash and
  foreign currency at end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>44,305</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM >&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Cash paid
  during the period for interest</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,322,629</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM >&nbsp;

</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007 </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>21</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><A NAME=A007></A><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Statements
of Changes in Net Assets<BR><FONT SIZE=2 FACE=ARIAL>For the
years ended December 31, 2007 and 2006</FONT></FONT></P>
</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="48%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>BlackRock<BR>
  Global Floating Rate<BR>
  Income Trust (BGT)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>BlackRock<BR>
  High Income Shares<BR>
  (HIS)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL><B>Increase (Decrease) in Net Assets Applicable to Common
Shareholders</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Operations</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>47,903,772</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>46,780,264</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>12,884,718</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>12,046,246</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  realized loss</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(10,326,522</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1,913,866</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1,962,158</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1,735,666</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net change
  in unrealized appreciation/depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(22,345,656</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>338,090</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(9,438,736</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6,228,859</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Dividends
  and distributions to Auction Preferred Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(12,723,631</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(11,316,620</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  realized gains</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(160,710</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  increase in net assets applicable to common shareholders resulting from
  operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,507,963</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>33,727,158</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,483,824</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>16,539,439</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>



<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Dividends and Distributions to Common
Shareholders from:</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>





<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(26,833,571</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(33,813,977</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(12,923,299</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(12,792,689</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net realized
  gains</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(480,136</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Tax return
  of capital</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(8,473,282</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  dividends and distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(35,306,853</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(34,294,113</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(12,923,299</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(12,792,689</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>



<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Capital Share
Transactions:</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>





<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Reinvestment
  of common dividends</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>820,433</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>412,654</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>333,553</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total increase (decrease)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(31,978,457</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(154,301</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(11,439,475</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4,080,303</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Net Assets Applicable to Common
Shareholders</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>






<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Beginning
  of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>449,064,563</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>449,218,864</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>146,537,611</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>142,457,308</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>End of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>417,086,106</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>449,064,563</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>135,098,136</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>146,537,611</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>End of year
  undistributed (distribution in excess of) net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>219,332</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(855,008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(33,209</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(827,376</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="70%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>BlackRock<BR>
  Preferred Opportunity Trust (BPP)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<tr>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</tr>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Increase (Decrease) in Net Assets
  Applicable to Common Shareholders</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Operations</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>



</TR>




<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>37,729,277</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>37,628,296</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  realized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(24,690,221</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,460,212</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net change
  in unrealized appreciation/depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(61,889,014</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5,741,786</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Dividends
  and distributions to Auction Preferred Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(11,458,715</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(8,388,298</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  realized gains</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(87,490</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(2,162,948</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  increase (decrease) in net assets applicable to common shareholders resulting
  from operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(60,396,163</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>38,279,048</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>



<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Dividends and Distributions to Common
Shareholders from:</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

</TR>


<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(29,219,599</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(28,950,629</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net realized
  gains</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(312,510</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(7,716,405</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Tax return
  of capital</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(2,820,986</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  dividends and distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(32,353,095</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(36,667,034</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Capital Share
Transactions:</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

</TR>


<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Reinvestment
  of common dividends</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>770,755</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,193,538</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total increase (decrease)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(91,978,503</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,805,552</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Net Assets Applicable to Common
Shareholders</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

</TR>



<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Beginning
  of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>449,995,494</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>447,189,942</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>End of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>358,016,991</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>449,995,494</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>End of year
  undistributed (distribution in excess of) net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(2,571,328</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>372,887</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>22</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>


<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>




<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM>
 <P><A NAME=A008></A><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Financial Highlights</FONT></P>
</TD>
 <TD VALIGN=BOTTOM nowrap>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock Global Floating Rate Income Trust (BGT)</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="53%" VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD COLSPAN="3" ROWSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>For the Period<br>
</B></FONT><FONT SIZE=1   FACE=ARIAL><B>August
      30, 2004<SUP>1<BR>
  </SUP>through<BR>
  December
  31, 2004</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Year Ended December 31,</B></FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD width="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>2007</B></FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>2006</B></FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>2005</B></FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Per Common
 Share Operating Performance:</B></FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net asset
  value, beginning of period</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>19.11</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>19.13</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>19.21</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P align=right><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>19.10</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><SUP><FONT SIZE=1 FACE=ARIAL>2</FONT></SUP></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD width="2%" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Investment
  operations:</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.03</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.99</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.64</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.33</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  realized and unrealized gain (loss)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1.39</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.06</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.17</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.35</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Dividends
  and distributions to Auction Preferred Shareholders from:</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.54</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.48</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.33</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.04</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  realized gains</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.01</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><SUP><FONT SIZE=1 FACE=ARIAL>3</FONT></SUP></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD width="2%" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  increase from investment operations</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.10</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.44</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.14</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.64</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD width="2%" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Dividends
  and distributions to common shareholders from:</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1.14</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1.44</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1.22</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.37</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  realized gains</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.02</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><SUP><FONT SIZE=1 FACE=ARIAL>3</FONT></SUP></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Tax return
  of capital</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.36</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD width="2%" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  dividends and distributions</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1.50</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1.46</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1.22</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.37</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD width="2%" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Capital
  charges with respect to issuance of:</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Common
  shares</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.04</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Auction
  Preferred Shares</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.12</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD width="2%" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  capital charges</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.16</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD width="2%" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net asset
  value, end of period</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>17.71</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>19.11</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>19.13</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P align=right><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>19.21</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD width="2%" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Market
  price, end of period</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>15.78</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>19.27</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>17.16</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P align=right><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>18.63</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD width="2%" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Total
 Investment Returns<SUP>4</SUP></B></FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>At net
  asset price</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.98</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>7.93</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6.63</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.57</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD width="2%" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>At market
  price</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(10.92</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>21.31</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1.34</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(5.00</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD width="2%" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ratios to
 Average Net Assets of Common Shareholders:<SUP>5</SUP></B></FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  expenses</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.67</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.75</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.56</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.26</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%<SUP>6</SUP></FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  expenses</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.33</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.43</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.23</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.97</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%<SUP>6</SUP></FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  expenses excluding interest expense</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.16</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.19</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.15</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.97</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%<SUP>6</SUP></FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income before Auction Preferred Share dividends</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>10.83</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>10.38</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8.52</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5.04</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%<SUP>6</SUP></FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Auction
  Preferred Share dividends</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.88</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.51</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.71</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.62</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%<SUP>6</SUP></FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income available to common shareholders</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>7.95</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>7.87</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6.81</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4.42</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%<SUP>6</SUP></FONT></P></TD>
</TR>
<TR>
<TD>
<P>&nbsp;</P></TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Supplemental
 Data</B></FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Portfolio
  turnover</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>41</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>50</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>46</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>11</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net assets
  applicable to common shareholders, end of period (000)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>417,086</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>449,065</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>449,219</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P align=right><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>451,126</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Auction
  Preferred Shares value outstanding, end of period (000)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>243,450</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>243,450</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>243,450</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P align=right><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>243,450</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Reverse
  repurchase agreements outstanding, end of period (000)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>26,108</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P align=right><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Reverse
  repurchase agreements average daily balance (000)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>10,524</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>19,562</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>10,722</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P align=right><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>114</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Reverse
  repurchase agreements weighted average interest rate</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5.48</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5.38</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3.27</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.24</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Asset
  coverage per Auction Preferred Share, end of period</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>67,849</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>73,810</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>71,139</FONT></P></TD>
<TD width="2%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P align=right><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>71,330</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL><sup>1</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Commencement of investment operations. This information includes
  the initial investment by BlackRock Funding, Inc.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL><sup>2</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Net asset value, beginning of period, reflects a deduction
  of $0.90 per share sales charge from the initial offering price of $20.00 per
  share.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL><sup>3</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Amounted to less than $0.01 per common share outstanding.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL><sup>4</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Total investment return at market price, which can be
  significantly greater or lesser than the net asset value, may result in
  substantially different returns. Total investment returns exclude the effects
  of brokerage commissions. Total investment returns for less than a full year
  are not annualized. Past performance is not a guarantee of future results.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL><sup>5</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Ratios are calculated on the basis of income and expenses
  applicable to both the common and Auction Preferred Shares relative to the
  average net assets of the common shareholders.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL><sup>6</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Annualized.</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>The information in the above
Financial Highlights represents the operating performance for a common share
outstanding, total investment returns, ratios to average net assets and other supplemental
data for each period indicated. This information has been determined based upon
financial information provided in the financial statements and market price
data for the Trust&#146;s common shares.</FONT></P>

<div><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></div>





<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
</TR>

 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=right><FONT  SIZE=1 FACE=ARIAL>23</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Financial Highlights</FONT></P>
</TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock High Income Shares (HIS)</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="48%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Year Ended December 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>2004<SUP>1</SUP></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>2003<SUP>1</SUP></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Per
 Share Operating Performance:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net asset
  value, beginning of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.68</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.61</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.42</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Investment
  operations:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><SUP><FONT SIZE=1 FACE=ARIAL>2</FONT></SUP></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><SUP><FONT SIZE=1 FACE=ARIAL>2</FONT></SUP></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  realized and unrealized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.40</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  increase from investment operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Dividends
  and distributions from net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net asset
  value, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.68</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.61</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Market
  price, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.55</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Total
 Investment Return<SUP>3</SUP></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>At net
  asset price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.58</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>12.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.43</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>11.46</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>31.10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>At market
  price</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(7.51</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>19.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(11.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>12.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>37.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ratios to Average Net
Assets:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3.56</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3.78</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3.55</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  expenses excluding interest expense</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.37</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.46</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8.42</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8.82</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>9.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>11.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Supplemental
Data:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Portfolio
  turnover</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>69</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>83</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>115</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>56</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net assets,
  end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>135,098</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>146,538</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>142,457</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>155,298</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>154,298</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan
  outstanding, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>46,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>62,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>66,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>69,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>68,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Asset
  coverage, end of year<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,937</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,364</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,158</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,251</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,269</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan
  average daily balance (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>55,868</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>62,838</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>65,992</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>64,081</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>60,604</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Loan
  weighted average interest rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3.37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Audited by other Independent Registered Public Accounting
  Firm.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Net investment income per share has been recalculated in
  accordance with SEC requirements, with the exception that end-of-the-year
  accumulated undistributed/(overdistributed) net investment income has not
  been adjusted to reflect current-year permanent differences between financial
  and tax accounting.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Total investment return at market price, which can be
  significantly greater or lesser than the net asset value, may result in
  substantially different returns. Total investment returns exclude the effects
  of brokerage commissions. Past performance is not a guarantee of future
  results.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Per $1,000 of loan outstanding.</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>The information in the above
Financial Highlights represents the operating performance for a share
outstanding, total investment returns, ratios to average net assets and other
supplemental data for each year indicated. This information has been determined
based upon financial information provided in the financial statements and
market price data for the Trust&#146;s shares. The performance set forth in this
table is the financial data of BlackRock High Income Shares. BlackRock
Advisors, LLC began managing the Trust on March 2, 2005.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP COLSPAN=4>
 <P><FONT SIZE=1  FACE=ARIAL>See Notes to Financial
 Statements.</FONT></P>
 </TD>
  </TR>
 <TR>
 <TD VALIGN=TOP COLSPAN=4>
 <P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
  </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>24</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER
 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Financial Highlights</FONT></P>
</TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock Preferred Opportunity Trust (BPP)</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="45%" VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD COLSPAN="11" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD COLSPAN="3" ROWSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>For the Period<BR>
  February 28, 2003<SUP>1<BR>
  </SUP>through</B></FONT><br>
  <FONT SIZE=1   FACE=ARIAL><B>December
  31, 2003</B></FONT></P>

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD COLSPAN="11" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Year Ended December 31,</B></FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
<TD COLSPAN="11" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD width="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>2007</B></FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>2006</B></FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>2005</B></FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>2004</B></FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid #1E5F95 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid #1E5F95 2px">&nbsp;</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid #1E5F95 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid #1E5F95 2px">&nbsp;</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid #1E5F95 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid #1E5F95 2px">&nbsp;</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid #1E5F95 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid #1E5F95 2px">&nbsp;</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid #1E5F95 2px">&nbsp;</TD>
<TD width="4%" VALIGN=BOTTOM style="border-bottom:solid #1E5F95 2px">&nbsp;</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid #1E5F95 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid #1E5F95 2px">&nbsp;</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT;padding:5pt'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Per Common Share Operating
Performance:</B></FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
<TD width="4%" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net asset
  value, beginning of period</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>24.52</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>24.43</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>25.88</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>25.58</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>23.88</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1><sup>2</sup></FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD width="4%" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD align="right" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Investment
  operations:</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.05</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.05</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.11</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.22</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.72</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  realized and unrealized gain (loss)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(4.72</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.62</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.82</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.33</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.93</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Dividends
  and distributions to Auction Preferred Shareholders from:</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.62</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.46</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.26</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.16</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.10</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  realized gains</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.12</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.13</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.02</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD width="4%" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD align="right" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  increase (decrease) from investment operations</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(3.29</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.09</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.90</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.37</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3.55</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD width="4%" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD align="right" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Dividends
  and distributions to common shareholders from:</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1.59</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1.58</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1.74</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(2.00</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1.66</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  realized gains</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.02</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.42</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.61</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.07</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Tax return
  of capital</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.15</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD width="4%" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD align="right" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  dividends and distributions</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1.76</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(2.00</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(2.35</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(2.07</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(1.66</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD width="4%" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD align="right" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Capital
  charges with respect to issuance of:</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Common
  shares</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.05</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Auction
  Preferred Shares</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.14</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD width="4%" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD align="right" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  capital charges</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(0.19</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P></TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD width="4%" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD align="right" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net asset
  value, end of period</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>19.47</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>24.52</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>24.43</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>25.88</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>25.58</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD width="4%" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD align="right" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Market
  price, end of period</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>17.31</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>26.31</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>24.20</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>25.39</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>24.83</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD width="4%" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD align="right" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Total
 Investment Return<SUP>3</SUP></B></FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>At net
  asset price</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(13.86</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8.89</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3.81</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>10.15</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>14.65</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD width="4%" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD align="right" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>At market
  price</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(28.62</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>17.98</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4.83</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>11.01</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6.28</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD width="4%" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD align="right" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP  colspan=2 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ratios to Average Net
Assets of Common Shareholders:<SUP>4</SUP></B></FONT></P></TD>


<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Total
  expenses</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.46</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.62</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.51</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.44</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.52</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%<SUP>5</SUP></FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  expenses</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.45</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.62</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.51</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.44</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.52</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%<SUP>5</SUP></FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net expenses
  excluding interest expense</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.24</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.25</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.22</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.19</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.16</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%<SUP>5</SUP></FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income before Auction Preferred Share dividends</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8.90</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8.46</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8.37</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8.66</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8.35</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%<SUP>5</SUP></FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Auction
  Preferred Share dividends</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2.70</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.89</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.27</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.62</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>0.48</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%<SUP>5</SUP></FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net
  investment income available to common shareholders</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6.20</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6.58</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>7.10</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8.04</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>7.87</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%<SUP>5</SUP></FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Supplemental
Data:</B></FONT></P></TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Portfolio
  turnover</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>97</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>91</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>77</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>88</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>98</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Net assets
  applicable to common shareholders, end of period (000)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>358,017</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>449,995</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>447,190</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>473,809</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>468,243</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Auction
  Preferred Shares value outstanding, end of period (000)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>220,800</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>220,800</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>220,800</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>220,800</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>220,841</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Reverse
  repurchase agreements outstanding, end of period (000)</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,486</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Reverse
  repurchase agreements average daily balance (000)</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>903</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,303</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,904</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>782</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>19,822</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Reverse
  repurchase agreements weighted average interest rate</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5.48</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4.74</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3.07</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.50</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1.44</FONT></P></TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P></TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 FACE=ARIAL>Asset
  coverage per Auction Preferred Share, end of period</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>65,554</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>75,965</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>75,642</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>78,650</FONT></P></TD>
<TD width="4%" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
<TD align="right" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>78,021</FONT></P></TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Commencement of investment operations. This information
  includes the initial investment by BlackRock Funding, Inc.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Net asset value, beginning of period, reflects a deduction
  of $1.12 per share sales charge from the initial offering price of $25.00 per
  share.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Total investment return at market price, which can be
  significantly greater or lesser than the net asset value, may result in
  substantially different returns. Total investment returns exclude the effects
  of brokerage commissions. Total investment returns for less than a full year
  are not annualized. Past performance is not a guarantee of future results.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Ratios are calculated on the basis of income and expenses
  applicable to both the common and Auction Preferred Shares relative to the
  average net assets of the common shareholders.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Annualized.</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>The information in the above
Financial Highlights represents the operating performance for a common share
outstanding, total investment returns, ratios to average net assets and other
supplemental data for each period indicated. This information has been
determined based upon financial information provided in the financial
statements and market price data for the Trust&#146;s common shares.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER
 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>25</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL><A NAME="A009"></A>Notes to Financial Statements</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  COLOR=#1E5F95 FACE=ARIAL><B>&nbsp;</B></FONT></P>
 </TD>
 </TR>

</table>

<P><FONT SIZE=2 FACE=ARIAL><B>1. Significant Accounting Policies:</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>BlackRock
High Income Shares (&#147;High Income&#148;), a Massachusetts business trust, is
registered as a diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;). BlackRock Global
Floating Rate Income Trust (&#147;Global&#148;) and BlackRock Preferred Opportunity Trust
(&#147;Preferred Opportunity&#148;) are organized as Delaware statutory trusts and are
registered as non-diversified and diversified, respectively, closed-end
management investment companies under the 1940 Act. Global, High Income and
Preferred Opportunity are individually referred to as a &#147;Trust&#148; and
collectively as the &#147;Trusts&#148;. The Trusts&#146; financial statements are prepared in
conformity with accounting prin ciples generally accepted in the United States
of America.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
following is a summary of significant accounting policies followed by the
Trusts.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Valuation of Investments: </B><FONT FACE=ARIAL>The Trusts value most of
their investments on the basis of last available bid price or current market
quotations provided by dealers or pricing services selected under the
supervision of each Trust&#146;s Board of Trustees (the &#147;Trustees&#148; or a &#147;Board&#148;). In
determining the value of a particular investment, pricing services may use
certain information with respect to transactions in such investments,
quotations from dealers, market transactions in comparable investments, various
relationships observed in the market between investments, and calculated yield
measures based on valuation technology commonly employed in the market for such
investments. Trust preferred securities are valued at the evaluated bid price.
Options purchased are valued at the last bid price in the case of options
traded in the OTC market. Swap quotations are provided by dealers selected
under supervision of the Board. Financial futures contracts are traded on
exchanges and are valued at their last sale price. Short-term securities may be
valued at amortized cost.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Bank loans
(&#147;loan interests&#148;) are valued in accordance with guidelines established by the
Board. Loan interests are valued at the average between the last available bid
prices from one or more brokers or dealers, as obtained from Loan Pricing
Corporation (&#147;LPC&#148;). If no reliable price quotes are available, LPC values such
interests through the use of pricing matrixes. If the pricing service does not
provide a value for the loan interests, BlackRock Advisors, LLC (the
&#147;Advisor&#148;), an indirect, wholly owned subsidiary of BlackRock, Inc., will value
the loan interests at fair value under methods approved by the Trust&#146;s Board.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In the
event that application of these methods of valuation results in a price for an
investment which is deemed not to be representative of the market value of such
investment, the investment will be valued by, under the direction of, or in
accordance with, a method approved by the Board as reflecting fair value (&#147;Fair
Value Assets&#148;). When determining the price for Fair Value Assets, the
investment advisor and/or sub-advisor shall seek to determine the price that
the Trusts might reasonably expect to receive from the current sale of that
asset in an arms-length transaction. Fair value determinations shall be based
upon all available factors that the investment advisor and/or sub-advisor deems
relevant. The pricing of all Fair Value Assets shall be subsequently reported
to the Board or a committee thereof.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In
September 2006, Statement of Financial Accounting Standards No. 157, &#147;Fair
Value Measurements&#148; (&#147;FAS 157&#148;), was issued and is effective for fiscal years
beginning after November 15, 2007. FAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. The impact on the Trusts&#146; financial statement disclosures, if
any, is currently being assessed.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In
addition, in February 2007, Statement of Financial Accounting Standards No.
159, &#147;The Fair Value Option for Financial Assets and Financial Liabilities&#148;
(&#147;FAS 159&#148;), was issued and is effective for fiscal years beginning after
November 15, 2007. Early adoption is permitted as of the beginning of a fiscal
year that begins on or before November 15, 2007, provided the entity also
elects to apply the provisions of FAS 157. FAS 159 permits entities to choose
to measure many financial instruments and certain other items at fair value
that are not currently required to be measured at fair value. FAS 159 also
establishes presentation and disclosure requirements designed to facilitate
comparisons between entities that choose different measurement attributes for
similar types of assets and liabilities. The impact on the Trusts&#146; financial
statement disclosures, if any, is currently being assessed.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Derivative Financial Instruments: </B><FONT FACE=ARIAL>The Trusts may engage in
various portfolio investment strategies to increase the return of the Trusts
and to hedge, or protect, its exposure to interest rate movements and movements
in the securities markets. Losses may arise due to changes in the value of the
contract due to an unfavorable change in the price of the underlying security,
or if the counterparty does not perform under the contract.</FONT></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>Options: </B><FONT  FACE=ARIAL>The
 Trusts may purchase call and put options. When a security is purchased or
 sold through an exercise of an option, the related premium paid (or received)
 is added to (or deducted from) the basis of the security acquired or deducted
 from (or added to) the proceeds of the security sold. When an option expires
 (or the Trust enters into a closing transaction), the Trust realizes a gain
 or loss on the option to the extent of the premiums received or paid (or gain
 or loss to the extent the cost of the closing transaction exceeds the premium
 paid or received). Purchased options are non-income producing investments.</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>Credit Default
 Swaps: </B><FONT FACE=ARIAL>Credit default swaps are agreements in which one
 party pays fixed periodic payments to a counterparty for protection against
 the loss in value of an underlying debt instrument in the event of a defined
 credit event (such as payment default or bankruptcy). Under the terms of the
 swap, one party acts as a &#147;guarantor&#148; receiving a periodic payment that is a
 fixed percentage applied to a notional principal amount. In return the party
 agrees to purchase the notional amount of the underlying instrument, at par,
 if a credit event occurs during the term of the swap. The Trust may enter
 into credit default swaps in which either it or its counterparty act as
 guarantors. By acting as the guarantor of a swap, a fund assumes the market
 and credit risk of the underlying instrument including liquidity and loss of
 value.</FONT></FONT></P>
</TD>
</TR>
</table>

<P style="margin-left:5%"><FONT SIZE=2 FACE=ARIAL>During the
term of the swap, changes in the value of the swap are recognized as unrealized
gains or losses by &#147;marking-to-market&#148; to reflect the market value of the swap.
When the swap is terminated, a Trust will record</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>26</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31,
2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER border=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM colspan=2>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Notes to Financial Statements (continued)</FONT></P>
 </TD>

 </TR>

</table>

<P style="margin-left:5%"><FONT SIZE=2 FACE=ARIAL>a realized
gain or loss equal to the difference between the proceeds from (or cost of) the
closing transaction and the Trust&#146;s basis in the contract, if any.</FONT></P>

<P style="margin-left:5%"><FONT SIZE=2 FACE=ARIAL>The Trusts
are exposed to credit loss in the event of non-performance by the other party
to the swap. However, the Trusts closely monitor swaps and do not anticipate
non-performance by any counterparty.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>Financial
 Futures Contracts: </B><FONT FACE=ARIAL>The Trusts may purchase or sell financial futures
 contracts and options on such financial futures contracts. Financial futures
 contracts are contracts for delayed delivery of securities at a specific
 future date and at a specific price or yield. Upon entering into a contract,
 the Trusts deposit and maintain as collateral such initial margin as required
 by the exchange on which the transaction is effected. Pursuant to the
 contract, the Trusts agree to receive from or pay to the broker an amount of
 cash equal to the daily fluctuation in value of the contract. Such receipts
 or payments are known as variation margin and are recognized by the Trusts as
 unrealized gains or losses. When the contract is closed, the Trusts record a
 realized gain or loss equal to the difference between the value of the
 contract at the time it was opened and the value at the time it was closed.</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The Trusts may utilize futures
 for the purpose of reducing the interest rate sensitivity of the portfolio
 and decreasing the Trusts&#146; exposure to interest rate risk.</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL><B>Investment Transactions and Investment Income: </B><FONT FACE=ARIAL>Investment
transactions are recorded on the dates the transactions are entered into (the
trade dates). Realized gains and losses on security transactions are determined
on the identified cost basis. Dividend income is recorded on the ex-dividend
dates. Dividends from foreign securities where the ex-dividend date may have
passed are subsequently recorded when the Trusts have determined the
ex-dividend date. Interest income is recognized on the accrual basis. The
Trusts amortize all premiums and discounts on debt securities.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Reverse Repurchase Agreements: </B><FONT FACE=ARIAL>The Trusts may enter into
reverse repurchase agreements with qualified third party broker-dealers.
Interest on the value of the reverse repurchase agreements issued and
outstanding is based upon competitive market rates at the time of issuance and
is included within the related liability on the Statements of Assets and
Liabilities. At the time the Trusts enter into a reverse repurchase agreement,
it identifies for segregation certain liquid securities having a value not less
than the repurchase price, including accrued interest, of the reverse
repurchase agreement. The Trusts may utilize reverse repurchase agreements when
it is anticipated that the interest income to be earned from the investment of
the proceeds of the transaction is greater than the interest expense of the
transaction.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Loan Payable: </B><FONT FACE=ARIAL>High Income has an $80 million revolving credit
agreement (the &#147;Agreement&#148;), which expires on March 15, 2008. Prior to
expiration of the Agreement, principal is repayable in whole or in part at the
option of the Trust. Borrowings under the Agreement bear interest at a variable
rate tied to the lender&#146;s average daily cost of funds, or at fixed rates, as
may be agreed to between the Trust and the lender. The Trust may borrow up to
33</FONT><SUP><FONT FACE=ARIAL>1</FONT></SUP><FONT FACE=ARIAL>/<SUB>3</SUB></FONT><FONT FACE=ARIAL>% of its
total assets up to the committed amount or 100% of the borrowing base eligible
assets, as determined under the terms of the Agreement. In accordance with the
terms of the Agreement, the Trust has granted a security interest in certain
portfolio assets as collateral for the borrowing. The Trust plans to renew the
Agreement before expiration.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Bank Loans: </B><FONT FACE=ARIAL>In the process of buying, selling and holding bank
loans, a Trust may receive and/or pay certain fees. These fees are included in
the purchase price and may include facility fees, commitment fees, amendment
fees, commissions and prepayment penalty fees. These fees are amortized as
premium and/or accreted as discount over the term of the loan. When a Trust
buys a bank loan it may receive a facility fee and when it sells a bank loan it
may pay a facility fee. On an ongoing basis, a Trust may receive a commitment
fee based on the undrawn portion of the underlying line of credit portion of a
bank loan. In certain circumstances, a Trust may receive a prepayment penalty
fee upon the prepayment of a bank loan by a borrower. Other fees received by a
Trust may include covenant waiver fees and covenant modification fees.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>A Trust may
invest in multiple series or tranches of an issuer. A different series or
tranche may have varying terms and carry different associated risks.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Forward Currency Contracts: </B><FONT FACE=ARIAL>The Trusts enter into
forward currency contracts primarily to facilitate settlement of purchases and
sales of foreign securities and to help manage the overall exposure to foreign
currency. A forward contract is a commitment to purchase or sell a foreign
currency at a future date (usually the security transaction settlement date) at
a negotiated forward rate. In the event that a security fails to settle within
the normal settlement period, the forward currency contract is renegotiated at
a new rate. The gain or loss arising from the difference between the settlement
value of the original and renegotiated forward contracts is isolated and is
included in net realized gains (losses) from foreign currency transactions.
Risks may arise as a result of the potential inability of the counterparties to
meet the terms of their contract.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Forward
currency contracts, when used by the Trusts, help to manage the overall
exposure to the foreign currency backing in some of the investments held by the
Trusts. Forward currency contracts are not meant to be used to eliminate all of
the exposure to the foreign currency, rather they allow the Trusts to limit
their exposure to the foreign currency and, in doing so, better help the Trusts
achieve their objectives.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Foreign Currency Transactions: </B><FONT FACE=ARIAL>Foreign currency amounts are
translated into United States dollars on the following basis: (i) market value
of investment securities, assets and liabilities at the current rate of
exchange; and (ii) purchases and sales of investment securities, income and
expenses&#151;at the rates of exchange prevailing on the respective dates of such transactions.
For equity income securities, the Trusts do not isolate the portion of the
results of operations arising as a result of changes in the foreign exchange
rates from the fluctuations arising from changes in the market prices of
securities held at period end and sold during the period. For fixed income
securities, the Trusts isolate that portion of the results of operations
arising as a result of changes in the foreign exchange rates from the
fluctuations arising from changes in the market prices of securities held at
period end. Similarly, the Trusts isolate the effect of changes in foreign
exchange rates from the fluc-</FONT></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31,
2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>27</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER border=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM colspan=2>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Notes to Financial Statements (continued)</FONT></P>
 </TD>

 </TR>

</table>

<P><FONT SIZE=2 FACE=ARIAL>tuations
arising from changes in the market prices of portfolio securities sold during
the period.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Short sales: </B><FONT FACE=ARIAL>When the Trusts engage in a short sale, an amount
equal to the proceeds received by the Trusts is reflected as an asset and an
equivalent liability. The amount of the liability is subsequently
&#147;marked-to-market&#148; to reflect the market value of the short sale. The Trusts
maintain a segregated account of securities as collateral for the short sales.
The Trusts are exposed to market risk based on the amount, if any, that the market
value of the stock exceeds the market value of the securities in the segregated
account. The Trusts are required to repay the counterparty any dividends or
interest received on the security sold short.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>A gain,
limited to the price at which the Trusts sold the security short, or a loss,
unlimited as to the dollar amount, will be recognized upon the termination of a
short sale if the market price is greater or less than the proceeds originally
received.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Trust Preferred Stock: </B><FONT FACE=ARIAL>These securities are
typically issued by corporations, generally in the form of interest-bearing
notes with preferred securities characteristics, or by an affiliated business
trust of a corporation, generally in the form of beneficial interests in
subordinated debentures or similarly structured securities. The securities can
be structured as either fixed or adjustable coupon securities that can have
either a perpetual or stated maturity date. Dividends can be deferred without
creating an event of default or acceleration, although maturity cannot take
place unless all cumulative payment obligations have been met. The deferral of
payments does not affect the purchase or sale of these securities in the open
market. Payments on these securities are treated as interest rather than
dividends for Federal income tax purposes. These securities can have a rating
that is slightly below that of the issuing company&#146;s senior debt securities.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Credit Risk: </B><FONT FACE=ARIAL>Preferred Opportunity invests a significant portion of
its assets in securities issued by financial institutions that may have
exposure to commercial or residential mortgage loans and/or securities of
issuers that hold mortgage and other asset-backed securities. Changes in
economic conditions, including delinquencies and/or defaults of these loans and
other underlying securities held by these financial institutions, may affect
the value, income and/or liquidity of Preferred Opportunity&#146;s investments.
Please see the Schedule of Investments for these securities.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Segregation: </B><FONT FACE=ARIAL>In cases in which the 1940 Act, and the interpretive
positions of the Securities and Exchange Commission (the &#147;SEC&#148;) require that
each Trust segregate assets in connection with certain investments (e.g., when
issued securities, reverse repurchase agreements, swaps or futures contracts), each
Trust will, consistent with certain interpretive letters issued by the SEC,
designate on its books and records cash or other liquid debt securities having
a market value at least equal to the amount that would otherwise be required to
be physically segregated.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Income Taxes: </B><FONT FACE=ARIAL>It is each Trust&#146;s policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no federal income tax provision is required. Under the
applicable foreign tax law, a withholding tax may be imposed on interest,
dividends and capital gains at various rates.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Effective
June 29, 2007, the Trusts implemented Financial Accounting Standards Board
(&#147;FASB&#148;) Interpretation No. 48, &#147;Accounting for Uncertainty in Income Taxes &#151;
an interpretation of FASB Statement No. 109&#148; (&#147;FIN 48&#148;). FIN 48 prescribes the
minimum recognition threshold a tax position must meet in connection with
accounting for uncertainties in income tax positions taken or expected to be
taken by an entity, including investment companies, before being measured and
recognized in the financial statements. Management has evaluated the
application of FIN 48 to the Trusts, and has determined that the adoption of
FIN 48 does not have a material impact on the Trusts&#146; financial statements. The
Trusts file U.S. federal and various state and local tax returns. No income tax
returns are currently under examination. The statute of limitations on the
Trusts&#146; U.S. federal tax returns remains open for the years ended December 31,
2004 through December 31, 2006. The statute of limitations on the Trust&#146;s state
and local tax returns may remain open for an additional year depending upon the
jurisdiction.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Dividends and Distributions: </B><FONT FACE=ARIAL>Dividends to common
shareholders from net investment income are declared and paid monthly.
Distributions of capital gains are recorded on the ex-dividend dates. Dividends
and distributions to preferred shareholders are accrued and determined as
described in Note 5. If the total dividends and distributions made in any tax
year exceeds net investment income and accumulated realized capital gains, a
portion of the total distribution may be treated as a tax return of capital.
For the year ended December 31, 2007, a portion of the dividends and
distributions were characterized as a tax return of capital.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Estimates: </B><FONT FACE=ARIAL>The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities including investment valuations at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from these estimates and such
differences may be material.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Deferred Compensation and BlackRock Closed-End Share Equivalent
Investment Plan: </B><FONT FACE=ARIAL>Under the deferred compensation plan approved by each
Trust&#146;s Board, non-interested Trustees/Directors (&#147;Independent Trustees&#148;) defer
a portion of their annual complex-wide compensation. Deferred amounts earn an
approximate return as though equivalent dollar amounts had been invested in
common shares of other BlackRock Closed-End Funds selected by the Independent
Trustees. These amounts are shown on the Statement of Assets and Liabilities as
&#147;Investments in Affiliates&#148;. This has approximately the same economic effect
for the Independent Trustees as if the Independent Trustees had invested the
deferred amounts directly in such Trusts.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
deferred compensation plan is not funded and obligations thereunder represent
general unsecured claims against the general assets of the Trust. Each Trust
may, however, elect to invest in common shares of those Trusts</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
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 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>28</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31,
2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER border=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM colspan=2>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Notes to Financial Statements (continued)</FONT></P>
 </TD>

 </TR>

</table>

<P><FONT SIZE=2 FACE=ARIAL>selected by
the Independent Trustees in order to match its deferred compensation obligations.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Other: </B><FONT FACE=ARIAL>Expenses that are directly related to one of the
Trusts are charged directly to that Trust. Other operating expenses are
generally prorated to the Trusts on the basis of relative net assets of all the
BlackRock Closed-End Funds.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>2. Investment Advisory Agreement and Other Transactions with Affiliates:</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Each Trust
has an Investment Advisory Agreement (&#147;the Agreements&#148;) with the Advisor.
BlackRock Financial Management, Inc. (&#147;BFM&#148;), a wholly owned subsidiary of
BlackRock, Inc., serves as sub-advisor to the Trusts. Merrill Lynch &amp; Co.,
Inc. (&#147;Merrill Lynch&#148;) and The PNC Financial Services Group, Inc. are principal
owners of BlackRock, Inc. The Agreements for the Trusts cover both investment
advisory and administration services.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
investment advisory fee paid to the Advisor is computed weekly and payable
monthly based on an annual rate equal to 0.75% of Global&#146;s and 0.65% of
Preferred Opportunity&#146;s average weekly managed assets. &#147;Managed assets&#148; means
the total assets of a Trust (including any assets attributable to any borrowing
that may be outstanding) minus the sum of accrued liabilities (other than debt
representing financial leverage). The investment advisory fee paid to the
Advisor is computed weekly and payable monthly based on an annual rate equal to
0.75% of the first $200 million of High Income&#146;s average weekly managed assets
and 0.50% thereafter. The Advisor has voluntarily agreed to waive a portion of
the investment advisory fees or other expenses on Global as a percentage of its
average weekly managed assets as follows: 0.20% for the first five years of the
Trust&#146;s operations (through August 30, 2009), 0.15% in year six (through August
30, 2010), 0.10% in year seven (through August 30, 2011) and 0.05% in year
eight (through August 30, 2012).</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Advisor
pays BFM fees for its sub-advisory services.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Pursuant to
the Investment Management Agreements, the Advisor provides continuous
supervision of each Trust&#146;s investment portfolio and pays the compensation of
officers of each Trust who are affiliated persons of the Advisor, as well as
occupancy and certain clerical and accounting costs of each Trust. Each Trust
bears all other costs and expenses, which include reimbursements to the Advisor
for employee costs related to pricing and secondary market support. These
expenses are generally pro-rated to the Trusts on the basis of the relative net
assets of certain BlackRock Closed-End Funds. For the year ended December 31,
2007, the Trusts reimbursed the Advisor in the following amounts, which are included
in miscellaneous expenses in the Statements of Operations:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="86%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Amount</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$&nbsp;&nbsp;23,362</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>High Income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,766</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>21,589</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>



</table>

<P><FONT SIZE=2 FACE=ARIAL>Pursuant to
the terms of the custody agreements, each Trust may receive earnings credits
from its custodian for positive cash balances maintained, which are used to
offset custody fees. These credits are shown on the Statements of Operations as
&#147;fees paid indirectly&#148;.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Merrill
Lynch, through its affiliated broker dealer Merrill Lynch, Pierce, Fenner &amp;
Smith Incorporated, earned $41,662 in commissions on the execution of portfolio
security transactions from Preferred Opportunity for the year ended December
31, 2007.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Certain
officers and/or directors of the Trusts are officers and/or directors of
BlackRock, Inc. or its affiliates.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>3. Investments:</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Purchases
and sales of investments, excluding short-term securities, dollar rolls and
U.S. government securities, for the year ended December 31, 2007 were as
follows:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="68%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Purchases</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Sales</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$&nbsp;&nbsp;283,515,242</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$&nbsp;&nbsp;341,552,426</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>High Income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>134,872,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>144,181,920</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>580,275,382</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>624,971,089</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

</table>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31,
2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>29</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>




<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Notes to
Financial Statements (continued)</FONT></P>
</TD>
</TR>
</table>
<P><FONT SIZE=2 FACE=ARIAL>Details of
open forward currency contracts held in Global at December 31, 2007 were as
follows:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="80%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Foreign<BR>
  Currency</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Settlement<BR>
  Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Contract
  to<BR>
  Purchase/<BR>
  Receive</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Value
  at<BR>
  Settlement<BR>
  Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Value
  at<BR>
  December&nbsp;31,<BR>
  2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Unrealized<BR>
  Appreciation<BR>
  (Depreciation)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Bought:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Euro</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>1/23/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,285,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,877,688</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,879,516</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,828</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Sold:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>British Pound</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>1/23/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>10,507,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>21,347,389</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>20,902,119</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>445,270</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Euro</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>1/23/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>84,078,132</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>119,138,713</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>122,977,602</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(3,838,889</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Mexican Peso</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>1/23/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>18,666,417</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,716,673</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>1,707,602</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>9,071</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>

<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(3,384,548</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom: solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom: solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>Details of
open credit default swap agreements at December 31, 2007 were as follows:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="16%" >&nbsp;

</TD>
<TD WIDTH="2%" >&nbsp;

</TD>
<TD WIDTH="2%" >&nbsp;

</TD>
<TD WIDTH="5%" >&nbsp;

</TD>
<TD WIDTH="3%" >&nbsp;

</TD>
<TD WIDTH="1%" >&nbsp;

</TD>
<TD WIDTH="7%" >&nbsp;

</TD>
<TD WIDTH="2%" >&nbsp;

</TD>
<TD WIDTH="1%" >&nbsp;

</TD>
<TD WIDTH="13%" >&nbsp;

</TD>
<TD WIDTH="2%" >&nbsp;

</TD>
<TD WIDTH="1%" >&nbsp;

</TD>
<TD WIDTH="9%" >&nbsp;

</TD>
<TD WIDTH="2%" >&nbsp;

</TD>
<TD WIDTH="1%" >&nbsp;

</TD>
<TD WIDTH="12%" >&nbsp;

</TD>
<TD WIDTH="2%" >&nbsp;

</TD>
<TD WIDTH="2%" >&nbsp;

</TD>
<TD WIDTH="1%" >&nbsp;

</TD>
<TD WIDTH="5%" >&nbsp;

</TD>
<TD WIDTH="1%" >&nbsp;

</TD>
<TD WIDTH="1%" >&nbsp;

</TD>
</TR>
<TR  style="font-size:1px">
<TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD WIDTH="2%" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Notional<BR>
  Amount<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Fixed
  Rate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Counter
  Party</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Effective
  Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Termination
  Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Unrealized<BR>
  Appreciation<BR>
  (Depreciation)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>1,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT FACE="ARIAL" SIZE="1">2.000%<SUP>(a)</SUP> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>Deutsche Bank</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>03/01/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>03/20/12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(119,977</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT FACE="ARIAL" SIZE="1">2.100%<SUP>(b)</SUP> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>Lehman Brothers</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>03/03/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>03/20/12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(61,932</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(181,909</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Preferred</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>1,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT FACE="ARIAL" SIZE="1">3.200%<SUP>(c)</SUP> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>Goldman Sachs</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>12/12/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>12/20/12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>59,435</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>1,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT FACE="ARIAL" SIZE="1">3.200%<SUP>(c)</SUP> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>Citibank</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>12/12/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>12/20/12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>59,435</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>118,870</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom: solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom: solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>(a)</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>The terms were to receive the quarterly notional amount
  multiplied by the fixed rate and to pay the counterparty, upon an event of
  default of BAA Ferovial Junior Loan, the par value of the notional amount of
  BAA Ferovial.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>(b)</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>The terms were to receive the quarterly notional amount
  multiplied by the fixed rate and to pay the counterparty, upon an event of
  default of PagesJaunes Second Lien Loan, the par value of the notional amount
  of PagesJaunes Groupe SA.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>(c)</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>The terms were to pay the quarterly notional amount
  multiplied by the fixed rate and to receive from the counterparty, upon an
  event of default of Washington Mutual, Inc., the par value of the notional
  amount of Washington Mutual, Inc.</FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>30</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER
 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Notes to
Financial Statements (continued)</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL><B>4. Income Tax Information:</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>It is each
Trust&#146;s policy to comply with requirements of the Internal Revenue Code
applicable to regulated investment companies and to distribute substantially
all of its taxable income to its shareholders. Therefore, no federal income tax
provision is required.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Dividends
from net investment income and distributions from net capital gains are
determined in accordance with U.S. federal income tax regulations, which may
differ from those amounts determined under accounting principles generally
accepted in the United States. These book/tax differences are either temporary
or permanent in nature. To the extent these differences are permanent, they are
charged or credited to paid-in-capital, undistributed net investment income, or
accumulated net realized gain, as appropriate, in the period the difference
arise.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Reclassification of Capital Accounts:</B><FONT FACE=ARIAL> Accounting principles
generally accepted in the United States of America require that certain
components of net assets be adjusted to reflect permanent differences between
financial and tax reporting. Accordingly, the table below summarizes the
amounts reclassified per Trust during the current year between undistributed (distributions
in excess of) net investment income, accumulated net realized gain/(loss) and
paid-in capital in excess of par as a result of permanent differences
attributable to amortization methods of premiums and discounts on fixed income
securities, accounting for swap agreements, transactions involving foreign
securities and currencies, expiration of capital loss carryfor-wards and other
differences between financial reporting and tax accounting were classified to
the following accounts. These reclassifications have no effect on net assets or
net asset values per share.</FONT></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="51%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Undistributed
  Net<BR>
  Investment Income/<BR>
  Distributions<BR>
  in Excess of Net<BR>
  Investment<BR>
  Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Accumulated<BR>
  Net Realized<BR>
  Gain/(Loss)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Paid-In<BR>
  Capital in<BR>
  Excess of Par</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(7,272,230</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>7,272,230</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>High Income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>832,748</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>23,305,589</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(24,138,337</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4,822</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(4,822</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>The tax
character of distributions paid during the year ended December 31, 2007 and
2006 were as follows:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="46%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="15" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>December
  31, 2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="15" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Distributions Paid From:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Ordinary<BR>
  Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Non-taxable<BR>
  Return of<BR>
  Capital</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Long-Term<BR>
  Capital Gains</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Total<BR>
  Distributions</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>39,557,202</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>8,473,282</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>48,030,484</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>High Income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>12,923,299</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>12,923,299</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>40,678,314</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,820,986</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>400,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>43,899,300</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="59%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="12" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>December
  31, 2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="12" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Distributions Paid From:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Ordinary<BR>
  Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Long-Term<BR>
  Capital Gains</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Total<BR>
  Distributions</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>45,130,597</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>640,846</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>45,771,443</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>High Income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>12,792,689</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>12,792,689</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>42,381,795</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4,836,485</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>47,218,280</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>As of
December 31, 2007, the components of distributable earnings on a tax basis were
as follows:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="70%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Undistributed<BR>
  Ordinary<BR>
  Income</B></FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Unrealized<BR>
  Net<BR>
  Losses</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P align=right><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(17,200,344</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>High Income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>469,701</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(12,299,388</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>(54,038,067</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>The
difference between book-basis and tax-basis unrealized gains/losses is
attributable primarily to amortization methods of premiums and discounts on
fixed income securities, the deferral of post-October capital losses for tax
purposes, the tax deferral of losses on wash sales, accounting for swap
agreements, the realization for tax purposes of unrealized gains/losses on certain
future and foreign currency contracts, book/tax differences in the accrual of
income on securities in default, the realization for tax purposes of unrealized
gains on investments in passive foreign investment companies, deferred
compensation to trustees and other temporary differences.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>For federal
income tax purposes, the following Trusts had capital loss carry-forwards at
December 31, 2007. These amounts may be used to offset future realized capital
gains, if any:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="75%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Capital
  Loss<BR>
  Carryforward<BR>
  Amount</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Expires</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,268,804</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>2015</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>High Income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>35,363,213</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>55,878,284</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>2009</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>102,576,339</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>2010</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>28,467,396</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>2011</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>2,339,279</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>2012</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>7,043,976</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>2014</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>231,668,487</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>18,184,893</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>2015</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL><B>5. Capital:</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>There are
an unlimited number of $0.001 par value common shares authorized for Global and
Preferred Opportunity. There are an unlimited number of no par value shares
authorized for High Income. At December 31, 2007, the shares owned by
affiliates of the Advisor of Global were 7,551.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>During the
year ended December 31, 2007 and 2006, the Trusts issued the following
additional shares under their respective dividend reinvestment plans:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="59%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>December
  31, 2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>December
  31, 2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P style="margin-left:28px"><FONT SIZE=1   FACE=ARIAL>42,574</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>21,644</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>High Income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P style="margin-left:47px"><FONT SIZE=1   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>127,532</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P style="margin-left:28px"><FONT SIZE=1   FACE=ARIAL>30,981</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>49,079</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH=21>
</TD>
<TD WIDTH=5>
</TD>
<TD WIDTH=21>
</TD>
<TD WIDTH=47>
</TD>
</tr>
</table>
<p><font SIZE=2 FACE=ARIAL>As of
December 31, 2007, Global and Preferred Opportunity have the following series
of Auction Preferred Shares outstanding as listed in the table below. The
Auction Preferred Shares have a liquidation value of $25,000 per share plus any
accumulated unpaid dividends.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="41%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Series</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Series</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>T7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,246</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>Preferred</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>T7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>2,944</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>W7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,246</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>W7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>2,944</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>R7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>3,246</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>R7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>2,944</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER
 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT ><FONT  SIZE=1 FACE=ARIAL>31</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Notes to
Financial Statements (concluded)</FONT></P>
</TD>
</TR>
</table>
<P><FONT SIZE=2 FACE=ARIAL>Dividends
on seven-day Auction Preferred Shares are cumulative at a rate which is reset
every seven days based on the results of an auction. If the Auction Preferred
Shares are unable to be remarketed on the remarketing date as part of the
auction process, the Trusts would be required to pay the maximum applicable
rate on the Auction Preferred Shares to holders of such shares for successive
dividend periods until such time as the shares are successfully remarketed. The
maximum applicable rate on Auction Preferred Shares for Global is the higher of
125% of the 7-day Telerate/BBA LIBOR rate or 125% over the 7-day Telerate/BBA
LIBOR rate and for Preferred Opportunity is 150% of the Interest Equivalent of
the 30-day commercial paper rate. During the year ended December 31, 2007,
Auction Preferred Shares of the Trusts were successfully remarketed at each
remarketing date. The dividend ranges on the Auction Preferred Shares for
Global and Preferred Opportunity for the year ended December 31, 2007 were as
follows:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="64%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Series</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Low&nbsp;&nbsp;</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Average</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>T7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>W7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>R7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4.80</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6.40</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>T7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4.80</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5.19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>W7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4.80</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6.40</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>R7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>4.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>6.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>5.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>Global and
Preferred Opportunity may not declare dividends or make other distributions on
common shares or purchase any such shares if, at the time of the declaration,
distribution or purchase, asset coverage with respect to the outstanding
Auction Preferred Shares and any other borrowings would be less than 200%.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Auction
Preferred Shares are redeemable at the option of Global and Preferred
Opportunity, in whole or in part, on any dividend payment date at $25,000 per
share plus any accumulated or unpaid dividends whether or not declared. The
Auction Preferred Shares are also subject to mandatory redemption at $25,000
per share plus any accumulated or unpaid dividends, whether or not declared, if
certain requirements relating to the composition of the assets and liabilities
of Global and Preferred Opportunity, as set forth in Global&#146;s and Preferred
Opportunity&#146;s Declaration of Trust, are not satisfied.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The holders
of Auction Preferred Shares have voting rights equal to the holders of common
shares (one vote per share) and will vote together with holders of common
shares as a single class. However, holders of Auction Preferred Shares, voting
as a separate class, are also entitled to elect two Trustees for Global and Preferred
Opportunity, respectively. In addition, the 1940 Act requires that along with
approval by shareholders that might otherwise be required, the approval of the
holders of a majority of any outstanding Auction Preferred Shares, voting
separately as a class would be required to (a) adopt any plan of reorganization
that would adversely affect the Auction Preferred Shares, (b) change a Trust&#146;s
sub-classification as a closed-end investment company or change its fundamental
investment restrictions and (c) change its business so as to cease to be an
investment company.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>6. Subsequent Events:</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>During the
period February 13, 2008 to February 29, 2008, the Auction Preferred Shares of
each Trust were not successfully remarketed. As a result, the Auction Preferred
Share dividend rates were reset to the maximum applicable rate which ranged
from 4.37% to 4.65% for the Trusts during the period. Unsuccessful remarketing
during the auction process is not an event of default or credit but rather a
liquidity event for the holders of the Auction Preferred Shares.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Each Trust
paid a monthly distribution to holders of Common Shares on February 29, 2008 to
shareholders of record on February 15, 2008. The per share amounts were as
follows:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="80%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Common
  Dividend<BR>
  Per Share</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>0.1250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>High Income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>0.0182</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>0.1250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>The
dividends declared on Auction Preferred Shares for the period January 1, 2008
to January 31, 2008 for Global and Preferred Opportunity were as follows:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="49%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Series</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Dividends<BR>
  Declared</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Series</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Dividends<BR>
  Declared</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>T7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>277,565</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>Preferred</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>T7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>263,252</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>W7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>358,196</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>W7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>327,491</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>R7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>354,268</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL>R7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1   FACE=ARIAL>322,221</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>32</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER
 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Report of Independent Registered
 Public Accounting Firm<A NAME=A010></A></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="97%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>To the Directors/Trustees and
 Shareholders of </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>BlackRock Global Floating Rate
 Income Trust </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>BlackRock High Income Shares </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>BlackRock Preferred Opportunity
 Trust </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>(collectively the &#147;Trusts&#148;):</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>We have
audited the accompanying statements of assets and liabilities of the Trusts,
including the portfolios of investments, as of December 31, 2007, and the
related statements of operations and cash flows (for BlackRock High Income
Shares) for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended, and the financial highlights
for each of the periods presented. These financial statements and financial
highlights are the responsibility of the Trusts&#146; management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits. The Financial Highlights of BlackRock High Income Shares
for each of the two years in the period ended December 31, 2004 were audited by
other auditors whose report, dated February 22, 2005, expressed an unqualified
opinion on the financial highlights.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. The Trusts are not required to have, nor were we engaged to perform,
an audit of their internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Trusts&#146; internal control over financial reporting. Accordingly, we express no
such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. Our procedures
included confirmation of securities owned as of December 31, 2007, by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. We believe that our
audits provide a reasonable basis for our opinion.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In our
opinion, the financial statements and financial highlights referred to above
present fairly, in all material respects, the financial position of the Trusts
as of December 31, 2007, the results of their operations and cash flows (for
BlackRock High Income Shares) for the year then ended, the changes in their net
assets for each of the two years in the period then ended, and the financial
highlights for each of the periods presented, in conformity with accounting
principles generally accepted in the United States of America.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Deloitte
&amp; Touche <FONT FACE=ARIAL><SMALL>LLP</SMALL></FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Boston,
Massachusetts <BR>
February 29, 2008</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>33</FONT></P>
</TD>
</TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>The Benefits and Risks of
 Leveraging (unaudited)<A NAME=A011></A></FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>The Trusts
may utilize leveraging through borrowings or issuance of short-term debt
securities or shares of Auction Preferred Stock. The concept of leveraging is
based on the premise that the cost of assets to be obtained from leverage will
be based on short-term interest rates on borrowings or dividend rates on the
Auction Preferred Stock, which normally will be lower than the income earned by
each Trust on its longer-term portfolio investments. To the extent that the
total assets of each Trust (including the assets obtained from leverage) are
invested in higher-yielding portfolio investments, each Trust&#146;s Common Stock
shareholders will be the beneficiaries of the incremental yield.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>As of
December 31, 2007, the Trusts had the following leverage amounts to total net
assets before the deduction of leverage of:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="82%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Leverage</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>37%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>High Income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>25%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>38%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>Leverage
creates risks for holders of Common Stock including the likelihood of greater
net asset value and market price volatility. In addition, there is the risk
that fluctuations in interest rates on borrowings or in the dividend rates on
any Auction Preferred Stock may reduce the Common Stock&#146;s yield and negatively
impact its net asset value and market price. If the income derived from
securities purchased with assets received from leverage exceeds the cost of
leverage, each Trust&#146;s net income will be greater than if leverage had not been
used. Conversely, if the income from the securities purchased is not sufficient
to cover the cost of leverage, each Trust&#146;s net income will be less than if
leverage had not been used, and therefore the amount available for distribution
to Common Stock shareholders will be reduced.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>34</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Dividend Reinvestment Plans
 (unaudited)<A NAME=A012></A></FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>Pursuant to
each Trust&#146;s respective Dividend Reinvestment Plan (the &#147;Plan&#148;), shareholders
of High Income may elect, while shareholders of Global and Preferred
Opportunity are automatically enrolled, to have all distributions of dividends
and capital gains reinvested by Computershare Trust Company, N.A. (the &#147;Plan
Agent&#148;) in the respective Trust&#146;s shares pursuant to the Plan. Shareholders who
do not participate in the Plan will receive all distributions in cash paid by
check and mailed directly to the shareholders of record (or if the shares are
held in street or other nominee name, then to the nominee) by the Plan Agent,
which serves as agent for the shareholders in administering the Plan.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>After each
Trust declares a dividend or determines to make a capital gain distribution,
the Plan Agent will acquire shares for the participant&#146;s account, depending
upon the circumstances described below, either (i) through receipt of unissued
but authorized shares from the Trust (&#147;newly issued shares&#148;) or (ii) by open
market purchases. If, on the dividend payment date, the NAV is equal to or less
than the market price per share plus estimated brokerage commissions (such
condition being referred to herein as &#147;market premium&#148;), the Plan Agent will
invest the dividend amount in newly issued shares on behalf of the
participants. The number of newly issued shares to be credited to each
participant&#146;s account will be determined by dividing the dollar amount of the
dividend by the NAV on the date the shares are issued. However, if the NAV is
less than 95% of the market price on the payment date, the dollar amount of the
dividend will be divided by 95% of the market price on the payment date. If, on
the dividend payment date, the NAV is greater than the market value per share
plus estimated brokerage commissions (such condition being referred to herein
as &#147;market discount&#148;), the Plan Agent will invest the dividend amount in shares
acquired on behalf of the participants in open-market purchases.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Participation
in the Plan is completely voluntary and may be terminated or resumed at any
time without penalty by notice if received and processed by the Plan
Administrator prior to the dividend record date; otherwise such termination or
resumption will be effective with respect to any subsequently declared dividend
or other distribution.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Plan
Agent&#146;s fees for the handling of the reinvestment of dividends and
distributions is paid by each Trust. However, each participant pays a pro rata
share of brokerage commissions incurred with respect to the Plan Agent&#146;s open
market purchases in connection with the reinvestment of dividends and
distributions. The automatic reinvestment of dividends and distributions does
not relieve participants of any Federal income tax that may be payable on such
dividends or distributions.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Each Trust
reserves the right to amend or terminate the Plan. There is no direct service
charge to participants in the Plan; however, each Trust reserves the right to
amend the Plan to include a service charge payable by the participants.
Participants who request a sale of shares through the Plan Agent are subject to
a $2.50 sales fee and a $0.15 per share sold brokerage commission. All
correspondence concerning the Plan should be directed to the Plan Agent at 250
Royall Street, Canton, MA 02021 or (800) 699-1BFM.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Other Information</B></FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>From time
to time in the future, the Trusts may effect redemptions and/or repurchases of
its Auction Preferred Shares as provided in the applicable constituent
instruments or as agreed upon by the Trust and holders of Auction Preferred
Shares. The Trusts would generally effect such redemptions and/or repurchases
to the extent necessary to maintain applicable asset coverage requirements.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>BlackRock Privacy Principles</B><A
NAME=A013></A></FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>BlackRock
is committed to maintaining the privacy of its current and former fund
investors and individual clients (collectively, &#147;Clients&#148;) and to safeguarding
their nonpublic personal information. The following information is provided to
help you understand what personal information BlackRock collects, how we
protect that information and why in certain cases we share such information
with select parties.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>If you are
located in a jurisdiction where specific laws, rules or regulations require
BlackRock to provide you with additional or different privacy-related rights
beyond what is set forth below, then BlackRock will comply with those specific
laws, rules or regulations.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>BlackRock
obtains or verifies personal nonpublic information from and about you from
different sources, including the following: (i) information we receive from you
or, if applicable, your financial intermediary, on applications, forms or other
documents; (ii) information about your transactions with us, our affiliates, or
others; (iii) information we receive from a consumer reporting agency; and (iv)
from visits to our Web sites.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>BlackRock
does not sell or disclose to nonaffiliated third parties any non-public
personal information about its Clients, except as permitted by law or as is
necessary to service Client accounts. These nonaffiliated third parties are
required to protect the confidentiality and security of this information and to
use it only for its intended purpose.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We may
share information with our affiliates to service your account or to provide you
with information about other BlackRock products or services that may be of interest
to you. In addition, BlackRock restricts access to nonpublic personal
information about its Clients to those BlackRock employees with a legitimate
business need for the information. BlackRock maintains physical, electronic and
procedural safeguards that are designed to protect the nonpublic personal
information of its Clients, including procedures relating to the proper storage
and disposal of such information.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35</FONT></P>
</TD>
</TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 FACE=ARIAL color=#7897C3>Additional Information
 (unaudited)<A NAME=A014></A></FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL><B>TAX NOTICE</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
following information is provided with respect to the distributions paid by the
BlackRock Closed-End Funds for the fiscal year ended December 31, 2007:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="11%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Share
 Class<BR>
 (Common/<BR>
 Preferred)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Payable<BR>
 Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Federal<BR>
 Obligation<BR>
 Interest<SUP>1,2</SUP></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Qualifying<BR>
 Dividend<BR>
 Income for<BR>
 Individuals<SUP>2</SUP></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Dividends<BR>
 Qualifying<BR>
 for the<BR>
 Dividends<BR>
 Received<BR>
 Deduction for<BR>
 Corporations<SUP>2</SUP></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Interest<BR>
 Related<BR>
 Dividends<BR>
 for Non-U.S.<BR>
 Residents<SUP>2,3</SUP></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Long-Term<BR>
 Capital<BR>
 Gains Per<BR>
 Share ($)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Global Floating Rate<BR>
 Income Trust (BGT)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Common</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>1/31/07 &#150;
 12/18/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>85.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Series T7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>1/4/07 &#150;
 1/2/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>83.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Series W7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>1/4/07 &#150;
 12/27/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>83.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Series R7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>1/5/07 &#150;
 12/28/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>83.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT  SIZE=1 FACE=ARIAL>High Income
 Shares (HIS)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Common</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>2/28/07 &#150;
 1/8/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>92.82</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity<BR>
 Trust (BPP)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Common</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>2/28/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.49</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>41.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.017017</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Common</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>3/30/07 &#150;
 12/18/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.49</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10.33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>54.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Series T7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>1/4/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9.875340</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Series T7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>1/4/07 &#150;
 1/2/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.49</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>54.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Series W7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>1/4/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9.886209</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Series W7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>1/4/07 &#150;
 12/27/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.49</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>54.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Series R7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>1/5/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9.956182</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>Series R7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>1/5/07 &#150;
 12/28/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.49</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>54.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>


<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>The law varies in each state as to whether and what
 percentage of dividend income attributable to Federal Obligations is exempt
 from state income tax. We recommend that you consult your tax advisor to
 determine if any portion of the dividends you received is exempt from state
 income taxes.</FONT></P>
</TD>
</TR>



<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>2</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Expressed as a percentage of the ordinary income
 distributions paid.</FONT></P>
</TD>
</TR>



<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>3</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Represents the portion of the ordinary distributions paid
 that are exempt from U.S withholding tax for nonresident aliens and foreign
 corporations.</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL><B>Shareholder Meetings</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Joint
Annual Meeting of Shareholders was held on August 16, 2007 for shareholders of
record as of June 20, 2007, to elect director or trustee nominees of each
Trust. This proposal was part of the reorganization of the Trust&#146;s Boards of
Trustees (the &#147;Boards&#148;) to take effect on or about November 1, 2007. Each Board
is organized into three classes, one class of which is elected annually. Each
Trustee serves a three-year term concurrent with the class into which he or she
is elected.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Approved
the Class I Directors/Trustees as follows:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="21%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>G.
 Nicholas Beckwith, III</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Kent
 Dixon</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>R.
 Glenn Hubbard</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes
 For</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes<BR>
 Withheld</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes
 For</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes<BR>
 Withheld</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes
 For</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes<BR>
 Withheld</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,824,634</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>167,865</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,828,588</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>163,911</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,827,918</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>164,581</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>High Income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,224,388</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,077,478</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,183,462</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,118,404</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,193,783</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,108,083</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,847,821</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>207,618</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,832,503</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>222,936</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,842,548</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>212,891</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="21%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>W.
 Carl Kester<SUP>1</SUP></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Robert
 S. Salomon, Jr.</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="3" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes
 For</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes<BR>
 Withheld</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes
 For</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes<BR>
 Withheld</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,930</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,824,194</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>168,305</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>High Income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,226,915</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,074,951</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,220,179</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,081,687</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,107</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,829,133</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>226,306</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>



<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Voted on by holders of Auction Preferred Shares only for
 Global and Preferred Opportunity.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>36</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=4>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM colspan="2">
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Additional Information (unaudited) (concluded)</FONT></P>
 </TD>

 </TR>

</table>


<P><FONT SIZE=2 FACE=ARIAL>Approved
the Class II Directors/Trustees as follows:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="21%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Richard
 S. Davis</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Frank
 J. Fabozzi<SUP>1</SUP></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>James
 T. Flynn</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes
 For</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes<BR>
 Withheld</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes
 For</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes<BR>
 Withheld</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes
 For</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes<BR>
 Withheld</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,816,678</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>175,821</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,930</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,832,108</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>160,391</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>High Income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,220,386</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,081,480</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,227,915</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,073,951</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,218,280</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,083,586</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,846,273</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>209,166</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,106</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,833,348</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>222,091</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Karen
 P. Robards</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes
 For</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes<BR>
 Withheld</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,824,257</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>168,242</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>High Income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,245,111</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,056,755</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,845,457</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>209,982</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD COLSPAN="19" VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Approved the Class III
 Directors/Trustees as follows:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Richard
 E. Cavanagh</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Kathleen
 F. Feldstein</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Henry
 Gabbay</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes
 For</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes<BR>
 Withheld</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes
 For</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes<BR>
 Withheld</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes
 For</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes<BR>
 Withheld</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,826,048</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>166,451</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,824,109</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>168,390</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,812,193</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>180,306</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>High Income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,221,463</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,080,403</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,201,928</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,099,938</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,219,458</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,082,408</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,844,904</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>210,535</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,843,094</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>212,345</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,845,523</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>209,916</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Jerrold
 B. Harris</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes
 For</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes<BR>
 Withheld</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,829,473</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>163,026</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>High Income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,215,627</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,086,239</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,835,521</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>219,918</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>Certain Trusts had an additional
proposal (Proposal #2) to amend its respective Declaration of Trust to increase
the maximum number of Board Members to 15:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="20%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes
 For</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes<BR>
 Against</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Votes<BR>
 Abstain</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Global</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,452,738</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>374,971</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>164,790</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,639,156</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>313,207</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>103,075</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Voted on by holders of Auction Preferred Shares only for
 Global and Preferred Opportunity.</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>Each Trust
listed for trading on the New York Stock Exchange (&#147;NYSE&#148;) has filed with the
NYSE its chief executive officer certification regarding compliance with the
NYSE&#146;s listing standards and have filed with the Securities and Exchange Commission
the certification of its chief executive officer and chief financial officer
required by section 302 of the Sarbanes-Oxley Act.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Trusts
do not make available copies of their respective Statements of Additional
Information because the Trusts&#146; shares are not continuously offered, which
means that the Statement of Additional Information of each Trust has not been
updated after completion of such Trust&#146;s offering and the information contained
in each Trust&#146;s Statement of Additional Information may have become outdated.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>During the
period, there were no material changes in any Trust&#146;s investment objective or
policies or to any Trust&#146;s charters or by-laws that were not approved by the
shareholders or in the principal risk factors associated with investment in the
Trusts. There have been no changes in the persons who are primarily responsible
for the day-to-day management of the Trusts&#146; portfolio.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Quarterly
performance and other information regarding the Trusts may be found on
BlackRock&#146;s website, which can be accessed at http://www.blackrock.com. This
reference to BlackRock&#146;s website is intended to allow investors public access
to information regarding the Trusts and does not, and is not intended to,
incorporate BlackRock&#146;s website into this report.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER
 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>37</FONT></P>
 </TD>
 </TR>
</table>
<BR>



<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=4>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM colspan="2">
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL><A NAME=A015></A>Section 19 Notices (unaudited)</FONT></P>
 </TD>

 </TR>

</table>





<P><FONT SIZE=2 FACE=ARIAL>The amounts
and sources of distributions reported are only estimates and are not being
provided for tax reporting purposes. The actual amounts and sources for tax
reporting purposes will depend upon the Trust&#146;s investment experience during
the remainder of its fiscal year and may be subject to changes based on the tax
regulations. The Trust will send you a Form 1099-DIV for the calendar year that
will tell you how to report these distributions for federal income tax
purposes.</FONT></P>

<TABLE ALIGN="CENTER" BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN="BOTTOM">
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="11" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Total
 Fiscal Year to Date Cumulative<BR>
 Distributions by Character</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="11" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Percentage
 of Fiscal Year to Date Cumulative<BR>
 Distributions by Character</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="11" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="11" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Net<BR>
 Investment<BR>
 Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Net<BR>
 Realized<BR>
 Capital<BR>
 Gains</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Return<BR>
 of<BR>
 Capital</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Total
 Per<BR>
 Common<BR>
 Share</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Net<BR>
 Investment<BR>
 Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Net<BR>
 Realized<BR>
 Capital<BR>
 Gains</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Return<BR>
 of<BR>
 Capital</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Total
 Per<BR>
 Common<BR>
 Share</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM><DIV style="border-bottom:solid black 1px; WIDTH:70%"></DIV>

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="11" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="11" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Preferred Opportunity</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=right><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=left><FONT SIZE=1  FACE=ARIAL>1.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=right><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=left><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=right><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=left><FONT SIZE=1  FACE=ARIAL>0.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P align=right><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=left><FONT SIZE=1  FACE=ARIAL>1.64</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>82</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>The Trust
estimates that it has distributed more than its income and net realized gains;
therefore, a portion of the distribution may be a return of capital. A return
of capital may occur, for example, when some or all of the money that you
invested in the Trust is paid back to the shareholder. A return of capital does
not necessarily reflect the Trust&#146;s investment performance and should not be
confused with &#145;yield&#146; or &#145;income&#146;.</FONT></P>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>38</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31,
2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE COLOR="#7897C3" ALIGN=CENTER>
</TD>
</TR>

<tr>
 <TD VALIGN=TOP>
 <P><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 FACE=ARIAL color=#7897C3>Officers and Directors/Trustees
 (unaudited)<A NAME=A016></A></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="19%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="30%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Name, Address and<BR>
 Year of Birth</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Position(s) Held<BR>
 with Fund</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Length of<BR>
 Time Served</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Principal Occupation(s)<BR>
 During Past Five Years</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Number of<BR>
 BlackRock-<BR>
 Advised Funds<BR>
 and Portfolios<BR>
 Overseen</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Public Directorships</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR=#F2F3F4>
<TD COLSPAN="3" VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Non-Interested
Directors<SUP>1</SUP></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>G. Nicholas Beckwith, III<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1945</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>2007 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Chairman and Chief Executive Officer, Arch Street Management,
 LLC since 2005; Chairman and CEO, Beckwith Blawnox Property LLC since 2005;
 Chairman and CEO, Beckwith Clearfield Property LLC since 2005; Chairman and
 CEO, Beckwith Delmont Property LLC since 2005; Chairman and CEO, Beckwith
 Erie Property LLC since 2005; Chairman, Penn West Industrial Trucks LLC since
 2005; Chairman, President and Chief Executive Officer, Beckwith Machinery
 Company from 1969 to 2005; Chairman of the Board of Directors, University of
 Pittsburgh Medical Center since 2002; Board of Directors, Shady Side Hospital
 Foundation since 1977; Beckwith Institute for Innovation In Patient Care
 since 1991; Member, Advisory Council on Biology and Medicine, Brown
 University since 2002; Trustee, Claude Worthington Benedum Foundation since
 1977; Board of Trustees, Chatham College, University of Pittsburgh since
 2003; Emeritus Trustee, Shady Side Academy since 1977.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>111 Funds<BR>108 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>None</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Richard E. Cavanagh<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1946</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Director and Chairman of the Board of Directors</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>1994 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Trustee, Aircraft Finance Trust (AFT) since 1999;
 Director, The Guardian Life Insurance Company of America since 1998; Chairman
 and Trustee, Educational Testing Service (ETS) since 1997; Director, the
 Fremont Group since 1996; President and Chief Executive Officer of The
 Conferences Board, Inc. (global business research) from 1995 to 2007.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>112 Funds<BR>109 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Arch Chemical (chemicals and allied Products)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Kent Dixon<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1937</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Director and Member of the Audit Committee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>1988 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Consultant/Investor since 1988.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>112 Funds <BR>109 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>None</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Frank J. Fabozzi<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1948</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Director and Member of the Audit Committee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>1988 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Consultant/Editor of The Journal of Portfolio Management;
 Yale University, School of Management, Professor in the Practice of Finance
 and Becton Fellow since 2006; Adjunct Professor of Finance and Becton Fellow
 from 2005 to 2006; Professor in the practice of Finance from 2003 to 2005;
 Adjunct Professor of Finance from 1994 to 2003; Author and Editor.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>112 Funds <BR>109 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>None</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Kathleen F. Feldstein<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1941</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>2005 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>President of Economic Studies, Inc. (a Belmont MA-based
 private economic consulting firm) since 1987; Chair, Board of Trustees,
 McLean Hospital since 2000. Member of the Board of Partners Community
 Healthcare, Inc. since 2005; Member of the Board of Partners HealthCare and
 Sherrill House since 1990; Trustee, Museum of Fine Arts, Boston since 1992
 and a Member of the Visiting Committee to the Harvard University Art Museum
 since 2003; Trustee, The Committee for Economic Development (research
 organization of business leaders and educators) since 1990; Member of the
 Advisory Board to the International School of Business, Brandeis University
 since 2002.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>112 Funds <BR>109 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The McClatchy Company</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:3PX"><FONT SIZE=1 FACE=ARIAL>Directors serve until their resignation, removal or death,
 or until December 31 of the year in which they turn 72.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT  SIZE=1 FACE=ARIAL>39</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE COLOR="#7897C3" ALIGN=CENTER>
</TD>
</TR>
<tr>
 <TD VALIGN=TOP>
 <P><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 FACE=ARIAL color=#7897C3>Officers and Directors/Trustees
 (unaudited) (continued)</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="19%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="30%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL><B>Name,
 Address and<BR>
 Year of Birth</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL><B>Position(s)
 Held<BR>
 with Fund</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL><B>Length
 of<BR>
 Time Served</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL><B>Principal
 Occupation(s)<BR>
 During Past Five Years</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL><B>Number
 of<BR>
 BlackRock-<BR>
 Advised Funds<BR>
 and Portfolios<BR>
 Overseen</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL><B>Public
 Directorships</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#F2F3F4">
<TD COLSPAN="3" VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT;'><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Non-Interested
 Directors<SUP>1</SUP></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL><B>James
 T. Flynn<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1939</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>Director and
 Member of the Audit Committee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>2007 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>Chief Financial
 Officer of JP Morgan &amp; Co., Inc. from 1990 to 1995 and an employee of JP
 Morgan in various capacities from 1967 to 1995.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>111 Funds <BR>108
 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL><B>Jerrold
 B. Harris<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1942</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>2007 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>President and
 Chief Executive Officer, VWR Scientific Products Corporation from 1989 to
 1999; Trustee, Ursinus College (education) since 2000; Director, Troemner
 LLC (scientific equipment) since 2000.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>111 Funds<BR> 108
 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>BlackRock Kelso
 Capital Corp.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL><B>R.
 Glenn Hubbard<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1958</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>2004 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>Dean of Columbia
 Business School since 2004; Columbia faculty member since 1988; Co-director
 of Columbia Business School&#146;s Entrepreneurship Program 1997 to 2004; Visiting
 Professor at the John F. Kennedy School of Government at Harvard University
 and the Harvard Business School since 1985, as well as the University of
 Chicago since 1994; Deputy Assistant Secretary of the U.S. Treasury
 Department for Tax Policy from 1991 to 1993; Chairman of the U.S. Council of
 Economic Advisers under the President of the United States from 2001 to 2003.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>112 Funds<BR> 109
 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>ADP (data and
 information services), KKR Financial Corporation, Duke Realty, Metropolitan
 Life Insurance Company.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL><B>W.
 Carl Kester<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1951</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>Director and
 Member of the Audit Committee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>2007 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>Deputy Dean for
 Academic Affairs, Harvard Business School since 2006; Mizuho Financial Group,
 Professor of Finance, Harvard Business School; Unit Head, Finance from 2005
 to 2006; Senior Associate Dean and Chairman of the MBA Program of Harvard
 Business School from 1999 to 2005, Member of the faculty of Harvard Business
 School since 1981. Independent Consultant since 1978.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>111 Funds <BR>108
 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL><B>Karen
 P. Robards<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1950</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>Director and
 Chairperson of the Audit Committee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>2007 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>Partner of Robards
 &amp; Company, LLC (financial advisory firm) since 1987; Formerly an
 investment banker with Morgan Stanley for more than ten years; Director of
 Enable Medical Corp. from 1996 to 2005; Director of AtriCure, Inc. (medical
 devices) since 2000; Director of Care Investment Trust, Inc. (healthcare
 REIT) since 2007; Co-founder and Director of the Cooke Center for Learning
 and Development (not-for-profit organization) since 1987.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>111 Funds<BR>108
 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>AtriCure Inc.
 (medical devices) Care Investment Trust, Inc. (healthcare REIT)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL><B>Robert
 S. Salomon, Jr.<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1936</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>Director and
 Member of the Audit Committee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>2007 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>Principal of STI
 Management (investment adviser) from 1994 to 2005; Chairman and CEO of
 Salomon Brothers Asset Management Inc. from 1992 to 1995; Chairman of Salomon
 Brothers Equity Mutual Funds from 1992 to 1995; regular columnist with
 Forbes Magazine from 1992 to 2002; Director of Stock Research and U.S. Equity
 Strategist at Salomon Brothers Inc. from 1975 to 1991; Trustee, Commonfund
 from 1980 to 2001.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>111 Funds <BR>108 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#F2F3F4">
<TD COLSPAN="3" VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT;'><FONT SIZE=1 FACE=ARIAL><B>Interested
Directors<SUP>2</SUP></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Richard S. Davis<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1945</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>2007 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Managing Director, BlackRock, Inc. since 2005; Chief
 Executive Officer, State Street Research &amp; Management Company from 2000
 to 2005; Chairman of the Board of Trustees, State Street Research mutual
 funds (&#147;SSR Funds&#148;) from 2000 to 2005; Senior Vice President, Metropolitan
 Life Insurance Company from 1999 to 2000; Chairman SSR Realty from 2000 to
 2004.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>184 Funds <BR>289 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:3PX"><FONT SIZE=1 FACE=ARIAL>Directors serve until their resignation, removal or death,
 or until December 31 of the year in which they turn 72.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>2</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:3PX"><FONT SIZE=1 FACE=ARIAL>Messrs. Davis and Gabbay are both &#147;interested persons,&#148; as
 defined in the Investment Company Act of 1940, of the Fund based on their
 positions with BlackRock, Inc. and its affiliates. Directors serve until
 their resignation, removal or death, or until December 31 of the year in
 which they turn 72.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>40</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE COLOR="#7897C3" ALIGN=CENTER>
</TD>
</TR>
<tr>
<TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 FACE=ARIAL>Officers and Directors/Trustees
 (unaudited) (concluded)</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="19%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="30%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Name, Address and<BR>
 Year of Birth</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Position(s) Held<BR>
 with Fund</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Length of<BR>
 Time Served</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Principal Occupation(s)<BR>
 During Past Five Years</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Number of<BR>
 BlackRock-<BR>
 Advised Funds<BR>
 and Portfolios<BR>
 Overseen</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Public Directorships</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>



<TR BGCOLOR=#F2F3F4>
<TD COLSPAN="3" VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT;padding:3pt'><FONT  SIZE=1 FACE=ARIAL COLOR="#1E5F95"><B>Advisory Board Member:</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Henry Gabbay<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 </B>1947</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>2007 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Consultant, BlackRock since 2007; Managing Director,
 BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock
 Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock
 Bond Allocation Target Shares from 2005 to 2007; Treasurer of certain closed-end
 funds in the Fund complex from 1989 to 2006.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>183 Funds<BR>288 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR=#F2F3F4>
<TD COLSPAN="3" VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT;padding:3pt'><FONT  SIZE=1 FACE=ARIAL COLOR="#1E5F95"><B>Advisory Board Member:</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Roscoe S. Suddarth<SUP>3<BR>
 </SUP></B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><SUP><BR>
 </SUP></B>New York, NY 10022<B><SUP><BR>
 </SUP></B>1935</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Member of the Advisory Board</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>President, Middle East Institute from 1995 to 2001;
 Foreign Service Officer, United States Foreign Service from 1961 to 1995 and
 Career Minister from 1989 to 1995; Deputy Inspector General, U.S. Department
 of State from 1991 to 1994; U.S. Ambassador to the Hashemite Kingdom of
 Jordan from 1987 to 1990.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>111 Funds <BR>108 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Name, Address and<BR>
 Year of Birth</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Position(s) Held<BR>
 with Fund</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Length of<BR>
 Time Served</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Principal Occupation(s)<BR>
 During Past Five Years</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR=#F2F3F4>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL COLOR="#1E5F95"><B>Fund Officers
<SUP>4</SUP></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Donald C. Burke<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1960</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Fund President and Chief Executive Officer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>2007 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Managing Director of BlackRock, Inc. since 2006; Formerly
 Managing Director of Merrill Lynch Investment (&#147;MLIM&#148;) and Fund Asset
 Management, L.P. (&#147;FAM&#148;) in 2006; First Vice President thereof from 1997 to
 2005; Treasurer thereof from 1999 to 2006 and Vice President thereof from
 1990 to 1997.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Anne F. Ackerley<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1962</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Vice President</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>2007 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Managing Director of BlackRock, Inc. since 2000 and First
 Vice President and Chief Operating Officer of Mergers and Acquisitions Group
 from 1997 to 2000; First Vice President and Chief Operating Officer of Public
 Finance Group thereof from 1995 to 1997; Formerly First Vice President of
 Emerging Markets Fixed Income Research of Merrill Lynch &amp; Co., Inc. from
 1994 to 1995.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Neal J. Andrews<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1966</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Chief Financial Officer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>2007 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Managing Director of BlackRock, Inc., since 2006; Formerly
 Senior Vice President and Line of Business Head of Fund Accounting and
 Administration at PFPC Inc. from 1992 to 2006.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Jay M. Fife<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR><BR>
 </B>1970</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Treasurer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>2007 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Managing Director of BlackRock, Inc. since 2007 and
 Director in 2006; Formerly Assistant Treasurer of the MLIM/FAM advised funds
 from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Brian P. Kindelan<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1959</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Chief Compliance Officer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>2007 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Chief Compliance Officer of the Funds since 2007; Managing
 Director and Senior Counsel thereof since January 2005; Director and Senior
 Counsel of BlackRock Advisors, Inc. from 2001 to 2004 and Vice President and
 Senior Counsel, thereof, from 1998 to 2000; Senior Counsel of PNC Bank Corp.
 from 1995 to 1998.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Howard Surloff<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1965</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Secretary</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>2007 to present</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Managing Director of BlackRock, Inc. and General Counsel of U.S.
 Funds at BlackRock, Inc. since 2006; Formerly General Counsel (U.S.)
 of Goldman Sachs Asset Management, L.P. from 1993 to 2006.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>


<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 width=100%>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>2</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:3PX"><FONT SIZE=1 FACE=ARIAL>Messrs. Davis and Gabbay are both &#147;interested persons,&#148; as
 defined in the Investment Company Act of 1940, of the Fund based on their
 positions with BlackRock, Inc. and its affiliates. Directors serve until
 their resignation, removal or death, or until December 31 of the year in
 which they turn 72.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>3</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:3PX"><FONT SIZE=1 FACE=ARIAL>Roscoe Suddarth resigned from the Advisory Board of the
 Fund, effective December 31, 2007.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>4</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:3PX"><FONT SIZE=1 FACE=ARIAL>Officers of the Fund serve at the pleasure of the Board of
 Directors.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT  SIZE=1 FACE=ARIAL>41</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>[This Page Intentionally Left Blank]</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>[This Page Intentionally Left Blank]</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>[This Page Intentionally Left Blank]</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color=#7897C3 ALIGN=CENTER>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 color="#1e5f95" FACE=ARIAL>BlackRock Closed-End Funds</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=3 FACE=ARIAL>Investment
  Advisor<FONT SIZE=2 FACE=ARIAL><BR>
  </FONT><FONT SIZE=2 FACE=ARIAL>BlackRock Advisors, LLC<BR>
  Wilmington, DE 19809<BR>
  (800) 227-7BFM</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=3 FACE=ARIAL>Sub-Advisor<FONT SIZE=1 FACE=ARIAL><SUP>1<BR>
  </SUP><FONT SIZE=2 FACE=ARIAL>BlackRock Financial Management, Inc.<BR>
  New York, NY 10022<BR><BR></FONT></FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=3 FACE=ARIAL>Accounting
  Agent and Custodian<FONT FACE=ARIAL><BR>
  </FONT><FONT SIZE=2 FACE=ARIAL>State Street Bank and Trust Company<BR>
  Boston, MA 02111</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=3 FACE=ARIAL>Transfer
  Agent<BR>
  <FONT SIZE=2 FACE=ARIAL>Computershare Trust Company, N.A.<BR>
  Canton, MA 02021<BR>
  (800) 699-1BFM</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=3 FACE=ARIAL>Auction
  Agent<FONT SIZE=1 FACE=ARIAL><SUP>1</SUP><BR><FONT FACE=ARIAL size=2>Bank of New York<BR>
  New York, NY 10286</FONT></FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=3 FACE=ARIAL>Independent
  Registered Public Accounting Firm<BR>
  <FONT SIZE=2 FACE=ARIAL>Deloitte &amp; Touche LLP<BR>
  Boston, MA 02116</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=3 FACE=ARIAL>Legal
  Counsel<FONT FACE=ARIAL><BR>
  </FONT><FONT SIZE=2 FACE=ARIAL>Skadden, Arps, Slate, Meagher &amp; Flom LLP<BR>
  New York, NY 10036</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=3 FACE=ARIAL>Legal
  Counsel &#150; Independent Directors/Trustees<FONT SIZE=2 FACE=ARIAL><BR>
  </FONT><FONT SIZE=2 FACE=ARIAL>Debevoise &amp; Plimpton LLP<BR>
  New York, NY 10022</FONT></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><HR NOSHADE WIDTH=120 COLOR=GRAY ALIGN=LEFT size=1>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>For Global and Preferred
  Opportunity.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>This
report is for shareholder information. This is not a prospectus intended for
use in the purchase or sale of Trust shares. Statements and other information
contained in this report are as dated and are subject to change.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>BlackRock
Closed-End Funds<BR>
c/o BlackRock Advisors, LLC<BR>
100 Bellevue Parkway<BR>
Wilmington, DE 19809<BR>
(800) 227-7BFM</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Trusts
will mail only one copy of shareholder documents, including annual and
semi-annual reports and proxy statements, to shareholders with multiple
accounts at the same address. This practice is commonly called &#147;householding&#148;
and is intended to reduce expenses and eliminate duplicate mailings of
shareholder documents. Mailings of your shareholder documents may be
householded indefinitely unless you instruct us otherwise. If you do not want
the mailing of these documents to be combined with those for other members of
your household, please contact the Trusts at (800) 699-1BFM.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>A
description of the policies and procedures that the Trusts use to determine how
to vote proxies relating to portfolio securities is available (1) without
charge, upon request, by calling toll-free 1-(800)-699-1BFM; (2) at
www.blackrock.com; and (3) on the Securities and Exchange Commission&#146;s Web site
at http://www.sec.gov.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Information
about how the Trusts vote proxies relating to securities held in the Trusts&#146;
portfolios during the most recent 12-month period ended June 30 is available
(1) at www.blackrock.com and (2) on the Securities and Exchange Commission&#146;s
website at http://www.sec.gov.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Trusts
file their complete schedules of portfolio holdings with the Securities and
Exchange Commission (&#147;SEC&#148;) for the first and third quarters of each fiscal
year on Form N-Q. The Trusts&#146; Forms N-Q are available on the SEC&#146;s Web site at
http://www.sec.gov. The Trusts&#146; Forms N-Q may also be reviewed and copied at
the SEC&#146;s Public Reference Room in Washington, DC. Information on the operation
of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The
Trusts Form N-Q, may also be obtained upon request and without charge by
calling 1-(800)-699-1BFM.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px" >
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>DECEMBER 31, 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="71%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="28%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>This report is for shareholder
  information. This is not a prospectus intended for<BR> use in the purchase or
  sale of Trust shares. Statements and other information <BR>contained in this
  report are as dated and are subject to change.</FONT></P>
</TD>
<TD VALIGN=Bottom>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>CEF-ANN-5-1207</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style=bottom:-20px><FONT SIZE=2><IMG SRC="c51804001.jpg" ALT="(BLACKROCK LOGO)"></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>
<BR>

<HR noshade align="center" width="100%" size=4>

<p style='page-break-before:always'></p><PAGE>

<BR>
<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Item 2 &#150; Code of Ethics &#150; The registrant (or the &#147;Fund&#148;) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal
executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. During the period covered by this report, there have been no amendments to or waivers granted under
the code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com.</FONT></p>

<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Item 3 &#150; Audit Committee Financial Expert &#150; The registrant's board of directors or trustees, as applicable
(the &#147;board of directors&#148;) has determined that (i)&nbsp;the registrant has the following audit committee financial experts serving on
its audit committee and (ii)&nbsp;each audit committee financial expert is independent:</FONT><br>

<FONT size=2 face="serif">Kent Dixon</FONT><br>
<FONT size=2 face="serif">Frank J. Fabozzi</FONT><br>
<FONT size=2 face="serif">Robert S. Salomon, Jr. (term began effective November 1, 2007)</FONT><br>
<FONT size=2 face="serif">W. Carl Kester (term began effective November 1, 2007)</FONT><br>
<FONT size=2 face="serif">James T. Flynn (term began effective November 1, 2007)</FONT><br>
<FONT size=2 face="serif">Karen P. Robards (term began effective November 1, 2007)</FONT></p>

<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">The registrant's board of directors has determined that W. Carl Kester and Karen P. Robards qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.</FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Prof. Kester has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Prof. Kester has been involved
in providing valuation and other financial consulting services to corporate clients since 1978. Prof. Kester&#146;s financial consulting services present a breadth and level of complexity of accounting issues that are generally comparable to the
breadth and complexity of issues that can reasonably be expected to be raised by the registrant&#146;s financial statements.</FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President
of Robards &amp; Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial
results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company and a non-profit organization. </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an &#147;expert&#148; for any purpose, including without limitation for the purposes of Section 11 of the
Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification as an audit committee financial expert does not impose on such person any duties, obligations, or
liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. </FONT></P>
<br>

<HR noshade align="center" width="100%" size=4>

<p style='page-break-before:always'></p><PAGE>

<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Item 4 &#150; Principal Accountant Fees and Services</FONT></p>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;                                                                                                                                                   </TD>
    <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD colspan="3" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">(a) Audit Fees</FONT></B></TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD colspan="3" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">(b) Audit-Related Fees</FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B></TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD colspan="3" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">(c) Tax Fees</FONT></B><B><SUP><FONT size=1 face="serif">2</FONT></SUP></B></TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD colspan="3" align=center nowrap style="border-bottom:1px solid #000000; border-right:1px solid #000000;">
<B><FONT size=1 face="serif">(d) All Other Fees</FONT></B><B><SUP><FONT size=1 face="serif">3</FONT></SUP></B></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<B><U><FONT size=1 face="serif">Current</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<B><U><FONT size=1 face="serif">Previous</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<B><U><FONT size=1 face="serif">Current</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<B><U><FONT size=1 face="serif">Previous</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<B><U><FONT size=1 face="serif">Current</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<B><U><FONT size=1 face="serif">Previous</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<B><U><FONT size=1 face="serif">Current</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-right:1px solid #000000;">
<B><U><FONT size=1 face="serif">Previous</FONT></U></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<B><U><FONT size=1 face="serif">Fiscal Year</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<B><U><FONT size=1 face="serif">Fiscal Year</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<B><U><FONT size=1 face="serif">Fiscal Year</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<B><U><FONT size=1 face="serif">Fiscal Year</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<B><U><FONT size=1 face="serif">Fiscal Year</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<B><U><FONT size=1 face="serif">Fiscal Year</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<B><U><FONT size=1 face="serif">Fiscal Year</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-right:1px solid #000000;">
<B><U><FONT size=1 face="serif">Fiscal Year</FONT></U></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;border-left:1px solid #000000;">
<B><U><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Entity Name</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B></TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000; border-right:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B></TD>
</TR>
<TR>
        <TD style="border-bottom:1px solid #000000;border-left:1px solid #000000;">&nbsp;</TD>
    <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" style="border-bottom:1px solid #000000; border-right:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-left:1px solid #000000;">
<FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Global</FONT></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=left nowrap>&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=left nowrap>&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=left nowrap>&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=left nowrap>&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=left nowrap>&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=left nowrap>&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=left nowrap>&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=left nowrap style="border-right:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-left:1px solid #000000;">
<FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Floating Rate</FONT></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<FONT size=1 face="serif">&#36;37,000</FONT></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<FONT size=1 face="serif">&#36;37,000</FONT></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<FONT size=1 face="serif">&#36;1,975</FONT></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<FONT size=1 face="serif">&#36;1,975</FONT></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<FONT size=1 face="serif">&#36;6,100</FONT></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<FONT size=1 face="serif">&#36;8,000</FONT></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap>
<FONT size=1 face="serif">&#36;1,042</FONT></TD>
        <TD width="1%" align=left nowrap style="border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-right:1px solid #000000;">
<FONT size=1 face="serif">&#36;3,400</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">
<FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Income Trust</FONT></TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
        <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;</TD>
        <TD width="8%" align=left nowrap style="border-bottom:1px solid #000000; border-right:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>

<P align="left" style="margin:0 0 4.0mm;">
<FONT size=2 face="serif">1 The nature of the services include assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.</FONT><br>
<FONT size=2 face="serif">2 The nature of the services include tax compliance, tax advice and tax planning. </FONT><br>
<FONT size=2 face="serif">3 The nature of the services include a review of compliance procedures and attestation thereto. </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">(e)(1) Audit Committee Pre-Approval Policies and Procedures:</FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The registrant has polices and procedures (the "Policy") for the pre-approval by the registrant's audit committee of Audit, Audit-Related, Tax and Other Services (as each is defined in the
Policy) provided by the Fund's independent auditor (the "Independent Auditor") to the registrant and other "Covered Entities" (as defined below). The term of any such pre-approval is 12 months from the date of pre-approval, unless the audit
committee specifically provides for a different period. The amount of any such pre-approval is set forth in the appendices to the Policy (the "Service Pre-Approval Documents"). At its first meeting of each calendar year, the audit committee will
review and re-approve the Policy and approve or re-approve the Service Pre-Approval Documents for that year, together with any changes deemed necessary or desirable by the audit committee.  The audit committee may, from time to time, modify the
nature of the services pre-approved, the aggregate level of fees pre-approved or both.</FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For the purposes of the Policy, "Covered Services" means (A) all engagements for audit and non-audit services to be provided by the Independent Auditor to the Fund and (B) all engagements for
non-audit services related directly to the operations and financial reporting or the Fund to be provided by the Independent Auditor to any Covered Entity, "Covered Entities" means (1) the Advisor or (2) any entity controlling, controlled by or under
common control with the Advisor that provides ongoing services to the Fund.</FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In the intervals between the scheduled meetings of the audit committee, the audit committee delegates pre-approval authority under this Policy to the Chairman of the audit committee (the
"Chairman"). The Chairman shall report any pre-approval decisions under this Policy to the audit committee at its next scheduled meeting. At each scheduled meeting, the audit committee will review with the Independent Auditor the Covered Services
pre-approved by the Chairman pursuant to delegated authority, if any, and the fees related thereto. Based on these reviews, the audit committee can modify, at its discretion, the pre-approval originally granted by the Chairman pursuant to delegated
authority. This modification can be to the nature of services pre-approved, the aggregate level of fees approved, or both.  Pre-approval of Covered Services by the Chairman pursuant to delegated authority is expected to be the exception rather than
the rule and the audit committee may modify or withdraw this delegated authority at any time the audit committee determines that it is appropriate to do so. </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Fee levels for all Covered Services to be provided by the Independent Auditor and pre-approved under this Policy will be established annually by the audit committee and set forth in the Service
Pre-Approval Documents.  Any increase in pre-approved fee levels will require specific pre-approval by the audit committee (or the Chairman pursuant to delegated authority). </FONT></P>

<HR noshade align="center" width="100%" size=4>

<p style='page-break-before:always'></p><PAGE>

<p align="left" style="margin:0 0 4.0mm 11.85mm">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The terms and fees of the annual Audit services engagement for the Fund are subject to the specific pre-approval of the audit committee. The audit committee (or the Chairman pursuant to
delegated authority) will approve, if necessary, any changes in terms, conditions or fees resulting from changes in audit scope, Fund structure or other matters. </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition to the annual Audit services engagement specifically approved by the audit committee, any other Audit services for the Fund not listed in the Service Pre-Approval Document for the
respective period must be specifically pre-approved by the audit committee (or the Chairman pursuant to delegated authority). </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Audit-Related services are assurance and related services that are not required for the audit, but are reasonably related to the performance of the audit or review of the financial statements
of the registrant and, to the extent they are Covered Services, the other Covered Entities (as defined in the Joint Audit Committee Charter) or that are traditionally performed by the Independent Auditor. Audit-Related services that are Covered
Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the audit committee (or the Chairman pursuant to delegated authority). </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The audit committee believes that the Independent Auditor can provide Tax services to the Covered Entities such as tax compliance, tax planning and tax advice without impairing the
auditor&#146;s independence.  However, the audit committee will not permit the retention of the Independent Auditor in connection with a transaction initially recommended by the Independent Auditor, the sole business purpose of which may be tax
avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. Tax services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be
specifically pre-approved by the audit committee (or the Chairman pursuant to delegated authority). </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All Other services that are covered and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the audit committee (or the Chairman
pursuant to delegated authority). </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Requests or applications to provide Covered Services that require approval by the audit committee (or the Chairman pursuant to delegated authority) must be submitted to the audit committee or
the Chairman, as the case may be, by both the Independent Auditor and the Chief Financial Officer of the respective Covered Entity, and must include a joint statement as to whether, in their view, (a) the request or application is consistent with
the rules of the Securities and Exchange Commission ("SEC") on auditor independence and (b) the requested service is or is not a non-audit service prohibited by the SEC. A request or application submitted to the Chairman between scheduled meetings
of the audit committee should include a discussion as to why approval is being sought prior to the next regularly scheduled meeting of the audit committee. </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm"><FONT size=2 face="serif">(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">(f) Not Applicable </FONT></P>

<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">(g) </FONT><U><FONT size=2 face="serif">Affiliates&#146; Aggregate Non-Audit Fees:</FONT></U></P>

<TABLE width=50% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="11%" align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap style="border-left:1px solid black;border-top:1px solid black;border-right:1px solid black;border-bottom:1px solid black;">&nbsp;</TD>
        <TD align=center nowrap style="border-top:1px solid black;border-right:1px solid black;border-bottom:1px solid black;">
<B><U><FONT size=1 face="serif">Current Fiscal Year</FONT></U></B></TD>
        <TD align=center nowrap style="border-top:1px solid black;border-right:1px solid black;border-bottom:1px solid black;">
<B><U><FONT size=1 face="serif">Previous Fiscal Year</FONT></U></B></TD>
</TR>
<TR valign="bottom">
  <TD width="11%" align=left nowrap>&nbsp;</TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;border-left:1px solid black;border-right:1px solid black;">
<B><U><FONT size=1 face="serif">Entity Name</FONT></U></B></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<B><U><FONT size=1 face="serif">End</FONT></U></B></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<B><U><FONT size=1 face="serif">End</FONT></U></B></TD>
</TR>
<TR>
  <TD width="11%">&nbsp;</TD>
        <TD style="border-left:1px solid black;border-bottom:1px solid black; border-right:1px solid black;">&nbsp;</TD>
    <TD style="border-bottom:1px solid black;border-right:1px solid black;">&nbsp;</TD>
    <TD style="border-bottom:1px solid black;border-right:1px solid black;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="11%" align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap style="border-left:1px solid black;border-right:1px solid black;">
<FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;BlackRock Global Floating</FONT></TD>
        <TD align=left nowrap style="border-right:1px solid black;">&nbsp;</TD>
        <TD align=left nowrap style="border-right:1px solid black;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="11%" align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap style="border-left:1px solid #000000;border-bottom:1px solid #000000;border-right:1px solid #000000;">
<FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;Rate Income Trust</FONT></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid #000000;">
<FONT size=1 face="serif">&#36;293,617</FONT></TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid #000000;">
<FONT size=1 face="serif">&#36;299,575</FONT></TD>
</TR>
</TABLE>
<BR>
<br>

<HR noshade align="center" width="100%" size=4>

<p style='page-break-before:always'></p><PAGE>


<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">(h) The registrant&#146;s audit committee has considered and determined that the provision of non-audit services that were rendered to the registrant&#146;s investment adviser (not including any non-affiliated sub-adviser
whose role is primarily portfolio management and is subcontracted with or overseen by the registrant&#146;s investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing
services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant&#146;s independence.</FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Regulation S-X Rule 2-01(c)(7)(ii) &#150; &#36;284,500, 0%</FONT></P>

<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Item 5 &#150; Audit Committee of Listed Registrants &#150; The following individuals are members of the registrant&#146;s
separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)):</FONT></p>

<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Richard E. Cavanagh (not reappointed to audit committee as of November 1, 2007)<br>
Kent Dixon<br>
Frank J. Fabozzi<br>
Robert S. Salomon, Jr. (term began effective November 1, 2007)<br>
W. Carl Kester (term began effective November 1, 2007)<br>
James T. Flynn (term began effective November 1, 2007)<br>
Karen P. Robards (term began effective November 1, 2007)</FONT></P>

<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Item 6 &#150; Schedule of Investments &#150; The registrant&#146;s Schedule of Investments is included as part of the Report
to Stockholders filed under Item 1 of this form.</FONT></p>

<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Item 7 &#150; Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies &#150; The registrant has delegated the voting of proxies relating to Fund portfolio securities
to its investment adviser, BlackRock Advisors, LLC and its sub-adviser, as applicable. The Proxy Voting Policies and
Procedures of the adviser and sub-adviser are attached hereto as Exhibit 99.PROXYPOL.</FONT></p>

<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Information about how the Fund voted proxies relating to securities held in the Fund&#146;s portfolio during the most recent 12 month period ended June 30 is available without charge (1) at www.blackrock.com and (2) on the
Commission&#146;s web site at <U>http://www.sec.gov</U>.</FONT></P>

<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Item 8 &#150; Portfolio Managers of Closed-End Management Investment Companies &#150; as of December 31, 2007.</FONT></p>

<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">(a)(1) BlackRock Global Floating Rate Income Trust is managed by a team of investment professionals comprised of Jeffrey Gary, CPA, Managing Director at BlackRock, Mark J. Williams, Managing Director at
BlackRock, Kevin J. Booth, CFA, Managing Director at BlackRock and James E. Keenan, CFA, Managing Director at BlackRock. Each is a member of BlackRock&#146;s fixed income portfolio management group. Mr. Williams is responsible for setting overall
investment strategy and overseeing management of the Fund. Mr. Gary is responsible for setting the Fund&#146;s overall credit strategy. Messrs. Booth and Keenan are the Fund&#146;s co-portfolio managers and are responsible for the day-to-day
management of the Fund&#146;s portfolio and the selection of its investments. Messrs. Gary and Williams have been members of the Fund&#146;s management team since 2004. Messrs. Booth and Keenan have been the Fund&#146;s co-portfolio managers since
2007. </FONT></P>
<br>

<HR noshade align="center" width="100%" size=4>

<p style='page-break-before:always'></p><PAGE>


<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Jeffrey Gary is the head of BlackRock&#146;s high yield team within the Fixed Income Portfolio Management Group. Prior to joining BlackRock in 2003, Mr. Gary was a Managing Director and portfolio manager with AIG (American
General) Investment Group.</FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Mr. Williams is the head of BlackRock&#146;s bank loan group and a member of the Investment Strategy Group. His primary responsibility is originating and evaluating bank loan investments for the firm's collateralized bond
obligations. He is also involved in the evaluation and sourcing of mezzanine investments. Prior to joining BlackRock in 1998, Mr. Williams spent eight years with PNC Bank's New York office and was a founding member of the bank's Leveraged Finance
Group. In that capacity he was responsible for structuring proprietary middle market leveraged deals and sourcing and evaluating broadly syndicated leveraged loans in the primary and secondary markets for PNC Bank's investment portfolio. From 1984
until 1990, Mr. Williams worked in PNC Bank's Philadelphia office in a variety of marketing and corporate finance positions. </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Kevin Booth is co-head of the high yield team within BlackRock&#146;s Fixed Income Portfolio Management Group. His primary responsibilities are managing portfolios and directing investment strategy. He specializes in hybrid
high yield portfolios, consisting of leveraged bank loans, high yield bonds, and distressed obligations. Prior to joining BlackRock, Mr. Booth was a Managing Director (Global Fixed Income) of Merrill Lynch Investment Managers (&#147;MLIM&#148;) in
2006, a Director from 1998 to 2006 and was a Vice President of MLIM from 1991 to 1998. He has been a portfolio manager with BlackRock or MLIM since 1992, and was a member of MLIM&#146;s bank loan group from 2000 to 2006. </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">James Keenan is a high yield portfolio manager and trader within BlackRock&#146;s Fixed Income Portfolio Management Group. His primary responsibilities are managing client portfolios, executing trades and ensuring
consistency across high yield portfolios. Mr. Keenan has been with BlackRock since 2004. Prior to joining BlackRock, he was a senior high yield trader at Columbia Management Group. Mr. Keenan began his investment career at UBS Global Asset
Management where he held roles as a trader, research analyst and a portfolio analyst from 1998 through 2003. </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">(a)(2) As of December 31, 2007:</FONT></p>

<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD></TD>
     <TD width=8%></TD>
     <TD width=8%></TD>
     <TD width=8%></TD>
     <TD width=8%></TD>
     <TD width=8%></TD>
     <TD width=8%></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-left:1px solid black;border-top:1px solid black;border-right:1px solid black;">&nbsp;</TD>
        <TD width="8%" align=left nowrap style="border-top:1px solid black;">&nbsp;</TD>
        <TD width="8%" align=left nowrap style="border-top:1px solid black;">&nbsp;</TD>
        <TD width="8%" align=left nowrap style="border-top:1px solid black;border-right:1px solid black;">&nbsp;</TD>
        <TD colspan="3" align=center nowrap style="border-top:1px solid black;border-right:1px solid black;"><B><FONT size=1 face="serif">(iii) Number of Other
    Accounts and</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-left:1px solid black;border-right:1px solid black;">&nbsp;</TD>
        <TD colspan="3" align=center nowrap style="border-right:1px solid black;"><B><FONT size=1 face="serif">(ii) Number of Other Accounts
    Managed</FONT></B></TD>
        <TD colspan="3" align=center nowrap style="border-right:1px solid black;"><B><FONT size=1 face="serif">Assets for Which Advisory
    Fee is</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid black;border-left:1px solid black;border-right:1px solid black;">&nbsp;</TD>
        <TD colspan="3" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;"><B><FONT size=1 face="serif">and
    Assets by Account Type</FONT></B></TD>
        <TD colspan="3" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
      <B><FONT size=1 face="serif">Performance-Based</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-left:1px solid black;border-right:1px solid black;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-right:1px solid black;">
<B><FONT size=1 face="serif">Other</FONT></B></TD>
        <TD width="8%" align=left nowrap style="border-right:1px solid black;">&nbsp;</TD>
        <TD width="8%" align=left nowrap style="border-right:1px solid black;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-right:1px solid black;">
<B><FONT size=1 face="serif">Other</FONT></B></TD>
        <TD width="8%" align=left nowrap style="border-right:1px solid black;">&nbsp;</TD>
        <TD width="8%" align=left nowrap style="border-right:1px solid black;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-left:1px solid black;border-right:1px solid black;">
<B><FONT size=1 face="serif">(i) Name of</FONT></B></TD>
        <TD width="8%" align=center nowrap style="border-right:1px solid black;">
<B><FONT size=1 face="serif">Registered</FONT></B></TD>
        <TD width="8%" align=center nowrap style="border-right:1px solid black;">
<B><FONT size=1 face="serif">Other Pooled</FONT></B></TD>
        <TD width="8%" align=left nowrap style="border-right:1px solid black;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-right:1px solid black;">
<B><FONT size=1 face="serif">Registered</FONT></B></TD>
        <TD width="8%" align=center nowrap style="border-right:1px solid black;">
<B><FONT size=1 face="serif">Other Pooled</FONT></B></TD>
        <TD width="8%" align=left nowrap style="border-right:1px solid black;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-left:1px solid black;border-right:1px solid black;">
<B><FONT size=1 face="serif">Portfolio</FONT></B></TD>
        <TD width="8%" align=center nowrap style="border-right:1px solid black;">
<B><FONT size=1 face="serif">Investment</FONT></B></TD>
        <TD width="8%" align=center nowrap style="border-right:1px solid black;">
<B><FONT size=1 face="serif">Investment</FONT></B></TD>
        <TD width="8%" align=center nowrap style="border-right:1px solid black;">
<B><FONT size=1 face="serif">Other</FONT></B></TD>
        <TD width="8%" align=center nowrap style="border-right:1px solid black;">
<B><FONT size=1 face="serif">Investment</FONT></B></TD>
        <TD width="8%" align=center nowrap style="border-right:1px solid black;">
<B><FONT size=1 face="serif">Investment</FONT></B></TD>
        <TD width="8%" align=center nowrap style="border-right:1px solid black;">
<B><FONT size=1 face="serif">Other</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:1px solid #000000;border-left:1px solid black;border-right:1px solid black;">
<B><FONT size=1 face="serif">Manager</FONT></B></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000; border-right:1px solid black;">
<B><FONT size=1 face="serif">Companies</FONT></B></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<B><FONT size=1 face="serif">Vehicles</FONT></B></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000; border-right:1px solid black;">
<B><FONT size=1 face="serif">Accounts</FONT></B></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<B><FONT size=1 face="serif">Companies</FONT></B></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<B><FONT size=1 face="serif">Vehicles</FONT></B></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<B><FONT size=1 face="serif">Accounts</FONT></B></TD>
</TR>
<TR>
  <TD style="border-left:1px solid black;border-right:1px solid black;border-bottom:1px solid black;">&nbsp;</TD>
    <TD width="8%" style="border-right:1px solid black;border-bottom:1px solid black;">&nbsp;</TD>
    <TD width="8%"style="border-right:1px solid black;border-bottom:1px solid black;">&nbsp;</TD>
    <TD width="8%"style="border-right:1px solid black;border-bottom:1px solid black;">&nbsp;</TD>
    <TD width="8%"style="border-right:1px solid black;border-bottom:1px solid black;">&nbsp;</TD>
    <TD width="8%"style="border-right:1px solid black;border-bottom:1px solid black;">&nbsp;</TD>
    <TD width="8%"style="border-right:1px solid black;border-bottom:1px solid black;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-left:1px solid black;border-right:1px solid black;border-bottom:1px solid black;">
<FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;Jeffrey Gary</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">17</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">11</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">16</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">0</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">5</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">6</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-left:1px solid black;border-right:1px solid black;border-bottom:1px solid black;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;7,941,859,722</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;2,908,411,244</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;7,108,699,022</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;0</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;1,973,455,813</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;853,445,417</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-left:1px solid black;border-right:1px solid black;border-bottom:1px solid black;">
<FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;Mark Williams</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">10</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">17</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">1</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">0</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">13</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">0</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-left:1px solid black;border-right:1px solid black;border-bottom:1px solid black;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;3,889,876,371</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;6,453,430,339</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;13,849,251,312</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;0</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;4,955,550,282</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;0</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-left:1px solid black;border-right:1px solid black;border-bottom:1px solid black;">
<FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;Kevin Booth</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">23</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">10</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">8</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;0</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">4</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">3</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-left:1px solid black;border-right:1px solid black;border-bottom:1px solid black;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;10,752,055,924</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;3,889,384,429</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;1,995,850,607</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">0</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;1,808,637,274</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;447,035,476</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-left:1px solid black;border-right:1px solid black;border-bottom:1px solid black;">
<FONT size=1 face="serif">James Keenan</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">18</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">10</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">15</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;0</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">4</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">7</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-left:1px solid black;border-right:1px solid black;border-bottom:1px solid black;">&nbsp;</TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;7,941,859,722</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;3,345,144,920</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;2,820,625,013</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">0</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;2,199,236,230</FONT></TD>
        <TD width="8%" align=center nowrap style="border-bottom:1px solid #000000;border-right:1px solid black;">
<FONT size=1 face="serif">&#36;1,568,481,863</FONT></TD>
</TR>
</TABLE>
<BR>
<br>

<HR noshade align="center" width="100%" size=4>

<p style='page-break-before:always'></p><PAGE>


<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">(iv) Potential Material Conflicts of Interest</FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">BlackRock, Inc. and its affiliates (collectively, herein &#147;BlackRock&#148;) has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against
potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other
potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and
BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a
personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, its affiliates and any officer, director, stockholder or employee may or may not have an interest in the
securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates, or any officer, director, stockholder, employee or any member of their families may take different actions than those recommended to the Fund
by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock&#146;s (or its affiliates&#146;) officers, directors or employees
are directors or officers, or companies as to which BlackRock or any of its affiliates or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Each portfolio manager
also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for the Fund. In this connection, it should be noted that certain portfolio managers, including Messrs. Booth, Gary, Keenan and Williams, currently
manage certain accounts that are subject to performance fees. In addition, certain portfolio managers, including Mr. Keenan, assist in managing certain hedge funds and may be entitled to receive a portion of any incentive fees earned on such funds
and a portion of such incentive fees may be voluntarily or involuntarily deferred. Additional portfolio managers may in the future manage other such accounts or funds and may be entitled to receive incentive fees. </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent
with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted a policy that is intended to ensure that
investment opportunities are allocated fairly and equitably among client accounts over time. This policy also seeks to achieve reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in
a manner that is consistent with the particular investment discipline and client base. </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">(a)(3) As of December 31, 2007:</FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<B><FONT size=2 face="serif">Portfolio Manager Compensation Overview</FONT></B></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">BlackRock&#146;s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may
include a variety of components and may vary from year to year based on a </FONT></P>

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<p style='page-break-before:always'></p><PAGE>


<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">number of factors. The principal components of compensation include a base salary, a discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by
BlackRock such as its Long-Term Retention and Incentive Plan and Restricted Stock Program. </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<B><FONT size=2 face="serif">Base compensation. </FONT></B><FONT size=2 face="serif">Generally, portfolio managers receive base compensation based on their seniority and/or their position with the firm. Senior portfolio managers who perform
additional management functions within the portfolio management group or within BlackRock may receive additional compensation for serving in these other capacities. </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<B><FONT size=2 face="serif">Discretionary Incentive Compensation </FONT></B></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager&#146;s group within BlackRock, the investment performance, including
risk-adjusted returns, of the firm&#146;s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual&#146;s seniority, role within the portfolio management team, teamwork and
contribution to the overall performance of these portfolios and BlackRock. In most cases, including for the portfolio managers of the Fund, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or
other accounts managed by the portfolio managers are measured. BlackRock&#146;s Chief Investment Officers determine the benchmarks against which to compare the performance of funds and other accounts managed by each portfolio manager and the period
of time over which performance is evaluated. With respect to the Fund&#146;s portfolio managers, such benchmarks include the following: </FONT></P>

<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width=5%></TD>
     <TD width=20%></TD>
     <TD></TD>
     <TD></TD>
     <TD width=3%></TD>
</TR>
<TR valign="bottom">
        <TD width="5%" align=left nowrap>&nbsp;</TD>
        <TD width="20%" align=left style="border-left:1px solid black;border-top:1px solid black;border-bottom:1px solid black;border-right:1px solid black;">
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Portfolio Manager</FONT></B></TD>
<TD style="border-bottom:1px solid black;">&nbsp;</TD>
        <TD align=left style="border-top:1px solid black;border-bottom:1px solid black;border-right:1px solid black;">
<B><FONT size=2 face="serif">Benchmarks Applicable to Each Manager</FONT></B></TD>
    <TD width="3%" align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="5%">&nbsp;</TD>
    <TD width="20%" style="border-left:1px solid black;border-bottom:1px solid black;border-right:1px solid black;">&nbsp;</TD>
    <TD style="border-bottom:1px solid black;">&nbsp;</TD>
    <TD style="border-bottom:1px solid black;border-right:1px solid black;">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="5%" align=left nowrap>&nbsp;</TD>
        <TD width="20%" align=left style="border-left:1px solid black;border-bottom:1px solid black;border-right:1px solid black;">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Jeffrey Gary</FONT></TD>
<TD style="border-bottom:1px solid black;">&nbsp;</TD>
        <TD align=left  style="border-bottom:1px solid black;border-right:1px solid black;">
<FONT size=2 face="serif">A combination of market-based indices (e.g., The Lehman
Brothers U.S. Corporate High Yield 2% Issuer Cap Index), certain customized indices
and certain fund industry peer groups.</FONT></TD>
    <TD width="3%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="5%" align=left nowrap>&nbsp;</TD>
        <TD width="20%" align=left style="border-left:1px solid black;border-bottom:1px solid black;border-right:1px solid black;">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Mark Williams</FONT></TD>
<TD style="border-bottom:1px solid black;">&nbsp;</TD>
        <TD align=left style="border-bottom:1px solid black;border-right:1px solid black;">
<FONT size=2 face="serif">A combination of market-based indices (e.g., Credit
Suisse Leveraged Loan Index, LIBOR), certain customized indices and certain fund
industry peer groups.</FONT></TD>
    <TD width="3%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="5%" align=left nowrap>&nbsp;</TD>
        <TD width="20%" align=left style="border-left:1px solid black;border-bottom:1px solid black;border-right:1px solid black;">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Kevin Booth</FONT></TD>
<TD style="border-bottom:1px solid black;">&nbsp;</TD>
        <TD align=left style="border-bottom:1px solid black;border-right:1px solid black;">
<FONT size=2 face="serif">A combination of market-based indices (e.g., The Lehman
Brothers U.S. Corporate High Yield 2% Issuer Cap Index), certain customized indices
and certain fund industry peer groups.</FONT></TD>
    <TD width="3%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="5%" align=left nowrap>&nbsp;</TD>
        <TD width="20%" align=left style="border-left:1px solid black;border-bottom:1px solid black;border-right:1px solid black;">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;James Keenan</FONT></TD>
<TD style="border-bottom:1px solid black;">&nbsp;</TD>
        <TD align=left style="border-bottom:1px solid black;border-right:1px solid black;">
<FONT size=2 face="serif">A combination of market-based indices (e.g., The Lehman
Brothers U.S. Corporate High Yield 2% Issuer Cap Index), certain customized indices
and certain fund industry peer groups.</FONT></TD>
    <TD width="3%" align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">BlackRock&#146;s Chief Investment Officers make a subjective determination with respect to the portfolio manager&#146;s compensation based on the performance of the funds and other accounts managed by each portfolio manager
relative to the various benchmarks noted above. Performance is measured on both a pre-tax and after-tax basis over various time periods including 1, 3, 5 and 10-year periods, as applicable.</FONT></P>
<br>

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<p style='page-break-before:always'></p><PAGE>


<p align="left" style="margin:0 0 4.0mm 11.85mm">
<B><FONT size=2 face="serif">Distribution of Discretionary Incentive Compensation </FONT></B></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Discretionary incentive compensation is distributed to portfolio managers in a combination of cash and BlackRock, Inc. restricted stock units which vest ratably over a number of years. The BlackRock, Inc. restricted stock
units, if properly vested, will be settled in BlackRock, Inc. common stock. Typically, the cash bonus, when combined with base salary, represents more than 60% of total compensation for the portfolio managers. Paying a portion of annual bonuses in
stock puts compensation earned by a portfolio manager for a given year &#147;at risk&#148; based on the Company&#146;s ability to sustain and improve its performance over future periods. </FONT></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<B><FONT size=2 face="serif">Other compensation benefits. </FONT></B><FONT size=2 face="serif">In addition to base compensation and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of
the following:</FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Long-Term Retention and Incentive Plan (&#147;LTIP&#148;) &#151;</FONT></I><FONT size=2 face="serif">The LTIP is a long-term incentive plan that seeks to reward certain key employees. Prior
to 2006, the plan provided for the grant of awards that were expressed as an amount of cash that, if properly vested and subject to the attainment of certain performance goals, will be settled in cash and/or in BlackRock, Inc. common stock.
Beginning in 2006, awards are granted under the LTIP in the form of BlackRock, Inc. restricted stock units that, if properly vested and subject to the attainment of certain performance goals, will be settled in BlackRock, Inc. common stock. Each
portfolio manager has received awards under the LTIP.</FONT><I><FONT size=2 face="serif"> </FONT></I></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Deferred Compensation Program &#151;</FONT></I><FONT size=2 face="serif">A portion of the compensation paid to each portfolio manager may be voluntarily deferred by the portfolio manager
into an account that tracks the performance of certain of the firm&#146;s investment products. Each portfolio manager is permitted to allocate his deferred amounts among various options, including to certain of the firm&#146;s hedge funds and other
unregistered products. In addition, prior to 2005, a portion of the annual compensation of certain senior managers, including Mr. Williams, was mandatorily deferred in a similar manner for a number of years. Every portfolio manager is eligible to
participate in the deferred compensation program. </FONT><I><FONT size=2 face="serif"> </FONT></I></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Options and Restricted Stock Awards &#151; </FONT></I><FONT size=2 face="serif">Prior to mandatorily deferring a portion of a portfolio manager&#146;s annual bonus in BlackRock, Inc.
restricted stock units, the Company granted stock options to key employees, including certain portfolio managers who may still hold unexercised or unvested options. BlackRock, Inc. also granted restricted stock awards designed to reward certain key
employees as an incentive to contribute to the long-term success of BlackRock. These awards vest over a period of years. Mr. Williams has been granted stock options and/or restricted stock in prior years.</FONT><I><FONT size=2 face="serif">
</FONT></I></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Incentive Savings Plans &#151;</FONT></I><FONT size=2 face="serif"> BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock employees are eligible to participate,
including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP) and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 6% of eligible pay
contributed to the plan capped at &#36;4,000 per year, and a company retirement contribution equal to 3% of eligible compensation, plus an additional contribution of 2% for any year in which BlackRock has positive net operating income. The RSP
offers a range of </FONT></P>
<br>

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<p style='page-break-before:always'></p><PAGE>

<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">investment options, including registered investment companies managed by the firm. Company contributions follow the investment direction set by participants for their own contributions or absent, employee investment
direction, are invested into a balanced portfolio. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of
1,000 shares or a dollar value of &#36;25,000. Each portfolio manager is eligible to participate in these plans.</FONT><I><FONT size=2 face="serif"> </FONT></I></P>
<p align="left" style="margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">(a)(4) </FONT><I><FONT size=2 face="serif">Beneficial Ownership of Securities. </FONT></I><FONT size=2 face="serif">As of December 31, 2007, none of Messrs. Gary, Booth or Keenan beneficially owned any stock issued by the
Fund. As of December 31, 2007, Mr. Williams beneficially owned stock issued by the Fund in the range of &#36;1 to &#36;10,000. </FONT></P>

<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Item 9 &#150; Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated
Purchasers &#150; Not Applicable due to no such purchases during the period covered by this report.</FONT></p>

<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Item 10 &#150; Submission of Matters to a Vote of Security Holders &#150; The registrant&#146;s Nominating and
Governance Committee will consider nominees to the Board recommended by shareholders when a vacancy becomes available. Shareholders who
wish to recommend a nominee should send nominations which include biographical information and set forth the qualifications of the proposed
 nominee to the registrant&#146;s Secretary. There have been no material changes to these procedures.</FONT></p>

<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Item 11 &#150; Controls and Procedures</FONT></p>

<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">11 (a) &#150; The registrant&#146;s principal executive and principal financial officers or persons performing similar
functions have concluded that the registrant&#146;s disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c) under the Investment
Company Act of 1940, as amended (the &#147;1940 Act&#148;)) are effective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities
Exchange Act of 1934, as amended.</FONT></p>

<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">11 (b) &#150; There were no changes in the registrant&#146;s internal control over financial reporting (as defined in
Rule&nbsp;30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially
affected, or are reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting.</FONT></p>

<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">Item 12 &#150; Exhibits attached hereto</FONT></p>

<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">12(a)(1) &#150; Code of Ethics &#150; See Item 2</FONT></p>

<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">12(a)(2) &#150; Certifications &#150; Attached hereto</FONT></p>

<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">12(a)(3) &#150; Not Applicable</FONT></p>

<p align="left" style="text-indent:-11.85mm; margin:0 0 4.0mm 11.85mm">
<FONT size=2 face="serif">12(b) &#150; Certifications &#150; Attached hereto</FONT></p>
<BR>

<HR noshade align="center" width="100%" size=4>

<p style='page-break-before:always'></p><PAGE>


<P align="left">
<FONT size=2 face="serif">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>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="3"><FONT size=2 face="serif">BlackRock Global Floating Rate Income Trust</FONT></td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="3%" align="left">&nbsp;
    <FONT size=2 face="serif">By:</FONT></td>
    <td width="1%">&nbsp;</td>
    <td style="border-bottom:1px solid black;"><FONT size=2 face="serif">/s/ Donald C. Burke</FONT></td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td><FONT size=2 face="serif">Donald C. Burke</FONT></td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td><FONT size=2 face="serif">Chief Executive Officer of</FONT></td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td><FONT size=2 face="serif">BlackRock Global Floating Rate Income Trust</FONT></td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><FONT size=2 face="serif">Date: February 21, 2008</FONT></td>
    <td>&nbsp;</td>
  </tr>
</table>

<P align="left">
<FONT size=2 face="serif">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>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="3%" align="left">&nbsp;
    <FONT size=2 face="serif">By:</FONT></td>
    <td width="1%">&nbsp;</td>
    <td style="border-bottom:1px solid black;"><FONT size=2 face="serif">/s/ Donald C. Burke</FONT></td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td><FONT size=2 face="serif">Donald C. Burke</FONT></td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td><FONT size=2 face="serif">Chief Executive Officer (principal executive
    officer) of</FONT></td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td><FONT size=2 face="serif">BlackRock Global Floating Rate Income Trust</FONT></td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><FONT size=2 face="serif">Date: February 21, 2008</FONT></td>
    <td>&nbsp;</td>
  </tr>
</table>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="3%" align="left">&nbsp;
    <FONT size=2 face="serif">By:</FONT></td>
    <td width="1%">&nbsp;</td>
    <td style="border-bottom:1px solid black;"><FONT size=2 face="serif">/s/ Neal J. Andrews</FONT></td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td><FONT size=2 face="serif">Neal J. Andrews </FONT></td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td><FONT size=2 face="serif">Chief Financial Officer (principal financial
    officer) of</FONT></td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td><FONT size=2 face="serif">BlackRock Global Floating Rate Income Trust </FONT></td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><FONT size=2 face="serif">Date: February 21, 2008</FONT></td>
    <td>&nbsp;</td>
  </tr>
</table>
<br>
<br>

<HR noshade align="center" width="100%" size=4>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>4
<FILENAME>c51804_ex99-cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE> -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<p align="left">
<B><FONT size=2 face="serif">EX-99. CERT</FONT></B><br>
<B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><br>
<B><FONT size=2 face="serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B></p>
<HR noshade align="center" width="100%" size=2>
<P align="left">
<FONT size=2 face="serif">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock Global Floating Rate Income Trust, certify that: </FONT></P>
<P align="left">
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;I have reviewed
this report on Form N-CSR of BlackRock Global Floating Rate Income Trust; </FONT></P>
<P align="left">
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;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;</FONT></P>
<P align="left">
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;Based on my knowledge,
the financial statements, and other financial information included in this report
fairly present in all material respects the  financial condition, results of
operations, changes in net assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report; </FONT></P>
<P align="left">
<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) 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: </FONT></P>
<P align="left" style="margin-left:5.0mm;">
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;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; </FONT></P>
<P align="left" style="margin-left:5.0mm;"><FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;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 principles; </FONT></P>
<P align="left" style="margin-left:5.0mm;"><FONT size=2 face="serif">c)&nbsp;&nbsp;&nbsp;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 </FONT></P>
<P align="left" style="margin-left:5.0mm;"><FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;disclosed
    in this report any change in the registrant&#146;s internal control over
    financial reporting that occurred during the second fiscal quarter  of the
    period covered by this report that has materially affected, or is reasonably
    likely to materially affect, the registrant&#146;s internal control over
    financial reporting; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s)
and I have disclosed to the registrant&#146;s auditors and the audit committees
of the  registrant&#146;s board of directors (or persons performing the equivalent
functions): </FONT></P>
<P align="left" style="margin-left:5.0mm;">
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;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</FONT></P>
<P align="left" style="margin-left:5.0mm;">
<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;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. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: February 21, 2008</FONT></P>
<P align="left">
<U><FONT size=2 face="serif">/s/ Donald C. Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><br>
<FONT size=2 face="serif">Donald C. Burke</FONT><br>
<FONT size=2 face="serif">Chief Executive Officer (principal executive officer) of</FONT>
<br>
<FONT size=2 face="serif">BlackRock Global Floating Rate Income Trust</FONT></P>
<br>

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<B><FONT size=2 face="serif">EX-99. CERT</FONT></B><br>
<B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><br>
<B><FONT size=2 face="serif">THE SARBANES-OXLEY ACT OF 2002 </FONT></B></P>
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<P align="left">
<FONT size=2 face="serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Global Floating Rate Income Trust, certify that: </FONT></P>
<P align="left">
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-CSR of BlackRock
Global Floating Rate Income Trust; </FONT></P>
<P align="left">
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;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;</FONT></P>
<P align="left">
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements,
and other financial information included in this report fairly present in all
material respects the  financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented
in this report; </FONT></P>
<P align="left">
<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s)
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: </FONT></P>
<P align="left" style="margin-left:5.0mm;">
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;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; </FONT></P>
<P align="left" style="margin-left:5.0mm;">
<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;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 principles; </FONT></P>
<P align="left" style="margin-left:5.0mm;">
<FONT size=2 face="serif">c)&nbsp;&nbsp;&nbsp;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 </FONT></P>
<P align="left" style="margin-left:5.0mm;">
<FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant&#146;s
internal control over financial reporting that occurred during the second fiscal
quarter  of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant&#146;s internal control
over financial reporting; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s)
and I have disclosed to the registrant&#146;s auditors and the audit committees
of the  registrant&#146;s board of directors (or persons performing the equivalent
functions): </FONT></P>
<P align="left" style="margin-left:5.0mm;">
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;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 </FONT></P>
<P align="left" style="margin-left:5.0mm;">
<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;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. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: February 21, 2008</FONT></P>
<P align="left"><U><FONT size=2 face="serif">/s/ Neal J. Andrews&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><br>
<FONT size=2 face="serif">Neal J. Andrews</FONT><br>
<FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of</FONT><br>
<FONT size=2 face="serif">BlackRock Global Floating Rate Income Trust</FONT></P>
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<TYPE>EX-99.906CERT
<SEQUENCE>5
<FILENAME>c51804_ex99-906cert.htm
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<FONT size=2 face="serif">Exhibit 99.1350CERT </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Certification Pursuant to Rule 30a-2(b) under the 1940 Act and</FONT></B><BR>
<B><FONT size=2 face="serif">Section 906 of the Sarbanes Oxley Act </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to 18 U.S.C. &#167; 1350, the undersigned officer of BlackRock Global Floating Rate Income Trust (the &#147;Registrant&#148;), hereby certifies, to the best of his knowledge, that the Registrant&#146;s Report on
Form N-CSR for the period ended December 31, 2007, (the &#147;Report&#148;) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Registrant. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: February 21, 2008 </FONT></P>
<P align="left">
<U><FONT size=2 face="serif">/s/ Donald C. Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><br>
<FONT size=2 face="serif"> Donald C. Burke</FONT><br>
<FONT size=2 face="serif">Chief Executive Officer (principal executive officer) of</FONT><br>
<FONT size=2 face="serif">BlackRock Global Floating Rate Income Trust </FONT></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to 18 U.S.C. &#167; 1350, the undersigned officer of BlackRock Global Floating Rate Income Trust (the &#147;Registrant&#148;), hereby certifies, to the best of his knowledge, that the Registrant&#146;s Report on
Form N-CSR for the period ended December 31, 2007, (the &#147;Report&#148;) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Registrant. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: February 21, 2008 </FONT></P>
<P align="left">
<U><FONT size=2 face="serif">/s/ Neal J. Andrews&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><br>
<FONT size=2 face="serif">Neal J. Andrews</FONT><br>
<FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of</FONT><br>
<FONT size=2 face="serif">BlackRock Global Floating Rate Income Trust </FONT></P>
<P align="left">
<FONT size=2 face="serif">This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and
Exchange Commission</FONT><B><FONT size=2 face="serif">. </FONT></B></P>
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<TYPE>EX-99.PROXYPOL
<SEQUENCE>6
<FILENAME>c51804_ex99-proxypol.htm
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<P align="center">&nbsp;</P>
<P align="center"><FONT size=6 face="serif">Proxy Voting Policies and Procedures </FONT></P>
<P align="center">&nbsp;</P>
<P align="center">
<FONT size=5 face="serif">For BlackRock Advisors, LLC<br>
And Its Affiliated SEC Registered Investment Advisers </FONT></P>
<P align="center">
<FONT size=5 face="serif">September 30, 2006 </FONT></P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
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<P align="center">
<B><FONT size=5 face="serif">Proxy Voting Policies and Procedures </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These Proxy Voting Policies and Procedures (&#147;Policy&#148;) for BlackRock Advisors, LLC and its affiliated U.S. registered investment advisers</FONT><SUP><FONT face="serif">1</FONT></SUP><FONT face="serif">
(&#147;BlackRock&#148;) reflect our duty as a fiduciary under the Investment Advisers Act of 1940 (the &#147;Advisers Act&#148;) to vote proxies in the best interests of our clients.  BlackRock serves as the investment manager for investment
companies, other commingled investment vehicles and/or separate accounts of institutional and other clients. The right to vote proxies for securities held in such accounts belongs to BlackRock&#146;s clients. Certain clients of BlackRock have
retained the right to vote such proxies in general or in specific circumstances.</FONT><SUP><FONT face="serif">2</FONT></SUP><FONT face="serif"> Other clients, however, have delegated to BlackRock the right to vote proxies for securities held in
their accounts as part of BlackRock&#146;s authority to manage, acquire and dispose of account assets.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">When BlackRock votes proxies for a client that has delegated to BlackRock proxy voting authority, BlackRock acts as the client&#146;s agent. Under the Advisers Act, an investment adviser is a
fiduciary that owes each of its clients a duty of care and loyalty with respect to all services the adviser undertakes on the client&#146;s behalf, including proxy voting. BlackRock is therefore subject to a fiduciary duty to vote proxies in a
manner BlackRock believes is consistent with the client&#146;s best interests,</FONT><SUP><FONT face="serif">3</FONT></SUP><FONT face="serif"> whether or not the client&#146;s proxy voting is subject to the fiduciary standards of the Employee
Retirement Income Security Act of 1974 (&#147;ERISA&#148;).</FONT><SUP><FONT face="serif">4</FONT></SUP><FONT face="serif"> When voting proxies for client accounts (including investment companies), BlackRock&#146;s primary objective is to make
voting decisions solely in the best interests of clients and ERISA clients&#146; plan beneficiaries and participants. In fulfilling its obligations to clients, BlackRock will seek to act in a manner that it believes is most likely to enhance the
economic value of the underlying securities held in client accounts.</FONT><SUP><FONT face="serif">5</FONT></SUP><FONT face="serif"> It is imperative that BlackRock considers the interests of its clients, and not the interests of BlackRock, when
voting proxies and that real (or perceived) material conflicts that may arise between BlackRock&#146;s interest and those of BlackRock&#146;s clients are properly addressed and resolved.</FONT></P>
<font size="2">____________________<br>
</font>
<P>
  <font size="2"><SUP><FONT face="serif">1</FONT></SUP><FONT face="serif"> The Policy does not apply to BlackRock Asset Management U.K. Limited and BlackRock Investment Managers International Limited, which are U.S. registered investment advisers based
in the United Kingdom. </FONT></font></P>
<P>
  <font size="2"><SUP><FONT face="serif">2</FONT></SUP><FONT face="serif"> In certain situations, a client may direct BlackRock to vote in accordance with the client&#146;s proxy voting policies. In these situations, BlackRock will seek to comply with
such policies to the extent it would not be inconsistent with other BlackRock legal responsibilities. </FONT></font></P>
<P>
  <font size="2"><SUP><FONT face="serif">3</FONT></SUP><FONT face="serif">  Letter from Harvey L. Pitt, Chairman, SEC, to John P.M. Higgins, President, Ram Trust Services (February 12, 2002) (Section 206 of the Investment Advisers Act imposes a
fiduciary responsibility to vote proxies fairly and in the best interests of clients); SEC Release No. IA-2106 (February 3, 2003). </FONT></font></P>
<P>
  <font size="2"><SUP><FONT face="serif">4 </FONT></SUP><FONT face="serif">DOL Interpretative Bulletin of Sections 402, 403 and 404 of ERISA at 29 C.F.R. 2509.94 -2 </FONT></font></P>
<P>
  <font size="2"><SUP><FONT face="serif">5</FONT></SUP><FONT face="serif"> Other considerations, such as social, labor, environmental or other policies, may be of interest to particular clients. While BlackRock is cognizant of the importance of such
considerations, when voting proxies it will generally take such matters into account only to the extent that they have a direct bearing on the economic value of the underlying securities. To the extent that a BlackRock client desires to pursue a
particular social, labor, environmental or other agenda through the proxy votes made for its securities held through BlackRock as investment adviser, BlackRock encourages the client to consider retaining direct proxy voting authority or to appoint
independently a special proxy voting fiduciary other than BlackRock. </FONT></font></P>
<P>&nbsp;</P>
<P align="center">
<FONT size=2 face="sans-serif">1 </FONT></P>

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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Advisers Act Rule 206(4)-6 was adopted by the SEC in 2003 and requires, among other things, that an investment adviser that exercises voting authority over clients&#146; proxy voting adopt policies
and procedures reasonably designed to ensure that the adviser votes proxies in the best interests of clients, discloses to its clients information about those policies and procedures and also discloses to clients how they may obtain information on
how the adviser has voted their proxies. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In light of such fiduciary duties, the requirements of Rule 206(4)-6, and given the complexity of the issues that may be raised in connection with proxy votes, BlackRock has adopted these policies and
procedures.  BlackRock&#146;s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the &#147;Committee&#148;), addresses proxy voting issues on behalf of BlackRock and its clients.</FONT><SUP><FONT face="serif">6
</FONT></SUP><FONT face="serif">The Committee is comprised of senior members of BlackRock&#146;s Portfolio Management Group and advised by BlackRock&#146;s Legal and Compliance Department. </FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<font size="2">____________________<br>
</font>
<P>
  <font size="2"><SUP><FONT face="serif">6</FONT></SUP><FONT face="serif"> Subject to the Proxy Voting Policies of Merrill Lynch Bank &amp; Trust Company FSB, the Committee may also function jointly as the Proxy Voting Committee for Merrill Lynch Bank
&amp; Trust Company FSB trust accounts managed by personnel dually-employed by BlackRock. </FONT></font></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
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<FONT size=2 face="sans-serif">2 </FONT></P>

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<P>
<U><FONT size=5 face="serif">I.Scope of Committee Responsibilities</FONT></U><FONT size=5 face="serif"> </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Committee shall have the responsibility for determining how to address proxy votes made on behalf of all BlackRock clients, except for clients who have retained the right to vote their own proxies, either generally or on any
specific matter. In so doing, the Committee shall seek to ensure that proxy votes are made in the best interests of clients, and that proxy votes are determined in a manner free from unwarranted or inappropriate influences. The Committee shall also
oversee the overall administration of proxy voting for BlackRock accounts.</FONT><SUP><FONT face="serif">7</FONT></SUP></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Committee shall establish BlackRock&#146;s proxy voting guidelines, with such advice, participation and research as the Committee deems appropriate from portfolio managers, proxy voting services
or other knowledgeable interested parties. As it is anticipated that there will not necessarily be a &#147;right&#148; way to vote proxies on any given issue applicable to all facts and circumstances, the Committee shall also be responsible for
determining how the proxy voting guidelines will be applied to specific proxy votes, in light of each issuer&#146;s unique structure, management, strategic options and, in certain circumstances, probable economic and other anticipated consequences
of alternative actions. In so doing, the Committee may determine to vote a particular proxy in a manner contrary to its generally stated guidelines.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Committee may determine that the subject matter of certain proxy issues are not suitable for general voting guidelines and requires a case-by-case determination, in which case the Committee may
elect not to adopt a specific voting guideline applicable to such issues. BlackRock believes that certain proxy voting issues &#150; such as approval of mergers and other significant corporate transactions &#150; require investment analysis akin to
investment decisions, and are therefore not suitable for general guidelines. The Committee may elect to adopt a common BlackRock position on certain proxy votes that are akin to investment decisions, or determine to permit portfolio managers to make
individual decisions on how best to maximize economic value for the accounts for which they are responsible (similar to normal buy/sell investment decisions made by such portfolio managers).</FONT><SUP><FONT face="serif">8</FONT></SUP><FONT
face="serif"> </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">While it is expected that BlackRock, as a fiduciary, will generally seek to vote proxies over which BlackRock exercises voting authority in a uniform manner for all BlackRock clients, the Committee,
in conjunction with the portfolio manager of an account, may determine that the specific circumstances of such account require that such account&#146;s proxies be voted differently due to such account&#146;s investment objective or other factors
that differentiate it from other accounts. In addition, on proxy votes that are akin to investment decisions, BlackRock believes portfolio managers may from time to time </FONT></P>
<font size="2">____________________<br>
</font>
<P>
  <font size="2"><SUP><FONT face="serif">7</FONT></SUP><FONT face="serif"> The Committee may delegate day-to-day administrative responsibilities to other BlackRock personnel and/or outside service providers, as appropriate.</FONT></font></P>
<P>
  <font size="2"><SUP><FONT face="serif">8</FONT></SUP><FONT face="serif"> The Committee will normally defer to portfolio managers on proxy votes that are akin to investment decisions <I>except for</I> proxy votes that involve a material conflict of interest, in which case it will determine, in its discretion, the appropriate voting process so as to address such conflict.</FONT></font></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
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<FONT size=2 face="sans-serif">3 </FONT></P>

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<P>
<FONT face="serif">legitimately reach differing but equally valid views, as fiduciaries for BlackRock&#146;s clients, on how best to maximize economic value in respect of a particular investment. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Committee will also be responsible for ensuring the maintenance of records of each proxy vote, as required by Advisers Act Rule 204-2.</FONT><SUP><FONT face="serif">9</FONT></SUP><FONT
face="serif"> All records will be maintained in accordance with applicable law. Except as may be required by applicable legal requirements, or as otherwise set forth herein, the Committee&#146;s determinations and records shall be treated as
proprietary, nonpublic and confidential. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Committee shall be assisted by other BlackRock personnel, as may be appropriate. In particular, the Committee has delegated to the BlackRock Operations Department responsibility for monitoring
corporate actions and ensuring that proxy votes are submitted in a timely fashion. The Operations Department shall ensure that proxy voting issues are promptly brought to the Committee&#146;s attention and that the Committee&#146;s proxy voting
decisions are appropriately disseminated and implemented. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">To assist BlackRock in voting proxies, the Committee may retain the services of a firm providing such services. BlackRock has currently retained Institutional Shareholder Services (&#147;ISS&#148;) in
that role. ISS is an independent adviser that specializes in providing a variety of fiduciary-level proxy-related services to institutional investment managers, plan sponsors, custodians, consultants, and other institutional investors. The services
provided to BlackRock may include, but are not limited to, in-depth research, voting recommendations (which the Committee is not obligated to follow), vote execution, and recordkeeping.</FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<font size="2">____________________<br>
</font>
<P>
  <font size="2"><SUP><FONT face="serif">9</FONT></SUP><FONT face="serif">  The Committee may delegate the actual maintenance of such records to an outside service provider. Currently, the Committee has delegated the maintenance of such records to
Institutional Shareholder Services. </FONT></font></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align="center">
<FONT size=2 face="sans-serif">4 </FONT></P>

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<P>
<FONT size=5 face="serif">II.</FONT><FONT size=5 face="sans-serif"> </FONT><U><FONT size=5 face="serif">Special Circumstances</FONT></U><FONT size=5 face="serif"> </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U><FONT face="serif">Routine Consents</FONT></U></B><FONT face="serif">. BlackRock may be asked from time to time to consent to an amendment to, or grant a waiver under, a loan agreement, partnership agreement,
indenture or other governing document of a specific financial instrument held by BlackRock clients.  BlackRock will generally treat such requests for consents not as &#147;proxies&#148; subject to these Proxy Voting Policies and Procedures but as
investment matters to be dealt with by the responsible BlackRock investment professionals would, provided that such consents (i) do not relate to the election of a board of directors or appointment of auditors of a public company, and (ii) either
(A) would not otherwise materially affect the structure, management or control of a public company, or (B) relate to a company in which BlackRock clients hold only interests in bank loans or debt securities and are consistent with customary
standards and practices for such instruments.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U><FONT face="serif">Securities on Loan</FONT></U></B><FONT face="serif">. Registered investment companies that are advised by BlackRock as well as certain of our advisory clients may participate in securities
lending programs.  Under most securities lending arrangements, securities on loan may not be voted by the lender (unless the loan is recalled). BlackRock believes that each client has the right to determine whether participating in a securities
lending program enhances returns, to contract with the securities lending agent of its choice and to structure a securities lending program, through its lending agent, that balances any tension between loaning and voting securities in a matter that
satisfies such client. If client has decided to participate in a securities lending program, BlackRock will therefore defer to the client&#146;s determination and not attempt to seek recalls solely for the purpose of voting routine proxies as this
could impact the returns received from securities lending and make the client a less desirable lender in a marketplace. Where a client retains a lending agent that is unaffiliated with BlackRock, BlackRock will generally not seek to vote proxies
relating to securities on loan because BlackRock does not have a contractual right to recall such loaned securities for the purpose of voting proxies. Where BlackRock or an affiliate acts as the lending agent, BlackRock will also generally not seek
to recall loaned securities for proxy voting purposes, unless the portfolio manager responsible for the account or the Committee determines that voting the proxy is in the client&#146;s best interest and requests that the security be recalled.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U><FONT face="serif">Voting Proxies for Non-US Companies</FONT></U></B><FONT face="serif">. While the proxy voting process is well established in the United States, voting proxies of non-US companies frequently
involves logistical issues which can affect BlackRock&#146;s ability to vote such proxies, as well as the desirability of voting such proxies. These issues include (but are not limited to): (i) untimely notice of shareholder meetings, (ii)
restrictions on a foreigner&#146;s ability to exercise votes, (iii) requirements to vote proxies in person, (iv) &#147;shareblocking&#148; (requirements that investors who exercise their voting rights surrender the right to dispose of their holdings
for some specified period in proximity to the shareholder meeting), (v) potential difficulties in translating the proxy, and (vi) requirements to provide local agents with unrestricted powers of attorney to facilitate voting instructions. </FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align="center">
<FONT size=2 face="sans-serif">5 </FONT></P>

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<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">As a consequence, BlackRock votes proxies of non-US companies only on a &#147;best-efforts&#148; basis. In addition, the Committee may determine that it is generally in the best interests of BlackRock
clients </FONT><B><FONT face="serif">not</FONT></B><FONT face="serif"> to vote proxies of companies in certain countries if the Committee determines that the costs (including but not limited to opportunity costs associated with shareblocking
constraints) associated with exercising a vote generally are expected to outweigh the benefit the client will derive by voting on the issuer&#146;s proposal. If the Committee so determines in the case of a particular country, the Committee (upon
advice from BlackRock portfolio managers) may override such determination with respect to a particular issuer&#146;s shareholder meeting if the Committee believes the benefits of seeking to exercise a vote at such meeting outweighs the costs, in
which case BlackRock will seek to vote on a best-efforts basis. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U><FONT face="serif">Securities Sold After Record Date</FONT></U></B><FONT face="serif">.  With respect to votes in connection with securities held on a particular record date but sold from a client account prior to
the holding of the related meeting, BlackRock may take no action on proposals to be voted on in such meeting. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U><FONT face="serif">Conflicts of Interest.</FONT></U></B><FONT face="serif"> From time to time, BlackRock may be required to vote proxies in respect of an issuer that is an affiliate of BlackRock (a &#147;BlackRock
Affiliate&#148;), or a money management or other client of BlackRock (a &#147;BlackRock Client&#148;).</FONT><SUP><FONT face="serif">10 </FONT></SUP><FONT face="serif">In such event, provided that the Committee is aware of the real or potential
conflict, the following procedures apply: </FONT></P>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="6%"><div align="right"><font face="sans-serif">&#149; </font><font face="sans-serif">&nbsp; </font><font face="serif"></font></div></td>
    <td width="2%">&nbsp;</td>
    <td width="92%"><font face="serif">The Committee intends to adhere to the voting guidelines set forth herein for all proxy issues including matters involving BlackRock Affiliates and BlackRock Clients. The Committee may, in its discretion for the purposes of ensuring that an independent determination is reached, retain an independent fiduciary to advise the Committee on how to vote or to cast votes on behalf of BlackRock&#146;s clients; and </font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><div align="right"><font face="sans-serif">&#149; </font><font face="sans-serif">&nbsp; </font><font face="serif"></font></div></td>
    <td>&nbsp;</td>
    <td><font face="serif">if the Committee determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Committee shall determine how to vote the proxy after consulting with the BlackRock Legal and Compliance Department and concluding that the vote cast is in the client&#146;s best interest notwithstanding the conflict.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<font size="2">____________________<br>
</font>
<P align="left">
  <font size="2"><SUP><FONT face="serif">10</FONT></SUP><FONT face="serif"> Such issuers may include investment companies for which BlackRock provides investment advisory, administrative and/or other services.</FONT></font></P>
<P align="left">&nbsp;</P>
<P align="center"> <FONT size=2 face="sans-serif">6</FONT></P>
<P align="right">&nbsp;</P>

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<P>
<FONT size=5 face="serif">III. </FONT><U><FONT size=5 face="serif">Voting Guidelines</FONT></U><FONT size=5 face="serif"> </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Committee has determined that it is appropriate and in the best interests of BlackRock&#146;s clients to adopt the following voting guidelines, which represent the Committee&#146;s usual voting
position on certain recurring proxy issues that are not expected to involve unusual circumstances. With respect to any particular proxy issue, however, the Committee may elect to vote differently than a voting guideline if the Committee determines
that doing so is, in the Committee&#146;s judgment, in the best interest of its clients. The guidelines may be reviewed at any time upon the request of any Committee member and may be amended or deleted upon the vote of a majority of voting
Committee members present at a Committee meeting for which there is a quorum. </FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align="center">
<FONT size=2 face="sans-serif">7 </FONT></P>

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<P>
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=4 face="serif">A. Boards of Directors </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These proposals concern those issues submitted to shareholders relating to the composition of the Board of Directors of companies other than investment companies. As a general matter, the Committee
believes that a company&#146;s Board of Directors (rather than shareholders) is most likely to have access to important, nonpublic information regarding a company&#146;s business and prospects, and is therefore best-positioned to set corporate
policy and oversee management. The Committee therefore believes that the foundation of good corporate governance is the election of qualified, independent corporate directors who are likely to diligently represent the interests of shareholders and
oversee management of the corporation in a manner that will seek to maximize shareholder value over time. In individual cases, the Committee may look at a Director nominee&#146;s history of representing shareholder interests as a director of other
companies, or other factors to the extent the Committee deems relevant. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Committee&#146;s general policy is to vote: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
	<TD width=4% align=left><HR noshade size=1></TD>
	<TD width=9%><HR noshade size=1>
	</TD>
	<TD width=8% align=left><HR noshade size=1>

	</TD>
	<TD width=2%><HR noshade size=1>
	</TD>
	<TD width=75% align=left><HR noshade size=1>

	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left><B><FONT face="serif">#</FONT></B>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% colspan=3 align=left>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD>&nbsp;
	</TD>
	<TD>	</TD>
	<TD colspan=3><B><FONT face="serif">VOTE and DESCRIPTION</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD colspan=5><HR noshade size=1>

	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>
<FONT face="serif">A.1</FONT>&nbsp;
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% colspan=3 align=left>
<FONT face="serif">FOR nominees for director of United States companies in</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% colspan=3 align=left>
<FONT face="serif">uncontested elections, </FONT><I><FONT face="serif">except for </FONT></I><FONT face="serif">nominees who</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="sans-serif">&#149;</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">have missed at least two meetings and, as a result,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">attended less than 75% of meetings of the Board of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">Directors and its committees the previous year, unless the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">nominee missed the meeting(s) due to illness or company</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">business</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="sans-serif">&#149;</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">voted to implement or renew a &#147;dead-hand&#148; poison pill</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="sans-serif">&#149;</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">ignored a shareholder proposal that was approved by</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">either a majority of the shares outstanding in any year or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">by the majority of votes cast for two consecutive years</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="sans-serif">&#149;</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">failed to act on takeover offers where the majority of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=center>&nbsp;</TD>
    <TD width=9% align=center>&nbsp;</TD>
    <TD width=8% align=center>&nbsp;</TD>
    <TD width=2% align=center>&nbsp;</TD>
    <TD width=75% align=center><div align="left"> <FONT face="serif">shareholders have tendered their shares</FONT> </div></TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="sans-serif">&#149;</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">are corporate insiders who serve on the audit,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">compensation or nominating committees or on a full</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">Board that does not have such committees composed</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">exclusively of independent directors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="sans-serif">&#149;</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">on a case-by-case basis, have served as directors of other</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">companies with allegedly poor corporate governance</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="sans-serif">&#149;</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=75% align=left>
<FONT face="serif">sit on more than six boards of public companies</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
  <TD align=left><font face="serif">A.2</font>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD colspan=3 align=left><font face="serif">FOR nominees for directors of non-U.S. companies in uncontested</font>&nbsp; </TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=3 align=left><FONT face="serif">elections, </FONT><I><FONT face="serif">except for </FONT></I><FONT face="serif">nominees from whom the Committee</FONT> </TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=3 align=left><font face="serif">determines to withhold votes due to the nominees&#146; poor records of</font>&nbsp; </TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=3 align=left><FONT face="serif">representing shareholder interests, on a case-by-case basis</FONT> </TD>
</TR>
<TR valign="top">
  <TD align=left><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD colspan=3 align=left><HR noshade size=1></TD>
</TR>
<TR valign="top">
  <TD align=left><font face="serif">A.3</font>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD colspan=3 align=left><font face="serif">FOR proposals to declassify Boards of Directors, except where</font>&nbsp; </TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=3 align=left><font face="serif">there exists a legitimate purpose for classifying boards</font> </TD>
</TR>
<TR valign="top">
  <TD align=left><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD colspan=3 align=left><HR noshade size=1></TD>
</TR>
<TR valign="top">
  <TD align=left><font face="serif">A.4</font>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD colspan=3 align=left><font face="serif">AGAINST proposals to classify Boards of Directors, except where</font>&nbsp; </TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=3 align=left><font face="serif">there exists a legitimate purpose for classifying boards</font> </TD>
</TR>
<TR valign="top">
	<TD width=4% align=left><HR noshade size=1></TD>
	<TD width=9%><HR noshade size=1>
	</TD>
	<TD width=85% colspan=3 align=left><HR noshade size=1></TD>
</TR>
<TR valign="top">
	<TD width=6% align=center>&nbsp;</TD>
    <TD width=9% align=center>&nbsp;</TD>
    <TD width=8% align=center>&nbsp;</TD>
    <TD width=2% align=center>&nbsp;</TD>
    <TD width=75% align=center>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% colspan=3 align=left>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=100% colspan=5 align=center>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=100% colspan=5>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% colspan=3 align=left>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=100% colspan=5 align=center>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=100% colspan=5>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% colspan=3 align=left>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=100% colspan=5 align=center>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=100% colspan=5>&nbsp;
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p align="center"> <FONT size=2 face="sans-serif">8</FONT><BR>

</p>
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<br>
<br>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.5</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">AGAINST proposals supporting cumulative voting</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.6</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals eliminating cumulative voting</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.7</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals supporting confidential voting</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.8</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals seeking election of supervisory board members</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.9</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">AGAINST shareholder proposals seeking additional</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">representation of women and/or minorities generally (i.e., not</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">specific individuals) to a Board of Directors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.10</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">AGAINST shareholder proposals for term limits for directors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.11</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR shareholder proposals to establish a mandatory retirement</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">age for directors who attain the age of 72 or older</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.12</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">AGAINST shareholder proposals requiring directors to own a</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">minimum amount of company stock</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.13</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals requiring a majority of independent directors on a</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">Board of Directors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.14</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals to allow a Board of Directors to delegate powers to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">a committee or committees</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.15</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals to require audit, compensation and/or nominating</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">committees of a Board of Directors to consist </FONT><I><FONT face="serif">exclusively </FONT></I><FONT face="serif">of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">independent directors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.16</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">AGAINST shareholder proposals seeking to prohibit a single</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">person from occupying the roles of chairman and chief executive</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">officer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.17</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals to elect account inspectors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.18</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals to fix the membership of a Board of Directors at a</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">specified size</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.19</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals permitting shareholder ability to nominate</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">directors directly</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.20</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">AGAINST proposals to eliminate shareholder ability to nominate</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">directors directly</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.21</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals permitting shareholder ability to remove directors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">directly</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">A.22</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">AGAINST proposals to eliminate shareholder ability to remove</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">directors directly</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">9 </FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT><B><FONT size=4 face="serif">B. Auditors </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These proposals concern those issues submitted to shareholders related to the selection of auditors. As a general matter, the Committee believes that corporate auditors have a responsibility to
represent the interests of shareholders and provide an independent view on the propriety of financial reporting decisions of corporate management. While the Committee will generally defer to a corporation&#146;s choice of auditor, in individual
cases, the Committee may look at an auditors&#146; history of representing shareholder interests as auditor of other companies, to the extent the Committee deems relevant. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Committee&#146;s general policy is to vote: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=right><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD colspan=3 align=left><HR noshade size=1></TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">B.1</FONT>&nbsp;
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% colspan=3 align=left>
<FONT face="serif">FOR approval of independent auditors, </FONT><I><FONT face="serif">except for</FONT></I>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="sans-serif">&#149;</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=80% align=left>
<FONT face="serif">auditors that have a financial interest in, or material</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=80% align=left>
<FONT face="serif">association with, the company they are auditing, and are</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=80% align=left>
<FONT face="serif">therefore believed by the Committee not to be independent</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="sans-serif">&#149;</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=80% align=left>
<FONT face="serif">auditors who have rendered an opinion to any company which</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=80% align=left>
<FONT face="serif">in the Committee&#146;s opinion is either not consistent with best</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=80% align=left>
<FONT face="serif">accounting practices or not indicative of the company&#146;s</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=80% align=left>
<FONT face="serif">financial situation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="sans-serif">&#149;</FONT>&nbsp;
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=80% align=left>
<FONT face="serif">on a case-by-case basis, auditors who in the Committee&#146;s</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=80% align=left>
<FONT face="serif">opinion provide a significant amount of non-audit services to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=80% align=left>
<FONT face="serif">the company</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">B.2</FONT>&nbsp;
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% colspan=3 align=left>
<FONT face="serif">FOR proposals seeking authorization to fix the remuneration of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% colspan=3 align=left>
<FONT face="serif">auditors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">B.3</FONT>&nbsp;
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% colspan=3 align=left>
<FONT face="serif">FOR approving internal statutory auditors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>

<TR valign="top">
  <TD align=right><FONT face="serif">B.4</FONT>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD colspan=3 align=left><font face="serif">FOR proposals for audit firm rotation, </font><i><font face="serif">except for </font></i><font face="serif">proposals that</font>&nbsp; </TD>
</TR>
<TR valign="top">
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan=3 align=left><FONT face="serif">would require rotation after a period of less than 5 years</FONT> </TD>
</TR>
<TR valign="top">
	<TD width=4% align=right><HR noshade size=1></TD>
	<TD width=9%><HR noshade size=1>
	</TD>
	<TD width=85% colspan=3 align=left><HR noshade size=1></TD>
</TR>
<TR valign="top">
	<TD width=100% colspan=5 align=center>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=100% colspan=5>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">10 </FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=4 face="serif">C. Compensation and Benefits </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These proposals concern those issues submitted to shareholders related to management compensation and employee benefits. As a general matter, the Committee favors disclosure of a company&#146;s
compensation and benefit policies and opposes excessive compensation, but believes that compensation matters are normally best determined by a corporation&#146;s board of directors, rather than shareholders. Proposals to &#147;micro-manage&#148; a
company&#146;s compensation practices or to set arbitrary restrictions on compensation or benefits will therefore generally not be supported.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT><FONT face="serif">The Committee&#146;s general policy is to vote: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">C.1</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">IN ACCORDANCE WITH THE RECOMMENDATION OF ISS</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">on compensation plans if the ISS recommendation is based </FONT><U><FONT face="serif">solely</FONT></U>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">on whether or not the company&#146;s plan satisfies the allowable cap</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">as calculated by ISS. If the recommendation of ISS is based on</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">factors other than whether the plan satisfies the allowable cap the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">Committee will analyze the particular proposed plan. This policy</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">applies to amendments of plans as well as to initial approvals.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">C.2</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">FOR proposals to eliminate retirement benefits for outside</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">directors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">C.3</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">AGAINST proposals to establish retirement benefits for outside</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">directors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">C.4</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">FOR proposals approving the remuneration of directors or of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">supervisory board members</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">C.5</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">AGAINST proposals to reprice stock options</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">C.6</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">FOR proposals to approve employee stock purchase plans that</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">apply to all employees. This policy applies to proposals to amend</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=7% align=center>&nbsp;</TD>
    <TD width=7% align=center>&nbsp;</TD>
    <TD width=86% align=center><div align="left"><FONT face="serif">ESPPs if the plan as amended applies to all employees.</FONT> </div></TD>
</TR>
<TR valign="top">
	<TD width=100% colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">C.7</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">FOR proposals to pay retirement bonuses to directors of Japanese</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">companies unless the directors have served less than three years</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">C.8</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">AGAINST proposals seeking to pay outside directors only in stock</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">C.9</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">FOR proposals seeking further disclosure of executive pay or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">requiring companies to report on their supplemental executive</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">retirement benefits</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">C.10</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">AGAINST proposals to ban all future stock or stock option grants</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">to executives</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">C.11</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">AGAINST option plans or grants that apply to directors or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">employees of &#147;related companies&#148; without adequate disclosure of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">the corporate relationship and justification of the option policy</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>
<FONT face="serif">C.12</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">FOR proposals to exclude pension plan income in the calculation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=6% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT face="serif">of earnings used in determining executive bonuses/compensation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">11 </FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=4 face="serif">D. Capital Structure </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These proposals relate to various requests, principally from management, for approval of amendments that would alter the capital structure of a company, such as an increase in authorized shares. As a
general matter, the Committee will support requests that it believes enhance the rights of common shareholders and oppose requests that appear to be unreasonably dilutive.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> </FONT><FONT face="serif">The Committee&#146;s general policy is to vote: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=right><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">D.1</FONT>&nbsp;
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">AGAINST proposals seeking authorization to issue shares without</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">preemptive rights except for issuances up to 10% of a non-US</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">company&#146;s total outstanding capital</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">D.2</FONT>&nbsp;
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR management proposals seeking preemptive rights or seeking</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">authorization to issue shares with preemptive rights</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">D.3</FONT>&nbsp;
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR management proposals approving share repurchase programs</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">D.4</FONT>&nbsp;
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR management proposals to split a company&#146;s stock</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">D.5</FONT>&nbsp;
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR management proposals to denominate or authorize</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">denomination of securities or other obligations or assets in Euros</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">D.6</FONT>&nbsp;
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals requiring a company to expense stock options</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">(unless the company has already publicly committed to do so by a</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">certain date).</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">12 </FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=4 face="serif">E. Corporate Charter and By-Laws </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These proposals relate to various requests for approval of amendments to a corporation&#146;s charter or by-laws, principally for the purpose of adopting or redeeming &#147;poison pills&#148;. As a
general matter, the Committee opposes poison pill provisions. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Committee&#146;s general policy is to vote: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=right><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">E.1</FONT>&nbsp;
	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=84% align=left>
<FONT face="serif">AGAINST proposals seeking to adopt a poison pill</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">E.2</FONT>&nbsp;
	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=84% align=left>
<FONT face="serif">FOR proposals seeking to redeem a poison pill</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">E.3</FONT>&nbsp;
	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=84% align=left>
<FONT face="serif">FOR proposals seeking to have poison pills submitted to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=84% align=left>
<FONT face="serif">shareholders for ratification</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">E.4</FONT>&nbsp;
	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=84% align=left>
<FONT face="serif">FOR management proposals to change the company&#146;s name</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">13 </FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=4 face="serif">F. Corporate Meetings </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These are routine proposals relating to various requests regarding the formalities of corporate meetings. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Committee&#146;s general policy is to vote: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="top">
  <TD align=left><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>
<FONT face="serif">F.1</FONT>&nbsp;
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">AGAINST proposals that seek authority to act on &#147;any other</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">business that may arise&#148;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>
<FONT face="serif">F.2</FONT>&nbsp;
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals designating two shareholders to keep minutes of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">the meeting</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>
<FONT face="serif">F.3</FONT>&nbsp;
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals concerning accepting or approving financial</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">statements and statutory reports</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>
<FONT face="serif">F.4</FONT>&nbsp;
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals approving the discharge of management and the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">supervisory board</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>
<FONT face="serif">F.5</FONT>&nbsp;
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals approving the allocation of income and the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>&nbsp;


	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">dividend</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>
<FONT face="serif">F.6</FONT>&nbsp;
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals seeking authorization to file required</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">documents/other formalities</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>
<FONT face="serif">F.7</FONT>&nbsp;
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals to authorize the corporate board to ratify and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">execute approved resolutions</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>
<FONT face="serif">F.8</FONT>&nbsp;
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals appointing inspectors of elections</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>
<FONT face="serif">F.9</FONT>&nbsp;
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals electing a chair of the meeting</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>
<FONT face="serif">F.10</FONT>&nbsp;
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">FOR proposals to permit &#147;virtual&#148; shareholder meetings over the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">Internet</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>
<FONT face="serif">F.11</FONT>&nbsp;
	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">AGAINST proposals to require rotating sites for shareholder</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=8%>&nbsp;
	</TD>
	<TD width=85% align=left>
<FONT face="serif">meetings</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">14 </FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=4 face="serif">G. Investment Companies </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These proposals relate to proxy issues that are associated solely with holdings of shares of investment companies, including, but not limited to, investment companies for which BlackRock provides
investment advisory, administrative and/or other services. As with other types of companies, the Committee believes that a fund&#146;s Board of Directors (rather than its shareholders) is best-positioned to set fund policy and oversee management.
However, the Committee opposes granting Boards of Directors authority over certain matters, such as changes to a fund&#146;s investment objective, that the Investment Company Act of 1940 envisions will be approved directly by shareholders.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Committee&#146;s general policy is to vote: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=right><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="top">
	<TD width=7% align=right>
      <div align="left"><FONT face="serif">G.1</FONT>&nbsp;
      </div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=83% align=left>
      <div align="left"><FONT face="serif">FOR nominees for director of mutual funds in uncontested</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=left>

	  <div align="left"></div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=83% align=left>
      <div align="left"><FONT face="serif">elections, </FONT><I><FONT face="serif">except for </FONT></I><FONT face="serif">nominees who</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=left>

	  <div align="left"></div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=center><div align="left"><FONT size=2 face="sans-serif">&#149;</FONT></div></TD>
	<TD width=83% align=center>
      <div align="left"><FONT face="serif">have missed at least two meetings and, as a result, attended</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=left>

	  <div align="left"></div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=center>&nbsp;</TD>
	<TD width=83% align=center>
      <div align="left"><FONT face="serif">less than 75% of meetings of the Board of Directors and its</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=left>

	  <div align="left"></div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=center>&nbsp;</TD>
	<TD width=83% align=center>
      <div align="left"><FONT face="serif">committees the previous year, unless the nominee missed the</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=left>

	  <div align="left"></div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=83% align=left>

 <div align="left"><FONT face="serif">meeting due to illness or fund business</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=left>

	  <div align="left"></div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=center><div align="left"><FONT size=2 face="sans-serif">&#149;</FONT></div></TD>
	<TD width=83% align=center>
      <div align="left"><FONT face="serif">ignore a shareholder proposal that was approved by either a</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=left>

	  <div align="left"></div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=center>&nbsp;</TD>
	<TD width=83% align=center>
      <div align="left"><FONT face="serif">majority of the shares outstanding in any year or by the</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=center>
      <div align="left"></div></TD>
    <TD width=7% align=center>&nbsp;</TD>
    <TD width=3% align=center>&nbsp;</TD>
    <TD width=83% align=center><div align="left"><FONT face="serif">majority of votes cast for two consecutive years</FONT> </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=left>

	  <div align="left"></div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=center><div align="left"><FONT size=2 face="sans-serif">&#149;</FONT></div></TD>
	<TD width=83% align=center>
      <div align="left"><FONT face="serif">are interested directors who serve on the audit or nominating</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=left>

	  <div align="left"></div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=83% align=left>

 <div align="left"><FONT face="serif">committees or on a full Board that does not have such</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=left>

	  <div align="left"></div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=center>&nbsp;</TD>
	<TD width=83% align=center>
      <div align="left"><FONT face="serif">committees composed exclusively of independent directors</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=left>

	  <div align="left"></div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=center><div align="left"><FONT size=2 face="sans-serif">&#149;</FONT></div></TD>
	<TD width=83% align=center>
      <div align="left"><FONT face="serif">on a case-by-case basis, have served as directors of companies</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=left>

	  <div align="left"></div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=83% align=left>

 <div align="left"><FONT face="serif">with allegedly poor corporate governance</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="top">
	<TD>
<HR align="left" size=1 noshade>
	</TD>
	<TD>
	  <div align="left">
	    <HR noshade size=1>
	  </div></TD>
	<TD><HR noshade size=1></TD>
	<TD>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="top">
	<TD width=7% align=right>
      <div align="left"><FONT face="serif">G.2</FONT>&nbsp;

	  </div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=83% align=left>
      <div align="left"><FONT face="serif">FOR the establishment of new series or classes of shares</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD>
<HR align="left" size=1 noshade>
	</TD>
	<TD>
	  <div align="left">
	    <HR noshade size=1>
	  </div></TD>
	<TD><HR noshade size=1></TD>
	<TD>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="top">
	<TD width=7% align=right>
      <div align="left"><FONT face="serif">G.3</FONT>&nbsp;
      </div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=83% align=left>
      <div align="left"><FONT face="serif">AGAINST proposals to change a fund&#146;s investment objective to</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=left>

	  <div align="left"></div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=83% align=left>
      <div align="left"><FONT face="serif">nonfundamental</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD>
<HR align="left" size=1 noshade>
	</TD>
	<TD>
	  <div align="left">
	    <HR noshade size=1>
	  </div></TD>
	<TD><HR noshade size=1></TD>
	<TD>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="top">
	<TD width=7% align=right>
      <div align="left"><FONT face="serif">G.4</FONT>&nbsp;
      </div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=83% align=left>
      <div align="left"><FONT face="serif">FOR proposals to establish a master-feeder structure or</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=left>

	  <div align="left"></div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=83% align=left>
      <div align="left"><FONT face="serif">authorizing the Board to approve a master-feeder structure without</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=left>

	  <div align="left"></div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=83% align=left>
      <div align="left"><FONT face="serif">a further shareholder vote</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD>
<HR align="left" size=1 noshade>
	</TD>
	<TD>
	  <div align="left">
	    <HR noshade size=1>
	  </div></TD>
	<TD><HR noshade size=1></TD>
	<TD>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="top">
	<TD width=7% align=right>
      <div align="left"><FONT face="serif">G.5</FONT>&nbsp;
      </div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=83% align=left>
      <div align="left"><FONT face="serif">AGAINST a shareholder proposal for the establishment of a</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD width=7% align=left>

	  <div align="left"></div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=83% align=left>
      <div align="left"><FONT face="serif">director ownership requirement</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD>
<HR align="left" size=1 noshade>
	</TD>
	<TD>
	  <div align="left">
	    <HR noshade size=1>
	  </div></TD>
	<TD><HR noshade size=1></TD>
	<TD>
<HR align="left" size=1 noshade>
	</TD>
</TR>
<TR valign="top">
	<TD width=7% align=right>
      <div align="left"><FONT face="serif">G.6</FONT>&nbsp;
      </div></TD>
	<TD width=7%>
	  <div align="left"></div></TD>
	<TD width=3% align=left>&nbsp;</TD>
	<TD width=83% align=left>
      <div align="left"><FONT face="serif">FOR classified boards of closed-end investment companies</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="top">
	<TD>
<HR align="left" size=1 noshade>
	</TD>
	<TD>
	  <div align="left">
	    <HR noshade size=1>
	  </div></TD>
	<TD><HR noshade size=1></TD>
	<TD>
<HR align="left" size=1 noshade>
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">15 </FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=4 face="serif">H. Environmental and Social Issues </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These are shareholder proposals to limit corporate conduct in some manner that relates to the shareholder&#146;s environmental or social concerns. The Committee generally believes that annual
shareholder meetings are inappropriate forums for the discussion of larger social issues, and opposes shareholder resolutions &#147;micromanaging&#148; corporate conduct or requesting release of information that would not help a shareholder evaluate
an investment in the corporation as an economic matter. While the Committee is generally supportive of proposals to require corporate disclosure of matters that seem relevant and material to the economic interests of shareholders, the Committee is
generally not supportive of proposals to require disclosure of corporate matters for other purposes. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The Committee&#146;s general policy is to vote: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="top">
  <TD align=right><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD colspan=2 align=left><HR noshade size=1></TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">H.1</FONT>&nbsp;
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=84% colspan=2 align=left>
<FONT face="serif">AGAINST proposals seeking to have companies adopt</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=84% colspan=2 align=left>
<FONT face="serif">international codes of conduct</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">H.2</FONT>&nbsp;
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=84% colspan=2 align=left>
<FONT face="serif">AGAINST proposals seeking to have companies provide non-</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=84% colspan=2 align=left>
<FONT face="serif">required reports on:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="sans-serif">&#149;</FONT>&nbsp;
	</TD>
	<TD width=79% align=left>
<FONT face="serif">environmental liabilities;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="sans-serif">&#149;</FONT>&nbsp;
	</TD>
	<TD width=79% align=left>
<FONT face="serif">bank lending policies;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="sans-serif">&#149;</FONT>&nbsp;
	</TD>
	<TD width=79% align=left>
<FONT face="serif">corporate political contributions or activities;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="sans-serif">&#149;</FONT>&nbsp;
	</TD>
	<TD width=79% align=left>
<FONT face="serif">alcohol advertising and efforts to discourage drinking by</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>&nbsp;

	</TD>
	<TD width=79% align=left>
<FONT face="serif">minors;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="sans-serif">&#149;</FONT>&nbsp;
	</TD>
	<TD width=79% align=left>
<FONT face="serif">costs and risk of doing business in any individual country;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=3% align=left>
<FONT size=2 face="sans-serif">&#149;</FONT>&nbsp;
	</TD>
	<TD width=79% align=left>
<FONT face="serif">involvement in nuclear defense systems</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">H.3</FONT>&nbsp;
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=84% colspan=2 align=left>
<FONT face="serif">AGAINST proposals requesting reports on Maquiladora</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=84% colspan=2 align=left>
<FONT face="serif">operations or on CERES principles</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=right>
<FONT face="serif">H.4</FONT>&nbsp;
	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=84% colspan=2 align=left>
<FONT face="serif">AGAINST proposals seeking implementation of the CERES</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD width=4% align=left>&nbsp;

	</TD>
	<TD width=9%>&nbsp;
	</TD>
	<TD width=84% colspan=2 align=left>
<FONT face="serif">principles</FONT>&nbsp;
	</TD>
</TR>
<TR valign="top">
	<TD>
<HR noshade size=1>
	</TD>
	<TD><HR noshade size=1>
	</TD>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="sans-serif">16 </FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<U><FONT size=5 face="serif">Notice to Clients</FONT></U><FONT size=5 face="serif"> </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">BlackRock will make records of any proxy vote it has made on behalf of a client available to such client upon request.</FONT><SUP><FONT face="serif">11</FONT></SUP><FONT face="serif"> BlackRock
will use its best efforts to treat proxy votes of clients as confidential, except as it may decide to best serve its clients&#146; interests or as may be necessary to effect such votes or as may be required by law.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">BlackRock encourage clients with an interest in particular proxy voting issues to make their views known to BlackRock, provided that, in the absence of specific written direction from a client on how
to vote that client&#146;s proxies, BlackRock reserves the right to vote any proxy in a manner it deems in the best interests of its clients, as it determines in its sole discretion.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These policies are as of the date indicated on the cover hereof. The Committee may subsequently amend these policies at any time, without notice.</FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<font size="2">____________________<br>
</font>
<P>
<font size="2"><SUP><FONT face="serif">11</FONT></SUP><FONT face="serif"> Such request may be made to the client&#146;s portfolio or relationship manager or addressed in writing to Secretary, BlackRock Equity Investment Policy Oversight Committee,
Legal and Compliance Department, BlackRock Inc., 40 East 52<SUP>nd</SUP> Street, New York, New York 10022. </FONT></font></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align="center">
<FONT size=2 face="sans-serif">17 </FONT></P>

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