<SEC-DOCUMENT>0001057861-12-000010.txt : 20120531
<SEC-HEADER>0001057861-12-000010.hdr.sgml : 20120531
<ACCEPTANCE-DATETIME>20120531111345
ACCESSION NUMBER:		0001057861-12-000010
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20120331
FILED AS OF DATE:		20120531
DATE AS OF CHANGE:		20120531
EFFECTIVENESS DATE:		20120531

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08703
		FILM NUMBER:		12879697

	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-CSR
<SEQUENCE>1
<FILENAME>formncsr-430.htm
<DESCRIPTION>ANNUAL REPORT
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<P style="MARGIN: 0in 0in 24pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C.&nbsp; 20549</FONT></B></P>

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

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<BR>INVESTMENT COMPANIES</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Investment Company Act file number</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">811- 8703</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Dreyfus High Yield Strategies Fund </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(Exact name of Registrant as specified in charter)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">c/o The Dreyfus Corporation</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">200 Park Avenue</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">New York, New York 10166</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(Address of principal executive offices) (Zip code)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Janette E. Farragher, Esq.</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">200 Park Avenue</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">New York, New York 10166</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(Name and address of agent for service)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Registrant's telephone number, including area code: </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(212) 922-6000</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date of fiscal year end:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">03/31</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">03/31/12</FONT></P></TD>

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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">FORM N-CSR</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to Stockholders.</FONT></B></P>

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   <TD align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=6>Dreyfus</FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=6>High Yield</FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=6>Strategies Fund</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>ANNUAL REPORT </FONT></B><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=2>March 31, 2012</FONT></P>
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<B><FONT color="#141414" size=3 face="Bembo-Bold,Times New Roman,Times,serif">Dreyfus High Yield Strategies Fund</FONT></B><BR>
<BR>
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">Protecting Your Privacy</FONT></B></P>
<P style="text-align: center;">
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">Our Pledge to You</FONT></B></P>
<P style="text-align: left;">
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">THE FUND IS COMMITTED TO YOUR PRIVACY. </FONT></B><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">On this page, you will find the Fund&#146;s policies and practices for collecting, disclosing, and safeguarding &#147;nonpublic personal information,&#148; which may include financial or other customer information.These policies apply to individuals who purchase Fund shares for personal, family, or household purposes, or have done so in the past. This notification replaces all previous statements of the Fund&#146;s consumer privacy policy, and may be amended at any time. We&#146;ll keep you informed of changes as required by law.</FONT></P>
<P style="text-align: left;">
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">YOUR ACCOUNT IS PROVIDED IN A SECURE ENVIRONMENT. </FONT></B><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">The Fund maintains physical, electronic and procedural safeguards that comply with federal regulations to guard nonpublic personal information. The Fund&#146;s agents and service providers have limited access to customer information based on their role in servicing your account.</FONT></P>
<P style="text-align: left;">
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">THE FUND COLLECTS INFORMATION IN ORDER TO SERVICE AND ADMINISTER YOUR ACCOUNT.</FONT></B></P>
<P style="text-align: left;">
<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">The Fund collects a variety of nonpublic personal information, which may include:</FONT></P>
<UL>
<LI>
<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Information we receive from you, such as your name, address, and</FONT> <FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">social security number.</FONT></P></LI>
<LI>
<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Information about your transactions with us, such as the purchase</FONT> <FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">or sale of Fund shares.</FONT></P></LI>
<LI>
<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Information we receive from agents and service providers, such</FONT> <FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">as proxy voting information.</FONT></P></LI>
</UL>
<P style="text-align: left;">
<B><FONT color="#141414" size=2 face="Bembo-Bold,Times New Roman,Times,serif">THE FUND DOES NOT SHARE NONPUBLIC PERSONAL INFORMATION WITH ANYONE, EXCEPT AS PERMITTED BY LAW.</FONT></B></P>
<P style="text-align: left;">
<B><I><FONT color="#141414" size=2 face="Bembo-BoldItalic,Times New Roman,Times,serif">Thank you for this opportunity to serve you.</FONT></I></B></P>
<P style="text-align: left;">
<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.</FONT></P>
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<FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Not FDIC-Insured &#149; Not Bank-Guaranteed &#149; May Lose Value</FONT>&nbsp;</TD>
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<P align="justify"><FONT color="#141414" size=7 face="Interstate-Light,Arial,Helvetica,sans-serif">Contents</FONT></P>
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<P align="justify"><FONT color="#141414" size=3 face="Interstate-Light,Arial,Helvetica,sans-serif">THE FUND</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">2</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">A Letter from the Chairman and CEO</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">3</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Discussion of Fund Performance</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">6</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Selected Information</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">7</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Statement of Investments</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">19</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Statement of Assets and Liabilities</FONT></P>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Statement of Operations</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">21</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Statement of Cash Flows</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">22</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Statement of Changes in Net Assets</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">23</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Financial Highlights</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">24</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Notes to Financial Statements</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">40</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Report of Independent Registered Public Accounting Firm</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">41</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Important Tax Information</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">41</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Proxy Results</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">42</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Supplemental Information</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">43</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Information About the Renewal of the Fund&#146;s Management Agreement</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">48</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Dividend Reinvestment Plan</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">53</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Board Members Information</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">55</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Officers of the Fund</FONT></P>
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<B><FONT color="#141414" size=2 face="InterstateBoldNonKern,Arial,Helvetica,sans-serif">57</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Officers and Trustees</FONT></P>
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<P align="justify"><FONT color="#141414" size=3 face="Interstate-Light,Arial,Helvetica,sans-serif">FOR MORE INFORMATION</FONT></P>
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<P align="justify"><FONT color="#141414" size=2 face="Bembo,Times New Roman,Times,serif">Back Cover</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Dreyfus High Yield</FONT><BR><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Strategies Fund</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=7>The Fund</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>A LETTER FROM THE CHAIRMAN AND CEO</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dear Shareholder:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>This annual report for Dreyfus High Yield Strategies Fund covers the 12-month period from April 1, 2011, through March 31, 2012. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>High yield bonds had suffered bouts of heightened volatility during the reporting period, when investors fled riskier assets due to adverse macroeconomic developments ranging from an unprecedented downgrade of long-term U.S. debt securities to the resurgence of a sovereign debt crisis in Europe. However, better economic news stemmed market declines in October, setting the stage for a rebound among riskier assets over the remaining months of 2011. During the first quarter of 2012, investors responded positively to improving economic fundamentals, including better U.S. employment data. In addition, high-yield bonds benefited as investors continued to reach for high current yields in a low interest-rate environment.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Our economic forecast anticipates that the United States will continue to post better economic data than most of the rest of the developed world. An aggressively accommodative monetary policy, pent-up demand in several industry groups and gradual improvement in housing prices appear likely to offset risks stemming from the ongoing European debt crisis and volatile energy prices.As always, we encourage you to talk with your financial adviser about how these developments may affect your investments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Thank you for your continued confidence and support.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Jonathan R. Baum</FONT><BR><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Chairman and Chief Executive Officer</FONT><BR><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Dreyfus Corporation</FONT><BR><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>April 16, 2012</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>DISCUSSION OF FUND PERFORMANCE</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>For the period of April 1, 2011, through March 31, 2012, as provided by Chris Barris, Portfolio Manager</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Fund and Market Performance Overview</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>For the 12-month period ended March 31, 2012, Dreyfus High Yield Strategies Fund achieved a total return of 3.07% (on a net asset value basis) and produced aggregate income dividends of $0.504 per share.</FONT><SUP><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>1 </FONT></SUP><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>In comparison, the BofA Merrill Lynch U.S. High Yield Master II Constrained Index (the &#8220;Index&#8221;), the fund&#8217;s benchmark, achieved a total return of 5.63% for the same period.</FONT><SUP><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>2</FONT></SUP></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Macroeconomic concerns weighed on high yield bonds during much of 2011, but rallies later in the reporting period pushed the Index well into positive territory overall for the reporting period.The fund produced a lower return than its benchmark, primarily due to its relatively constructive investment posture during the 2011 downturn.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>The Fund&#8217;s Investment Approach</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund primarily seeks high current income. The fund also seeks capital growth as a secondary objective, to the extent consistent with its objective of seeking high current income.The fund invests primarily in fixed-income securities of below investment-grade credit quality. Issuers of below investment-grade securities may include companies in early stages of development and companies with a highly leveraged financial structure. To compensate investors for taking on greater risk, such companies typically must offer higher yields than those offered by more established or conservatively financed companies.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Changing Economic Sentiment Fueled Volatility</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Economic conditions began to deteriorate during the spring of 2011 when Greece appeared headed for default on its sovereign debt, U.S. economic data disappointed and a contentious debate regarding U.S. government spending and borrowing intensified. In addition, inflation-fighting measures in China threatened to derail a major engine of global economic growth. As a result, high yield bonds suffered bouts of volatility as investors shifted their focus to traditionally defensive investments.</FONT></P>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>DISCUSSION OF FUND PERFORMANCE </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Turbulence among lower-rated bonds was particularly severe in August and September, after a major credit-rating agency downgraded its assessment of long-term U.S. debt securities.The effects of the market decline were particularly severe among bonds at the lower end of the high yield range.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The high yield market rebounded to a degree from October through December when U.S. economic data improved and European policy-makers made some progress in addressing the region&#8217;s problems.The rally gathered momentum over the first quarter of 2012 as investors grew more tolerant of risks, enabling the high yield market to end the reporting period with a positive total return.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Constructive Posture Hurt in First Half, Helped in Second Half</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund&#8217;s generally growth-oriented investment posture dampened its relative performance over the reporting period&#8217;s first half, as our emphasis on more speculative bonds were hurt by macroeconomic concerns, often without regard to issuers&#8217; underlying business fundamentals. However, this positioning proved beneficial over the second half, when better macroeconomic news caused investors to refocus on higher yielding, lower-rated bonds that had become available at more attractive prices. As lower-quality securities rebounded, we reduced the fund&#8217;s exposure to the CCC rating category in favor of higher rated securities, including single Bs and double Bs.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>In this changing market environment, the fund&#8217;s relative performance was undermined by overweighted exposure to the media industry, in which bonds from companies such as Clear Channel and LBI Media struggled despite strong earnings reports.The fund also suffered shortfalls from overweighted exposure to chemical companies, and results from the information technology sector were hurt when some of its more highly leveraged members fell out of favor during the downturn.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund achieved better results in the energy and utilities sectors, as underweighted positions in both areas cushioned the brunt of market weakness over the reporting period&#8217;s first half. In addition, the fund purchased the high yield bonds of some European companies in the fall of 2011 just in time to participate in their gains as debt crisis concerns eased.We focused mainly on European companies with a global pres-</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>ence, including growing Latin American economies, as well as U.S. issuers with Euro-denominated currencies.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>Focusing on Company Fundamentals</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Although we recognize that a number of macroeconomic headwinds remain, we have been encouraged by solid evidence of improvement in the United States and the emerging markets. In addition, the business fundamentals of most high yield issuers appear sound, and default rates have remained below historical averages, partly due to efforts over the past several years to strengthen corporate balance sheets. From a technical standpoint, demand for high yield bonds is likely to remain robust from investors seeking competitive levels of current income in today&#8217;s low interest-rate environment. Consequently, we currently intend to maintain a relatively constructive approach in which we are watchful for attractive values among bonds that may be trading below their intrinsic values.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>April 16, 2012</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Bond funds are subject generally to interest rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the fund&#8217;s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.</FONT></I></P>

<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>High yield bonds are subject to increased credit risk and are considered speculative in terms of the issuer&#8217;s perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity.</FONT></I></P>

<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>The use of leverage may magnify the fund&#8217;s gains or losses. For derivatives with a leveraging component, adverse changes in the value or level of the underlying asset can result in a loss that is much greater than the original investment in the derivative.</FONT></I></P>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>1</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Total return includes reinvestment of dividends and any capital gains paid, based upon net asset</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>value per share. Past performance is no guarantee of future results. Share price, yield and</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>investment return fluctuate such that upon redemption, fund shares may be worth more or less</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>than their original cost. Return figure provided reflects the absorption of certain fund expenses by</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>The Dreyfus Corporation and/or the fund&#8217;s shareholder servicing agent during the period. Had</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>these expenses not been absorbed, the fund&#8217;s return would have been lower. Pursuant to an</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>agreement in effect through September 30, 2012,The Dreyfus Corporation will absorb certain</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>fund expenses, at which time it may be extended, modified or terminated.</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>2</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>SOURCE: FactSet &#8212; Reflects reinvestment of dividends and, where applicable, capital gain</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>distributions. On September 25, 2009, the Merrill Lynch U. S. High Yield Master II</FONT></I>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Constrained Index was renamed the BofA Merrill Lynch U. S. High Yield Master II</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Constrained Index, (the &#8220;Index&#8221;). The Index is an unmanaged performance benchmark</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>composed of U. S. dollar-denominated domestic and Yankee bonds rated below investment grade</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>with at least $100 million par amount outstanding and at least one year remaining to maturity.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Bonds are capitalization-weighted. Total allocations to an issuer are capped at 2%. Investors</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>cannot invest directly in any index.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="65%"></TD>

   <TD width="34%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>SELECTED INFORMATION</FONT><BR><BR><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>March 31, 2012 (Unaudited)</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 543px; HEIGHT: 84px" cellSpacing=0 border=0>



<TR>

   <TD width="66%"></TD>

   <TD width="6%"></TD>

   <TD width="27%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Market Price per share March 31, 2012</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1></FONT></TD>

   <TD align=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>$</FONT><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.65</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Shares Outstanding March 31, 2012</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>72,344,739</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>New York Stock Exchange Ticker Symbol</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>DHF</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="11%"></TD>

   <TD width="3%"></TD>

   <TD width="20%"></TD>

   <TD width="3%"></TD>

   <TD width="18%"></TD>

   <TD width="3%"></TD>

   <TD width="18%"></TD>

   <TD width="3%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD align=right bgColor=#e8e8e8 colSpan=7><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>MARKET PRICE (NEW YORK STOCK EXCHANGE)</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=3><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Fiscal Year Ended March 31, 2012</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>Quarter Ended</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>Quarter Ended</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>Quarter Ended</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>Quarter Ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>June 30,</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>September 30,</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>December 31,</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>March 31,</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>2011</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>2011</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>2011</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>High</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1></FONT></TD>

   <TD align=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>$</FONT><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.11</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1></FONT></TD>

   <TD align=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>$</FONT><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.98</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1></FONT></TD>

   <TD align=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>$</FONT><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.67</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1></FONT></TD>

   <TD align=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>$</FONT><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.66</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Low</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1></FONT><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.52</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.06</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.44</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Close</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1></FONT><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.84</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.26</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.43</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.65</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 536px; HEIGHT: 232px" cellSpacing=0 border=0>



<TR>

   <TD width="80%"></TD>

   <TD width="15%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>TOTAL CUMULATIVE PERCENTAGE GAIN (LOSS)</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=2>&nbsp;&nbsp;&nbsp; based on change in Market Price</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=2>&#8224;</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>April 29, 1998 (commencement of operations) through March 31, 2012</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>69.41</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>April 1, 2002 through March 31, 2012</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>169.62</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>April 1, 2007 through March 31, 2012</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>88.90</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>April 1, 2011 through March 31, 2012</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.65</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>July 1, 2011 through March 31, 2012</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.78</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>October 1, 2011 through March 31, 2012</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>15.49</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>January 1, 2012 through March 31, 2012</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.83</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 536px; HEIGHT: 187px" cellSpacing=0 border=0>



<TR>

   <TD width="75%"></TD>

   <TD width="6%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>NET ASSET VALUE PER SHARE</FONT></B>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>April 29, 1998 (commencement of operations)</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1></FONT></TD>

   <TD align=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>$</FONT><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>15.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>March 31, 2011</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.25</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>June 30, 2011</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.12</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.121pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>September 30, 2011</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3.49</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.121pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>December 31, 2011</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3.65</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>March 31, 2012</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3.90</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 534px; HEIGHT: 233px" cellSpacing=0 border=0>



<TR>

   <TD width="80%"></TD>

   <TD width="15%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>TOTAL CUMULATIVE PERCENTAGE GAIN (LOSS)</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=2>&nbsp;&nbsp; based on change in Net Asset Value</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=2>&#8224;</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>April 29, 1998 (commencement of operations) through March 31, 2012</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>42.31</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>April 1, 2002 through March 31, 2012</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>148.56</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>April 1, 2007 through March 31, 2012</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>44.24</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>April 1, 2011 through March 31, 2012</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3.07</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>July 1, 2011 through March 31, 2012</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3.40</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>October 1, 2011 through March 31, 2012</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>18.43</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>January 1, 2012 through March 31, 2012</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.93</FONT><FONT style="WIDTH: 8pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="6%"></TD>

   <TD width="93%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><SUP><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>&#8224;</FONT></SUP></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>With dividends reinvested.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6</FONT></B></P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>STATEMENT OF INVESTMENTS</FONT><BR><BR><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>March 31, 2012</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="39%"></TD>

   <TD width="12%"></TD>

   <TD width="14%"></TD>

   <TD width="13%"></TD>

   <TD width="5%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Bonds and Notes&#8212;136.9%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>a</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Consumer Discretionary&#8212;23.7%</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Allbritton Communications,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.00</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,845,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,051,263</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>AMC Networks,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.75</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/15/21</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,215,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,360,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cablevision Systems,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.63</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9/15/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,775,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,941,406</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>CCH II Capital,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>13.50</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/30/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,750,286</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,999,702</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cequel Communications Holdings I,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.63</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/15/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,600,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,883,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Chrysler Group,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.25</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/15/21</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,525,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,562,875</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Clear Channel Communications,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.00</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/1/21</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,900,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,719,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Clear Channel Communications,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.75</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,760,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,337,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cumulus Media,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.75</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/1/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,905,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,809,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Entravision Communications,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.75</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>650,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>691,438</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ferrellgas Partners,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.63</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>72,900</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>66,339</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ferrellgas,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.13</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,135,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,191,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Goodyear Tire &amp; Rubber,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.25</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,450,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,547,875</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gray Television,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.50</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/29/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,065,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,247,925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Hillman Group,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.88</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,050,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,157,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Insight Communications,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.38</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,248,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,432,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>J Crew Group,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.13</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/1/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,840,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,881,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Kabel BW,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.50</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,620,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,842,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Lear,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.13</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT style="WIDTH: 36pt" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>690,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>772,800</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="65%"></TD>

   <TD width="34%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



<!--$$/page=--><A name="page_12"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="33%"></TD>

   <TD width="7%"></TD>

   <TD width="11%"></TD>

   <TD width="14%"></TD>

   <TD width="13%"></TD>

   <TD width="4%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8 colSpan=2><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Bonds and Notes (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>a</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8 colSpan=2><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Consumer Discretionary (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>McJunkin Red Man,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/15/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,840,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,109,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Neiman Marcus Group,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/15/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,680,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,850,237</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Nexstar/Mission Broadcasting,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/15/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>220,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>237,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ono Finance II,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,010,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,839,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Quebecor Media,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/15/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,025,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,088,281</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Rite Aid,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>600,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>607,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Rite Aid,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/15/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,325,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,342,437</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Rite Aid,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/15/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,935,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,070,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Salem Communications,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/15/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,704,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,994,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sinclair Television Group,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,945,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,173,537</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tomkins,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,433,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,d</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,819,213</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>UCI International,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,035,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,133,638</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Unitymedia,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>EUR</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,310,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,921,871</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>66,686,172</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Consumer Staples&#8212;2.5%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Del Monte Foods,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,895,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,895,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>JBS USA,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/1/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,030,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Michael Foods,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,898,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,198,667</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Post Holdings,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/22</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>960,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,008,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,131,667</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8</FONT></B></P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<TR>

   <TD width="35%"></TD>

   <TD width="5%"></TD>

   <TD width="11%"></TD>

   <TD width="14%"></TD>

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<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8 colSpan=2><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Bonds and Notes (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>a</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Energy&#8212;4.6%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8 colSpan=2><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>American Petroleum Tankers Parent,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/1/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,159,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,269,649</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Antero Resources Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,505,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,811,687</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Chesapeake Energy,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,675,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,076,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Kodiak Oil &amp; Gas,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,565,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,656,944</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Trinidad Drilling,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,060,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,201,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>13,016,155</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Entertainment &amp;</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gaming&#8212;11.8%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>AMC Entertaiment,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,715,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,519,963</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ameristar Casinos,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/15/21</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,680,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,770,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Caesars Entertainment Operating,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,090,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,957,475</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Caesars Entertainment Operating,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,850,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,025,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cirsa Funding Luxembourg,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>EUR</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,115,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,442,471</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Codere Finance Luxembourg,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,340,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,336,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>MGM Resorts International,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,845,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,200,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>MGM Resorts International,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/1/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,455,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,124,406</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Odeon &amp; UCI Finco,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>GBP</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>950,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,519,514</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Palace Entertainment Holdings,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/15/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,410,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,471,687</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Peninsula Gaming,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/15/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,750,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,052,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Penn National Gaming,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sub. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,580,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,908,950</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="65%"></TD>

   <TD width="34%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



<!--$$/page=--><A name="page_14"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

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<TR>

   <TD width="33%"></TD>

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   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8 colSpan=2><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Bonds and Notes (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>a</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Entertainment &amp;</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gaming (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Pinnacle Entertainment,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,095,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,201,762</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Regal Entertainment Group,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,350,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,485,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scientific Games International,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>250,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>278,125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>33,295,178</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Financial&#8212;15.5%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ally Financial,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,410,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,528,087</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ally Financial,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/31</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,840,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,037,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Boparan Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>EUR</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/30/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,530,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,117,093</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>CIT Group,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,235,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,261,244</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ford Motor Credit,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,625,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,970,304</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Host Hotels &amp; Resorts,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,775,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,972,469</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>HUB International Holdings,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Sub. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/15/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,678,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,847,577</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Icahn Enterprises Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,660,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,914,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Interactive Data,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,580,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,797,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>International Lease Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/1/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>240,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>232,276</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>International Lease Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,195,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,523,158</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>International Lease Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9/15/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,155,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,d</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,274,831</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>International Lease Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9/1/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,675,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,876,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Offshore Group Investments,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,890,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,298,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>ROC Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9/1/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,955,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,189,600</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10</FONT></B></P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<TR>

   <TD width="39%"></TD>

   <TD width="13%"></TD>

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   <TD width="13%"></TD>

   <TD width="4%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Bonds and Notes (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>a</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Financial (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SLM,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/25/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,020,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,186,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>SLM,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.45</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,675,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,996,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>USI Holdings,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sub. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,555,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,570,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>43,594,039</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Health Care&#8212;8.2%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Accellent,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,475,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,211,344</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>American Renal Associates</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Holdings, Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/1/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,068,096</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,132,182</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>American Renal Holdings,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>985,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,052,719</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Amerigroup,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>695,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>764,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Biomet,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/15/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,424,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,064,320</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>CHS/Community Health Systems,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/15/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>880,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>913,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>HCA Holdings,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/21</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,250,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,453,437</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Iasis Healthcare,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,055,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,031,262</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Physio-Control International,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,285,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,355,675</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>STHI Holding,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>840,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>894,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tenet Healthcare,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>195,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>219,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tenet Heathcare,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/1/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>398,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>457,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>USPI Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/1/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>670,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>693,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>23,243,564</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Industrial&#8212;21.9%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Aramark Holdings,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/1/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,055,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,111,513</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



<!--$$/page=--><A name="page_16"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="39%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD>

   <TD width="13%"></TD>

   <TD width="5%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Bonds and Notes (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>a</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Industrial (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ashtead Capital,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/15/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>600,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>629,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Brickman Group Holdings,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,695,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,614,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Casella Waste Systems,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,235,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,218,825</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cenveo,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/1/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,720,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,642,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ceridian,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/15/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,105,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,d</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,002,788</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ceridian,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/15/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,773,150</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,609,134</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dyncorp International,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,025,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,643,094</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Emergency Medical Services,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,505,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,553,913</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Garda World Security,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/15/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,150,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Good Sam Enterprises,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,790,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,852,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gulfmark Offshore,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/15/22</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>315,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>317,362</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Kratos Defense &amp; Security</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Solutions, Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,380,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,588,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Manitowoc,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,100,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,425,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Marquette</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.005pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Transportation Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/15/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,940,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,112,725</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Mobile Mini,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,460,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,632,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Navios Maritime Acquisition,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,900,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,719,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Navios Maritime Holdings,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,500,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,293,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Navios Maritime Holdings,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>910,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>937,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Navios South American Logistics,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,540,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,355,200</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12</FONT></B></P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<TR>

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   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8 colSpan=2><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Bonds and Notes (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>a</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Industrial (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Obrascon Huarte Lain,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>EUR</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>735,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,036,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ply Gem Industries,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>795,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>803,944</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>RBS Global/Rexnord,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/1/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,395,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,580,612</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Reliance Intermediate Holdings,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,200,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,442,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>ServiceMaster,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>255,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>272,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Shea Homes Funding,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,200,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,336,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Standard Pacific,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,025,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,164,219</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Taylor Morrison,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,255,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,264,525</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>TransUnion Holding,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,015,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,073,362</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ultrapetrol Bahamas,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>First Mortgage Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/24/14</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,966,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,828,380</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>United Rentals North America,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,125,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,170,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>United Rentals North America,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,675,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,855,062</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>UR Financing Escrow,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>155,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>159,069</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>UR Financing Escrow,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>615,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>630,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Verisure Holding,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>EUR</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/1/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>670,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>824,331</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Welltec,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/1/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,990,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,920,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>61,771,423</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Information Technology&#8212;5.1%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Alion Science and Technology,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/14</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,288</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,942</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>CDW Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/1/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,748,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,000,990</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>13</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



<!--$$/page=--><A name="page_18"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="34%"></TD>

   <TD width="5%"></TD>

   <TD width="11%"></TD>

   <TD width="14%"></TD>

   <TD width="13%"></TD>

   <TD width="4%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8 colSpan=2><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Bonds and Notes (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>a</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8 colSpan=2><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Information Technology (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Epicor Software,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/1/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,565,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,635,538</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>First Data,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/15/21</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,636,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,607,370</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>First Data,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9/24/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>115,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>115,575</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>First Data,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.55</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9/24/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>245,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>249,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Lawson Software,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/1/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>550,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>567,534</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sophia,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,240,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,329,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sungard Data Systems,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,337</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Wireco WorldGroup,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,675,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,d</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,812,813</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>14,330,899</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Materials&#8212;21.1%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>AEP Industries,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,125,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,241,875</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>American Rock Salt,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/1/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>935,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>815,787</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>ARD Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,721,919</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,704,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ardagh Packaging Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>EUR</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,625,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,210,641</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Beverage Packaging Holdings</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Luxembourg II, Sr. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>EUR</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12/15/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>325,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>404,197</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>BWAY Holding,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,080,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,190,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>BWAY Parent,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,657,343</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,677,273</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dynacast International,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,375,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,493,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>FMG Resources August 2006,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/1/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,415,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,602,825</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Hexion U.S. Finance/Nova Scotia,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,860,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,739,100</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>14</FONT></B></P></DIV>

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   <TD align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8 colSpan=2><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Bonds and Notes (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.155pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>a</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Materials (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Huntsman International,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.63</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/15/20</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,030,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,278,675</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Huntsman International,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.63</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/15/21</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,515,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,708,162</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ineos Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Bonds</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.38</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/19</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,060,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ineos Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.00</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/15</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,100,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,172,875</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ineos Group Holdings,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.50</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/16</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,100,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,045,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>JMC Steel Group,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.25</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3/15/18</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,660,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,779,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Kerling,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>EUR</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.63</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/1/17</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,600,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,133,931</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Lyondell Chemical,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.00</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/1/18</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>875,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>971,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Murray Energy,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.25</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/15/15</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,470,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,391,925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>OXEA Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.50</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/15/17</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,676,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,801,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Packaging Dynamics,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.75</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/1/16</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>740,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>780,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Plastipak Holdings,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.63</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/15/19</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>814,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>932,030</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Reynolds Group,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>EUR</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.75</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/15/16</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>115,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>d</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>161,815</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Reynolds Group,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.25</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/18</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,155,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c,d</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,165,387</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Reynolds Group,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.88</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/15/19</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>245,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>250,819</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Reynolds Group,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.88</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/15/19</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,985,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,032,144</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Schaeffler Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.75</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/17</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>390,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>414,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Schaeffler Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.50</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/19</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>730,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>782,925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sealed Air,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 21pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.13</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9/15/19</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,270,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,408,113</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>15</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



<!--$$/page=--><A name="page_20"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="39%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD>

   <TD width="13%"></TD>

   <TD width="4%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Bonds and Notes (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>a</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Materials (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sealed Air,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9/15/21</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,030,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,162,613</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Severstal Columbus,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,700,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,127,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Suncoke Energy,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/1/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>470,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>485,275</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Tube City IMS,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/1/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,350,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,458,875</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>59,586,637</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Telecommunications&#8212;17.5%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cincinnati Bell,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.38</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,175,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,191,313</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>CommScope,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,980,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,188,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>CPI International,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,355,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,202,563</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Digicel Group,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/15/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,870,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,934,575</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Digicel Group,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/15/15</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,014,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,081,815</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Digicel Group,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>631,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>703,565</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Digicel,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9/1/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,215,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,297,013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Digicel,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/1/14</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>780,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>875,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Eileme 2 AB,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/31/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,900,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,037,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Goodman Networks,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12.13</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/1/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,060,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,067,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Hughes Satellite Systems,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/15/21</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,010,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,165,775</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Intelsat Jackson Holdings,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/15/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,750,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,833,125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Intelsat Jackson Holdings,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/15/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>890,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>938,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Intelsat Luxembourg,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/4/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,054,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,183,795</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>16</FONT></B></P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<TR>

   <TD width="39%"></TD>

   <TD width="12%"></TD>

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   <TD width="13%"></TD>

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   <TD width="16%"></TD></TR>

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   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Coupon</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Maturity</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Principal</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt; BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=2>Bonds and Notes (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount ($)</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>a</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Telecommunications (continued)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Level 3 Financing,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/15/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,430,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,557,575</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>NII Capital,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/1/21</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,780,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,748,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sable International Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/1/20</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,470,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,565,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sprint Nextel,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.00</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>930,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,023,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sprint Nextel,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11/15/21</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,655,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,015,762</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Virgin Media Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes, Ser. 1</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8/15/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,775,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,010,187</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>West,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,400,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,498,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>West,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/1/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,700,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,976,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Wind Acquisition Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/15/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,240,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,217,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Wind Acquisition Holdings Finance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12.25</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7/15/17</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,155,500</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,028,395</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>49,344,008</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Utilities&#8212;5.0%</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>AES,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.75</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/15/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,195,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,754,125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Calpine,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2/15/21</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,435,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,539,037</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Calpine,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1/15/23</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,330,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b,c</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,528,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>GenOn Energy,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sr. Unscd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9.50</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10/15/18</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,064,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,834,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>North American</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Energy Alliance,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Scd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.88</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6/1/16</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,310,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,450,825</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>NRG Energy,</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gtd. Notes</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.63</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5/15/19</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,015,000</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,954,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>14,060,787</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Total Bonds and Notes</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(cost $373,216,831)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>386,060,529</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>17</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>STATEMENT OF INVESTMENTS </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="25%"></TD>

   <TD width="4%"></TD>

   <TD width="15%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>Preferred Stocks&#8212;.8%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Shares</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Financial</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>GMAC Capital Trust I,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ser. 2, Cum., $1.91</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(cost $2,492,932)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>98,738</FONT><SUP><FONT style="WIDTH: 10pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>d</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,281,835</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#e8e8e8 colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>Other Investment&#8212;3.1%</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Registered Investment Company;</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dreyfus Institutional Preferred</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.126pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Plus Money Market Fund</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.123pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(cost $8,665,087)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,665,087</FONT><SUP><FONT style="WIDTH: 10pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>e</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,665,087</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#e8e8e8 colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Total Investments </FONT></B><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(cost $384,374,850)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>140.8</FONT></B><B><FONT style="WIDTH: 10pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>%</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>397,007,451</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Liabilities, Less Cash and Receivables</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(40.8</FONT></B><B><FONT style="WIDTH: 10pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>%)</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(115,110,806</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Assets</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>100.0</FONT></B><B><FONT style="WIDTH: 10pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>%</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>281,896,645</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="99%"></TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>a Principal amount stated in U.S. Dollars unless otherwise noted.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.007pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>EUR&#8212;Euro</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.007pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>GBP&#8212;British Pound</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>b Collateral for Revolving Credit and Security Agreement.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>c Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>transactions exempt from registration, normally to qualified institutional buyers.At March 31, 2012, these securities</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>were valued at $124,914,471 or 44.3% of net assets.</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>d Variable rate security&#8212;interest rate subject to periodic change.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>e Investment in affiliated money market mutual fund.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="32%"></TD>

   <TD width="16%"></TD>

   <TD width="30%"></TD>

   <TD width="19%"></TD></TR>

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   <TD align=left bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=2>Portfolio Summary (Unaudited)</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=2>&#8224;</FONT></SUP>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value (%)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value (%)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporate Bonds</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>136.9</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Preferred Stocks</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Money Market Investment</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3.1</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>140.8</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.1pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>&#8224; Based on net assets.</FONT></I>&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: 0.1pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>See notes to financial statements.</FONT></I>&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>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>18</FONT></B></P></DIV>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>STATEMENT OF ASSETS AND LIABILITIES</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>March 31, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="62%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD>

   <TD width="4%"></TD></TR>

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   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Assets ($):</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investments in securities&#8212;See Statement of Investments:</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Unaffiliated issuers</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>375,709,763</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>388,342,364</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Affiliated issuers</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,665,087</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,665,087</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cash</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>753,803</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cash denominated in foreign currencies</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>42,323</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>42,887</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividends and interest receivable</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9,501,500</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Receivable for investment securities sold</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>872,354</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Prepaid expenses</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>113,295</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>408,291,290</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Liabilities ($):</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Due to The Dreyfus Corporation and affiliates&#8212;Note 3(a)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>276,570</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Loan payable&#8212;Note 2</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>120,000,000</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividend payable</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,893,790</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Payable for investment securities purchased</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,803,264</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Interest and loan fees payable&#8212;Note 2</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>131,977</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Unrealized depreciation on forward foreign</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>currency exchange contracts&#8212;Note 4</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>69,283</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Accrued expenses</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>219,761</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>126,394,645</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Assets ($)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>281,896,645</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Composition of Net Assets ($):</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Paid-in capital</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>360,087,890</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Accumulated undistributed investment income&#8212;net</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,139,185</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Accumulated net realized gain (loss) on investments</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(94,897,539</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Accumulated net unrealized appreciation (depreciation)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>on investments and foreign currency transactions</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>12,567,109</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Assets ($)</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>281,896,645</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Shares Outstanding</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8 colSpan=2><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(unlimited number of $.001 par value shares of Beneficial Interest authorized)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>72,344,739</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Asset Value, </FONT></B><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>offering and redemption price per share ($)</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3.90</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD colSpan=4>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>See notes to financial statements.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD></TR></TABLE></DIV>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>19</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>STATEMENT OF OPERATIONS</FONT>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Year Ended March 31, 2012</FONT>&nbsp;</TD>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>Investment Income ($):</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Income:</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Interest</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>34,949,853</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cash dividends:</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Unaffiliated issuers</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>188,305</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Affiliated issuers</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,399</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Total Income</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>35,142,557</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Expenses:</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Management fee&#8212;Note 3(a)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3,611,397</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Interest expense&#8212;Note 2</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,706,828</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Professional fees</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>170,956</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Trustees&#8217; fees and expenses&#8212;Note 3(b)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>123,981</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Registration fees</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>70,993</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Custodian fees&#8212;Note 3(a)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>41,613</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Shareholder servicing costs&#8212;Note 3(a)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>33,732</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Prospectus and shareholders&#8217; reports</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>31,369</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Miscellaneous</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>144,626</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Total Expenses</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,935,495</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Less&#8212;reduction in management fee due to undertaking&#8212;Note 3(a)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(601,900</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Expenses</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,333,595</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investment Income&#8212;Net</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>29,808,962</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=2>Realized and Unrealized Gain (Loss) on Investments&#8212;Note 4 ($):</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net realized gain (loss) on investments and foreign currency transactions</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(5,132,708</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net realized gain (loss) on swap transactions</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(654,454</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net realized gain (loss) on forward foreign currency exchange contracts</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>50,612</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Realized Gain (Loss)</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(5,736,550</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net unrealized appreciation (depreciation) on</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>investments and foreign currency transactions</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(13,613,565</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net unrealized appreciation (depreciation) on swap transactions</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>73,934</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net unrealized appreciation (depreciation) on</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>forward foreign currency exchange contracts</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(68,704</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Unrealized Appreciation (Depreciation)</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(13,608,335</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Realized and Unrealized Gain (Loss) on Investments</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(19,344,885</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Increase in Net Assets Resulting from Operations</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 43pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,464,077</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>See notes to financial statements.</FONT></I>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>20</FONT></B></P></DIV>

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   <TD width="100%"></TD></TR>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>STATEMENT OF CASH FLOWS</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Year Ended March 31, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="61%"></TD>

   <TD width="15%"></TD>

   <TD width="3%"></TD>

   <TD width="15%"></TD>

   <TD width="3%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cash Flows from Operating Activities ($):</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Purchases of portfolio securities</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(229,064,682</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net purchases of short-term portfolio securities</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(6,112,721</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Proceeds from sales of portfolio securities</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>241,714,278</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Interest received</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>35,491,763</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividends received</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>192,567</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Interest and loan fees paid</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(1,725,237</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net proceeds from swap transactions</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(1,503,018</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Operating expenses paid</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(678,108</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Paid to The Dreyfus Corporation</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(3,030,252</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Realized Gain from foreign exchange contracts transactions</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>50,612</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>35,335,202</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cash Flows from Financing Activities ($):</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividends paid</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(34,942,989</FONT></TD>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Increase in loan oustanding</FONT>&nbsp;</TD>

   <TD align=right bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>0</FONT></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(34,942,989</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net increase in cash</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>392,213</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cash at beginning of period</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>404,477</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8 colSpan=2><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Cash and cash denominated in foreign currencies at end of period</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>796,690</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Reconciliation of Net Increase in Net Assets Resulting from</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left bgColor=#e8e8e8 colSpan=2><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Operations to Net Cash Provided by Operating Activities ($):</FONT></B></TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Increase in Net Assets Resulting from Operations</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,464,077</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Adjustments to reconcile net increase in net assets resulting</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.998pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>from operations to net cash used by operating activities ($):</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Purchases of portfolio securities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(229,064,682</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Proceeds from sales of portfolio securities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>241,714,278</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net purchases of short-term securities</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(6,112,721</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Decrease in interest receivable</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>439,241</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Decrease in interest and loan fees payable</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(18,410</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Proceeds from swap transactions</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(1,503,018</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Decrease in accrued operating expenses</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(7,688</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Decrease in Due to The Dreyfus Corporation and affiliates</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(20,755</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Increase in prepaid expenses</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(53,149</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net realized loss on investments and foreign currency transactions</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,736,550</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net unrealized depreciation on investments</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>and foreign currency transactions</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>13,608,335</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Increase in dividends receivable</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(137</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net amortization of premiums on investments</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>102,669</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Realized gain from foreign exchange contracts transactions</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>50,612</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Cash Provided by Operating Activities</FONT></B>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 48pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>35,335,202</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>See notes to financial statements.</FONT></I></P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>21</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>STATEMENT OF CHANGES IN NET ASSETS</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="46%"></TD>

   <TD width="20%"></TD>

   <TD width="4%"></TD>

   <TD width="24%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Year Ended March 31,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2012</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2011</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Operations ($):</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investment income&#8212;net</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>29,808,962</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>33,883,031</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net realized gain (loss) on investments</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(5,736,550</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>6,729,943</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net unrealized appreciation</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(depreciation) on investments</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(13,608,335</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,643,137</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Increase (Decrease) in Net Assets</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Resulting from Operations</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10,464,077</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>49,256,111</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividends to Shareholders from ($):</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investment income&#8212;net</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(36,379,304</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(37,027,308</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Beneficial Interest Transactions ($):</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividends reinvested&#8212;Note 1(e)</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,637,220</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,984,779</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Total Increase (Decrease) in Net Assets</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(24,278,007</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>14,213,582</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Assets ($):</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Beginning of Period</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>306,174,652</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>291,961,070</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>End of Period</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>281,896,645</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>306,174,652</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Undistributed investment income&#8212;net</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4,139,185</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>9,340,472</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Capital Share Transactions (Shares):</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Shares issued for dividends reinvested</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>375,092</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>472,563</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>See notes to financial statements.</FONT></I>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>22</FONT></B></P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>FINANCIAL HIGHLIGHTS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The following table describes the performance for the fiscal periods indicated. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund&#8217;s financial statements and market price data for the fund&#8217;s shares.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="34%"></TD>

   <TD width="10%"></TD>

   <TD width="3%"></TD>

   <TD width="9%"></TD>

   <TD width="3%"></TD>

   <TD width="9%"></TD>

   <TD width="3%"></TD>

   <TD width="9%"></TD>

   <TD width="3%"></TD>

   <TD width="8%"></TD>

   <TD width="3%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=6><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Year Ended March 31,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2012</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2009</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8 colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2008</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Per Share Data ($):</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net asset value, beginning of period</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.25</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.08</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2.90</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.09</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.72</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investment Operations:</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investment income&#8212;net</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.41</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.47</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.44</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.38</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.34</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net realized and unrealized</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>gain (loss) on investments</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.26</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.22</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.13</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(1.22</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.63</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Total from Investment Operations</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.15</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.69</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.57</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.84</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.29</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Distributions:</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dividends from investment income&#8212;net</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.50</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.52</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.39</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.35</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(.34</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net asset value, end of period</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3.90</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.25</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.08</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2.90</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.09</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Market value, end of period</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.65</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.67</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4.34</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2.45</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3.47</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Total Return (%)</FONT></B><B><SUP><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.65</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>21.45</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>97.45</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(20.03</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(11.75</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ratios/Supplemental Data (%):</FONT></B>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ratio of total expenses,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.126pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>exclusive of interest,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>to average net assets</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.50</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.57</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.71</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.51</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.60</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ratio of net expenses,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>exclusive of interest,</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>to average net assets</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.29</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.33</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.36</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.10</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.18</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ratio of interest expense</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>to average net assets</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.61</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>.67</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.08</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.61</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2.34</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Ratio of net investment income</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>to average net assets</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.60</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.60</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>11.93</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>10.96</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7.64</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Portfolio Turnover Rate</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>57.91</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>65.63</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>82.02</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>48.80</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>49.38</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Net Assets, end of period ($ x 1,000)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>281,897</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>306,175</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>291,961</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>207,446</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>292,500</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Average borrowings</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>outstanding ($ x 1,000)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>120,000</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>118,677</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>111,334</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>94,866</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>129,549</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Weighted average number of</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.124pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>fund shares outstanding ($ x 1,000)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>72,194</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>71,772</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>71,488</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>71,487</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>71,487</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Average amount of debt per share ($)</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.66</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.65</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.56</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.33</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8 colSpan=2><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1.81</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="3%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>a</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Based on average shares outstanding at each month end.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>b</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Calculated based on market value.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>See notes to financial statements.</FONT></I></P>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>23</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>NOTES TO FINANCIAL STATEMENTS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>NOTE 1&#8212;Significant Accounting Policies:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dreyfus High Yield Strategies Fund (the &#8220;fund&#8221;) is registered under the Investment Company Act of 1940, as amended (the &#8220;Act&#8221;), as a non-diversified, closed-end management investment company. The fund&#8217;s primary investment objective is to seek high current income. Under normal market conditions, the fund invests at least 65% of its total assets in income securities of U.S. issuers rated below investment grade quality or unrated income securities that The Dreyfus Corporation (the &#8220;Manager&#8221; or &#8220;Dreyfus&#8221;), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (&#8220;BNY Mellon&#8221;), serving as the fund&#8217;s investment manager and administrator, determines to be of comparable quality.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (&#8220;SEC&#8221;) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund&#8217;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"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(a) Portfolio valuation: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value.This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>24</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Various inputs are used in determining the value of the fund&#8217;s investments relating to fair value measurements.These inputs are summarized in the three broad levels listed below:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>Level 1</FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;unadjusted quoted prices in active markets for identical investments.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>Level 2</FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>Level 3</FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;significant unobservable inputs (including the fund&#8217;s own assumptions in determining the fair value of investments).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>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="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund&#8217;s investments are as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Registered investment companies that are not traded on an exchange are valued at their net asset value and are categorized within Level 1 of the fair value hierarchy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Investments in securities excluding short-term investments (other than U.S. Treasury Bills), swaps and forward foreign currency exchange contracts (&#8220;forward contracts&#8221;) are valued each business day by an independent pricing service (the &#8220;Service&#8221;) approved by the Board of</FONT></P>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>25</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>NOTES TO FINANCIAL STATEMENTS </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>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, maturity and type; indications as to values from dealers; and general market conditions.These securities are generally categorized within Level 2 of the fair value hierarchy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Service&#8217;s procedures are reviewed by Dreyfus under the general supervision of the Board of Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. Certain factors may be considered when fair valuing investments such as: 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. These securities are either categorized as Level 2 or 3 depending on the relevant inputs used.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized within Level 3 of the fair value hierarchy.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>26</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Investments in swap transactions are valued each business day by the Service. 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. These securities are generally categorized within Level 2 of the fair value hierarchy. 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. These securities are generally categorized within Level 2 of the fair value hierarchy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The following is a summary of the inputs used as of March 31, 2012 in valuing the fund&#8217;s investments:</FONT></P>

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<TR>

   <TD width="24%"></TD>

   <TD width="15%"></TD>

   <TD width="18%"></TD>

   <TD width="4%"></TD>

   <TD width="15%"></TD>

   <TD width="17%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Level 2&#8212;Other</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Level 3&#8212;</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Level 1&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Significant</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Significant</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Unadjusted</FONT>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Observable</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Unobservable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Quoted Prices</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Inputs</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Inputs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Total</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Assets ($)</FONT></B>&nbsp;</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>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Investments in Securities:</FONT>&nbsp;</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=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Corporate Bonds</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8224;</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>386,060,529</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>386,060,529</FONT></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Equity Securities&#8212;</FONT>&nbsp;</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>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Domestic</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8224;</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,281,835</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,281,835</FONT></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Mutual Funds</FONT>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,665,087</FONT>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,665,087</FONT></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Liabilities ($)</FONT></B>&nbsp;</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>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Other Financial</FONT>&nbsp;</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>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Instruments:</FONT>&nbsp;</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>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Forward Foreign</FONT>&nbsp;</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>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Currency Exchange</FONT>&nbsp;</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>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.008pt" align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Contracts</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8224;&#8224;</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(69,283</FONT></TD>

   <TD align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(69,283</FONT></B></TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="3%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center><I><FONT style="WIDTH: 9pt; TEXT-ALIGN: right" face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>&#8224;</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>See Statement of Investments for additional detailed categorizations.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><I><SUP><FONT style="WIDTH: 9pt; TEXT-ALIGN: right" face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>&#8224;&#8224;</FONT></SUP></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Amount shown represents unrealized (depreciation) at period end.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>In May 2011, FASB issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2011-04 &#8220;Amendments to Achieve Common FairValue Measurement and Disclosure Requirements in GAAP and International Financial Reporting Standards (&#8220;IFRS&#8221;)&#8221; (&#8220;ASU 2011-04&#8221;). ASU 2011-04</FONT></P>

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   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>27</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>NOTES TO FINANCIAL STATEMENTS </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>includes common requirements for measurement of and disclosure about fair value between GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value mea-surements.The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(b) Foreign currency transactions: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the fund&#8217;s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on investments are included with net realized and unrealized gain or loss on investments.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(c) Securities transactions and investment income: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Securities transactions are recorded on a trade date basis. Realized gains and losses</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>28</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(d) Affiliated issuers: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Other investment companies advised by Dreyfus are considered to be &#8220;affiliated&#8221; with the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund may invest in shares of certain affiliated investment companies also advised or managed by Dreyfus. Investments in affiliated investment companies for the period ended March 31, 2012 were as follows:</FONT></P>

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<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="17%"></TD>

   <TD width="14%"></TD>

   <TD width="4%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="14%"></TD>

   <TD width="4%"></TD>

   <TD width="11%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Affiliated</FONT>&nbsp;</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>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Investment</FONT>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Net</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.006pt; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Company</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>3/31/2011</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>($)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Purchases ($)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Sales ($)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>3/31/2012</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>($)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Assets (%)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Dreyfus</FONT>&nbsp;</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>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Institutional</FONT>&nbsp;</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>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Preferred</FONT>&nbsp;</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>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Plus Money</FONT>&nbsp;</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>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Market Fund</FONT>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,592,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>135,801,894</FONT>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>128,728,807</FONT>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>8,665,087</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>3.1</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(e) Dividends to shareholders: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dividends are recorded on the ex-dividend date. Dividends from investment income-net are declared and paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;).To the extent that net realized capital gains could be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>For shareholders who elect to receive their distributions in additional shares of the fund, in lieu of cash, such distributions will be reinvested either (i) through receipt of additional unissued but authorized shares from the fund (&#8220;newly issued shares&#8221;) or (ii) by purchase of outstanding shares on the open market of the New York Stock Exchange or elsewhere as defined in the Dividend Reinvestment Plan.</FONT></P>

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<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>29</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>NOTES TO FINANCIAL STATEMENTS </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>On March 27, 2012, the Board of Trustees declared a cash dividend of $0.04 per share from investment income-net, payable on April 25, 2012 to shareholders of record as of the close of business on April 11, 2012.The ex-dividend date is April 9, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(f) Concentration of risk: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund invests primarily in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security&#8217;s price to fall, potentially lowering the fund&#8217;s share price. High yield (&#8220;junk&#8221;) bonds involve greater credit risk, including the risk of default, than investment grade bonds, and are considered predominantly speculative with respect to the issuer&#8217;s continuing ability to make principal and interest payments. In addition, the value of a security may decline due to general market conditions which are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline because of factors that affect a particular industry.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund is permitted to invest up to 5% of its assets directly in the common stock of junk bond issuers.This percentage will be in addition to any other common stock holdings acquired as part of warrants or &#8220;units&#8221;, so that the fund&#8217;s total common stock holdings could exceed 5% at a particular time. However, the fund currently intends to invest directly in common stocks (including those offered in an initial public offering) to gain sector exposure and when suitable junk bonds are not available for sale.The fund expects to sell the common stock promptly when suitable junk bonds are subsequently acquired.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(g) Federal income taxes: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>30</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>As of and during the period ended March 31, 2012, the fund did not have any liabilities for any uncertain tax positions.The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period, the fund did not incur any interest or penalties.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Each of the tax years in the four-year period ended March 31, 2012 remains subject to examination by the Internal Revenue Service and state taxing authorities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>At March 31, 2012, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $7,032,974, accumulated capital losses $93,439,114 and unrealized appreciation $11,108,685.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Under the Regulated Investment Company Modernization Act of 2010 (the &#8220;2010 Act&#8221;), the fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (&#8220;post-enactment losses&#8221;) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute.The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (&#8220;pre-enactment losses&#8221;).As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to March 31, 2012. If not applied, $19,946,264 of the carryover expires in fiscal 2014, $8,379,964 expires in fiscal 2016, $24,707,290 expires in fiscal 2017, $33,464,139 expires in fiscal 2018 and $4,083,858 of post-enactment short-term losses and $2,857,599 of post-enactment long-term losses can be carried forward for an unlimited period. During the period ended March 31, 2012,</FONT></P>

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<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>31</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>NOTES TO FINANCIAL STATEMENTS </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>$56,969,403 of accumulated capital losses expired unused. It is uncertain that the fund will be able to utilize most of its capital loss carryovers prior to its expiration date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The tax character of distributions paid to shareholders during the fiscal periods ended March 31, 2012 and March 31, 2011 were as follows: ordinary income $36,379,304 and $37,027,308, respectively.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>During the period ended March 31, 2012, as a result of permanent book to tax differences, primarily due to the tax treatment for amortization of premiums, consent fees, foreign currency transactions, nondeductible excise taxes paid, swap periodic payments and the expiration of a capital loss carryover, the fund increased accumulated undistributed investment income-net by $1,369,055, increased accumulated net realized gain (loss) on investments by $55,668,427 and decreased paid-in capital by $57,037,482. Net assets and net asset value per share were not affected by this reclassification.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>NOTE 2&#8212;Borrowings:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund has a $125,000,000 Revolving Credit and Security Agreement (the &#8220;Agreement&#8221;), which was renewed until November 12, 2012, subject to certain amendments. Under the terms of the Agreement, the fund may borrow &#8220;Advances&#8221; (including Eurodollar Advances), on a collateralized basis with certain fund assets used as collateral which amounted to $360,225,849 as of March 31, 2012.The yield to be paid by the fund on such Advances is determined with reference to the principal amount of each Advance (and/or Eurodollar Advance) outstanding from time to time. During the period ended March 31, 2012, $610,000 and $751,563, respectively, were applicable to the Program fee and Liquidity fee and the remaining balance of $345,265 was due to interest payable on the loan.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The average amount of borrowings outstanding under the Agreement during the period ended March 31, 2012 was $120,000,000, with a related weighted average annualized interest rate of .29%.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>32</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>NOTE 3&#8212;Management Fee and Other Transactions with Affiliates:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(a) </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Pursuant to a management and administration agreement with the Manager, the management and administration fee is computed at the annual rate of .90% of the value of the fund&#8217;s average weekly total assets minus the sum of accrued liabilities (other than the aggregate indebtedness constituting financial leverage) (the &#8220;Managed Assets&#8221;) and is payable monthly.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Manager has agreed to waive receipt of a portion of the fund&#8217;s management fee in the amount of .15% of the Managed Assets until September 30, 2012. The reduction in management fee, pursuant to the undertaking, amounted to $601,900 during the period ended March 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>For the period from April 1, 2011 to December 31, 2011, the fund compensated BNY Mellon Shareowner Services, an affiliate of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended December 31, 2011, the fund was charged $12,199 pursuant to the transfer agency agreement with BNY Mellon Shareowner Services, which is included in Shareholder servicing costs in the Statement of Operations. Effective January 1, 2012, Computershare acquired BNY Mellon Shareowner Services and is performing the transfer agency services for the fund. Computershare Shareowner Services LLC is not affiliated with the Manager.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund compensates The Bank of NewYork Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, under a custody agreement for providing custodial services for the fund. During the period ended March 31, 2012, the fund was charged $41,613 pursuant to the custody agreement.</FONT></P>

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<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>33</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>NOTES TO FINANCIAL STATEMENTS </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>During the period ended March 31, 2012, the fund was charged $6,808 for services performed by the Chief Compliance Officer and his staff.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The components of &#8220;Due to The Dreyfus Corporation and affiliates&#8221; in the Statement of Assets and Liabilities consist of: management fees $307,072, custodian fees $19,086 and chief compliance officer fees $1,591, which are offset against an expense reimbursement currently in effect in the amount of $51,179.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>(b) </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Prior to January 1, 2012, eachTrustee who is not an &#8220;interested person&#8221; (as defined in the Act) received $15,000 per annum plus $1,000 per joint Board meeting attended, $2,500 for separate in-person committee meetings attended which were not held in conjunction with a regularly scheduled Board meeting and $1,000 for Board meetings and separate committee meetings attended that were conducted by telephone. The fund also reimbursed each Trustee who is not an &#8220;interested person&#8221; of the Trust (as defined in the Act) for travel and out-of-pocket expenses. In the event that there was an in-person joint committee meeting or a joint telephone meeting of The Dreyfus/Laurel Funds, Inc., The Dreyfus/Laurel Funds Trust, The Dreyfus/Laurel Tax-Free Municipal Funds, Dreyfus Investment Funds, Dreyfus Funds, Inc. (the &#8220;Board Group Open-End Funds&#8221;) and the fund, the fee was allocated between the Board Group Open-End Funds and the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Effective January 1, 2012, the fund and the Board Group Open-End Funds (collectively, the &#8220;Board Group Funds&#8221;) pays each Trustee their respective allocated portions of an annual retainer of $85,000 and a fee of $10,000 for each regularly scheduled Board meeting attended ($75,000 and $8,000, respectively, in the aggregate, prior to January 1, 2012).With respect to the annual retainer and Board meetings of the Board Group Funds, the Chair of the Board receives an additional 25% of such compensation (with the exception of reimbursable amounts). Each Trustee receives $2,500 for any separate in-person committee meetings attended,</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>34</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>which are not held in conjunction with a regularly scheduled Board meeting, such amount to be allocated among the Board Group Funds, as applicable. In the event that there is a joint telephone meeting of the Board Group Funds, a fee of $2,000 is allocated among the applicable Board Group Funds, accordingly. The Chair of each of the Board&#8217;s committees, unless the Chair also serves as Chair of the Board, receives $1,500 per applicable committee meeting. Each Emeritus Trustee is entitled to receive an annual retainer of one-half the amount paid as a retainer at the time the Trustee became Emeritus and a per meeting attended fee of one-half the amount paid toTrustees.The Board Group Funds also reimburse each Independent Trustee and Emeritus Trustees for travel and out-of-pocket expenses. These fees and expenses are charged and allocated to each series based on net assets.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>NOTE 4&#8212;Securities Transactions:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, forward contracts and swap transactions, during the period ended March 31, 2012, amounted to $227,091,982 and $235,290,386, respectively.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The following tables show the fund&#8217;s exposure to different types of market risk as it relates to the Statement of Assets and Liabilities and the Statement of Operations, respectively.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Fair value of derivative instruments as of March 31, 2012 is shown below:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="31%"></TD>

   <TD width="16%"></TD>

   <TD width="30%"></TD>

   <TD width="15%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Derivative</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Derivative</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Assets ($)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Liabilities ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Foreign exchange risk</FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 9pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Foreign exchange risk</FONT><SUP><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=center colSpan=2><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(69,283</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Gross fair value of</FONT></B>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.007pt" align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>derivatives contracts</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT style="WIDTH: 9pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center colSpan=2><B><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(69,283</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Statement of Assets and Liabilities location:</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>1 Unrealized depreciation on forward foreign currency exchange contracts.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>35</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>NOTES TO FINANCIAL STATEMENTS </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The effect of derivative instruments in the Statement of Operations during the period ended March 31, 2012 is shown below:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="20%"></TD>

   <TD width="31%"></TD>

   <TD width="22%"></TD>

   <TD width="4%"></TD>

   <TD width="16%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=5><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amount of realized gain or (loss) on derivatives recognized in income ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Forward</FONT>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Underlying risk</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Contracts</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>2</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Swaps</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>3</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Total</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Foreign exchange</FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>50,612</FONT>&nbsp;</TD>

   <TD align=center colSpan=2><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center colSpan=2><B><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>50,612</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Credit</FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=center colSpan=2><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(654,454</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center colSpan=2><B><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(654,454</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Total</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>50,612</FONT></B>&nbsp;</TD>

   <TD align=center colSpan=2><B><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(654,454</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD>

   <TD align=center colSpan=2><B><FONT style="WIDTH: 32pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(603,842</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="27%"></TD>

   <TD width="25%"></TD>

   <TD width="4%"></TD>

   <TD width="22%"></TD>

   <TD width="15%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=6><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Change in unrealized appreciation or (depreciation) on derivatives recognized in income ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=center colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Forward</FONT>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Underlying risk</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Contracts</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>4</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Swaps</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>5</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Total</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Foreign exchange</FONT>&nbsp;</TD>

   <TD align=center colSpan=2><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(68,704</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT>&nbsp;</TD>

   <TD align=center colSpan=2><B><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(68,704</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Credit</FONT>&nbsp;</TD>

   <TD align=center colSpan=2><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>&#8212;</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>73,934</FONT>&nbsp;</TD>

   <TD align=center colSpan=2><B><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>73,934</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Total</FONT></B>&nbsp;</TD>

   <TD align=center colSpan=2><B><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(68,704</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT style="WIDTH: 25pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>73,934</FONT></B>&nbsp;</TD>

   <TD align=center colSpan=2><B><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,230</FONT></B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left"></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Statement of Operations location:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="2%"></TD>

   <TD width="97%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center><I><FONT style="WIDTH: 5pt; TEXT-ALIGN: right" face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>2</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Net realized gain (loss) on forward foreign currency exchange contracts.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><I><FONT style="WIDTH: 5pt; TEXT-ALIGN: right" face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>3</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Net realized gain (loss) on swap transactions.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><I><FONT style="WIDTH: 5pt; TEXT-ALIGN: right" face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>4</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Net unrealized appreciation (depreciation) on forward foreign currency exchange contracts.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><I><FONT style="WIDTH: 5pt; TEXT-ALIGN: right" face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>5</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Net unrealized appreciation (depreciation) on swap transactions.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>Forward Foreign Currency Exchange Contracts: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>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. 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.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>36</FONT></B></P></DIV>

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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>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.The following summarizes open forward contracts at March 31, 2012:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="16%"></TD>

   <TD width="4%"></TD>

   <TD width="11%"></TD>

   <TD width="14%"></TD>

   <TD width="15%"></TD>

   <TD width="16%"></TD>

   <TD width="15%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Forward Foreign</FONT>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Currency</FONT>&nbsp;</TD>

   <TD align=center><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Number</FONT>&nbsp;</TD>

   <TD align=center><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Foreign</FONT>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Exchange</FONT>&nbsp;</TD>

   <TD align=center><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>of</FONT>&nbsp;</TD>

   <TD align=center><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Currency</FONT>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Unrealized</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Amounts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Proceeds ($)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=3><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Value ($) (Depreciation) ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center colSpan=2><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Sales:</FONT></B>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center colSpan=2><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>British Pound,</FONT>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center colSpan=2><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Expiring</FONT>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center colSpan=2><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/26/2012</FONT><SUP><FONT style="WIDTH: 5pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>a</FONT></SUP>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 5pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1</FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>930,000</FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,476,412</FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,487,266</FONT>&nbsp;</TD>

   <TD align=center colSpan=2><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(10,854</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center colSpan=2><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Euro, Expiring:</FONT>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center colSpan=2><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/26/2012</FONT><SUP><FONT style="WIDTH: 5pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>b</FONT></SUP>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 5pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1</FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,940,000</FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,574,671</FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,587,670</FONT>&nbsp;</TD>

   <TD align=center colSpan=2><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(12,999</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center colSpan=2><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/26/2012</FONT><SUP><FONT style="WIDTH: 5pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>c</FONT></SUP>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 5pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1</FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,660,000</FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,511,556</FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,549,595</FONT>&nbsp;</TD>

   <TD align=center colSpan=2><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(38,039</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center colSpan=2><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>4/26/2012</FONT><SUP><FONT style="WIDTH: 5pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>d</FONT></SUP>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 5pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1</FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,000,000</FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,326,460</FONT>&nbsp;</TD>

   <TD align=center><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,333,851</FONT>&nbsp;</TD>

   <TD align=center colSpan=2><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(7,391</FONT><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center colSpan=2>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center colSpan=2><B><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>(69,283</FONT></B><B><FONT style="WIDTH: 3pt; TEXT-ALIGN: left" face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="5%"></TD>

   <TD width="94%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Counterparties:</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>a</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Goldman Sachs</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>b</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Commonwealth Bank of Australia</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>c</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Credit Suisse First Boston</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>d</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>UBS</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>Swaps: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund enters into swap agreements to exchange the interest rate on, or return generated by, one nominal instrument for the return generated by another nominal instrument.The fund enters into these agreements to hedge certain market or interest rate risks, to manage the interest rate sensitivity (sometimes called duration) of fixed income securities, to provide a substitute for purchasing or selling particular securities or to increase potential returns.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund accrues for the interim payments on swap contracts on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) on swap contracts in the Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swaps, in addition to realized gain (loss) recorded upon the termination of swap contracts in the Statement of Operations. Upfront payments made and/or received by the fund, are recorded as an asset and/or liability in the Statement of</FONT></P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>37</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>NOTES TO FINANCIAL STATEMENTS </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Assets and Liabilities and are recorded as a realized gain or loss ratably over the contract&#8217;s term/event with the exception of forward starting interest rate swaps which are recorded as realized gains or losses on the termination date. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation on swap transactions.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>Credit Default Swaps: </FONT></B><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Credit default swaps involve commitments to pay a fixed interest rate in exchange for payment if a credit event affecting a third party (the referenced company, obligation or index) occurs. Credit events may include a failure to pay interest or principal, bankruptcy, or restructuring.The fund enters into these agreements to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. For those credit default swaps in which the fund is paying a fixed rate, the fund is buying credit protection on the instrument. In the event of a credit event, the fund would receive the full notional amount for the reference obligation. For those credit default swaps in which the fund is receiving a fixed rate, the fund is selling credit protection on the underlying instrument. The maximum payouts for these contracts are limited to the notional amount of each swap. Credit default swaps may involve greater risks than if the fund had invested in the reference obligation directly and are subject to general market risk, liquidity risk, counterparty risk and credit risk.At March 31, 2012, there were no credit default swap agreements outstanding.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>38</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The following summarizes the average market value of derivatives outstanding during the period ended March 31, 2012:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 309px; HEIGHT: 68px" cellSpacing=0 border=0>



<TR>

   <TD width="47%"></TD>

   <TD width="52%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Average Market Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Forward contracts</FONT>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>5,626,650</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The following summarizes the average notional value of swap contracts outstanding during the period ended March 31, 2012:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="53%"></TD>

   <TD width="46%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Average Notional Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Credit default swap contracts</FONT>&nbsp;</TD>

   <TD align=right><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>7,392,308</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>At March 31, 2012, the cost of investments for federal income tax purposes was $385,902,557; accordingly, accumulated net unrealized appreciation on investments was $11,104,894, consisting of $17,595,389 gross unrealized appreciation and $6,490,495 gross unrealized depreciation.</FONT></P>

<DIV align=right>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="62%"></TD>

   <TD width="37%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>39</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>REPORT OF INDEPENDENT REGISTERED</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 16.011pt" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>PUBLIC ACCOUNTING FIRM</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Regular,Arial,Helvetica,sans-serif color=#141414 size=2>The Board of Trustees and Shareholders of Dreyfus High Yield Strategies Fund</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>We have audited the accompanying statement of assets and liabilities of Dreyfus High Yield Strategies Fund (the &#8220;Fund&#8221;), including the statement of investments, as of March 31, 2012, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year period then ended.These financial statements and financial highlights are the responsibility of the Fund&#8217;s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received.An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus High Yield Strategies Fund as of March 31, 2012, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.</FONT></P>

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<IMG src="hysncsrx42x1.jpg" border=0> </P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>New York, New York</FONT><BR><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>May 30, 2012</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>40</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>IMPORTANT TAX INFORMATION </FONT><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>(Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>For federal tax purposes the fund reports the maximum amount allowable but not less than 97.95% as interest-related dividends in accordance with Section 871(k)(1) and 881(e) of the Internal Revenue Code.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>PROXY RESULTS </FONT><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>(Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Holders of Beneficial interest voted on the following proposal presented at the annual shareholders&#8217; meeting held on August 4, 2011 as follows:</FONT></P>

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   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Shares</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>For</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>Authority Withheld</FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>To elect two Class III Trustees:</FONT><SUP><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>&#8224;</FONT></SUP>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Joseph S. DiMartino</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>62,971,635</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>1,599,021</FONT>&nbsp;</TD></TR>

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   <TD align=left bgColor=#e8e8e8><FONT face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>Kenneth A. Himmel</FONT>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 41pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>62,453,144</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e8e8e8>&nbsp;</TD>

   <TD align=center bgColor=#e8e8e8><FONT style="WIDTH: 36pt; TEXT-ALIGN: right" face=InterstateLight-NonKern,Arial,Helvetica,sans-serif color=#141414 size=1>2,117,512</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>&#8224;</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>The terms of these Class III Trustees expire in 2014.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>41</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>SUPPLEMENTAL INFORMATION </FONT><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>(Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>Certifications</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>On August 11, 2011, the fund&#8217;s Chief Executive Officer submitted his annual certification to the New York Stock Exchange (&#8220;NYSE&#8221;) pursuant to Section 303A.12(a) of the NYSE Listed Company Manual.The fund&#8217;s principal executive and principal financial officer certification pursuant to Rule 30a-2 under the 1940 Act are filed with the fund&#8217;s Form N-CSR filings and are available on the Securities and Exchange Commission (&#8220;SEC&#8221;) website at http://www.sec.gov.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face="Bembo-Semibold,Times New Roman,Times,serif" color=#141414 size=2>Portfolio Holdings</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The fund will disclose its complete schedule of portfolio holdings, as reported on a month-end basis, at www.dreyfus.com, under Mutual Fund Center &#8211; Dreyfus Mutual Funds &#8211; Mutual Fund Total Holdings. The information will be posted with a one-month lag and will remain accessible until the fund files a report on Form N-Q or Form N-CSR for the period that includes the date as of which the information was current. In addition, fifteen days following the end of each calendar quarter, the fund will publicly disclose at www.dreyfus.com its complete schedule of portfolio holdings as of the end of such quarter.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>42</FONT></B></P></DIV>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>INFORMATION ABOUT THE RENEWAL OF THE</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 16.011pt" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>FUND&#8217;S MANAGEMENT AGREEMENT </FONT><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>(Unaudited)</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>At a meeting of the fund&#8217;s Board of Trustees held on February 15-16, 2012, the Board considered the renewal of the fund&#8217;s Investment Management and Administration Agreement pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the &#8220;Agreement&#8221;).The Board members, none of whom are &#8220;interested persons&#8221; (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of Dreyfus. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Analysis of Nature, Extent, and Quality of Services Provided to the Fund. </FONT></U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board considered information previously provided to them in presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex, and Dreyfus representatives confirmed that there had been no material changes in this information. Dreyfus representatives noted that the fund was a closed-end fund without daily inflows and outflows of capital and provided the fund&#8217;s asset size. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the Dreyfus fund complex and Dreyfus&#8217; corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to intermediaries and shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board also considered research support available to, and portfolio management capabilities of, the fund&#8217;s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements.The Board also considered Dreyfus&#8217; extensive administrative, accounting and compliance infrastructures.</FONT></P>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>43</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="TEXT-INDENT: 16.006pt" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>MANAGEMENT AGREEMENT (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Comparative Analysis of the Fund&#8217;s Performance and Management Fee and Expense Ratio.</FONT></U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board reviewed reports prepared by Lipper, Inc. (&#8220;Lipper&#8221;), an independent provider of investment company data, which included information comparing (1) the fund&#8217;s performance with the performance of a group of comparable funds (the &#8220;Performance Group&#8221;) and with a broader group of funds (the &#8220;Performance Universe&#8221;), all for various periods ended December 31, 2011, and (2) the fund&#8217;s actual and contractual management fees and total expenses with those of a group of comparable funds (the &#8220;Expense Group&#8221;) and with a broader group of funds (the &#8220;Expense Universe&#8221;), the information for which was derived in part from fund financial statements available to Lipper as of the date of its analysis. Dreyfus previously had furnished the Board with a description of the methodology Lipper used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the fund and comparison funds.They also noted that performance generally should be considered over longer periods of time, although it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect disproportionately long-term performance. The Board discussed the results of the comparisons and noted that the fund&#8217;s total return performance, on a net asset value basis, was variously above and below the Performance Group and Performance Universe medians.The Board also noted that the fund&#8217;s total return performance, on a market price basis, was above the Performance Group and Performance Universe medians for the various periods and was ranked first in the Performance Group and in the Performance Universe for most periods. The Board noted that the fund&#8217;s yield performance, on both a net asset value and a market price basis, was variously above, at and below the Performance Group and Performance Universe medians for</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>44</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>the one-year periods ended December 31st from 2002 to 2011. Dreyfus also provided a comparison of the fund&#8217;s calendar year total returns, based on net asset value, to the returns of the fund&#8217;s benchmark index.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons.The Board noted that the fund&#8217;s contractual management fee was above the Expense Group median. The Board noted that Dreyfus was waiving a portion of its management fee, until March 31, 2012, in the amount of 0.15% of the value of the fund&#8217;s average weekly total assets (minus the sum of accrued liabilities, other than the aggregate indebtedness constituting financial leverage) (&#8220;Managed Assets&#8221;).The Board noted that, taking into account the fee waiver in place, the fund&#8217;s actual management fee was below the Expense Group medians and above the Expense Universe medians (based on both net assets and Managed Assets).They also noted that the fund&#8217;s total expense ratio, which was provided by Lipper and included investment-related expenses such as costs associated with the fund&#8217;s leverage, was below the Expense Group medians and above the Expense Universe medians (based on both net assets and Managed Assets). Dreyfus representatives and the Board agreed that the waiver would be extended until September 30, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dreyfus representatives reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Lipper category as the fund and (2) paid to Dreyfus or the Dreyfus-affiliated primary employer of the fund&#8217;s primary portfolio manager(s) for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the &#8220;Similar Clients&#8221;), and explained the nature of the Similar Clients.They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors, noting that the fund is a</FONT></P>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>45</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>INFORMATION ABOUT THE RENEWAL OF THE FUND&#8217;S</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 16.006pt" align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>MANAGEMENT AGREEMENT (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>closed-end fund.The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness and reasonableness of the fund&#8217;s management fee.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Analysis of Profitability and Economies of Scale. </FONT></U><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Dreyfus representatives reviewed the expenses allocated and profit received by Dreyfus and the resulting profitability percentage for managing the fund, and the method used to determine the expenses and profit.The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board also noted the fee waiver and its effect on Dreyfus&#8217; profitability.The Board previously had been provided with information prepared by an independent consulting firm regarding Dreyfus&#8217; approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board&#8217;s counsel stated that the Board should consider the profitability analysis as part of their evaluation of whether the fees under the Agreement bear a reasonable relationship to the mix of services provided by Dreyfus, including the nature, extent and quality of such services. It was noted that a discussion of economies of scale is predicated on increasing assets and that because the fund is a closed-end fund without daily inflows and outflows of capital, there were not at this time significant economies of scale to be realized by Dreyfus in managing the fund&#8217;s assets. Dreyfus representatives noted that, as a result of shared and allocated costs among funds in the Dreyfus fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, any changes in the fund&#8217;s asset level.The Board also considered potential benefits to Dreyfus from acting as investment adviser and noted that there were no soft dollar arrangements in effect for trading the fund&#8217;s investments.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>46</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.</FONT></P>

<UL>

<LI>

<P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board concluded that the nature, extent and quality of the</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>services provided by Dreyfus are adequate and appropriate.</FONT></P>

<LI>

<P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board generally was satisfied with the fund&#8217;s overall performance.</FONT></P>

<LI>

<P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board concluded that the fee paid to Dreyfus was reasonable in</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>light of the considerations described above.</FONT></P>

<LI>

<P align=justify><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board determined that the economies of scale which may accrue</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>to Dreyfus and its affiliates in connection with the management of the</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>fund had been adequately considered by Dreyfus in connection with</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>the fee rate charged to the fund pursuant to the Agreement and that,</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>to the extent in the future it were determined that material</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>economies of scale had not been shared with the fund, the Board</FONT> <FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>would seek to have those economies of scale shared with the fund.</FONT></P></LI></UL>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Board considered these conclusions and determinations, along with information received on a routine and regular basis throughout the year. In addition, it should be noted that the Board&#8217;s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of prior or similar agreements during which lengthy discussions took place between the Board and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board&#8217;s conclusions may be based, in part, on their consideration of the same or similar arrangements in prior years.The Board determined that renewal of the Agreement was in the best interests of the fund and its shareholders.</FONT></P>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>47</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>DIVIDEND REINVESTMENT PLAN </FONT><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>(Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>To participate automatically in the Dividend Reinvestment Plan (the &#8220;Plan&#8221;) of the Dreyfus High Yield Strategies Fund (the &#8220;fund&#8221;), fund shares must be registered in either your name, or, if your fund shares are held in nominee or &#8220;street&#8221; name through your broker-dealer, your broker-dealer must be a participant in the Plan. You may terminate your participation in the Plan, as set forth below. All shareholders participating (the &#8220;Participants&#8221;) in the Plan will be bound by the following provisions:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Computershare Shareowner Services LLC (the &#8220;Agent&#8221;) will act as Agent for each Participant, and will open an account for each Participant under the Plan in the same name as their present shares are registered, and put into effect for them the dividends reinvestment option of the plan as of the first record date for a dividend or capital gains distribution.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Whenever the fund declares income dividend or capital gains distribution payable in shares of the fund or cash at the option of the shareholders, each Participant that does not opt for cash distributions shall take such distribution entirely in shares. If on the payment date for a dividend or capital gains distribution, the net asset value is equal to or less than the market price per share plus estimated brokerage commissions, the Agent shall automatically receive such shares, including fractions, for each Participant&#8217;s account except in the circumstances described in the following paragraph. Except in such circumstances, the number of additional shares to be credited to each Participant&#8217;s account shall be determined by dividing the dollar amount of the income dividend or capital gains distribution payable on their shares by the greater of the net asset value per share determined as of the date of purchase or 95% of the then current market price per share of the fund&#8217;s shares on the payment date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Should the net asset value per share of the fund shares exceed the market price per share plus estimated brokerage commissions on the payment date for a share or cash income dividend or capital gains distribution, the Agent or a broker-dealer selected by the Agent shall endeavor, for a purchase period of 30 days to apply the amount of such dividend or capital</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>48</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>gains distribution on each Participant&#8217;s shares (less their pro rata share of brokerage commissions incurred with respect to the Agent&#8217;s open-market purchases in connection with the reinvestment of such dividend or distribution) to purchase shares of the fund on the open market for each Participant&#8217;s account. In no event may such purchase be made more than 30 days after the payment date for such dividend or distribution except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities laws. If, at the close of business on any day during the purchase period the net asset value per share equals or is less than the market price per share plus estimated brokerage commissions, the Agent will not make any further open-market purchases in connection with the reinvestment of such dividend or distribution. If the Agent is unable to invest the full dividend or distribution amount through open-market purchases during the purchase period, the Agent shall request that, with respect to the uninvested portion of such dividend or distribution amount, the fund issue new shares at the close of business on the earlier of the last day of the purchase period or the first day during the purchase period on which the net asset value per share equals or is less than the market price per share, plus estimated brokerage commissions. These newly issued shares will be valued at the then-current market price per share of the fund&#8217;s shares at the time such shares are to be issued.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>For purposes of making the dividend reinvestment purchase comparison under the Plan, (a) the market price of the fund&#8217;s shares on a particular date shall be the last sales price on the NYSE on that date, or, if there is no sale on such NYSE on that date, then the mean between the closing bid and asked quotations for such shares on such NYSE on such date and (b) the net asset value per share of the fund&#8217;s shares on a particular date shall be the net asset value per share most recently calculated by or on behalf of the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Open-market purchases provided for above may be made on any securities exchange where the fund&#8217;s shares are traded, in the over-the-counter market or in negotiated transactions and may be on such</FONT></P>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>49</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>DIVIDEND REINVESTMENT PLAN (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>terms as to price, delivery and otherwise as the Agent shall determine. Each Participant&#8217;s uninvested funds held by the Agent will not bear interest, and it is understood that, in any event, the Agent shall have no liability in connection with any inability to purchase shares within 30 days after the initial date of such purchase as herein provided, or with the timing of any purchase effected.The Agent shall have no responsibility as to the value of the fund&#8217;s shares acquired for each Participant&#8217;s account. For the purpose of cash investments, the Agent may commingle each Participant&#8217;s fund with those of other shareholders of the fund for whom the Agent similarly acts as Agent, and the average price (including brokerage commissions) of all shares purchased by the Agent as Agent shall be the price per share allocable to each Participant in connection therewith.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Agent may hold each Participant&#8217;s shares acquired pursuant to the Plan together with the shares of other shareholders of the fund acquired pursuant to the Plan in noncertificated form in the Agent&#8217;s name or that of the Agent&#8217;s nominee.The Agent will forward to each Participant any proxy solicitation material; and will vote any shares so held for each Participant first in accordance with the instructions set forth on proxies returned by the Participant to the fund, and then with respect to any proxies not returned by the participant to the fund in the same portion as the Agent votes proxies returned by the Participants to the fund. Upon a Participant&#8217;s written request, the Agent will deliver to the Participant, without charge, a certificate or certificates for the full shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Agent will confirm to each Participant each acquisition made for their account as soon as practicable but not later than 60 days after the date thereof.Although each Participant may from time to time have an undivided fractional interest (computed to four decimal places) in a share of the fund, no certificates for a fractional share will be issued. However, dividends and distributions on fractional shares will be cred-</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>50</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>ited to each Participant&#8217;s account. In the event of termination of a Participant&#8217;s account under the Plan, the Agent will adjust for any such undivided fractional interest in cash at the market value of the fund&#8217;s shares at the time of termination.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Any share dividends or split shares distributed by the fund on shares held by the Agent for Participants will be credited to their accounts. In the event that the fund makes available to its shareholders rights to purchase additional shares of other securities, the shares held for each Participant under the Plan will be added to other shares held by the Participant in calculating the number of rights to be issued to each Participant.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Agent&#8217;s service fee for handling capital gains distributions or income dividends will be paid by the fund. Each Participant will be charged their pro rata share of brokerage commissions on all open-market purchases.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>Each Participant may terminate their account under the Plan by notifying the Agent in writing. Such termination will be effective immediately if the Participant&#8217;s notice is received by the Agent not less than ten days prior to any dividend or distribution record date, otherwise such termination will be effective shortly after the investment of such dividend distributions with respect to any subsequent dividend or distribution. The Plan may be terminated by the Agent or the fund upon notice in writing mailed to each Participant at least 90 days prior to any record date for the payment of any dividend or distribution by the fund. Upon any termination, the Agent will cause a certificate or certificates to be issued for the full shares held for each Participant under the Plan and cash adjustment for any fraction to be delivered to them without charge. If a Participant elects by notice to the Agent in writing in advance of such termination to have the Agent sell part or all of their shares and remit the proceeds to them, the Agent is authorized to deduct a $5.00 fee plus brokerage commission for this transaction from the proceeds.</FONT></P>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>51</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>DIVIDEND REINVESTMENT PLAN (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>These terms and conditions may be amended or supplemented by the Agent or the fund at any time or times but, except when necessary or appropriate to comply with applicable law or the rules or policies of the SEC or any other regulatory authority, only by mailing to each Participant appropriate written notice at least 30 days prior to the effective date thereof.The amendment or supplement shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Agent receives written notice of the termination of their account under the Plan. Any such amendment may include an appointment by the Agent in its place and stead of a successor Agent under these terms and conditions, with full power and authority to perform all or any of the acts to be performed by the Agent under these terms and conditions. Upon any such appointment of any Agent for the purpose of receiving dividends and distributions, the fund will be authorized to pay to such successor Agent, for each Participant&#8217;s account, all dividends and distributions payable on shares of the fund held in their name or under the Plan for retention or application by such successor Agent as provided in these terms and conditions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>The Agent shall at all times act in good faith and agree to use its best efforts within reasonable limits to insure the accuracy of all services performed under this Agreement and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by the Agent&#8217;s negligence, bad faith, or willful misconduct or that of its employees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>These terms and conditions shall be governed by the laws of the State of New York.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>52</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>BOARD MEMBERS INFORMATION </FONT><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>(Unaudited)</FONT></P>

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   <TD align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Joseph S. DiMartino (68)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Chairman of the Board (1995) </FONT></B><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2014</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Corporate Director and Trustee</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Other Public Company Board Memberships During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&nbsp;&nbsp;&nbsp; and medium size companies, Director (1997-present)</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Sunair Services Corporation, a provider of certain outdoor-related services to homes and</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.875pt" align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>businesses, Director (2005-2009)</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; The Newark Group, a provider of a national market of paper recovery facilities, paperboard</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.875pt" align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>mills and paperboard converting plants, Director (2000-2010)</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>161</FONT>&nbsp;</TD></TR>

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   <TD align=center><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Francine J. Bovich (60)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Board Member (2011) </FONT></B><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2012</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Trustee,The Bradley Trusts, private trust funds (2011-Present)</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Managing Director, Morgan Stanley Investment Management (1993-2010)</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>31</FONT>&nbsp;</TD></TR>

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   <TD align=center><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>James M. Fitzgibbons (77)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Board Member (1998) </FONT></B><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2013</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Corporate Director and Trustee</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Other Public Company Board Memberships During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Bill Barrett Corporation, an oil and natural gas exploration company, Director (2004-present)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>31</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Kenneth A. Himmel (65)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Board Member (1998) </FONT></B><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2014</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; President and CEO, Related Urban Development, a real estate development company (1996-present)</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; President and CEO, Himmel &amp; Company, a real estate development company (1980-present)</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; CEO,American Food Management, a restaurant company (1983-present)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>31</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>53</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>BOARD MEMBERS INFORMATION (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

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   <TD align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Stephen J. Lockwood (64)</FONT></B>&nbsp;</TD></TR>

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   <TD align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Board Member (1998) </FONT></B><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2012</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Chairman of the Board, Stephen J. Lockwood and Company LLC, a real estate investment</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.875pt" align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>company (2000-present)</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>31</FONT>&nbsp;</TD></TR>

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   <TD align=center><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Roslyn M.Watson (62)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Board Member (1998) </FONT></B><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2013</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Principal,Watson Ventures, Inc., a real estate investment company (1993-present)</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>41</FONT>&nbsp;</TD></TR>

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   <TD align=center><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Benaree Pratt Wiley (65)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT face="Bembo-Bold,Times New Roman,Times,serif" color=#141414 size=2>Board Member (1998) </FONT></B><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Current term expires in 2012</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Principal Occupation During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; Principal,TheWiley Group, a firm specializing in strategy and business development (2005-present)</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>Other Public Company Board Memberships During Past 5Years:</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8226; CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small</FONT>&nbsp;</TD></TR>

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   <TD align=right><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>and medium size companies, Director (2008-present)</FONT>&nbsp;</TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=2>No. of Portfolios for which Board Member Serves: </FONT></I><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>66</FONT>&nbsp;</TD></TR>

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   <TD align=center><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80.The address of the Board Members and Officers is in c/o The Dreyfus Corporation, 200 Park Avenue, NewYork, NewYork 10166.Additional information about the Board Members is available in the fund&#8217;s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS.</FONT></I></P>

<P style="TEXT-ALIGN: left"><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>J.Tomlinson Fort, Emeritus Board Member</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>54</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>OFFICERS OF THE FUND </FONT><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>(Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>BRADLEY J. SKAPYAK, President since January 2010.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Chief Operating Officer and a director of the Manager since June 2009. From April 2003 to June 2009, Mr. Skapyak was the head of the Investment Accounting and Support Department of the Manager. He is an officer of 74 investment companies (comprised of 160 portfolios) managed by the Manager. He is 53 years old and has been an employee of the Manager since February 1988.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>JANETTE E. FARRAGHER, Vice President and Secretary since December 2011.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Assistant General Counsel of BNY Mellon, and an officer of 75 investment companies (comprised of 187 portfolios) managed by the Manager. She is 49 years old and has been an employee of the Manager since February 1984.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>KIESHA ASTWOOD, Vice President and Assistant Secretary since January 2010.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Counsel of BNY Mellon, and an officer of 75 investment companies (comprised of 187 portfolios) managed by the Manager. She is 39 years old and has been an employee of the Manager since July 1995.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>JAMES BITETTO, Vice President and Assistant Secretary since August 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Counsel of BNY Mellon and Secretary of the Manager, and an officer of 75 investment companies (comprised of 187 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since December 1996.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>JONI LACKS CHARATAN, Vice President and Assistant Secretary since August 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Counsel of BNY Mellon, and an officer of 75 investment companies (comprised of 187 portfolios) managed by the Manager. She is 56 years old and has been an employee of the Manager since October 1988.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Counsel of BNY Mellon, and an officer of 75 investment companies (comprised of 187 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since June 2000.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>KATHLEEN DENICHOLAS, Vice President and Assistant Secretary since January 2010.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Managing Counsel of BNY Mellon, and an officer of 75 investment companies (comprised of 187 portfolios) managed by the Manager. She is 37 years old and has been an employee of the Manager since February 2001.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>JOHN B. HAMMALIAN, Vice President and Assistant Secretary since August 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Managing Counsel of BNY Mellon, and an officer of 75 investment companies (comprised of 187 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since February 1991.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>M. CRISTINA MEISER, Vice President and Assistant Secretary since January 2010.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Counsel of BNY Mellon, and an officer of 75 investment companies (comprised of 187 portfolios) managed by the Manager. She is 42 years old and has been an employee of the Manager since August 2001.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>ROBERT R. MULLERY, Vice President and Assistant Secretary since August 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Managing Counsel of BNY Mellon, and an officer of 75 investment companies (comprised of 187 portfolios) managed by the Manager. He is 60 years old and has been an employee of the Manager since May 1986.</FONT></P>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>55</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>OFFICERS OF THE FUND (Unaudited) </FONT><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Managing Counsel of BNY Mellon, and an officer of 75 investment companies (comprised of 187 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since October 1990.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>JAMES WINDELS, Treasurer since November 2001.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Director &#8211; Mutual Fund Accounting of the Manager, and an officer of 75 investment companies (comprised of 187 portfolios) managed by the Manager. He is 53 years old and has been an employee of the Manager since April 1985.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>RICHARD CASSARO, Assistant Treasurer since September 2007.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Accounting Manager &#8211; Money Market and Municipal Bond Funds of the Manager, and an officer of 75 investment companies (comprised of 187 portfolios) managed by the Manager. He is 53 years old and has been an employee of the Manager since September 1982.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>GAVIN C. REILLY, Assistant Treasurer since December 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 75 investment companies (comprised of 187 portfolios) managed by the Manager. He is 43 years old and has been an employee of the Manager since April 1991.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>ROBERT S. ROBOL, Assistant Treasurer since August 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Accounting Manager &#8211; Fixed Income Funds of the Manager, and an officer of 75 investment companies (comprised of 187 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since October 1988.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>ROBERT SALVIOLO, Assistant Treasurer since May 2007.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Accounting Manager &#8211; Equity Funds of the Manager, and an officer of 75 investment companies (comprised of 187 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since June 1989.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>ROBERT SVAGNA, Assistant Treasurer since August 2005.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Senior Accounting Manager &#8211; Equity Funds of the Manager, and an officer of 75 investment companies (comprised of 187 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since November 1990.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Interstate-Bold,Arial,Helvetica,sans-serif color=#141414 size=1>JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=1>Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (75 investment companies, comprised of 187 portfolios). From November 2001 through March 2004, Mr. Connolly was first Vice-President, Mutual Fund Servicing for Mellon Global Securities Services. In that capacity, Mr. Connolly was responsible for managing Mellon&#237;s Custody, Fund Accounting and Fund Administration services to third-party mutual fund clients. He is 54 years old and has served in various capacities with the Manager since 1980, including manager of the firm&#8217;s Fund Accounting Department from 1997 through October 2001.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>56</FONT></B></P></DIV>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=3>OFFICERS AND TRUSTEES</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=2>Dreyfus High Yield Strategies Fund</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>200 Park Avenue</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT face="Bembo,Times New Roman,Times,serif" color=#141414 size=2>New York, NY 10166</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="97%"></TD></TR>

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   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>&#8224;</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Effective October 27, 2011, Ms. Bovich was elected as a Class I Trustee of the fund by the Board members of the</FONT></I>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>fund who are not &#8220;interested persons&#8221; (as defined in the Act) of the fund.</FONT></I>&nbsp;</TD></TR>

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   <TD align=left><I><SUP><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>&#8224;&#8224;</FONT></SUP></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Effective April 12, 2008, Mr. Fort became an Emeritus Board member.</FONT></I>&nbsp;</TD></TR>

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   <TD align=left colSpan=2><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>The Net Asset Value appears in the following publications: Barron&#8217;s, Closed-End Bond Funds section under the heading</FONT></I>&nbsp;</TD></TR>

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   <TD align=left colSpan=2><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>&#8220;Bond Funds&#8221; every Monday;Wall Street Journal, Mutual Funds section under the heading &#8220;Closed-End Bond</FONT></I>&nbsp;</TD></TR>

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   <TD align=left colSpan=2><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Funds&#8221; every Monday.</FONT></I>&nbsp;</TD></TR>

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   <TD align=left colSpan=2><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>Notice is hereby given in accordance with Section 23(c) of the Investment CompanyAct of 1940, as amended, that the fund may</FONT></I>&nbsp;</TD></TR>

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   <TD align=left colSpan=2><I><FONT face="Bembo-Italic,Times New Roman,Times,serif" color=#141414 size=1>purchase shares of its common stock in the open market when it can do so at prices below the then current net asset value per share.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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   <TD align=left><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The Fund</FONT>&nbsp;</TD>

   <TD align=left><B><FONT face=InterstateBoldNonKern,Arial,Helvetica,sans-serif color=#141414 size=1>57</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=7>For More Information</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (&#8220;SEC&#8221;) for the first and third quarters of each fiscal year on Form N-Q. The fund&#8217;s Forms N-Q are available on the SEC&#8217;s website at http://www.sec.gov and may be reviewed and copied at the SEC&#8217;s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Interstate-Light,Arial,Helvetica,sans-serif color=#141414 size=1>A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC&#8217;s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.</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">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; Code of Ethics.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.&nbsp; There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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; Audit Committee Financial Expert.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The Registrant's Board has determined that Joseph S. DiMartino, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). &nbsp;&nbsp;Joseph S. DiMartino is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Accountant Fees and Services.</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a)&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Audit Fees</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">.&nbsp; The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $88,810 in 2011 and $91,470 in 2012.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(b)&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Audit-Related Fees</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $4,470 in 2011 and $4,560 in 2012. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2011 and $0 in 2012. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(c)&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Tax Fees</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">.&nbsp; The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $2,450 in 2011 and $2,310 in 2012. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2011 and $0 in 2012.&nbsp; </FONT></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(d)&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">All Other Fees</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">.&nbsp; The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2011 and $0 in 2012. </FONT></P>

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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The
aggregate fees billed in the Reporting Periods for Non-Audit Services by the
Auditor to Service Affiliates, other than the services reported in paragraphs
(b) through (c) of this Item, which required pre-approval by the Audit
Committee, were &#160;$0 in 2011 and $0 in 2012. </font></p>

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(e)(1) Audit
Committee Pre-Approval Policies and Procedures</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">. The Registrant's Audit
Committee has established policies and procedures (the &quot;Policy&quot;) for
pre-approval (within specified fee limits) of the Auditor's engagements for
non-audit services to the Registrant and Service Affiliates without specific
case-by-case consideration. The pre-approved services in the Policy can include
pre-approved audit services, pre-approved audit-related services, pre-approved
tax services and pre-approved all other services.&#160; Pre-approval considerations
include whether the proposed services are compatible with maintaining the
Auditor's independence.&#160; Pre-approvals pursuant to the Policy are considered
annually.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(e)(2)
Note: None of the services described in paragraphs (b) through (d) of this Item
4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of
Rule 2-01 of Regulation S-X. </font></p>

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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(f) None of the
hours expended on the principal accountant's engagement to audit the
registrant's financial statements for the most recent fiscal year were
attributed to work performed by persons other than the principal account's
full-time, permanent employees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Non-Audit
Fees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">. The aggregate non-audit fees
billed by the Auditor for services rendered to the Registrant, and rendered to
Service Affiliates, for the Reporting Periods $9,085,000 in 2011 and
$12,726,796 in 2012.&#160; </font></p>

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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Auditor
  Independence</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">. The Registrant's
Audit Committee has considered whether the provision of non-audit services that
were rendered to Service Affiliates, which were not pre-approved (not requiring
pre-approval), is compatible with maintaining the Auditor's independence.</font></p>

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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Audit
Committee of Listed Registrants.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During
the reporting period, the Registrant had
a separately-designated standing Audit Committee established in accordance with
Section 3(a)(58)(A) of the Securities Exchange Act of 1934, consisting of the
following members: Joseph S. DiMartino, Francine J. Bovich, James M.
Fitzgibbons, Kenneth A. Himmel, Stephen J. Lockwood, Roslyn M. Watson and
Benaree Pratt Wiley. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investments.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Not applicable.</font></p>

<p style="margin-bottom:12.0pt;margin-left:42.0pt;margin-right:0in;margin-top:0in;text-indent:-42.0pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item 7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Disclosure of Proxy Voting Policies
and Procedures for Closed-End Management &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investment Companies.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Board of each
fund in the Dreyfus Family of Funds has delegated to Dreyfus the authority to
vote proxies of companies held in the fund's portfolio. Dreyfus, through its
participation on the BNY Mellon Proxy Policy Committee (the &quot;PPC&quot;),
applies BNY Mellon's Proxy Voting Policy, related procedures, and voting
guidelines when voting proxies on behalf of the funds.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Dreyfus recognizes that an
investment adviser is a fiduciary that owes its clients a duty of utmost good
faith and full and fair disclosure of all material facts. Dreyfus further
recognizes that the right to vote proxies is an asset, just as the economic
investment represented by the shares is an asset.&#160; An investment adviser's duty
of loyalty precludes an adviser from subrogating its clients' interests to its
own.&#160; Accordingly, in voting proxies, Dreyfus seeks to act solely in the best
financial and economic interests of the funds.&#160; </font></p>


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<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Dreyfus seeks to avoid material conflicts of interest through its participation in the PPC, which applies detailed, pre-determined proxy voting guidelines in an objective and consistent manner across client accounts, based on internal and external research and recommendations provided by third party vendors, and without consideration of any client relationship factors.&nbsp; Further, Dreyfus engages a third party as an independent fiduciary to vote all proxies for Fund securities.&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Each proxy is reviewed, categorized and analyzed in accordance with the PPC's written guidelines in effect from time to time.&nbsp; The guidelines are reviewed periodically and updated as necessary to reflect new issues and changes to the PPC's policies on specific issues.&nbsp; Items that can be categorized will be voted in accordance with any applicable guidelines or referred to the PPC, if the applicable guidelines so require.&nbsp; Proposals for which a guideline has not yet been established are referred to the PPC for discussion and vote.&nbsp; Additionally, the PPC may elect to review any proposal where it has identified a particular issue for special scrutiny in light of new information. The PPC will also consider specific interests and issues raised by a fund, which interests and issues may require that a vote for a fund be cast differently from the collective vote in order to act in the best interests of such fund.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Dreyfus believes that a shareholder's role in the governance of a publicly-held company is generally limited to monitoring the performance of the company and its managers and voting on matters which properly come to a shareholder vote. Dreyfus carefully reviews proposals that would limit shareholder control or could affect shareholder values.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Dreyfus generally opposes proposals that seem designed to insulate management unnecessarily from the wishes of a majority of the shareholders and that would lead to a determination of a company's future by a minority of its shareholders. Dreyfus generally supports proposals that seem to have as their primary purpose providing management with temporary or short-term insulation from outside influences so as to enable them to bargain effectively with potential suitors and otherwise achieve identified long-term goals to the extent such proposals are discrete and not bundled with other proposals.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">On questions of social responsibility where economic performance does not appear to be an issue, Dreyfus attempts to ensure that management reasonably responds to the social issues.&nbsp; Responsiveness is measured by management's efforts to address the particular social issue including, where appropriate, assessment of the implications of the proposal to the ongoing operations of the company. Dreyfus pays particular attention to repeat issues where management has failed in its commitment to take specific actions.&nbsp; With respect to funds having investment policies that require proxies to be cast in a certain manner on particular social responsibility issues, Dreyfus votes such issues in accordance with those investment policies.</FONT></P>

<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Information regarding how Dreyfus voted proxies for the funds is available on the Dreyfus website at </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="Times New Roman" color=windowtext>www.dreyfus.com&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"> and on the SEC's website at </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="Times New Roman" color=windowtext>www.SEC.gov&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"> on the fund's Form N-PX.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Managers of Closed-End Management Investment Companies.</FONT></B></P>

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<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a) (1)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp; The following information is as of May 31, 2012, the date of the filing of this report:</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chris Barris</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif color=black> </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">is the primary portfolio manager for the Registrant. Mr. Barris has been the primary portfolio manager of the Registrant since October 2010. He has been a portfolio manager of the fund and employed by Dreyfus since July 2007. Mr. Barris is the Director of high yield fixed-income team at Standish Mellon Asset Management, LLC (&#8220;Standish Mellon&#8221;), a subsidiary of BNY Mellon and an affiliate of Dreyfus.</FONT></P>

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<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;(a)&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(2)&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"> The following information is as of the Registrant&#8217;s most recently completed fiscal year, except where otherwise noted:</FONT></P>

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<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Portfolio Managers</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">. The Registrant&#8217;s investment adviser is responsible for investment decisions and provides the Registrant with portfolio managers who are authorized by the Trust&#8217;s Board to execute purchases and sales of securities. Chris Barris is the Registrant&#8217;s primary portfolio manager. Dean Graves and Stephen Sylvester</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif color=black> </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">are also portfolio managers of the Registrant. Messrs. Barris, Graves and Sylvester are employees of Dreyfus and Standish Mellon.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Portfolio Managers Compensation.</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"> Portfolio managers&#8217; compensation is comprised primarily of a market-based salary and an incentive compensation plan (annual and long-term). Funding for the Standish Mellon Incentive Plan is through a pre-determined fixed percentage of overall company profitability.&nbsp; Therefore, all bonus awards are based initially on Standish Mellon&#8217;s overall performance as opposed to the performance of a single product or group. All investment professionals are eligible to receive incentive awards. Cash awards are payable in the February month end pay of the following year. Most of the awards granted have some portion deferred for three years in the form of deferred cash, BNY Mellon equity, interests in investment vehicles (consisting of investments in a range of Standish Mellon products), or a combination of the above. Individual awards for portfolio managers are discretionary, based on both individual and multi-sector product risk adjusted performance relative to both benchmarks and peer comparisons over one year, three year and five year periods. Also considered in determining individual awards are team participation and general contributions to Standish Mellon. Individual objectives and goals are also established at the beginning of each calendar year and are taken into account. Portfolio managers whose compensation exceeds certain levels may elect to defer portions of their base salaries and/or incentive compensation pursuant to BNY Mellon&#8217;s Elective Deferred Compensation Plan.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Additional Information About Portfolio Managers</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">. The following table lists the number and types of other accounts advised by the primary portfolio manager and assets under management in those accounts as of the end of the Registrant&#8217;s fiscal year:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Assets Managed</FONT></U></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Pooled </FONT></B><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Accounts&nbsp;</FONT></U></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Assets </FONT></B><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Managed&nbsp;</FONT></U></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Other </FONT></B><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Accounts&nbsp;</FONT></U></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face="Times New Roman"></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Assets Managed</FONT></U></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

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

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$1.4B </FONT></P></TD>

   <TD style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$2.7B</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">0</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$0 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None of the funds or accounts are subject to a performance-based advisory fee.</FONT></P>

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

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The dollar range of shares of the Registrant beneficially owned by the primary portfolio manager is as follows as of the end of the Registrant&#8217;s fiscal year:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Portfolio Manager</FONT></U></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Registrant Name</FONT></U></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Dollar Range of Registrant </FONT></B><B><U><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Shares Beneficially Owned</FONT></U></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Chris Barris</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Dreyfus High Yield Strategies Fund</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">None</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio managers at Dreyfus may manage multiple accounts for a diverse client base, including mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, insurance companies and foundations), bank common trust accounts and wrap fee programs (&#8220;Other Accounts&#8221;).&nbsp; </FONT></P>

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

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Potential conflicts of interest may arise because of Dreyfus&#8217; management of the Registrant and Other Accounts.&nbsp; For example, conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of limited investment opportunities, as Dreyfus may be perceived as causing </FONT>


<FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">accounts it manages to participate in an offering to increase Dreyfus&#8217; overall allocation of securities in that offering, or to increase Dreyfus&#8217; ability to participate in future offerings by the same underwriter or issuer.&nbsp; Allocations of bunched trades, particularly trade orders that were only partially filled due to limited availability, and allocation of investment opportunities generally, could raise a potential conflict of interest, as Dreyfus may have an incentive to allocate securities that are expected to increase in value to preferred accounts. Initial public offerings (&#8220;IPOs&#8221;), in particular, are frequently of very limited availability.&nbsp; Additionally, portfolio managers may be perceived to have a conflict of interest if there are a large number of Other Accounts, in addition to the Registrant, that they are managing on behalf of Dreyfus. Dreyfus periodically reviews each portfolio manager&#8217;s overall responsibilities to ensure that he or she is able to allocate the necessary time and resources to effectively manage the Registrant. In addition, Dreyfus could be viewed as having a conflict of interest to the extent that Dreyfus or its affiliates and/or portfolios managers have a materially larger investment in Other Accounts than their investment in the Registrant.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Other Accounts may have investment objectives, strategies and risks that differ from those of the Registrant. For these or other reasons, the portfolio manager may purchase different securities for the Registrant and the Other Accounts, and the performance of securities purchased for the Registrant may vary from the performance of securities purchased for Other Accounts. The portfolio manager may place transactions on behalf of Other Accounts that are directly or indirectly contrary to investment decisions made for the Registrant, which could have the potential to adversely impact the Registrant, depending on market conditions.</FONT></P>

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

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">A potential conflict of interest may be perceived to arise if transactions in one account closely follow related transactions in another account, such as when a purchase increases the value of securities previously purchased by the other account, or when a sale in one account lowers the sale price received in a sale by a second account.&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Conflicts of interest similar to those described above arise when portfolio managers are employed by a sub-investment adviser or are dual employees of Dreyfus and an affiliated entity and such portfolio managers also manage Other Accounts.</FONT></P>

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

<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dreyfus&#8217; goal is to provide high quality investment services to all of its clients, while meeting its fiduciary obligation to treat all clients fairly.&nbsp; Dreyfus has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, that it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Dreyfus monitors a variety of areas, including compliance with fund guidelines, the allocation of IPOs, and compliance with the firm&#8217;s Code of Ethics. Furthermore, senior investment and business personnel at Dreyfus periodically review the performance of the portfolio managers for Dreyfus-managed funds.</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">Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of Equity Securities by Closed-End Management Investment Companies and&nbsp;Affiliated Purchasers.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">None&nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Item 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Submission of Matters to a Vote of Security Holders.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">There have been no material changes to the procedures applicable to Item 10.</FONT></P>

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

<font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">information required to be disclosed
by the Registrant on Form N-CSR 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-CSR 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>

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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; There
were no changes to the Registrant's internal control over financial reporting
that occurred during the second fiscal quarter of the period covered by this
report that have materially affected, or are reasonably likely to materially
affect, the Registrant's internal control over financial reporting.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item 12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exhibits.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)(1)&#160;&#160; Code of ethics referred to in Item 2.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)(2)&#160;&#160; Certifications of principal executive and
principal financial officers as required by Rule 30a-2(a) under the Investment
Company Act of 1940.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a)(3)&#160;&#160; Not applicable.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certification of principal executive and
principal financial officers as required by Rule 30a-2(b) under the Investment
Company Act of 1940.</font></p>





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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">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">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">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">By: </FONT><U><FONT style="FONT-SIZE: 11pt" face="Times New Roman">/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">Bradley J. Skapyak, </FONT></P>

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

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

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date:</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">May 23, 2012</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">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">By: </FONT><U><FONT style="FONT-SIZE: 11pt" face="Times New Roman">/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">Bradley J. Skapyak, </FONT></P>

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

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date:</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">May 23, 2012</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">By: </FONT><U><FONT style="FONT-SIZE: 11pt" face="Times New Roman">/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">James Windels,</FONT></P>

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

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

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date:</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">May 23, 2012</FONT></P></TD></TR>

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<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

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

<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a)(1)&nbsp;&nbsp; Code of ethics referred to in Item 2.</FONT></P>

<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(a)(2)&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>

<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.&nbsp; (EX-99.906CERT)</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> &nbsp;</FONT></P></DIV>

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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>codeofethics-430.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>

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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">THE DREYFUS FAMILY OF FUNDS</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CODE OF
ETHICS FOR PRINCIPAL EXECUTIVE </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AND SENIOR
FINANCIAL OFFICERS</font></b></p>

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

<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Covered Officers/Purpose of the Code</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This code of ethics (the
&quot;Code&quot;) for the investment companies within the complex (each, a
&quot;Fund&quot;) applies to each Fund's Principal Executive Officer, Principal
Financial Officer, Principal Accounting Officer or Controller, or other persons
performing similar functions, each of whom is listed on Exhibit A</font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(the &quot;Covered Officers&quot;),
for the purpose of promoting:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">honest and ethical conduct, including the ethical handling of
actual or apparent conflicts of interest between personal and professional
relationships;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">full, fair, accurate, timely and understandable disclosure in
reports and documents that the Fund files with, or submits to, the Securities
and Exchange Commission (the &quot;SEC&quot;) and in other public
communications made by the Fund;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">compliance with applicable laws and governmental rules and
regulations;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the prompt internal reporting of violations of the Code to an
appropriate person or persons identified in the Code; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accountability for adherence to the Code.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Each Covered Officer should
adhere to a high standard of business ethics and should be sensitive to
situations that may give rise to actual as well as apparent conflicts of
interest.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Covered Officers Should Handle Ethically Actual and Apparent
Conflicts of Interest</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Overview. </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A
&quot;conflict of interest&quot; occurs when a Covered Officer's private
interest interferes with the interests of, or his service to, the Fund.&#160; For
example, a conflict of interest would arise if a Covered Officer, or a member
of his family, receives improper personal benefits as a result of his position
with the Fund.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Certain conflicts of interest
arise out of the relationships between Covered Officers and the Fund and
already are subject to conflict of interest provisions in the Investment
Company Act of 1940, as amended (the &quot;Investment Company Act&quot;), and
the Investment Advisers Act of 1940, as amended (the &quot;Investment Advisers
Act&quot;). For example, Covered Officers may not individually engage in
certain transactions (such as the purchase or sale of securities or other
property) with the Fund because of their status as &quot;affiliated
persons&quot; of the Fund. The compliance programs and procedures of the Fund
and the Fund's investment adviser (the &quot;Adviser&quot;) are designed to
prevent, or identify and correct, violations of these provisions. The Code does
not, and is not intended to, repeat or replace these programs and procedures,
and the circumstances they cover fall outside of the parameters of the Code.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Although typically not
presenting an opportunity for improper personal benefit, conflicts arise from,
or as a result of, the contractual relationship between the Fund and the
Adviser of </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">which the Covered Officers are also officers
or employees.&#160; As a result, the Code recognizes that the Covered Officers, in
the ordinary course of their duties (whether formally for the Fund or for the
Adviser, or for both), will be involved in establishing policies and
implementing decisions that will have different effects on the Adviser and the
Fund. The participation of the Covered Officers in such activities is inherent
in the contractual relationship between the Fund and the Adviser and is
consistent with the performance by the Covered Officers of their duties as
officers of the Fund and, if addressed in conformity with the provisions of the
Investment Company Act and the Investment Advisers Act, will be deemed to have
been handled ethically. In addition, it is recognized by the Fund's Board that
the Covered Officers also may be officers or employees of one or more other
investment companies covered by this or other codes of ethics.</font></p>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Other conflicts of interest are
covered by the Code, even if such conflicts of interest are not subject to
provisions in the Investment Company Act and the Investment Advisers Act.&#160;
Covered Officers should keep in mind that the Code cannot enumerate every
possible scenario.&#160; The overarching principle of the Code is that the personal
interest of a Covered Officer should not be placed improperly before the
interest of the Fund.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Each Covered Officer must:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">not use his personal influence or personal relationships
improperly to influence investment decisions or financial reporting by the Fund
whereby the Covered Officer would benefit personally to the detriment of the
Fund; </font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">not cause the Fund to take action, or fail to take action, for
the individual personal benefit of the Covered Officer rather than the benefit
of the Fund; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">not retaliate against any employee or Covered Officer for reports
of potential violations that are made in good faith.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Disclosure and Compliance</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Each Covered Officer should familiarize himself with the
disclosure requirements generally applicable to the Fund within his area of
responsibility;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">each Covered Officer should not knowingly misrepresent, or cause
others to misrepresent, facts about the Fund to others, whether within or
outside the Fund, including to the Fund's Board members and auditors, and to
governmental regulators and self-regulatory organizations; </font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">each Covered Officer should, to the extent appropriate within his
area of responsibility, consult with other officers and employees of the Fund
and the Adviser with the goal of promoting full, fair, accurate, timely and
understandable disclosure in the reports and documents the Fund files with, or
submits to, the SEC and in other public communications made by the Fund; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">it is the responsibility of each Covered Officer to promote
compliance with the standards and restrictions imposed by applicable laws,
rules and regulations.</font></p>


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<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">4.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Reporting
and Accountability</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Each Covered Officer must:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">upon adoption of the Code (or thereafter, as applicable, upon
becoming a Covered Officer), affirm in writing to the Board that he has
received, read, and understands the Code;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">annually thereafter affirm to the Board that he has complied with
the requirements of the Code; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">notify the Adviser's General Counsel (the &quot;General
Counsel&quot;) promptly if he knows of any violation of the Code.&#160; Failure to
do so is itself a violation of the Code. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The General Counsel is
responsible for applying the Code to specific situations in which questions are
presented under it and has the authority to interpret the Code in any
particular situation. However, waivers sought by any Covered Officer will be
considered by the Fund's Board.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Fund will follow these
procedures in investigating and enforcing the Code:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the General Counsel will take all appropriate action to
investigate any potential violations reported to him;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">if, after such investigation, the General Counsel believes that
no violation has occurred, the General Counsel is not required to take any
further action;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any matter that the General Counsel believes is a violation will
be reported to the Board;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">if the Board concurs that a violation has occurred, it will
consider appropriate action, which may include: review of, and appropriate
modifications to, applicable policies and procedures; notification to
appropriate personnel of the Adviser or its board; or dismissal of the Covered
Officer;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the Board will be responsible for granting waivers, as
appropriate; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any waivers of or amendments to the Code, to the extent required,
will be disclosed as provided by SEC rules.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">5.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Other Policies and Procedures</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Code shall be the sole code
of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley
Act of 2002 and the rules and forms applicable to registered investment
companies thereunder. The Fund's, its principal underwriter's and the Adviser's
codes of ethics under Rule 17j-1 under the Investment Company Act and the
Adviser's additional policies and procedures, including its Code of Conduct,
are separate requirements applying to the Covered Officers and others, and are
not part of the Code.</font></p>


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</DIV>
<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">6.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Amendments&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Code may not be amended
except in written form, which is specifically approved or ratified by a
majority vote of the Fund's Board, including a majority of independent Board
members.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">7.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Confidentiality&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">All reports and records
prepared or maintained pursuant to the Code will be considered confidential and
shall be maintained and protected accordingly. Except as otherwise required by
law or the Code, such matters shall not be disclosed to anyone other than the
appropriate Funds and their counsel, the appropriate Boards (or Committees) and
their counsel and the Adviser</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">.&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">8.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Internal Use</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Code is intended solely for
the internal use by the Fund and does not constitute an admission, by or on
behalf of the Fund, as to any fact, circumstance, or legal conclusion.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dated
as of:&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">July 1, 2003</font></u></p>





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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman Bold" lang=EN-US style="font-size:12.0pt;">Exhibit A</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Persons
Covered by the Code of Ethics</font></p>

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

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

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:511.199982pt;">
 <tr>
  <td valign=top width=34% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">Bradley J. Skapyak</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">President</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">(Principal Executive Officer)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=34% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=34% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">James Windels</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">Treasurer</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">(Principal Financial and Accounting Officer)</font></p>
  </td>
 </tr>
</table></div>

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

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Revised as of January 1, 2010</font></p>



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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>exhibit302.htm
<DESCRIPTION>CERTIFICATION REQUIRED BY RULE 30A-2
<TEXT>

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   <TITLE>exhibit302.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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</DIV>
<p align=right style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=FR style="font-size:11.0pt;">[EX-99.CERT]&#8212;Exhibit&#160; (a)(2)</font></p>

<p align=right style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font face="Times New Roman" lang=FR style="font-size:11.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=FR style="font-size:11.0pt;">SECTION 302
CERTIFICATION</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=FR style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">I, Bradley J. Skapyak, certify
that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1.&#160; I have reviewed this report on
Form N-CSR of Dreyfus High Yield Strategies Fund;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">2.&#160; 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-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">3.&#160; Based on my
knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the
registrant as of, and for, the periods presented in this report;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">4.&#160; 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-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over
financial reporting.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">5.&#160; 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-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:191.4pt;width:298.199982pt;">
 <tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" style="font-size:11.0pt;">By:       </font><u><font face="Times New Roman" style="font-size:11.0pt;">/s/ Bradley J. Skapyak</font></u></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">            Bradley J.
  Skapyak, </font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" style="font-size:11.0pt;">            President</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" style="font-size:11.0pt;">Date:    May
  23, 2012</font></p>
  </td>
 </tr>
</table></div>





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<p style="margin-bottom:12.0pt;margin-left:228.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-1.0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 302 CERTIFICATION</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">I, James
Windels, certify that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1.&#160; I have
reviewed this report on Form N-CSR of Dreyfus High Yield Strategies Fund;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">2.&#160; 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-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">3.&#160; Based on my
knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the
registrant as of, and for, the periods presented in this report;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">4.&#160; 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-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over
financial reporting.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">5.&#160; 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-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:191.4pt;width:298.199982pt;">
 <tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" style="font-size:11.0pt;">By:       </font><u><font face="Times New Roman" style="font-size:11.0pt;">/s/ James Windels</font></u></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" style="font-size:11.0pt;">            James
  Windels,</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" style="font-size:11.0pt;">            Treasurer</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" style="font-size:11.0pt;">Date:    May
  23, 2012</font></p>
  </td>
 </tr>
</table></div>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>



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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>exhibit906-430.htm
<DESCRIPTION>CERTIFICATION REQUIRED BY SECTION 906
<TEXT>

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<HEAD>
   <TITLE>exhibit906-430.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader1"></a><DIV>





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





</DIV>
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">[EX-99.906CERT]&nbsp;</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Exhibit (b)</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" 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" lang=EN-US style="font-size:11.0pt;">SECTION 906 CERTIFICATIONS</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In connection
with this report on Form N-CSR for the Registrant as furnished to the
Securities and Exchange Commission on the date hereof (the &quot;Report&quot;),
the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Report fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as applicable; and</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Registrant.</font></p>

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

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:191.4pt;width:298.199982pt;">
 <tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">By:       </font><u><font face="Times New Roman" style="font-size:11.0pt;">/s/ Bradley J.
  Skapyak</font></u></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:36.6pt;"><font face="Times New Roman" style="font-size:11.0pt;">Bradley
  J. Skapyak, </font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">            President</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% 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" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">Date:    May 23, 2012</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% 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" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

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

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:191.4pt;width:298.199982pt;">
 <tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">By:       </font><u><font face="Times New Roman" style="font-size:11.0pt;">/s/ James
  Windels</font></u></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">            James Windels,</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">            Treasurer</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% 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" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">Date:    May 23, 2012</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% 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" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

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

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">This certificate is
furnished pursuant to the requirements of Form N-CSR and shall not be deemed
&quot;filed&quot; for purposes of Section 18 of the Securities Exchange Act of
1934, or otherwise subject to the liability of that section, and shall not be deemed
to be incorporated by reference into any filing under the Securities Act of
1933 or the Securities Exchange Act of 1934.</font></i></p>

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

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>



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