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<SEC-DOCUMENT>0001057861-11-000001.txt : 20110224
<SEC-HEADER>0001057861-11-000001.hdr.sgml : 20110224
<ACCEPTANCE-DATETIME>20110224140408
ACCESSION NUMBER:		0001057861-11-000001
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110224
DATE AS OF CHANGE:		20110224
EFFECTIVENESS DATE:		20110224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DREYFUS HIGH YIELD STRATEGIES FUND
		CENTRAL INDEX KEY:			0001057861
		IRS NUMBER:				134001109
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08703
		FILM NUMBER:		11635463

	BUSINESS ADDRESS:	
		STREET 1:		200 PARK AVENUE, 8TH FLOOR
		STREET 2:		THE DREYFUS CORPORATION
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
		BUSINESS PHONE:		2129226789

	MAIL ADDRESS:	
		STREET 1:		200 PARK AVENUE
		STREET 2:		THE DREYFUS CORPORATION
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>formnq-430.htm
<DESCRIPTION>FORM N-Q
<TEXT>

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   <TITLE>formnq-430.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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<div style="page:WordSection1;"><p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
  Washington, D.C.&#160; 20549</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">FORM N-Q</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">QUARTERLY SCHEDULE OF
PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT<br>
INVESTMENT COMPANY</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:638.000000pt;">
 <tr>
  <td colspan=3 valign=top width=42% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">Investment Company Act file
  number</font></p>
  </td>
 <td colspan=4 valign=top width=58% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">811-8703</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=42% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=4 valign=top width=58% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=5 valign=top width=84% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:11.0pt;">Dreyfus High Yield Strategies Fund</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=5 valign=top width=84% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:11.0pt;">(Exact name of Registrant as specified in charter)</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=5 valign=top width=84% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=5 valign=top width=84% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:11.0pt;">c/o The Dreyfus Corporation</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:11.0pt;">200 Park Avenue</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:11.0pt;">New York, New York&#160; 10166</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=5 valign=top width=84% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:11.0pt;">(Address of principal executive offices)&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Zip
  code)</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=5 valign=top width=84% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=5 valign=top width=84% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:11.0pt;">Michael A. Rosenberg, Esq.</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:11.0pt;">200 Park Avenue</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:11.0pt;">New York, New York&#160; 10166</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=5 valign=top width=84% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="font-size:11.0pt;">(Name and address of agent for service)</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=7 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=4 valign=top width=55% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">Registrant's telephone
  number, including area code:&#160; </font></p>
  </td>
 <td colspan=3 valign=top width=45% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">(212) 922-6000</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=5 valign=top width=58% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 width=42% style="padding:0in 0in 0in 0in;"><p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;">&nbsp;</font></p></td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=2 valign=top width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">Date of fiscal year end:</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=30% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">3/31</font></p>
  </td>
 <td colspan=2 width=42% style="padding:0in 0in 0in 0in;"><p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;">&nbsp;</font></p></td>
 </tr>
<tr style="height:21.5pt;page-break-inside:avoid;">
  <td colspan=2 valign=top width=28% style="height:21.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">Date of reporting period:</font></p>
  </td>
 <td colspan=3 valign=top width=30% style="height:21.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;">12/31/10</font></p>
  </td>
 <td colspan=2 width=42% style="padding:0in 0in 0in 0in;"><p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:12.0pt;">&nbsp;</font></p></td>
 </tr>
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 <td width=13%></td>
 <td width=3%></td>
 <td width=34%></td>
 <td width=8%></td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

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<div style="page:WordSection2;"><p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">FORM N-Q</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">Item 1. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Schedule
of Investments.</font></b></p>




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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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<P style="TEXT-ALIGN: right"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=3>100-605-05</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 908px; HEIGHT: 1329px" cellSpacing=0 border=0>
<TR>
     <TD width="25%"></TD>
     <TD width="23%"></TD>
     <TD width="24%"></TD>
     <TD width="14%"></TD>
     <TD width="2%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>STATEMENT OF INVESTMENTS</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Dreyfus High Yield Strategies Fund</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>December 31, 2010 (Unaudited)</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Coupon</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Maturity</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Principal</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Bonds and Notes--137.0%</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Rate (%)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Date</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Amount ($)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Value ($)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Auto Parts &amp; Equipment--1.7%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Goodyear Tire &amp; Rubber,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,205,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,379,725</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lear,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Bonds</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3/15/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>805,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>865,375</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lear,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.13</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3/15/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>690,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>753,825</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>TRW Automotive,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,925,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,083,813</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>5,082,738</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Automobile Manufacturers--.8%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Navistar International,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/21</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,080,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>2,246,400</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Chemicals--5.4%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Hexion U.S. Finance/Nova Scotia,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/15/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,745,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,849,700</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Huntsman International,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.63</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3/15/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,030,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,217,775</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Huntsman International,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Sub. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.63</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3/15/21</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,515,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,643,775</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ineos Finance,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,740,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,859,625</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Lyondell Chemical,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>540,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>598,725</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Momentive Performance Materials,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/15/21</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,835,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,940,512</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>OXEA Finance,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,775,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,932,531</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Polyone,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.38</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9/15/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,900,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,973,625</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>TPC Group,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,215,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,275,750</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Vertellus Specialties,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.38</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>700,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>743,750</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>16,035,768</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Commercial &amp; Professional Services--13.6%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Affinity Group,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,850,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,814,375</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Brickman Group Holdings,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.13</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,060,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,096,050</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Cenveo,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2/1/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,365,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,217,462</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Cenveo,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/15/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>285,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>281,437</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ceridian,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/15/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9,780,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,c</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9,731,100</FONT></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: right"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=3>100-605-05</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 895px; HEIGHT: 1318px" cellSpacing=0 border=0>
<TR>
     <TD width="23%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ceridian,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/15/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,108,150</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,154,772</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Dyncorp International,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.38</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,160,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,284,800</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>FTI Consulting,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,040,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,034,900</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Garda World Security,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,155,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>iPayment,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/14</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,670,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,578,150</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Mobile Mini,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,635,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,700,400</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Reynolds Group Issuer,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,155,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,196,550</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Visant,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>950,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,011,750</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>40,256,746</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Diversified Financial Services--12.9%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ally Financial,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9/15/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>875,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>922,031</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ally Financial,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/31</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,915,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,402,988</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>American General Finance,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.90</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,000,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,437,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ford Motor Credit,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/15/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,275,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,426,464</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ford Motor Credit,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.13</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/15/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,625,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,893,660</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ford Motor Credit,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.70</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/14</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,835,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,322,294</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>HUB International Holdings,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Sub. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/15/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,678,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,713,085</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Icahn Enterprises Finance,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/15/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,660,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,688,300</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Internatioanal Lease Finance,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/15/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,062,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Offshore Group Investments,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/1/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>290,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>316,100</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Pinafore,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,415,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,790,275</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>SLM,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3/25/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,015,545</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Susser Holdings &amp; Finance,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>460,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>495,650</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>USI Holdings,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Sub. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,555,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,578,325</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>38,064,717</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Electric Utilities--4.8%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AES,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>425,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>451,562</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AES,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4/15/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,045,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,663,012</FONT></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: right"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=3>100-605-05</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 891px; HEIGHT: 1182px" cellSpacing=0 border=0>
<TR>
     <TD width="22%"></TD>
     <TD width="26%"></TD>
     <TD width="24%"></TD>
     <TD width="14%"></TD>
     <TD width="2%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Dynegy Holdings,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.38</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/1/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,388,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,044,470</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>GenOn Energy,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/15/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,490,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,486,888</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>North American Energy Alliance,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,310,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,460,650</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NRG Energy,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.38</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,870,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,963,275</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>14,069,857</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Environmental Control--.4%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>WCA Waste,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/15/14</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,070,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,112,800</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Food &amp; Beverages--.6%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Michael Foods,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/15/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,555,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,706,613</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Health Care--11.1%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Alere,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,640,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,732,400</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>American Renal Holdings,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.38</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>735,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>757,050</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Biomet,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11.63</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11,824,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>13,124,640</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Capella Healthcare,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,870,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,986,875</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>DJO Finance,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,100,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,243,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>HCA,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/15/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,320,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,827,825</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Radiation Therapy Services,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>980,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>982,450</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sabra Health Capital,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.13</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,055,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,094,563</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>32,749,303</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Industrial--2.6%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Associated Materials,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.13</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,010,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,057,975</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Manitowoc,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,100,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,309,250</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Standard Pacific,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.38</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,300,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,306,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Texas Industries,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/15/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,910,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,038,925</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>7,712,650</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Lodging &amp; Entertainment--6.2%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AMC Entertaiment Holdings,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Sub. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/1/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,750,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,828,750</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ameristar Casinos,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/14</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,495,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,607,125</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Boyd Gaming,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Sub. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4/15/14</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>630,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>622,124</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Boyd Gaming,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Sub. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.13</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2/1/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,575,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,421,437</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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<P style="TEXT-ALIGN: right"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=3>100-605-05</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 895px; HEIGHT: 1231px" cellSpacing=0 border=0>
<TR>
     <TD width="22%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Isle of Capri Casinos,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3/1/14</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,819,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,776,715</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MGM Resorts International,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4/1/13</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,416,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,414,584</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MGM Resorts International,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11.38</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3/1/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,700,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,033,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Penn National Gaming,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Sub. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/15/19</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,855,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,054,413</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Pokagon Gaming Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.38</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/15/14</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,994,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,088,715</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Wynn Las Vegas,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>First Mortgage Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/15/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>495,000</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>538,312</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>18,385,175</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Manufacturing--2.8%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>RBS Global &amp; Rexnord,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/1/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,395,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,556,662</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Reddy Ice,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3/15/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,480,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,630,700</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>8,187,362</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Media--17.2%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Allbritton Communications,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,585,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,623,775</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CCH II Capital,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>13.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/30/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8,700,286</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,418,592</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Cequel Communications Holdings I,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.63</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,050,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,102,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Clear Channel Communications,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4.90</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,195,000</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,476,125</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Clear Channel Communications,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9/15/14</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,603,000</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,678,505</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Clear Channel Communications,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/15/13</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,999,000</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,849,025</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Clear Channel Communications,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/1/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,605,000</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,344,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Entravision Communications,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/1/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>650,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>689,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gray Television,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/29/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,065,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,115,813</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Insight Communications,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.38</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/15/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,920,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,054,400</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>LBI Media,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Sub. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/1/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,364,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,567,570</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Nexstar Broadcasting,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes, Ser. 1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/15/14</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>316,561</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>309,438</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Nexstar Finance Holdings,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Discount Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11.38</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4/1/13</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,256,308</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,c</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,292,973</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Nexstar/Mission Broadcasting,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>345,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>368,288</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Quebecor Media,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3/15/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,700,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,838,750</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Salem Communications,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.63</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/15/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,055,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,188,575</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: right"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=3>100-605-05</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 904px; HEIGHT: 1185px" cellSpacing=0 border=0>
<TR>
     <TD width="22%"></TD>
     <TD width="26%"></TD>
     <TD width="25%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sinclair Television Group,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,775,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,930,313</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>50,848,142</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Metals &amp; Mining--4.3%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Drummond,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.38</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2/15/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,115,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,202,244</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Murray Energy,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/15/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,470,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,660,850</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Severstal Columbus,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2/15/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,500,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,890,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>12,753,094</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Oil &amp; Gas--4.1%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>American Petroleum Tankers,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/1/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,385,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,480,400</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Aquilex Holdings,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11.13</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/15/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,510,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,536,425</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Chesapeake Energy,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.63</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/15/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,590,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,564,100</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Chesapeake Energy,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2/15/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,675,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,029,438</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Petrohawk Energy,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/1/14</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>435,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>498,075</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Trinidad Drilling,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/15/19</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,060,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,090,900</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>12,199,338</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Packaging &amp; Containers--3.1%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AEP Industries,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3/15/13</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,755,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,759,694</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BWAY Holding,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/15/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,080,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,170,450</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BWAY Parent,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.13</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,600,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,639,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Solo Cup,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/13</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,610,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,690,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>9,259,644</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Paper &amp; Forest Products--3.2%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Newpage,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11.38</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/31/14</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,409,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,276,505</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Smurfit Kappa Funding,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Sub. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4/1/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,700,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,751,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Verso Paper Holdings,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/1/14</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,026,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,541,165</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>9,568,670</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Retail--7.7%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ferrellgas Partners,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.63</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/15/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,575,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,701,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ferrellgas,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/1/21</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,000,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>980,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ferrellgas,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.13</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,370,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,513,850</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Hillman Group,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/1/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,775,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,956,938</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: right"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=3>100-605-05</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 900px; HEIGHT: 1187px" cellSpacing=0 border=0>
<TR>
     <TD width="21%"></TD>
     <TD width="27%"></TD>
     <TD width="25%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>McJunkin Red Man,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/15/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,390,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,270,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Neiman Marcus Group,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.38</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/15/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,750,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,102,187</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>QVC,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/19</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,440,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,522,800</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Rite Aid,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,070,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,624,850</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Rite Aid,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.38</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/15/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,835,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,007,575</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>22,679,700</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Steel--.7%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tube City IMS,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2/1/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,850,000</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,924,000</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Technology--4.3%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Alion Science and Technology,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/14</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,164</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6,387</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>First Data,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/15/21</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,636,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,578,740</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>First Data,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9/24/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>115,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>109,538</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>First Data,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9/24/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>252,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>241,290</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>First Data,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12.63</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/15/21</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,636,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,570,560</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sungard Data Systems,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8/15/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,185,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,356,194</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sungard Data Systems,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.63</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,340,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,484,050</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Wireco WorldGroup,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,975,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,213,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>12,560,259</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Telecommunications--23.1%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Digicel Group,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/15/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,660,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,774,900</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Digicel Group,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.13</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/15/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,014,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,066,745</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Digicel Group,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4/15/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>631,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>697,255</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Digicel,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9/1/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,215,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,251,450</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Digicel,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4/1/14</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>780,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>910,650</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Intelsat Jackson Holdings,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6/15/16</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,255,000</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7,853,537</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Intelsat Luxembourg,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2/4/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,729,000</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,178,255</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Intelsat Subsidiary Holding,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/15/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,790,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,949,225</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sorenson Communications,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2/1/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,530,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,555,950</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sprint Capital,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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<P style="TEXT-ALIGN: right"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=3>100-605-05</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 903px; HEIGHT: 1238px" cellSpacing=0 border=0>
<TR>
     <TD width="22%"></TD>
     <TD width="26%"></TD>
     <TD width="24%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/15/28</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,730,000</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,402,400</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sprint Capital,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.90</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/1/19</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,365,000</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,332,263</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Telesat Canada,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/15</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,610,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,070,275</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Telesat Canada,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Sub. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,095,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,294,838</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>West,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/15/19</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,400,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,428,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>West,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.63</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/1/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,700,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,875,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Wind Acquisition Finance,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10,520,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11,913,900</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Wind Acquisition Holdings Finance,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,735,896</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,517,319</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>68,072,462</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Textiles &amp; Apparel--.3%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Invista,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5/1/12</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>979,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>998,580</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Transportation--6.1%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CHC Helicopter,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.25</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/15/20</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,800,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,872,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>General Maritime,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,450,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4,316,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Hapag-Lloyd,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.75</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,050,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,141,875</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Marquette Transportation Finance,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1/15/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,940,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a,b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3,013,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Navios Maritime Acquisition,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.63</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,900,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,952,250</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Navios Maritime Holdings,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Scd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.88</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/1/17</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>910,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>989,625</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Navios Maritime Holdings,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gtd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.50</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12/15/14</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,500,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,567,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Overseas Shipholding Group,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sr. Unscd. Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.13</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3/30/18</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,000,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,015,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ultrapetrol Bahamas,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>First Mortgage Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.00</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11/24/14</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,156,000</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,176,230</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>18,044,480</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total Bonds and Notes</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(cost $384,144,314)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>404,518,498</FONT></B></TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Preferred Stocks--.5%</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Shares</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Value ($)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Media</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Spanish Broadcasting System,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ser. B, Cum. $26.88</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(cost $2,256,546)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,182</FONT></TD>
     <TD align=left><SUP><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d</FONT></SUP></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,418,515</FONT></B></TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Other Investment--.1%</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Registered Investment Company;</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Dreyfus Institutional Preferred</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Plus Money Market Fund</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: right"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=3>100-605-05</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 885px; HEIGHT: 123px" cellSpacing=0 border=0>
<TR>
     <TD width="48%"></TD>
     <TD width="36%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(cost $270,000)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>270,000<SUP><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>e</FONT></SUP></FONT></TD>
     <TD align=left><SUP><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2></FONT></SUP></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>270,000</FONT></B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total Investments </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(cost $386,670,860)</FONT></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>137.6<B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>%</FONT></B></FONT></B></TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2></FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>406,207,013</FONT></B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Liabilities, Less Cash and Receivables</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>(37.6<B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>%)</FONT></B></FONT></B></TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2></FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>(111,083,111<B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>)</FONT></B></FONT></B></TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Net Assets</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>100.0<B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>%</FONT></B></FONT></B></TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2></FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>295,123,902</FONT></B></TD>
     <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
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     <TD width="100%"></TD></TR>
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     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a Collateral for Revolving Credit and Security Agreement.</FONT></TD></TR>
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     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2010, these</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>securities had a market value of $162,561,583 or 55.1% of net assets.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c Variable rate security--interest rate subject to periodic change.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d Illiquid security, fair valued by management. At the period end, the value of this security amounted to $1,418,515 or .5% of net</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>assets. The valuation of this security has been determined in good faith under the direction of the Board of Trustees.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>e Investment in affiliated money market mutual fund.</FONT></TD></TR></TABLE></DIV>
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<DIV align=left>
<TABLE style="WIDTH: 859px; HEIGHT: 216px" cellSpacing=0 border=0>
<TR>
     <TD width="79%"></TD>
     <TD width="20%"></TD></TR>
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     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>At December 31, 2010, the aggregate cost of investment securities for income tax purposes was $386,670,860. Net unrealized</FONT></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>appreciation on investments was $19,536,153 of which $23,233,318 related to appreciated investment securities and $3,697,165</FONT></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>related to depreciated investment securities.</FONT></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Portfolio Summary (Unaudited) &#134;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Value (%)</FONT></B></TD></TR>
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     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corporate Bonds</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>137.0</FONT></TD></TR>
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     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Preferred Stocks</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.5</FONT></TD></TR>
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     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Money Market Investment</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.1</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>137.6</FONT></B></TD></TR></TABLE></DIV>
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     <TD width="100%"></TD></TR>
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     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>&#134; Based on net assets.</FONT></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: right"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=3>100-605-05</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>At December 31, 2010, the fund held the following forward foreign currency exchange contracts:</FONT></B></P>
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     <TD width="22%"></TD>
     <TD width="18%"></TD>
     <TD width="13%"></TD>
     <TD width="19%"></TD>
     <TD width="22%"></TD>
     <TD width="2%"></TD></TR>
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     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Forward Foreign Currency</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Foreign</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Unrealized</FONT></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Exchange Contracts</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Currency Amount</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Proceeds ($)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Value ($)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(Depreciation)($)</FONT></TD>
     <TD align=left>&nbsp;</TD></TR>
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     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Sales;</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
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     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Euro,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Expiring 1/27/2011</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>140,000</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>186,891</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>187,075</FONT></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>(184<B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>)</FONT></B></FONT></B></TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2></FONT></B></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: right"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=3>100-605-05</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Various inputs are used in determining the value of the fund's investments relating to fair value measurements.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>These inputs are summarized in the three broad levels listed below.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Level 1 </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>- unadjusted quoted prices in active markets for identical investments.</FONT><BR>
<BR>
<B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Level 2 </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>- other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>credit risk, etc.).</FONT><BR>
<BR>
<B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Level 3 </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>- significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>The following is a summary of the inputs used as of December 31, 2010 in valuing the fund's investments:</FONT></P>
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<TR>
     <TD width="26%"></TD>
     <TD width="19%"></TD>
     <TD width="16%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Level 1 -Unadjusted</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Level 2 - Other Significant</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Level 3 -Significant Unobservable</FONT></B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Assets ($)</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Quoted Prices</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Observable Inputs</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Inputs</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total</FONT></B></TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Investments in Securities:</FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Corporate Bonds+</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>404,518,498</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>404,518,498</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Equity Securities - Domestic+</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,418,515</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,418,515</FONT></B></TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Mutual Funds</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>270,000</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>270,000</FONT></B></TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Liabilities ($)</FONT></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Other Financial Instrument:</FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Forward Foreign Exchange Contracts++</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(184<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>+ See Statement of Investments for additional detailed categorizations.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>++ Amount shown represents unrealized (depreciation) at period end.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:</FONT></P>
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<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="54%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Equity Securities-Domestic ($)</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Balance as of 3/31/2010</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,182</FONT></TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Realized gain (loss)</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Change in unrealized appreciation (depreciation)</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,416,333</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Net purchases (sales)</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Transfers in and/or out of Level 3</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Balance as of 12/31/2010</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,418,515</FONT></B></TD></TR>
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     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>The amount of total gains (losses) for the period</FONT></B></TD>
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     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>included in earnings attributable to the change in</FONT></B></TD>
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     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>unrealized gains (losses) relating to investments</FONT></B></TD>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>still held at 12/31/2010</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,416,333</FONT></B></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The Financial Accounting Standards Board (&#147;FASB&#148;) Accounting Standards Codification (&#147;ASC&#148;) is the exclusive reference of authoritative U.S. generally accepted accounting principles (&#147;GAAP&#148;) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (&#147;SEC&#148;) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Portfolio valuation: Investments in securities excluding short-term investments (other than U.S. Treasury Bills), financial futures, options, swaps and forward currency exchange contracts (&#147;forward contracts&#148;) are valued each business day by an independent pricing service (the &#147;Service&#148;) approved by the Board of Trustees. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are valued as determined by the Service, based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, m
aturity and type; indications as to values from dealers; and general market conditions. Restricted securities, as well as securities or other assets for which recent market quotations are not readily available that are not valued by a pricing service approved by the Board of Trustees, or are determined by the fund not to reflect accurately fair value, are valued at fair value as determined in good faith under the direction of the Board of Trustees. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold and public trading in similar securities of the issuer or comparable issuers. Short-term investments, excluding U.S.Treasury Bills, are carried at amortized cost, which approximates value. Registered investment companies that are not traded on an exchange are valued at their net asset value. Financial futures a
nd options, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day. Options traded over-the-counter are valued at the mean between the bid and asked price. Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange. Forward contracts are valued at the forward rate. Investments in swap transactions are valued each business day by an independent pricing service approved by the Board of Trustees. Swaps are valued by the service by using a swap pricing model which incorporates, among other factors, default probabilities, recovery rates, credit curves of the underlying issuer and swap spreads on interest rates.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund&#146;s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The provisions of ASC Topic 815 &#147;Derivatives and Hedging&#148; require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The disclosure requirements distinguish between derivatives, which are accounted for as &#147;hedges&#148; and those that do not qualify for hedge accounting. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statement of Operations, they do not qualify for such accounting. Accordingly, even though a fund&#146;s investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for purposes of this disclosure.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized gain or loss which occurred during the period is reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund 
is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is typically limited to the unrealized gain on each open contract.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.</FONT></P>
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<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Controls and Procedures.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">FORM N-Q</FONT></B></P>

<P style="MARGIN: 0in 0in 24pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">SIGNATURES<BR><BR></FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,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>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">Dreyfus High Yield Strategies Fund</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">/s/ Bradley J. Skapyak</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">Date:&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">February 23, 2011</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,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></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">By:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">/s/ Bradley J. Skapyak</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">Date:&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">February 23, 2011</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">/s/ James Windels</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James Windels</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">Date:&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">February 23, 2011</FONT></P></TD></TR>

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<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">EXHIBIT INDEX</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.&nbsp; (EX-99.CERT)</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">SECTION 302 CERTIFICATION</FONT></B></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">I, Bradley J. Skapyak, certify that:</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">1.&nbsp; I have reviewed this report on Form N-Q of Dreyfus High Yield Strategies Fund;</FONT></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">2.&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 style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">3.&nbsp; Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">4.&nbsp; The registrant'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 style="MARGIN-LEFT: 12pt; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="MARGIN-LEFT: 12pt; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="MARGIN-LEFT: 12pt; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">(c) Evaluated the effectiveness of the registrant'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 style="MARGIN-LEFT: 12pt; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; </FONT></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">5.&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="MARGIN-LEFT: 0.25in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">/s/ Bradley J. Skapyak</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">Date:&nbsp;&nbsp;&nbsp; <FONT style="FONT-SIZE: 11pt" face="Times New Roman">February </FONT>23, 2011</FONT></P></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">SECTION 302 CERTIFICATION</FONT></B></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">I, James Windels, certify that:</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">1.&nbsp; I have reviewed this report on Form N-Q of Dreyfus High Yield Strategies Fund;</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">2.&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 style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">3.&nbsp; Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">4.&nbsp; The registrant'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 style="MARGIN-LEFT: 12pt; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="MARGIN-LEFT: 12pt; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="MARGIN-LEFT: 12pt; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">(c) Evaluated the effectiveness of the registrant'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 style="MARGIN-LEFT: 12pt; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; </FONT></P>

<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">5.&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="MARGIN-LEFT: 0.25in; MARGIN-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman,serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">/s/ James Windels</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James Windels</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman,serif">Date:&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-SIZE: 11pt" face="Times New Roman">February</FONT>&nbsp;23, 2011</FONT></P></TD></TR></TABLE></DIV>

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